PROJECT REPORT

ON
“ RATIO ANALYSIS ”

IN
HDFC BANK.
For the Partial Fulfillment of degree of B.Com.III (Prof.) of the deptt of
commerce & Bussian Management of Guru Nanak Dev University
Amritsar 2007-2008.

Guided By : Submitted By :
Dr. K. K. Chawla Sunil
Kuram Duggal
HOD B.Com.(Prof.) Final
( Deptt. Of Commerce & College
Roll No.:-1803
Bussiness Management ) Univ.
Roll No. :-
 Submitted To :

Guru Nanak College , Sukhchainana Sahib,Phagwara

ACKNOWLEDGEMENT

I wish to acknowledge a deep sense

of gratitude to all those who have made a
major contribution and helped me a lot in
the preparation of this project.

First, of all I acknowledge with a

deep sense of gratitude towards my guide
Dr. K. K. Chawla who has guided me a
lot right from the beginning towards the
end of the project report.

I sincerely, thanks HDFC BANK

whole staff, who have helped a lot in
providing relevant information for this
report with their co-operative behaviour.

Sunil Kumar Duggal

B. COM (PROF.) Final
 CONTENTS

A. Introduction to Ratio
Analysis

B. Objective of study,
Research Methodology
&data source

C. Ratio Analysis & Interpretation

D. Findings & Conclusion

E. Suggestion &
Bibliography
Introduction to Ratio
Analysis

CHAPTER - 1
Objective of study, Research
Methodology & data source

CHAPTER - 2
 OBJECTIVE OF STUDY,
RESEARCH METHODOLOGY
AND DATA SOURCE

OBJECTIVE OF STUDY

The main objective of Ratio Analysis is to

get knowledge about financial position of HDFC BANK
Phagwara.

Specially, objectives of study are as

follows :

 To know about ratios prevailing at the end of different

financial years.
 To form opinion about financial position of HDFC
BANK Phagwara, we have to find the trend of ratios.

DATA SOURCE

In order to complete this project report the data is

collected through primary as well as secondary sources of
the bank. The primary source includes the discussion with
clerk-cum-cashier of
J&K Bank, Phagwara.

The secondary source include reports of Balance

Sheet & Profit & Loss a/c of the bank.
Ratio Analysis & Interpretation

CHAPTER – 3
 INTRODUCTION TO RATIO ANALYSIS

Ratio is numerical relationship between two variables

which are connected with each other in some way or the
other. Ratios may be expressed in any one of the following
manners:

 As a number between 500 and 100 may be expressed

as 5(500 divided by 100)
 As a fraction may be expressed as former being 5 times
of the later.
 As a percentage the relationship between 100 and 500
may be expressed as 20% of the later.
 As a proportion relationship between 100 and 500 may
be expressed as 1:5.

Ratio analysis facilitate the presentation of information of

financial statements in simplified and concise and
summarized form.

In the words of Hund, William,” Ratios are simply a means

of highlighting in arithmetical terms the relationship
between figures drawn from financial statements.”
 NATURE OF RATIO ANALYSIS

Ratio analysis is basically a technique of:

1. Establishing meaningful relationship between

significant variables of financial statement.
2. Interpreting the relationship to form judgement
regarding the financial affairs of the unit.

Usefulness of ratio analysis depends upon

identifying

 objective of analysis;
 selection of relevant data;
 deciding appropriate ratios to be calculated;
 comparing the calculated ratios with norms of
standards or forecasts;
 Interpretation of ratios.

INTERPRETATION OF RATIOS

Ratios are interpreted in following different ways:

 individual ratio may be studied with reference to
certain rule of thumb.
 group ratio may be interpreted by considering group of
several related ratios.
 comparison with past.
 comparison with projections.
 inter-firm or inter-industry comparison.
Findings & Conclusion

CHAPTER – 4
RATIO ANALTSIS

FINANCIAL RATIOS

Solvency turnover Profitabi

ratio ratio lity ratio

»current »debt-equity » Debtor » Net profit

ratio ratio turnover ratio
»liquid »reserve to »net working »operating
ratio capital ratio capital ratio profit ratio
»absolute »capital »fixed assets »earning
ratio gearing turnover per share
ratio ratio »dividend
»solvency »inventory payment
Ratio turnover ratio
»total ratio »fixed assets
Indebted- to net worth
ness ratio »return on
»proprietary shareholders’
Ratio investment
»interest
coverage
ratio
LIQUID RATIO

