Definition of a company
Section 3 (1) (i) of the Companies Act, 1956 defines a company as “a company formed and registered under this Act or an existing company”. In common parlance, a company means an association of two or more persons formed an artificial legal entity for some common object or object such as the economic gain of…
Read article
Bank Holidays 2025: Bihar State
The government of Bihar on October 3rd, 2024, issued a notification regarding the Bihar Government Holiday List of 2025 under explanation to section 25 of the Negotiable Instrument Act 1881. Sr.No Date Day Occasion/Festival Date 1 26.01.2025 Sunday REPUBLIC DAY 2 13.03.2025 Thursday HOLIKA DAHAN 3 14.03.2025 Friday HOLI 4 22.03.2025 Saturday BIHAR DIVAS 5…
Read article
Bank Holidays for 2025: Andhra Pradesh
The Andhra Pradesh State Government vide circular no. GO/Rt/No.2116 dated 6.12.2024 declared following General Holidays for the year 2025 under section 25 of Negotiable Instrument Act 1881. Following is the list of bank holidays for the year 2025 Sr.No. Date Day Occasion/Festival 1 14.01.2025 Tuesday MAKARA SANKRANTHI 2 26.01.2025 Sunday REPUBLIC DAY 3 26.02.2025 Wednesday…
Read article
Preparation of Financial Statements from Trial Balance
A trial balance is a preliminary step in preparing a balance sheet. It summarizes the general ledger account balances. The trial balance taken the first time is called an unadjusted trial balance. Whenever totals of debits and credit side mismatches in the unadjusted trial balance, the major job is to search for and correct the…
Read article
What is small company?
[This post elucidates the eligibility status of Small Companies and the benefits given to small company promoters and directors.] The Companies Act, 2013 (‘Act’) introduced the concept of small companies to provide advantages for small businesses operating as private limited companies. Small companies do not have any separate procedure to obtain registration under the Act.…
Preparation of Trial Balance
A trial balance is an internal financial report that lists all the balances of general ledger accounts of an entity at a specific time. The items reflected in the trial balance include assets, liabilities, equity, revenues, expenses, gains, and losses. It’s usually prepared at the end of the accounting year to ensure the bookkeeping system’s…
Read article