The 'TDS on purchase of goods' under Section 194Q is applicable when: MCQ with Answer and Explanation

Explanation:
A Total Debtors Account is constructed. The balancing figure (usually on the debit side) reveals the credit sales during the period.

Explanation:
Notional expenses (like interest on own capital) appear in cost accounts but not in financial accounts. So if costing profit is lower, we add it back to financial profit to reconcile.

Explanation:
A company does not prepare a Profit and Loss Appropriation Account; it transfers profits to reserves and dividends via the Statement of Changes in Equity. Only a partnership firm prepares this account to distribute profits among partners. S1 is incorrect, S2 is correct.