Which of the following serves as the source document for a Sales Return journal? MCQ with Answer and Explanation

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Which of the following serves as the source document for a Sales Return journal?

A. Cash Memo

B. Purchase Invoice

C. Credit Note

D. Debit Note

Answer: Option C

Solution (By JKSSB Mock Tests)

A Credit Note is sent to a customer when goods are returned, indicating that their account has been credited (reduced).

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

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Question #1

The 'Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019' was for:

A. Direct tax disputes

B. GST disputes

C. Income tax disputes

D. Resolution of pending indirect tax disputes under pre-GST regime

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Correct Answer: Option D

Explanation:
It was a dispute resolution-cum-amnesty scheme for legacy excise and service tax cases.

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Question #2

The 'Faceless Appeal' scheme under income tax was introduced by:

A. Finance Act, 2020

B. Finance Act, 2018

C. Finance Act, 2021

D. Finance Act, 2019

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Correct Answer: Option A

Explanation:
Faceless appeal scheme was introduced in 2020 to impart transparency.

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Question #3

Under the Partnership Act, if a partner is expelled, what happens to his liability for acts of the firm done before his expulsion?

A. He is only liable if the remaining partners agree to indemnify him

B. He remains liable to third parties for acts done before expulsion until public notice is given

C. He is completely released from all liabilities

D. His liability is transferred to the remaining partners automatically

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Correct Answer: Option B

Explanation:
Under Section 36 of the Indian Partnership Act, an expelled partner remains liable to third parties for acts of the firm up to the date of his expulsion, until a public notice of his expulsion is given.

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