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

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CA IPCC
Tilak Vidyalaya Higher Secondary School (TVHSS), Kallidaikurichi
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Test Series: September, 2014 MOCK TEST PAPER 1 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 major fire has damaged the assets in a factory of a Limited Company on 5th April five days after the year end and closure of accounts. The loss is estimated at Rs. 10 crores out of which Rs. 7 crores will be recoverable from the insurers. Explain briefly how the loss should be treated in the final accounts for the previous year. (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 10% of its equity share capital @ Rs. 60 per share. Give the necessary journal entries in the books of Sohan Ltd. (c) A loan account remains out of order as on the date of Balance Sheet of a Bank. The account has been classified as doubtful assets (upto 1 year). Details of the accounts are: Outstanding Rs. 6,73,000 ECGC coverage 25% (Limited to Rs. 1,00,000) Value of security held Rs. 1,50,000 Compute the necessary provision to be made by a Bank as per applicable rates. (d) 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 The Institute of Chartered Accountants of India

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