Financial Transactions and GST Overview

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Questions and Answers

What is the total cash deposited into the bank according to the financial record?

Rs 25,000
Rs 50,000 (correct)
Rs 75,000
Rs 100,000

What is the total cost of purchasing bikes from R.E Motors?

Rs 500,000
Rs 200,000 (correct)
Rs 1,000,000
Rs 2,000,000

Which entity is noted as the purchaser of the bikes in the sale book?

R.E Motors
Haryana
Factory
Manoj (correct)

What is the state where the GST on the purchase of bikes is applicable?

<p>Haryana (B)</p> Signup and view all the answers

How much is the total rent categorized in different sections as per the financial document?

<p>Rs 28,000 (D)</p> Signup and view all the answers

Flashcards

Contra Voucher

A financial document recording cash deposited into a bank account.

Journal Voucher

A financial document for recording a purchase on credit.

Purchase Book

Details of goods purchased by a business.

Cost Category

A type of business expense. (e.g., Rent)

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GST (Haryana)

Goods and Services Tax (18%) paid on a bike purchase from R.E Motors in Haryana.

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Study Notes

Financial Transactions

Cash deposited into bank: Rs 50,000
Purchase of bikes from R.E Motors: Rs 200,000 (on credit)
Purchase details: 10 bikes at Rs 20,000 each

Sales Transactions

Bikes sold to Manoj: 10 bikes at Rs 250,000 each

Costs

Rent:
- Office: Rs 4,000
- Factory: Rs 6,000
Other costs: Cost Category & Cost Center (unspecified details)

GST

GST on bike purchase: 18%
State: Haryana
Additional details: 10 bikes at Rs 200,000 each with GST

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Description

This quiz covers the essential aspects of financial transactions, including cash deposits, purchases on credit, and sales transactions. Additionally, it delves into cost management and the application of GST in the context of bike purchases in Haryana. Test your understanding of these fundamental financial concepts.