How Banking companies accounts are prepared?
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Two types of cash book are maintained. Rough Cash Book for recording cash receipts and cash payments. Fair Cash Book for recording the same transactions and tallying them with Rough Cash Book at the end of the day. Five types of ledger are prepared - savings account ledger, fixed deposit ledger, current account ledger, loan ledger and investment ledger. Final accounts such as profit & loss account, balance sheet etc must be maintained according to Banking Regulation Act, 1949.
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