Question
Calculate the closing inventory from the following
information: · Purchases Rs.90,000 · Sales Rs.125,000 · Opening inventory Rs.25,000 · Gross profit on cost = 25%Solution
Gross profit on cost of 25% = Gross profit of 20% on sales Gross profit = 125000*20% = 25000 COGS = Sales – gross profit = 125,000-25,000 = 100,000 COGS = Opening inventory + purchases – closing inventory 100000 = 25000 +90000 – closing stock Or closing inventory = 15000
_________________ is a brief summary of a prospectus filed before the registrar and contains all the salient features of a prospectus
A trader crosses the threshold limit for GST registration in June. He registers on July 10. He raises a taxable invoice on July 5. Is GST applicable?
First Auditor of a company is appointed by the ________________________
Under which section of the Income Tax Act, 1961, are the provisions related to TDS on interest other than interest on securities mentioned?
Salary received by the Partner of a Firm is charged under the head
A dealer supplies goods worth ₹1 lakh within state and charges GST. Which taxes will apply, and who will collect them?
An employee receives gratuity of ₹12 lakhs on retirement. What is the maximum tax-exempt amount under the Income Tax Act?
The total of the discount column on the debit side of a cashbook is posted to the:
A taxpayer may file an updated return for FY2023-24 till what date?
GAAP stands for:
Relevant for Exams:
