Under the Income Tax Act, the 'TDS' on payment of rent for land, building, or furniture exceeding ₹2,40,000 per annum is governed by which section, and what is the rate? MCQ with Answer and Explanation
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Question #1
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The journal entry for goods withdrawn by the proprietor for personal use is:
Correct Answer: Option B
Explanation:
Goods taken for personal use reduce drawings and reduce purchases (or stock). Correct entry: Drawings A/c Dr. To Purchases A/c.
Goods taken for personal use reduce drawings and reduce purchases (or stock). Correct entry: Drawings A/c Dr. To Purchases A/c.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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The 'Final Dividend' is recommended by:
Correct Answer: Option C
Explanation:
Board recommends final dividend, which is then approved by shareholders in AGM.
Board recommends final dividend, which is then approved by shareholders in AGM.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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Input Tax Credit under GST is available for:
Correct Answer: Option A
Explanation:
Input tax credit can be availed only on inputs used for business purposes, subject to conditions under GST law.
Input tax credit can be availed only on inputs used for business purposes, subject to conditions under GST law.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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