Flipkart Interview Questions and Answers

Balance sheet is a financial statement that shows a company's assets, liabilities, and equity at a specific point in time. Working capital formula is current assets minus current liabilities.

• Balance sheet is divided into two sections: assets and liabilities & equity

• Assets include cash, accounts receivable, inventory, property, and equipment

• Liabilities include accounts payable, loans, and taxes owed

• Equity includes retained earnings and stock

• Working capital formula is: current ...read more

There are 7 types of ITR forms. ITR6 is used by companies to file their income tax returns.

• ITR stands for Income Tax Return

• There are 7 types of ITR forms - ITR1, ITR2, ITR3, ITR4, ITR5, ITR6, and ITR7

• ITR6 is used by companies to file their income tax returns

• ITR6 is applicable for companies other than those claiming exemption under section 11 of the Income Tax Act, 1961

• ITR6 is to be filed electronically

• ITR6 requires details of income, deductions, taxes paid, and other relevant...read more

Journal entry of GST ITC set off

• When GST ITC is set off, the journal entry is made in the books of accounts

• The ITC is set off against the output GST liability

• The journal entry for ITC set off is a simple double entry

• The ITC is debited and the output GST liability is credited

• For example, if the ITC is Rs. 10,000 and the output GST liability is Rs. 8,000, then the journal entry will be: ITC A/c Dr. Rs. 10,000 To Output GST A/c Cr. Rs. 8,000 To GST Payable A/c Cr. Rs. 2,000

The revenue generated in a month can vary based on various factors such as market conditions, sales strategies, and customer base.

• Revenue generation can be influenced by the size and quality of the sales pipeline.

• Effective sales strategies and techniques can help maximize revenue generation.

• Building strong relationships with customers can lead to repeat business and increased revenue.

• Market trends and economic conditions can also impact the amount of revenue generated in a mo...read more

Types of companies include sole proprietorship, partnership, corporation, and limited liability company.

• Sole proprietorship is a business owned and operated by a single individual.

• Partnership is a business owned and operated by two or more individuals.

• Corporation is a legal entity separate from its owners, with shareholders and a board of directors.

• Limited liability company (LLC) combines elements of both a corporation and a partnership, providing limited liability for its ow...read more