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VladimirAG [237]
3 years ago
13

01

Business
1 answer:
sveta [45]3 years ago
4 0

Answer:

b. What is your greatest weakness?

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Mr.Akhil (55 years) paid mediclaim for self and family Rs.40,000 and for parents (80 years) Rs.60,000. What will be the deductio
Dominik [7]

In order to claim the deduction under Section 80D, the expenditure needs to be made in any means other than cash. Although the expenditure on preventive health check-ups is allowed to be incurred in cash. The deduction for the following expenses are available under section 80D:

A. Medical insurance premium paid for yourself & your family. Rs. 25,000 Rs. 50,000 (in case of senior citizen)

B. Medical insurance premium paid for your parents. Rs. 25,000 Rs. 50,000 (in case of senior citizen)

C. Expenditure on preventive health check-up. Rs.5,000

D. Medical expenditure of senior citizens or super senior citizens. Rs.50,000

E. Contribution to CGHS/notified scheme. Rs.25,000 Rs.50,000(in case of senior citizen)

Maximum amount of deduction (A+ B+C+D+E) Non-senior citizens(Self & family and Parents) Senior Citizens (Self & family and Parents) Self & family (Non-senior citizens)Parents(Senior Citizens) Rs.25000+Rs.25000= Rs.50,000

Rs.50000+Rs.50000=Rs.1,00,000

Rs.25000+Rs.50000=Rs.75,000

Hence, the deduction available is his total paid minus expected paid which is Rs. 40000 + Rs. 60000 = Rs. 100000 - (A+ B+C+D+E) = Rs. 150000

<h3>What is Section 80D?</h3>

Section 80D permits the deduction for money spent on taking care of one's health and health insurance. Section 80D claims great significance in one's tax planning and personal finance.

Therefore, the correct answer is as given above

learn more about Section 80D: brainly.com/question/14585764

#SPJ1

3 0
2 years ago
Below are the transactions for Ute Sewing Shop for March, the first month of operations.
balandron [24]

Answer:

Explanation:

March 1

Cash  1700

    Share Capital 1700

To record the issuance of shares

March 3

Equipment 1400

  Cash           1400

To record the purchase of equipment on cash

March 5

Rent Expense 470

    Cash               470

To record the rent expense

March 7

No entry neither cash nor serves are provided.

March 12

Purchase 117

  Cash           117

To record the purchases

March 15

Cash 670

 Income 670

To record the services Income.

March 19

Advance 570

     Payable   570

To record the advance cash receipt for services not yet provided thus advance is our liability.

March 25

Payable 228    570/25*10

   Income    228

To record the services income against advance given.

March 30

Utilities Expense   82

    Cash                      82

To record the monthly utilities expense

March 31

Dividend Pay  85

       Cash              85  

To record the payment of dividend.

2)

                                <u>Share Capital Account</u>

                                                 Opening =    0

                                                   Cash          1700

          <u>Closing=1700</u>                 <u>                            </u>

 

                                     <u>Cash  Account</u>

Opening = 0

share capital   1700                              Equipment          1400

                                                               Rent                   470

                                                                Purchase           117

Income             670

Adv. Pay           570

                                                                  Utilities             82

                                                                   Dividend          85

                                                                   <u>Closing balance- 786</u>    

     

                                       <u>Equipment</u>

Opening = 0

Cash           1400

                                                             <u>Closing-1400</u>

                                       <u>Rent Expense</u>

Opening = 0

Cash           470

                                                             <u>Closing-470</u>

                                       <u>Purchase Expense</u>

Opening = 0

Cash           117

                                                             <u>Closing-117</u>

                                <u>Income Account</u>

                                                 Opening =    0

                                                   Cash          670

                                                    Payable     228

      <u>Closing- 898</u>                                           <u>                            </u>

                                <u>Payable Account</u>

                                                             Opening =    0

                                                             Cash          570

Income 282

<u>Closing-342</u>                                           <u>                            </u>

                                       <u>Utilities Expense</u>

Opening = 0

Cash           82

                                                             <u>Closing-82</u>

                                   <u>Dividend</u>

Opening = 0

Cash           85

                                                             <u>Closing-85</u>

3)                     Trail Balance

     Head Of Account                           Debit                    Credir

Cash                                   786  

Share Capital                                           1700

Equipment                           1400  

Rent Expense                                                   470  

Purchases                            117  

Income                                                           898

Payable                             342

Utilities                                     82  

Dividend                                            85  

Total                                   2940                 2940

7 0
3 years ago
"A user complains that his computer is taking a long time to boot. During the boot process, you observe that the hard drive acti
MArishka [77]

Answer:

You should add an identical hard drive, and configure a RAID-0 volume.

Explanation:

7 0
3 years ago
what is a basic premise of the acquisition method regarding accounting for a noncontrolling interest?
miv72 [106K]
Answer: D) A subsidiary is an invisible part of a business combination and should be included in its entirety regardless of the degree of ownership.


What is a basic premise of the acquisition method regarding accounting for a non controlling interest?
A) Consolidated financial statements should not report a non controlling interest balance because these outside owners do not hold stock in the parent company.
B) Consolidated financial statements should be primarily for the benefit of the parent company's stockholders.
C) Consolidated financial statements should be produced only if both the parent and the subsidiary are in the same basic industry.
D) A subsidiary is an invisible part of a business combination and should be included in its entirety regardless of the degree of ownership.


D) A subsidiary is an invisible part of a business combination and should be included in its entirety regardless of the degree of ownership.
7 0
2 years ago
Aeryn Soon is a potential investor of Hippy Dippy Inc.’s preferred stock, which is currently selling for $475 per share. Hippy D
Ksju [112]

Answer:

Yes she should purchase this preferred stock.

Explanation:

Return on investment as a percentage = return/capital invested * 100

For Aeryn to decide whether she should purchase this preferred stock, its return on investment should be higher than or equal to 8%. The return on investment of this preferred stock is $40/$475 * 100 = 8.42%, which is higher than her required return therefore she should purchase the preferred stock.

5 0
2 years ago
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