S1: Under GST, the 'Time of Supply' for goods supplied on an approval basis is 6 months from the date of removal. S2: If the goods are not rejected within 6 months, the time of supply is the date of removal. Which statement(s) is/are correct?
Explanation:
Section 12(6) of the CGST Act states that for supply on approval, the time of supply is 6 months from the date of removal, or the date of invoice if earlier. If not rejected within 6 months, it is the date of removal. Both are correct.
A.Matters other than those presented or disclosed in the financial statements that are relevant to understanding the audit, auditor's responsibilities, or report
B.Matters already disclosed in financial statements
Explanation:
Deposited checks lower the Cash Book overdraft. To make the Pass Book overdraft match the lower Cash Book overdraft, the amount must be added (reducing the negative balance).
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