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

42 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 APPLICABILITY & NON-APPLICABILITY FOR NOVEMBER, 2012 EXAMINATION A. Applicable for November, 2012 examination 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. B. Not applicable for November 2012 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 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, 2012 Examination. PART II : QUESTIONS AND ANSWERS QUESTIONS Preparation of Financial Statements of Companies P&L A/c 1. The summarized financial position of A Limited at 31st December, 2012 was as follows: Liabilities Authorised, Issued and Subscribed Capital 40,000, 5 % Redeemable Preference shares of ` 10 each, fully paid ` Assets 4,00,000 20,000 Equity shares of ` 10 each, fully paid Securities Premium Account 2,00,000 Profit and Loss Account Sundry Liabilities 2,80,000 2,10,000 8,40,000 3,00,000 50,000 11,40,000 The Institute of Chartered Accountants of India Assets Cash and Bank ` 11,40,000

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