
	Trending ▼ ICSE CBSE 10th ISC CBSE 12th CTET GATE UGC NET Vestibulares ResFinder

CA IPCC : Sample / Mock Test Paper (with Model Answers) - ADVANCED ACCOUNTING Oct 2014

24 pages, 18 questions, 0 questions with responses, 0 total responses,

CA IPCC
Tilak Vidyalaya Higher Secondary School (TVHSS), Kallidaikurichi

+Fave Message

Profile Timeline Uploads Q & A

Home > ca_ipcc > F Also featured on: rajendradubey89

Formatting page ...

Test Series: October, 2014 MOCK TEST PAPER 2 INTERMEDIATE (IPC) : GROUP II PAPER 5: ADVANCED ACCOUNTING Question No. 1 is compulsory. Answer any five questions from the remaining six questions. Wherever necessary suitable assumptions may be made and disclosed by way of a note. Working Notes should form part of the answer. Time Allowed: 3 Hours 1. Maximum Marks: 100 (a) A company had imported raw materials worth US Dollars 6,00,000 on 5th January, 2010, when the exchange rate was Rs. 43 per US Dollar. The company had recorded the transaction in the books at the above mentioned rate. The payment for the import transaction was made on 5th April, 2012 when the exchange rate was Rs. 47 per US Dollar. However, on 31st March, 2012, the rate of exchange was Rs. 48 per US Dollar. The company passed an entry on 31 st March, 2012 adjusting the cost of raw materials consumed for the difference between Rs. 47 and Rs. 43 per US Dollar. In the background of the relevant accounting standard, is the company s accounting treatment correct? Discuss. (b) Sohan Ltd. provides you the following information: Issued capital 1,00,000 equity shares of Rs. 10 each Reserves and surplus Capital reserve Rs. 5,00,000 Securities premium Rs. 9,00,000 Revenue reserve Rs. 15,00,000 The company resolved to buy back 10% of its equity share capital @ Rs. 60 per share. Give the necessary journal entries in the books of Sohan Ltd. (c) A company went into liquidation whose creditors are Rs. 36,000. This amount of Rs. 36,000 includes Rs. 6,000 on account of wages of 15 men at Rs. 100 per month for 4 months, immediately before the date of winding up, Rs. 9,000 being the salaries of 5 employees at Rs. 300 per month for the previous 6 months, Rent for godown for the last six months amounting to Rs. 3,000, Income-tax deducted out of salaries of employees Rs. 1,000. In addition it is estimated that the company would have to pay Rs. 3,000 as compensation to an employees for injuries suffered by him, which was contingent liability not accepted by the company and not included in above said creditors figure. The Institute of Chartered Accountants of India

Formatting page ...

Tags : CA IPCC, sample / model / mock / past / previous / old / online test papers, Group I, Group II, accounting technician course, atc, accounts, accounting, business laws, ethics, communiation, cost accounts, cost accounting, financial management, fm, tax, taxation, advanced accounting, audit, auditing, assurance, itsm, it & sm, information technology, strategic management, Integrated Professional Competence Course, may, november, 2015, 2014, 2013, 2012, 2011, 2010, 2009.

ca_ipcc chat

Horizontal lines at:
Guest Horizontal lines at:
AutoRM Data:
Box geometries: