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CA IPCC : Sample / Mock Test Paper - ACCOUNTING 2011

5 pages, 24 questions, 4 questions with responses, 5 total responses,

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

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Test Paper 1 Paper 1: Accounting Answer all questions. Working notes should form part of the answer. 1. (Maximum marks 100) (Time allowed three hours) Aarush Agencies started business on 1 st April, 2008. During the year ended 31st March, 2009, they sold under-mentioned durables under two schemes Cash Price Scheme (CPS) and Hire-Purchase Scheme (HPS). Under the CPS they priced the goods at cost plus 25% and collected it on delivery. Under the HPS the buyers were required to sign a Hire -purchase Agreement undertaking to pay for the value of the goods including finance charges in 30 instalments, the value being calculated at Cash Price plus 50%. The following are the details available at the end of 31 st March, 2009 with regard to the products : Product Nos. purchased Nos. sold under CPS Nos. sold under HPS No. of instalments due during the year No. of instalments received during the year 60 Cost per unit Rs. 16,000 TV sets 90 20 1,080 1,000 Washing Machines 70 20 40 12,000 840 800 The following were the expenses during the year : Rs. Rent 1,20,000 Salaries 1,44,000 Commission to Salesmen 12,000 Office Expenses 1,20,000 From the above information, you are required to prepare : (i) Hire-purchase Trading Account, and (ii) Trading and Profit & Loss Account. (16 Marks) 2.(a) H owes R Rs. 2,000 on 1 st April, 2009. From 1st April, 2009 to 30th June, 2009 the following further transactions took place between H and R: April 10 H buys goods from R for Rs. 5,000 May 16 H receives cash loan of Rs. 10,000 from R June 9 H buys goods from R for Rs. 3,000 H pays the whole amount, together with interest @ 15% per annum, to R on 30 th June, 2009. Calculate the interest payable on 30th June, 2009 by the average due -date method. (8 Marks) 1

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Chartered Accountancy ICAI India : Integrated Professional Competence Course IPCC - Model / Mock Test Paper for Accounting Group I Paper 1

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