Question
Where neither party makes any appropriation, how shall
the payment be applied in discharge of the debts?Solution
Contract Act -Section 61.  Application of payment where neither party appropriates- Where neither party makes any appropriation, the payment shall be applied in discharge of the debts in order of time, whether they are or are not barred by the law in force for the time being as to the limitation of suits. If the debts are of equal standing, the payment shall be applied in discharge of each proportionally.
Section 80EEB of the Income Tax Act provides deduction on:
The fundamental accounting equation, Assets = Liabilities + Equity, can be alternatively expressed as:
Which of the following is a phase of the business cycle?
A. Expansion
B. Recession
C. Peak
Which of the following wage systems does NOT provide an incentive for efficiency?
The matching of revenue and related expenses gives which of the following?
Deduction in respect of royalty income of authors under Chapter VI is allowed under Section:
Money market is a market for ___ (1) ___ funds having maturity of ___ (2) ___.
Company Y acquires 80% of Z for consideration ₹4,00,000. Fair value of identifiable net assets of Z = ₹3,50,000. Calculate goodwill on consolidation.
Under section 208, obligation to pay advance tax arises in every case where the advance tax payable is ______.
A project has initial investment ₹1,00,000 and expected cash inflows ₹30,000 each year for 5 years. Payback period is:
Relevant for Exams:
