Drafting Balance Sheet for Organizations Yes, drafting a balance sheet is mandatory for Organizations, Charitable and Social Service entities in India. A balance sheet is a crucial financial statement that provides a snapshot of an organization’s financial position at a specific point in time. It presents the entity’s assets, liabilities, and equity, showcasing its… Read More »
Balance Sheet Mandatory for Educational Institutions Yes, drafting a balance sheet is mandatory for educational institutions like schools, colleges, universities, and professional schools in India. A balance sheet is a crucial financial statement that provides a snapshot of an organization’s financial position at a specific point in time. It presents a summary of an entity’s… Read More »
Lease obligations Lease obligations Certainly, various lease commitments require disclosure within a company’s financial statements. These disclosures are required by various accounting standards, such as IFRS 16, ASC 842, and MCA 116. Some of the key lease obligation that need to be disclosed include: The total amount of lease liabilities The maturity analysis of… Read More »
Threshold Limit of Balance Sheet for School The threshold limit for balance sheet for School and reporting varies for different types of educational institutions in India. Educational institutions are generally exempted from filing income tax returns if their total income falls below a certain threshold. Please note that tax laws and regulations may have… Read More »
Bookkeeping Required for Fashion Designers Bookkeeping required for fashion designers for several important reasons: 1. Financial Management: Bookkeeping helps fashion designers manage their finances effectively. It allows them to track their income, expenses and profits. This information is crucial for making informed financial decisions and ensuring the business remains profitable. 2. Tax Compliance: Fashion… Read More »
FinancialStatements for Tour Travel Agency The following are some example for FinancialStatements for Tour Travel Agency: 1. Balance Sheet: The balance sheet offers a momentary view of the financial status of the agency at a particular moment, presenting its assets, liabilities, and owner’s equity. It helps assess the agency’s solvency and financial stability. 2.… Read More »
Tax Audit Criteria for Engineer The key criteria that determine whether an engineer is required to undergo a Tax Audit Report are as follows: 1. Gross receipts or turnover of the business: If the gross receipts or turnover of the business exceeds Rs. 1 crore, then a tax audit is required. 2. Cash transactions:… Read More »
Statutory Audit for Educational In Statutory Audit for Educational Institute such as schools, colleges, universities, and professional schools in India, several key financial statements are audited to ensure transparency and financial accountability. 1. Income and Expenditure Statement: This statement provides a comprehensive overview of the institution’s revenue sources and how funds can utiliz. It… Read More »
Statutory Audit Important The following are some examples of Statutory Audit Important mentioned below: 1. Financial Documentation: Tour and travel agencies often deal with numerous financial transactions and complex accounting records. Maintaining accurate and organized financial documentation can be challenging during a statutory audit. 2. Seasonal Variability: The tourism industry is often subject… Read More »
Threshold Limit of Statutory Audit The threshold limit of statutory audit and the due date for Organizations, Charitable, and Social Service entities in India are as follows: 1. Threshold Limit: Organizations, Charitable, and Social Service entities in India can requir to undergo a statutory audit if their total gross receipts or total income in… Read More »
