Why and How to develop a chart of accounts for your business
Chart of accounts is a list of accounts that a company has made available for recording financial transactions in its general ledger. It serves as an index of
Recent posts by Editorial Staff
Editorial Staff at Yourfinancebook is a team of finance professionals. The team has more than a decade experience in taxation and personal finance.
How to appoint or remove a nominee in one person company (OPC)
Nominee is a person appointed by the member of the one person company (OPC) who shall, in the event of subscriber’s death or his in capacity to contract
How many board meetings a One Person Company should conduct in a year
To consider policy issues and other major problems of a one person company, board meetings are held by bringing together the directors. Companies act allow you to hold
How cost of goods sold or COGS is calculated
Cost of goods sold is shown in the income statement of a company which is into manufacturing, wholesaling, retailing and into similar kind of business. Cost of goods
Accounts payable on the balance sheet
Accounts payable is the amount that the company owes to its creditors or outsiders from whom it has brought goods or services. Total amount of accounts payable as
Beginner’s Guide to Reading and Understanding Assets on the Balance Sheet
On the balance sheet you have three major components, assets, liabilities and owner’s equity. In this article, we will understand the term asset and its components. An asset
Fixed assets on the company’s balance sheet
Asset held with the intention of being used for the purpose of producing goods or providing services and is not held for sale in the normal course of
Accounts receivable on the balance sheet
Accounts receivable for a company means the total money that is due from customers to which it sold goods or services on credit If a company has sold
Inventory on the balance sheet
In simplified terms, inventory consists of items which the company owns but has not yet sold and/or consumed. Inventory is shown under the head current asset on the
what is Retained Earnings and how its calculated
Company’s profit can be distributed as dividend or retained for reinvestment within the organisation. Based on management’s plan, companies in general distribute a portion of the profit as