(i) On purchase of goods or assets output, GST A/c is credited.

(i) On purchase of goods or assets output, GST A/c is credited.
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Do you agree or disagree with the following statements : (i) On purchase of goods or assets output, GST ... Ltd should be debited to TATA Ltd's A/c.
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Last Answer : (D) Destination

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Description : When goods are sold on credit ___________ account is credited. 

Last Answer : When goods are sold on credit ___________ account is credited. (a) Buyer’s A/c (b) Cash A/c (c) Sales A/c (d) Seller’s A/c

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Last Answer : d. Accounts Receivable.

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Last Answer : b. the cash account will be credited.

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Last Answer : d) Purchases A/c

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Last Answer : a. Merchandise Inventory.

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Description : Is Stock of goods a assets or liability?

Last Answer : I think it an asset

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Last Answer : : b) A nation that trades with other nations in goods and services and financial assets

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Description : Which of the following is not a true statement about a multiple-step income statement? a. Operating expenses are often classified as selling and administrative expenses. b. There may be a section for nonoperating ... be a section for operating assets. d. There is a section for cost of goods sold.

Last Answer : c. There may be a section for operating assets.

Which of the following cannot be treated as revenue expenditure? A. Cost of goods purchased for resale. B. Wages paid for the erection of plant and machinery. C. Obsolescence cost. D. Expenses incurred by way of repairs of existing assets which do not in any way add to their earning capacity.

Description : Which of the following cannot be treated as revenue expenditure? A. Cost of goods purchased for resale. B. Wages paid for the erection of plant and machinery. C. Obsolescence cost. D. Expenses incurred by way of repairs of existing assets which do not in any way add to their earning capacity.

Last Answer : B. Wages paid for the erection of plant and machinery.

(i) Purchase of Assets should be debited to purchase A/c.

Description : (i) Purchase of Assets should be debited to purchase A/c.

Last Answer : Do you agree or disagree with the following statements : (i) Purchase of Assets should be debited ... NEFT, RTGS Transaction Cash A/c is affected.

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Description : The payback period is the period  A. a project takes to pay back the loan taken to purchase the capital assets  B. equal to the useful life of the machines  C. a project takes to recover its initial cash outflow  D. over which the project will be getting operating cash inflows

Last Answer : C. a project takes to recover its initial cash outflow

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Description : Under a conservative financing policy a firm would use long-term financing to finance some of the temporary current assets. What should the firm do when a "dip" in temporary current assets causes ... C. Use the excess funds to repurchase common stock. D. Purchase additional plant and equipment.

Last Answer : B. Invest the excess long-term financing in marketable securities.

Which one is not the form of FDI A. Purchase of existing assets in foreign currency.B. New Investment in Property, planet and equipment. C. Making investment is the mutual funds D. Transfer of many type of asset

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Last Answer : Purchase of existing assets in foreign currency.

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Last Answer : (A) Rs. 48,000

Himanshi Ltd. purchase consideration is Rs.22,345 and Net Assets Rs.6,568, then........... (A) Goodwill Rs. 15,777 (B) Capital Reserve Rs. 15,777 (C) Goodwill Rs. 28,913 (D) Capital Reserve Rs. 28,913

Description : Himanshi Ltd. purchase consideration is Rs.22,345 and Net Assets Rs.6,568, then........... (A) Goodwill Rs. 15,777 (B) Capital Reserve Rs. 15,777 (C) Goodwill Rs. 28,913 (D) Capital Reserve Rs. 28,913

Last Answer : (A) Goodwill Rs. 15,777

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Description : Net Assets minus Capital Reserve is _________ (A) Goodwill (B) Total assets (C) Purchase consideration (D) None of these

Last Answer : (C) Purchase consideration

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Description : When the Net Assets are less than the Purchase Consideration, the difference will be (A) Debited to Goodwill A/c (B) Debited to General Reserve (C) None of these

Last Answer : (A) Debited to Goodwill A/c

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Last Answer : While calculating purchase consideration ............... values of assets is to be considered. (A) Book value (B) Revalued price (C) Average price (D) Capital

The assets which is not taken under the net assets method of calculating Purchase Consideration is: (A) Loose Tools (B) Bills Receivable (C) Machinery (D) Share issued expenses

Description : The assets which is not taken under the net assets method of calculating Purchase Consideration is: (A) Loose Tools (B) Bills Receivable (C) Machinery (D) Share issued expenses

Last Answer : (D) Share issued expenses

Which of the following statement is correct? (A) The amount of Goodwill or Capital Reserve is recorded in the books of purchasing company only (B) The amount of Goodwill or Capital Reserve is recorded in the books of vendor company only. (C) Goodwill = Net Assets – Purchase price (D) The face value of shares of purchasing company will be taken in to account while calculating purchase consideration.

Description : Which of the following statement is correct? (A) The amount of Goodwill or Capital Reserve is recorded in the books of purchasing company only (B) The amount of Goodwill or Capital ... value of shares of purchasing company will be taken in to account while calculating purchase consideration.

Last Answer : The amount of Goodwill or Capital Reserve is recorded in the books of purchasing company only

While calculating purchase price, the following values of assets are considered (A) Book value (B) Revised Value

Description : While calculating purchase price, the following values of assets are considered (A) Book value (B) Revised Value

Last Answer : (B) Revised Value

In computing purchase consideration by ‘net asset method’ all assets including fictitious assets should be considered.

Description : In computing purchase consideration by ‘net asset method’ all assets including fictitious assets should be considered.

