...having only two members H and W. During the audit of accounts for the year ended 31st March 2000, you as a auditor find that : a) H, who is in charge of purchases has introduced fictitious purchase bills of Rs 50 lakhs. b) W, who is in charge of sales has sold goods worth Rs 1 crore without bringing the same in the books of accounts. You raise the matter with H and W in their capacity as directors. They contest that as this is a position known to them and within their own fold, you should not report the same under the Company's Act 1956. Discuss whether the above arguments are acceptable under the Company's Act 1956 for non-reporting? Q2) As an auditor, how would you react to the following situation? The company produced photocopies of fixed deposit receipts as the original receipts were kept in the iron safe of the director finance who was presently out of the country on company business? Q3) ABC Private Limited is engaged in the wholesale business of buying and selling silk sarees. The accounts are maintained under the Companies Act from 1st October to 30th September each year. The Chief Accountant of the company is requesting the tax auditor to conduct tax audit U/S 44 AB of the I. T. Act for the period for which accounts have been maintained under the Company's Act. As the tax auditor of ABC Private Limited, how will you react to the Chief Accountant request? Q4) Comment : The Auditor is responsible for failure to disclose the affairs of the company kept out of books and concealed...
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...financial markets. Explain the features of call deposits, term deposits and CDs to the customer and provide advice on risk-reward trade-offs that might be associated with each product. Answer Call deposits or demand deposits are funds held in a savings account that can be withdrawn on demand. Features of call deposits are: • They are held in accounts other than a cheque account where the funds are available on demand. These types of accounts are generally referred to as savings account. • They may take the form of the traditional passbook account, whereby the depositor holds a physical passbook that provides a record of all transactions and funds held. • Call deposit account holders usually receive interest payments, but the return on funds invested is low. Term deposit: A deposit held at a financial institution that has a fixed term. These are generally short-term with maturities ranging anywhere from a month to a few years. When a term deposit is purchased, the lender (the customer) understands that the money can only be withdrawn after the term has ended or by giving a predetermined number of days notice. The features of term deposits are: • The main purpose of fixed deposit account is to enable the individuals to earn a higher rate of interest on their surplus funds (extra money). • The amount can be deposited only once. For further such deposits, separate accounts need to be opened. • The period of fixed deposits range between 15 days to 10 years. •...
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...1. Introduction: The dissertation is prepared to fulfill partial requirement of MBA Program of International Islamic University Chittagong. I am a service holder of United Commercial Bank Limited(UCBL) that’s why I have chosen “Consumer banking” as my topic of interest this study is being formed based on the – A study on United Commercial Bank Limited. Dissertation program is very much important. Because when a student of MBA program acquire theoretical knowledge through class and group study then he found something difference between the theoretical knowledge and practical working environment. Again an executive of any organization remain always busy with his own organization. For the dissertation tries to go to the deep of his own organization and acquire much knowledge. So dissertation of IIUC place a major rule to build up skilled executives as well as skilled manpower. In this dissertation it is tried up to take out the zest of the Consumer banking performance Evaluation of the study, anyone can get idea about how this bank is differ from other banks, how this bank make effective its Consumer banking performance moods, what is the performance of the bank till now. 2. Objectives of the study: ❖ Main Objective The main objective of this study is to analyze the Consumer banking of United Commercial Bank Limited, Jubilee Road Branch, Chittagong. ❖ Specific Objectives The specific objectives of the study are: a. To know about the United Commercial Bank Limited...
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...DEPOSITS A deposit account is a savings account, current account, or other type of bank account, at a banking institution that allows money to be deposited and withdrawn by the account holder. These transactions are recorded on the bank's books, and the resulting balance is recorded as a liability for the bank, and represents the amount owed by the bank to the customer. Some banks charge a fee for this service, while others may pay the customer interest on the funds deposited. Individuals and corporations need money to pursue their daily business. They place the money on deposit to earn interest, using the money market. Types of deposits are: * Call deposits, the depositor has the right to use the money at any time, sometimes short notice periods are agreed. As the depositor can show up any time to request the deposit back, it is also called sight deposit. * Fixed deposits bear a fixed time and fixed interest rate, and are therefor also called term or time deposits. * Overnight lending occurs usually from noon to noon, using a special rate. to give as security or in part payment. Major Types * Checking accounts: A deposit account held at a bank or other financial institution, for the purpose of securely and quickly providing frequent access to funds on demand, through a variety of different channels. Because money is available on demand these accounts are also referred to as demand accounts or demand deposit accounts. * Money market account: A deposit...
