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CA IPCC : Question Paper (with Answers) - ACCOUNTING May 2016

27 pages, 24 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. Answer any five questions from the remaining six questions. Wherever necessary, suitable assumptions should be made and disclosed by way of note forming part of the answer. Working Notes should form part of the answer. Question 1 (a) Uday Constructions undertake to construct a bridge for the Government of Uttar Pradesh. The construction commenced during the financial year ending 31.03.2016 and is likely to be completed by the next financial year. The contract is for a fixed price of ` 12 crores with an escalation clause. The costs to complete the whole contract are estimated at ` 9.50 crores of rupees. You are given the following information for the year ended 31.03.2016: Cost incurred upto 31.03.2016 ` 4 crores .Cost estimated to complete the contract ` 6 crores Escalation in cost by 5% and accordingly the contract price is increased by 5%. You are required to ascertain the state of completion and state the revenue and profit to be recognized for the year as per AS-7. (b) M/s Active Builders Ltd. invested in the shares of another company on 31 st October, 2015 at a cost of ` 4,50,000. It also earlier purchased Gold of ` 5,00,000 and Silver of ` 2,25,000 on 31 st March, 2013. Market values as on 31 st March, 2016 of the above investments are as follows: Shares ` 3,75,000; Gold ` 7,50,000 and Silver ` 4,35,000 How will the above investments be shown in the books of account of M/s Active Builders Ltd. for the year ending 31 st March, 2016 as per the provision of AS-13? (c) Argon Ltd. purchased a shop on 1 st January, 2001 at a cost of ` 8,50,000. The useful life of the shop is estimated as 30 years with residual value of ` 25,000 and depreciation is provided on a straight line basis. The shop was revalued on 30th June, 2015 for ` 19,50,000 and the revaluation was incorporated in the accounts. Calculate: (i) The surplus on revaluation; (ii) Depreciation to be charged in the Profit and Loss account for the year ended on 31st December, 2015. (d) Z Limited ordered 13,000 kg. of chemicals at ` 90 per kg. The purchase price includes excise duty of ` 5 per kg, in respect of which full CENVAT credit is admissible. Further, The Institute of Chartered Accountants of India

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