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CA IPCC : Sample / Mock Test Paper - ACCOUNTING 2011

5 pages, 24 questions, 4 questions with responses, 5 total responses,

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

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Test Paper 1 Paper 1: Accounting Answer all questions. Working notes should form part of the answer. 1. (Maximum marks 100) (Time allowed three hours) Aarush Agencies started business on 1 st April, 2008. During the year ended 31st March, 2009, they sold under-mentioned durables under two schemes Cash Price Scheme (CPS) and Hire-Purchase Scheme (HPS). Under the CPS they priced the goods at cost plus 25% and collected it on delivery. Under the HPS the buyers were required to sign a Hire -purchase Agreement undertaking to pay for the value of the goods including finance charges in 30 instalments, the value being calculated at Cash Price plus 50%. The following are the details available at the end of 31 st March, 2009 with regard to the products : Product Nos. purchased Nos. sold under CPS Nos. sold under HPS No. of instalments due during the year No. of instalments received during the year 60 Cost per unit Rs. 16,000 TV sets 90 20 1,080 1,000 Washing Machines 70 20 40 12,000 840 800 The following were the expenses during the year : Rs. Rent 1,20,000 Salaries 1,44,000 Commission to Salesmen 12,000 Office Expenses 1,20,000 From the above information, you are required to prepare : (i) Hire-purchase Trading Account, and (ii) Trading and Profit & Loss Account. (16 Marks) 2.(a) H owes R Rs. 2,000 on 1 st April, 2009. From 1st April, 2009 to 30th June, 2009 the following further transactions took place between H and R: April 10 H buys goods from R for Rs. 5,000 May 16 H receives cash loan of Rs. 10,000 from R June 9 H buys goods from R for Rs. 3,000 H pays the whole amount, together with interest @ 15% per annum, to R on 30 th June, 2009. Calculate the interest payable on 30th June, 2009 by the average due -date method. (8 Marks) 1 (b) Prepare the Sales ledger control account from the following particulars: Sales Ledger Debit balance as on 1.1.2009 1,50,000 Credit balance as on 1.1.2009 200 Credit sales and purchases 4,00,000 Cheque received and paid 4,50,000 Advance paid to creditors - B/R received and B/P accepted 50,000 Discounts allowed and received 5,000 Returns 10,000 Transfer from purchases to sales ledger 10,000 Bad debts 2,000 Reserve for discounts 10,000 B/R and B/P dishonoured 5,000 Debit Balances as on 30.6.2009 30,000 Credit Balances as on 31.6.2009 ? (8 Marks) 3. The following is the Receipts and Payments Account of Mahendra Club for the year ended 31st March, 2009: Receipts Opening balance Cash Rs. Payments Rs. Salaries 10,000 Creditors 1,20,000 15,20,000 Bank Subscription received 3,850 Printing and stationary 2,02,750 Postage 70,000 40,000 Entrance donation Interest received 1,00,000 Telephones and telex 58,000 Repairs and maintenance 52,000 48,000 8,000 Glass and table linen 9,000 Crockery and cutlery 12,000 14,000 Sale of assets Miscellaneous income Receipts at Coffee room Wines and spirits Swimming pool Tennis court Garden upkeep 8,000 10,70,000 Membership fees 5,10,000 Insurance 4,000 5,000 80,000 Electricity 1,02,000 Closing balance 28,000 Cash ________ 8,000 Bank 2,24,600 21,53,600 21,53,600 The assets and liabilities as on 1.4.2008 were as follows: Rs. Fixed assets (net) 5,00,000 2 Stock 3,80,000 Investment in 12% Government securities Outstanding subscription 5,00,000 12,000 Prepaid insurance Sundry creditors 1,000 1,12,000 Subscription received in advance Entrance donation received pending membership 15,000 1,00,000 Gratuity fund 1,50,000 The following adjustments are to be made while drawing up the accounts: 1. 2. 3. 4. Subscription received in advance as on 31 st March, 2009 was Rs. 18,000. Outstanding subscription as on 31 st March, 2009 was Rs. 7,000. Outstanding expenses are salaries Rs. 8,000 and electricity Rs. 15,000. 50% of the entrance donation was to be capital ized. There was no pending membership as on 31st March, 2009. 5. The cost of assets sold net as on 1.4. 2008 was Rs. 10,000. 6. Depreciation is to be provided at the rate of 10% on assets. 7. A sum of Rs. 20,000 received in October 2008 as entrance donation from an applicant was to be refunded as he has not fulfilled the requisite membership qualifications. The refund was made on 3.6.2009. 8. Purchases made during the year amounted Rs. 15,00,000. 9. The value of closing stock was Rs. 2,10,000. 10. The club as a matter of policy charges off to income and expenditure account all purchases made on account of crockery, cutlery, glass and linen in the year of purchase. You are required to prepare an Income and Expenditure Account for the year ended 31 st March, 2009 and the Balance Sheet as on 31 st March, 2009 along with necessary workings. (16 Marks) 4.