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Answer Posted / sudeep kumar das
Tax is an important source of revenue for both cental as
well as state Govt. The constitution of India prescribes
establishment of a socilistic pattern of society providing
Justice to all political,economic & social.
There r two types of Tax i,e Direct Tax and
Indirect Tax.
Direct Tax ia a type of tax the burden which cann't
shift on the head of other.and indirect tax is vice-versa.
direct tax is Excise Duty income Tax, corporate taxes,
income taxes, and transfer taxes, Gift Tax.
Indirect Tax are sales tax
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what is Ratio Analysis ?
From the following information you are to prepare a Cash Budget for the period from July to December 2008. (i) The estimated sales and expenses are as follows: June July Aug. Sep. Oct. Nov. Dec. Sales 35,000 40,000 40,000 50,000 50,000 60,000 65,000 Purchases 14,000 16,000 17,000 20,000 20,000 25,000 28,000 Wages & Salaries 12,000 14,000 14,000 18,000 18,000 20,000 22,000 Expenses 5,000 6,000 6,000 6,000 7,000 7,000 7,000 Interest Received 2,000 - - 2,000 - - 2,000 Sale of Fixed Assets - - 20,000 - - - - (ii) Sales are 20% in cash and balance on credit. 50% of the debtors are collected in the month of sales and the remaining in the next month. (iii) The time lag in payment of purchases and expenses is 1 month. However, wages and salaries are paid fortnightly with a time lag of 15 days. (iv) The company maintains a minimum cash balance of Rs. 5,000. The cash balance in excess of Rs. 7,000 is invested in government securities in multiples of Rs. 1,000. Short falls in cash balance are made good by borrowing from banks. The interest received as well as paid is to be ignored.
Apportion Rs 125000/- Nett loss among the partners A,B,C as per their sharing ratios 32%,16% and the balance to C. Pass journal entry
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EXPAND______________ICT
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