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CA IPCC : Sample / Mock Test Paper (with Model Answers) - ACCOUNTING Mar 2017

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

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Test Series: March, 2017 MOCK TEST PAPER INTERMEDIATE (IPC) : GROUP I PAPER 1: 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: Three hours) 1. (Maximum marks: 100) (a) Prepare Cash Flow from Investing Activities of M/s. Creative Furnishings Limited for the year ended 31-3-2015. Particulars Rs. Plant acquired by the issue of 8% Debentures Claim received for loss of plant in fire 1,56,000 49,600 Unsecured loans given to subsidiaries 4,85,000 Interest on loan received from subsidiary companies 82,500 Pre-acquisition dividend received on investment made 62,400 Debenture interest paid 1,16,000 Term loan repaid 4,25,000 Interest received on investment 68,000 (TDS of Rs. 8,200 was deducted on the above interest) Book value of plant sold (loss incurred Rs. 9,600) 84,000 (b) Queen Ltd. sells beer to customers; some of the customers consume the beer in the bars run by Queen Limited. While leaving the bars, the consumers leave the empty bottles in the bars and the company takes possession of these empty bottles. The company has laid down a detailed internal record procedure for accounting for these empty bottles which are sol d by the company by calling for tenders. Keeping this in view: (i) Decide whether the inventory of empty bottles is an asset of the company; (ii) If so, whether the inventory of empty bottles existing as on the date of Balance Sheet is to be considered as inventories of the company and valued as per AS 2 or to be treated as scrap and shown at realizable value with corresponding credit to Other Income ? (c) Entity A purchased an asset on 1 st January 2013 for Rs. 1,00,000 and the asset had an estimated useful life of 10 years and a residual value of nil. On 1st January 2017, the directors review the estimated life and decide that the asset will probably be useful for a further 4 years. Calculate the amount of depreciation for each year, if company charges depreciation on Straight Line basis in line with AS 10 on Property, Plant and Equipment. (d) In the books of M/s Prashant Ltd., closing inventory as on 31.03.2015 amounts to Rs. 1,63,000 (on the basis of FIFO method). The company decides to change from FIFO method to weighted average method for ascertaining the cost of inventory from the year 2014-15. On the basis of weighted average 1 The Institute of Chartered Accountants of India

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