Thomas Cook Senior Manager Finance & Accounts Interview Questions and Answers

GST stands for Goods and Services Tax, a tax levied on the supply of goods and services in India.

• GST is a comprehensive indirect tax that has replaced many indirect taxes in India.

• It is levied on the value-added to goods and services at each stage of the supply chain.

• GST on commission refers to the tax levied on the commission earned by a person or entity for providing services.

• The rate of GST on commission varies depe...read more

Journal entry for acquisitions

• Debit the assets acquired account for the fair value of the assets acquired

• Credit the cash or liabilities assumed account for the fair value of the consideration given

• Record any goodwill or bargain purchase gain or loss

• Example: Debit Assets Acquired for $500,000, Credit Cash for $400,000 and Credit Liabilities Assumed for $100,000