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Commerce Accounting Difficulty: Medium

According to Section 80G, donations made to, which of the following are eligible for 100% deduction without any qualifying limit? 1. National Defence Fund set-up by the Central Government 2. Prime Minister's National Relief Fund 3. Prime Minister's Armenia Earthquake Relief Fund 4. Africa (Public Contributions-India) Fund 5. National Foundation for Communal Harmony 6. Prime Minister's Drought Relief Fund 7. National Children's Fund 8. Indira Gandhi Memorial Trust Select the correct answer using the options given below Trial Balance is commonly prepared Direction: The following question consists of two statements. One is labeled as Assertion (A) and the other as Reason (R) . You have to examine both the statements carefully and decide whether Assertion (A) and Reason (R) separately are true and if so, the reasoning statement is the correct explanation. Mark these items on the answer sheet. Assertion (A): Social responsibility of business is an idea which cannot be put into action in most of the professions. Reason (R): There are no standards by which the extent of responsibility of each segment of the society can be measured. What are the main benefits given to participating preference shareholders? According to which of the following accounting concepts, the owner of the business is also considered a creditor to the extent of the capital?