MyQuestionIcon

2

You visited us 2 times! Enjoying our articles? Unlock Full Access!

Business Studies

Pre-Shipment Finance

Input credit ...

Question

Input credit is payable on account of ____ paid on capital goods.

A

profit

No worries! We‘ve got your back. Try BYJU‘S free classes today!

B

vat

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

C

sales tax

No worries! We‘ve got your back. Try BYJU‘S free classes today!

D

discount

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Open in App

Solution

The correct option is A vat
Input credit is payable on account of VAT paid on capital goods.

Suggest Corrections

thumbs-up

0

Similar questions

Q. When capitals are made proportionate to profit-sharing ratio and excess capital is paid back to a partner is his Capital Account debited or credited?

Q. Interest on capital is credited to ___________ account.

Q. At the time of forfeiture of shares which were originally issued at a discount, the accounting entry will be
I. A Debit Share capital account with the called-up value of shares forfeited.
II. A Credit Share forfeiture account with the amount received on forfeited shares.
III. A Credit Discount on issue of shares with the amount of discount allowed on forfeited shares,
IV. A Credit Calls-in-arrears with the amount due but not paid on forfeited shares.

Q. Interest on capital is credited to Partner's Current Account. Name the method of maintaining Capital Account.

Under fluctuating capital account, the interest on capital is credited to ___

View More

Join BYJU'S Learning Program

similar_icon

Related Videos

lock

Export Import Procedure

BUSINESS STUDIES

Watch in App

explore_more_icon

Explore more

Pre-Shipment Finance

Standard XI Business Studies

Join BYJU'S Learning Program

CrossIcon