A minor enters into an agreement with an adult for a loan. The minor later attains majority. Is the agreement automatically valid?
Anonymous Quiz
10%
Yes, because the minor is now an adult
7%
Yes, if the lender agrees
81%
No, it cannot be ratified merely on attaining majority
2%
Yes, if the loan was used for business
If price elasticity of demand is โ2 and price increases by 5%, approximately what is the percentage change in quantity demanded?
Anonymous Quiz
29%
Increase by 10%
45%
Decrease by 2.5%
22%
Decrease by 10%
4%
Increase by 5%
P Ltd. acquires 80% of S Ltd. for โน8,00,000. At acquisition, the fair value of S Ltd.'s identifiable net assets is โน9,00,000. The non-controlling interest is measured at its proportionate share of identifiable net assets. What is goodwill on acquisition?
Anonymous Quiz
22%
โน80,000
51%
โน1,00,000
18%
โน2,00,000
8%
โน1,80,000
For a deduction under Section 80C of the Income-tax Act, 1961, which statement is correct under the old tax regime, subject to applicable conditions?
Anonymous Quiz
9%
Every personal expenditure is deductible without limit
85%
Eligible investments and payments qualify, subject to an aggregate limit of โน1,50,000
1%
The deduction is available only to companies
4%
The deduction is automatically available under every tax regime
Forwarded from CA Tejas Suchak - Accountancy Ace
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