The 'GST on Affordable Housing' under the new regime is: MCQ with Answer and Explanation

Question

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The 'GST on Affordable Housing' under the new regime is:

A. 12%

B. 5%

C. Exempt

D. 1% without ITC

Answer: Option D

Solution (By JKSSB Mock Tests)

GST for affordable housing is 1% without input tax credit.

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

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Question #1

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If a partner takes over an unrecorded liability during dissolution, the accounting entry is:

A. Debit Realisation A/c, Credit Partner's Capital A/c

B. Debit Partner's Capital A/c, Credit Realisation A/c

C. Debit Liability A/c, Credit Cash

D. No entry is required

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Correct Answer: Option A

Explanation:
The firm is assuming a cost (Debit Realisation) and compensating the partner who took the liability (Credit Partner's Capital).

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

Question #2

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S1: Cost audit is mandatory for all companies in India. S2: Cost audit is conducted to verify the accuracy of cost records. Which statement(s) is/are correct?

A. Neither S1 nor S2

B. Both S1 and S2

C. S2 only

D. S1 only

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Correct Answer: Option C

Explanation:
Cost audit is not mandatory for all companies; it is only required for specific classes of companies (like those in regulated sectors or manufacturing) as prescribed by the Central Government. S2 is correct as it verifies cost records. S1 is incorrect.

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