Question
Explain any two special features of $GST.$

Answer

SELF

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Make classification of account type for the following:
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Shri Mahesh Bhatt does not maintain separate subsidiary books for transactions of bill receivable, bill payable and goods return. So, record the following transactions in the journal proper of his book.
$( 1)$ Drew a bill of $₹ 5000$ on Mukesh which he accepted and returned.
$( 2)$ Accepted a bill of ₹ 7000 drawn by Vinod and returned to him.
$( 3)$ Goods of $₹ 2000$ returned to Suresh.
$( 4)$ Bills receivable of Mukesh endorsed to Durgesh.
$( 5)$ Goods of $₹ 3000$ returned by Ashwin to us.
$( 6)$ Cash received of $₹ 2500$ from Rajesh for bad debt recovered.
Explain the concept of going concern giving example.
State the importance of financial statement.
Income of subscription $Rs.45,000$ is disclosed in the Income-Expenditure account for the year ending $31-3-2015.$ Other details of subscription are as follows:
Particulars $31-3-2014$ Amt.(Rs.) $31-3-2015$ Amt.(Rs.)
Subscription outstanding $2700$ $3600$
Subscription received in advance $1800$ $900$
Disclose the amount of subscription in the receipt payment account for the year ending $31-3-2015.$
Write journal entries for the following transactions in the books of Murlidhar. $2019$ May $1$ Goods of $Rs.1,000$ is withdrawn from business for personal use. $2$ Goods of $Rs.700$ destroyed by fire. It was not insured. $7$ Goods of $Rs.500$ given as donation.
Record the following transactions in the journal proper of Shri Chandan Choksi.
$(1)$ Furniture purchased of $₹ 20,000$ from Sajavat Furniture Mart.
$(2)$ Machinery valued of $₹ 20,000$ sold to Chirag at $₹ 22,000.$
$(3)$ Old furniture of office of $₹ 5000$ sold for $₹ 4500.$
$(4)$ Received goods of $₹ 1000$ as free samples.
$(5)$ Purchased machinery of $₹ 50,000$ from Sagar Machinery Stores. Half amount paid by cash.
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Give the specimen of debit note.
State the name of the accounting principle, concept or convention which is followed in the practices or statements given below :
$(1)$ Market value of fixed assets as on $31-03-2016$ is ? $5$ lakhs and depreciated value is f $4$ lakhs on this date. In this case, fixed assets will be shown in the balance sheet at ? $4$ lakhs on $31-03-2016$ and not at $”x“$ $5$ lakhs.
$(2)$ Usually, provision for discount reserve on creditors is not made.
$(3)$ Provision is made for doubtful debtors.
Write short-note on: $(1)$ Materiality Concept: