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Question

The deadline to link Aadhaar with Pan has been extended to?

A
January 31st, 2018
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B
April 31st, 2018
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C
March 31st, 2018
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D
February 28th, 2018
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E
Deadline has not been extended
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Solution

The correct option is C March 31st, 2018

The Central Board of Direct Taxes (CBDT) recently announced that the deadline to link PAN and Aadhaar has been extended to March 31, 2018, from the earlier deadline of December 31, 2017.


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Q. Following Trial Balance has been extracted from the books of Shri Sunder Lal on 31st March, 2018:
Particulars
Debit
Balances
(₹)
Credit
Balances
(₹)
Cash in Hand and at Bank ..............................................................
77,400
Capital ..............................................................
30,00,000
Drawings ..............................................................
1,26,000
...
Bills Receivable ..............................................................
37,200
Land and Building ..............................................................
6,51,600
Furniture ..............................................................
1,02,400
Wages ..............................................................
9,37,700
Discount Allowed ..............................................................
79,200
Discount Received ..............................................................
59,700
6% Loan ..............................................................
3,00,000
Bank Charges ..............................................................
2,100
Bad Debts ..............................................................
27,600
Sundry Debtors ..............................................................
13,15,500
Office Salaries ..............................................................
1,28,400
Purchases ..............................................................
39,81,600
Stock on 1st April, 2017 ..............................................................
12,04,500
Sales Return ..............................................................
37,500
Carriage Inwards ..............................................................
1,03,600
General Expenses ..............................................................
1,53,600
Plant and Machinery ..............................................................
4,32,800
Rent ..............................................................
72,600
Purchases Return ..............................................................
29,100
Sales ..............................................................
56,30,100
Insurance ..............................................................
14,100
Provision for Doubtful Debts ..............................................................
93,000
Sundry Creditors ..............................................................
3,73,500
Total
94,85,400
94,85,400

Closing Stock on 31st March, 2018 was ₹ 12,74,000. You are required to prepare Trading and Profit and Loss Account for the year ended 31st March, 2018 and Balance Sheet as at that date after making the following adjustments:
(a) Depreciate Plant and Machinery @ 10% and Furniture @ 5%.
(b) Provision for Doubtful Debts to be maintained at ₹ 1,50,000.
(c) Insurance includes annual premium of ₹ 7,200 on a policy which will expire on 30th September, 2018.
(d) Purchases include a computer costing ₹ 60,000 purchased on 1st July, 2017 and is subject to depreciation @ 10% p.a.
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