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The Observer is observed – J Krishnamurthy
The Observer is observed, Yes , this is the fact. When you look at any thing, what you observe? you observe the things on the basis of your past knowledge and experience. Knowledge and experience is the field in which your mind thinks. Mind can not think beyond knowledge and experience field unless mind is Read more about The Observer is observed – J Krishnamurthy[…]
Cost Sheet
Cost Sheet is prepared to find the cost of the production , cost of goods sold and cost of sales. This is prepared to know the associated cost of product with profit so that Management can take decision to reduce the cost and maximize the profit. There are following steps to prepare the cost sheet- Read more about Cost Sheet[…]
Financial Statement Format
STATEMENT OF PROFIT AND LOSS Name of the Company……………………. Profit and loss statement for the year ended ……………………… Rs RS Particulars Note No. Figures as at the end of current reporting period Figures as at the end of the previous reporting period 1 2 3 4 I Revenue from operations xxx xxx II Other income Read more about Financial Statement Format[…]
ESI
ESI ESI means ‘Employees State Insurance’. It is Social Security to the all-employee of an organization. ESI Registration offers monetary and medical benefits to Employees in a case of sickness, maternity, and employment injury and to make provisions for related matters. The Employees’ State Insurance Act, 1948 provides an integrated need based social insurance scheme. Read more about ESI[…]
GST SET OFF RULES
GST Set Off Rules: GST set off rules tell us that how to utilise input tax credit for payment of output IGST, output CGST and output SGST Old GST Set Off Rules- up to 01.02.2019 The following sequences were required to be maintained up to 01.02.2019 IGST LIABILITY CGST LIABILITY SGST LIABILITY IGST CREDIT CGST Read more about GST SET OFF RULES[…]
How to prepare Fund flow
Fund Flow statement is prepared on accrual basis and to know the changes in financial position of the current year with respect to previous year There are three steps in preparing fund flow- Calculate fund from operation- Under this step, we adjust profit /Loss account balance to know the fund from operation. Example- Net profit Read more about How to prepare Fund flow[…]
ESI and PF Entry in Books
1) Salary A/C Dr To Salary Payable A/C TO Employee’s ESI Contribution A/C (Liabilities) TO Employee’s PF Contribution A/C (Liabilities) 2) Co.’s ESI Contribution A/C (Expenses for Company) Co’s PF Contribution A/C (Expenses for Company To Co’s ESI Contribution A/C (Liabilities) To Co’s PF Contribution A/C (Liabilities) 3) Employee’s ESI Contribution A/C Dr (Liabilities) Employee’s Read more about ESI and PF Entry in Books[…]
How to think
In order to make our lives successful, the one ability we need to master more than any things else. It is the ability how to think and how not to think Thinking can make our heart race or slow it down, Thinking can change chemical composition in our blood, Thinking can make us happy or Read more about How to think[…]