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CA IPCC : Question Paper (with Answers) - ADVANCED ACCOUNTING May 2010

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CA IPCC
Tilak Vidyalaya Higher Secondary School (TVHSS), Kallidaikurichi
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PAPER 5: ADVANCED ACCOUNTING Answer all questions Wherever appropriate, suitable assumption(s) should be made by the candidates. Working notes should form part of the answer Question 1 Answer the following questions: (i) A Company had issued 20,000, 13% Convertible debentures of Rs.100 each on 1st April, 2007. The debentures are due for redemption on 1st July, 2009. The terms of issue of debentures provided that they were redeemable at a premium of 5% and also conferred option to the debentureholders to convert 20% of their holding into equity shares (Nominal value Rs.10) at a price of Rs.15 per share. Debentureholders holding 2,500 debentures did not exercise the option. Calculate the number of equity shares to be allotted to the Debentureholders exercising the option to the maximum. (ii) Santosh Ltd. has received a grant of Rs.8 crores from the Government for setting up a factory in a backward area. Out of this grant, the company distributed Rs.2 crores as dividend. Also, Santosh Ltd. received land free of cost from the State Government but it has not recorded it at all in the books as no money has been spent. In the light of AS 12 examine, whether the treatment of both the grants is correct. (iii) Rohini Limited has obtained loan from an Institution for Rs.500 lacs for modernization and renovation of its plant and machinery. The installation of plant and machinery was completed on 31.3.2009 amounting to Rs.320 lacs and Rs.50 lacs was advanced to suppliers of additional assets and the balance of Rs.130 lacs has been utilized for working capital requirements. Total interest paid for the above loan amounted to Rs.65 lacs during 2008-09. You are required to state how the interest on institutional loan is to be accounted for in the year 2008-09. (iv) A Company follows April to March as its financial year. The Company recognizes cheques dated 31st March or before, received from customers after balance sheet date, but before approval of financial statement by debiting Cheques in hand account and crediting Debtors account . The cheques in hand is shown in the Balance Sheet as an item of cash and cash equivalents. All cheques in hand are presented to bank in the month of April and are also realised in the same month in normal course after deposit in the bank. State with reasons, whether the collection of cheques bearing date 31st March or before, but received after Balance Sheet date is an adjusting event and how this fact is to be disclosed by the company? (v) What is Piecemeal payments method under Partnership Dissolution? Briefly explain the two methods followed for determining the order in which the payments are made? The Institute of Chartered Accountants of India

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