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Need Help Regarding Assumptions in Questions
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 ?
Replies (6)
don't write date in date column just write 1,2,3etc.,
whatever you have assumed should be written as notes to the answer
Is there any view of ICAI that we should assume first day or last day of the financial year?
in case of dates not given enter fy ending 31 march - - - . it is better option
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......
is date is not mentioned it sould be in the begining of the yr.
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