Accounting Mistake in Understanding of “Profit”
Dear Students,
We should love mistakes. Each mistake has an opportunity to make you wiser. Let’s understand the mistake of misunderstanding profits. The most of students think that more the profit is, more the richer organization. But it is not correct. Cash is blood of a organization and organization cannot run when cash is dried out. The r
1. Composition Scheme Limit enhanced to Rs. 1.00 Cr with 1% Tax for Traders, 2% for Manufacturers & 5% for Restaurant.
2. Filing of Returns up-to Turnover of Rs. 1.50 Cr – Quarterly (Non Composition Assesses)
VAT- Value Added Tax is a consumption tax. As value addition takes place, tax on the value added is paid at that stage. Value added Tax is the tax charged on sales made within the state. VAT paid on purchases is adjusted against VAT collected on sales. Thus, VAT paid is an asset
VAT Computation Statement-
VAT Computation is the summary report of all transactions related to VAT.
Select Display→ Statutory Reports→ VAT Reports→ VAT Computation
The report is primarily is split into 2 sections, namely Sales & Purchases. Particulars of Output tax appears under Sales while Input tax under Purchases.
VAT Return-
The periodical VAT return forms can be accessed through the Tally. The Statutory return forms for each state varies and the Tally produces the return form applicable for the state.
Display→ VAT Reports→ VAT Forms→ VAT Return
Debtors/ Creditors Ageing-
Debtors/ Creditors ageing refers to the process of generate report of debtors/creditors age wise/bill wise. Ageing analysis of bills outstanding is done to identify the bills for which amount is due for a long period of time. These bills can be classified as bad debts or provisions can be created for such losses in the books of accounts depending on the results of ageing analysis
Path –
Display →Statement of A/c → Outstanding→ Receivables→ Sundry Debtors/Creditors→ Press F6
Note-
If in ledgers classified under the head of sundry debtors, maintain balance bill by bill feature is turn off then we can’t generate proper report of debtors.
