Economics · Bank Reconciliation Statement

Considering the following statements regarding Bank Reconciliation Statements (BRS) as applied in Indian banking and accounting practices, choose the correct statements: Statement I: A Bank Reconciliation Statement is part of the double-entry bookkeeping system and is typically prepared at the end of every month to ensure that the Cash Book's bank column is closed with a zero balance relative to the Passbook. Statement II: When a bank collects interest on behalf of a customer, the bank credits the customer's account, which necessitates a debit entry in the Cash Book of the customer to maintain parity between the two sets of records. Statement III: In the case of an overdraft balance as per the Cash Book, any cheque deposited but not yet cleared by the bank will result in an increase in the overdraft amount when calculating the balance as per the Passbook.