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Production of annual accounts by the businesses will result in the following.
- Total purchases and total sales effected during the year.
- Net purchase value will be arrived after deducting the Closing Stock
- Profit earned in the business or loss if any in the business will be arrived
- Direct expenses and indirect expenses will be calculated and there is possibility to cut the expenses if any to the extent of profit earned or to expand the business if there is huge gain including the hike of salary to staff and profit sharing among the partners.
- Duties and taxes if any payable to exchequer will be calculated for payment or duties and taxes if any paid in excess of the due will be arrived to get refund.
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ABHIVIRTHI Tax and Industrial Consultancy
R.R.JAGADEESAN
VAT PRACTITIONER AND INDUSTRIAL CONSULTANT
H-63, Palaami Enclave
New Natham Road
Reserve Line,
Madurai - 625014
Cell: 9994990599.
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Why do businesses prepare control accounts?
don't know and what control of accounts do you need in a business
A firm has a days sales outstanding of 40 days and its annual sales are 7300000 what is the accounts receivable balance?
For calculating accounts receivable balance we need accounts receivable turnover rate So Accounts receivable turnover rate = number of days in year/annual sales outstanding accounts receivable turnover rate = 360/40 = 9 Accounts receivable balance = 7300000/9 Accounts receivable balance = 811111
Should Accounts be capitalized in accounts payable?
Accounts Payable should be capitalized if using the phrase as a proper noun. If not then it does not need to be capitalized.
What elements need to be considered when deciding on the numbering and layout of a Chart of Accounts?
the numbering and layout of a Chart of Accounts?
Do early businesses need separate business bank accounts?
Yes it is wise for a small business owner to have an early bank account to deal with all small finances. Usually banks do have packages or deals made especially for new business owners.
Why do businesses prepare control accounts?
don't know and what control of accounts do you need in a business
Why do we need financial accounts?
businesses need financial accounts so as to keep track of all their transactions,check progress(profits &losses) and to make decisons
A firm has a days sales outstanding of 40 days and its annual sales are 7300000 what is the accounts receivable balance?
For calculating accounts receivable balance we need accounts receivable turnover rate So Accounts receivable turnover rate = number of days in year/annual sales outstanding accounts receivable turnover rate = 360/40 = 9 Accounts receivable balance = 7300000/9 Accounts receivable balance = 811111
Every business need to choose an annual accounting period that for how long?
Most businesses choose to run there annual accounting according to a standard fiscal year of January 1st to December 31st. However, a business annual accounting period can start and end whenever it wants to.
Why businesses need accounts?
Businesses need accounts to control the money of the business. For example, from the Financial Statement (Profit and Loss Statement, Owners Equity Statement, Balance Sheet, Cash Flow) the manager can see the strength and weaknesses of the business. Whether the business has a lot of debtors (account receivable) or creditors (account payable). It is also important to plan for the business such as whether it is need to be expand or not. The decision can be make by knowing how much capital or cash that the business have.
Why do businesses need people?
Businesses need people so they can sell their stuff and make money.Or they need people to work for them.
How can I find out if a trust attorney is cheating me out of money now or has in the past.?
You should begin by requesting to see copies of the annual accounts. You may need to seek the advice of your own attorney to discuss your options and rights.
If you need Buy yahoo accounts?
Yes i need old, new, bulk yahoo accounts. How can contact for yahoo accounts? Contact us: orgpvashop@gmail Visit: orgpvashop
What are the annual compliance requirements for a Partnership?
Partnership firm will have to file their annual tax return with the Income Tax Department. Other tax filings like service tax filing or VAT/CST filing may be necessary from time to time, based on the business activity performed. However, annual report or accounts need not be filed with the Ministry or Corporate Affairs, which is required for Limited Liability Partnerships and Companies.
Why businesses and industries need to consider innovation?
Businesses and industries need to consider innovation because that is what creates lots of job opportunities.
Should Accounts be capitalized in accounts payable?
Accounts Payable should be capitalized if using the phrase as a proper noun. If not then it does not need to be capitalized.
What kind of credit do businesses get?
There are a few different types of credit you can get for your business. You can get vendor credit, which is different store accounts, and gas cards, etc. Then there is bank credit. In order to get bank credit you will need to have a pretty strong business credit score.
