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