ACCOUNTING POLICIES FOR SMALL BUSINESS ORGANISATIONS

A. SINGNIFICANT ACCOUNTING POLICIES: 1. Basic Assumptions: The Financial Statements are prepared on a going concern concept and as per the historical cost convention on accrual basis. 2. Revenue Recognition: (a) Sale is recognized on dispatch of goods to customers (b) Sale of service/commission is recognized as and when the right to receive arises (c)…


Use of Antibiotics

In today’s age, we have reached, this height in medical science, where treatment of major diseases is possible. However, it seems that we are going in such a hurry; soon we will found us to left on the finish line. No wonder that time is coming soon when humans will suffer from small diseases and…


High Sea Sales Under GST Regime

High Sea Sale High Sea Sales is a common practice of trading business. If a buyer wants to sell his consignment to a third party before arrival of goods but after sailing vessel from load port, such sale is known as high sea sale. In simple words, the ownership of goods is transferred, when goods…