Bank reconciliation statement

Anshuman (Article Assistant) (87 Points)

29 March 2014  

while preparing Bank reconciliation Statement, i came across value date and transaction date.

my transaction date and value date was 31st january 2014.

first i took this as my closing balance..

then i saw another entry where my transaction date was 1st february 2014 and value date was 31st january 2014.

 

my first question is ' what is the difference between transaction date and value date?'

Second Question ' Which date is to be considered for taking closing Balance of 31st january 2014?'