Accounts

What is the accounts? How to maintain accounts? What is the format of accounts?

Distinction in Capital Expenditures and Revenue Expenditure

Dear Friends, There are different types of expense made in our business like Direct expenses, Indirect expense, Capital expenditure, Revenue expenditure and many more. If you want to become a successful accountant then It is very necessary to know what is the distinction in capital expenditures and revenue expenditure. Read More

What is the Meaning and Format of Final Statements?

Hello friends, we known very well about the Final Statements and today we will know Meaning and Format of Final Statements. These statements are prepared by each registered dealer at the end of each financial year. These final statements used to show “Gross Profit / Gross Loss”, “Net Profit / Net Loss”, “Cost of Goods Sold”, “Financial Position” of your businesses. Read More

Definition of Accounting Equation

Hello friends, we know very well what is the importance of accounts in our business. There are most important role of Accounting Equation in the business from which you can easily calculate total assets of your business. So, today we talk about the Concept of Basic Accounting Equations. Accounting equation shows the balance of a company’s resources. Accounting equations is the most basic principle of financial accounting.
Read More

Depreciation Rate Chart on Fixed Assets of Income Tax Act

Dear Friends, today we have to discuss about the depreciation rate chart which is calculated on the fixed assets as per the income tax act. You know very well about the “Depreciation”. Depreciation is the amount which is deducted from the fixed assets annual on a specified percentage. So, today we talk about what is the percentage is used on different fixed assets as per the given Depreciation chart as per Income Tax Act for FY 2012-13.
Read More