Current Assets for Architects Architectural firms commonly possess a range of Current Assets for Architects featured on their balance sheet. Current assets encompass items anticipated to be either converted into cash or depleted within a year or the operational cycle, depending on which period is lengthier. Some typical current assets that an architect’s firm… Read More »
Financial Indicators A balance sheet serves as a Financial indicators snapshot of a company at a specific point in time, detailing its assets, liabilities, and shareholders’ equity. It provides valuable insights into an architect’s firm’s liquidity and ability to meet short-term obligations through the examination of key components: 1. Current Assets: The balance sheet… Read More »
Assets and Liabilities on BalanceSheet Architectural companies arrange their Assets and Liabilities on BalanceSheet to offer an overview of their financial status and standing at a particular moment point in time. Here’s how architectural firms typically categorize their assets and liabilities on a balance sheet: ♦ Assets: 1. Current Assets: These are assets that… Read More »
Contingent Liabilities Contingent liabilities are potential financial obligations that may arise in the future, depending on certain events or circumstances. For an architect firm, there are several types of contingent liabilities that could potentially be classified on their balance sheet: 1. Lawsuits and Legal Claims: If the architect firm is facing pending legal actions… Read More »
Turnover Limit for Editors In India, the turnover limit for editors determining whether they need to prepare a balance sheet is specified under the Companies Act 2013. According to this Act, editors, who can be consider as professionals, are typically exempt from preparing a balance sheet if their total gross receipts or turnover doesn’t… Read More »
Balance Sheet Drafting a balance sheet for doctors in India involves summarizing their financial position, which includes assets, liabilities, and equity. Here’s a step-by-step guide: 1. Gather Financial Information: Collect all financial statements, including income statements and cash flow statements, to have a comprehensive overview of the doctor’s financial situation. 2. List Assets: Begin with… Read More »
Financial Representation Ensuring accurate financial representation in the balance sheet for doctors in India involves a series of steps to reflect their financial position accurately. Here’s how: 1. Comprehensive Income Documentation: Doctors should maintain meticulous records of their income sources, including consultations, procedures, and any other professional services. This documentation helps ensure that all earned… Read More »
Balance Sheet Mandatory for Doctors Yes, balance sheet is mandatory for doctors in India to prepare a balance sheet if they meet certain financial thresholds. According to the Income Tax Act of India, any individual carrying on a profession, including doctors, is requir to maintain books of accounts and prepare a balance sheet if… Read More »
Balance Sheet for Doctors There is no specific turnover limit for drafting a balance sheet for doctors in India. However, as mentioned in my previous response, if the doctor’s total receipts for the financial year exceed Rs. 50 lakhs, then they are required to get their accounts audited. As part of the audit, the… Read More »
Balance Sheet of an Architect The “owner’s equity” segment within the balance sheet of a sole proprietor architect holds significant importance, serving as a vital portrayal of the business’s financial status and overall well-being. This equity section signifies the remaining claim on the business’s assets once its liabilities have been subtracted. In the context… Read More »
