BANK RECONCILIATION STATEMENT Introduction You have now learnt how to balance the cashbook and to find the balance of the bank account. In this chapter we look at the way in which a business deals with any differences between the balance of the bank account in the cashbook and the closing balance of the bank account shown by the bank statement for the same period. These differences are explained by a document known as bank reconciliation statement. The bank reconciliation statement lists
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Bank Reconciliation Statements (With answers) A. Purpose of a bank reconciliation It should be prepared regularly as part of the internal control system of the business to check: a) the accuracy of the cash book b) the accuracy of the bank statement c) that undue delay is not occurring between payments‚ receipts and their clearance by the bank d) to discover payments made and items received by the bank not entered in the cash book B. Reasons for differences in bank statement and cash
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originated in the last decades of the 18th century. The first banks were Bank of Hindustan (1770-1829) and The General Bank of India‚ established 1786 and since defunct. The largest bank‚ and the oldest still in existence‚ is the State Bank of India‚ which originated in the Bank of Calcutta in June 1806‚ which almost immediately became the Bank of Bengal. This was one of the three presidency banks‚ the other two being the Bank of Bombayand the Bank of Madras‚ all three of which were established under charters
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services provided by five Indian banks. The relationship dimensions which lead to customer satisfaction have been identified. This study reports on the different satisfaction levels of customers of private and public sector banks with respect to the services provided by their banks. 1.1 HISTORY OF THE BANKING SECTOR Banking in India originated in the last decades of the 18th century. The first banks were The General Bank of India which started in 1786‚ and the Bank of Hindustan‚ both of which are
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INVESTMENT BANKS As with commercial banks‚ investment banks are highly leveraged entities that play important roles in both the primary and secondary markets. Investment banking activities include: • Raising funds through public offerings and private placement of securities. • Trading of securities. • Mergers‚ acquisitions‚ and financial restructuring advising. • Merchant banking. • Securities finance and prime brokerage services. The first role is assisting in the raising of funds by
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The role of banks in an economy One think one knows what a bank is and what it does. And not without reason: most people have had experience of at least one bank‚ even if it is only through having a salary account or withdrawing cash from an ATM. A bank’s activities in all its divisions can basically be simplified as follows: it transfers money and information‚ and in doing so transforms money‚ maturities and risks. Some of the example of four lines of a bank’s business to examine how it does this
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a BRICS’ development bank is a good idea for emerging economies? Give your opinion. From my point of view the BRICS’ development bank is a good idea for emerging economies for several reasons: • The solutions and the credit will be adapted to the BRICS’ needs so some projects and structures that need specific solutions will be treated better by a BRICS’ bank than by the IMF. • There is no influence from developped countries on this bank so the priorities for the BRICS’ bank are the emerging economies
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A CASE STUDY ON LETTER OF CREDIT OF EVEREST BANK LIMITED. AN INTERNSHIP REPORT ACKNOWLEDGEMENT It has been a really awesome experience to be an intern at Everest bank limited. During the internship‚ I got an opportunity to meet the top personality of the banking sector and I got to know the real working environment and procedures of the banking industry. This report is based on Issuance of Letter of credit at one of the leading bank of Nepal‚ Everest Bank Limited. It is prepared as a part of the
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Bank Supervision and Regulation In order for the United States economy to be successful‚ there has to be some kind of regulations in place. If there is a stable and sound financial system in place‚ that will increase the effectiveness of the economy and also increase the effectiveness of monetary policy. The institution that is in charge of supervising and regulating financial institutions is the Federal Reserve. Bank supervision includes things such as monitoring and examining the condition
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www.sciencerecord.com Science Series Data Report Vol. 4‚ No. 1; Jan 2012 AN EMPIRICAL STUDY OF RELATIVE EFFICIENCY USING FRONTIER ANALYSIS APPROACH – A CASE OF ISLAMIC BANKS Khizer Ali (Corresponding author) Hailey College of Commerce‚ University of the Punjab‚ Lahore‚ Pakistan Tel: +923458800015 Email: vjkhizer@yahoo.com Muhammad Farhan Akhtar Hailey College of Commerce‚ University of the Punjab‚ Lahore‚ Pakistan Tel: +923464666786Email: vjfarhan@yahoo.com Shama Sadaqat Hailey
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