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Question #1
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At the time of dissolution of a partnership firm, fictitious assets (like deferred revenue expenditure) are transferred to:
Correct Answer: Option B
Explanation:
Fictitious assets are accumulated losses/expenses and are written off by transferring them to the debit side of Partners' Capital Accounts.
Fictitious assets are accumulated losses/expenses and are written off by transferring them to the debit side of Partners' Capital Accounts.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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The 'Section 80EEB' deduction is for:
Correct Answer: Option D
Explanation:
Section 80EEB provides deduction up to ₹1,50,000 on interest paid on loan for purchase of electric vehicle.
Section 80EEB provides deduction up to ₹1,50,000 on interest paid on loan for purchase of electric vehicle.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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For computing Capital Gains, the 'Cost Inflation Index' (CII) is used to:
Correct Answer: Option C
Explanation:
Indexation uses the CII to inflate the original cost of a long-term asset, reducing the taxable capital gain by accounting for inflation.
Indexation uses the CII to inflate the original cost of a long-term asset, reducing the taxable capital gain by accounting for inflation.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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