Year that begins from 1st of January and ends on 31st of December, is known as _ The year that begins from 1st of April and ends on 31st of March of the following year, is known as _

Financial Year & Calendar Year

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Financial Year

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Calendar Year

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Calendar Year & Financial Year

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Solution

The correct option is D
Calendar Year & Financial Year

Year that begins from 1st of January and ends on 31st of December, is known as Calendar Year. The year that begins from 1st of April and ends on 31st of March of the following year, is known as Financial Year.

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Vinod Ltd., purchased a Plant on 1st April, 2005 for Rs.15,000. It purchased another plant on 1st October, 2005 costing Rs.20,000 and on 1st July, 2006 costing Rs.30,000. On 1st January, 2007 the Plant purchased on 1st April, 2005 became useless and was sold for Rs.2,000. Show Plant Account charging 10 % p.a. depreciation by fixed instalment method for four years. The plant purchased on 1st October, 2005 was sold for Rs.8,000 on 1st January, 2008. Accounts of the company are closed on 31st December each year.

Q. On the basis of the following information, calculate amount that will appear against the term ' Stationery Used' in the Income and Expenditure Account for the year ended 31st March , 2018:

	₹
Stock of Stationery as at 1st April, 2017	12,000
Creditors for Stationery as at 1st April, 2017	25,600
Amount paid for Stationery during the year ended 31st March,2018	1,40,000
Stock of Stationery as at 31st March,2018	23,200
Creditors for Stationery as at 31st March,2018	24,000

Q. SRCC Ltd. has issued on 1st April, 2017, 20,000, 12% Debentures of ₹ 100 each redeemable by draw of lots as under:

During the year ended on 31st March, 2018 : 15%
During the year ended on 31st March, 2019 : 25%
During the year ended on 31st March, 2020 : 15%
During the year ended on 31st March, 2021 : 25%
During the year ended on 31st March, 2022 : 20%

How much minimum investment should be made by SRCC Ltd. as per Companies Act, 2013 before redemption of debentures? When should it be made?

Q. Q. A bank offers interest 5% compound interest calculated on half yearly basis. A customer deposited Rs 1600 each on 1st January and 1st July of a year. At the end of the year the amount he would have gained as interest is:

Q. Glaxo Club's Balance Sheet as at 1st April, 2018 was as under:

Liabilities	(₹)	Assets	(₹)
Capital Fund	2,00,000	Sports Equipments	50,000
Tournament Fund	60,000	Grounds	1,20,000
Subscriptions in Advance	6,000	Billiards Tables	60,000
Salaries Unpaid	11,000	Subscriptions Outstanding	8,000
		Cash and Bank Balances	39,000


	2,77,000		2,77,000

Receipts and Payments Account for the year ended 31st March, 2019 was:

RECEIPTS AND PAYMENTS ACCOUNT for the year ended 31st March, 2019
Dr.			Cr.
Receipts	(₹)	Payments	(₹)
To Opening Balance	39,000	By Wages and Salaries	60,000
To Subscriptions	1,81,000	By Upkeep of Grounds	10,000
To Sale of Old Materials	1,500	By Stationery	15,000
To Sale of Sports Equipment	6,000	By Audit Fee	2,000
(Book value ₹ 10,000)		By Expenses on Tournament	65,000
To Entrance Fees	2,000	By Sports Equipments	20,000
To Life Membership Fees	50,000	By 5% Investments	40,000
To Donations for Tournament	20,000	(On 1st October, 2018)
		By Cash and Bank Balances	87,500
	2,99,500		2,99,500

Subscriptions still to be received are ₹ 5,500 but subscriptions already received include ₹ 4,000 for next year. Salaries still unpaid are ₹ 6,000. Sports Equipments are now valued at ₹ 45,000. Prepare Income and Expenditure Account and the Balance Sheet, after charging 10% depreciation on Billiards Tables.

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Year that begins from 1st of January and ends on 31st of December, is known as _____ The year that begins from 1st of April and ends on 31st of March of the following year, is known as _____

The correct option is D Calendar Year & Financial Year Year that begins from 1st of January and ends on 31st of December, is known as Calendar Year. The year that begins from 1st of April and ends on 31st of March of the following year, is known as Financial Year.

Year that begins from 1st of January and ends on 31st of December, is known as _ The year that begins from 1st of April and ends on 31st of March of the following year, is known as _

The correct option is D
Calendar Year & Financial Year

Year that begins from 1st of January and ends on 31st of December, is known as Calendar Year. The year that begins from 1st of April and ends on 31st of March of the following year, is known as Financial Year.