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[…]

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[…]