Category Archives: Bookkeeping

It is a contractual agreement between a borrower and a lender, wherein the borrower agrees to pay back the loan in accordance with the terms of the loan agreement. ‘Interest on loan’ account is debited in the journal entry for loan payment. Company ABC has borrowed loan $ 100,000 from the bank with an interest […]

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But that potential challenge also presents an opportunity for firm leaders to create positive outcomes by reevaluating and adjusting their goals, creating a new plan of attack and executing their strategies. This period of COVID-19 presents a unique challenge for accounting firms and their clients, many of whom are grappling with how to survive when […]

The Indian accounting standards are framed by the Accounting Standards Board, a statutory body under the supervision of the Institute of Chartered Accountants of India (ICAI). The accounting standards in India are issued by the Institute of Chartered Accountants of India (ICAI), a professional accounting body, controlled by the Ministry of Corporate Affairs, India. However, […]

Similarly, if the firm decides to increase its output to OQ3 to meet further rise in demand technical progress may have advanced to such a level that it installs the plant with the LAC3 curve. Now it produces OQ3output at a still lower cost OC3 per unit. If the minimum points, L, M and N […]

It is a preferred option for SaaS businesses with subscription-based business models because of its smooth integration with well-known tools like Salesforce. Wave emerged as a top choice for early-stage SaaS startups by offering free yet powerful accounting features. It’s ideal for startups that require affordable solutions without sacrificing financial clarity because it includes tools […]

CapCut Pro is the enhanced version of CapCut, which is the ultimate choice for creators. CapCut Pro provides access to functionalities that go beyond imagination, professional-standard resources, and advanced AI-driven tools that surpass the capabilities of the free software version. Whether you are using a PC, mobile device, or web browser, CapCut Pro will enable […]

Understanding these methods is essential for effective financial planning and operational success in the construction industry. Managing finances in a construction company can be complex due to multiple projects, varying costs, and numerous subcontractors. Accurate Bookkeeping for Startups financial records are essential for maintaining transparency, ensuring regulatory compliance, and improving project profitability. This guide provides […]

Note that whether or not you sign up for overdraft protection, your bank might still allow payments to go through when you’re short of cash (and charge you insufficient funds fees). Automatic recurring payments, such as utility payments or insurance premiums, will most likely be paid even if you’ve asked your bank to decline transactions […]

We can make the journal entry for loan payable by debiting the cash account and crediting the loan payable account. A loan receivable is the amount of money owed from a debtor to a creditor (typically a bank or credit union). Common examples of unsecured loans include credit cards and personal loans. When the company […]