Liquid ratio measures the ability of the unit to meet its short
term obligations and reveals the short – term financial strength
or weakness. This ratio is used to determine whether the unit is:

» capable to meet short-term obligations

» the working capital being properly utilized
» the current financial position improving

Current ratio » this ratio is also known as working

capital or 2:1 ratio. This ratio reveals the adequacy
of current assets to pay off all current liabilities.
Formula to calculate this ratio is:
 Current Ratio:-

as a t as at as at as at
31-3-04 31-3-05 31-3-06 31-3-07

Rs.’000’ Rs. 000 Rs.000 Rs.000

omitted omitted omt. omt.

20652791 23784642
C.A. 257643531 280858957
8 0

C.L. 31269359 39098622 41762693 49226764

C.R.
(current 4.1 5.1:1 6.2:1 5.7:1
ratio)
 7

6
5

0
2004 yr. 2005 yr. 2006 yr. 2007 yr.

current ratio

INTERPRETATION

The current ratio is very popular and

good indicator of liquidity position of the enterprise. Very
high current ratio is not desirable as it shall mean less
efficient use of funds. The current ratio of HDFC BANK is
high as standard specify, but as the ratio analysis revealed
this ratio has been improved as compared to earlier years.
 SOLVENCY RATIO

The long-term financial soundness of any business can be

judge by its long-term creditors with the help of solvency
ratio. This ratio helps to interpreting the capacity of
business to:

 make periodic payment of interest ,

 repay long-term debt as per installments stipulated in
the contract.

Debt-equity ratio» Debt-equity ratio measures the

relationship between borrowed funds and internal owners’
funds. Higher equity shall mean a higher stake of owners
and may be a healthy sign.

Method to calculate this ratio is :

 Debt Equity

As at as at As at as at

31-3-04 31-3-05 31-3-06 31-3-07

Rs. 000 Rs. 000 Rs. 000 Rs. 000

omt. omt. omt. omt.

Debt 16782094 19224378 20737176 223353073

2 3 1

Equity 15937365 16654021 17994715 20087338

Ratio 11.53:1 12.54:1 12.52:1 12.11:1

 12.6
12.4
12.2
12
11.8
11.6
11.4
11.2
11
2004 yr. 2005 yr. 2006 yr. 2007 yr.

debt-equity ratio

INTERPRETATION
In the year 2004 debt-equity ratio of
HDFC BANK is low as compared to subsequent years. As,
in subsequent years this ratio is decreasing after the year
2005 which indicate higher owners’ stake and indicate
healthy sign of bank’s position.
 Reserve to capital ratio» This ratio establishes
between reserves and capital. Higher proportion of reserves
shows financial soundness because

I. Unit shall be able to meet future losses as and when

suffered.
II. Unit can expand, grow, diversify as it may desire.

Reserve Capital

as at as at as at as at

31-3-04 31-3-05 31-3-06 31-3-07

Rs 000’ Rs 000’ Rs 000’ Rs 000’

omt omt omt omt

Reserv 1545491 1616910 1750979 19602417

e 0 0 4

Capital 482455 484921 484921 484921

Ratio 33:1 34.3:1 35.1:1 41.4:1

 45
40
35
30
25
20
15
10
5
0
2004 yr. 2005 yr. 2006 yr. 2007 yr.

reserve to capital ratio

INTERPRETATION
The upward trend of ratio reveals higher
proportion of reserves. It shows that HDFC BANK has
sufficient safety margin to meet its future losses in
contingency and may also utilize its funds/reserves for
expansion and diversification.
Capital gearing ratio» it is the ratio between capital
plus reserves and fixed cost bearing securities. This ratio
measures the extent of capitalization by the funds raised by
the issue of fixed cost bearing securities. This ratio is
interpreted by the use of two terms. Highly geared means
lower proportion of equity, low geared means high
proportion of equity. Higher capital gearing ratio reveals
equity shareholders gain on the strength of their equity.
This ratio is calculated as under:

Equityfixed cost bearing securities

as at as at as at as at

31-3-04 31-3-05 31-3-06 31-3-07

Rs. ‘000’ Rs. ‘000’ Rs. ‘000’ Rs. ‘000’

omt. omt. omt. omt.

