Question
Accounting Standard 2 (Revised) provides the _______ Â
method for computing the cost of inventories.Solution
Accounting Standard 2 (Revised) provides FIFO (First in First Out) or Weighted average method for computing the cost of inventories. It has recommended the use of specific Identification Method Only In case of goods or services which are meant for specific projects.
What is the maximum limit to the number of members in a private company?
Residential Status of a Person is determined for
Which of the following inventory methods would reduce tax liability during inflationary period?
Health and Education Cess is leviable at –
A registered dealer sells goods worth ₹5,00,000 with GST @18%. He has input tax credit (ITC) of ₹70,000. What is his net GST payable in cash?
Deduction under Section 80C is available up to:
An employee receives gratuity of ₹12 lakhs on retirement. What is the maximum tax-exempt amount under the Income Tax Act?
Cash withdrawn by the proprietor from the business for his personal use’ causes
Mr. Arjun earns ₹12 lakh as salary and has invested ₹1.5 lakh in PPF. He also pays ₹30,000 as health insurance premium for himself and ₹50,000 f...
A company avails ITC (Input Tax Credit) on office furniture purchase. Later, GST auditor disallows it. Is he right to do so, support your answer with re...
