The 'Tax on Virtual Digital Assets' (VDAs) allows deduction of: MCQ with Answer and Explanation
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Question #1
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S1: In the absence of a partnership deed, a partner is entitled to a salary for participating in management. S2: In the absence of a partnership deed, interest on partner's loan is allowed at 6% p.a. Which statement(s) is/are correct?
Correct Answer: Option B
Explanation:
The Partnership Act 1932 does not allow any partner to claim a salary for management participation if the deed is silent. However, it does allow interest on a partner's loan at 6% p.a. S1 is incorrect, S2 is correct.
The Partnership Act 1932 does not allow any partner to claim a salary for management participation if the deed is silent. However, it does allow interest on a partner's loan at 6% p.a. S1 is incorrect, S2 is correct.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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Carriage outward is shown in:
Correct Answer: Option B
Explanation:
Carriage outward is a selling and distribution expense, so it appears in Profit & Loss Account.
Carriage outward is a selling and distribution expense, so it appears in Profit & Loss Account.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The 'Payment of Bonus Act, 1965' is applicable to:
Correct Answer: Option A
Explanation:
The Act applies to employees with wages ≤ ₹21,000 per month (threshold may vary with amendments).
The Act applies to employees with wages ≤ ₹21,000 per month (threshold may vary with amendments).
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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