Under what head, will the income of a Chartered Accountant come?

Salary

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Other source

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Capital gain

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Profession

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Solution

The correct option is D Profession
_

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Similar questions

Q. Professional people like solicitors, doctors, company secretary, cost accountant, chartered accountants etc., prepare for themselves ___________ which is a modified form of Income & Expenditure A/c prepared by non-trading concerns.

Q. A Chartered Accountant advised his client how to convert black money into white money and he also guided him how to save income tax by hiding his income. Is his act justified.

As at March 31,2008 the following balances have been extrated from the books of the Indian Chartered Accountants Recreation Club and you are asked to prepare (1) Trading Account for ascertaining gross profit derived from running restaurant and dining room and (2) Income and Expenditure Account for the year ended March 31, 2008 (3) and a Balance Sheet as at that date.

Debit Balances	Rs	Credit Balances	Rs
Stock-in-hand	1170	Receipts Dining Room	87,660
Purchases	24,660	Subscriptions	9,450
Dining Room	32,370	Billiard's Receipts	7,300
Rent	10,470	Sunday Receipts	410
Wages	18,690	Interest on Fixed Deposit	270
Repairs and Renewals	5,400	Sundry Creditors	5310
Fuel and Light	5,280	Grant from Institute (permanent)	42,000
Misc. Expenses	4,050	Income and Exp. A/c (1.4.07)	1,380
Cash in hand	560	Suspense A/c (See note)	60
Cash at bank	2,760
Fixed Deposit	8,500
Sundry Debtors	2,250
China glass, cutlery and linen	600
Billiard Table	2,070
Fixtures and Fittings	870
Furniture	4,140
Club Premises	30,000
	1,53,840		1,53,840

On March 31,2008 stock of restaurant consisted of Rs 900 and Rs 60 respectively. Provide depreciations Rs 60 on fixtures and fittings, Rs 390 on billiard table and Rs 560 on furniture.

Q. Which of the following may be appointed as the first auditor of the company? (i) A Chartered Accountant in practice (ii) A firm of Chartered Accountants in practice (iii) A limited liability partnership of Chartered Accountants in practice.
The options are ________________.

Q. _________is prohibited by statute to get its accounts audited by a qualified chartered accountant.

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Under what head, will the income of a Chartered Accountant come?

The correct option is D Profession_

The correct option is D Profession
_