GST Checklist for PVT Ltd Company GST Checklist for Pvt Ltd Company, Verify if your company meets the turnover threshold for GST registration. Apply for GST registration by providing the necessary documents and information. Invoicing and Documentation: Ensure that all invoices issued by your company are GST compliant, including details such as GSTIN, invoice… Read More »
Basic accounting terminologies 1.Assets: Resources owned by a business that has monetary value and are expected to provide future benefits. 2.Liabilities: Obligations of a business to pay debts or other financial obligations. 3.Equity: Equity refers to the ownership interest in a company or property, representing the residual value after all liabilities have been paid… Read More »
Types of Accounting standard Types of Accounting standard, 1.International Financial Reporting Standards (IFRS): These are a set of accounting standards developed and maintained by the International Accounting Standards Board (IASB). They are use by companies in more than 140 countries, including India, to prepare their financial statements. 2. Generally Accepted Accounting Principles (GAAP): These are… Read More »
What Happens When an Invoice Is Not Approved? Invoices are essential documents in the business world, serving as formal requests for payment from vendors or service providers. However, not every invoice makes it through the approval process smoothly. So, what happens if an invoice is not approved? Understanding the potential consequences and how to address… Read More »
Annual GST Return Annual GST Return, The Government of India has recently introduced some changes to simplify and streamline the process of filing annual GST returns for taxpayers. Here are the key changes: Single return form: Previously, different forms were use for filing annual returns based on the taxpayer category. Now, a single annual return… Read More »
Tax audit preparation Tax audit preparation Website Link Tax audit preparation: Preparing for a tax audit can be a daunting task, but with the right approach, you can make the process smoother and reduce your chances of encountering any issues. Ensuring precise record-keeping is vital when getting ready for a tax audit. It is… 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 »
A debit entry in cash book journal For instance, when a company uses cash to acquire office supplies, it would record a debit entry in the cash book journal to decrease the cash account (an asset) and reflect the expense incurred. It is a mandatory entries for making balance sheet. For instance, when a company… Read More »
Need for preparing for a Trial Balance The purpose of preparing a trial balance is to ensure the accuracy of the accounting records by checking whether the total debits equal the total credits. A trial balance is a list of all the accounts in the general ledger along with their debit or credit balances. The… Read More »
Debit expenses and Credit revenues In accounting, we debit expenses and credit revenues because it follows the principle of double-entry bookkeeping. This principle states that every financial transaction has two equal and opposite effects: a debit entry and a credit entry. To visit- https://www.mca.gov.in/ Expenses always come in debit because they represent a decrease in… Read More »
