Crack Commerce

05/09/2021

Crack Commerce is entering into Vocational Studies and Skill Development programs soon.

18/06/2019

11/06/2019

01/04/2019

Corporate entities are required to follow IND AS where applicable while preparing its Financial Statements as per section 129 of Companies Act, 2013.

Incase there is any conflict between provisions of any applicable Act and India AS, the provisions of the Act shall prevail to that extent.

Ind AS stands for Indian Accounting Standards and are converged Standards for IFRS

Ind AS are documents and policies that provide principle for recognition, measurement, treatment, presentation and disclosure of accounting transactions in Ind AS financial statements.

Ind AS are prepared keeping IFRS in mind, in actual these are IFRS in their converged form.

Introduction of Ind AS has brought consistency in the accounting practices and principles followed by companies in India and other Companies across world leading to enhanced accessibility and acceptability of financial statements by global investors.

Ind AS have many benefits some of which are as follows: -

- Wider Acceptability
Since Ind AS are converged form of IFRS which are widely acceptable and will give confidence to the user of Financial Statements

- Comparability of Financials
Financial Statements prepared using Ind AS are easily comparable with the financial statements prepared by companies of other countries.

- Changes in standards as per economic situations
Principles of Ind AS are revised/modified in a case there is any major change in economy. As Ind AS 29 is " Financial Reporting in Hyper Inflationary Economies " Which deals with situations related to inflation.

- Attracts Foreign Investments
Adopting Ind AS may attract Foreign Investors to invest in indian companies as that will ensure better comparability with similar companies across globe

- Saves Financial Statement preparation cost
For multinational companies, it is beneficial as it will be able to use the same accounting standards in all the markets in which they operate. This will save preparation costs of aligning Financial Statements of Indian companies.

20/03/2019

Steps to follow to finalise Balance Sheet
1. Reconcile all bank A/c
2. Check for negative Cash Balance
3. Reconcile Sale & Purchase with GST Returns
4.Check that no entry is done on National Holiday
5. Confirmation of Secured or Unsecured Loans
6. Check Interest entry for all Fixed Deposits
7. Do Depreciation entries
8. Confirmation of Sundry Creditors (specifically debit balance)
9. Confirmation of Sundry Debtors (Specifically credit balance)
10. Check Electricity Charges for 12 months entered or not
11. Insurance Expenses- prepaid entries to be done. Copy of all cover notes to be kept in Balance Sheet file.
12. Other prepaid expenses entries should be done
13. Check telephone expenses bill for 12 months entered or not
14. Tally TDS certificates with relevant ledgers
15. Tally TDS Returns with relevant ledgers
16. Check Cash Expense vouchers.
17. Check Salary Sheet - tally with salary paid in cash/cheque/not paid - not signed should be shown as payable.
18. Copy of all full and final papers required
19. Bonus sheet should tally with cash/cheque payment
20. All credit/debit note to be signed
21. All cash receipts should be signed
22. All discount/Bad debt should be signed
23. Check for previous year expenses payable entries and relevant expense a/c
24. Audit Fee entry should be done
25. Compare GP rate with last year
26. All heads in previous years Trading/P&L/Balance Sheet should be in current year
27. Challans of all Government Dues should be kept in Balance Sheet file
28. Entry for All expenses payable should be done
29. Prepare details of Stock and stock movement report if applicable

26/10/2017

Profit and loss items which may attract GST under Reverse Charge Mechanism (RCM)

Rent
Commission
Printing and Stationery
Repairs and Maintenance
Office Maintenance
Vehicle Maintenance
Computer Maintenance
Legal Fees
Consultancy Fees
Professional Fees
Audit Fees
Freight and transport Expenses (GTA)
Gift Expenses
Business Promotion Expenses
Advertisement

Accounting entries for tax paid under RCM

At the time of supply/service from vendor

Purchase/Expense A/C Dr.
GST Input Tax - RCM A/C Dr.
To Vendor/ Payable
To SGST output Tax - RCM
To CGST output Tax - RCM
To IGST output Tax - RCM
To TDS payable ( if applicable)

At the time of payment

SGST OUTPUT TAX - RCM DR.
CGST OUTPUT TAX - RCM DR.
IGST OUTPUT TAX - RCM DR.
TO BANK

SGST INPUT TAX - RCM DR.
CGST INPUT TAX - RCM DR.
IGST INPUT TAX - RCM DR.
TO GST INPUT TAX - RCM

TDS PAYABLE A/C DR.
TO BANK

When you are under RCM , it becomes your obligations to comply with these rules

05/10/2017

Income tax rules provide that payment for software will be included in computer for depreciation @ 60%, whereas Act says that it will be royalty subject to deductions of TDS @ 10% and revenue expenditure allowable u/s 37 (1). In the light of above the provision of Income Tax Act will prevail.

# crackcommerce

27/09/2017

If you are filling ITR with updated utilities and fetching data from old version then while uploading XML file you may face schema problem. To avoid this problem you fill the details and figures in New utilities manually and then upload XML file or your income tax returns . # commerce

14/07/2017

Reverse charge mechanism on sale of old jewellery

08/07/2017