Learn Accounting Knowledge with Examples.

 Goods and Services Tax In short, the Goods and Services Tax is applicable for  supply of products and services. it is called indirect tax. The Indian government create a unique structure for levying tax on taxpayers. the government strictly emphasizes all transactions must be recorded online through the business GST Number. Every Taxpayer must have a GST Number GST Certificate.  not only that, the GST Number must mentioned Under the Business Name Board and the GST certificate copy must placed in the business place.      Who has 20L Turnover the last financial year that business person must registered under the GST act. and there is have some Exemption for MSME & SEZ. There are 4 types of GST Followed in business transactions. 1. CGST: Central Goods and Services Tax, 2. SGST: State Goods And Services Tax,                 This two-tax occurs when the business transaction occurs within a state, and the tax amount is...

 Balance sheet           B alance sheet is represent the company position. the balance sheet is most important for every organization. In balance sheet contains equity, non-current liabilities, current liabilities and current assets, non-current assets. Non-Current Assets:  (Which Assets Can not be Convert as cash Within a Year) 1. Properties, Plant & machinery, Buildings. 2. Intangible Assets ( Good Will, Rights) 3.Long term investment. 4. Deferred tax assets ( ( The Excess Paid amount as tax called Deferred tax assets, The excess amount adjusted in next year) 5.loan and advance  Current Assets:  (Which Assets Can be Convert as cash Within a Year) 1. Inventories 2.investment 3.Cash and cash equivalents 4. Bank Balance 5.Account Receivable ( S Debtors, Interest, Ex,. Equity  :  1. Equity Share capital 2.Preference share capital 3.Capital Redemption reserve 4.General reserves 5.Other Reserves.  Non-current lia...