What are Suspense Account and rectification in Trial Balance?
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…
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Explained: Reasons for disagreement of a Trial Balance
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…
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Bank Holidays 2025: GOA
“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…
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Reporting of Foreign Exchange Transactions to Trade Repository
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…
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Bank Holidays 2025: State of Kerala
“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 Kerala are hereby pleased to declare that in addition to Sundays, expressly defined as Public Holidays…
Meaning of a Trial Balance, Features and Purpose of a Trial Balance
A trial balance is a bookkeeping tool that lists all the balances in a business’s general ledger accounts at a given time. It’s a part of a financial statement prepared at the end of an accounting year to ensure the accuracy of bookkeeping system entries. Features of trial balance: As the trial balance definition suggests,…
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