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(I) Mocks will be activated on the following dates 24*7 up to 10 December 2018
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Law – 3 December 2018
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(II) WEIGHTAGE : 200 Marks
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Quant – 50 Marks

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The 25th GST Council Meeting was held at New Delhi on the 18th of January 2018. There was a higher rate, complexities & various other measures which made business difficult; so the committee has taken steps to improve ease of doing business. GST rates have also be reduced for various goods and services.

Amendment in GST rules & regulations are as under:

1. Penalty Reduction:

The penalty for late filing of GST returns has been further reduced by the 25th GST Council Meeting. Now, any business that failed to file GSTR1 return, GSTR5 return or GSTR5A return will only have to pay a penalty of Rs.50 per day of default. In case of failure to file NIL GST return, the penalty has been reduced to just Rs.20 per day. Nandan Nilekani made a detailed presentation on simplification of GST returns filing to avoid penalty on late filings. We can see his videos on GST website.

2. Cancellation of GST Registration obtained after 1^st July 2017:

Persons who registered voluntarily on GST Portal can now surrender their GST Registration. Previously they were barred from surrendering their GST registration before end of one year from date of registration. The rules have now been modified to allow cancellation of voluntary GST registration before 1 year.

3. Cancellation of Migrated GST Taxpayers:

Persons who obtained GST registration mandatorily due to migration from VAT or Service Tax or Central Excise can cancel their GST registration before 31^st March 2018.

4. Introduction of E-Way Bill:

The Government expects to roll out a nationwide GST e-way bill system for interstate movement of goods from 1sFebruaryry 2018. The Government expects to rollout eway bill system for intrastate movement of goods on later than 1st June 2018. However, no date has been announced by the Government mandating eway bill for intrastate movement of goods. 15 states have informed the Council that they will start intra-state the e-way bill from the same month.

The Government has begun rolling out the e-way bill mechanism on a trial basis through ewaybill.nic.in. Stakeholders can login to ewaybill.nic.in and generate, cancel or modify GST eway bill on a trial basis. Once the system is ready, the GST eway bill system will be made available on ewaybillgst.gov.in.

5. Rate Changes of Various Goods

The following are the GST rate changes for goods announced in the 25th GST Council Meeting:

6. Exemption of Various Services

• Exemption of supply of services by way of providing information under RTI Act, 2005.
• Exemption of legal services provided to Government, Local Authority, Governmental Authority and Government Entity.
• Exemption of services relating to admission to, or conduct of examination provided to all educational institutions, as defined in the notification.
• Exemption of services by educational institution by way of conduct of entrance examination against consideration in the form of entrance fee.
• Exemption of services by way of fumigation in a warehouse of agricultural produce.
• Exemption of subscription of online educational journals/periodicals by educational institutions who provide degree recognized by any law.
• Exemption of service provided by way of renting of transport vehicles provided to a person providing services of transportation of students, faculty and staff to an educational institution providing education upto higher secondary or equivalent.
• Exemption of services provided by and to FIFA and its subsidiaries directly or indirectly related to any of the events under FIFA U-20 World Cup in case the said event is hosted by India.
• To exempt government’s share of profit petroleum from GST and to clarify that cost petroleum is not taxable per se.
• Exemption of reinsurance services in respect of insurance schemes exempted under S. No. 35 and 36 of notification No. 12/2017-CT (Rate).
• Exemption of service by way of transportation of goods from India to a place outside India by air upto 30th September, 2018.
• Exemption of service by way of transportation of goods from India to a place outside India by sea and provide that value of such service may be excluded from the value of exempted services for the purpose of reversal of ITC upto 30th September, 2018.
• Exemption of services provided by the Naval Insurance Group Fund by way of Life Insurance to personnel of Coast Guard under the  Group Insurance Scheme of the Central Government retrospectively e.f. 01^st July, 2017.
• Exemption of IGST payable under section 5(1) of the IGST Act, 2017 on supply of services covered by item 5(c) of Schedule II of the CGST Act, 2017 to the extent of aggregate of the duties and taxes leviable under section 3(7) of the Customs Tariff Act, 1975 read with sections 5 & 7 of IGST Act, 2017 on part of consideration declared under section 14(1) of the Customs Act, 1962 towards royalty and license fee includible in transaction value as specified under Rule 10 (c) of the Customs Valuation (Determination of Value of Imported Goods) Rules, 2007.
• Exemption of dollar denominated services provided by financial intermediaries located in IFSC SEZ, which have been deemed to be outside India under the various regulations by RBI, IRDAI, SEBI or any financial regulatory authority, to a person outside India.
• Exemption of

  (a) services provided by government or local authority to governmental authority or government entity, by way of lease of land, and

  (b) supply of land or undivided share of land by way of lease or sub lease where such supply is a part of specified composite supply of construction of flats etc. and   to carry out suitable amendment in the provision relating to valuation of construction service involving transfer of land or undivided share of land, so as to ensure that buyers pay the same effective  rate of GST on property built on leasehold and freehold land.

7. Rate Changes of Various Services

The following are the GST rate changes for Services announced in the 25th GST Council Meeting:

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Accounting Process test is brought to you by Kailasha Foundation- Fun & Learn Portal to help you boost yourself for CPT exam with our specially tailored content from accounting sections. With this test, we have delivered 30 questions to you in an interactive mock test environment.

Instructions:

1. You have 10 minutes to attempt this test.
2. All questions carry equal marks and each correct answer will give you 1 marks.
3. You will be awarded minus 0.25 marks for each wrong answer.

START YOUR TEST

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Accounting introduction test is brought to you by Kailasha Foundation- Fun & Learn Portal to help you boost yourself for CPT exam with our specially tailored content from accounting sections. With this test, we have delivered 30 questions to you in an interactive mock test environment.

Instructions:

1. You have 10 minutes to attempt this test.
2. All questions carry equal marks and each correct answer will give you 1 marks.
3. You will be awarded minus 0.25 marks for each wrong answer.

START YOUR TEST

All content at Kailasha Foundation is free and will always be. Share with friends, challenge them and have fun while learning. That’s why “Fun & Learn”. If you find any error(s) in this accounting test, then do report from the “Contact Us” tab above on our website. Thanks for being a valuable user. Happy Learning!

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What is Actuarial Science?

Actuarial Science is the discipline that assesses financial risks in the insurance and finance fields using Mathematical and statistical methods.

Actuarial science includes a number of interrelated subjects including mathematics, probability theory, statistics, finance, economics, and computer science. Actuaries are professionals who are qualified in this field through intense education and experience. Actuaries have a detailed knowledge about financial, economic, demographic and insurance risks. They are an expert developing and using financial and statistical methods to inform financial decisions.

Actuaries are the true seers of the and finance industry. They carefully analyze the probability of financial risks and develop creative solutions to mitigate these risks. In short, they predict the future and protect the people and companies from potential harms. The actuaries have great career opportunities as their judgement forms the basis of decision making for many business and enterprises. A study by Georgetown University’s Center on Education and the Workforce discovered that actuarial science graduates had a near-zero unemployment rate in 2010. Along with that, the career in actuarial science is expected to grow 26% in the next 8 years. The work of an actuary involves a lot of number crunching and the nature of work is quite tedious, nevertheless, it offers rewards in terms of intellectual challenge, status, job satisfaction and earnings.

Career Prospects

An actuary in India typically works in the fields of Life Insurance, General Insurance, Health Insurance, Pension Funds, Government and Risk Management.

The role that an actuary can perform in each of these sectors can be quite varied, such as product pricing, financial modeling, valuations, risk management, carrying out peer reviews, designing social security schemes, advice on the premium to be charged etc. Actuaries are seriously smart. Actuaries go through rigorous undergraduate training and while they can be employed immediately, they must undergo an additional 5 to 10 years of training and complete 7-9 exams to achieve full actuarial status, called fellowship.

In order to become an actuary in India, one has to enroll with the Institute of Actuaries of  India (IAI) which regulator the training and education of actuaries in India.Then by passing  the ACET (Actuarial Common Entrance Test) and then clearing the requisite 15 papers. However, one do not have to clear all the 15 papers to secure an entry level job. After clearing 5–6 CT Papers, one can start applying for jobs that pay at max. 6–7 L per annum.

Following are the eligibility criteria to become an actuary:

• 10+2 (H.S.C) or equivalent
• Or Post Graduate in Mathematics, Statistics, Economics, Computer Science, Engineering, MBA (Finance) and other similar qualifications.

