Meaning of Expenditure and Expenses: Expenditure refers to the total amount spent to acquire goods or services, while expense refers to the cost of goods or services used to generate revenue. Expenditure is more of a general concept and includes all the outflow of money that comprises expenses and capital investment as well.1 day ago…
In pursuance of the explanation in section 25 of NI Act 1881, read with the Government of India, Ministry of Home Affairs, 39/1/68-Jud.III dated 8 May 1968, the Government of Gujarat, The Government of Gujarat vide notification No.GD/26/2024/JSR/2024/605/GH, announces the following days to be public holidays for banks in Gujarat during the year 2025. Date…
The Reserve Bank of India on Tuesday placed on its website that the deepfake videos of the Governor are being circulated on social media that claim the launch of or support for some investment schemes by the RBI. “These videos attempt to advise people to invest their money in such schemes, through the use of…
(This article explains various methods of Depreciation such as the Straight Line Method, Diminishing Balance or Written Down Value (WDV), Unit of production method, MACRS method, group depreciation method, etc. Advantages and Disadvantages of Straight Line Method, Advantages and Disadvantages of Written Down Value Method, Units of Production Method, Sum of the Years’ Digits Method,…
RBI on a review amended KYC Master Direction on November 06, 2024. “The amendment has been necessitated to (a) align the instructions with the recent amendments carried out in the Prevention of Money Laundering (Maintenance of Records) Rules, 2005 vide Gazette Notification dated July 19, 2024, (b) incorporate instructions in terms of the corrigendum dated…
All industries make long-term capital investments for growth. These capital assets may be plant and machinery, or intangible assets like IT, or infrastructure assets. Irrespective of their nature, every asset has a lifecycle that demands careful attention whether to repair or replace certain assets. To decide between repairing and replacing an asset, the management of…
Following are Bank Holidays for the year 2025 in the Telangana State declared under the provisions of section 25 of NI Act 1884 Sr.No. Date Day Occasion/Festival 1 14.01.2025 Tuesday MAKARA SANKRANTI/PONGAL 2* 26.01.2025 Sunday REPUBLIC DAY 3 26.02.2025 Wednesday MAHASHIVARATRI 4 13.03.2025 Friday HOLI 5* 30.03.2025 Sunday UGADI 6 31.03.2025 Monday EID-UL-FITR (Ramadan)RAMZAN *…
This article explains the meaning of Depreciation, Causes of Depreciation, Need for Depreciation, Factors of Depreciation, and revaluation of assets by Accounting Entries Depreciation is an accounting method that determines the monetary value of an asset over its useful life due to use, wear and tear, obsolescence, and Legal or other limits on its use.…
Before closing the ledger accounts, if the error is found you can rectify it without opening a suspense account. However, after closing the accounts, if the error is found you can record an accounting entry in the General Journal and post it to the relevant ledgers. If the amounts are significant, you can disclose the…
The errors in accounting take place due to wrong posting of transactions, wrong totaling or wrong balancing of the accounts, wrong casting of the subsidiary books, or wrong recording of amount in the books of original entry. All such errors in accounting can be classified into the following four categories: The error of commission: An…