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Corporate accounting problems and solutions pdf reddy and murthy

1. Chanderprabhu Jain College of Higher Studies & School of Law parcela No. OCF, Sector A-8, Narela, New Delhi 110 040 (affiliated with Guru Gobind Singh Indraprastha University and approved by the Government of the National Transitional Territory of Delhi and the Bar Council of India) Semester: B. Com â​​ IV Semester Subject name:
CORPORAT CUENTA Unit-1 2. COMPANY MEANING The company is a voluntary association of persons constituted for the purpose of doing business with a proper name and limited liability. It is a legal person endowed with a legal entity other than the members constituting it, capable of exercising its own rights and obligations and endowed with
the possibility of perpetual succession. The Companies Act 1956 provides that a “company” means a company incorporated and registered under the Act or an existing company, i.e. a company incorporated or registered under any of the earlier corporate laws. 3. CHARACTERISTICS OF A COMPANY 1. Registration: A company is not born until it has
been registered under the Companies Act. However, a statutory corporation is formed and begins to function as notified or indicated in the Act and as approved by the Legislature. In case of de facto union, registration is not mandatory. 2. Voluntary Association: A company is an association of many people on a voluntary basis. Therefore, a company is
formed by election and consent of the members. 3. Legal personality: The law treats a company as a single person. It has legal personality. This rule applies even in the case of a “single-member company.” 4. Contractual capacity: A shareholder of a company, on an individual basis, may not bind the company in any way. The shareholder of a company
may enter into a contract with the company and may be an employee of the company. 5. Management A company is managed by the Council Administration, full-time directors, managers or managers. These persons are selected in the manner provided for by the law and the statutes of the company. A shareholder, as such, cannot participate in the6.
Permanent Existence The company has perpetual succession. The death or insolvency of a shareholder does not affect his existence. A company ceases only when it is wound up in accordance with the provisions of the Companies Act. 5. TYPES OF COMPANIES From the point of view of formation, companies are of three types: (1) Chartered
Companies Those companies that are incorporated under a special charter by the king or sovereign such as the East Indian Company. Such companies are seldom constituted today as commercial companies. (2) Statutory Companies These companies are constituted by special laws of legislatures or Parliament. e.g. Reserve Bank of India, Industrial
Finance Corporation, Damodar Valley Corporation. 3) Registered Companies Companies incorporated under the Companies Act 1956 or which had been registered under the previous Companies Act. 6. From the point of view of liability, there are three types of Companies (1) Limited liability companies In the case of such companies, the liability of
each partner is limited to the measure of the nominal value of the shares it holds. Suppose A takes a part of Rs 10, he remains responsible up to the limit of that quantity. As soon as that amount is paid, you will no longer be liable. (2) Guarantee companies The liability of the member of such companies is limited to the amount that he has undertaken
to contribute to the assets of the company in the event of its dissolution. This guaranteed amount is limited to a fixed amount specified in the memorandum. (3) Unlimited companies They are no more than a large company registered under the Companies Act and the members, like the members, have unlimited liability and both the contribution of
shares and their assets are at stake when the company is going to be liquidated. Such companions are rare these days. 7. From the point of view of Public investment companies can be of two types: (1) Private Companies: A Private Company means a company which by its articles (a) restricts the right to dispose of its shares, if (b) limit the number of
its members to fifty, excluding past or present employees of society who are also members of society. (c) Prohibit any invitation to the public to subscribe to actions of our company obligations. (2) Public companies: Public companies are those that are not private companies. The previous three restrictions are not imposed on such companies. 8.
CAPITAL TO SHARE AND REQUIREMENT OF ACTIONS 1. AUTHORIZED is also sometimes known as social capital. It is the total of the social capital that a limited liability company is authorized (authorized) to issue to its shareholders. It presents the upper limit of the social capital effectively emitted (then also "voular capital"). 2. The social capital
issued is the total of the social capital issued to shareholders. The capital subscribed is the part of the capital issued, which has been signed by all investors, including the public. This may be lower than the issued social capital, since there may be capital for which no applications have been received (“unsubscribed capital”). 4. The social capital
claimed is the total amount of the issued capital that shareholders are obliged to pay. This can be lower than the subscribed capital, as the company can ask shareholders to pay in quotas. 5. The social capital disbursed is the amount of social capital disbursed by shareholders. This can be lower than the required capital. 9. DIFERENCE ENTRE
ACTIONS AND ACTIONS 1. The shares are fully disbursed, while the shares can be disbursed in whole or in part. 2. Actions may be issued when a society is constituted, but actions cannot be issued in such circumstances. Only fully paid shares become shares. 3.Stock is a convenient transfer method because it can be emitted or transferred in
fractional parts,that the shares cannot be divided below the par value of the share. 4.Stocks are not numbered while shares are numbered in series. series. have the same nominal value but shares may be divided into unequal amounts. 6. Shares are always registered and are not transferable by simple delivery, but shares may be registered or
unregistered and unregistered shares may be transferred by simple delivery. The Ten EXPANSION OF CAPITAL ACTIONS 1. RIGHTS OR BONUS SHARE: The company may issue new shares to existing shareholders in proportion to the shares they hold. 2. INITIAL PUBLIC OFFERENCE (OPI): The company may make an offer, inviting the public to
subscribe to its shares. 3. PREFERENCIAL ALLOTATION: A corporation may make a mass allotment to individuals, companies, venture capitalists or any other person through a new issue of shares. It is known as preferential allocation. Under this method, the entire award is made to previously identified persons, who may or may not be existing
shareholders at a predetermined price. The period of blocking under this is three years from the date of award in case of promotional contribution. But in the case of the prior issue of the share capital of a company that is not listed on the stock exchange, the retention period is one year from the date of commencement of commercial production. 11.
REVIEWS FOR SHARING QUESTION (1) Upon receipt of the application money Bank account Dr Para Compartir Application A/c (Being the application money in....shares..@ Rs.per share) (2) In the allocation of shares (a) First, the money from the application in the allocated shares is transferred to the Share Capital Account Share Application
Account Dr To Share Capital A/C (Being the money from the application transferred to the share capital account) (b) Those applicants to whom no action could be assigned, the money of the application will be refunded. Sharing Account Dr to Bank Account Application (Being the money of application of the returned actions) 12. (3) In the allocation of
the share, the money of the allocation is converted into due to the company Account allocation of shares Dr. To share capital account Being the share allocation money due at ....share @ Rs...per share (4) In the receipt or allocation money, the entry is is is dr. account to share the assignment account. being the share award money is received (5) when
making the first call due from shareholders the entry is: share first call account dr. to share capital account. being the first call is due money. (6) upon receiving the money from the first call, the entry is the dr. bank account to share the first call account. being a part receives first-call money. 13. ilotration 1 fashion fabrics ltd. issued 100 000 shares of
rs. 10 each on 1 April 2006. the amount paid for these actions was as follows: 2 rupees per action at request. rs 3 per action in the assignment. rs 5 for action waiting. Make daily notes in the company's books. solution: 1. bank A/c dr 200 000 to share request A/c 200 000 (invoice money received@ rs 2 per action) 2. request for participation A/c dr 200
000 to share capital A/c 200 000 (involvement for 100 000 shares transferred to social capital A/c) 3. allocation of shares A/c dr 300 000 4. A/c dr 300 000 to share A/c allocation. 300 000 (assignment money received in 100 000 shares @rs 3 per share.) 5. shares first and final call A/c. dr 500 000 to share capital A/c 500 000 (call money in 1.00,000
shares @ rs 5 per winning share) 6. bank A/c dr 500 000 to share first and last call A/c. 500 000 (to call money received in 1.00,000 shares @ rs 5 per action) note: although actions may be preferred shares or actions, but if the term shares is used, it means equity 15. emission of shares to premium if a company emits so shares at a price higher than its
nominal value, it is said that the shares were issued on premium. the difference between emission price and nominal or nominal valueIf a share of 10 rupees is issued at 12 rupees, it is said to have been issued at a premium of 2 rupees per share. The money received as a bonus is transferred to Securities Premium A/c. The Companies Act has
introduced some restrictions on the the amount of the premium. In accordance with Article 78 of this Law, the amount of the premium may be used to: (i) issue fully paid bonus shares; (ii) cancel preliminary expenses, discount on the issue of shares, subscription commission or expenses on the issue; (iii) pay the premium on reimbursement of
preferred shares or debts. iv) For the purchase of its own shares. 16. Accounting treatment of the premium on the issuance of shares Below is the accounting treatment of the premium on the issuance of shares: (a) Premium of securities collected with shares Money of the application: If the premium of securities is collected on request and the
company has made a decision on the allocation of shares, the following entry is made in the diary: Application of A/c actions. Dr To Securities Premium A/c (The amount of the securities premium received on the securities premium received on the assigned shares are transferred to Securities Premium A/c) (b) Premium collected with Assignment
money or Calls. If the company decides to claim the premium with share Allotment or and share call money, the journal entry is: Share Allotment A/c Dr Or/and Share Call A/c Dr To Securities Premium A/c (Adjustment of share premium due onâ¦â¦shares @Rsâ¦.per share.) 17. COST OF DISCOUNT SHARE When the issue price of the share is
below the par value, it is said that the shares have been issued at a discount. For example, if a company issues its shares from 100 rupees each to 90 rupees each, the shares are said to be issued at a discount. The amount of the discount is 10 rupees per share (i.e. 100 rupees 90). The stock discount is a loss for the company. Section 79 of the
Companies Act 1956 has laid down certain conditions under which a company may issue its shares at a discount. These conditions are as follows: (i) at least one year must have elapsed the date of commencement of business; (ii) the shares are of the same class as those already issued; (iii) the company has sanctioned this issue by means of a
resolution at its general meeting and the approval of a you get the cut. (iv) The discount should not exceed 10 per cent of the nominal value of the action and if the company wants to give a discount of more than 10 per cent, it must obtain the Central Government sanction. 18. Accounting treatment of the actions emitted with discount The amount of
the discount is usually adjusted towards the money of the allocation of shares and the following annotation is made in the journal: Share Allocation A/c Dr Discount on the issue of shares A/c Dr To Share Capital A/c Assignment of money due onâ¦.shares @Rs â¦â ¦ for action after allowing the discount @Rs â¦â¦â ¦â ¦â ¦â ¦â ¦â ¦â ¦â ¦â ¦â ¦â ¦â ¦â ¦â ¦â ¦â ¦â ¦â
¦â ¦â ¦â ¦â ¦â ¦â ¦â ¦â ¦â ¦â ¦â ¦â ¦â ¦â ¦â ¦â ¦â ¦â ¦â ¦â ¦â ¦â ¦â ¦â ¦â ¦ SUBSCRIPTION COMPLETE, BAJO AND ON SUBSCRIPTION A company decides to issue number of shares to obtain capital. Invite the public to buy these shares. Now there can be three situations: 1. Full subscription company can receive requests equal to the number of actions the
company has offered to people. It's called full subscription. In case of full subscription, the journal entries will be made as follows: (a) Upon receiving the money from the request Bank A/c Dr To Share Request A/c (Dinero of the request received for ......... shares) (b) In the allocation of shares Share Request A/c Dr To Share Capital A/c (Diner of the
request for shares transferred to capital A/c in its allocation) 20. II. The company does not receive a request equal to the number of actions offered for subscription, there may be two situations: (i) under subscription (ii) on subscription (i) Under subscription It is said that the issue has been signed when the company receives requests for a number of
actions less than that offered to the public for subscription. In this case, the company will not face any problem with the award, since each applicant will be awarded all the requested actions. But the company can proceed with the award whenever the subscription of shares is at leastto the minimum required number of actions called a minimum
subscription. (ii) About subscription When the company receives requests for more number of shares than the numberof these counterfeit actions in (I) Rs. 15 by action. Make entries of magazines for the confiscation and reissue of the stocks in the company's books. SOLUTION: Share Capital A/c Dr 2000 To Share Fecho Fecho1300 A discount on A/c
200 To Shares Final Call A/c 500 (Forfeiture of 200 shares issued at Discount for non payment of final call) Reisue of shares: Reissued at Rs 15 per share I. (i) Bank A/c Dr 1500 Discount on Issue of Shares A/c Dr 200 Shares Forfeited A/c Dr 300 To Share Capital A/c 2000 (100 shares reissued at Rs 15 per share) (ii) Shares Forfeited A/c Dr 1000 To
Capital Reserve A/c 1000 Sometimes shares are published The emission price of these actions is normally debited to 'Goodwill A/c' and the entry of the journal is done as follows: Goodwill A/c Dr. To Share Capital A/c In case of purchase of assets such as construction, machinery, stock of materials, etc. the following entry of the journal is made : 1.
Assets A/c Dr. A Vendors/Credidores A/c (Assets purchased) 2. Sellers/Credidores A/c Dr To Share Capital A/c (Isue of shares of Rs....each fully paid up) 25. Chanderprabhu Jain College of Higher Studies " School of Law Plot No. OCF, Sector A-8, Narela, New Delhi – 110040 (affiliated to Guru Gobind Singh Indraprastha University and approved by the
Governor of the NCT of Delhi & Bar Council of India) Semester: B.Com – IV Semester Subject Name: CORPORATE ACCOUNTING Unit-2 26. What's inside? Learning content Hink Corner uiz Corner Trade and profitability and loss account Negotiating account Trade and profitability account and loss account Net purchases and net sales Capital
account 1 2 27. Learning objectives Prepare the commercial account and calculate the cost of the goods sold and the gross profit or gross loss. Prepare the commercial account with appropriate adjustments for sales and for items that affect the cost of the goods sold. Prepare the profit and loss account and calculate the net profit or net loss.
Preparing trade and profitcount. After reading this chapter, you will be able to: 28. Learning objectives Balance of the capital account at the end of the year. Develop the balance sheet and establish the corresponding balances of the accounts under the corresponding headings. Prepare the final accounts in vertical format. Prepare a profit and loss
account for a company in the service sector that is not negotiating goods. After reading this chapter, you will be able to: 29. Final Account Preparation Flow When business transactions are made, we need to enter these transactions into __________. At the end of each month, accounts should be _____ to have a general view of the business. At the end of
the financial period, accounts should be closed to prepare ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ A _________ should
be drafted before the final accounts are prepared. A Y un _______________ are prepared to calculate the benefit or loss made by the signature. The _____ account must be closed by transferring the net/loss benefit and drawings against it. A _____________ can be drafted. final accounts balance of the test balance account gains and account of closed capital
balance losses 30. Commercial account and cost of goods sold A commercial account is an account in which __________________________________________ is calculated. The gross benefit is the excess of ____ in _______________ for the period. Gross loss is excess __________________ for the period. The trading account is a double entry account where the left
side is the ____________ and the right side is the _________________________. Gross gain = Sales – Cost of sold goods Gross loss = Cost of sold goods – Gross profit sales lossessold costs of goods sold for collateral debit 31. Commercial account and cost of goods sold At the end of a financial year, companies usually have unsold goods; we call it
______________. A __________ is usually held at the end of a financial year to determine the value of closing actions. Closing material is transporteduntil the next financial year; we call it the ____________. An account ____ is opened to record closing and opening stocks. Cost of = Opening Stock + Purchases Closing Stock Goods Sold Closing Stock
Inventory Opening Stock Total Stock Available Stock Not Sold 32. Operating Account and Cost of Goods Sold The steps to prepare the operating account are as follows: Example 1: Flora Company’s fiscal year ended December 31, 20X8. Here is the information extracted from their books: Sales 100,000 Purchases 60,000 Opening stock 8,000 Closing
stock 10,000 33. Trade account and cost of goods sold tep Close the sales account and transfer the credit balance to the trade account. Dec31 Trading 100,000 Dec31 Total for the year 100,000 20X820X8 Sales 100,000 Trading 34. Trade account and cost of goods sold Dec31 Trading 60,000Dec31 Total for the year60,000 20X820X8 Purchases Sales
100,000 Trading tep Close the purchase account and transfer the debit balance to the trading account. Purchases 60,000 35. Operating account and cost of goods sold Dec31 Trading 8,000Jan 1 Balance b/f 8,000 20X820X8 Stock toe Calculate the cost of goods sold by transferring the opening and closing stock of the stock account to the trading
account. Dec31 Trading 10,000¦31 Balance c/f 10,000 18,00 018,000 Sales 100,000 Trading Purchases 60,000 Opening Stock 8,000 Closing Stock 10,000 36. Trade account and cost of goods sold tep Balance from the trade account and transfers the balance to the profit and loss account. Purchases 60,000 Sales 100,000 Trading Opening Stock 8,000
Closing Stock 10,000 Gross Profit 42,000 110,000 110,000 Transferred to profit and loss account 37. Trade account and cost of goods sold The accounts would be closed as follows: Example 2: As of December 31, 20X7, Panda Company had the following accounts: Accounting balances: Sales 70,000 Purchases 80,000 Opening stock 4,000 Closing stock
5,000 38. Trade account and cost of goods sold Dec31 Trading 70,000 70,000 Total for the year 70,000 20X720X7 Sales Dec31 Trading 80,000Dec31 Total for the year80,000 20X720X7 Shopping Purchases 80,000 Sales 70,000 Trading 39. Commercial account and cost of goods sold Gross loss 9,000 84,00084,000 Transfer to profit and loss account
Opening value 4,000 Closing stock 5,000 Shopping 80,000 Sales 70,000 Trade Dec31 Trading 4,000Jan 1 Balance b/f 4,000 20X720X7 Stock Dec31 Trading 5,000 “ 31 Balance c/f 5,000 9,000 40. Adjusted purchases and closing purchases • Sometimes you can give the Closing Stock in the test balance. This would mean that both the opening and
closing stocks have been adjusted in the purchases. • In such a situation, the Open Stock will not appear in the Judgment Balance. • The Test Balance will only show the Adjusted Purchase and Closure Bag figures. • Adjusted purchases are in fact the cost of goods sold. • Work has been done by adding the opening stock + net purchases + direct costs
– closing stock. • Adjusted purchases are displayed on the debit side of the “Trade Account”. • In such a situation there is no need to show “Close stock in the Trade Account” as it is already adjusted in Shopping. • It will be displayed only in the “Assets side of Balance Sheet”. 41. Adjusted Purchases and Closures • Highlights:- Adjustment: Concerned
expenses A/c----------Dr To Outstanding Gasenses A/c • Outstanding expenses are treated in final accounts as follows:- ”. Added to the corresponding expenses in the “Trading and Profit and Loss A/c”. ”. It is shown on the Liabilities side of the balance sheet as a separate element under “current Liability.” 42. Chanderprabhu Jain College of Higher
Studies " School of Law Plot No. OCF, Sector A-8, Narela, New Delhi – 110040 (Affiliated to Guru Gobind Singh Indraprastha University and approved by the Governor of the Delhi Bar Council of India) Semester: B. Com - IV Semester Name ofCoordination Unit-3 43. 44. PURPOSE or Accounting for amalgams, or Treatment of any resulting good will
or reserves. It does not deal with the acquisition by a company of another company in consideration for the payment in cash or for the issuance of shares. 45. TIPES OF AMALGAMATIONS u NATURE OF MERGER u NATURE OF PURCHASE 46. CONDITIONS FOR THE NATURALIZATION OF MEMBERSHIP All assets and liabilities are transferred;
shareholders who have no less than 90 per cent of the nominal value of the shares of the transfer company become shareholders of the transfer company; The consideration is made by the issue of equity shares in the transfer company; the business of the transferor company is intended to be carried out; " No adjustment is made to the book values of
the assets and liabilities. 47. METHODS OF FOLLOW-UP TO THE NATURE OF MEMBERSHIP - Method of interest grouping Method of purchase 48. POOLING OF INTERES METHODU Assets, liabilities and reserves are recorded in their existing quantities of transportation. u A uniform set of accounting policies is adopted. u The difference between
the issued social capital and the social capital of the transfer company must be adjusted in reserves. 49. METHOD OF PURAZ Assets " passives are recorded either at existing load values or by assigning the review on the basis of fair values at the date of amalgam. u The transfer company's reserves, apart from the legal reserves, should not be
included in the financial statements of the transfer company. Contd... 50. Effect of Values Other Assets In determining the value of the consideration, an assessment of the reasonable value of its elements is made. 51. PURACATION METHOD If you consider asset net value GoodWILL Consideration: net asset value 52. Chanderprabhu Jain College of
Higher Studies " School of Law Plot No. OCF, Sector A-8, Narela, New Delhi – 110040 (AfiliatedGuru Gobind Singh Indraprastha University and Approved by Govt of NCT of Delhi & Bar Council of India) Semester: B. Com - IV Semester Subject Name: CORPORATE ACCOUNTING Unit-4 53. ACCOUNTS OF BANING 54 COMPANIES DEFINITION
Article 5 of the Banking Regulation Act defines banking as “the acceptance, for the purpose of lending or investing, of the deposit of money of the refundable public on demand or otherwise and withdraw by cheque, draft, order or otherwise. Characteristics of the banking company • The loan, the collection, or the taking of money. • The loan or
advance of the money either over or without security. • The granting and issuance of letters of credit, traveller cheques and circular notes. The purchase and sale of bullion. • The purchase and sale of foreign currency including foreign banknotes. • Hiring for negotiation and issuance of public and private loans. • Realize and execute confidence. 56.
Continuation The acquisition, construction, maintenance and alternation of any building or works necessary or convenient for the purpose of the company. • Carry out and perform every type of warranty and compensation business. • The collection and transmission of money and values. • Conduct the administration of goods as executor, trustee or
otherwise 57. General Information • No banking company can conduct business in India unless its subscribed capital is not less than half the authorized capital and its paid capital is not less than half the subcapital. • A banking company cannot create any burden on its unnamed capital. • Each bank co.shall transfers an amount equal to 25% of the
profits to the legal reservation. • A bank can open a branch only in the permit bank or reservations 58. Accounting System The accounting system of a banking company is different from a commercial or manufacturing company. A bank has a large number of clients whose accessremain in suchSo this must keep up. 59. system features acc bank •
entries in personal books are made directly from vouchers. • of such entries in personal accs every day sum sheets are prepared in total. • the test balance of the major book is extracted and accepted every day. • A test balance of the detailed personal ledger is prepared periodically and is agreed with the major book. • Two vouchers are prepared for
each transaction that does not imply debit and credit bonds. 60. books required • receive the cash accountant. • pay the cash counter of the cashier. • current account leader. • loan leader. • the major cash credit book. • investment leadership. • keeping bank accounts book larger. • recurring deposit book. • bill discounted and purchased major book.
61. main books of accounts are: • cash book: this book gives the summary of the counterresponsibility of the receiving cashier and paying the cash book of the cashier. • general accounting book: this book contains acc control for the previously listed subsidiary major book and acc of expenses and assets not covered by the subsidiary major book. 62.
notes and instructions for the compilation • balance and profit formats n loss acc cover all elements that are likely to appear in this state. • the words “year current” and “year previous” used in the formats are only to indicate the presentation order and may not appear in acc. • the figures must be rounded to a thousand closer. 63. banks prepare their
accounts according to banking regulation act, 1949. the end of bank accounts are vertically. the final consista de-: a)PROFIT and loss account b)PROFIT and loss account c)BALANCE realized there are 16 schedules in the last units of the banks. 64. balance sheet of xyz bank as on 31st march 2008 particulars schedule amt. no. capital 1.and surplus 2.
