Question { Genpact, 20369 }

Mac Purchased on 15th Jan 12000/-
30th June Machinery damaged due to Fire Accident
31st Dec received the Insurance Premium 13000/-.
Pass the Journal Entry for all the above three

Answer

on 15 jan

machine a/c dr 12000.00
to cash/bank/creditors a/c 12000.00

on 30 june

loss due to fire,of machine dr 12000.00
to machine a/c 12000.00

on 31 dec

bank a/c dr 13000.00
to fire insurance a/c 13000

Question { 6958 }

What is MAt

Answer

MAT IS MINIMUM ALTERNATE TAX, IT IS INCOME TAX LEVIED ON
COMPANIES, IT IS CALCULATED ON BOOK PROFIT OF COMPANIES
AFTER CALCULATION OF DEPRICATION AS PER CO ACT & AS PER IT
ACT U MAY CHECK THIS ON GOV SITE OF INCOME TAX i.e.
incometaxindia.gov.in