Question

A new business was set-up on 1st July, 2018 and trading activity was commenced from 1st September, 2018, the previous year would be the period commencing from
A. 1st April, 2018 to 31st March, 2019
B. 1st July, 2018 to 31st March, 2019
C. 1st September, 2018 to 31st March, 2019
D. 1st October, 2018 to 31st March, 2019​

Answer 1

Answer:

thack for the same by the

Answer 2

Correct Answer:

B. 1st July, 2018 to 31st March, 2019

Explanation:

• Usually, the year of business is 1st April to 31st March.
• But since the business is set-up in 1st July, 2018 this will be the date of the commencing of the business.
• Trading activity commenced from 1st September 2018.
• A restaurant has opened recently but hasn't seen any customer for almost a month. After a month, people started visiting the restaurant and eating the food available in the restaurant.
• Commencing of the business will be regarded as the day the restaurant was made available for the people to visit rather than the day it got its first order.

Hence, the final answer will be previous year would be the period commencing from 1st July 2018 to 31st March 2019.

#SPJ3