CA CMA Syam sundar

30-Day Challenge for Accounting and Finance Mastery Week 1: Foundational Knowledge  * Day 1: Define accounting and finance. Understand the key differences and how they work together.  * Day 2: Learn the accounting equation (Assets = Liabilities + Equity) and its significance.  * Day 3: Explore the different types of financial statements (income statement, balance sheet, cash flow statement).  * Day 4: Understand the basic accounting cycle: transactions, journal entries, posting to ledger, trial balance, financial statements.  * Day 5: Learn about the different types of accounts (assets, liabilities, equity, revenue, expenses).  * Day 6: Practice recording simple journal entries for common transactions.  * Day 7: Learn about the Generally Accepted Accounting Principles (GAAP) and their importance. Week 2: Core Accounting Concepts  * Day 8: Understand accrual accounting vs. cash basis accounting.  * Day 9: Learn about depreciation and amo...

 Important Insights for Filing GSTR-9 for FY 2023-24 As we approach the end of the financial year, proper compliance with GST filing requirements is crucial. Here’s a concise guide to ensure you’re accurately reporting your transactions in GSTR-9: 📌 Sale Transactions Understand where to report outward supplies and the applicable tables for invoices, debit notes, and credit notes. Ensure you’re aligning the declarations with the respective financial year (FY 2023-24 or FY 2024-25). 📌 Purchase Transactions (ITC) Review your Input Tax Credit (ITC) details. Be cautious of timelines to claim or reverse ITC. Transactions not declared by 30th November 2024 may result in lapses or liabilities. 📌 RCM Transactions Properly report RCM (Reverse Charge Mechanism) invoices for FY 2023-24 in GSTR-3B and GSTR-9 of the applicable year. Stay compliant to avoid unnecessary penalties or liabilities. This infographic provides a clear breakdown of the reporting structure for sale, purchase, and RCM t...

  Analysing Red Flags In Financial Statements Of Corporates In The Banks Financial statements of corporates are crucial for making smart investment choices and credit risk analysis in banks. They include the balance sheet, income statement, cash flow statement.They reveal a company’s health and potential for growth. These are useful for investors, analysts, and other stakeholders to make informed decisions. However, financial statements can sometimes contain red flags – signals of potential problems or hidden irregularities. Knowing what these red flags look like is key to making informed decisions about investing or doing business with a company. ◼️Income statement 1️⃣ Gross Margin < 30% 2️⃣ Revenue Growth Rate <10% 3️⃣ Net Profit Lower than Cash From Operations 4️⃣ EBITDA margin <10% 5️⃣ Net margin <5% 6️⃣ Direct Costs Rising Faster than Sales 7️⃣ Interest Coverage Ratio <2 ◼️Balance Sheet 1️⃣ Goodwill in Assets > 20% 2️⃣ Debt t...

General Navigation: Alt + F1 – Show the previous report (for navigating back) Alt + F2 – Change the period Alt + F3 – Select Company Alt + F4 – Quit Tally Ctrl + A – Accept a screen or transaction Ctrl + Q – Quit/Exit a screen Ctrl + C – Cancel an entry Ctrl + E – Export report Ctrl + P – Print report Ctrl + S – Save the data Voucher Entry Shortcuts: V – Voucher Entry screen (for creating or recording vouchers) Alt + V – Create a Voucher Ctrl + F7 – Sales Voucher Ctrl + F8 – Purchase Voucher Ctrl + F9 – Receipt Voucher Ctrl + F10 – Payment Voucher Ctrl + F11 – Journal Voucher Ctrl + F12 – Credit Note Voucher Ctrl + Alt + F1 – Contra Voucher Accounting & Reports: Alt + G – Go to a particular ledger or report Alt + R – Alter report (for modifying the report details) Alt + C – Create a new ledger, voucher, or account Alt + D – Delete a voucher or entry Ctrl + F1 – Show/Hide the details of a report F2 – Change the date F3 – Select a company F4 – Display/Alter company details F5 – ...

  Chart of Accounts (COA) for a retail business: 1. Assets 1.1 Current Assets • 1010 Cash • 1011 Petty Cash • 1012 Checking Account • 1013 Savings Account • 1020 Accounts Receivable • 1021 Customer A • 1022 Customer B • 1030 Inventory • 1031 Finished Goods • 1032 Raw Materials (if applicable) • 1033 Work-in-Progress (if applicable) • 1040 Prepaid Expenses • 1041 Prepaid Rent • 1042 Prepaid Insurance 1.2 Non-Current Assets • 1050 Fixed Assets • 1051 Furniture and Fixtures • 1052 Office Equipment • 1053 Vehicles • 1054 Leasehold Improvements • 1060 Accumulated Depreciation • 1061 Furniture and Fixtures Depreciation • 1062 Equipment Depreciation 2. Liabilities 2.1 Current Liabilities • 2010 Accounts Payable • 2011 Supplier A • 2012 Supplier B • 2020 Accrued Expenses • 2021 Salaries Payable • 2022 Utilities Payable • 2030 Taxes Payable • 2031 Sales Tax Payable • 2032 Income Tax Payable • 2040 Unearned Revenue (if applicable) 2.2 Non-Current Liab...

 Understanding Who Can File Which ITR Form! Choosing the right Income Tax Return (ITR) form is crucial for smooth tax filing. Here's a quick guide on who can file and who cannot for each ITR: 1️⃣ ITR-1 (Sahaj): Who can file: Salaried individuals with income up to ₹50 lakh, income from one house property, and other sources like interest. Who cannot file: Non-residents, those with business income, capital gains, or agricultural income > ₹5,000. 2️⃣ ITR-2: Who can file: Individuals/HUFs with income from salary, house property, capital gains, or other sources (no limit on income). Who cannot file: Those earning income from business or profession. 3️⃣ ITR-3: Who can file: Individuals/HUFs earning income from business or profession, along with salary, house property, or capital gains. Who cannot file: Those opting for presumptive taxation under sections 44AD, 44ADA, or 44AE. 4️⃣ ITR-4 (Sugam): Who can file: Individuals/HUFs/Firms with income from small business or profession under pre...

  Understanding Lease Accounting under Ind AS 116 Ind AS 116 transforms lease accounting by requiring lessees to recognize significant leases on the balance sheet. This ensures better financial transparency and comparability. Key Principles for Lessees: 1. Record a Right of Use (ROU) Asset and a Lease Liability at the lease commencement date. 2. Recognize depreciation on the ROU asset and interest expense on the lease liability over the lease term. Key Accounting Entries: 1. Lease Recognition at Inception: • Dr. ROU Asset • Cr. Lease Liability 2. Depreciation and Interest (Monthly): • Dr. Depreciation Expense (ROU Asset) • Cr. Accumulated Depreciation • Dr. Interest Expense • Cr. Lease Liability 3. Lease Payment (Monthly): • Dr. Lease Liability • Cr. Bank Exceptions: Short-term leases (≤12 months) and low-value assets can be expensed directly without balance sheet recognition. Adopting Ind AS 116 ensures accurate representation of financial obligations, aiding bet...