Equity 1593736 1665402 1799471 20087338

5 1 5

F.C.B.S 2970103 3194819 2639347 6201895

.

(fixed cost bearing securities)

Ratio 5.46:1 5.31:1 6.91:1 4.23:1

 7
6
5
4
3
2
1
0
2004 yr. 2005 yr. 2006 yr. 2007 yr.

capital gearing ratio

INTERPRETATION
As the chat reveals that in earlier years
till 2006 capital gearing ratio was increasing & indicate
equity shareholders’ strength to gain on their investment,
but, in the year 2007 ratio comes down fastly because of
much more increase in fixed cost bearing securities as
compare to earlier & indicate less return to shareholders.
Solvency ratio» solvency is the term which is used to
describe the financial position of any business which is
capable to meet outside obligations in full out of its own
assets. Solvency ratio is computed
as under:

Debt total assets

as at as at as at as at

31-3-04 31-3-05 31-3-06 31-3-07

Rs. Rs. ‘000’ Rs. Rs. ‘000’ omt.

‘000’omt. omt. ‘000’omt.

Debt 16782094 19224378 20737176 223353073

2 3 1

Total 21205756 24480160 26448982 286465280

assets 3 7 2

Ratio 89.1% 88.5% 88.4% 87%

 89.50%
89.00%
88.50%
88.00%
87.50%
87.00%
86.50%
86.00%
85.50%
2004 yr. 2005 yr. 2006 yr. 2007 yr.

solvency ratio

INTERPRETATION
Lower solvency ratio is always
desirable because lower ratio means more the bank is able
to meet its debt obligations out of its own funds and the
bank has no need to depend on outsiders and to pay fixed
interest on borrowings.
Total indebtedness ratio» this ratio differs
slightly from debt-equity ratio as instead of term liabilities
only, we take total outside liabilities i.e. term and current
both. This may reflect the solvency position in a better way.
As it indicates the adequacy of firm’s equity in making
payment of outside liabilities. This ratio is computed as:

Total outsider’s liability Tangible net

worth

as at as at as at as at

31-3-04 31-4-05 31-3-06 31-3-07

Rs. ‘000’ Rs. ‘000’ Rs. ‘000’ Rs. ‘000’

omt. omt. omt. omt.

T.O.L. 19612019 22814758 24649510 266377942

8 6 7

(Total outsider’s
liability)

T.N.W. 15937365 16654021 17994715 20087338

(Tangible net
worth)

Ratio 13.3:1 14.7:1 14.6:1 14.2:1

 15

14.5

14

13.5

13

12.5
2004 yr. 2005 yr. 2006 yr. 2007 yr.

total indebtedness ratio

INTERPRETATION
The capability of bank to pay
outsiders’ liability was decreasing in the year 2005 as the
chat’s upward trend indicate, but afterwards it starts
slopping downward and indicate improvement in bank’s
position, to pay its obligations.
Proprietary ratio» This ratio establishes relationship
between proprietor’s funds to total resources of the unit.
This ratio highlights that what is the proportion of
proprietors and outsiders in financing the total business.
Formula to calculate ratio is:

Proprietors’ funds Total assets

as at as at as at as at

31-3-04 31-3-05 31-3-06 31-3-07

Rs. ‘000’ Rs. ‘000’ Rs. ‘000’ Rs. ‘000’

omt. omt. omt. omt.

P.F. 15937365 16654021 17994715 20087338

(proprietors’
funds)

Total 20848866 23987040 25959069 282693408

assets 6 6 9

Ratio 8.64% 7.94% 7.93% 8.11%

 8.80%
8.60%
8.40%

8.20%
8.00%
7.80%
7.60%
7.40%
2004 yr. 2005 yr. 2006 yr. 2007 yr.

proprietary ratio

INTERPRETATION
More proprietary ratio is always
desirable as it represents the funds financed by proprietors’
and outsiders. HDFC BANK proprietary ratio is very low
& indicates only 7.11% of funds are financed by owners in
the year 2007 remaining by outsiders.
Interest coverage ratio» this ratio measures debt
servicing capacity of a business so far as interest on long-
term loans is concerned. This ratio shows how many times
the interest charges are covered by the earnings. This ratio
is calculated with the formula:

Earning before int & tax

Fixed interest charges

as at as at as at as at

31-3-04 31-3-05 31-3-06 31-3-07

Rs. ‘000’ Rs. ‘000’ Rs. ‘000’ Rs. ‘000’

omt. omt. omt. omt.

