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Nature of Reserves-Funds or Provisions

The amount saved is set aside for any of the following five purposes: (a) for meeting future liability or loss; (b) for strengthening the financial position of the business; (c) for fulfilling some specific purpose; (d) for redeeming a liability; (e) for replacing a wasting asset. (f) There are two …

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What Is Bitcoin and Is It a Good Investment?

Bitcoin (BTC) is a new kind of digital currency-with cryptographic keys-that is decentralized to a network of computers used by users and miners around the world and is not controlled by a single organization or government. It is the first digital cryptocurrency that has gained the public’s attention and is …

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Branch Accounting – Understanding the Basics

Branching Out When an enterprise, whether for profit or non-profit, grows or strategizes expansion, it usually opens additional locations. Banks, coffee shops, supermarkets, department stores, restaurants, beauty salons, airlines, and even government offices may operate in more than one location, domestic or foreign, to cater to the needs of their …

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Preparation of Profit and Loss Account

Explanation of Certain items of Profit and Loss Account 1. Salaries Salaries are paid for the services of employees and are debited to profit and loss ac- count being indirect expense. If any salary has been paid to proprietor or partners, it should be shown separately because it requires special …

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A Brief History of Electronic Money

Electronic money is a recent invention which means that currency with real value can be exchanged for traditional cash; it is instead entirely virtual or digital. It is a new invention in the history of money and commerce. Electronic money only exists in digital format and is primarily based on …

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What is IMPS

The IMPS (Immediate Payment Service) helps you access your bank account and transfer funds instantly and securely. You can send money using Netbanking on an internet-powered laptop or PC. We enable you to transfer funds from your bank account to any bank account in India. The beneficiary account is credited …

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RTGS vs NEFT

What is RTGS?   The acronym ‘RTGS’ stands for Real Time Gross Settlement, which can be defined as the continuous (real-time) settlement of funds individually on an order by order basis (without netting). ‘Real Time’ means the processing of instructions at the time they are received rather than at some …

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