Question

3. From the following information prepare balance sheet with as many details as possible

Current ratio = 2.5, liquid ratio = 1.5, working capital = 600000 reserves and surplus = 400000, bank overdraft = 100000, there is no long term loans. Fixed assets to proprietary funds ratio = 0.75.

Answer 1

Tax Deducted at Source (TDS) is a system introduced by Income Tax Department, where person responsible for making specified payments such as salary, commission, professional fees, interest, rent, etc. is liable to deduct a certain percentage of tax before making payment in full to the receiver of the payment.