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Under the Liberalised Remittance Scheme,...

Under the Liberalised Remittance Scheme, Authorised Dealers may freely allow remittances by resident individuals up to what ammount per financial Year for any permitted current or capital account transaction or a combination of both .

A

USD 3,00,00

B

USD 3,50,000

C

USD 2,00,000

D

USD 2,50,000

Text Solution

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The correct Answer is:
d
Under the Liberalised Remittance Scheme, Authorised Dealers may freely allow remittances by resident individuals up to USD 2,50,000 per Financial Year (April-March) for any permitted current or capital account transaction or a combination of both.
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Following is the Balance Sheet of Prateek, Rockey and Kushal as on March 31, 2017. Rockey died on June 30, 2017. Under the terms of the partnership deed, the executors of a deceased partner were entitled to: a) Amount standing to the credit of the Partner’s Capital account. b) Interest on capital at 5% per annum. c) Share of goodwill on the basis of twice the average of the past three years’ profit and d) Share of profit from the closing date of the last financial year to the date of death on the basis of last year’s profit. Profits for the year ending on March 31, 2015, March 31, 2016 and March 31, 2017 were Rs. 12,000, Rs. 16,000 and Rs. 14,000 respectively. Profits were shared in the ratio of capitals. Pass the necessary journal entries and draw up Rockey’s capital account to be rendered to his executor.

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