Non-negotiable letter of credit A non-negotiable letter of credit is a financial instrument used in international trade to provide payment security for the seller or exporter. Unlike a negotiable letter of credit, which can be bought and sold on the secondary market, It cannot be transferred to a third party. It is only valid between… Read More »
Debtors vs creditors Creditors and Debtors are two fundamental concepts in accounting, representing parties involved in a financial transaction. Debtors Debtors are parties who owe money to a business for goods or services purchased on credit. In other words, a debtor is a customer who… Read More »
How to make mudra loan project report To create a MUDRA (Micro Units Development and Refinance Agency) loan project report, you can follow these steps How to make mudra loan project report: Understand the Requirements: Familiarize yourself with the specific guidelines and requirements set by the lending institution for MUDRA loans. These guidelines may include… Read More »
Mudra loan Mudra loan, which stands for Micro Units Development and Refinance Agency, is a government initiative in India aimed at offering financial assistance to micro and small enterprises. Its primary objective is to provide crucial support to these businesses. The project report for a Mudra loan would depend on various factors, such as the… Read More »
TDS on Interest on late payment TDS on Interest on late payment, No, Tax Deducted at Source is not applicable on interest due to late payments made to creditors. Tax Deducted at Source is specifically applicable to certain types of payments such as salaries, rent, professional fees, etc., as outlined in the Income Tax… Read More »
The functions of the accounts receivable The functions of accounts receivable in accounting are as follows: 1.Recording Sales: Accounts receivable records the amount of money owed to a business by customers for goods or services sold on credit. It serves as a record of credit-based sales made by the business. 2.Payment Tracking: Accounts receivable tracks… Read More »
Investor and a Creditor Difference Between Investor and Creditor Website Link Investor and a creditor: Investor and a creditor are both entities that provide capital to a company, but there are distinctions between the two: Nature of investment: An investor offers equity capital, meaning they acquire ownership in the company in exchange for their investment.… Read More »
write-off affect net income and net account receivable A write-off is an accounting entry made to remove an asset or liability from the balance sheet, typically because it has become worthless or is unlikely to be recovered. In the case of a write-off of accounts receivable, the impact on net income and net accounts… Read More »