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CA IPCC : Revision Test Paper (with Answers) - ACCOUNTING Nov 2015

46 pages, 27 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 NOVEMBER, 2015 EXAMINATION A. Applicable for November, 2015 examination (i) Companies Act, 2013 The relevant Sections of the Companies Act, 2013 notified up to 31st March, 2015 will be applicable for Nov., 2015 Examination. (ii) Dividend Distribution Tax (a) With effect from 1st Oct, 2014 dividend and income distribution tax is leviable on gross dividend / income and not on the net dividend / income distributed to shareholders and unit holders as per Income- tax Act, 1961. (b) The rate of DDT is fifteen per cent (excluding surcharge of 12% plus secondary and higher education cess is (2+1) 3%). B. Ind ASs issued by the Ministry of Corporate Affairs are not applicable for November, 2015 examination PART II : QUESTIONS AND ANSWERS QUESTIONS Preparation of Financial Statements of Companies 1. From the following particulars furnished by Alpha Ltd., prepare the Balance Sheet as on 31st March 2015 as required by Part I, Schedule III of the Companies Act, 2013. Particulars Debit ` 50,00,000 Equity Share Capital (Face value of ` 100 each) Call in Arrears 5,000 Land & Building Plant & Machinery 27,50,000 26,25,000 Furniture 2,50,000 General Reserve 10,50,000 Loan from State Financial Corporation Inventory: Raw Materials Finished Goods Provision for Taxation The Institute of Chartered Accountants of India Credit ` 7,50,000 2,50,000 10,00,000 12,50,000 6,40,000

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