Question
A company pays insurance premium of ₹24,000 for 12
months in advance in March 2025 for the period January 2025 to December 2025. The accountant records the entire amount in the Profit & Loss account of FY 2024–25. Is this treatment appropriate?Solution
Matching principle requires expenses to be recognised in the period they relate to. ₹18,000 is for April–Dec 2025 and should be treated as prepaid.
Which of the following facts can be considered as res gestae, if A committed robbery on B?
...Under Section 37 of the Specific Relief Act, 1963, when can a court grant a temporary injunction to prevent breach of contract?
Article 25 of the Constitution guarantees the right to freedom of religion, but it does NOT protect:
The Minor partner becomes liable for the acts of firm from ___________.
Consider the following statements regarding Section 7 (Public Servant taking gratification) of PCA, 1988:
Statement 1: A public servant taking gr...
Under Section 349 of the BNSS, 2023, a Magistrate of the first class wishes to order an individual to provide a voice sample for forensic analysis. The ...
Which of the following statements best describes the concept of Stri-Dhan under Hindu Law
According to the Consumer Protection Act, which of the following is included in the term "advertisement"?
Presumption as to maps or plans made by authority of Government have which kind of presumption?
Promises which form the consideration or part of the consideration for each other are called _____________
