Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 35. mr. shahid, a wholesale supplier of dyes, prov

35. Mr. Shahid, a wholesale supplier of dyes, provides you with the details of the...

80.2K

Verified Solution

Question

Accounting

image

35. Mr. Shahid, a wholesale supplier of dyes, provides you with the details of the following cash payments he made throughout the year - 12.06.2020: loan repayment of * 27,000 taken for business purpose from his friend Kunal. The repayment also includes interest of 5,000. 19.08.2020: Portable dye machinery purchased for 15,000. The payment was made in cash in three weekly instalments. 26.01.2021: Payment of * 10,000 made to electrician due to unforeseen electric circuit at shop 28.02.2021: Purchases made from unregistered dealer for * 13,500 What will be disallowance under 40A(3), if any, if Mr. Shahid opts to declare his income as per the provisions of section 44AD

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Basic Math
1.2K views

Complete the truth table given below to verify the first De Morgan law p Aq...

Basic Math
1.2K views

Problem 5 1 Algo A manufacturing shop is designed to operate most efficiently at an...

Calculus
1.2K views

Solve 7 8 Give your answer as an interval

Accounting
1.2K views

1. Willis and Adams, CPAs uses the template shown below in the "Audit Planning Memorandum"...

Accounting
1.2K views

where did you get the 06200 amount paid to the marketing manager from

Accounting
1.2K views

Missoula Incorporated reported the following selected financial statement data: Required: Compute the average days in...

Accounting
1.2K views

If total assets decreased by $48,589 during a period of time and stockholders' equity increased...

Accounting
1.2K views

JJ Johnson has decided to supplement his income by selling beehives. He expects to sell...

Accounting
1.2K views

Payments of $900 and $1000 are due in 30 days and 210 days, respectively. If...

Accounting
1.2K views

How much did DOW report as its total allowance for credit losses as of December...

Finance
1.2K views

A $1,000 par bond with a 5.5% semi-annual coupon and a yield to maturity of...

Accounting
1.2K views

please help Pepper Department Store allocates its service department expenses...