Account Finalization for Motion Picture Account finalization for Motion Picture & Video, Studios & Theatres industry in India involves several crucial steps to ensure accurate financial reporting and compliance with relevant regulations. 1. Gather Financial Data and Records: The first step in account finalization is to collect all financial data and records related to… Read More »
Balance Sheet Mandatory for Hospitals Yes, drafting a balance sheet is mandatory for hospitals in India. A balance sheet is a financial statement that provides a snapshot of a hospital’s financial position at a specific point in time. It presents the hospital’s assets, liabilities, and owner’s equity. ◘ Legal Requirement: As per the Companies… Read More »
Finalizing Accounts for Wholesaler The process of finalizing accounts for a wholesaler in India involves several crucial steps to ensure accurate financial reporting and compliance with relevant regulations. Here’s an overview of the key steps: 1. Data Collection and Entry: The first step involves gathering all financial transactions, including sales, purchases, expenses, and other… 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 »
Methodologies and Principles Some of the most common include: 1. The liquidity principle: This principle states that assets classified and categorized based on their liquidity, meaning how easily they can convert into cash. Assets that are more liquid are typically listed first on the balance sheet, while assets that are less liquid are listed… 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 »
Account Finalization for Architects They required to perform Account Finalization for Architects in India if their gross receipts of profession exceed Rs. 50 lakhs in a financial year. This is under Section 44AB of the Income Tax Act, 1961. Account Finalization is the process of preparing the financial statements of an architect for the… 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 for the Doctors While drafting a balance sheet for doctors in India, there are several crucial points to consider in order to accurately represent their financial position and adhere to relevant regulations. 1. Categorize Revenue Streams: Doctors often have diverse income sources, including medical practice, consultation fees, surgeries, and diagnostic services. Categorize… Read More »
Account Finalization for Architectural Firms Account Finalization for Architectural Firms encompasses a thorough procedure involving the closure of financial records, consolidation of transactions, and generation of precise financial statements as a conclusion to a designated accounting period, typically a fiscal year. This process is essential for assessing the financial health of the architectural firm,… Read More »
