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Preparation of Profit and Loss Account

Explanation of Certain items of Profit and Loss Account

1. Salaries

Salaries are paid for the services of employees and are debited to profit and loss ac- count being indirect expense. If any salary has been paid to proprietor or partners, it should be shown separately because it requires special treatment at the time of income tax assessment.

2. Salaries and Wages

When wages account is included with salaries it treated is as indirect expense and is taken into profit and loss account.

3. Rent

Rent of the office shop showroom or godown is an indirect expense and so is debited to profit & loss account. However, rent of factory is debited to trading account. When a part of the building has been sublet the rent received should be shown on the credit side of profit and loss account as a separate item.

4. Rates and Taxes

These are levied by the local authorities to meet public expenditure. It being an indirect expenditure is shown on the debit side of profit and loss account.

5. Interest

Interest on loan, overdraft or overdue debts is payable by the firm. It is an indirect expense; so debited to profit and loss account. Interest on loan advanced by the firm on depositor investments is an income of the firm and so is credited to the profit and loss account.

If business has paid any interest on capital to its proprietor or partners it should also be debited in the profit and loss account but separately because this item needs special treatment at the time of income-tax assessment.

6. Commission

In business sometimes agents are appointed to effect sales, who are paid commission as their remuneration. So this being a selling expenses is shown on the debit side of profit and loss account. Sometimes commission is also paid on purchases of goods, such ‘as expense should be debited in the trading account. Sometimes the firm can also act as an agent to the other business houses and in such cases it receives commission from them. Commission so received is shown on the credit side of profit and loss account.

7. Trade Expenses

They are also termed as ‘sundry expenses’. Trade expenses represent expenses of such a nature for which it is not worthwhile to open separate accounts. Trade expenses are not taken to trading account.

8. Repairs

Repairs to the plant, machinery, building are indirect expenses are treated expense and are debited to profit and loss account..

9. Traveling Expenses

Unless mentioned otherwise, traveling expenses are treated as indirect expenses and are debited to profit and loss account.

10. Horse & stable Expenses

Expenses incurred for the fodder of horses and wages paid for looking after stable are treated as indirect expenses and debited to profit and loss account.

11. Apprentice Premium

This is the amount charged from persons to whom training is imparted by the business. It is an income and is credited to profit and loss account. In case apprentice premium is …

Facts to Know About Business Cards

A business card announces one’s name and provides details about the business. It is used as a means of introduction and a memory aid to the recipient. From simple cards that gave the bare details of name and address, today’s business cards have evolved with striking graphic design.

The practice of using business cards is of recent origin. The colonists and gentry of the earlier centuries used visiting cards. These cards were ornamented and carried the unique stamp of the aristocrat. As the entrepreneurial era dawned, more and more traders used trade cards to give addresses and maps to guide the customers to their stores because formal street numbering did not exist. The business card became a practical tool for small entrepreneurs to provide contact information.

Business cards serve several useful purposes. It is a tangible reminder about the interaction with the person. It creates a professional setting in which business can be discussed. By giving accurate details about the name, address, telephone numbers and email, it serves as the one-spot reference for contact. It is a great tool for prospecting for leads, generating discussions and closing in on opportunities. It provides an indication about the professionalism and credibility of the businessman.

Because the business card is such a vital ingredient for an entrepreneur, great care should be taken in designing one. A flashy design that distracts from important details is just as bad as a dull and unimpressive look. Both sides of the card should be used judiciously. The logo should be placed at a striking point in the grid and colors should be soothing.

Although today’s society does not subscribe to the social formalities of the bygone era, there still are some rules of etiquette while using business cards. The most obvious one is of course that they should be used discreetly. At business meets, they could be used as a tool for persuasion but aggressiveness should be avoided. In case one visits a person in his absence, it is always a courteous practice to leave one’s card with the message to call later.…

New Business – Survival Strategies For Your New Venture

An alarming number of new businesses collapse in the first year of operation, and many of the survivors do not live to see their fifth birthday. Try to follow the suggestions in this article if you do not want your venture to join the long list of failed businesses.

