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CA IPCC : Revision Test Paper (with Answers) - ACCOUNTING Nov 2013

39 pages, 26 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, 2013 EXAMINATION A. Applicable for November, 2013 examination (i) 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 the ICAI on 7th March, 2013. This revision is applicable with effect from the accounting year commencing on or after April 1, 2012. (ii) Revised Schedule VI The Ministry of Corporate Affairs (MCA) has revised Schedule VI to the Companies Act, 1956 on 28th February, 2011 pertaining to the preparation of Balance Sheet and Statement of Profit and Loss under the Companies Act, 1956. This revised Schedule VI has been framed as per the existing non-converged Accounting Standards notified under the Companies (Accounting Standards), Rules, 2006. The Revised Schedule VI has come into force for the Balance Sheet and Statement of Profit and Loss prepared for the financial year commencing on or after 1.4.2011. B. Not applicable for November, 2013 examination Ind ASs issued by the Ministry of Corporate Affairs The MCA has placed 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 November, 2013 Examination. PART II : QUESTIONS AND ANSWERS QUESTIONS Financial Statements of Companies Schedule VI 1. (a) Futura Ltd. had the following items under the head Reserves and Surplus in the Balance Sheet as on 31st March, 2013: Securities Premium Account Capital Reserve The Institute of Chartered Accountants of India Amount ` in lakhs 80 60

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