E.B.I.T. 4838403 189418 310180 3428131

4 0

(earning before
interest & tax)

F.I.C. 712963 692812 127897 588522

4

(fixed interest
charges)

Ratio 2.73:1 6.78:1 2.42:1 5.82:1

 8
7
6
5
4
3
2
1
0
2004 yr. 2005 yr. 2006 yr. 2007 yr.

interest coverage ratio

INTERPRETATION
The chart shows fluctuations in interest
coverage ratio HDFC BANK As more interest coverage
ratio is desirable in the year 2006 this ratio falls at
increasing rate which was not good sign but in the year
2007 its rate/trend again gone upward & indicate
improvement in coverage capacity.
EFFICIENCY/TURNOVER RATIO

Efficiency ratios are concerned with measuring the

efficiency in asset management. Efficiency implies
effective utilization of available resources in the process of
business activity, in relation to sales or cost of goods sold.

Net working capital ratio» This ratio states as how

efficiently or actively working capital is being used. This
ratio is useful when inter-firm or inter-period comparison is
being done. Formula to calculate this ratio is:

Net salesNet working capital

as at as at as at as at

31-3-04 31-3-05 31-3-06 31-3-07

Rs. ‘000’ Rs. ‘000’ Rs. ‘000’ Rs. ‘000’

omt. omt. omt. omt.

Net 18229464 16312577 18171054 20595369

sales

Net 17525855 19874779 21588083 231632193

9 8 8

working capital

Ratio 0.104:1 0.082:1 0.084:1 0.088:1

 0.12
0.1
0.08
0.06
0.04
0.02
0
2004 yr. 2005 yr. 2006 yr. 2007 yr.

net working capital ratio

INTERPRETATION
Increasing ratio indicates that working
capital is more active, it is supporting, comparatively,
higher level of production and sales, it is being more
intensively. Chart shows HDFC BANK working capital
ratio decreased in 2005 but afterwards, it starts increasing,
which is good indication.
Fixed assets turnover ratio» this ratio
establishes relationship between sales and fixed assets. The
purpose is to judge whether firm is generating adequate
sales for the investment in fixed assets of the firm. The
formula of this ratio is as under:

Annual sales Fixed assets

as at as at as at as at

31-3-04 31-3-05 31-3-06 31-3-07

Rs. ‘000’ Rs. ‘000’ Rs. ‘000’ Rs. ‘000’

omt. omt. omt. omt.

Annual 1822946 1631257 1817105 20595369

sales 4 7 4

Fixed 1960748 2023986 1947168 1834451

assets

Ratio 7.2 times 7.1 times 8.3 times 10.2 times

 12
10
8
6
4
2
0
2004 yr. 2005 yr. 2006 yr. 2007 yr.

fixed assets turnover ratio

INTERPRETATION
Fixed assets turnover ratio of HDFC
BANK falls during the year 2005 as indicated by chart. But
after 2005 chart shows upward trend of this ratio, indicate
firm is generating adequate sales for investment in fixed
assets and the ratio is satisfactory.
 PROFITABILITY RATIO

In general terms efficiency, in business is measured by

profitability. Low profitability may arise due to lack of
control over expenses. Bankers and other financial
institutions looks at the profitability ratio as an indicator
whether or not firm earns substantially more than it pays
interest for use of borrowed funds and whether ultimate
repayment of their debt appears reasonably certain. This
ratio also indicates return which owners get on their
investment.

Net profit ratio» this ratio expresses relationship

between net profit and sales. This ratio indicates what
proportion of net sales is left for owners after all expenses
have been met. It is calculated as follows:
Net profit * 100 Sales

as at as at as at as at

31-3-04 31-3-05 31-3-06 31-3-07

Rs. ‘000’ Rs. ‘000’ Rs. ‘000’ Rs. ‘000’

omt. omt. omt. omt.

Net 4063300 1150690 1768434 2744863

profit

Sales 1822946 1631257 1817105 20595369

4 7 4
Ratio 22% 7.1% 9.7% 13.3%
 25%

20%

15%

10%

5%

0%
2004 yr. 2005 yr. 2006 yr. 2007 yr.

net profit ratio

INTERPRETATION
Net profit ratio of HDFC BANK falls
at increasing rate in the year 2005, but after year 2005
upward trend shows increasing profitability of bank.
Operating net profit ratio» This ratio establishes
relationship between operating net profits and sales. This
ratio helps in determining the ability of the management in
running the business. It is calculated as:

Operating net profit * 100 Sales

as at as at as at as at

31-3-04 31-3-05 31-3-06 31-3-07

Rs. ‘000’ Rs. ‘000’ Rs. ‘000’ Rs. ‘000’

omt. omt. omt. omt.

