Table of Contents
- 1 What is the meaning of account receivable?
- 2 What is IMPS and NEFT transfer mode?
- 3 Is Accounts Receivable a revenue?
- 4 How do you calculate Accounts Receivable days?
- 5 What is the normal balance of withdrawal?
- 6 What is the normal balance for cash?
- 7 How many PPF accounts can be maintained by an individual?
- 8 How to transfer PPF account from one branch to another?
What is the meaning of account receivable?
Accounts receivable (AR) is the balance of money due to a firm for goods or services delivered or used but not yet paid for by customers.
What is IMPS and NEFT transfer mode?
‘IMPS’ means Immediate Payment Service. It is an electronic fund transfer mechanism of the Indian banking system. It lets you transfer funds to a payee’s bank account instantly. This service is available for the customers 24*7. ‘NEFT’ means National Electronic Funds Transfer (NEFT).
What is accounts receivable debit or credit?
The golden rule in accounting is that debit means assets (something you own or are due to own) and credit means liabilities (something you owe). On a balance sheet, accounts receivable is always recorded as an asset, hence a debit, because it’s money due to you soon that you’ll own and benefit from when it arrives.
Which is easier accounts payable or accounts receivable?
The accounts payable process is much easier if you’re using accounting software, as most accounting software applications handle vendor management, proper expense allocation, and the ability to track due dates to ensure payments are made on time.
Is Accounts Receivable a revenue?
Accounts receivable is an asset account, not a revenue account. However, under accrual accounting, you record revenue at the same time that you record an account receivable.
How do you calculate Accounts Receivable days?
The formula for Accounts Receivable Days is: Accounts Receivable Days = (Accounts Receivable / Revenue) x Number of Days In Year.
Is IMPS transfer free?
Applicable charges w.e.f 1st Oct’2020 There are no charges for inward IMPS transactions. With effect from 15th March 2021, IMPS Fund Transfer Service is free for all Imperia & Preferred Customers.
Should I use IMPS or NEFT?
IMPS (Immediate Payment Service) Using IMPS, you can transfer comparatively lower amounts, up to Rs. 2 lakhs, instantly. So, you can think of IMPS as the fund transfer mode that has the best features of both RTGS and NEFT. You can transfer amounts as low as you want, any time you want, with instant results.
What is the normal balance of withdrawal?
To Sum It Up
| Accounting Element | Normal Balance | To Decrease |
|---|---|---|
| 1. Assets | Debit | Credit |
| 2. Liabilities | Credit | Debit |
| 3. Capital | Credit | Debit |
| 4. Withdrawal | Debit | Credit |
What is the normal balance for cash?
debit balance
Since Cash is an asset account, its normal or expected balance will be a debit balance. Therefore, the Cash account is debited to increase its balance. In the first transaction, the company increased its Cash balance when the owner invested $5,000 of her personal money in the business.
How many times can I withdraw from my PPF account?
Partial/Premature PF Withdrawal Partial withdrawals can be made from the 5th financial year after the account is opened. There is no tax on partial/premature withdrawals from the PPF account Only one partial withdrawal is allowed per financial year.
Who can open a PPF account in India?
A Public Provident Fund (PPF) account can be opened by resident Indian Individuals and individuals on behalf of minors. Only one Public Provident Fund (PPF) account can be maintained by an Individual, except an account that is opened on behalf of a minor.
How many PPF accounts can be maintained by an individual?
Only one PPF account can be maintained by an Individual, except an account that is opened on behalf of a minor. What is the eligibility for investing under Public Provident Fund (PPF) Amendment Scheme, 2016? A Public Provident Fund (PPF) account can be opened by resident Indian Individuals and individuals on behalf of minors.
How to transfer PPF account from one branch to another?
You will be required to submit a transfer application request. On the application form, you will be required to mention the full address of the post office/bank’s branch where you wish to transfer your PPF account. Step3. Upon receiving your PPF transfer application request, the existing branch will start the process.