1. If you can, start your business when you are still employed.

This idea will not help someone made redundant without notice, but it will probably be a long time before your new business actually a makes profit, let alone enough to support you and your family. Being employed while you’re starting a business means very long hours but also a guaranteed income to live on.

2. Get clients or customers first.

Many startup businesses find a former employer is a good first client. In any case, do not wait until your venture is launched to find customers for whatever you decide to offer. Your business will never survive without income. You must start marketing early. Join some networking groups and make contacts.

3. Do not try to do everything yourself.

You will need help while you are starting your own business. If you are still employed, a work colleague could give support or be someone to listen sympathetically to problems. Your family may be your best supporters, but you will need to manage their concerns, which might be based on unjustified worries. If you can find someone who has succeeded himself or herself, it would be great if they could be your mentor.

4. Write a business plan.

The main reason for doing a business plan first when you are thinking of starting a business is that it can help you avoid sinking your time and money into an idea that will not succeed. The plan will change and evolve over time but will be an essential framework.

5. Be an expert on your business.

Your business plan will be a start but when you are starting a new venture you will have to become an expert. Many businessmen will tell you they mistakes in their first year, but they will have done most things right or they would not have survived. You will become an expert on your industry, products and services, sooner or later – so make it sooner and give yourself a chance.

6. Get professional advice.

Starting a business, does not mean you have to be an expert on everything. Get the legal and tax issues right the first time. It is much more difficult and expensive to cure a problem later. Be sure to get business and tax registrations right from the very beginning.

7. Sort out your finances.

Especially in times of financial turbulence investment capital is not easy to find for new businesses. Lenders are suspicions of unproven ideas, especially from new ventures that do not have good track record. Save up if you have to, and only approach potential investors and lenders when you have a convincing story to tell.

8. Start

Money in Photography – Up Close and Personal

Like most people I know, I like taking pictures of nature; waterfall, rocks, and flowers. However; also like most people I know, I have made very little money from those pictures. Can you make great money from nature shots? Yes. Is it extremely competitive and very hard to get into? Yes. Is there an easier way? Yes.

For most of us, the best way to make money is to get up close and personal. Usually this means people shots; although sometimes, pets also qualify for this type of shooting. What I'm talking about is shooting events.

Events can be broken down into two categories; A) Things that happened once in a lifetime, and B) Things that happen over and over again. The things in Category "A" can usually bring more money to begin with; however there is also a lot more pressure. The things in Category "B" usually make less money per job; but tend to lead to multiple jobs.

Category "A" could include: Weddings, Sweet 16 Parties, Births, Graduation, and even death. Sound strange? Think about it; at a funeral, you have family and friends who may not have seen each other in years. Death is rarely expected, so often the subject has not had pictures in years. This is the last chance to get photos or memories. It's not an area people often think about; you have to sell them on the idea.

Category "B" could include: Drama Events, Sporting Events, Family Reunions, and Portraits. This category usually gets less money for the individual event, but not always. I have shot Family Reunions (for example) where I made more money in half an hour of shooting, than I make doing a wedding (five to six hours of shooting).

Always remember to shoot more than what you are asked for, or even more than you might think is enough. Especially with one time events, it is often impossible to go back and do it again. A person called me once and said they had a bunch of family coming over for Mothers Day, and asked if I could take a group shot. The longer we talked the more this sounded like a family reunion. My response was: "I can shoot the main group shot, but I will take other shots too. I make it a policy to never to only develop one or two shots on a roll."

I actually shot: The mother (with and without husband), the main Family Group, a four generation shot of Daughters, five individual family groups (with and without Mom), all the kids for the main family, all the kids of the individual families, all the couples from the individual families, all the grandchildren, and all the great grandchildren. Always shooting two or three shots, to make sure no one blinked.

