Question

How banking companies accounts are prepared answers? For 10 marks

Answer 1

Banks follow the Banking Regulation Act, 1949. This Act was enacted by the Reserve Bank of India on 10th March 1949. The final accounts of bank are in vertical format.

1. Profit and loss account

2. Profit and Loss appropriation Account

3. Balance sheet

Accounting for banks is different from Accounting for Companies other than financial institutions.

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Answer 2

how banking companies accounts are prepared