Question

11. By whom and when the bank reconciliation statement is prepared?
12. What is reserve fund?
13. What are days of grace?
14. In which year ASB was set up?
15. What is rojmel?
16. Where and how depreciation is disclosed in the balance sheet?​

Answer 1

Answer:

1. The Cash Book is prepared by the trader and in order to reconcile the differences between both the books, a Bank Reconciliation Statement is prepared. Thus, a Bank Reconciliation Statement is prepared by the trader and not by a bank.
2. A reserve fund is a special account with a financial institution such as a bank, loan and trust corporation or credit union. ... The reserve fund is intended to ensure that the corporation has enough money to pay for future repairs. The reserve fund is used to pay for major renovation or repairs projects.
3. A grace period is a set length of time after the due date during which payment may be made without penalty. A grace period, typically of 15 days, is commonly included in mortgage loan and insurance contracts.
4. Indian Accounting Standard (abbreviated as Ind-AS) is the Accounting standard adopted by companies in India and issued under the supervision of Accounting Standards Board (ASB) which was constituted as a body in the year 1977.
5. Rojmel is the quick and user-friendly daily accounting mobile application for accounts management on daily basis. The accounting app will replace your Rojmel book and automate record-keeping system of daily finances including the expenses, income and tracking of accounts.
6. Fully depreciated assets that continue to be used are reported at cost in the Property, Plant and Equipment section of the balance sheet. The accumulated depreciation for these assets is also reported in this section.