Crack Commerce

Steps to follow to finalise Balance Sheet
1. Reconcile all bank A/c
2. Check for negative Cash Balance
3. Reconcile Sale & Purchase with GST Returns
4.Check that no entry is done on National Holiday
5. Confirmation of Secured or Unsecured Loans
6. Check Interest entry for all Fixed Deposits
7. Do Depreciation entries
8. Confirmation of Sundry Creditors (specifically debit balance)
9. Confirmation of Sundry Debtors (Specifically credit balance)
10. Check Electricity Charges for 12 months entered or not
11. Insurance Expenses- prepaid entries to be done. Copy of all cover notes to be kept in Balance Sheet file.
12. Other prepaid expenses entries should be done
13. Check telephone expenses bill for 12 months entered or not
14. Tally TDS certificates with relevant ledgers
15. Tally TDS Returns with relevant ledgers
16. Check Cash Expense vouchers.
17. Check Salary Sheet - tally with salary paid in cash/cheque/not paid - not signed should be shown as payable.
18. Copy of all full and final papers required
19. Bonus sheet should tally with cash/cheque payment
20. All credit/debit note to be signed
21. All cash receipts should be signed
22. All discount/Bad debt should be signed
23. Check for previous year expenses payable entries and relevant expense a/c
24. Audit Fee entry should be done
25. Compare GP rate with last year
26. All heads in previous years Trading/P&L/Balance Sheet should be in current year
27. Challans of all Government Dues should be kept in Balance Sheet file
28. Entry for All expenses payable should be done
29. Prepare details of Stock and stock movement report if applicable

If you are filling ITR with updated utilities and fetching data from old version then while uploading XML file you may face schema problem. To avoid this problem you fill the details and figures in New utilities manually and then upload XML file or your income tax returns . # commerce

Reverse charge mechanism on sale of old jewellery