The closing entry for transferring purchases account is: MCQ with Answer and Explanation

Explanation:
A payment voucher (not debit voucher) is prepared for cash payments. A journal voucher is indeed used for non-cash transactions like depreciation or rectification of errors. S1 is incorrect, S2 is correct.

Explanation:
At break-even point, there is no profit or loss; total revenue equals total costs.

Explanation:
Section 80D allows a deduction of up to ₹25,000 for health insurance premiums paid for self, spouse, and dependent children (if below 60 years). For senior citizens, the limit is ₹50,000.