Why Financial Year Starts from 1st April? #shorts

A financial year begins from ________ .

Sara, Tara and Zara are partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. They decide to take Dara into partnership from 1st April, 2019 for 1/4th share in the profits. For this purpose, goodwill is to be valued at twice the average annual profit of the previous three or four years, whichever is higher. The annual profits for the purpose of goodwill for the past four years were: {:("Year Ended",,"Rs."),("31st March, 2019",," 48,000,"),("31st March, 2018",," 30,000,"),("31st March, 2017",," 31,200,"),("31st March, 2016",," 42,000".):} Calculate value of goodwill.

From the following information of a club show the amounts of match expenses and match fund in the appropriate Financial Statements of the club for the year ended on 31st March 2019:

(Transfer of DRR to General Reserve on redemption of all the debentures). On 1st April 2017, Base Ltd. Issued Rs. 40,00,000, 10% Debentures of Rs. 100 each at a premium of 5% and redeemable at a premium of 10% in equal annual drawing by draw of lots in 2 years starting from 31 st March, 2018. It also decided to transfer amount of DRR to General Reserve after redemption of all the debentures, at the end of that Financial Year. Pass the necessary Journal entries during the years of Issue and Redemption of Debentures. Ignore interest paid on Debentures and interest received in Debentures Redemption Investment.

From the following information of Indian sports Club show the amounts of Match Expenses and Match Fund in the financial Statements of the Club for the years ended pon 31st March 2018 and 31st March 2019:

On 1st April 2010m Sahil and Charu entered into partnership for sharing profit in the ratio of 4:3. They admitted Tanu as a new partner on 1st April, 2012 of 1/5th share which she acquired equally from Sahil and Charum Charu and Tanu earned profits at a higher rate than the normal rate of return for the year ended 31st March, 2013. Therefore, they decided to expand their business. To meet the requirments of additonal capital, they admitted Puneet as a new partner on 1st April, 2013 for 1/7th share in profit which he acquried from Sahil and Charu in 7 : 3 ratio. Calculate: (i) New profit-sharing ration of Sahil, Charu and Tanu for the year 2012 13 (ii) New profit-sharing ratio of Sahil, Chaur, Tanu and Puneet on Puneet's admission.

Annu, Baby and Chetan are partners in a firm sharing profits and losses equally. They decide to take Deep into partnership from 1st April, 2019 for 1/5th share in the future profits. For This purpose, goodwill is to be valued at 100% of the average annual profits of the previous three or four years, whichever is higher. The anual profits for the purpose of goodwill for the past four years were: {:("Year Ended",,"Profits (Rs.)"),("31st March, 2019",,"2,88,000,"),("31st March, 2018",,"1,81,800,"),("31st March, 2017",,"1,87,200,"),("31st March, 2016",,"2,53,200".):} Calculate the value of goodwill.