Last Answer : FALSE

When the purchasing company makes payment of the purchase consideration, it debits: A. Business purchase account B. Assets account C. Vendor company's account. D. Realisation A/c

Description : When the purchasing company makes payment of the purchase consideration, it debits: A. Business purchase account B. Assets account C. Vendor company's account. D. Realisation A/c

Last Answer : C. Vendor company's account.

Amalgamation is said to be in the nature of merger if: A. All assets and liabilities of transferor company are taken over by the transferee company. B. Business of transferor company is intended to be carried on by the transferee company. C. Purchase consideration must be paid in equity shares by the transferee company except for fraction shares. D. All of the above

Description : Amalgamation is said to be in the nature of merger if: A. All assets and liabilities of transferor company are taken over by the transferee company. B. Business of transferor company is intended to ... paid in equity shares by the transferee company except for fraction shares. D. All of the above

Last Answer : D. All of the above

Hitanshi Ltd.‘s purchase consideration is Rs.12,345 and Net Assets Rs.3,568, then........... (A) Goodwill Rs. 8,777 (B) Capital Reserve Rs. 8,777 (C)Goodwill Rs. 15,913 (D) Capital Reserve R

Description : Hitanshi Ltd.‘s purchase consideration is Rs.12,345 and Net Assets Rs.3,568, then........... (A) Goodwill Rs. 8,777 (B) Capital Reserve Rs. 8,777 (C)Goodwill Rs. 15,913 (D) Capital Reserve R

Last Answer : (A) Goodwill Rs. 8,777

Net Assets minus Capital Reserve is _________ (A) Goodwill (B) Total assets (C) Purchase consideration (D) None of these

Description : Net Assets minus Capital Reserve is _________ (A) Goodwill (B) Total assets (C) Purchase consideration (D) None of these

Last Answer : (C) Purchase consideration

While calculating purchase consideration ............... values of assets is to be considered. (A) Book value (B) Revalued price (C) Average price (D) Capital

Description : While calculating purchase consideration ............... values of assets is to be considered. (A) Book value (B) Revalued price (C) Average price (D) Capital

Last Answer : (B) Revalued price

When purchasing company pays purchase consideration, it will be debited to (A)Business purchase account (B)Assets account (C) Liquidator of selling company’s account (D)None of the above

Description : When purchasing company pays purchase consideration, it will be debited to (A)Business purchase account (B)Assets account (C) Liquidator of selling company’s account (D)None of the above

Last Answer : (C) Liquidator of selling company’s account

If amalgamation is in the ..............., the General Reserve or Profit and Loss A/c balance will not be shown in the balance sheet. (A)Form of Merger (B)Form of purchase (C)Net assets method (D)Consideration method

Description : If amalgamation is in the ..............., the General Reserve or Profit and Loss A/c balance will not be shown in the balance sheet. (A)Form of Merger (B)Form of purchase (C)Net assets method (D)Consideration method

Last Answer : (B)Form of purchase

Which of the following statement is correct? (A)The amount of Goodwill or Capital Reserve is found out in the books of purchasing company only (B)The amount of Goodwill or Capital Reserve is found out in the books of vendor company only. (C)Goodwill = Net Assets –Purchase price (D)The face value of shares of purchasing company will be taken in to account while calculating purchase consideration.

Description : Which of the following statement is correct? (A)The amount of Goodwill or Capital Reserve is found out in the books of purchasing company only (B)The amount of Goodwill or ... face value of shares of purchasing company will be taken in to account while calculating purchase consideration.

Last Answer : (A)The amount of Goodwill or Capital Reserve is found out in the books of purchasing company only

While calculating purchase price, the following values of assets are considered (A)Book value (B)New values fixed (C)Average values (D)Market values

Description : While calculating purchase price, the following values of assets are considered (A)Book value (B)New values fixed (C)Average values (D)Market values

Last Answer : (B)New values fixed

Which one of these is better course for 3rd Year B.Com Student: 1. Diploma in Finance & Accounts with GST or 2. Financial Modeling?

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Last Answer : 5% ... I get it back in credits $95 four times a year. It is annoying because you have to guess the 5% extra on the ticket price… that most likely is not pre rounded to the nearest dollar, so you get more unwanted change in your pocket… and I know that some vending machine is going to get it.

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Description : What are major updates which are still required in GST Act in India to become it a great law of taxation?

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What are the GST rates in India?

Description : What are the GST rates in India?

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Description : How can M3M India is offering this "profit is yours & loss is ours with no GST applicable", anyone has any idea?

Last Answer : Abhimanyu, you need to visit at M3M India's corporate office which is located at Gurugram, I have recently visited there related to M3M Urbana, you should try to log in to their website which is m3mindia dot com there are lots of information available there.

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Last Answer : Financial Services

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Description : GST council formation based on Article number– (A) 279A (B) 289A (C) 266A (D) 255A

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Description : Under which Act GST was introduced? (A) 100 (B) 101 (C) 102 (D) 103

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Description : In India, the GST Council has come out with a four-rate structure. They are? (A) 5%, 12%, 18% and 24% (B) 5%, 12%, 18% and 26% (C) 5%, 12%, 18% and 28% (D) 5%, 12%, 16% and 28%

Last Answer : (C) 5%, 12%, 18% and 28%

Who is the chairman of GST committee of state finance ministers? (A) Amit Mitra (B) Amit kohli (C) Amit Sastri (D) Amit Malhodra

Description : Who is the chairman of GST committee of state finance ministers? (A) Amit Mitra (B) Amit kohli (C) Amit Sastri (D) Amit Malhodra

Last Answer : (A) Amit Mitra