Ā Inventories are the largest current asset of any business. Businesses are often confused about FIFO Vs LIFO. Ideally, there are two inventory valuation methods or accounting methods: LIFO (Last-in, first-out) and FIFO (First-in, first-out). These are two mostly used inventory methods for record keeping that are feasible on accounting standards. Inventory accounting assigns values and…
At ProfitBooks, we are committed to making taxation simple for small business owners in India. Since GST is set to replace various indirect taxes, we have started this series on frequently asked questions on GST. This article is thirdĀ in this series. Earlier, we had covered common questions onĀ GST and exemptions in GST. In this…
Mukesh Ambani takes Rs. 15 Cr as his annual salary, Snapdeal co-founders earn Rs. 46.5 Cr each,Ā Flipkart founders take home Rs. 20 Cr every year, Mark Zuckerberg prefers to pay himself $1 per year andĀ Narayan Murthy earned just Rs. 1 as his annual salary. So, what’s the right salary of an entrepreneur? If you are…
At ProfitBooks, we are committed to make taxation simple for small business owners in India. Since GST is set to replace various indirect taxes, we haveĀ started this series on frequently asked questions on GST. This article is secondĀ in this series. Earlier, we had covered overview of GST tax and common questions around it. Business…
