Mr. X joins a job on 1-7-2019 (1 July 2019) at a monthly salary of Rs.

1.	Mr. X joins a job on 1-7-2019 (1 July 2019) at a monthly salary of Rs. 30,000. His total salary for PY 2019-20 will be _____.1. Rs. 2,70,0002. Rs. 3,00,0003. Rs. 4,20,0004. Rs. 3,60,000
Answer» Correct Answer - Option 1 : Rs. 2,70,000 In financial accounting for the purpose of calculation and accounting, we take into consideration, financial/fiscal year and not the calendar year. The fiscal/ Financial year starts from the 1st of April and ends on the 31st of March. Therefore, as per the above question salary of MR. X for PY 2019-2020 will be calculated as follows. He joins the job on 1-July-2019 and the year ends on 31st March 2020 so total months in PY for which salary is payable to MR. X comes to 9 months. Therefore Salary of MR. X will be Rs. 30,000 x 9 months = Rs. 2,70,000.

Mr. X joins a job on 1-7-2019 (1 July 2019) at a monthly salary of Rs. 30,000. His total salary for PY 2019-20 will be _____.1. Rs. 2,70,0002. Rs. 3,00,0003. Rs. 4,20,0004. Rs. 3,60,000

Answer» Correct Answer - Option 1 : Rs. 2,70,000

In financial accounting for the purpose of calculation and accounting, we take into consideration, financial/fiscal year and not the calendar year.

The fiscal/ Financial year starts from the 1st of April and ends on the 31st of March.

Therefore, as per the above question salary of MR. X for PY 2019-2020 will be calculated as follows.

He joins the job on 1-July-2019 and the year ends on 31st March 2020 so total months in PY for which salary is payable to MR. X comes to 9 months.

Therefore Salary of MR. X will be Rs. 30,000 x 9 months = Rs. 2,70,000.

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