Question
The following figures related to the rent and rates
payable expense for a business in 2020-2021. Which is the correct figure for rent and rate expense in the profit and loss account for the year ended 31 March 2021? Rent paid in advance at 1 April 2020 Rs.5000 Rates in arreas at 1 April 2020 Rs.2000 Payments in 2020-21 Rs.35000 Prepaid rent at 31 March 2021 Rs.4000 Rent in arrears at 31 March 2021 Rs.6000Solution
Rent and rate expense in the profit and loss account = Payments + Rent paid in advance on 1 April 2020 – Rent prepaid on 31 March 2021 – Arrears on 1 April 2020 + Arrears on 31 March 2021 = 35000 +5000 -4000 -2000 +6000 = Rs.40000
A diversified financial services group prepares consolidated cash flows. It earns interest on loans and pays interest on debt; it receives dividends on ...
Company reports PAT ₹10 crore, transfers ₹2 crore to General Reserve, pays interim dividend ₹1 crore, proposes final dividend ₹2 crore. Compute ...
A registered person cannot transport goods in a vehicle without a generated E-Way bill if the value of the goods (for a single invoice/bill/delivery cha...
As per the revised National Pension System (NPS) rules, up to what maximum age can a subscriber continue in the scheme?
The observation of people at work that would reveal the one best way to do a task is known as
Under Accounting Standard 5 on Net Profit or Loss for the period, prior period items and changes in accounting policies must be disclosed separately. Wh...
Which among the following would be classified as a part of Internal Liability?
'Take-or-Pay' contracts are commonly used in infrastructure project financing to mitigate which risk?
An amount received from Seema, whose account was previously written off as Bad Debts, should be debited to:
A business availed ITC of ₹2 lakh on inputs used partly for personal purposes. What should it do?
