Threshold Limit of Balance Sheet Threshold Limit of Balance Sheet in India, businesses engaged in the Motion Picture & Video Studios & Theatres industry are required to prepare a balance sheet and maintain proper financial records. However, there isn’t a specific threshold limit mention in the context of this industry for preparing a balance… Read More »
Drafting Balance Sheet for Wholesaler Drafting balance sheet for wholesaler in India involves summarizing the company’s financial position by listing its assets, liabilities, and equity as of a specific date. Here’s a step-by-step guide to help you create a comprehensive balance sheet: 1. Gather Financial Information: Collect all financial data, including income statements,… Read More »
Balance Sheet for the Wholesaler There is no specific turnover limit for drafting a balance sheet for the wholesaler in India. However, the Income Tax Act, 1961 requires all taxpayers with a turnover of more than ₹25 lakhs to maintain books of accounts and prepare financial statements, including a balance sheet. The turnover limit… Read More »
Balance Sheet for the Wholesalers Before drafting a balance sheet forthe wholesalers in India, several crucial points need to be considered to ensure accurate financial reporting and compliance with accounting standards. These points are essential for presenting a comprehensive and transparent view of the wholesaler’s financial position. 1. Inventory Valuation: One of the key… Read More »
Intellectual Properties Yes Intellectual Properties, When constructing a balance sheet for my artistic career, assigning value to my intellectual property (IP) and creative rights involves careful consideration of various factors. Intellectual property includes copyrights, trademarks, patents, and other intangible assets that contribute to the value of my creative works. 1. Evaluation of IP Portfolio:… Read More »
Balance Sheet for the Registered Nurses Here are the steps on how to draft a balance sheet for Registered Nurses (RNs): 1. Gather your financial information: It includes information about your assets, liabilities, and equity. You can get this information from your accounting records, such as your bank statements, ledgers, and invoices. 2. Categorize… Read More »
Turnover Limit for Editors In India, the turnover limit for editors determining whether they need to prepare a balance sheet is specified under the Companies Act 2013. According to this Act, editors, who can be consider as professionals, are typically exempt from preparing a balance sheet if their total gross receipts or turnover doesn’t… Read More »
Balance Sheet Drafting a balance sheet for doctors in India involves summarizing their financial position, which includes assets, liabilities, and equity. Here’s a step-by-step guide: 1. Gather Financial Information: Collect all financial statements, including income statements and cash flow statements, to have a comprehensive overview of the doctor’s financial situation. 2. List Assets: Begin with… Read More »
Balance Sheet Mandatory for Doctors Yes, balance sheet is mandatory for doctors in India to prepare a balance sheet if they meet certain financial thresholds. According to the Income Tax Act of India, any individual carrying on a profession, including doctors, is requir to maintain books of accounts and prepare a balance sheet if… Read More »
Balance Sheet for Doctors There is no specific turnover limit for drafting a balance sheet for doctors in India. However, as mentioned in my previous response, if the doctor’s total receipts for the financial year exceed Rs. 50 lakhs, then they are required to get their accounts audited. As part of the audit, the… Read More »