Balance Sheet for Motor and Truck We typically reflect revenues from Motor & Truck Rental Services in the Balance Sheet for Motor and Truck in India as follows: 1. Income Category: The company considers the revenues generated from Motor & Truck Rental Services as part of its operating income. We include them under the… Read More »
Fuel Dealers Account Inventory Fuel dealers can utilize various approaches to track their Fuel Dealers Account Inventory of coal, oil, and wood, employing three distinct methods: first-in, first-out (FIFO), weighted average cost, and last-in, first-out (LIFO). FIFO: This method assumes that we sell the earliest acquired items first. Consequently, we base the cost of… Read More »
Asset Valuation On Balance Sheet The total Asset Valuation On Balance Sheet is the sum of the historical cost of all fix assets, less accumulate depreciation. Assets used in the business over a long period of time, such as land, buildings, machinery, and equipment, are fix assets. The amount paid to acquire a fix asset… Read More »
Current Assets on the Balance Sheet Here are the specific components of current assets on the balance sheet: 1. Cash and cash equivalents: This includes cash on hand, deposits in checking and savings accounts, and short-term investments that can be easily converted to cash. 2. Marketable securities: This encompasses investments in stocks, bonds,… Read More »
Tax Audit Report required for Motor Yes, a Tax Audit Report required for Motor, businesses engaged in providing motor and truck rental services in India under certain conditions. As per the Income Tax Act, 1961, businesses are required to get their accounts audited if their total turnover or gross receipts in a financial year… Read More »
Penalties for Late Filing of Statutory Audit Yes, there are penalties for late filing of statutory audit. The penalty depends on the amount of turnover of the entity. If the turnover is less than Rs. 50 crores, the penalty is 0.5% of the turnover, up to a maximum of Rs. 1,50,000. If the turnover… Read More »
Statutory Audit Limit for Computer The threshold limit of statutory audit for Computer Sales & Services companies is Rs. 10 crores in terms of turnover for the financial year 2023-2024. This is according to the Companies Act, 2013. However, there are some exceptions to this rule. For example, a Computer Sales & Services company… Read More »
Agency’s Total Liabilities The agency’s total liabilities are the sum of all of its debts and obligations. This includes things like accounts payable, accrued expenses, and long-term debt. The agency’s total liabilities can be found on its balance sheet. The agency’s total liabilities can be a good indicator of its financial health. A high… Read More »
Statutory Audit Requirements Ensuring compliance with relevant statutory audit requirements in engineering processes and practices involves several steps to maintain transparency and accountability. Here’s a detailed explanation: 1. Documentation and Records: Maintain comprehensive records of all engineering activities, processes, and decisions. This includes design plans, technical specifications, project timelines, and communication records. Having accurate… Read More »
Account Finalization for Educational Account finalization for educational institutions like schools, colleges, universities, and professional schools in India involves several steps to ensure accurate financial reporting and compliance with regulations. Here’s a breakdown of the process: 1. Gather Financial Data and Records: Collect all financial data, including income and expenditure records, balance sheets, income… Read More »
