Accounts Articles
Case Study: Lease Rent Payment (Fixed or Variables)
In the given case, payment of Rs 2 per bottle packed is variable is nature because the no. of bottle packed will vary.
Case Study: Change in Accounting Estimates And Errors Reporting
In the given case, the retrospective restatement has no effect on the information in the balance sheet at the beginning of the preceding period (i.e., 1st April 2021). Therefore, PQR Ltd. is not required to present a third balance sheet.
Case Study: Short Term Leases
Entity X (lessee) enters into a lease with Entity Y (lessor) for two assets namely, Asset A and Asset B, with 10 months non-cancellable term with an option to extend the lease for 5 months. The lease does not have a purchase option.
Handling Accounts Department - Key Points
This article enumerates a few points or habits that, if you cultivate them in your daily work as a CA, finance, audit, or tax professional, will definitely help you to complete the tasks assigned to you by the company, firm, or partner in a timely manner along with expected quality results.
RBI Action: Cheques to Be Cleared Within Hours - Key Highlights
The Reserve Bank of India (RBI) has announced that cheque clearance will now be completed within a few hours, compared to the current timeframe of two to three days.
Navigating Revenue Recognition: A Comprehensive Guide to IND AS 115
The core principle of IND AS 115 is that revenue should be recognized to reflect the transfer of promised goods or services to customers in an amount that represents the consideration to which the entity expects to be entitled.
Highlights of the Percentage-of-Completion Method (POCM)
The Percentage-of-Completion Method (POCM) is an accounting method commonly used in the construction industry and other long-term contracts. It involves recognizing revenues and expenses in proportion to the project's completion during each accounting period.
The Golden Rules of Accounting
Golden Rules of Accounting means guiding principles for recording transactions correctly. The 3 main Golden Rules are Personal Accounts, Real Accounts and Nominal Accounts.
IND AS 116: Against the Basic Accounting Principles
IND AS was introduced in India way back in 2015 with the inherent objective of devising a better compliance model and structure for the big Indian conglomerates so that they could prepare their financial statements for true and fair representation.
Accounts Payable Management
Accounts payable (AP) is a term used in accounting to describe the money a company owes to its suppliers or creditors for goods and services that have been rece...
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