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...CHAPTER I INTRODUCTION INTRODUCTION The employees in a company largely determine the success of the company. The company cannot achieve the goals if it does not have the right set of employees. This is the reason why companies put in extensive efforts in choosing candidates for the company. Most of the times skills and knowledge of the employee is considered to gauge his performance in the company. One factor that is overlooked by most of the company owners is employee’s satisfaction. Various surveys and researches have shown that employee’s satisfaction plays a pivotal role in performance of a candidate. If any company wants to draw out the best from its employees then it should provide best means to satisfy the need and requirement of its customers. Before one can know various ways to facilitate employee satisfaction, it is essential to understand what does it actually mean. Organization is the backbone of management. Without efficient organization no management can perform its function smoothly. An organization operates according to the overall values, or priorities in the nature of how they carry out their activities. These values are the personality, or culture, of the organization. Many writers have attempted to state the nature, characteristics and principles of the organization in their own way. For instance to their sociologist, organization means a study of the interaction of the people, classes or hierarchy of an enterprise, to the physiologist. Organization...
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...this http://pnaph.org/chapter_phils.asp for the list of Chapter with President and contact details III. Bank to Bank Transactions(directly to National PNA Account) 1. Membership Fee of P400.00 may be deposited to any of the following banks: a. Banco De Oro – Paco Branch, Savings Account No. 1650057081 b. Eastwest Bank – Paco Branch, Savings Account No. 010001000956 Account Name: Philippine Nurses Association, Inc. 2. Fax or email deposit slip together with the Membership Form and photocopy of your PRC license card at (632) 525-1596 or philippinenursesassociation@yahoo.com.ph respectively. 3. Once payment has been verified, a notification will be sent through your indicated contact details. 4. Claiming of Membership ID Cards, may be done by: a. Securing it personally at the PNA National Office b. Sending a representative to PNA Office, bringing an authorization letter plus his/her ID cards and a photocopy of your valid ID. c. Having it sent through Postal Mail. The additional mailing fee of 100php should be included in the deposit to be made....
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...heartiest gratitude and deepest respect to my teacher Quazi Forhad supervisor of my internship program for his brilliant and excellent guidance and assistance to complete this report. My sincere gratitude go to senior Executive officer, of The Janata Bank Ltd, Faridpur Corporate Branch, Faridpur for giving the excellent opportunity and support me to complete my internship report. He guided me from the initial conceptualization to planning and designing the report. My Department advisor guided me in proceeding with the report works. He suggested me with additional directions. For them I could complete my internship along with this report successfully. I would also like to thank all the officials of Janata Bank Ltd., especially the officer in Deposit section, officers in bills and remittance dept. of the branch. Working with them has been a pleasant experience. From the very beginning they welcomed me cordially, which made my internship and my job much easier and enjoyable. I warmly thank them for their support. And, lastly I would like to thank all the respondents of my survey at desk of the Branch. Out of their busy schedule they made time for me and provided me with useful information. I thank all of them for their cooperation. Executive Summary JANATA Bank Limited offers to explore the world of progressive Banking in Bangladesh. It is a state owned commercial bank and is catering the need of the mass business people. Janata Bank was born with a new concept of purposeful banking...
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...Index Deposit Banking - Introduction 3 Origins 4 Demand deposits 6 Time deposits 7 Fractional-reserve Banking 8 Full-reserve Banking 10 Bibliography 13 Deposit Banking - Introduction Having money is not always as easy as it seems. Why keeping it at home when there are much safer institutions out there? But, bringing the money to a bank requires knowledge of how to deposit it and of what the bank is actually doing with it. Deciding between the possibility of withdrawing everything or even generating money by investing it for a longer period of time should be a crucial question for every investor. Moreover, the process of depositing it raises disputed questions on who is proprietor and on the possessor’s privilege to handle it. Bank deposits developed and changed throughout history. Farmers, looking for a place to protect their grains from theft, stored their harvest in warehouses in exchange for a receipt and the possibility to get it all back after redeeming it. Later on, owners of gold and silver used the same idea to store their more fungible goods at banks. At the beginning, those deposit banks obtained gain by demanding a fee for the time the good was deposed there. The depositor’s assets remained untouched. It is not difficult to imagine that those institutions succumbed to the temptation of taking them and loaning them away in order to expand their sources of income. This kind of activity is called embezzlement. It means to use entrusted...
