Harima Foods Interview Questions and Answers

Accrued income is shown under the asset side of the balance sheet, while accrued expenses are shown under the liability side.

• Accrued income is recorded as a current asset on the balance sheet, representing revenue that has been earned but not yet received.

• Accrued expenses are recorded as a current liability on the balance sheet, representing expenses that have been incurred but not yet paid.

• Accrued income increases the total assets of the company, while accrued expenses incre...read more

Prepaid income is income received in advance, while prepaid expenses are expenses paid in advance.

• Prepaid income is income received before it is earned, such as subscription fees paid in advance.

• Prepaid expenses are expenses paid for in advance, like insurance premiums or rent.

• Both prepaid income and prepaid expenses are recorded as assets on the balance sheet until they are earned or used.

Going concern concept is the assumption that a company will continue to operate in the foreseeable future, while matching concept is the principle of matching expenses with revenues in the same accounting period.

• Going concern concept assumes that a company will continue to operate for the foreseeable future without the need to liquidate assets or be forced out of business.

• Matching concept states that expenses should be recognized in the same period as the revenues they help g...read more

TDS on purchase of land from an individual for ₹10000000 is applicable.

• TDS rate on purchase of land from an individual is 1% if the value exceeds ₹50 lakhs.

• In this case, TDS amount would be ₹100000 (1% of ₹10000000).

• The buyer is required to deduct TDS at the time of making payment to the seller.

• TDS should be deposited with the government and TDS certificate should be issued to the seller.

Companies must file their income tax return by the 15th day of the 3rd month after the end of their fiscal year.

• Companies must file their income tax return by the 15th day of the 3rd month after the end of their fiscal year.

• For example, if a company's fiscal year ends on December 31st, the income tax return would be due on March 15th.

• Extensions may be available in certain circumstances, but the initial due date is typically the 15th day of the 3rd month after the fiscal year ...read more

BRS stands for Bank Reconciliation Statement. Income tax due dates vary by country and type of taxpayer.

• BRS is a statement prepared to reconcile the balance as per company's books with the balance as per bank statement.

• Income tax due dates differ by country and type of taxpayer, usually falling on specific dates throughout the year.

• For example, in the US, individual income tax returns are due by April 15th each year.

• In India, the due date for filing income tax returns for ind...read more

GST returns are typically due on the 20th of the following month.

• GST returns are usually due on the 20th of the month following the tax period.

• For example, the GST return for the month of January would typically be due on February 20th.

• Late filing of GST returns can result in penalties and interest charges.

TDS on professional payments is a tax deducted at source on payments made to professionals for their services.

• TDS rate on professional payments is usually 10%.

• It is applicable when the payment exceeds a certain threshold amount.

• The person making the payment is responsible for deducting TDS and depositing it with the government.

• Failure to deduct TDS can lead to penalties and legal consequences.