The general structure of the accounting system and financial statements for banks isn’t that much different from a regular business. However, there are significant differences in the sub-classification of accounts. Banks need to deal with various complex issues like Technological disruptions, Cybersecurity threats, Regulatory compliance, Talent management, Geopolitical and economic uncertainties, etc. Therefore, such issues…
Accounting for bills of exchange starts when the drawer draws a bill and the drawee accepts it. The drawer receives back the bill after the drawee accepts the bill and returns it to the drawer. The drawer becomes the holder of the bill accepted by the drawee. Once the drawer is the holder of the…
West Bengal Government Holiday List 2025: The Government of West Bengal published a Holiday List under the NI Act for 2025. On 22nd Nov 2024, the Finance Department of West Bengal published a notification stating the list of holidays for the year 2025. The order 712-F(P2) dated Howrah, the 22nd November 2024 describes the details…
The term of a bill is the payment term, and the due date is the date on which the bill is payable. The payment term is the period for which the bill is payable. For example, a bill may be due 30 days, 45 days, or 60 days after the invoice date, after sight or…
A creditor is a person who has sold goods on a credit basis and a debtor is a person who has purchased goods on a credit basis. Thus, a bill that is drawn by a creditor and accepted by a debtor is known as a trade bill of exchange. An accommodation bill is a bill,…
Generally, a bill of exchange is drawn by a creditor on his debtor to settle a trade debt. A creditor is a person who has sold goods on a credit basis and a debtor is a person who has purchased goods on a credit basis. Thus, a bill that is drawn by a creditor and…
As we all know, earnings is basically net income after tax or bottom line which determines a business entity’s share price. The earnings of a business entity also provide financial analyst certain yard stick to evaluate the financial condition and performance of a business. The earnings also reflect whether actual performance is good to the…
The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Shri Narendra Modi, On November 25, 2024, announced its approval for the PAN 2.0 Project of the Income Tax Department with a financial implication of Rs.1435 Crore. PAN 2.0 Project is an e-Governance project for re-engineering the business processes of taxpayer registration services through…
A book in which an account of bills of exchange and promissory notes, whether payable or receivable, is stated is known as bill book. There are two types of billbooks in accounting: A bill payable book is an accounting ledger that records and tracks a company’s outstanding bills and payment obligations. It helps businesses manage…
The Tamil Nadu government has announced a list of 23 days as public holidays in 2025 under the Negotiable Instruments Act, 1881, which will be applicable to State government offices, its undertakings, corporations, and boards, among others. List of Public Holidays 2025 Sr.No Date Day Occasion/Festival Date 1 01.01.2025 Wednesday NEW YEAR’s DAY 2 14.01.2025…
