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CA IPCC : Revision Test Paper (with Answers) - ACCOUNTING May 2012

56 pages, 31 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 NON-APPLICABILITY FOR MAY, 2012 EXAMINATION (i) Schedule VI revised by the Ministry of Corporate Affairs The Ministry of Corporate Affairs (MCA) has revised Schedule VI to the Companies Act, 1956 on the 28th February, 2011 pertaining to the preparation of Balance Sheet and Profit and Loss Account under the Companies Act, 1956. This revised Schedule VI has been framed as per the existing non-converged Indian Accounting Standards notified under the Companies (Accounting Standards), Rules, 2006. The Revised Schedule VI shall come into force for the Balance Sheet and Profit and Loss Account to be prepared for the financial year commencing on or after 1.4.2011. However, the revised Schedule VI is not made applicable for May, 2012 examination. (ii) Ind ASs issued by the Ministry of Corporate Affairs The Ministry of Corporate Affair (MCA) has issued 35 Converged Indian Accounting Standards (known as Ind-AS ), without announcing the applicability date. The issuance of Ind-AS is a significant step towards the implementation of converged standards in India. However, Ind ASs are not made applicable for May, 2012 examination. PART II : QUESTIONS AND ANSWERS QUESTIONS WITH HINTS Preparation of Financial Statements of Companies P&L A/c 1. (a) From the following Profit and Loss Account (draft) of Swati Ltd. for the year ended 31st March, 2011, calculate whether the commission payable to the managing director and other part time directors of the company, whose commission was fixed @ 5% and 2% respectively on the profit of the company before charging their commission is permissible as per the Companies Act or not: Dr. (`) To Salaries and wages To Rent, rates and taxes Cr. (`) 20,00,000 By Gross Profit 51,00,000 4,50,000 By Bounties and subsidies received from the Government 1,00,000 60,000 By Profit on sale of fixed assets 80,000 To Miscellaneous expenses 1,40,000 By Premium on issue of shares 20,000 To Workmen compensation By Profit on sale of To Repairs and renewals The Institute of Chartered Accountants of India

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