A trial balance shows equal totals but still contains an error of ₹2,000 where purchase of stationery was debited to furniture account. This is: MCQ with Answer and Explanation

Explanation:
Income tax is a direct tax because the liability and burden of the tax fall on the same individual.

Explanation:
Vouching involves checking vouchers to verify the authenticity of transactions. Verification goes beyond vouching to confirm the physical existence, legal ownership, and proper valuation of assets and liabilities at the balance sheet date. Both are correct.

Explanation:
Because the firm owes the partner for this expense, it is charged to Realisation (Debit) and credited to the Partner's Capital account.