A business has opening capital of Rs 2,00,000. During the year, it earned a profit of Rs 50,000, owner withdrew Rs 30,000, and fresh capital of Rs 40,000 was introduced. What is the closing capital? MCQ with Answer and Explanation
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Question #1
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The 'GST Refund' for zero-rated supplies without payment of tax (under bond/LUT) can be claimed for:
Correct Answer: Option B
Explanation:
When export is under bond/LUT without payment of IGST, refund of accumulated input tax credit can be claimed.
When export is under bond/LUT without payment of IGST, refund of accumulated input tax credit can be claimed.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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Under GST, the 'Composition Scheme' is not available to a person who:
Correct Answer: Option A
Explanation:
The Composition Scheme is barred for suppliers of services (except restaurants), those making inter-state supplies, casual/non-resident taxable persons, and manufacturers of specified goods like ice cream, pan masala, and tobacco. Therefore, all options apply.
The Composition Scheme is barred for suppliers of services (except restaurants), those making inter-state supplies, casual/non-resident taxable persons, and manufacturers of specified goods like ice cream, pan masala, and tobacco. Therefore, all options apply.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The 'Customs Bonded Warehouse' allows:
Correct Answer: Option B
Explanation:
Bonded warehouses store imported goods under customs supervision; duty is deferred.
Bonded warehouses store imported goods under customs supervision; duty is deferred.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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