They only asked for one shot, and I might have sold that one shot five or six times. But with what I offered, I got 24 individual orders, and many of those orders …

How to Make $100 a Day With Goal Setting

When most people start an online business, they know that they want to make money online. However, most people don’t take the time to figure out what their goal really is. Are you hoping to make enough money to quit a regular job, or just have enough extra money to pay a few bills and take an extra vacation now and then? Determining what you really want out of your online business is the first step in finding out what it takes to be a successful online business owner.

Making money online is not easy

With the large number of online businesses popping up each day, many people have taken that attitude that making money online is easy and doesn’t take a lot of work. The truth is that the majority of online businesses fail primarily because of this attitude. Running an online business is a great way to make money, but just like any other business, it requires that you think and act like a business owner. This means that you must wake up each day with specific plans in mind for your business. It also means working smarter, not harder.

But it can get easy if you break some things down

Decide how much money you would like to make each day. Then, figure out what your website needs to do to generate that much money. For example, if you want to make $100 per day, and you sell $10 items, you need to make ten sales each day. Then, take it a step further- what do you need to do to get ten sales? Do you need to get ten visitors to your site? One hundred? The answer will depend on your site, your product, and what you need to do to make sales. Once you understand what it takes to make money, you have the beginnings of a marketing strategy.

Now that you have a plan to make the money you want to earn, start thinking about how you will bring visitors to your site to make purchases:

  • Should you work on SEO strategies to ensure your page shows up at the top of web page rankings?
  • Do you need to create fresh content that will bring in new visitors and keep your old visitors coming back for more?
  • Have you used enough advertising strategies to drive highly targeted visitors to your site?

There are many great resources available that can teach you how to bring in the hits you need. Remember that part of being a successful business owner is understanding your industry and doing the research it takes to make sure you are at the top of your game.

Once you have a goal and a strategy in place, it is time to start measuring your progress. Are you earning the money that you need to meet your goals? If not, reassess what you are doing and try some new strategies. Remember that your business must keep evolving if you are hoping to remain …

Free Auto Insurance Quotes Sites – Why They Are Really Free

Free auto insurance quotes sites defy the saying that nothing good comes easy or free. The truth is that good things sometimes do come free and easy – at someone else's expense, of course. This is quite true of the most important resource for those shopping for the best price / value in car insurance. Someone spent the time and money to set them up. But like everything free, what's in it for the sponsors of such sites? Will not their interests hurt you? Here are reasons why you should make an exception of this particular group of free resources …

First, I'll make you realize what they stand to gain (Yes, they stand to gain something too). Here is why they give such a useful resource for free …

If you run a business you definitely know that you spend quite a lot in getting customers. This is also true if you're an insurer. The old method was that an agent called you and tried to sell you insurance. That cost them a lot of money.

On the other hand, quotes sites attract just the right kind of people: Folks searching for what they sell. They attract them 24/7 without phone calls and additional staff. Their details are captured immediately into a database without the need for human intervention. This makes the process of managing data easier and also ensures that only authorized persons have access to them. The cost of customer acquisition and running their insurance business therefore drops sharply.

Now that you understand why they may be giving you such a great tool for free, you may want to know what's in it for you. Here they are …

1. The competition in the insurance industry is fierce. Savings like this help insurers compete better by lowering their rates. The lowest rates are online, period. It saves them much money and they pass on part of the savings to you in lower rates.

2. Getting five or more quotes per request is very normal especially if you get quotes from free quotes sites that are owned by insurance brokers. And, all it takes is just about five minutes. You raise your chances of making considerable savings when you have many more quotes to pick from.

3. It's a lot more convenient to get your quotes online from these sites. You can get and compare quotes at your own time and pace. Can you find time only by 1.00am? That's fine. All you'll have to do is just log on and get your quotes – So easy!

4. If you have ever tried to obtain your quotes directly from an agent you'll agree that you're less likely to get the best quotes but those that will serve the agent better. And what if the agent does not cover an insurance company, they'll give you what they have and not what's the best deal. Using quotes sites, you make your decision without any external pressure.

