By making mobile recharge for 28 days, Telecom companies earn for 13 months in a Year! How? Go through this. Nowadays, when you go for a monthly recharge of your mobile talk time or Data, the telecom operator recharges it only for 28 days. Except for BSNL, Reliance Jio, Vodafone, and Airtel mobile recharge 28 days. This whole concept of 28 days recharge has started in 2018. Through this method, you are recharging for 13 months in a Year! Before that, the monthly recharge was of 30 days flat. Then…
Continue Reading.....Debit Note and Credit Note
Understanding the concept of Debit Note and Credit Note : In Accounting, you issue an invoice for Sale or receive an invoice for Purchase. When for Purchase & Sale, an invoice is used, then why Debit note and Credit note also are issued? Debit Note : What is Debit Note Means? While accounting Purchase, the Vendor account will get Credited for the liability to pay. Sometimes the payable may need to reduce due to Purchase returns or discount offered after receipt of an invoice etc.. While reducing liability for payment, the…
Continue Reading.....Please Advise
We all have an unconscious habit of writing the phrase, “Please Advise” in the e-mail communication, which is the most common phrase. It affects the way of a clear & efficient message. Few of the users use this phrase in their opening and closing sentences. Examples, Please advise on how to proceed. If you have any questions or clarification, please advise. For above examples, below are the revised sentences, Please inform us the process to follow. If you have any questions or clarifications, please let us know. Some users use advise…
Continue Reading.....Mediclaim Insurance Section 80D
Medical Insurance Premium (i.e. Mediclaim Insurance) is paid by an Individual either on his/her own health or on the health of spouse, parents and dependent children. Mediclaim policy is taken to cover medical expenses spent on the treatment. For the deduction towards payment of Mdeiclaim Insurance, the conditions mentioned in Section 80D of Income Tax Act. In some companies, an Employer pays the premium & in turn deducts from the Salary of a person (employee) for whom he contributed. Now the question is, Whether the Mediclaim Insurance paid by way of…
Continue Reading.....Hidden Reserves
Are you new to this? You might have heard about General Reserves, Share premium account, Capital Reserves etc.. But what are Hidden Reserves? Yes, there is a possibility that Hidden Reserves are maintained. Then How? Reserves of an accounting entity that are not apparent from its published Balance Sheet, because of the way in which Assets & Liabilities are stated. Usually, there is insufficient analysis of total figures for items in the Balance Sheet. This is nothing but the understatement of Net Worth of an Entity. How is this possible?…
Continue Reading.....You Know
“You Know” is used within the same way as “like” or “humm” is used in an English speaking culture. It’s a tick, a hiccup. It is used by a person for a very quick pause to gather their thoughts. For others, it’s just a display of undisciplined speech. Linguists call interjections like “You Know” and “like” and “humm” and “I mean” and a large number of others ‘filler’ or ‘discourse practices’. It is like an unconscious way of a pause in the middle of a sentence as the person speaking…
Continue Reading.....Conservatism Principle of Accounting
The conservatism principle of accounting is a generally accepted concept of recognizing ‘expenses’ and ‘liabilities’ as soon as possible when they became certain. This principle follows the principle of accounting of Inventory for the closing stock, which is valued at lower of cost or market price. And is followed in Conservatism Principle in accounting. Recognizing the losses and liabilities as and when they become uncertain. This principle also applies to the estimation of losses. Eg. Provision for doubtful debts, allowances for doubtful receivables. It is a very simple principle! Provide for…
Continue Reading.....Pulling my leg
“Pulling my leg”, is an idiom occasionally used to mislead someone playfully or tease someone or to tell someone something that is not true as a way of joking with the person. In simple words, anyone who has been telling you un-believable lies is possibly been ‘pulling your legs’. Some examples are… Oh, please stop crying, I was just pulling your leg! Stop pulling my leg, I do know you lied to me. Is he really angry with me or he is just pulling my leg? For those who are…
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