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Final Accounts of Banking Companies
Requirements – Accounts & audit
- Third Schedule annexed to BRA
- Form A- Balance sheet
- Form B- Profit & Loss Account
- Audit
- Submission of accounts- RBI- within 3 months
- Publication of accounts- within 6 months
- Auditor-prior approval of RBI for appt/removal
Balance sheet-Form A
| Capital & Liabilities | Assets |
| 1.Capital | 6.Cash & Bank Bal. RBI |
| 2. Reserves & surplus | 7.Balances with Banks & Money at call and SN |
| 3.Deposits | 8.Investments |
| 4.Borrowings | 9Advances |
| 5 Other Liabilities & Provisions | 10.Fixed Assets |
| 11.Other Assets |
Other Income
- Profit on exchange transactions
- Profit on sale of investments
- Profit on revaluation of investments
- Profit on sale of fixed assets
- Letting of locker (income from locker charges )
- Misc. income -Godown rent
Question for Accounts of Banking Companies, Advanced Corporate AccountingTry yourself: Which of the following is not a requirement for the final accounts of banking companies?View Solution
Just go through these points
- Govt. securities shown at book value and diff. between MV and BV is given in the notes
- If some fixed assets are w/o on revaluation of assets/reduction of capital every B/S after wards should. show the revised figure for next 5 yrs. With the date & amt. revised
- Other fixed assets includes vehicles, furniture and fixtures. Lockers and safe deposit vaults are included in furniture
- 20% to reserve fund before declaring dividend
- Gold is treated as investment
- Silver is treated as other assets
- Income from performing assets is recognized on accrual basis while in r/o non-performing assets it is on cash basis
- In r/o NPA, if income is already recognized, then make provision
Asset Classification etc.
- Asset Classification
1. Performing and
2. non performing ( remain out of order) - Income Recognition
1. Performing-accrual basis
2. Non performing-cash basis - Asset Classification
1. Std-0.40% (revised from 0.25%)
2. Loss assets-100%
3. Doubtful – Unsecured – 100%, Secured – upto 1year-25%, 1 to 3yrs-40%, more than 3 years – 100%
4. Sub-Std.-Unsecured – 25%, Secured – 15%
SLR & NON SLR DEPOSITS
| Held to maturity | Available for sale | Held for trading |
| Investment should not exceed 25% of total investment | Freedom available | Freedom available |
| -no marked to market. Profit on sale treated as cap. Reserve | -Marked to market -profit on sale of investment.taken to P&L a/c | Marked to market To be sold within 90 days |
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FAQs on Accounts of Banking Companies, Advanced Corporate Accounting - Advanced Corporate Accounting - B Com
| 1. What is the importance of maintaining accounts in banking companies? |  |
Ans. Maintaining accounts is crucial for banking companies as it helps them keep track of their financial transactions and operations. It also helps them comply with legal and regulatory requirements. Accounts provide accurate information about the financial position of the company, which helps management make informed decisions. Moreover, having proper accounts helps in building credibility and trust among stakeholders, including customers, investors, and regulatory authorities.
| 2. What is the difference between a balance sheet and a profit and loss account? | |
Ans. A balance sheet and profit and loss account are two important financial statements that provide information about a company's financial position. A balance sheet provides information about a company's assets, liabilities, and equity at a specific point in time. It reflects the company's financial position, including its liquidity, solvency, and capital structure. On the other hand, a profit and loss account provides information about a company's revenue, expenses, and net income over a specific period. It reflects the company's profitability and operational efficiency.
| 3. How do banking companies comply with accounting standards? | |
Ans. Banking companies comply with accounting standards by following established accounting principles and practices. They are required to prepare financial statements in accordance with Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS). These standards provide guidelines for preparing financial statements, including the presentation, measurement, and disclosure of financial information. Banking companies also need to comply with regulatory requirements related to financial reporting and disclosure.
| 4. What is meant by advanced corporate accounting? | |
Ans. Advanced corporate accounting refers to the application of advanced accounting concepts and techniques in the context of corporate financial reporting. It involves the use of complex accounting methods, such as consolidation, segment reporting, and accounting for derivatives, to prepare financial statements that accurately reflect the financial position and performance of a company. Advanced corporate accounting is essential for multinational corporations that operate in multiple jurisdictions and need to comply with different accounting standards.
| 5. What are the career opportunities in the field of corporate accounting? | |
Ans. Corporate accounting offers a wide range of career opportunities, including financial reporting, financial analysis, internal auditing, and taxation. Professionals in this field work in various industries, including banking, insurance, manufacturing, and consulting. They can work in different roles, such as financial analysts, accountants, auditors, tax specialists, and controllers. A career in corporate accounting requires a strong foundation in accounting principles and knowledge of advanced accounting concepts and techniques.
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