(a) From the following Summary Cash Account of X Ltd., prepare Cash Flow Statement for the year ended 31st March, 2009 in accordance with AS 3 (Revised) using the direct method. The company does not have any cash equivalents. Summary Cash Account for the year ended 31.3.2009 Rs. 000 Balance on 1.4.2008 Issue of Equity Shares Receipts from Customers Sale of Fixed Assets Rs. 000 50 Payment to Suppliers 300 Purchase of Fixed Assets 2,800 Overhead expense 100 Wages and Salaries Taxation Dividend Repayment of Bank Loan Balance on 31.3.2009 3,250 2,000 200 200 100 250 50 300 150 3,250 (8 Marks) 3 4.(b) A, B and C were in partnership sharing profits and losses in the ratio of 9 : 4 : 2. B retired from the partnership on 31 st March, 2009, when the firm s balance sheet was as under : Rs. in thousand Sundry creditors Capital accounts : 600 A B 600 800 266 Plant 4,500 284 400 Stock Furniture 2,700 1,200 C Cash and bank Sundry debtors 850 Land and building 5,100 2,500 5,100 B s share in goodwill and capital was acquired by A and C in the ratio of 1 : 3, the continuing partners bringing in the necessary finance to pay off B. The partnersh ip deed provides that on retirement or admission of a partner, the goodwill of the firm is to be valued at three times the average annual profits of the firm for the four years ended on the date of retirement or admission. The profits of the firm during th e four years ended 31 st March, 2009 in thousands of rupees were : Rs. 2005-2006 450 2006-2007 250 2007-2008 600 2008-2009 700 The deed further provided that goodwill account is not to appear in the books of accounts at all. The continuing partners agreed that with effect from 1 st April, 2009, G, son of A is to be admitted as a partner with 25% share of profit. A gifts to G, by transfer from his capital account, an amount sufficient to cover up 12.5% of capital and goodwill requirement. The balance 12.5% o f capital and goodwill requirement is purchased by G from A and C in the ratio of 2 : 1. The firm asks to you prepare partners capital accounts. (8 Marks) 5. Answer any ten of the following (Give adequate working notes in support of your answer): (i) If payment is made on the average due date, it results in loss of interest to creditors. State whether the statement is true or false. (ii) In Account Current, red-ink interest is treated as negative interest. Explain. (iii) How do the Self balancing ledgers follow the system of double entry? (iv) If there appears a sports fund, then what will be the treatment of expenses incurred on sports activities?. (v) A machinery costing Rs.10 lakhs has useful life of 5 years. After the end of 5 years, its scrap value would be Rs.1 lakh. How much depreciation is to be charged every year in the books of the company as per Accounting Standard 6? (vi) All significant accounting policies adopted in preparation and presentation of financial statements must be disclosed. State whether the statement is true or false. (vii) A, B and C share profits and losses in the proportion of 6/14, 5/14 and 3/14 respectively : They agree to take D into partnership and give him 1/8 th share. Compute new profit sharing ratio between A B, C a nd D. 4 (viii) The company deals in three products, A and B, which are neither similar nor interchangeable. At the time of closing of its account for the year 2005 -06. The Historical Cost and Net Realizable Value of the items of closing stock are determine d as follows: Items Historical Cost (Rs. in lakhs) Net Realisable Value (Rs. in lakhs) A 40 28 B 16 24 What will be the value of Closing Stock? (ix) A plant was depreciated under two different methods as under: Year SLM W.D.V. (Rs. in lakhs) (Rs. in la khs) 1 7.80 21.38 2 7.80 15.80 15.60 37.18 7.80 6.38 5 What should be the amount of resultant surplus/deficiency, if the company decides to switch over from W.D.V. method to SLM method for first four years? (x) When can revenue be recognised in the case of transaction of sale of goods? (xi) What will be the treatment of fixed assets owned jointly with other enterprise? (xii) Mention the methods of accounting for amalgamation as per Accounting Standard -14. (2 Marks each) 6. Answer any four out of five (a) What do you mean by customized accounting software ? (b) Explain the valuation of different types of investment in the balance sheet as per AS 13. (c) Discuss different types of contracts mentioned in AS 7. (d) Illustrate the benefits of setting the A ccounting Standards. (e) Write short note on adoption of IFRS in India. (4 Marks each) 5

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Chartered Accountancy ICAI India : Integrated Professional Competence Course IPCC - Model / Mock Test Paper for Accounting Group I Paper 1

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