Garden Reach Shipbuilders & Engineers
Coupang Interview Questions and Answers
Q1. What will be your action if you have posted a debit entry in miscellaneous expenses for purchase of goods?
I would correct the entry by reversing the debit entry in miscellaneous expenses and posting a credit entry in the correct account for purchase of goods.
Reverse the debit entry in miscellaneous expenses
Post a credit entry in the correct account for purchase of goods
Ensure proper documentation and approval for the correction
Review the accounting records to prevent similar errors in the future
Q2. Whether one can take ITC if his input tax is shown only on GSTR 2A. If no then when one can take itc?
ITC can be taken only if the input tax is reflected in GSTR 2A and meets other conditions specified in the GST law.
ITC can be taken only if the supplier has uploaded the invoice in GSTR 1 and it is reflected in GSTR 2A of the recipient.
The recipient must ensure that the supplier has paid the tax to the government before claiming ITC.
ITC can be claimed in the month following the month in which the invoice was uploaded by the supplier.
If the input tax is not reflected in GSTR 2...read more
Q3. What is the Journal Entry for Purchase of goods?
The journal entry for purchase of goods involves debiting the inventory account and crediting the accounts payable or cash account.
Debit the inventory account to record the increase in inventory value
Credit the accounts payable account if the purchase is on credit
Credit the cash account if the purchase is made in cash
Example: Debit Inventory $1,000, Credit Accounts Payable $1,000
Q4. What is Marginal Costing? What is Marginal Cost?
Marginal costing is a costing technique where only variable costs are considered in determining the cost of a product or service.
Marginal costing is also known as variable costing.
It helps in decision-making by providing information on the impact of producing additional units on profit.
Marginal cost is the cost of producing one additional unit of a product or service.
It includes only variable costs such as direct materials, direct labor, and variable overhead.
Fixed costs are ...read more
Q5. What is TDS sec and rate for consultancy
TDS stands for Tax Deducted at Source. The TDS rate for consultancy services is 10%.
TDS stands for Tax Deducted at Source
The TDS rate for consultancy services is 10%
Consultancy services are subject to TDS deduction at the rate of 10%
Q6. Journal of accrued income and prepaid expenses
Accrued income and prepaid expenses are recorded in journals to ensure accurate financial reporting.
Accrued income is income that has been earned but not yet received, recorded as a debit in the income account and a credit in the accrued income account.
Prepaid expenses are expenses paid in advance, recorded as a debit in the prepaid expenses account and a credit in the cash account.
Accrued income and prepaid expenses journals help in matching revenues and expenses to the peri...read more
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