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Answer Posted / phanindra babu
WCT Defination
Work Contract Tax
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purchase of Rs 1000 were rejected and returned,however vendor returned Rs 800 and balance Rs 200 is charged to sundry exp A/c
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A and V enter into a joint venture to sell a consignment of biscuits sharing profits and losses equally. A provides biscuits from stock Rs 10000. He pays expenses amounting to Rs 1000. V incurs further expenses on carriage Rs 1000. He receives cash for sales Rs 15000. He also takes over goods to the value of Rs 2000. The profit on joint venture is 7 (a) Rs.3000 (b) Rs.5000 (c) Rs.6000 (d) Rs.3500
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