0
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.
Reply From:
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.
What else can I help you with?
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.
Definition of Resident Foreign Currency Accounts?
Resident Foreign Currency Accounts (RFCAs) are bank accounts held by residents in a country that allow them to conduct transactions in foreign currencies. These accounts enable individuals and businesses to manage and convert foreign currency without the need to exchange it into the local currency first. RFCAs are often used for international trade, investments, or travel purposes, providing a convenient way to hold and transact in multiple currencies. Regulations governing these accounts vary by country, particularly regarding their use and the types of foreign currencies that can be held.
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?
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.
What are perennial crops and how do they differ from annual crops?
Perennial crops are plants that live for multiple years and produce harvestable yields each year without needing to be replanted. They differ from annual crops, which need to be replanted every year.
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.
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.
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 some examples of perennial crops and how do they differ from annual crops?
Perennial crops are plants that live for multiple years and produce harvestable yields each year without needing to be replanted. Examples of perennial crops include fruit trees (such as apple and cherry trees), berries (such as blueberries and raspberries), and perennial vegetables (such as asparagus and rhubarb). In contrast, annual crops are plants that complete their life cycle in one growing season and need to be replanted each year. Examples of annual crops include corn, wheat, and soybeans. The main difference between perennial and annual crops is that perennial crops require less labor and resources for replanting each year, as they continue to produce yields without the need for annual planting.
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.
Why businesses and industries need to consider innovation?
Businesses and industries need to consider innovation because that is what creates lots of job opportunities.
