Bad Debts: Meaning and provisions for bad debts under Income Tax Act

Bad debt is one that cannot be collected and is therefore worthless to the creditor. It is usually the result of a bankruptcy filing by a debtor. Bad debts can also emerge when the expense of collecting exceeds the amount owed. As soon as the loan becomes bad, the company should be able to deduct […]

By |2021-11-11T06:39:14+05:30October 16th, 2021|Accounting|

A Beginner’s Guide to The Accounting Cycle

Financial statements are censorious to your business. Without them, you would not be able to do things like plan expenses, assure loans, or vend your business. But how do they create? Through the accounting cycle (every so often called the “bookkeeping cycle”).

The accounting cycle is a multi-stage procedure designed to transform all of your company’s raw financial […]

By |2021-09-01T07:15:55+05:30September 1st, 2021|Accounting|
Go to Top