Operating 85289(P) 2407655(L) 2344014(L) 2122286(L)

net profit/
loss

Sales 8122946 16312577 18171054 20595369

4

Ratio 0.47% 14.7% 13% 10.3%

 16.00%
14.00%
12.00%
10.00%
8.00%
6.00%
4.00%
2.00%
0.00%
2004 yr. 2005 yr. 2006 yr. 2007 yr.

operating profit operating loss

INTERPRETATION
The ratio analysis and graph indicates that
HDFC BANK management is not efficient to operate its
business as after year 2004 it’s operating ratio falls and bear
huge losses in the year 2005, but after this its position starts
improving & recovering from losses, which is good
indication for its financial health/position.
Earning per share» This ratio indicates earning
power of business and gives view of comparative earning
of firm, inter-firm. In case of intra-firm comparison it gives
view of increase or decrease in earning power of firm over
the period of time. Ratio is calculated with following
formula:

Net profit after tax & preference

dividend Number of shares

as at as at as at as at

31-3-04 31-3-05 31-3-06 31-3-07

Rs. ‘000’ Rs. ‘000’ Rs. ‘000’ Rs. ‘000’

omt. omt. omt. omt.

N.P.A.T 4063300 1150690 1768434 2744863

&D

(N.P. after tax & pref.

dividend)

Number 482455/10 484921/10 484921/10 484921/10

of shares

Ratio 86:1 25.7:1 38.48:1 58.62:1

 100

80

60

40

20

0
2004 yr. 2005 yr. 2006 yr. 2007 yr.

earning per share

INTERPRETATION

The chart indicates that in the year

2005 HDFC BANK. earning power decreases/goes down
but afterwards upward trend of ratio reveals progress in the
earning ratio/power of the bank.
Dividend pay-out ratio» dividend pay-out ratio
is calculated to find the extent to which earning per share
have been retained in the business. It is an important ratio
because ploughing back of profits enable a unit to grow &
pay more dividends in future. This ratio is calculated as:

Dividend per share Earning per share

as at as at as at as at

31-3-04 31-3-05 31-3-06 31-3-07

Rs. ‘000’ Rs. ‘000’ Rs. ‘000’ Rs. ‘000’ omt.

omt. omt. omt.

Dividend 5.02 7.99 7.99 11.49

per share

Earning 84 23.7 36.48 56.62

per share

Ratio 5% 33% 21% 20%

 35%
30%
25%
20%
15%
10%
5%
0%
2004 yr. 2005 yr. 2006 yr. 2007 yr.

dividend pay-out ratio

INTERPRETATION
The ratio indicates that dividend
payment per share increasing continuously & earning per
share also starts increasing after the year 2005. HDFC
BANK dividend pay-out ratio declines after year 2005, as
the rate of payment is higher than the rate of earnings.
Fixed assets to long-term funds» this ratio
indicates the extent to which the total fixed assets are
financed by long-term funds of firm. If fixed assets exceed
from long-term funds, it means fixed assets’ part has
financed out of current funds, which is not a good financial
policy. If fixed assets are less, it means that a part of
working capital required is met out of long-term funds of
firm. This ratio is calculated as:

Fixed assets Long-term funds

as at as at as at as at

31-3-04 31-3-05 31-3-06 31-3-07

Rs. ‘000’ Rs. ‘000’ Rs. ‘000’ Rs. ‘000’

omt. omt. omt. omt.

