Accounts Payable Automation
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Importance of business in the present day world
...The importance of business is that it provides products or services to customers. These products or services in the present day world are provided by entrepreneurswho organize, manage and assume the risk of starting businesses mainly for earning profit. Business makes the best possible use of scarce resources such as men, machines and materials for the production of goods. The importance of busine.... More >>
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...Bill of ExchangeA bill of exchange is playing an important part in the commercial life of the country. The need for it arises where the buyer Purchase goods needs a period of credit before paying it. It is drawn by the creditor and is accepted by the debtor.According to F.W. Muller, a bill of exchange is an unconditional order in writing addressed by one person to another, signed by the person giv.... More >>
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...IGNOU has structured its B.Ed 2011 especially for students to make them experiences and strengthen the professional competencies of in-service teachers. To imbibe knowledge and develop an understanding of the various methods and approaches of organizing learning experiences of secondary school students. To develop skills required in selecting and organising learning experiences. To understand.... More >>
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...The word endorsement is derived from the Latin word ‘lndorsum’ which means the back. According to the Negotiable Instruments Act, 1881, the writing of a person’s name either on the back or the face of instrument followed by one’s signature for the purpose of negotiation is called endorsement. There may be endorsement on a separate piece of paper attached to the instruction called allonge. .... More >>
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The position of a minor in partnership
...or the time being. This can be done in a firm which already exists. He cannot be a full fledged partner. Rights of a Minor in a Firm A minor has a right to have access and inspect and copy any of the accounts of the firm The minors share is liable for the acts of the firm but his personal property is not liable for the debts of the firm. The minor on severance can sue the partners for account. Lia.... More >>
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Different types of bank customers
...ng types (1) Minor(2) Lunatic(3) Drunkard(4) Married women (5) Purdah Observing women (6) Illiterate personsMain Features of The Following Types of Customers:1. Joint account holders2. Partnership accounts3. Trust4. Societies and other non trading institutions.... More >>
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Mutual duties rights and liabilities of partners in the absence of partnership agreement
...s the general duties of partners as under: “Partners are bound to carry on the business of the firm to the greatest common advantage, to be just and faithful’ to each other and to render the true accounts and full information of alt things affecting the firm to any partner or his legal representative”. All the duties of partners arise from the principle of goods faith which is to be all and .... More >>
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...al position.(B) Borrowed Funds.The borrowed capital is a major and an important source of fund for any banking business. It mainly comes from deposits which are accepted on varying terms in different accounts.Bank’s borrowing is mostly in the form of deposits. Bank collects three kinds of deposits from its customers (1) current or demand deposits (2) saving deposits and (3) fixed or time deposit.... More >>
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Reasons for dishonouring a cheque by a bank
... Notice of the customer’s insanity(iv) Notice of the customer’s bankruptcy.(v) In case of a company, notice of its winding up.(vi) Notice of a garnishee order (court order).(vii) In case of trust accounts receipt of information that the customer contemplates a breach of trust..... More >>
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Functions of state bank of pakistan
...asic functions (i) Framing and operation of monetary policy (ii) Regulations and supervision of banks and financial institutions (iii) Foreign exchange management and (iv) Settlements of payments and accounts. The basic functions performed by SBP are now discussed in brief.1. State Bank as a Bank of Issue. The State Bank has the sole right to issue notes except one rupee note and subsidiary coins .... More >>
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.... is that the foreign agencies usually prefer to give aid to those companies who must audit their account. C. ECONOMIC PROGRESS The govt. can check the overall economic progress by the audited accounts. The Govt. can check the accounts of the companies and as a result it is in a position to take the proper step for economic progress D. RECOVER OF TAX As the authorities can assess the.... More >>
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...Promissory NoteA Promissory note is the simplest and earliest kind of credit instrument. It is an unconditional written promise by one person to another in which the maker (payer) promises to pay on demand or at a fixed or determinable date in the future, a stated sum of money to or to the order of a specified person or to the bearer of the instrument. A promissory note in order to be negotiable m.... More >>
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...g fails to help many persons who rely on audit report. 4. NO TRUE PICTURE: The auditing does not cent percent true picture. The auditor is concerned with the facts figures shown in the books of accounts. When figures have been manipulated, the auditing fails to disclose true picture. The purpose of audit fails when it is unable to depict real scene of business affairs. 5. NO CORRECT VIE.... More >>
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...other period in which the creditor country works off the balance by additional purchases from the debtor country. The main objectives for entering into clearing agreement are to liquidate the blocked accounts, to ensure equilibrium in the balance of payments and to check the fluctuating exchange rates.4. Stand still Agreement. Stand still agreement aims at maintaining status quo in the relationshi.... More >>
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Difference between bill of exchange and cheque
...DIFFERENCE BETWEEN A BILL OF EXCHANGE AND A CHEQUEAlthough a cheque is defined as a bill of exchange, yet it differs from a bill of exchange in the following respects.Cheque:(1) A cheque is always drawn on a bank.(2) A cheque is always payable on demand.(3) A cheque does not require acceptance.(4) No days of grace are allowed for payment on cheque. It is immediately payable on demand.(5) A cheque .... More >>
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...ollowed for expulsion of a partner. 13. Arrangements to be followed in case a partner becomes insolvent. 14. Salary, if any, payable to the partners for managing the firm. 15. The method of preparing accounts and arrangement for audit. 16. Procedure for the dissolution of the firm and settlement of accounts. 17. Arbitration in case of disputes among partners. 18. Operation of bank account.The abov.... More >>
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...udit notebook contains the information about the Organizational structure and the arrangements of the business. 4. MATTER OF AUDIT All the instructions from the management on the matter of audit. 5. ACCOUNTS BOOKS: The audit notebook contains the details of accounting books. The companies’ ordinance 1984 is followed by limited companies. The cooperative societies keep books under societies rule.... More >>
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Stages in development of money
... all the developed and in many developing countries of the world including Pakistan the commercial banks have entered into an era of electronic banking The customers of banks having deposits in their accounts can make purchases pay bills transfer money simply by electronic signalsIt may here be noted that currency deposits at banks and other financial institutions are money but cheques are not mon.... More >>
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Govt plans low rates home loans for paramilitary personnel
...aid. In fact, SBI has already been closely associated with the armed forces. The bank had recently launched Defence Salary Package (DSP) for the Indian Army whereby it aims to open close to 12 lakh accounts of Army personnel under the scheme. The DSP offers free drafts, cheque books, fund transfers and ATM cards to the soldiers of Indian Army to any of SBI Group’s over 15,000 branches. The s.... More >>
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Rights of a banker and duties of a banker towards the customer
...ed the order in his favor.Rights of a banker:(i) Right to set off. It is a right of the banker to adjust his outstanding Joan (debit) in the name of the customer from his credit balance of any of the accounts he s maintaining with the bank.(ii) Right to chargé interests commission etc. If is t right of the banker to charge interest, commission etc according the prevalent rates for the services th.... More >>
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