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+00:00October 16th, 2021|Accounting|

Ind AS 115 : Revenue From Contracts With Customers

Recognition of revenue is the most essential accounting policy which can directly impact the company’s financial performance. Ind AS 115 lays down rules and new requirements for recognition of revenue which can be new or can be different from the already existing revenue recognition standards provided

Ind AS 115 Revenue from contracts with customers deals with the […]

By |2021-10-09T05:50:46+00:00September 21st, 2021|Business|

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+00:00September 1st, 2021|Accounting|

Concept of Accounting standards- A Study

Accounting standards refine, boost and enhance the exposure directness of financial reporting and its position.

Meaning of Accounting Standards

Accounting Standards are inscribed as directorial principles. The documents furnished by expertise regulatory authority in accounting association or by the government administration shielding the exposure of.

  1. Certification
  2. Dimension
  3. Ministration
  4. Demonstration
  5. A revelation of financial transactions
  6. Accounting and bookkeeping records […]
By |2021-03-23T05:43:07+00:00April 1st, 2019|Accounting|
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