Turnover Limit for drafting Balance sheet for Youtubers The turnover limit for drafting a balance sheet for YouTubers depends on the earnings generated from their channel activities. A balance sheet is a financial statement that provides a snapshot of a company’s financial position at a specific point in time. In the context of YouTubers,… Read More »
Passenger Transport Company Passenger Transport Company, Managing ticket sales and fare revenue in the bookkeeping records for a passenger transport company involves several steps to ensure accurate financial tracking and reporting. Here’s a comprehensive guide on how to handle these aspects: Account Structure: Set up specific accounts in your chart of accounts to categorize ticket… Read More »
Bookkeeping Threshold Limit Bookkeeping threshold limit in India, physiotherapists, like any other professionals, are advised to start bookkeeping when their annual gross receipts or turnover cross the threshold of ₹1,50,000 in any financial year. This threshold is outlined in Section 44ADA of the Income Tax Act. Once their earnings exceed this limit, they are… Read More »
Balance Sheet Draft for YouTubers Yes, preparing a balance sheet is not always mandatory for YouTubers, but it can be beneficial in certain situations. A balance sheet is a financial statement that provides a snapshot of an individual’s or a business’s financial position at a specific point in time. It includes assets, liabilities, and equity.… Read More »
Maintenance and Repair costs in finalization of account Maintenance and repair costs are accounted for in the finalization process through various steps in financial reporting. These costs are important to accurately reflect the true financial position and performance of an organization. Maintenance and Repair costs in finalization of account play important role. Here’s how maintenance… Read More »
Account finalization for Physiotherapist Here are some of the documentation that is typically required for account finalization for physiotherapist: 1. Bank statements: This will show all of the transactions that have taken place in your business bank account during the accounting period. 2. Invoices: This will show all of the services that you have… Read More »
Total Assets of the company When evaluating the financial health and overall value of a company, one of the critical metrics to consider is the total assets. Total assets encompass everything a company owns that holds value and can be used to generate revenue or provide other economic benefits. This includes vehicles, equipment, property, and… Read More »
DepreciationValue of Vehicles The depreciationvalue of vehicles and equipment refers to the gradual decrease in their worth over time due to factors such as wear and tear, obsolescence, and aging. It’s a crucial concept in accounting and finance as it helps organizations allocate the cost of these assets over their useful lives. To calculate… Read More »
Here’s how to assess the Statutory audit is applicable for YouTubers: 1. Revenue Threshold: Check the revenue generated from your YouTube channel. In many jurisdictions, statutory audits are triggered when the turnover surpasses a certain amount. This threshold is subject to change and can vary from one region to another. 2. Nature of… Read More »
Balance sheet for physiotherapist Drafting a balance sheet for physiotherapist involves presenting a snapshot of the financial position of their practice at a specific point in time. This document summarizes the assets, liabilities, and equity of the practice, providing valuable insights into its financial health. Here’s a step-by-step guide on how to create a balance… Read More »