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Money Bills and Budget in India

The financial...

Question

The financial year or fiscal year in India is ________________.

A

1st April to 31st March

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B

1st March to 31st May

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C

1st December to 31st March

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D

none of the above

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Solution

The correct option is A 1st April to 31st March
In India, the financial year or the fiscal year is from 1st April of a year to 31st March of the next year. All the government budget and policies are framed according to the fiscal year.

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Q. A financial year in India runs from the 1st of _____ of the current year to the 31st of _____ of the following year.

Q. From the following particulars, calculate amount of subscriptions to be credited to the Income and Expenditure Account for the year ended 31st March, 2019:

		₹
(a)	Subscriptions in arrears on 31st March, 2018	500
(b)	Subscriptions received in advance on 31st March, 2018 for the year ended on 31st March, 2019	1,100
(c)	Total Subscriptions received during the year ended 31st March, 2019 (including ₹ 400 for the year ended 31st March, 2018, ₹ 1,200 for the year ended 31st March, 2020 and ₹ 300 for the year ended 31st March, 2021)	35,400
(d)	Subscriptions outstanding for year ended 31st March, 2019	400

Q. How are the following dealt with while preparing the final accounts of a sports club for the year ended 31st March , 2018?

RECEIPTS AND PAYMENTS ACCOUNT ( AN EXTRACT ) for the year ended 31ST March, 2018
Dr.				Cr.
Receipts		₹	Payments	₹
To Sale of Sports Materials		26,000	By Creditors for Sports Materials	61,000
(Book value ₹ 20,000)			By Cash purchase of Sports Materials	10,000

Additional information :

	As at 1st April, 2017 (₹)	As at 31st March, 2018 (₹)
Sports Materials	20,000	25,000
Creditors for Sports Materials	7,000	15,000

Q. X Ltd issues

500, 15 %

Debentures of Rs

100

1 s t

May at a discount of

10 %

redeemable at a premium of

5 %

4

years. Interest was payable half yearly on

30 t h

31 s t

December. The amount of interest debited to profit & Loss Account for the year ended

31 s t

A

commenced business with a capital

R s . 2, 50, 000

1^{s t}

April,2013. During the five years ended

31^{s t}

March,2018, the following profits and losses were made:

31^{s t}

=

R s . 5, 000

31^{s t}

=

R s . 13, 000

31^{s t}

=

R s . 17, 000

31^{s t}

=

R s . 20, 000

31^{s t}

=

R s . 25, 000

During this period he had drawn

R s . 40, 000

for his personal use. On

1^{s t}

April,2018, he admitted

B

into partnership on the following terms:

B

to bring for his half share in the business, capital equal to

A^{'} s

31^{s t}

March,2018 and to pay for the one-half share of goodwill of the business, on the basis of three times the average profit of the last five years. Prepare the statement showing what amount

B

should invest to become a partner and pass entries to record the transaction relating to admission.

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