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CA IPCC : Question Paper (with Answers) - ACCOUNTING Nov 2011

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CA IPCC
Tilak Vidyalaya Higher Secondary School (TVHSS), Kallidaikurichi
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PAPER 1 : ACCOUNTING Question No. 1 is compulsory Answer any five questions from the remaining six questions. Wherever appropriate, suitable assumption/s should be made and indicated in answer by the candidate. Working notes should form part of the answer. Question 1 Answer the following questions: (a) Calculate the maximum remuneration payable to the Managing Director based on effective capital of a non-investment company for the year, from the information given below: (` in 000) (i) Profit for the year (calculated as per Section 349, 350 & 351 of the Companies Act, 1956) (ii) Paid up capital (iii) (iv) Reserves & surplus Securities premium 7,200 1,200 (v) (vi) Long term loans Investment 6,000 3,600 (vii) Preliminary expenses not written off (viii) Remuneration paid to the Managing Director during the year 3,000 18,000 3,000 600 (b) M/s Vijoy Electricals sends goods to its customers on sale or returnable basis. The following transactions took place during January to March 2011: 2011 ` January-10 Sent goods to customers on sale or returnable basis at cost plus 25% 5,00,000 January -30 Goods returned by customers 2,00,000 February -28 March -31 Received letter of approval from customers Goods with customers awaiting approval 2,00,000 1,00,000 Vijoy Electricals records sale or return transactions as ordinary sales transaction. You are required to pass the necessary journal entries in the books of account assuming that the accounting year closes on 31st March, 2011. The Institute of Chartered Accountants of India

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