Answer Posted / umendar
fringe benefit tax is paid to IT on the fringe benefits
availed by the firm..... i.e., travelling exp, petrol &
diesel exp. etc.., whereas
tds means tax deducted at source
ex:- rent, professional charges etc
| Is This Answer Correct ? | 7 Yes | 4 No |
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Q5 Prepare a Balance sheet from the following particulars: Gross profit =Rs.80,000 Gross profit to cost of goods sold =1/3 Stock velocity =6 times Opening stock =Rs.36,000 Accounts receivable velocity =72 days (year=360 days) Current assets=Rs.1,50,000 Account payable velocity=90 days Bills receivable =Rs.20,000 Bills payable=Rs.5,000 Fixed assets turnover ratio (on cost of goods sod)=8 times
