Question { TCS, 369862 }

What is Sensex?
What is Nifty ?
Difference between these two

Answer

1) SENSEX: SENSITIVITY INDEX Sensex is index of
BSE ( BOMBEY STOCK EXCHANGE)
It has got 30 listed companies. On the other hand,

2) NIFTY: NATIONAL FIFTY and it is nothing but the index of
NSE ( NATIONAL STOCK EXCHANGE)
It has got 50 listed companies

which shows the growth and
decline of stocks in a period.

Question { Honda, 7307 }

If Advance deposited Rs.200000/-, TDS diposited Rs.100000/-
& Provision for Income Tax is Rs.250000/- but It department
raise the Assessment Tax is Rs.350000/-. What will be the
journal entries?

Answer

PROVISION FOR IT DR 2500000
ASSESSMENT TAX DR 1000000
TO ADVANCE IT CR 2000000
TO TDS CR 1000000
TO INCOME TAX PAYABLE CR 500000