Mahindra Finance Interview Questions and Answers

Inserting a row and creating a cost budget is a simple task that can be easily solved by a 12th class student.

• Open the spreadsheet software (e.g. Microsoft Excel, Google Sheets).

• Insert a new row by right-clicking on the row number and selecting 'Insert Row'.

• Enter the necessary data for the cost budget in the new row, such as item names and their respective costs.

• Calculate the total cost by summing up all the individual costs.

• Format the budget to make it visually appealing and...read more

A purchase return journal entry is made to record the return of goods purchased from a supplier.

• Debit the accounts payable or trade payable account

• Credit the inventory or stock account

• Include any applicable taxes or discounts in the journal entry

• Ensure the entry is properly documented with the date, description, and amount

• Example: Debit Accounts Payable $1,000, Credit Inventory $1,000

This is a journal entry for a purchase transaction where the GST is also included.

• The purchase account is debited for the cost of the item purchased.

• The GST account is also debited for the amount of GST paid.

• The party name account is credited for the total amount paid.

• For example, if the purchase cost is $100 and the GST rate is 10%, the journal entry would be: Purchase DR $100, GST DR $10, Party Name CR $110.

A journal entry of purchase records the acquisition of goods or services by a company.

• Debit the asset account for the cost of the purchase

• Credit the accounts payable account for the same amount

• If the purchase was made with cash, credit the cash account instead of accounts payable

• Include any applicable taxes or discounts in the journal entry

• Example: Debit Inventory for $1,000, Credit Accounts Payable for $1,000

I have 5 years of experience working as an auditor in a public accounting firm.

• Performed financial audits for various clients to ensure compliance with regulations

• Conducted risk assessments and identified areas for improvement in internal controls

• Prepared detailed audit reports and communicated findings to management

• Collaborated with cross-functional teams to address audit issues and implement solutions

Tax Deducted at Source (TDS) under section 194 CIJ

• Section 194 CIJ of the Income Tax Act deals with TDS on payment of compensation on acquisition of certain immovable property.

• TDS is deducted at the rate of 10% on the amount of compensation paid.

• The person responsible for making the payment is required to deduct TDS and deposit it with the government.

• The TDS deducted needs to be reported and filed in the TDS return.

• Failure to deduct or deposit TDS may attract penalties and int...read more