These leave you with …

Are You Desperate For Money?

It's no surprise that in today's economy, more people than ever are feeling "I am desperate for money". With jobs, home, income, and the stock market all on shaky ground, the desperate need for money is being heard loud and clear.

If you are in this situation, there are some important things to remember.

First of all, do not panic. it's actually much easier than you think to turn around your money woes and create something that will provide a stable, secure income for you and your family.

It takes a little planning and a good dose of common sense, but it can be done.

Let's see if you are really in a situation where you need to be desperate about money.

If you are:

1. Deeply in debt and having trouble making your minimum payments each month.
2. Being repeatedly hounded by bill collectors and creditors.
3. Cutting back excessively in your expenses to the point of discomfort.
4. Coming close to foreclosure on your home.
5. Heading towards bankruptcy.
6. Constantly stressed for money.
7. Having trouble sleeping, eating, or being happy because of money worries.
8. Feeling strained in your relationships because of money.
9. Barely making ends meet month after month.

If you have said "yes" to any of these, then you do need to take action to correct the situation right away.

Many people jump to the immediate "quick fix" of taking a part time job or going into debt consolidation. While these methods can provide a temporary "band aid" kind of relief, in the long run, then can have worse side effects than are worth it.

The most sensible and long term solution for not being in desperate need of money is to create more income through starting your own home business.

Most long-term home businesses will take time, effort, and patience to get up and running to the point where you can consider it a part or even full time income.

This is alright, and is to be expected.

But there are some ways to immediately get rid of the desperate need for money through online Internet marketing and home business strategies.

These are not the so-called "get-rich-quick" schemes that never work and only serve to frustrate anyone who tries them.

These are rather techniques from seasoned online Internet marketing experts who know how to generate money quickly, easily, safely, and comfortably so that one can create some income in the short term while growing their home business in the long term.

The key is to find the right experts with the right information in the right order who are willing to help others to eliminate the desperate need of money.

If you do this, then your money worries will be over. …

Free Home Based Business Ebooks

What would you do if you could get free home based business ebooks? Would you read them all? Would you use them to help promote your home based business website? Would you share them with family and friends or would you just thank me for sharing with you the only website that is currently offering "300 Free Home Based Business Ebooks".

They are yours to promote however you want but you can not sell them or make a profit from giving them away. You can however use them to help promote your website and hopefully gain some additional website traffic by giving them away for free. Maybe you will gain some knowledge about the home based business industry by reading some of the ebooks and take some ideas or suggestion and use them to your benefit.

Whatever you decide to do, one thing is for sure and that is a ton of information is there for you to review. You are guaranteed to gain some sort of knowledge from these either you are new to the home based business industry or you are just getting started. I know when I first started my website these ebooks were one of the keys to my online success and I still continue to say that today.

These ebooks are about home based business from all aspects. They Are Talking About How to Succeed on the Internet by Breaking All the Rules, Internet Wealth Secrets Exposed, How to Make Million-Dollar Internet Fortunes, How to Make an Internet Millionaire, How to Make Money Online a Fortune With the Cyber ​​Wealth System That Never Fails, Wealth Power, The Lazy Person's System to Getting Rich, Maximum Money Power, Money Miracles, The Black Book of Internet Secrets, Part-Time Wealth, The Black Book of Rare and Unusual
Marketing Secrets, The ABC's of Making Money From Home and much, much more.

Just imagine the possibilities with all this information. You could literally transform your entitlement home based business and help others succeed as you have by taking in as much information as possible from these ebooks. The home based business industry is not a one person game. You must trade links with sites that are sharing the same content as yours and even email your competitors and ask them to write something nice for you as a comment to help with your conversion ratio.

Fact of the matter is everything is a benefit for all. I can not tell you how many home based business websites I have seen with such a tight partnership. They all trade links and share new information (as long as you have a pr of 3-4 or better). They all write to each other so that fresh content is posted on their sites. It's absolutely amazing all the things you have to do in order to get great ratings in the search engines.

