The 'Special Economic Zone' (SEZ) supplies are treated as: MCQ with Answer and Explanation

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The 'Special Economic Zone' (SEZ) supplies are treated as:

A. Zero-rated supply

B. Intra-state supply

C. Exempt supply

D. Inter-state supply

Answer: Option A

Solution (By JKSSB Mock Tests)

Supply to SEZ is zero-rated, allowing input tax credit refund.

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

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Practice More Accountancy and Book Keeping Questions

Question #1

GST was introduced in India on:

A. 1st April 2016

B. 1st January 2017

C. 1st July 2017

D. 1st April 2017

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Correct Answer: Option C

Explanation:
Goods and Services Tax (GST) was rolled out on 1st July 2017.

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

Question #2

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. No entry is required

C. Debit Liability A/c, Credit Cash

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

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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).

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Question #3

Which of the following items is not an appropriation of profit in a partnership firm?

A. Interest on partners' capital

B. Salary to partners

C. Interest on partners' drawings

D. Rent paid to a partner's premises

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Correct Answer: Option D

Explanation:
Rent paid to partner is a charge against profit (debited to P&L A/c), not an appropriation. Others are appropriations.

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

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