
	Trending ▼ ICSE CBSE 10th ISC CBSE 12th CTET GATE UGC NET Vestibulares ResFinder

CA IPCC : Sample / Mock Test Paper (with Model Answers) - ACCOUNTING Sep 2014

23 pages, 16 questions, 0 questions with responses, 0 total responses,

CA IPCC
Tilak Vidyalaya Higher Secondary School (TVHSS), Kallidaikurichi

+Fave Message

Profile Timeline Uploads Q & A

Home > ca_ipcc >

Formatting page ...

Test Series: September, 2014 MOCK TEST PAPER 1 INTERMEDIATE (IPC) : GROUP I PAPER 1: ACCOUNTING Question No. 1 is compulsory. Answer any five questions from the remaining six questions. Wherever necessary suitable assumptions may be made and disclosed by way of a note. Working Notes should form part of the answer. (Time allowed: three hours) 1. (Maximum Marks: 100) (a) A Company is in the process of setting up a production line for manufacturing a new product. Based on trial runs conducted by the company, it was noticed that the production lines output was not of the desired quality. However, company has taken a decision to manufacture and sell the sub-standard product over the next one year due to the huge investment involved. In the background of the relevant accounting standard, advise the company on the cut-off date for capitalization of the project cost. (b) In 2011, Royal Ltd. issued 12% fully paid debentures of Rs. 100 each, interest being payable half yearly on 30th September and 31 st March of every accounting year. On 1st December, 2012, M/s. Kumar purchased 10,000 of these debentures at Rs. 101 cum-interest price, also paying brokerage @ 1% of cum-interest amount of the purchase. On 1st March, 2013 the firm sold all of these debentures at Rs. 106 cum-interest price, again paying brokerage @ 1 % of cum-interest amount. Prepare Investment Account in the books of M/s. Kumar for the period 1st December, 2012 to 1st March, 2013. (c) An item of machinery was purchased on 1-4-2011 for Rs. 2,00,000. The WDV depreciation rate applicable to the machinery was 15%. The written down value of the machinery as on 31-3-2013 was Rs. 1,44,500. On 1-4-2013, the enterprise decided to change the method from written down value (WDV) to straight line method (SLM). The enterprise decided to write off the book value of Rs. 1,44,500, over the remaining useful life of machinery i.e. 5 years. Out of the total useful life of 7 years, 2 years have already elapsed. Comment, whether the accounting treatment is correct. If not, give the correct accounting treatment with reasons. (d) On 1st April, 2012, Libra Motors Co. sells a truck on hire purchase basis to Hari Transport Co. for a total hire purchase price of Rs. 9,00,000 payable as to Rs. 2,40,000 as down payment and the balance in three equal annual instalments of The Institute of Chartered Accountants of India

Formatting page ...

Tags : CA IPCC, sample / model / mock / past / previous / old / online test papers, Group I, Group II, accounting technician course, atc, accounts, accounting, business laws, ethics, communiation, cost accounts, cost accounting, financial management, fm, tax, taxation, advanced accounting, audit, auditing, assurance, itsm, it & sm, information technology, strategic management, Integrated Professional Competence Course, may, november, 2015, 2014, 2013, 2012, 2011, 2010, 2009.

ca_ipcc chat

Horizontal lines at:
Guest Horizontal lines at:
AutoRM Data:
Box geometries: