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Accounts of Banking Companies - B Com PDF Download
Accounting of banking companies
Related: Specialized Accounting
Ref: https://edurev.in/question/708001/Accounting-of-banking-companies-Related-Specialized-Accounting
Accounts of Banking Companies
Here is a compilation of top four accounting problems on accounts of banking companies with its relevant solutions.
Illustration 1:
From the following information, prepare the Profit and Loss Account of South Indian Bank as on 31st March, 2004:
Illustration 2:
The following Trial Balance was extracted from the books of the United Bank of India as on March 31, 2004:
You are required to prepare a Profit and Loss Account for the year ended 31st March, 2004, and Balance Sheet as at that date after considering the following:
(i) Provide Rebate on bills discounted Rs. 5,000.
(ii) A scrutiny of the Current Account Ledger reveals that there are accounts overdrawn to the extent of Rs. 25,000 and the total of the credit balances is Rs. 1, 22,000.
ADVERTISEMENTS:
(iii) Claims by employees for Bonus Rs. 15,000 is pending award of arbitration,
(iv) Depreciation on building for the year amounts to Rs. 5,000.
(v) Out of profits for the year, 20 per cent transferred to Statutory Reserve and the Directors proposed a dividend of 8 per cent, subject to deduction of tax.
Illustration 3:
On 31st December, 2004, a Bank had the following unmetered Bills:
Illustration 4:
From the following information, find out the amount of provision to be shown in the Profit and Loss Account of a bank:
FAQs on Accounts of Banking Companies - B Com
| 1. What are the different types of accounts offered by banking companies? |  |
Ans. Banking companies offer various types of accounts to cater to the diverse needs of customers. Some common types of accounts include:
- Savings Account: This account allows individuals to deposit and withdraw money while earning interest on the balance.
- Current Account: This account is primarily for businesses and allows for unlimited transactions and overdraft facilities.
- Fixed Deposit Account: This account offers a higher interest rate but requires the money to be deposited for a fixed period.
- Recurring Deposit Account: This account allows individuals to deposit a fixed amount every month for a specific period, earning interest on the deposit.
| 2. How can I open a bank account with a banking company? | |
Ans. Opening a bank account with a banking company typically involves the following steps:
1. Choose the bank: Research different banking companies and select the one that best suits your needs.
2. Gather required documents: Prepare necessary identification documents such as passport, national ID, proof of address, etc.
3. Visit the bank branch: Go to the nearest branch of the chosen banking company with the required documents.
4. Fill out the application form: Complete the account opening form provided by the bank, providing accurate personal information.
5. Submit documents: Submit the necessary documents along with the application form.
6. Initial deposit: Make an initial deposit as per the bank's requirements.
7. Account activation: The bank will process your application and activate your account, providing you with the account details and relevant documents.
| 3. What are the benefits of having a savings account with a banking company? | |
Ans. Having a savings account with a banking company offers several benefits, including:
- Interest earnings: Savings accounts provide an opportunity to earn interest on the deposited funds, helping your money grow over time.
- Easy access to funds: Savings accounts allow easy withdrawal and deposit of funds through various channels such as ATMs, online banking, and branches.
- Safety of funds: Banking companies ensure the safety of deposited funds through measures like deposit insurance and security protocols.
- Additional services: Banks often offer additional services such as debit cards, checkbooks, and online banking facilities for convenient financial management.
- Financial planning: Savings accounts can serve as a tool for financial planning, allowing individuals to set aside money for specific goals or emergencies.
| 4. Can I have multiple accounts with different banking companies? | |
Ans. Yes, it is possible to have multiple accounts with different banking companies. There are no restrictions on the number of accounts an individual can hold across various banks. However, it is essential to manage these accounts responsibly, keeping track of transactions and maintaining the required minimum balances to avoid any penalties or account closures.
| 5. How can I close my bank account with a banking company? | |
Ans. To close a bank account with a banking company, you generally need to follow these steps:
1. Visit the branch: Go to the bank branch where the account is held and inform the staff of your intention to close the account.
2. Complete closure form: Fill out the account closure form, providing necessary details such as account number, reason for closure, and signature.
3. Settle outstanding transactions: Ensure that all outstanding transactions, including pending payments or deposits, are cleared.
4. Return unused checkbooks/cards: Hand over any unused checkbooks, debit/credit cards, or other banking instruments associated with the account.
5. Collect closure confirmation: Obtain a closure confirmation or acknowledgment from the bank for future reference.
6. Withdraw remaining balance: If there is any remaining balance in the account, it can be withdrawn either in cash or transferred to another account as per your preference.
Note: Some banks may have specific procedures or requirements for account closure, so it is advisable to check with the respective banking company for their exact process.
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