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[…]

Cash Flow Format (Indirect Method)

Cash Flow (Indirect Method) Particulars Amount Amount A Cash Flow from operating activities  Net profit before tax and extra ordinary item —————- (+)/(-)non operating items included in net profit —————- (+) Loss on sale of fixed assets & investments —————– (-) profit on sale of fixed assets & investments —————– (+) decrease in current assets Read more about Cash Flow Format (Indirect Method)[…]

Accounting

What is accounting? Accounting is the process of identifying, recording, classifying and summarising of financial transactions in the form of financial report or statement (Profit& Loss and Balance Sheet) in a systematic manner for the purpose of providing financial information for decision making. Basically, accounting is a financial support system that Records transactions Classifies transactions Read more about Accounting[…]