Statutory Audit Limit for Stores Indeed, there is Statutory Audit Limit for Stores and traders. The specific limits vary depending on the jurisdiction, but they typically involve a combination of turnover and asset size. For example, in India, a trader or store with a turnover of more than INR 25 crores (approximately USD 3.3… Read More »
Books and Stationery Traders File Their ITR The specific category under which books and stationery traders file their ITR is “Profit and Gains from Business or Profession”. This is the default category for all businesses, and it is also the category that most books and stationery traders will fall under. However, there are some… Read More »
Threshold Limit of Statutory Audit for Traders and Stores Indeed, there are Threshold limit of statutory audit for Traders and Stores. The specific limits vary depending on the jurisdiction, but they typically involve a combination of turnover and asset size. For example, in India, a trader or store with a turnover of more than INR… Read More »
Stationery Inventory The quantity of Stationery Inventory (books and stationery) presented on the balance sheet is contingent upon the distinct approaches to accounting adopted by the individual company. However, in general, inventory listed as a current asset on the balance sheet. This means that it is an asset that can converted into cash within… Read More »
Account Finalization for Books and Stationery The account finalization for books and stationery is the process of recording the total cost of books and stationery purchased by a business during a specific period of time. This information is then used to track the expenses related to books and stationery, which can be helpful for… Read More »
Stationery Items for Accounting Purposes The specific way to categorize different types of books and stationery items for accounting purposes will vary depending on the specific business and its accounting system. However, some common categories include: 1. Office supplies: This category includes items such as paper, pens, pencils, staplers, and other items that are… Read More »
Balance Sheet for Traders and Stores Yes, there are threshold limits for balance sheet drafts for traders and stores. The threshold limit is determined by the turnover of the business. Businesses with a turnover of less than INR 25 lakhs are not required to submit a balance sheet draft. Businesses with a turnover of… Read More »
Bookkeeping for Books and Stationery There are several methods to manage returns and exchanges within the realm of bookkeeping for books and stationery. The best approach will vary depending on the specific business and its policies. One common approach is to create a separate account for returns and exchanges. This account can be used… Read More »
Balance Sheet Draft for Traders and Stores A balance sheet draft for traders and stores is a document that summarizes the assets, liabilities, and owner’s equity of a trading or retail business at a specific point in time. It is a snapshot of the company’s financial position and can use to assess its financial… Read More »
Threshold Limit for Account Finalization Yes, there is a threshold limit for account finalization for books and stationery in India. Under the Income Tax Act, 1961, businesses with a turnover of less than INR 20 lakhs not required to finalize their accounts annually. However, businesses with a turnover of more than INR 20 lakhs… Read More »