Associate Accountant Interview Questions and Answers for Freshers

Credit Purchase Journal entry with GST involves recording a credit purchase along with the applicable Goods and Services Tax.

• Debit the Purchases account for the total amount of the credit purchase

• Credit the Accounts Payable account for the amount owed to the supplier

• Credit the Input Tax Credit account for the GST portion

• Example: Debit Purchases $1,000, Credit Accounts Payable $1,000, Credit Input Tax Credit $100

• Ensure the GST amount is calculated correctly based on the applic...read more

TDS stands for Tax Deducted at Source and is a form of income tax collected by the government. GST stands for Goods and Services Tax and is a value-added tax levied on most goods and services sold for domestic consumption.

• TDS is deducted by the payer at the time of making payment to the payee.

• TDS rates vary based on the type of payment being made.

• GST is a consumption tax that is levied on the supply of goods and services.

• GST has multiple tax slabs such as 5%, 12%, 18%, and 28...read more