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CA IPCC : Revision Test Paper (with Answers) - ACCOUNTING May 2014

38 pages, 32 questions, 0 questions with responses, 0 total responses,

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

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PAPER 1: ACCOUNTING PART I: ANNOUNCEMENTS STATING APPLICABILITY & NON-APPLICABILITY FOR MAY, 2014 EXAMINATION A. Applicable for May, 2014 examination Revision in the Criteria for classifying Level II Non-Corporate Entities Due to recent changes in the enhancement of tax audit limit, the Council of the ICAI has recently decided to change the 1st criteria of Level II Non-Corporate Entities i.e. determination of SME on turnover basis from ` 40 lakhs to ` 1 Crore vide announcement Revision in the Criteria for classifying Level II Non-Corporate Entities issued by ICAI on 7th March, 2013. This revision is applicable with effect from the accounting year commencing on or after April 1, 2012. B. Not applicable for May, 2014 examination Ind ASs issued by the Ministry of Corporate Affairs The MCA has hosted on its website 35 converged Indian Accounting Standards (Ind AS) without announcing the applicability date. These are the standards which are being converged by eliminating the differences of the Indian Accounting Standards vis- -vis IFRS. These standards shall be applied for all companies falling under Phase I to Phase III as prescribed under the roadmap issued by the core group. These Ind ASs are not applicable for the students appearing in May, 2014 Examination. PART II : QUESTIONS AND ANSWERS QUESTIONS Financial Statements of Companies 1. The following balance appeared in the books of Oliva Company Ltd. as on 31-03-2014. Particulars Inventory 2013 ` Particulars 01-04- Sales -Raw Material 30,000 -Finished goods 46,500 Purchases Manufacturing Expenses ` 17,10,000 Interest 3,900 76,500 Profit and Loss A/c 45,000 12,15,000 Share Capital 2,70,000 Loans: Short term Long-term Salaries and wages 40,200 Unclaimed Dividend General Charges 16,500 Deposits: The Institute of Chartered Accountants of India 3,15,000 4,500 21,000 25,500 3,000

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