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CA IPCC : Question Paper (with Answers) - ADVANCED ACCOUNTING May 2014

24 pages, 39 questions, 0 questions with responses, 0 total responses,

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

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PAPER 5 : ADVANCED ACCOUNTING Question No. 1 is compulsory. Answer any five questions from the remaining six questions. Wherever necessary, suitable assumption(s) may be made by the candidates. Working Notes should form part of the answer. Question 1 Answer the following questions: (a) In its Final Accounts for the year ended 31st March, 2014, Z Ltd. made a provision of 3% of its total debtors. On 10th March, 2014, a debtor of ` 5 lakhs suffered a heavy loss and became insolvent in April 2014. The loss was not insured. State giving reasons, if the company may provide for the full loss in its accounts for the (5 Marks) year ended 31st March, 2014. (b) Suhana Ltd. issued 12% secured debentures of ` 100 Lakhs on 01.05.2013, to be utilized as under: Particulars Amount (` in lakhs) Construction of factory building 40 Purchase of Machinery 35 Working Capital 25 In March 2014, construction of the factory building was completed and machinery was installed and ready for it's intended use. Total interest on debentures for the financial year ended 31.03.2014 was ` 11,00,000. During the year 2013-14, the company had invested idle fund out of money raised from debentures in banks' fixed deposit and had earned an interest of ` 2,00,000. Show the treatment of interest under Accounting Standard 16 and also explain nature of assets. (5 Marks) (c) What do you understand by the term "Interest rate implicit on lease"? Calculate the interest rate implicit on lease from the following details: Annual Lease Rent Lease Period Guaranteed Residual Value Unguaranteed Residual Value Fair Value at the inception of the lease The Institute of Chartered Accountants of India ` 80,000 at the end of each year 5 Years ` 40,000 ` 24,000 ` 3,20,000

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