Accounting · Banking Company Accounts
A bank is reviewing its classification of Assets and Liabilities for its Balance Sheet as per Form A, Schedule III of the Banking Regulation Act, 1949. Consider the following proposed classifications: I. Bills Purchased and Discounted - Schedule 9 (Advances) II. Balances with Reserve Bank of India (RBI) - Schedule 6 (Cash and Balances with RBI) III. Inter-Office Adjustment (Net Credit Balance) - Schedule 5 (Other Liabilities and Provisions) IV. Non-Banking Assets acquired in satisfaction of claims - Schedule 11 (Other Assets) Which of the above proposed classifications are CORRECT?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1I, II, III, and IV
- 2Only II, III, and IV
- 3Only I and III✓
- 4Only I, II, and IV
Correct answer
Only I and III
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