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

42 pages, 30 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, 2014 EXAMINATION A. Applicable for November, 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 November, 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 Ind ASs are not applicable for the students appearing in November, 2014 Examination. PART II : QUESTIONS AND ANSWERS QUESTIONS Financial Statements of Companies 1. Kapil Ltd. has authorized capital of `50 lakhs divided into 5,00,000 equity shares of `10 each. Their books show the following balances as on 31st March, 2014: ` Inventory 1.4.2013 6,65,000 ` Bank Current Account Discounts & Rebates 30,000 Cash in hand Carriage Inwards 57,500 Debenture interest (for the period of 6 Patterns Rate, Taxes Insurance Furniture & Fixtures Purchases 3,75,000 and 55,000 20,000 8,000 10,000 months ended 30.9.2013) Interest (bank loan) 91,000 1,50,000 Calls in Arrear @ `2 per share 10,000 12,32,500 Equity share capital (2,00,000 shares of ` 10 each) 20,00,000 The Institute of Chartered Accountants of India

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