Who can apply for GST Registration Who should register for GST? All the businesses supplying goods whose turnover exceeds INR 40 lakh in a financial year are required to register as a normal taxable person. However, the threshold limit is INR 10 lakh if you have a business in the north-eastern states, J&K, Himachal Pradesh, …
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You are an accounting professional, so you also need to learn all those special things which can help you grow in your work. Here we discuss certain formula PMT: Financial Function in Excel PMT PERIODICAL PAYMENT REQUIRED In excel, PMT denotes the periodical payment required to pay off for a particular period with a constant …
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Journal entry of Rent received . What is rent received? Rent received is income by nature Income Is money received regularly for work ,interest or for services provided. Rent received is income because its for service provided to the tenant for providing room, house etc. Income is recurring in nature. Nature of income is nominal …
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What is Profit and Loss Accounts ? Profit and Loss Account is a type of financial statement which shows the result of business activities during an accounting period (i.e. Profit or loss). It directly related and considers reported income and expenses to an organization measuring the performance in terms of profit & loss. Trading Accounts …
What Profit & Loss Account why and How it is prepared? Read More »
What is Trading Accounts ? Trading accounts is first part of Income statement .It shows either Gross Profit or Gross Loss. The Gross Profit or Gross Loss is then transfer to Profit and Loss Accounts which is secound part of Income statement . Now We can say that Trading accounts is prepared to calculate gross …
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What is Ratio Analysis ? This is a branch of accountancy which deals exclusively with the relations between the various items in the Final Accounts of a concern .Thus it is the process of determining and interpreting numerical relationship between figures of the financial statement. A ratio is simply one number expressed in terms of …
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Opening entries In Accounting In Accounting Assets and Liabilities are transferred from one financial year to another financial years . Opening Entries are those entries which are made at the starting of accounting years . The opening balance is usually that balance which is brought forward at the beginning of an accounting period from the …
An accountant is a professional who performs accounting functions such as account analysis, auditing, or financial statement analysis. and returns filing. What is Accounting ? “Accounting is an art of recording, classifying and summarizing in a significant manner and in terms of money event and transaction which are at least of financial character and interpreting …
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What is purchase returns ? When goods purchsed from supplier to be sold but the goods purchased are given back to its supplier because of many reasons such as. Goods are not as per specification Goods in damaged condition The buyer acquired the wrong goods The seller sent the wrong goods The goods have proven …
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What is cash flow statement Cash Flow Statement It contains three words Cash, flow, and statement. It is prepared for Accounting standard AS -3(revised) Cash means cash and cash equivalent. It means bank balance which is equal to cash. Marketable security (it can sell any time) Three types of cash are Cash Cash at Bank …
What is Cash Flow statement in Accounting ? Introduction and Basic Concept Read More »
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