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Question

What is the correct way of writing the date?

A
01. 03. 20XX
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B
01 March
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C
01st March, 20XX
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D
20XX, 01 March
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Solution

The correct option is C 01st March, 20XX
The correct format of writing the date (in India and most other countries) is: Day/Month/Year.
Option C follows the Day/Month/Year (01/March/20XX) format. Hence C is the correct option.
Option A is incorrect because the month is not mentioned in words. In a formal notice, it is preferred that the month is written in word form: March. The month is spelled out, to avoid a confusion between the day and month due to different date formats.
Option B is incorrect because the year is not mentioned.
Option D is incorrect because the format is in Month/Day/Year format, which is an American format.

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Q.

Following is the Balance Sheet of Mevanca Limited as at 31st March, 2017:

Mevanca Limited BALANCE SHEET
as at 31st March, 2017:
Particulars
Note No.
31st March, 2017
(₹)
31st March, 2016
(₹)
I. EQUITY AND LIABILITIES
1. Shareholders' Funds
(a) Share Capital
3,00,000
1,00,000
(b) Reserves and Surplus
1
25,000
1,20,000
2. Non-Current Liabilities
Long-term Borrowings
2
80,000
60,000
3. Current Liabilities
(a) Trade Payables
6,000
20,000
(b) Short-term Provisions
3
68,000
70,000
Total
4,79,000
3,70,000
II. ASSETS
1. Non-Current Assets
Fixed Assets
4
3,36,000
1,92,000
2. Current Assets
(a) Inventories
67,000
60,000
(b) Trade Receivables
51,000
65,000
(c) Cash and Cash Equivalents
25,000
49,000
(d) Other Current Assets
4,000
Total
4,79,000
3,70,000

Notes to Accounts

Particulars
31st March, 2017
(₹)
31st March, 2016
(₹)
1. Reserves and Surplus
Surplus, i.e., Balance in Statement of Profit and Loss
25,000
1,20,000
25,000
1,20,000
2. Long-term Borrowings
10% Long-term Loan
80,000
60,000
80,000
60,000
3. Short-term Provisions
Provision for Tax
68,000
70,000
68,000
70,000
4. Fixed Assets
Machinery
3,84,000
2,15,000
Accumulated Depreciation
(48,000)
(23,000)
3,36,000
1,92,000

Additional Information:
(i) Additional loan was taken on 1st July, 2016.
(ii) Tax of ₹ 53,000 was paid during the year.
Prepare Cash Flow Statement.

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