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CA IPCC : Question Paper (with Answers) - ACCOUNTING Nov 2010

31 pages, 20 questions, 0 questions with responses, 0 total responses,

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

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PAPER 1 : ACCOUNTING Question No. 1 is compulsory Attempt any five questions from the remaining six questions. Wherever necessary, suitable assumption(s) may be made by the candidates. Working notes should form part of the answer. Question 1 (a) Following two problems are regarding issues in Partnership Accounts, kindly solve both: (i) Anil and Mukesh are partners sharing profit and losses in the ratio of 3 : 2. Govind is admitted for th share of firm. Thereafter Madan enters for 20 paisa in a rupee. Compute new profit sharing ratios under both the admission of partners. (ii) The following Goodwill Account was opened by the partners R and S, on the admission of H as a new partner into firm Om and Sons. Calculate the share of profit agreed to be given to H . Goodwill A/c Dr. Cr. ` ` 1-4-2010 To R s Capital A/c 24,800 1-4-2010 By R s Capital A/c 12,400 1-4-2010 To S s Capital A/c 18,600 1-4-2010 By S s Capital A/c 1-4-2010 By H s Capital A/c 12,400 18,600 43,400 43,400 (b) HP is a leading distributor of petrol. A detail inventory of petrol in hand is taken when the books are closed at the end of each month. At the end of month following information is available: Sales General overheads cost ` ` Inventory at beginning Purchases 47,25,000 1,25,000 1,00,000 litres @ 15 per litre June 1 two lakh litres @ 14.25 June 30 one lakh litres @ 15.15 Closing inventory 1.30 lakh litres Compute the following by the FIFO as per AS 2: B. Value of Inventory on June, 30. (ii) Amount of cost of goods sold for June. (iii) Profit/Loss for the month of June. The Institute of Chartered Accountants of India

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