S1: Carriage Inwards is added to the Trading Account. S2: Carriage Outwards is added to the Trading Account. Which statement(s) is/are correct? MCQ with Answer and Explanation

Question

S1: Carriage Inwards is added to the Trading Account. S2: Carriage Outwards is added to the Trading Account. Which statement(s) is/are correct?

A. S2 only

B. Both S1 and S2

C. Neither S1 nor S2

D. S1 only

Answer: Option D

Solution (By JKSSB Mock Tests)

Carriage Inwards is a direct expense related to purchases and is added to the Trading Account. Carriage Outwards is a selling and distribution expense, shown in the Profit and Loss Account.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Correct Answer: Option A

Explanation:
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Correct Answer: Option D

Explanation:
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The 'Job Work' under GST means:

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