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Need Help Regarding Assumptions in Questions

Future CA (Student) (58 Points)

01 June 2011

If in the question date of issue of share, redemption of debenture, or sale/purchase of fixed assets, etc are not given..

what we should assume ? first day of the financial year or last day of financial year ?

what assumption we should make according to ICAI ?

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6 Replies

Rajnikant Vadigoppula (CA, CS And CMA Final) (919 Points)
Replied 01 June 2011

don't write date in date column just write 1,2,3etc.,

CA ADITYA SHARMA (CA IN PRACTICE ) (16719 Points)
Replied 01 June 2011

whatever you have assumed should be written as notes to the answer

Future CA (Student) (58 Points)
Replied 01 June 2011

Is there any view of ICAI that we should assume first day or last day of the financial year?

CA ADITYA SHARMA (CA IN PRACTICE ) (16719 Points)
Replied 01 June 2011

in case of dates not given enter fy ending 31 march - - - . it is better option

MANOJ SHRIPATI (CA FINAL) (56 Points)
Replied 05 June 2011

SUCH QUESTION IS RELEVENT ONLY IF DIVIDEND ON SHARES,INTEREST ON DEBENTURES OR DEPRECIATION ON FIXED ASSETS IS TO BE CALCULATED. IN THAT PARTICULAR CASE IT IS BETTER TO ASSUME THE DATE OF THE TRANSACTION TO BE THE FIRST DAY OF THE FINANCIAL YEAR AND DO THE CALCULATIONS ACCORDINGLY......