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...To: Mr. Warren From: Warren Sports Supply Date: February 20, 2013 Subject: Suggestion in for Accounting System Warren Sports Supply Through all the researches, converting our system to a powerful and efficiency system, which is Peachtree, will benefit our company in many ways. Comparing the advantages and disadvantages of the Peachtree and the manual system, it is easy to see that Peachtree System allow us to improve or accuracy and efficiency. Furthermore, Peachtree has more internal control to minimize risky or human error. More importantly, Peachtree is easy to use. The current manual system requires employee to do every process by hand. One of the advantages is that the bank statement, income statement, and balance sheet will never balance if there is a minor error. Therefore, it is easy to notice that there is error. However, many process in our current account system are inefficient and risky. Firstly, although it is easy to notice errors, it will possibly take an employee hours or even days to find out that single error. Thus, there is a waste in human recourse. Secondly, since all documents are in hand copy, it is easy to lose and damage when writing and filling documents. Thirdly, if a vendor sale invoice is lost, we will very likely forget to do the payment. Thus, we will have to pay late charges. Lastly, it is easy to record wrong number or calculate wrong price for inventories. It is also possible to send billings, payments, and inventories to a wrong...
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...several new products on credit and deposit schemes. It also goes for Corporate and Retail Banking etc. The Bank also participated in fund Syndication with other Banks. Through all these myriad activities SBL has created a positive impact in the Market. Objectives * To be a dynamic leader in the financial market in innovating new products as to the needs of the society. * To earn positive economic value addition (EVA) each year to come. * To top the list in respect of cost efficiency of all the commercial Banks. * To become one of the best financial institutions in Bangladesh economy participating in the most significant segments of business market that we serve. Core Values * Our Shareholders: By ensuring fair return on their investment through generating stable profit. * Our customer: To become most caring bank by providing the most courteous and efficient service in every area of our business. * Our employee: By promoting the well being of the members of the staff. * Community: Assuring our socially responsible corporate entity in a tangible manner through close adherence to national policies and objectives. Products & Services Standard Bank Limited has two types of products & services: 1. Deposit Product * Current Deposit * Savings Deposit * Short Term Deposit * Fixed Deposit * Deposits Under Scheme The deposit schemes offered by SBL are appended below. SBL Regular Deposit Programme ( SRDP ) If any monthly...
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...money? Tip 2 – Know yourself when comparing rates How hands on are you likely to be with your savings? Some accounts offer high bonus rates which are designed to tempt you in however the bonuses drop off after a certain period. Tip 3 – Use regular savings accounts or fixed term deposits Can you set up a standing order to your savings account or tie up your money for a year or more? Tip 4 – Be tax-wise Do you pay income tax? If not, ask to have your account interest paid gross – otherwise tax will be automatically deducted. Tip 5 – Don’t keep more than £85,000 with one banking group Cash you put into authorised UK banks or building societies is protected by the Financial Services Compensation Scheme. However this only protects up to £85000 For more information visit the website: www.moneyadviceservice.org.uk 5.2 Needs/ wants/aspiration Clara saves half of her pocket money so that she can buy a Barbie doll at Christmas. This is a want as it is not something Sam would like to own a motorbike in a few years’ time This is an aspiration Following her gap year, Denise has decided she would like to return to south Africa after her studies to help set up an orphanage aspiration Raj plans to put a deposit down on a flat in two years’ time. needs Kim has a leaky roof. She thinks she’ll be OK this summer, but will have to have the money to fix it by winter needs 5.3 Why should you save You should try to save up as saving money can help you to pay off any unexpected...
