In the area under Kolkata Municipal Corporation, property taxes are payable by the property owner at a fixed rate on the municipal value of the property. The taxes are levied on a quarterly basis, and an annual advance payment attracts a 2% rebate on the taxes levied. Basu Enterprises, the owner of a two-storied commercial property, is supposed to pay a quarterly property tax of ₹5,000. On April 1, 2020, the company paid the property tax for the entire financial year ending on March 31, 2021, and availed the rebate. Using the balance-sheet-equation format, analyze the effects of the following on the property owner’s and the municipality’s financial position:

1. Basu Enterprises’ payment of the property tax on April 1, 2020. 

2. Adjustment for the April–June quarter, 2020. 

3. Adjustment for the July–September quarter, 2020. 

4. Adjustment for October–December quarter, 2020. 

5. Adjustment for January–March quarter, 2021.