On January 1, 1987, ABC Ltd. Sold some plant & machinery costing Rs. 28,000 (cash price) to XYZ Ltd. On the hire purchase. Payment was to be made as Rs. 7,500 cash down and three instalments of Rs. 7,500 at the end of each year. Rate of interest was @ 5% p.a. The rate of depreciation for the asset was 10% p.a. XYZ Ltd. Made the down payment and paid the first instalment. But they could not pay the second instalment. Consequently, ABC Ltd. Repossessed the goods. ABC Ltd. Spent Rs. 300 on repairs and disposed off the asset for Rs. 15,350. Open ledger accounts in the books of both the parties.
See Answer →Discuss the various ways in which a company can redeem its debentures.
See Answer →Why the Joint Life Policy is needed? What are the different ways of treating Joint Life Policy in accounts?
See Answer →Inter-branch Transactions.
See Answer →Head Office Expenses Chargeable to Branch
See Answer →Goods in Transit
See Answer →Cash in Transit
See Answer →Dividend income
See Answer →Clubbing of income
See Answer →Provident fund
See Answer →Agricultural income
See Answer →Explain the provision Deduction under section 80G.
See Answer →The employer has provided with a facility of bus (50 horse power) which
carries him along with other employees from home to office and back from office to home.
See Answer →The employer has provided him a 1.4 ltr capacity of car with driver only for private use. Expenses of car are Rs. 18,000. The cost of car is Rs. 5, 00,000.
See Answer →The employer has provided him a car of 1.6 ltr capacity. Total expenses and driver’s salary incurred by employer i.e. Rs. 18,000. Car is used for both private and official purpose.
See Answer →Mr. Sanjeev Kant is manager in Roadways. He gets salary @ 25,000 p.m., value the perquisites of car under the following different circumstances:
See Answer →Determine the total income of Shri kaushal Kumar from the following particulars for the year ending on 31st March 2022.
| RS | ||
| 1 | Interest received on 7% bonds of UP Govt. | 5,000 |
| 2 | Income from house property | 24,000 |
| 3 | Dividend received on preference shares of Indian company | 10,000 |
| 4 | LTC Loss (Related to the year 2019-20) | 7,000 |
| 5 | LTC Gain | 5,000 |
| 6 | STC Gain | 6,000 |
| 7 | STC Loss | 2,000 |
See Answer →
Explain Bond washing Transactions? How is tax avoided through such transactions?
See Answer →Define annual value and state the deductions that are allowed from the annual value in computing the income from house property.
See Answer →Mr. Ashutosh retired from an Indian company after serving for 34 years 4 months on 31st December, 2021. The company paid him Rs. 8, 00,000 as gratuity under the Payment of Gratuity Act, 1972. His monthly salary and D.A. at the time of retirement was Rs. 58,000 and Rs. 5,800 respectively. Compute the exempted gratuity U/S 10(10) (ii) of Income Tax Act.
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