Question
The concept of āMinimum Export Priceā (MEP) is
primarily used to:Solution
MEP is the lowest price below which an item cannot be exported. It is imposed by the government to prevent under-invoicing of agricultural exports, stabilize domestic prices, and ensure domestic availability of essential commodities.
XYZ Ltd. uses Written Down Value (WDV) method for depreciation. It acquires a machine for ā¹10 lakhs, has a salvage value of ā¹1 lakh and charges 20% ...
A company purchases an intangible asset (software license) for ā¹20 lakhs, with a legal validity of 5 years and probable economic benefit of 8 years. A...
Company X acquired equipment costing ā¹5,00,000 on 1-Jan-Year1; useful life 5 years, no residual. It capitalises borrowing costs of ā¹30,000 related t...
If a firm has been changing its depreciation policy every year, it is violating the_______ concept/principle of accounting.
Which asset is not eligible for depreciation under the Income Tax Act?
There are certain expenses that may be in the nature of revenue but their benefit may not be consumed in the year in which such expenditure has been inc...
A vehicle purchased for ā¹8,00,000 has an estimated useful life of 5 years and a residual value of ā¹1,00,000. Using the Straight-Line Method, the dep...
If the capital of a business is 230000, liabilities are 50000, loss 80000, then asset will be?
A plant was purchased for ā¹10,00,000. After 4 years, its book value stands at ā¹6,56,100 using the diminishing balance method. The annual rate of dep...
A company purchases machinery for ā¹50 lakhs with a useful life of 10 years and salvage value of ā¹5 lakhs. The company uses straight-line depreciatio...
