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

22 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 Answer all questions Wherever appropriate, suitable assumption(s) should be made by the candidates. Working notes should form part of the answer Question 1 (i) A and B are partners in a firm sharing profits and losses in the ratio of 3 : 2. Their capitals are Rs. 60,000 and Rs. 40,000 respectively. They admit C as a new partner who will get 1/6th share in the profit of the firm. C brings in Rs. 25,000 as his capital. Find out the amount of goodwill on the basis of the above information. (ii) From the following, calculate the cash price of the asset: Rs. Hire purchase price of the asset 50,000 Down payment 10,000 Four annual instalments at the end of each year 10,000 Rate of interest 5% p.a (iii) Mr. X purchased 1,000, 6% Government Bonds of Rs. 100 each on 31st January, 2009 at Rs. 95 each. Interest is payable on 30th June and 31st December. The price quoted is cum interest. Journalise the transaction. (iv) Swaminathan owed to Subramanium the following sums : Rs. 5,000 on 20th January, 2009 Rs. 8,000 on 3rd March, 2009 Rs. 6,000 on 5th April, 2009 Rs. 11,000 on 30th April, 2009 Ascertain the average due date. (v) A company acquired a machine on 1.4.2006 for Rs. 5,00,000. The company charged depreciation upto 2008-09 on straight line basis with estimated working life of 10 years and scrap value of Rs. 50,000. From 2009-10, the company decided to change depreciation method at 20% on reducing balance method. Compute the amount of depreciation to be debited to Profit and Loss Account for the year 2009-10. (vi) An unquoted long-term investment is carried in the books at cost of Rs. 2 lacs. The published accounts of unlisted company received in May, 2009 showed that the company has incurred cash losses with decline market share and the long-term investment may not fetch more than Rs. 20,000. How you will deal with it in the financial statement of investing company for the year ended 31.3.2009? The Institute of Chartered Accountants of India

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