Interview Questions Answers in Taxation, Accounting AllOther, Accounting General

As per which notification the service tax is fixed to 14.5%?

Answer

Notification is "22/2015"

Its Effect After 14 Nov 2015.
we need to raise the Service Invoices as rated 14.5%

we need to show separately 14% & 0.5% in invoice.
*We cant claim .05% as input
*We need to pay what we collected .0.5% to Govt....
*same we can claim as expenses (Transfer to P&L a/c.

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0 Yes

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Question { 2801 }

Is bank charge an assest, equity or liability?

Answer

Bank Charges is Expenses to company.

it will falls under "Indirect Expenses" at profit & Loss a/c

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1 Yes

0 No

Question { 2190 }

what is the nature of expenses of a donation

Answer

Donation we can claim under section 80G as per Income Tax Act 1961.it will fals under Capital account.

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0 Yes

0 No

Question { 2168 }

What do you mean by the word Loss in nominal accounting Give some examples

Answer

Eg for Nominal account

Rent paid,Salary paid,Commission paid.Etc........

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0 Yes

2 No

Question { Satyaki Educational Academy, 2028 }

Transport expense were reimbursed by the supplier Pass journal entry

Answer

Supplier a/c Dr
Transportation a/c Cr

Is This Answer Correct ?

2 Yes

0 No

Question { Government, 2681 }

What is Contra Voucher

Answer

Contra means 2.

While Transaction happens between
Cash b/w Bank
Cash B/w Cash
Bank b/w Bank

Is This Answer Correct ?

1 Yes

0 No

Question { VKS, 11759 }

Cheque in hand is current asset or fixed asset...?

Answer

Current Assets.

Is This Answer Correct ?

4 Yes

0 No

Question { 2140 }

Why Prepaid rent is treated as Personal Account?

Answer

Why because we will account in the Owner name.

Is This Answer Correct ?

1 Yes

0 No

Question { 8354 }

What is the journal entry for drawing money from bank for personal use?

Answer

Drawing/Capital A/c Dr
To Bank A/c

(Being Cash withdrawn for Personal use)

Is This Answer Correct ?

1 Yes

2 No

Question { Sterlite, 2783 }

What is reserves

Answer

from profit some amount will transfer to Reserve account to meet the future sudden events

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0 Yes

0 No

Question { Infosys, 4285 }

What is the journal entry of.Tds. ?

Answer

For Eg Professional Charges Rs.20000 raised by RV and Co

1.Professional Charges 20000 Dr
To RV&Co 18000
To TDS Payable-194J 2000

2.TDS payable a/c Dr 2000
To Bank/Cash a/c 2000

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2 Yes

0 No

Question { 2358 }

Is banks deduct TDS for my Fixed deposits? if yes what is calculations done per lakh.

Answer

Yes,
If Exceed 10000 from interest on Fixed deposit , TDS Will attract 10% ,

We also submit the 15H/G as Non Taxable desecration Form then Bank will not deduct the TDS

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0 Yes

0 No

Question { 2227 }

What is sweep account

Answer

Like FD only,

But its difference from FD,
Sweep a/c whenever Main account balance will low automatically amount will transfer from sweep to Main Bank Account.
We can earn interest from sweep also in day terms.

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0 Yes

1 No

Question { ICH, 3604 }

what is suspense account in tally.

Answer

Unknown credit / Debit ...............

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1 Yes

0 No

Question { 2143 }

6- What do you mean by purchase merchandise; assets or expense?

Answer

If its purchases made for office use will consider as Assets ,
Otherwise will consider as Expenses

Is This Answer Correct ?

1 Yes

0 No

raghu