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...For Sub Brokers Only - Brokerage Structure Fixed Income for the month of February '2014 Note: All Interest & Brokerage rates are subject to revsion without prior notice. It is advisable to consult our branch/RM before submiting applications. Brokerage related queries must be intimated within two months of deposit of application. Brokerage rates mentioned are net in hand and subject to TDS. Brokerage rates are exclusive of service tax, In case you are liable to pay service tax & registered under the said act please raise an invoice mentioning your service tax registration number. * ROI is subject to change. Please confirm with your servicing branch before submission of deposits. RECOMMENDED FIXED DEPOSITS SCHEMES Company Scheme Rating Min. Deposit Amount Interest Frequency 6 Cum - Int comp annually HDFC ( Individual Deposits) Upto 1 Cr Rates Effective from 28/8/2013 CRISIL (FAAA) ICRA (MAAA) 20000*1000 Yearly Hlf Yrly Qtly 40000*1000 Mtly Cum - Int comp annually CRISIL (FAAA) ICRA (MAAA) 20000*1000 Yearly Hlf Yrly Qtly 40000*1000 Mtly *Cum - Int comp annually HDFC ( Ind & Trust Deposits) Deposits from 1 Crore upto Rs.5 Crores CRISIL (FAAA) ICRA (MAAA) Interest Revised W.E.F 28/08/2013 Annualy Hlf Yrly Monthly Interest Rate (%) 12 12-23 = 9.25 12-23=9.05 12-23=8.95 12-23=8.90 12-23 = 9.25 12-23=9.05 12-23=8.95 12-23=8.90 12M =10.00 12M=9.80 12M=9.65 12M=9.70 12M = 10.10 12M=9.90 12M=9.75 12M=9.80 15M -9.60 15M -9.40 15M -9.30 15M -9.25 Double Money Plan Broker Rates...
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...“Overall Banking Activities of Export Import Bank of Bangladesh Limited” PREPARED FOR Shah Md. Abdul Bari Sr. Vice President Human Resources Division [pic] PREPARED BY Md. Mahmud Hossain Khan ID No. MBA 03007833 [pic] Submission Date – Letter of Transmittal Date: To Ms. Farhana Diba Lecturer Department of Business Administration Stamford University, Bangladesh Subject: Submission of Internship Report. Dear Sir, It is my great pleasure to submit internship report on the project titled “Overall Banking Activities of Export Import Bank Ltd.”. I have tried my level best in order to analyze this topic based on all the recent updated information as much as possible. I have gathered a lot of practical experience about the activities from Banking Services, during my internship period. It was interesting to gather some knowledge about the Banking Sector in Bangladesh. I have tried my level best to make this report an outstanding one. But still there might be some shortcomings regarding this report. I will whole heatedly welcome any suggestion to improve this report. I hope all of you will forgive flaws. Sincerely Yours, Md. Mahmud Hossain Khan ID No. MBA 03007833 Stamford University of Bangladesh CERTIFICATE This is to certify that the internship on EXIM Bank Limited titled “Overall Banking Activities...
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...CHAPTER-1 1.1 Introduction: Financial institutions are investment intermediaries linking the savers and users of fund. These intermediaries are interposed between the ultimate borrowers and lenders permitting them efficient transfer of funds. Individuals having surplus funds can lend them for reasonable return to entrepreneurs who need funds to take the advantage of economically and financially viable investment opportunities. The existence of financial institutions facilitates such exchange of resources. As a result, both the borrowers and lenders are better off than they would have been without financial institutions and market intermediaries. Thus, these financial institutions, such as banks, have a positive role in financing and investment which is a multidimensional process involving the complexity of many interrelated and interdependent factors of diversified nature. It is difficult to assess the contribution of each factor independently. The key to successful banking lays in the ability of balance many activities simultaneously. The bank must maintain a healthy growth rate, while at the same time it must take action to minimize the risks it faces. The bank must also maintain enough cash on hand to meet obligations. All of these are related to sound performance of a bank. Evaluating Bank Performance, examines the basic risk and return features of commercial banks. The financial performance evaluation demonstrates the strengths and weaknesses of bank performance...
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... 2. The characteristics and typology of a bank deposit; 3. Non-deposit bank resources: types and means of attracting; 4. Banking resources acquired through the issuance of securities: bank certificates, bills (drafts), long-term bonds; 5. Banking resources acquired on the interbank market; -1- The structure of attracted resources, and their importance for the conducting banking activities; In the world of banking practice, the attracted resources of a bank can be: 1) Deposit - are formed on the initiative of clients who come to deposit money in the banks, 2) Non-deposit: - Resources arising from the issue of equity (bank certificates, bills of exchange, and bond); - Resources purchased from other banks (centralized bank credit (from National Bank) and decentralized (from other commercial banks)); In the total amount of banking resources attracted resources occupy the dominant position. Their share of different banks varies between 85 - 90%. -2- The characteristics and typology of a bank deposit; Deposit – the amount of money placed into a banking institution for safekeeping, through depositing money in a bank account. Deposits are classified according to: * Depositor’s category: 1. Individuals; 2. Legal entities; * The terms of the contract, which stipulates how and when is deposit’s maturity: 1. Demand deposit; 2. Term deposit; 3. Savings deposit; * Demand deposits have the following characteristics: * Bank’s...
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