Following are Bank Holidays for the year 2025 in the Telangana State declared under the provisions of section 25 of NI Act 1884 Sr.No. Date Day Occasion/Festival 1 14.01.2025 Tuesday MAKARA SANKRANTI/PONGAL 2* 26.01.2025 Sunday REPUBLIC DAY 3 26.02.2025 Wednesday MAHASHIVARATRI 4 13.03.2025 Friday HOLI 5* 30.03.2025 Sunday UGADI 6 31.03.2025 Monday EID-UL-FITR (Ramadan)RAMZAN *…
This article explains the meaning of Depreciation, Causes of Depreciation, Need for Depreciation, Factors of Depreciation, and revaluation of assets by Accounting Entries Depreciation is an accounting method that determines the monetary value of an asset over its useful life due to use, wear and tear, obsolescence, and Legal or other limits on its use.…
Before closing the ledger accounts, if the error is found you can rectify it without opening a suspense account. However, after closing the accounts, if the error is found you can record an accounting entry in the General Journal and post it to the relevant ledgers. If the amounts are significant, you can disclose the…
Assets or liabilities not included on a company’s balance sheet are known as off-balance sheet items. Off-balance-sheet items are contingent assets or liabilities such as unused commitments, letters of credit, and derivatives. These items may expose institutions to credit risk, liquidity risk, or counterparty risk, which is not reflected on the sector’s balance sheet. Off-balance-sheet…
The errors in accounting take place due to wrong posting of transactions, wrong totaling or wrong balancing of the accounts, wrong casting of the subsidiary books, or wrong recording of amount in the books of original entry. All such errors in accounting can be classified into the following four categories: The error of commission: An…
“Under the explanation to Section 25 of the Negotiable Instruments Act, 1881 (Central Act 26 of 1881) read with the Notification of the Government of India, Ministry of Home Affairs No. 20/25/56/Pub-1 dated 8th June 1957, the Government of KARNATAKA pleased to declare that in addition to Sundays, and 2nd and 4th Saturdays expressly defined…
When the trial balance does not tally due to the one-sided errors in the books, an accountant puts the difference between the debit and credit side of the trial balance on the shorter side as a suspense Account. As and when an error is located it has to be rectified. After rectification, the balance in…
Errors in Trial Balance are mistakes made during the accounting process that cannot always be detected by the trial balance. A trial balance can disagree due to a number of errors. Here we discuss the possibilities of how a trial balances differences. If there is a non-agreement of trial balance the possible reasons could be…
“Under the explanation to Section 25 of the Negotiable Instruments Act, 1881 (Central Act 26 of 1881) read with the Notification of the Government of India, Ministry of Home Affairs No. 20/25/56/Pub-1 dated 8th June 1957, the Government of Goa in its Notification No.37/3/2024-GAD-III/4247 DATED 22.10.2024 declared bank holidays as provisions under section 25 of…
The Reserve Bank of India is expanding reporting requirements for foreign exchange transactions. Starting February 10, 2025, authorized dealers must report all spot deals, including Cash and TOM transactions, to the Clearing Corporation of India’s trade repository. “To ensure completeness of transaction data in TR for all foreign exchange instruments, it has been decided to…
