Question : Exe Ltd. has a balance in Provision for Tax Account of Rs.50,000 and Rs.75,000 as of 31st March, 2021 and 2022 respectively. It made a provision for tax during the year of Rs.65,000. The amount of tax paid during the year was
Option 1: Rs.40,000
Option 2: Rs.50,000
Option 3: Rs.7,50,000
Option 4: Rs.65,000
Correct Answer: Rs.40,000
Solution : The amount of tax paid during the year was
Opening balance in Provision for Tax Account + Provision for tax during the year - Closing balance in Provision for Tax Account i.e.
50000+65000-75000 = 40000
Hence the correct answer is option 1.
Question : Evian Ltd. has a balance in Provision for Tax Account of Rs. 50,000 and Rs. 75,000 as on 31st March, 2019 and 2020 respectively. It made a provision for tax during the year of Rs. 65,000. The amount of tax paid during the year ______-.
Question : Raj Kundra Cricket Club was inaugurated on 1st April, 2019. It had the following Receipts and Payments during the year ended 31st March 2020.
Opening balance of cash Rs 20,000 (overdraft).
Receipts: Admission fees Rs 20,000,
Question : On 1st April, 2018 X Ltd. issued 20,000, 10% Debentures of Rs.100 each at a discount of 5% redeemable at a premium of 4% after 5 years. It decided to write off loss on issue of debentures in the year ended 31st March, 2019. It has the following balances : Capital
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