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

40 pages, 45 questions, 6 questions with responses, 8 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, 2015 EXAMINATION A. Applicable for May, 2015 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. Companies Act, 2013 The relevant Sections of the Companies Act, 2013 notified up to 30th September 2014 will be applicable for May, 2015 Examination. B. Not applicable for May, 2015 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 Ind ASs are not applicable for the students appearing in May, 2015 Examination. PART II: QUESTIONS AND ANSWERS QUESTIONS Financial Statements of Companies 1. (a) State under which head these accounts should be classified in Balance Sheet, as per Schedule III of the Companies Act, 2013: (i) Share application money received in excess of issued share capital. (ii) Share option outstanding account. (iii) Unpaid matured debenture and interest accrued thereon. (iv) Uncalled liability on shares and other partly paid investments. (v) Calls unpaid. (vi) Intangible Assets under development. (vii) Money received against share warrant. The Institute of Chartered Accountants of India

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