Fully qualified members of professional bodies such as:

◆The Institute of Chartered Accountants of India

◆Institute of Cost and Works Accountants of India

◆Certified Institute of Financial Analysts of India

◆Fellow of Insurance Institute of India

◆Proficient in mathematics & statistics

There is a huge demand for actuaries in both developing and developed countries such as India, Indonesia, Thailand, Vietnam, Cambodia, US, UK. Some of the companies that hire actuaries in India include Max Bupa Health Insurance, WNS, Towers Watson, PwC Actuarial Services India, Mercer, Directorate of Postal Life Insurance, McKinsey Advanced Healthcare Analytics, IDBI etc. There is a never-ending demand for actuaries all over the world.

If there is one field where career prospects are abundant because the demand exceeds supply, it is Actuarial Science. If you have interest in this field then go for it as success awaits for you.

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THE CENTRAL GST (GOODS AND SERVICES TAX), 2017

In this article, we are going to deal and discuss each and every aspect of the newly introduced and well-debated GST (Goods and Services Tax). As many commerce students are worried over the confusions associated with the topic, we feel that it is the need of the hour.

Till now, the structure of indirect taxes has been very complex in India. There are so many types of taxes that are levied by the central and state governments on goods and services.

We have to pay ‘entertainment tax’ for watching a movie. We have to pay value added tax (VAT) on purchasing goods and services. And there are excise duties, import duties, luxury tax, central sales tax, service tax etc.

As of today some of these taxes are levied by the central government and some by the state governments. The master concept of GST is brought to introduce a unified tax system instead of all these taxes.

What is GST?

It has been a pending issue since long to streamline all the different types of indirect taxes and implement a ‘single taxation’ system. This system is called GST.

The main expectation from this system is to abolish all indirect taxes and only GST to be levied. As the name suggests, GST will be levied on both – goods and services. GST is a tax that we need to pay for the supply of goods and services. Any person, who is supplying goods and/or service(s), is liable to charge GST. This unified tax is governed by GST Council and presently its chairman is the Union finance minister of India – Arun Jaitley.

TEN FACTS ABOUT GST (IMPORTANT FOR ALL COMPETITIVE EXAMINATION)

1. It extends to the whole of India except the state of Jammu & Kashmir. Telangana becomes 1st state and Bihar becomes 2nd state to pass GST bill.
2. Petroleum & Liquor products are exempted from GST.
3. Maximum rate prescribed under IGST is 40%.
4. Customs duty and IGST under Section 3 of Customs Tariff Act, 1975 will be leviable on imports.
5. Threshold Limit of turnover for opting composition scheme under GST- Not exceeding Rs 50 lacs
6. Rate applicable for a composition dealer, being a manufacturer- Not exceeding 2.5%
7. Rate applicable for a composition dealer, being a person other than a manufacturer?- Not exceeding 1%
8. Cut off turnover limit for compulsory registration under GST? – Exceeds Rs 20 lacs (10 lacs for North Eastern & Hill states)
9. There will be no expiration (Valid till it is cancelled) of the registration certificate. 
10. Within 60 days from the date liable for registration, A person should apply for registration

ADVANTAGES OF GST

1. Will increase the number of taxpayers.
2. Ease in legal complexity.
3. The uniform tax system in the country.
4. Helpful for Investor & E-commerce Service providers.
5. One Nation, One Tax, One Market- Drive/ Sell/ Purchase without state boundaries.

For consumers, GST will help to bring in the following benefits:

1. Uniformity in computing taxes for goods and service – GST will lead to elimination of multiple excises, CST, VAT, service tax calculations
2. Uniform tax regime – for both goods and services and less confusion in determining what constitutes a good or what is a service
3. Elimination of double taxation – Double taxation means the consumer pays for an item, on which the government has already collected tax, from the manufacturer under some other head
4. More transparent pricing – Currently hidden taxes actually push up the taxes on a majority of goods to anywhere in the 27% to 32% range. But with GST coming in, the percent tax number is proposed to be much lesser – however, the number has not been finalised yet.

Now, let’s know why GST is needed?

Goods and services tax is proposed indirect tax in India. GST arose from:

1. The need to cut down multiple indirect taxes including excise duty, VAT, octroi, entry tax, luxury tax, etc and have a uniform indirect tax across the country
2. The need to reduce the impact of taxes being imposed on taxes and thereby limit the overall inflationary impact on the common man
3. The need to create a single common market by eliminating distortion caused by varying tax rates in different states
4. The need to have a destination based on consumption tax

How is GST levied?

• GST is levied on supply of goods and services (other than alcohol) for human consumption
• The word ‘Goods’ denotes every kind of movable property excluding money and securities but including actionable claims. ‘Services’ include things other than goods, excluding money and securities
• Supply can either be within a state or between states
• Supply within a state attracts Central GST (CGST) and State GST (SGST) while supply between states is subject to Integrated GST (IGST)
• Taxation of GST is governed by three separate laws, viz. SGST act, CGST act and IGST act along with accompanying rules
• The proposed rates are: Nil, 5%, 12%, 18%, 28%
• Exports would be zero rated meaning that the taxes paid on inputs would be refunded
• Information technology infrastructure is provided by GST network

When will GST become applicable?

GST would be applicable after the enactment of the three separate laws. The law is expected to come into force from 1st July 2017.

Who will be subject to GST and who will administer GST?

Aggregate all India turnover of Rs. 20 lakhs in a financial year would make a person subject to GST. Threshold limit for special category states is Rs. 10 lakhs. The turnover includes supplies made as an agent, exempt supply, exports and inter-state stock transfers.

The supplier is required to pay GST while for specific goods/services the recipient will be required to pay GST on reverse charge basis. The further recipient will be required to pay GST for supply received from an unregistered supplier.

GST will be administered by central and state governments. Central excise and services tax department at the central level and commercial taxes department at the state level would be re-designated for implementing GST. The administration will be divided on mutual agreement based on turnover.

What will happen to the existing indirect taxes after GST becomes the law?

Most of the existing indirect taxes would be subsumed under GST.

Proposed GST Regime

Proposed GST will replace the terms manufacture, sale, provision of service, import & export, entry of goods with one term – ‘Supply’.

Challenges while implementing Goods & Services tax system:

• To implement the bill, a lot of changes would have to be made at the administration level. Information technology integration has to happen, Sound IT infrastructure is needed, the state governments have to be compensated for the loss of revenues (if any) and much more
• GST being a consumption-based tax, states with higher consumption of goods and services will have better revenues. So, the cooperation from state governments would be one of the key factors for the successful implementation of GST

Payment of Tax

• Deposit made towards tax interest, penalties shall be paid online using debit/credit cards, NEFT etc. which will be credited to electronic cash ledger account
• Self – assessed ITC claimed in the return shall be credited to electronic credit ledger account
• Payment towards tax, interest, penalties can be made from electronic cash or credit ledger accounts subject to the rules, conditions prescribed
• Interest period shall be counted from the first day such tax was due to be paid

TDS

• Specified persons shall deduct TDS @1% of the contract value where it exceeds Rs. 10 lakhs
• TDS deducted shall be paid within 10 days at the end of the month of deduction and the certificate to be furnished within 5 days of payment of tax.
• The late fee for the furnishing of the certificate is Rs. 100/- per day subject to 5000

Refunds

• Refund for an amount can be claimed within a period of 2 years from the relevant date
• Refund to be granted on the Principal of unjust enrichment. If the amount claimed is less than Rs. 5000, then only self – declaration to be made, otherwise documentary evidence to be furnished to establish no unjust enrichment
• The said limitation doesn’t apply in case of payments made under protests

IMPACT OF GST ON INFLATION
Let us understand the relation of GST with Inflation. Comparing the scenario, Before GST vs After GST
COMPREHENSIVE COMPARISION- Comparision between multiple indirect tax laws and proposed one.

MANUFACTURER TO WHOLESALER

WHOLESALER TO RETAILER

RETAILER TO CONSUMER

COMPARATIVE ANALYSIS:

Inpux tax credit available to the wholesaler is Rs. 980 and Rs. 3360 in the case of without GST and with GST respectively.
Likewise Input tax credit available to the retailer is Rs. 2156 and Rs. 3696 in the case of without GST and with GST respectively.
In case, VAT rate is also considered to be 12%, the saving to consumer would be 1.15%

Impact of GST

The positive impact of GST on the common man:

• A unified tax system removing a bundle of taxes
• Less Tax compliance
• Removes cascading effect of taxes
• Manufacturing cost will be reduced, hence prices of consumer goods likely to come down
• Due to reduced costs, some products like cars, FMCG, etc. will become cheaper
• Lower prices will increase demand/consumption. Increased demand will lead to increase in supply. Hence rise in production of goods. The increased production will lead to more job opportunities in the long run. But, this can happen only if consumers actually get cheaper goods.
• A unified tax regime will lead to less corruption which will indirectly affect the common man.

