The Steps to Recording Loans Receivable in Your Accounting Books Loans receivable is the amount of money that a creditor has to receive from a debtor. Usually, the creditor is a bank or any other financial institution that gives the loan, and the debtor is an individual or a business organization that receives the loan.…
National Chartered Accountant Day in India and How We Celebrate it The National Chartered Accountant Day is celebrated on 1st July to pay respect to the establishment of the Institute of Chartered Accountants of India (ICAI). ICAI is India’s professional accounting body. It is the second biggest accounting organization in the world. In National Chartered…
Determining and Explaining the Different Impacts of Indian Accountancy Standards on NBFCs Indian Accountancy Standards, popularly abbreviated as IndAS, is the new base of Indian financial reporting. Out of its many advantages is its transparency, which has resulted in the quality elevation of financial reporting. Assortment to IndAS has also paved a distinct way for…
Difference Between Striking Off and Liquidation in India A business can be conducted under multiple forms of units in India. It may be as a partnership, sole proprietorship, limited company, and a limited liability partnership. Every business form has its own advantages and disadvantages. Similarly, there are various methods under which companies get closure in…
The Benefits and Process of the Strategic Liquidation of an Indian Company Liquidation means converting assets to cash by selling them. Many small businesses favour the process of strategic liquidation over selling the company to a buyer when it comes to exiting their businesses. On the other hand, the firm’s heirs may not be qualified…
Significant Things to Consider as Post-Liquidation Practices in India Are you a company director who requests to shut down their business? Or you are forced by creditor pressure to close your company? In any of the liquidation cases, it becomes essential to move forward and consider proficient Post-Liquidation Practices. Check out some of the critical…
Step by Step Guide on How to Import Edible Products Under FSSAI in India Food Safety and Standards Authority of India (FSSAI) controls the import of food items in India. It is mandatory for every importer to get an FSSAI Certificate to import food items in the country. For this, they have to ensure they…
The Process of Customs and Registration for Imported Vehicles in India In India, it is common for business tycoons or celebrities from the sports or film industry to import fascinating cars from foreign countries. The government has laid down strict rules to comply with while importing such vehicles. India charges a hefty amount as custom…
Discussing all the Pros and Cons of Buying a Franchise Business The idea of starting a business right from scratch may sound overwhelming. After all the incorporation of a company comes with a lot of requirement. However, what if you go the route of buying a franchise business? You may also be asking about how…
Some of the Key Differences between Accountants and Bookkeepers Any business owner would agree that bookkeeping and accounting are two essential functions. In a nutshell, bookkeeping means recording financial transactions, whereas accounting entails the reporting, summarizing, classifying, interpreting and analyzing the financial data. With that, it’s right to say that accountants and bookkeepers have their…
