Question
The Goods and Services Tax (GST) in India was introduced
in which year?Solution
GST was implemented in India on July 1, 2017, replacing multiple indirect taxes with a unified tax system.
A company buys a machine for ₹12,00,000 and expects to use it for 8 years with residual value ₹80,000. Under straight-line method, annual depreciati...
Machine cost ₹10L, useful life 5 years, scrap value ₹1L. Using sum-of-years-digits method, depreciation for year 2 = ?
A company purchased machinery on 1st April 2023 for ₹15,00,000. It charges depreciation @15% p.a. under the Diminishing Balance Method. The written-do...
Which of the following is NOT a method of charging depreciation?
The primary cause of depreciation is:
Under which condition will no depreciation be charged on a fixed asset during a financial year?
A machine costing ₹8,00,000 has a useful life of 5 years and scrap value of ₹50,000. Using WDV method at 30%, what will be the book value at the end...
If the capital of a business is 230000, liabilities are 50000, loss 80000, then asset will be?
A plant was purchased on 1st April 2021 for ₹5,00,000. Depreciation is charged at 15% p.a. under the WDV method. On 1st October 2023, the plant was so...
A company purchases machinery for ₹50 lakhs with a useful life of 10 years and salvage value of ₹5 lakhs. The company uses straight-line depreciatio...
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