Hence, this is possible only if the benefit is actually passed on to the customers. There are other factors also like the seller’s profit margin that determine the final price of goods.

The negative impact of GST on the common man:

• Services will become expensive, e.g. Telecom, banking, airline, etc.
• Being a new tax, it will take some time for the people to understand its implications.
• It is easier said than done. There are always some complications attached.
• If the actual benefit isn’t passed to the consumer and seller increases his profit margin, the prices of goods can also see a rising trend.

However, GST is a long term strategy and the positive impact shall be seen in the long run. This can happen if GST is introduced at a nominal rate (hope so) to reduce the overall tax burden on the final consumers.

The rate of GST also plays a crucial role in deciding the actual impact of GST on the common man.

Let us hope this “One Nation, One Tax, One Market” scheme proves to be beneficial to the common man.

Source: Model GST Law

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The BIG FOUR are the four largest professional services networks in the world offering audit, assurance services, taxation, management consulting, advisory, actuarial, corporate, finance and legal services.

Known as the “Big Four”, these firms completely dominate the industry. These are auditing more than 80% of all US public companies. The big 4 firms are Deloitte, PricewaterhouseCoopers (PwC), Ernst & Young and KPMG.

Although usually identified as single companies, each one of the big 4 accounting firms is actually a network. A network of independent corporations which have entered into agreements with one another. This is so to set the quality standards and share a common name.

Working for one of the big four accounting firms is a prestigious honor and a goal for many accountants.
Having been employed by a big 4 firm carries a lot of weight in the industry. It can offer you the career opportunities you couldn’t get elsewhere.

How to apply to Big four for articleship?

Ans.: Big 4 in a way created a brand for themselves – and doing articleship training with them is much sought after. Usually, big 4 would take students who have good marks, and cleared groups in single attempt.

APPLY PROCEDURE:

1. ICAI BOS articleship placement:
   http://bosapp.icai.org/
2. Most often the big 4 firms put out the application for articleship on the local ICAI office notice board – so that one can apply it
3. Direct deposit of application form to their office. It’s often wiser method to get telephone of such firm and try to speak to the articleship recruitment department
4. Application through e-mail
5. If you know such CA who is working in such a firm, then that may be a good route to apply

Things to remember:

• In India, ‘Big four’ is a tag for the big consultancy firm on a worldwide basis
• However from the articleship perspective, one should remember that each of such firms has different CA firms attached to them. It is these CA firms where one would be doing articleship
• While at a big four firm, there may be 10-15 partners, but there may be 70-80 CA employees working under them. So it is a big hierarchy. And CA students may not even be able to meet the principal (if Principal is a partner)

Avenues to articleship in BIG FOUR

Apart from doing the ‘normal’ articleship in one of the CA firms attached to big 4, there are other ways also:

1. As per ICAI, one can take training under a CA who is employed in a CA firm. If the big 4 firm(s) allow(s) such a thing, then one can do articleship under any of the CA employee of such big 4 firm
2. One can do industrial training in the big 4 during last year of articleship, as the big 4 (the private limited consultancy) is eligible for providing such industrial training by ICAI

INDUCTION PROCESS IN FIRMS:

The usual way of inducing an article is the interview. In big firms, there may be two levels of the interview – HR interview and Partner level interview. In other firms, it might be Partner directly taking the interview. If you have worked previously with any CA firm, and the CA knows you well, he would not need to take your interview. 

What are the requirements of the BIG FOUR for articleship?

1. Having passed at least one group of IPCC with “above average marks” (preferred but not compulsory)
2. Good communication skills
3. To reach the HR’s desk (and NOT big reference etc), someone to refer your CV on the portal/HR ID (every big 4 has one)
4. Willingness to go the extra mile and work hard
5. Ability to tell about yourself well during the interview (which is necessary for all jobs). Internship with big 4 is not an easy job. It’s like a full-time job and requires focus and diligence.

REMEMBER: Don’t think what amount of money is being offered to you at a big 4 firm. Next, if interviewer tells this to you during the interview: “YOU WOULDN’T BE ABLE TO ATTEND ANY LECTURES FOR CA FINAL STUDIES, YOU MIGHT BE WORKING ON OUT-OF-STATION ASSIGNMENTS FOR AROUND TWENTY DAYS IN A MONTH“, he is telling you the truth.

What are the working hours of articleship in the BIG FOUR?

As per ICAI rules, it should be 35 hours a week. So, assuming a 5-day week, 7 hours a day; i.e. 11 AM to 6 PM. However, many firms rarely follow this. It’s safe to assume, it would be 10:30 to 8:30 on a good day. 10:30 to 6:30 on an excellent day.

For girls, the upper limit is 9 pm depending upon place of audit and distance from home. For boys, it can be around 11 pm or even later. It depends upon what type of assignment you are into and at what stage. If it’s time for finalization or filing of tax returns, boy you are in a big 4.

Where to go??

1. Deloitte: Contact HR Nivedita
Indiabulls Finance Centre
Tower 3, 27th – 32nd Floor
Senapati Bapat Marg, Elphinstone Road (West)
Maharashtra – 400013
Nivedita: 022 618 55049; 022 618 54000

2. KPMG: Contact HR Sanil
Lodha Lower Parel / Mahalaxmi,
Lower Parel East (towards Mahalaxmi)
+912239896000

3. PwC: Contact HR Nimi
Dadar West
Near Mayor’s Bungalow
Shivaji park 02266691332

4. EY: Contact HR Akshita, Ruby
Dadar west (towards Matunga),
Akshita – 02261920092 ; Reception – +912261920000

Source of information -Various online CA-CS-CMA portals including
www.caclubindia.com 
https://superprofs.com/ca/how-to-apply-to-big-4
big4accountingfirms.org
Experiences/ Success Strategy shared on Quora by verified user (Successful Candidates)

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DEFINITION: Bank reconciliation statement (BRS) is a statement prepared mainly to reconcile the difference between ‘bank balance’ shown by the cash book and the bank pass book. 

BANK RECONCILIATION STATEMENT FORMAT:

Bank reconciliation statement as on …………………

Notes for BRS:

1. In the above format, the BRS has been started from the debit balance of cash book. Therefore, the answer which will arrive will be the credit balance as per pass book.
2. If instead of debit balance of cash book we start from credit balance of cash book, opening balance will be written on minus side and everything else will be the same as above. And the answer arrived will be the debit balance (overdraft) as per pass book.
3. If instead of debit balance of cash book statement is started from debit balance (overdraft) of pass book, the opening balance will be written in minus items and all the entries will be reversed i.e., items shown in plus column will be shown in minus column and vice versa. The balance arrived at end will be credit balance (overdraft) as per cash book.
4. If the BRS is started from credit balance (favorable) of pass book, the opening balance will be written in plus items and all the remaining entries will be same as in point no. 3 above. The balance arrived at end will be debit balance (favorable) as per cash book.

Here are some easy steps to prepare BRS:

1. If cash book balance is given in the question, take the opposite balance – “Pass Book” as the correct balance. Hold it stable. We will not do any corrections in the stable balance. We will act according to it. All the corrections which are to be done will be done according to it.
2. Whatever will be the effect of entries as per stable balance Just record it as it is.
   For example – suppose we have wrongfully added some amount in pass book then we will add it ‘as it is’ in cash book balance.
3. Whatever will be the effect of entries as per unstable balance just reverse it.
   For example – suppose we have wrongfully added some amount in cash book then we have to act according to stable balance which is pass book here, so accordingly we will subtract it.
4. After adding and subtracting items we get our desired results.

Let us discuss these points about BRS with the help of illustrations:

Q. On 31st March 2016, the bank balance as per Rajesh Chauhan’s cash book was Rs. 17,280 debit. On comparing the cash book with the pass book, following differences were found:

1. Cheques for Rs. 8400 sent for collection have not been cleared by the bank so far
2. Cheques issued but not yet presented for payment Rs. 5600
3. There is a debit of Rs. 80 in the pass book for bank charges, but not recorded in the cash book
4. Bank has credited Rs. 240 for interest in the pass book but these are also not recorded in the cash book
5. A customer deposited Rs. 2000 direct in the bank but these were recorded only in pass book
6. According to standing orders of Rajesh Chauhan, the bank has made the following payments by debiting his account:
   I. Club Fees Rs. 500
   II. Life Insurance premium Rs. 2500
   These were not recorded in cash book

Prepare a BRS as on 31st March 2016.

 Solution: 

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