Accounting and Finance Questions

The nationalisation of banks in India took place in 1969 by Mrs. Indira Gandhi the then prime minister. It nationalised 14 banks then. These banks were mostly owned by businessmen and even managed by them. Before the steps of nationalisation of Indian banks, only State Bank of India (SBI) was nationalised. It took place in July 1955 under the SBI Act of 1955.

Nationalisation of Seven State Banks of India (formed subsidiary) took place on 19th July, 1960.

1955 : Nationalisation of State Bank of India.
1969 : Nationalisation of 14 major banks.
1980 : Nationalisation of seven banks with deposits over 200 crores.

TDS Meaning :

TDS means TAX DEDUCTABULE AT SOURCE. It is charged on Base Amount. 

TDS is tax charged by the customer who gets the services from Vendor or supplier. Here Customer is responsible to charge it and pay to the government.

Different types of TDS : 

1) TDS on salary has to be deducted on salary paid to employee by employer if it crosses the tax limit. And pay to the government on or before due date.

2) In case of TDS on contractors or profession or others, there is slab that min tax, surcharge,  education cess plus higher education cess, it is different and finance minister may change or keep same or remove in every year budget. Secondly you can deduct the TDS on bill amount while paying or if advance is paid.

Accounts payable has got noting to do with purchase of goods and services, it's work is to pay the eligable invoices.

End to End Process of AP
- Process the vendor invoices into system
- Work and resolve the discripencies of the invoices (if any)
- Make the payments to the invoices as per the agreement
- Resolve the issues ( if any  ) regarding the invoice payments

After 90 days of the due date

A non-po is an invoice which does not have po(purchase order).However, these invoices requires approval for authorized person/persons to process for payment.

BRS - Bank Reconciliation Statement

A bank reconciliation statement is a statement prepared by organizations to reconcile the balance of cash at bank in a company's own records with the bank statement on a particular date.

The differences may arise because of the following reasons:

     - Cheques deposited into bank but not yet collected by bank

     - Cheques issued by the organization but not yet presented for payment

     - Cheques directly deposited by customers into the bank

     - Bank charges debited by bank

     - Interest credited or some receipts directly collected by bank based on org. request.

     - Some payments directly made by bank based on the organizations request.

So, the statement shows the reasons as what are the reasons for difference in balance.

Tally package is developed by Tally Solutions. 

Tally Solutions, then known as Peutronics, was co-founded in 1986 by Shyam Sunder Goenka and his son Bharat Goenka.