Interview Questions Answers in Taxation, Accounting AllOther, Accounting General, Audit

if we mentioned vat 12.5% on bill then we print this bill
on retail invoice or vat invoice

Answer

vat depend on the item, vat charge 1 % 4% 12.5%
depend on item
we sale item to the direct customer who consume the item so
we shall issue a retail invoice and we sale goods to the
midiator we shall issue a tax invoice but tin no is
compulsary to the midiatores

Is This Answer Correct ?

2 Yes

0 No

Question { IOCL, 32059 }

can i take input tax credit on inter state purchase? reply
breifly.

Answer

yes

Is This Answer Correct ?

1 Yes

16 No

Question { 3807 }

difference between accounting and financial accounting if it
is same or not if not what is the difference ?

Answer

accounting is two types
1.)financial accounting is define the position of our
business. its measure a gp, np, stock turnover ratio and
etc......,

economical accounting is define the cost and expenses of
the co. including interest of capital

Is This Answer Correct ?

2 Yes

0 No

Question { 5898 }

What is a service tax?.How to pay the service tax return?

Answer

service tax is levy of tax on the services provided by any
individual, firm, co. etc...
any body provide any type of services and his service
exceed the amount of 10 lakh he is must be ragistration in
service tax department
now this time service tax rate is 10.3%
10% is service tax
2% is edu. cess
1% is higher educess
total tax is 10.3% on the amount

calculate the amount of service tax nad paid by tr-6
challan to the govt.and in every 6 month we submitted the
service tax return in the department.

Is This Answer Correct ?

17 Yes

2 No

Question { 20801 }

IF 7th is Sunday, can we pay the TDS on 8th?

Answer

no
last date in case is 6th

Is This Answer Correct ?

16 Yes

9 No

Question { JK Associates, 8231 }

what is direct expensive?

Answer

direct exp : any exp. paid on the behalf of manufacturing
co., and production department for the purpose of making
goods called is direct expenses
all exp paid for produce goods called direct exp.
simple

Is This Answer Correct ?

3 Yes

1 No

Question { Lanco, 10117 }

book building

Answer

Book Building is basically a capital issuance process used
in Initial Public Offer (IPO)

Is This Answer Correct ?

4 Yes

2 No

Question { 4929 }

Here is a question i was asked below is the scenario need
to enter journal entrries for both accounting system Cash
and Accrual
:-

1) Landlord A/c
2) Tenant A/c
3) Bills Receivable A/c
4) Cash A/c
5) Bank A/c

Situation:-
1) Bill is created.
2) Bill is sen to the tenant, journal entry =?
3) Cash is received from the tenant, journal entry=?
4) Receipt is created.
5) Receipt is sent to the tenat, journal entry=?

Its urgent, please help.

Answer

in the book of landlord
bill is created & sent
1.)tenant name a/c.........dr
to rent (income)a/c

cash is received from tenant
2.)cash a/c ......dr
to tenant/name a/c

all oposite entry in the books of tenant

if any error pls tell me

Is This Answer Correct ?

4 Yes

0 No

Question { 5779 }

assume we have taken a assest on 20/02/2010,then can we
charge depreciation for a whole finacial year?

Answer

no
bcs ur assets purchases days less then 180 days
in this case depreciation charged half rate of depreciation
for the 365 days
for examples
furniture value = 20000, depreciation rate is =15%
if our asstes purchase days less then 180 days
20000*7.5/100=1500 Rs
depreciation charged
ok if found any error pls tell me
thanks

Is This Answer Correct ?

12 Yes

1 No

Question { 5779 }

assume we have taken a assest on 20/02/2010,then can we
charge depreciation for a whole finacial year?

Answer

dear deepak first think and then reply bcs all readers read
ur answer its not joke bcs its help ful for all lerners

Is This Answer Correct ?

3 Yes

0 No

Question { 7432 }

What is RETURN OF ROC

Answer

return of ROC means every co. who is ltd also submited the
return in ROC( registrar of company )
i think all the reader get the answer of roc

Is This Answer Correct ?

3 Yes

1 No

Question { 5089 }

how to prepare balance sheet pls tell me?

Answer

MAKE A TRIAL BALANCE AND POSTED ALL ENTRIES ACCORDING DR.
OR CR. AND FIRST MAKE A TRADING A/C AND P&L A/C THEN AFTER
PROFIT OR LOSS WHO IS RECEIVED TRANSFER IN THE CAPITAL A/C
AND PREPARE A BALANCE SHEET ACCORDING TO TRIAL BALANCE ONE
SIDE LIABILITIES AND OTHER SIDE ASSETS
U CAN TRY AND U MAKE IT

Is This Answer Correct ?

5 Yes

2 No

Question { Genpact, 63710 }

Please tell me under which heads following ledgers should
open or create.

1. Vat on Sales
2. Vat on Purchases
3. Excise on Sales
4. Excise on Purchases
5. Service Tax Input
6. Service Tax Output

It’s urgent for me.

Answer

sreepada bhagi tum over smart ban rahe ho zuber ji aap unhe or over smart bana rahe ho ,
pahle to ye batiye sir 'Duties & Taxes' is a Profit & Loss A/c account head" ye jo apne likha hai its not right. first of all sreepada bhagi ji i think u read a 11th class accounts book, u must clear ur basic and then post

Is This Answer Correct ?

3 Yes

2 No

Question { 13896 }

On 01-04-2006 Mr. Dhanpal started business with Rs.2,00,000
cash and opened a bank account with Rs.1,50,000. He
purchased furniture for his business for Rs.25,000. Goods
were bought from Deendayal for Rs.50,000 on credit. He sold
goods for Rs.27,000 in cash and 30,000 on credit. He paid
Rs. 2,500 for business expenses during April month. Rs.
10,000 was withdrawn for office purposes from the bank. Find
out the closing balance of cash and bank.

Answer

cash balance = 199500
bank balance = 15000

Is This Answer Correct ?

1 Yes

2 No

Question { 13896 }

Answer

no arju i m right may be question is incooect but now this
time i m correct u can ask some intellient people ok bye

Is This Answer Correct ?

1 Yes

0 No

sundeep