Question

what is book section in banking​

Answer 1

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what is book section in banking​

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• A collection of books to be given to students. More than half of schools do not even have a book bank.
• The banking book is a term for assets on a bank's balance sheet that are expected to be held to maturity, usually consisting of customer loans to and deposits from retail and corporate customers.

Answer 2

Explanation:

(a) Principal Books:

(i) Cash Book:

For recording different types of cash transactions two types of cash books are recorded, viz:

(i) Rough Cash Book which deals with cash receipts and cash payments maintained by a receiving cashier and paying cashier, respectively. It records serial number, depositors name, amount received etc. in cash, whereas, in case of cash payment, serial number, payee’s name, amount paid, number of token etc. are recorded,

(ii) A Fair Cash Book, on the other hand, is one when a separate person, after receiving the above information from the paying and receiving cashier, records the transactions in a separate book. Naturally, the transaction of the fair cash book must tally with the sum total of the above two rough cash books.

(ii) Day Books:

It records day-to-day transactions of the book relating to cash transfers, clearings etc. Besides the above, Received Waste Book, Sectional Cash Book etc. are also to be maintained.

(iii) General Ledger:

It is actually the key ledger of the accounting system of a bank. It contains a total amount in respect of total Current Accounts, total Savings Bank Account, total Loans Account, total Bills Payable Account, total Expenses and total Revenue Accounts.Each ledger is kept under self-balancing system. A trial balance can easily be prepared which helps to prepare the final account as well.

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