Fixed 1960748 2023986 1947168 1834451

assets

Long 1890746 1984884 2063406 26289233

term 8 0 2
funds

Ratio 10.37% 10.19% 9.43% 6.97%

 12.00%

10.00%

8.00%

6.00%

4.00%

2.00%

0.00%
2004 yr. 2005 yr. 2006 yr. 2007 yr.

fixed assets to long-term funds ratio

INTERPRETATION

The ratio indicates that fixed assets

proportion is less and coming down gradually as compared
to long-term funds, it means that a part of working capital
of HDFC BANK is financed by or met out of its long-term
funds.
Fixed assets to net worth ratio» the ratio
indicates the extent to which shareholders’ funds are sunk
into fixed assets. Generally, purchase of fixed assets should
be financed by shareholders’ equity. If ratio is less than
100% it means working capital is provided by shareholders’
funds. If ratio is more than 100% it means that owner’s
funds are not sufficient to finance fixed assets & firm has to
depend on outsiders. Ratio’s formula is:

Fixedassets Shareholders’ fund

as at as at as at as at

31-3-04 31-3-05 31-3-06 31-3-07

Rs. ‘000’ Rs. ‘000’ Rs. ‘000’ Rs. ‘000’

omt. omt. omt. omt.

Fixed 1960748 2023986 1947168 1834451

assets

sh.h.F. 1593736 1665402 1799471 20087338

5 1 5

(shareholders’
funds)

Ratio 12.3% 12.1% 10.8% 9.1%

 14.00%
12.00%
10.00%
8.00%
6.00%
4.00%
2.00%
0.00%
2004 yr. 2005 yr. 2006 yr. 2007 yr.

fixed assets to net worth ratio

INTERPRETATION

The downward trend of ratio indicates

that fixed assets proportion is coming down as compared to
net worth, & the working capital is provided by
shareholders’ funds.
Return on shareholders’ investment» the
profitability from the view point of shareholders is judge
through this ratio. This ratio is useful in making investment
decisions. This ratio is also used in finding out whether the
shareholders are getting adequate return on their money or
not. Ratio is computed as under:

Net profit after tax Shareholders’

funds

as at as at as at as at

31-3-04 31-3-05 31-3-06 31-3-07

Rs. ‘000’ Rs. ‘000’ Rs. ‘000’ Rs. ‘000’

omt. omt. omt. omt.

Net 4063300 1150690 1768434 2744863

profit

Sh.h.F. 1593736 1665402 1799471 20087338

5 1 5

(shareholders’
funds)

Ratio 25.4% 6.9% 9.82% 13.66%

 30.00%
25.00%
20.00%
15.00%
10.00%
5.00%
0.00%
2004 yr. 2005 yr. 2006 yr. 2007 yr.

return on shareholders' investment

INTERPRETATION
The higher the ratio most profitably
shareholders’ funds are invested in business. J & K bank’s
ratio fall in 2005, but afterwards upward trend shows
increase in ratio & indicates improvement in funds effective
utilization.
 FINDINGS

Findings » The liquidity ratio, capital gearing ratio,

solvency ratio, profitability ratios, Return on shareholders’
funds ratio, all these fall in the year 2005, which express
bad impression of financial position/health of HDFC
BANK ltd., because these ratios are always desirable to rise
in subsequent years, as these are the main indications of
progress of any unit. On the other hand, debt-equity ratio,
reserve to capital ratio, interest coverage ratio, dividend
pay-out ratio, all these ratios arise in the year 2005 which
too is undesirable, increasing Reserve ratio shows
increasing need to maintain separate funds to meet
prevailing unfavourable conditions, & which may interpret
smooth day-to-day functioning of bank. Increasing
Dividend pay-out ratio shows undesirable burden to pay
even under unfavourable conditions which too/further leads
to misery position of business.
 CONCLUSION

Conclusion » The overall analysis of financial

position of HDFC BANK Ltd. States that bank’s efficiency
decreased in the year 2005 due to the posting of inefficient
transactions & bank had to bear losses, especially, the loss
of operating profits, but without being too late bank
performs carefully & improved its financial position. Now,
bank’s position is at recovering stage.
 SUGGESTIONS

Suggestions » An analysis of above conditions

direct to form serious planning to recover but as year 2006-
07 shows progress in bank’s condition, it is at recovering
stage. In nutshell, it can be said that Bank shall review the
strategies followed in the years 2006 & 2007.
 BIBLIOGRAPHY
1. Chawla R. K., Juneja C. Mohan,
Saksena K. K. “Finanical
Accounting”
2. Kalyani Publication.

3. Swaroop Gopal, Varshnay P. N. ,

“Banking Law & Practice”
Sultan Publication.

4. Gupta Shashi. K. , Sharma R. K.

“Accounting For Managerial
Decisions”
Kalyani Publication.
Suggestion &
Bibliography

CHAPTER - 5