Contests and prizes

1. In a bahikhata, what does "jama" mean?

Jama is the credit side: amounts received from, or credited to, a person. Naam is the debit side.

2. You buy an item for ₹80 and sell it for ₹100. What is your margin?

Margin is profit ÷ selling price: 20 ÷ 100 = 20%. 25% is the markup on cost.

3. You sell goods worth ₹1,000 at 18% GST to a customer in another state. What do you charge?

Inter-state supplies attract IGST at the full rate.

4. "₹2 per hundred per month" is what simple interest rate per year?

₹2 per ₹100 per month × 12 months = 24% a year.

5. Which of these is NOT an expense in the profit and loss account?

Repaying principal reduces a liability. Only the interest on a loan is an expense.

6. A price including 18% GST is ₹590. What is the price before GST?

590 ÷ 1.18 = 500. Taking 18% off ₹590 (₹483.80) is a common mistake.

7. A discount of 10% followed by another 10% is the same as a single discount of:

0.9 × 0.9 = 0.81, so the total discount is 19%.

8. Since 22 September 2025, the main GST slabs are:

GST 2.0 removed most items from the 12% and 28% slabs, leaving 5% and 18% as the main rates, with 40% for specified luxury and sin goods.

9. With a written agreement, a buyer must pay a registered micro or small supplier within at most:

The MSMED Act caps the agreed period at 45 days; without an agreement it is 15 days.

10. The golden rule for real accounts such as cash and stock is:

Real accounts: debit what comes in, credit what goes out.