How to Evaluating Accounts Receivable Method

Evaluating Accounts Receivable Business owners know that some customers who receive credit will never pay their account balances. These uncollectible accounts are also called bad debts. Companies use two methods to account for bad debts: the direct write‐off method and the allowance method. Direct write‐off method. For tax purposes, companies must use the direct write‐off [...]

GST AND IMPORT/EXPORT

We are giving the brief idea in case of GST in respect of import and export of goods as under:- IMPORT AND INPUT TAX CREDITAll the Importers/Exporters have to mandatorily declare GST...

What is purchase discounts lost?

What is purchase discounts lost? The account Purchase Discounts Lost is found in the general ledger of a company that records vendors' invoices using the net method. An amount is entered in...
What is year over year YOY Explained

What is year over year (YOY)? Explained

What is year over year (YOY)? ExplainedIn financial analysis and data analytics, YOY is the acronym for year over year. YOY indicates the change from the comparable amount reported in the...
Classifications on balance sheet

How to prepare a classified balance sheet

All balance sheets are normally classified: that is, different financial elements on a balance sheet are grouped into categories and presented under a common caption. This is a general practice that...
How to Accounts and Records Under GST

How to Accounts and Records Under GST

Accounts and Records Under GST The registered dealers are required to maintain their account and keep the records under GST Law as under:-Compliance verification in GST will be done through examination...
what is financial year

What is Financial Year and its advantages

What is Financial Year Brief Description:- As a layman, the net profitability of a firm can be measured by comparing the investment in business at the time of commencement of business and at...