Credit sales Management Credit sales Management are sales made to customers on credit, meaning that the customer is not required to pay for the goods or services immediately. Accounts receivable are the outstanding balances owed to the business by customers who have made credit purchases. The account finalization process is the process of collecting… Read More »
Tax Audit Report for Automotive The due date for filing the tax audit report for Automotive Repair Services in India is generally September 30th of the assessment year. In case the taxpayer is required to get their accounts audited under the Income Tax Act due to crossing the prescribed turnover threshold, they must ensure… Read More »
Accurate Record-Keeping Here are some tips on how to ensure Accurate Record-Keeping for your art-related expenses and income: 1. Establish a mechanism to monitor your earnings and expenditures. Accurate Record-Keeping might involve creating a basic spreadsheet or opting for a more advanced accounting software application. 2. Enter your expenses and income as soon as possible… Read More »
Rental Business Finances Motor and truck rental busoness finances service providers in India should meticulously record several key financial transactions to ensure proper accounting, compliance, and financial transparency. Rental business finances transactions include: 1. Rental Income: Motor and truck Rental business finances providers need to record all income received from renting… Read More »
Bookkeeping Limit for Fuel Dealers Indeed, there are threshold limits for bookkeeping for fuel dealers. The threshold limit is determined by the turnover of the fuel dealer. If the turnover of the fuel dealer is less than Rs. 25 crores, then there is no requirement for statutory audit. However, the fuel dealer is still… Read More »
Audit Criteria Yes, here are the Audit criteria that determine whether a computer sales and services business is required to undergo a tax audit in India: 1. The gross receipts or turnover of the business must exceed Rs. 1 crore in the financial year. 2. The business must be a company, a limited liability partnership,… Read More »
Value of Current Assets The aggregate value of Current Assets displayed on a balance sheet can fluctuate based on the enterprise. Nevertheless, some frequently encountered current assets encompass: Cash and equivalents Receivables from accounts Inventory Prepaid expenses Marketable securities The cumulative value of current asset bears significance as it offers insight into a company’s liquidity.… Read More »
Business Accounting Insights Business Accounting Insights categorizing revenue from computer sales versus revenue from services in your financial records is crucial for accurate financial reporting and analysis. Proper categorization helps you understand the sources of your income and make informed business decisions. Here’s how you can categorize these types of revenue: Computer Sales Revenue:… Read More »
Drafting Balance Sheet Drafting balance sheet for Motor & Truck Rental Services in India involves presenting the financial position of the business by showcasing its assets, liabilities, and owner’s equity. Here are the step-by-step explanation of the process for drafting balance sheet: 1. Gather Financial Data: Collect all relevant financial information, including the value… Read More »
Balance Sheet Assets The aggregate worth of current assets presented on a balance sheet represents the collective value of all assets anticipated to transform into cash within a span of one year. Such assets encompass cash, cash equivalents, outstanding receivables, inventory, marketable securities, and prepaid expenses. The total value of current assets is an important… Read More »