S K Patodia & Associates Interview Questions and Answers

The recent budget updates include changes in allocations and expenditures.

• The budget updates may include increases or decreases in funding for different departments or projects.

• Changes in budget priorities may reflect shifts in organizational goals or strategies.

• It is important to stay informed about budget updates to understand the financial health of the organization.

I gained valuable work experience during my articleship by handling various accounting tasks, assisting in audits, and developing strong analytical skills.

• Managed day-to-day accounting tasks such as bookkeeping, preparing financial statements, and reconciling accounts

• Assisted in conducting audits and ensuring compliance with regulations

• Developed strong analytical skills by analyzing financial data and identifying trend...read more

I have 5 years of experience in taxation, including both corporate and individual tax preparation.

• I have 5 years of experience in taxation

• I am well-versed in both corporate and individual tax preparation

• I have successfully handled complex tax issues and audits

• I stay updated with the latest tax laws and regulations

• I have experience in tax planning and strategy development

GSTR-1 is filed to report outward supplies made by a taxpayer in a given period.

• Log in to GST portal and select GSTR-1 form

• Fill in details of outward supplies made during the period

• Validate and submit the form

• Generate and file the return using DSC or EVC

• Once filed, the details cannot be edited but can be amended in next period's return

Automate invoice processing and use software to manage and organize invoices.

• Use software to scan and extract data from invoices

• Implement an automated approval process for invoices

• Organize invoices by vendor, date, and amount

• Set up alerts for overdue invoices

• Consider outsourcing invoice processing to a third-party provider

The entry for credit purchase of Rs 2,00,000 including GST 18% involves debiting the purchase account and crediting the accounts payable account.

• Debit the Purchase account for Rs 2,00,000

• Credit the Accounts Payable account for Rs 2,36,000 (including GST)

• GST of Rs 36,000 is calculated as 18% of Rs 2,00,000

• The journal entry would be: Purchase A/C Dr. 2,00,000, To Accounts Payable A/C 2,36,000