Deposits 3. Loans 4. Other liabilities 5. Total cash in hand and RBI 6.INVESTMENTS (SCHEDULE NO. 8) PARTICULARS AMOUNT Government valuesMutual funds Shares of other companies Gold, etc. ADVANCES (CRäDULO NO. 9) PARTICULARES AMOUNT Term loan Overdrafts Cash credit and invoice discount 73. Fixed ASSETS (CRäDULO
NO. 10) PARTICULARES AMOUNT Premises Furniture Equipment Land and buildings Installations and machinery Motor vehicles Computers etc. 74. OTHER ASSETS (Table No. 11) PARTICULARES AMOUNT Prepaid expenses Silver Non-bank assets Inter-branch adjustment Accumulated income Stamps 75. CONTINGENT RESPONSIBILITIES
(TABLE No. 12) SPECIAL AMOUNT BR/ invoices for collection Forward transactions Future contracts Acceptance, guarantee and guarantee Liability for the rediscounting of invoices Controversial liabilities Income tax on appeal Deposit Income tax claims Claims not recognised as debt Liability for partially paid investments 76. INTEREST EARNED
(CRUDE NO. 13) RELATED PARTICULARS Interest on term loans Interest on cash loans Interest on bank overdrafts Discount on discounted invoices Investment income Balance interest with RBI Other interest income 77. OTHER INCOME (TABLE No. 14) PARTICULARS IN ACCOUNT Project of charges Commission, exchange and brokerage Spot
rentals Dividends Profits on foreign exchange transactions Transfer and registration fees Profits on the sale of fixed assets Less:- loss on the sale of fixed assets Bene Profits on the sale of investments or Investments and miscellaneous income 78. EXPANDED INTERESTS (CRULE No. 15) SPECIAL INTERESTS Interest on fixed deposits Interest on
recurring deposits Interest on savings deposits Interest on loans from the Reserve Bank of India and other banks Interest on any other deposit 79. OPERATION EXPENDITURE (EXPENDITURE NO. 16) PARTICULAR Income , fees and taxes Insurance , salary , board of directors , management board , printing and stationery , audit , depreciation ,
employee provision fund , overhead expenses , legal fees , advertising and advertising , repair and maintenance maintenance miscellaneous expenses, etc. 80. SPECIFIC PROVISIONS AND CONTINGENTS Uncollectible debts Provision for doubtful debts Provision for taxes Contingency Provision for depreciation Other provisions 81. Explanation of
some terms relating to the balance sheet MONEY TO CALL AND RIGHT ADDITION:- This item appears on the asset side of a bank’s balance sheet and represents temporary loans to Bill Brokers and other banks. If the loan is granted for one day, it is called “call money” and if the loan cannot be repaid on request and requires at least three days notice
for repayment, it is called “short term money.” 3 reimbursable sites with a notice of 10 days or less than 15 days borrowed on the interbank call market . The interest rates at which money is lent fluctuate daily , sometimes very sharply (over 30%), depending on the demand for and supply of money . 82. ADVANCES:- Advances appear on the asset side
as a fourth item and include loans , cash credits , bank overdrafts and discounted and purchased banknotes . Generally , credit institutions advance money to their customers in the form of loans , cash loans , overdrafts and the purchase and discount of banknotes . PROVISIONS IN CONCERNING VENTATIONS DUBLICATED FROM VENTATIONS TO
EXTENENT NECESARY AND PROVISION EXCEPTED TO OTHER RESPONSIBILITIES AND PROVISIONS. 83. CARE CREDIT:- It is an agreement by which the client is granted the right to borrow money from time to time up to a certain limit. The cash credit is usually given on the mortgage or pledge of shares. Generally , the bank charges a higher
bank interest on the cash amount withdrawn than on the loan , as the bank must maintain the amount accepted as a cash credit . SUPERDRAFT:- This facility is available for client operating a current account with the bank. This facility is granted to clients who have good will and need honest transactions. 84. LOAN:- LOAN:- is anticipated from the
