Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. kesavan operating laundry services and normally cl

Kesavan operating laundry services and normally closes its accounts on 31" December each year. In...

80.2K

Verified Solution

Question

Accounting

image
Kesavan operating laundry services and normally closes its accounts on 31" December each year. In 2018 the company decided to change its accounting date to 31* March for convenience. The adjusted income (business) of the company for the relevant year period as following: Year ended Adjusted Income Year ended 2017 90,000 1st Jan 2018 - 31* March 2018 65,000 1st April 2018 - 31" March 2019 140,000 Required: (a) determine the basis period and adjusted income for the years of assessment up to YA2019. (b) Explain the terms below: calendar year vs basis year (11) Failure year (6 marks)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Algebra
1.2K views

Solve the system of linear equations by graphing.y+x= -1(3x)+3y=-3Use the graphing tool to graph the...

Chemistry
1.2K views

1: A piece of solid magnesium is reacted with hydrochloric acid to form hydrogen gas: Mg(s) + 2 HCl(aq)...

Biology
1.2K views

Molecular Biology Can you tell me what the difference between the functions of emsa/dna footprinting and chip-seq/chip-chip

Biology
1.2K views

Consider the ecosytem energy required for various foods in the human diet. Describe ways to conserve...

Programming
1.2K views

Python Clean up the code Recall that once a subclass inherits from a parent class, it automatically has...

Civil Engineering
1.2K views

THIS IS AN ENGINEERING SUSTAINABILITY SUBJECT BUT I CHOOSE CIVIL ENGINEERING You are required to come up...

General Management
1.2K views

How are contingent work arrangements related to artisan-based work?

Accounting
1.2K views

27) Lichtenstein Imports needs to determine the variable utilities rate per machine hour in order to...

Geometry
1.2K views

20 Suppose that point C lies in plane X and point D lies in plane...

Accounting
1.2K views

PROBLEM 14-18 Net Present Value Analysis 2014-2 Oakmont Company has an opportunity to manufacture and...

Accounting
1.2K views

. . . . . (Click the...

Accounting
1.2K views

Buyers Corporation will receive $40,000 on January 1, 2025, and each January 1 for the...