Bank Reconciliation is the process of matching a company’s internal cash book records with the bank statement to identify any discrepancies. It ensures that all transactions are accurately recorded and that any errors or missing entries are corrected. This helps in maintaining accurate financial records and detecting fraud or errors. The process also helps to … Read more
The Profit & Loss Appropriation Account is prepared after the Profit & Loss Account to show the final distribution of net profit among partners or shareholders. It is used in partnership firms and companies to record how the remaining profit is appropriated after all expenses and charges have been accounted for. In partnership, this account … Read more
Direct income refers to the revenue earned by the business through its core operations, such as selling goods or providing services. It is the main source of income for any trading or manufacturing business and contributes directly to the calculation of gross profit. This type of income is consistent with the business’s primary purpose or … Read more
Drawback is the refund, reduction or waiver in whole or in part of customs duties assessed or collected upon importation of an article or materials which are subsequently exported. The Duty Drawback provisions are described under Section 74 and Section 75 under the Customs Act, 1962. This Act laid down the various restrictions and conditions … Read more
MEIS was introduced in the Foreign Trade Policy (FTP) for the period 2015-2020. The MEIS was launched as an incentive scheme for the export of goods. The rewards are given by way of duty credit scrips to exporters. The MEIS is notified by the DGFT (Directorate General of Foreign Trade) and implemented by the Ministry … Read more