Question
Mention three or four points regarding rate of $GST.$
✓
Answer
Rate of $GST$: Under the $GST$ Act, different tax rates are determined on the basis of necessity of goods and services. — These tax rates are decided keeping in mind the nature of goods, from basic needs to luxury needs. — The range of $GST$ rates is between $0 \%$ to $28\%.$ — All $GST$ rates are recommended -by the $GST$ council.
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Write short-note on: $(1)$ Materiality Concept:
→Make classification of account type for the following:
(Stationery expense account, Brokerage received account, Frenchise account, Mumbai University account, Jagdishbhai's account, Excell Company's share account, Calico Mill's account ,Factory building account, Rent received account, Wages account, Prepaid insurance premium account, Repairing expense account)
(Stationery expense account, Brokerage received account, Frenchise account, Mumbai University account, Jagdishbhai's account, Excell Company's share account, Calico Mill's account ,Factory building account, Rent received account, Wages account, Prepaid insurance premium account, Repairing expense account)
Write journal entry for transaction and explain its accounting treatment of individual transaction as per equation method :
Introduced additional capital of $₹ 1,00,000.$
→Introduced additional capital of $₹ 1,00,000.$
Pass journal entries in the books of Shri Rohan Rangani for the following tansactions in the journal proper.
$(1)$ $₹ 2000$ received from Rahul for bad debt written off in past, which is credited to his personal account.
$(2)$ $₹ 4500$ received from Sohan is recorded in Mohan's account.
$(3)$ $₹ 1200$ paid for life insurance premium is debited to insurance premium account.
$(4)$ $₹ 6000$ paid for salary to Parag is debited to his personal account.
$(5)$ $₹ 1000$ paid for installation charges for machinery is wrongly debited to wages account.
$(6)$ Old furniture sold of $₹ 4000$, is entered in the sales account.
→$(1)$ $₹ 2000$ received from Rahul for bad debt written off in past, which is credited to his personal account.
$(2)$ $₹ 4500$ received from Sohan is recorded in Mohan's account.
$(3)$ $₹ 1200$ paid for life insurance premium is debited to insurance premium account.
$(4)$ $₹ 6000$ paid for salary to Parag is debited to his personal account.
$(5)$ $₹ 1000$ paid for installation charges for machinery is wrongly debited to wages account.
$(6)$ Old furniture sold of $₹ 4000$, is entered in the sales account.
From the following transactions, prepare purchase book of Ronak Stores.
$2018$
Nov.
$4$ Purchased goods of $₹ 20,000$ from Kinjal at $10 \%$ trade discount. Invoice no. $117.$
$8$ Purchased goods of $₹ 8000$ from Zara at $10 \%$ cash discount. Invoice no. $220.$
$15$ Furniture of $₹ 5000$ purchased from Kiya furniture mart.
$20$ Goods of $₹ 12,000$ sold by Sunil to us at $10 \%$ trade discount. Invoice no. $76.$
→$2018$
Nov.
$4$ Purchased goods of $₹ 20,000$ from Kinjal at $10 \%$ trade discount. Invoice no. $117.$
$8$ Purchased goods of $₹ 8000$ from Zara at $10 \%$ cash discount. Invoice no. $220.$
$15$ Furniture of $₹ 5000$ purchased from Kiya furniture mart.
$20$ Goods of $₹ 12,000$ sold by Sunil to us at $10 \%$ trade discount. Invoice no. $76.$
Disclose the following balances in the Balance Sheet of Vinayak cricket Club.
→| Balances of Acconts | Amt. (Rs.) |
Balances of Accounts | Amt. (Rs.) |
| Match Fund | $70,000$ | Interest on match fund investment | $4,000$ |
| Investments of Match fund | $35,000$ | Donation received for match fund | $16,000$ |
| Prize distribution to match winners | $5,700$ | Permanent fund | $1,05,000$ |
| Match Expense | $8,250$ | Investments of Permanent fund | $1,05,000$ |
Classify the following accounts:
$1$. Navneet Education Limited account
$2$. Cash account
$3$. Computer account
$4$. Vikas Book Stores account
$5$. Carriage inward account
$6. IFFCO’S$ account
→$1$. Navneet Education Limited account
$2$. Cash account
$3$. Computer account
$4$. Vikas Book Stores account
$5$. Carriage inward account
$6. IFFCO’S$ account
Trial Balance of Sanket as on $31-03-2015$
Adjustment : Rent receivable $₹ 2000.$
→Adjustment : Rent receivable $₹ 2000.$
Which three accounting principles or concepts or conventions are treated as fundamental accounting assumption by $ICAI?$
→Explain objectives of Profit & Loss Account.