Asset valuation certificate An Asset Valuation Certificate for companies is a document that provides an official assessment of the value of a company’s assets. This certificate is often required for various purposes, including financial reporting, mergers and acquisitions, loan applications, or legal and regulatory compliance. Here are the key components typically included in an… Read More »
Provisional Financial Statements Preparing provisional financial statements entails the development of interim financial statements for a designated timeframe prior to the availability of the final statements. Here are the steps to prepare Provisionals financial statements: 1. Gather Available Data: Collect all available financial data for the period you want to prepare the pro visional… Read More »
Fixed Asset Depreciation charge on a fixed asset when it is put to use, and not when it is ready for use. Depreciation is a method of allocating the cost of a it over its useful life, and it begins when the asset is available for use in the business. The asset is considered to… Read More »
Is depreciation the loss of the value of fixed assets Depreciation loss value of fixed assets refers to the process of distributing the cost of a fixed asset over its useful life. It is not technically a loss of value, but rather an accounting method to allocate the cost of an asset over the period… Read More »
Ledger Balance in GST Ledger balance in GST: It refers to the balance amount available in a taxpayer’s electronic cash ledger or electronic credit ledger. The electronic cash ledger reflects the amount of cash deposited by the taxpayer and can be use to make GST payments, while the electronic credit ledger reflects the… Read More »
Is depreciation a current liabilities No, Depreciation is a technique in accounting that spreads the cost of a tangible asset across its useful lifespan. It represents the wear and tear, usage, or obsolescence of the asset over time. For more information to visit: https://www.incometax.gov.in Here are the key points to understand about depreciation and its… Read More »
Tax planning vs accounting Tax planning vs accounting Website link Tax planning vs accounting: Tax planning and accounting are distinct but interconnected aspects of managing finances. Here’s a comparison between tax planning and accounting: Tax Planning: Focuses on minimizing tax liability and optimizing tax-related strategies to legally reduce taxes. Involves analyzing current and projected… Read More »
GST Compliant Invoice GST compliant invoice is an invoice that adheres to the requirements and guidelines established by the Goods and Services Tax (GST) system implemented in a specific country. Good and Service Tax is a value-added tax levied on the supply of goods and services, and it is design to streamline the taxation… Read More »
Invoice management Invoice management: is the process of handling and tracking the creation, processing, and payment of invoices within a business or organization. It involves various tasks such as generating invoices, sending them to customers, recording payments, and reconciling accounts. Effective invoice helps businesses to streamline their billing and payment processes, reduce errors… Read More »
Audit and Assurance in Accounting Website link Audit and Assurance in Accounting: Audit and assurance are two important components of accounting that provide confidence and credibility to financial information. Audit: An audit is an independent examination of an organization’s financial statements, systems, processes, and controls to ensure that they are accurate, complete, and in compliance… Read More »