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Can anyone clearly explain difference between assessment year
and financial year?
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Answer / pawan
Financial year means particular period when you done your
business transactions, earn income etc. and when you will
submit your income tax return to income tax department
related to previous years income that will call as
assessment year. i.e. if your financial year is 2010-11 so
your assessment year is 2011-12.
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Answer / mujna
The financial year is a year in which the income is earned
and the year which the income is assessed for filing income
tax return is called assessment year.
| Is This Answer Correct ? | 3 Yes | 0 No |
Answer / venkata
Present year (2016)transactions is called as Financial year i.e April to march expenditure or income and when you will submitted the IT returns to previous year income (income get from last year 2015) to present year thats called as Assessment year
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please give a journal entry for purchase order
Alex’s Trial Balance at 31 December 2015 Dr (BWP) Cr (BWP) Capital 18 240 Bank overdraft 3 000 Fixtures and fittings 14 100 Provision for depreciation-fixtures and fittings 8 800 Inventory 14 200 Trade receivables 12 300 Trade payables 9 900 Revenue 110 000 Purchases 51 000 Discount received 1 800 Wages and salaries 26 000 Sundry expenses 34 000 Discount allowed 620 217 540 ======= 86 420 ======== Required: i Prepare the corrected trial balance at 31 December 2015. (7 marks) ii Show any difference you find as a balance on an appropriate account.
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