Advance payment of tax is in the nature of

Related MCQs

• Advance payment of tax should be shown on the
• If the provision for income tax for 2013 is Rs.30,000 and for 2014 is Rs.40,000; and income tax of Rs.25,000 is paid during the year 2014 in respect of year 2013, the amount of to be debited to the Profit and Loss Adjustment Account as “Provision for Income Tax” to find out “Funds from Operation” will be
• (i) Salaries as per Income and Expenditure Account Rs.1,500 (ii) Salaries paid in advance in previous year Rs.700 (iii) Salary outstanding at the end of current year Rs.300 (iv) Salary outstanding at the end of previous year Rs.800 From the above information given, the amount of salaries to be shown in Receipts and Payment Account can be valued at
• Advance tax paid is shown in the balance sheet under the head……….
• Income received in advance is
• As per Table A of the companies act, the interest on calls in advance is
• As per the companies Act, the interest on calls in advance is …………..
• Income received in advance by a business units is
• The adjustment to be made for income received in advance is:
• Payments received in advance from a customer for a contract can be