Q.57 On the occasion of the silver jubilee of ABC Ltd., ‘X’, an employee, is given a gift of a watch whose value is Rs. 6,500. Is this gift taxable? If Yes, what shall be the taxable value?
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Q.67 Calculate the invoice price of the goods sent to the branch from the given particulars. Goods amounting to Rs. 2,00,000 at cost are sent to the branch at cost plus 20 percent.Ans A. Rs. 2,40,000B. Rs. 1,60,000C. Rs. ...
Q.52 Out of the following, identify the items to be shown in the Notes to Accounts on Finance costs. (i) Interest paid on the term loan(ii) Bank charges(iii) Interest paid on bank overdraftAns A. (i) and (ii) ...
Q.70 Which section of the Income Tax Act, 1961 defined the provisions relating to pension?Ans A. Section 17(1)(ii)B. Section 18(1)(ii)C. Section 17(8)D. Section 17(2)(ii)Correct Ans Provided: A
Q.50 Calculate the invoice price of the goods sent to the branch and the profit margin included therein from the given particulars. Goods costing Rs. 4,20,000 are invoiced to the branch to give a gross margin of 40 ...
Q.65 Expenditure incurred for the purpose of acquiring long-term assets (useful life is at least more than one accounting period) for the use in business to earn profits and not meant for resale will be treated as a ...
Q.71 Capital expenditures are shown in the balance sheet on the _______ side, while revenue expenditures are shown in the profit and loss on the ______ side.Ans A. assets & trading; account creditB. liability & trading; account creditC. ...
Q.60 Which of the following points is/are considered as objects of vouching? (i) To ascertain that the recorded transactions are genuinely related to business(ii) To ascertain that recorded transactions are supported by vouchers(iii) To ensure that all ...
Q.55 Which of the given items will be shown on the debit side of the profit and loss account? (i) Income tax(ii) Drawing(iii) Wages(iv) Salary(v) Wages & salary(vi) Rent paid(vii) Postage expenses(viii) ...
Q.59 In 2019-2020, the sports club of Odisha had received Rs. 2,000 towards subscription. The unpaid subscriptions for 2018-19 on 1 April 2019 were Rs. 200. The subscriptions paid in advance on 31 March 2019 were Rs. 50 ...