Anyways, I am babbling along and I kind of got off the subject but you are more than welcome to email me …

6 Types of Questions in English You Need To Know

In English there are 6 different kinds of questions. An utterance is a question if it has one or more of these four markers: rising intonation; inverted word order; a question word: who, what, where, when, how, how, why: or the word or. The different types of questions are differentiated based on the presence of the marker(s).

1. Statement with a rising intonation

The first kind of question has the word order of a statement but is spoken with a rising tune instead of a falling one.

You are serious? It was right? They were surprised? You can fly? You have done the work? This is a joke? You are leaving now? The Rangers won? You are from Bali? You live in Australia? You joined EzineArticles.com? You passed the test? She’s your boss?

The marker is intonation. These are “yes-no’ questions- the speaker is asking for confirmation or denial of what he understands. Such questions are most likely when the questioner has heard something and wants repetition.

2. With 24 Auxiliaries

The more common sort of question is made with inversion-placing an operator in first place. An operator (a form of be: is am, are, was/were, do/does,did, have/has/had, used to/ or one of the modal verbs can/could, will/would, shall/should, may/might, must, ought to, dare or need), which follows the subject in a statement, precedes the statement in a question. If the statement has no such operator, the empty form do occurs in the corresponding question. There are 24 operators or auxiliaries altogether in English.

Is this a good site to follow? Am I late? Are you leaving now? Were you in the office last night? Do you live in Indonesia? Does EzineArticles.com help you a lot in writing? Did it rain here yesterday? Have you got work today? Has your article been approved? Had you learnt before you left for USA? Used he to work in England before? Can you drive? Could you tell me why your account bees suspended? Shall I call you tonight? Should I go and see the manager now? May I help you? Might he come over? Must I heave up anchor? Ought she to do right? Need I contact the company? Dare he come to meet the boss?

These are also yes-no questions. The marker is the inverted word order; consequently, intonation is less important and either a rising or a falling tune may be used.

3. Tag Question

A similar but different way of asking the same thing is to make a statement and attach a tag question. The tag question has an operator which matches the verb of the statement and a pronoun which matches the subject.

You’re leaving now, aren’t you? You aren’t coming tonight, are you? This is a joke, isn’t it? This isn’t a joke, is it? You aren’t serious, are you? He’s gone back to USA, hasn’t he?

There are two different intonation possible: rising tune is used when the speaker is really seeking information, and …

Marketing Strategy – What Day Do Your Clients Buy?

In previous blogs I’ve talked about the importance of measuring your marketing activity and knowing where your prospects and clients originated from in order to measure which campaign has been the most successful and given the best ROI.

Another important area to measure is your emailings. Most good online systems offer the facility to measure how many recipients have opened your mailings and also how many have clicked through from your mailing to one of your website links. These stats are incredibly important not just for you to measure the effectiveness of the mailing content (and of course your list) but the days and times of the week when your target audience are most likely to read, click-through and ultimately purchase your product.

Perhaps you send a weekly/monthly mailing on the same day of the week and same time every week without a thought for whether this is the most effective time to reach your audience; or perhaps you randomly send out your mailings whenever you are ready to do so, or when the mood strikes! Either way, it’s worth taking some time to consider when your target audience will be in the most receptive state to your mailing, try sending on different times and days of the week and measure the results to see which appears most effective.

You may want to consider:

  • Are the majority of email addresses business or personal?
  • If personal, then when are the recipients most likely to respond to your mailing – when they are at work or perhaps in the evenings or weekends?
  • If business then consider the times of day when are they likely to take the time to stop and read your mailing/newsletter and when are they most likely to file it away – or worse to delete it?
  • The days and times when your target audience are most likely to be bombarded with emails or catching up with backlogs – i.e. Mondays or first thing in the morning.

If you are able to track previous mailings, then take a look back to see which have been the most successful with regard to click-through-rates and open-rates. Do you see any particular pattern with regards to the days and times they are sent and the response rates?…