fixed amount to a customer to be withdrawn in total sum by him. The interest is charged for the total amount of the loan agreed to be paid to a customer if you use the total amount of the loan or not. Therefore, customers prefer to take cash credit and pay interest to a little higher. _ The discount of an invoice means making the payment of the invoice
before the due date of the invoice. When making the payment of the invoice, the bank deduces the discount for the period not explored by the amount of the discounted invoice. The bank maintains the account with it until the expiration date and obtains its payment for the customer on the scheduled date. 85. POPULATION AND DISAPARTMENT OF
MILLAS: The bank can buy or discount clean bills or documentaries at the current interest rate. NON-BANKING ASESTS: A banking company is not allowed to treat directly or indirectly in the purchase or sale or barter of goods except in relation to its legitimate banking business. But a bank can always lend against the security of the assets. The
bank may have to take possession of the asset given as a security if the borrower does not pay the loan. 86. REBATE ON BILLS DISCOUNTS DISCOUNTS OR UNEXPIRED:- This article is like the interest received in advance and represents unreceived discounts for those invoices that will mature after the closing of the financial accounts. JOURNAL TO
REBATE ON Missing Limits. PARTICULARS Dr. AMT Cr. AMT Check out the discount invoice to/c Dr For discount earned Discount to/c Dr A P/L a/c 87. PARTICULARS Dr. AMT Cr. AMT Bill ignored Dr. To customer For discount earned to/c Discount earned to/c Dr. To P/L a/c To rebate on the discount invoice If the invoice date is not given and the
maturity months after the end of the year is given, add 3 days of grace to calculate the invoice date. 88. Examinations. Fromnext test balance of Excellent Bank ltd. Prepare the balance sheet and P/L a/c making all necessary arrangements. You are requiredprovide the following: 1.Provision of taxes Rs 10,00,000 2.Transfer to the reserve of equal
dividends Rs 3,00,000 89. Test balance at 31-3-2008 Particulars amt . (Rs. ‘000’ ) (Rs. ‘000’ ) Current deposits 45200 investment in govt. securities Save bank deposits 14520 investment in shares 4700 deposits on term 37180 interest accumulated in investment. 875 Sundry creditors a/c 1455 loans 43800 debts by banks insured by invoices purchased
and discounted 33100 Investments 12200 furniture, accessories and discounts on 3000 invoices 15 equipment – depreciation 500 branch adjustment (cr.) 4555 interest paid 1200 Statutory Fund 10000 change and commission paid 100 Dividend Leveling Fund 2500 payments to employees 24002007 Capital 2.00,000 Additional information :- Current
accounts included Rs. 88, 00,000 (debit balance) being overdrafts. One of the Rs. 95,000 accounts including Rs. 7,000 as interest for 2007-2008 is doubtful. During the year, the assets acquired in 2005 in satisfaction of the default debt of Rs. 25,000 were sold for Rs. 18,000. The amount of 18,000 rupees was attributed to the account, no further
adjustments had been made. The bills for collection with the bank are Rs.22.10,000. Acceptances, endorsements and guarantees of the bank are Rs. 11,68,000. 91. Profit and Loss a/c of excellent bank ltd . for the year ended 31st march , 2008 PARTICULARS S.NO. AMOUNT INCOME :- INTEREST EARNED 13 5800 OTHER INCOME 14 1755 TOTAL
7555 EXPENDITURE:- InterEST EXPANDED 15 1300 OPERATING EXPENSES 16 3707 PROVISIONS "1095 TOTAL 6102 Net income = 1453 92. APPROPRIATION OF LOSS AND PARTICULAR ACCOUNT Losses AMT. Benefits NET 1453 Benefits OF THE LAST AY 852 TOTAL 2,305 STATUTORY RESERVE (25% OF 1453) 363 TRANSFERENCE TO DIV.
BALANCE. BOOK 300 PROPASED DIVIDING 1000 BALANCE TRADED TO B/S 642 TOTAL 2305 93. BALANCE AS AT 31 MARCH 2008 SPECIFIC S.N. CAPITAL AMT 1 10,000 RESERVATIONS AND SURPLUS 2 13 805 DEPOSITIONS 3 105 700 FIRST 4 12 200 OTHER RESPONSIBILITIES AND PROVISIONS 5 7120 TOTAL 148 825 BALANCE WITH
RBI 6438 BALANCE WITH BANKS AND MONEY INVESTMENT 7 8369 INVERSIONS 8 49Â 900 BEFORE 9 85Â 700 Fixed MATTERS 10 3500 OTHER ASSETS 11Â 918 TOTAL 148Â 825 CONTINGENT RESPONSIBILITIES 3378 3378
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