Question
A mistake as to a law not in force in India
____________Solution
Has the same effect as the mistake of fact, Section 21. Effect of mistakes as to law: A contract is not voidable because it was caused by a mistake as to any law in force in India; but a mistake as to a law not in force in India has the same effect as a mistake of fact.
A firm has a current ratio of 2.5 and quick ratio of 1.2. Its current liabilities are ₹4 lakh. What is the value of inventory?
Annual Lettable Value = ₹3,60,000
Municipal Taxes = ₹30,000
Interest on Housing Loan = ₹2,50,000
Compute taxable income under...
A company incurred ₹1 lakh as preliminary expenses. How should it treat the amount under current Ind AS?
_______ Ratio is the indicator of firm’s financial leverage.
Omega Ltd. has idle capacity and receives a special export order for 2,000 units at ₹420 per unit. Normal price = ₹500. Unit variable cost = ₹350....
If the company earned revenue from operations of Rs.18 lakh, what is the working capital turnover ratio of the company?
A person shall be eligible for appointment as an auditor of a company only if he is a _______________
Which of the following commodities are kept outside the scope of GST?
(i) Fresh milk and pasteurised milk
(ii) Soyabeans seeds
(iii...
Which Ind AS deals with Revenue from Contracts with Customers?
Project A has cash flows of ₹-10 lakh (initial), ₹3L, ₹4L, ₹5L over 3 years. Project B has the same initial investment but generates ₹6L, ₹4...