Question 20 of 33
Q.Which one of the following is correctly matched ?
(a) Bad debt - Creditor
(b) Depreciation - Trading Account
(c) Indian Income Tax Act - 1961
(d) Closing Stock - Profit and Loss Account
Puducherry TnboardTamil Nadu HSC First Year (DGE) Commerce Board 2024MCQ· 1mImportance★★★★★
61% · 20/33 Questions
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Start your 14-day free trial to unlock the full solution →Only "Indian Income Tax Act – 1961" is correctly matched; the other three pairs are wrong.
Evaluating each pair:
- (a) Bad debt – Creditor — wrong. Bad debt is an irrecoverable amount owed by a debtor, not a creditor.
- (b) Depreciation – Trading Account — wrong. Depreciation is an expense debited to the Profit and Loss Account, not the Trading Account.
- (c) Indian Income Tax Act – 1961 — correct. The Income Tax Act governing income tax in India was enacted in 1961. (It is this Act that prescribes the written-down-value basis of depreciation for tax purposes.) …
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