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CA IPCC Solved Question Paper 2022 : Accounting

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PAPER 1 : ACCOUNTING Question No. 1 is compulsory. Answer any four questions from the remaining five questions. Wherever necessary, suitable assumptions may be made and indicated in answer by the candidates. Working Notes should form part of the answer. Question 1 Answer the following questions: (a) Suraj Limited provides you the following information: (i) It received a Government Grant @40% towards the acquisition of Machinery worth ` 25 Crores. (ii) It received a Capital Subsidy of ` 150 Lakhs from Government for setting up a Plant costing ` 300 Lakhs in a notified backward region. (iii) It received ` 50 Lakhs from Government for setting up a project for supply of arsenic free water in a notified area. (iv) It received ` 5 Lakhs from the Local Authority for providing Corona Vaccine free of charge to its employees and their families. (v) It also received a performance award of ` 500 Lakhs from Government with a condition of major renovation in the Power Plant within 3 years. Suraj Limited incurred 90% of amount towards Capital expenditure and balance for Revenue Expenditure. State, how you will treat the above in the books of Suraj Limited. (b) SM Enterprises is a leading distributor of petrol. A detailed inventory of petrol in hand is taken when the books are closed at the end of each month. For the month ending June 2021 following information is available: (i) Sales for the month of June 2021 was `30,40,000. (ii) General overheads cost `4,00,000. (iii) Inventory at beginning 10,000 litres @ ` 92 per litre. (iv) Purchases-June 1, 2021, 20,000 litres @ ` 90 per litre, June 30, 2021, 10,000 litres @ ` 95 per litre. (v) Closing inventory 13,000 litres. You are required to compute the following by FIFO method as per AS 2: (i) Value of Inventory on 30 th June, 2021. (ii) Amount of cost of goods sold for June,2021. The Institute of Chartered Accountants of India

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