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CA IPCC : Question Paper (with Answers) - ACCOUNTING May 2011

24 pages, 16 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 by the candidates. Working Notes should form part of the answer. Question 1 Answer the following question: (a) The abstract of the Balance Sheet of the AXE Ltd. as at 31 st March 2011, are as follows: Liabilities Equity share capital (` 100 each) ` 15,00,000 12% Preference share capital (` 100 each) 8,00,000 13% Debentures 3,00,000 st On 31 March, 2011, BXE Ltd. agreed to take over AXE Ltd. on the following terms: (1) For each preference share in AXE Ltd., ` 10 in cash and one 9% preference share of ` 100 in BXE Ltd. (2) For each equity share AXE Ltd. ` 20 in cash and one equity share in BXE Ltd. of ` 100 each. It was decided that the share in BXE Ltd. will be issued at market price ` 140 per share. (3) Liquidation expenses of AXE Ltd. are to be reimbursed by BXE Ltd. to the extent of ` 10,000. Actual expenses amounted to ` 12,500. You are required to compute the amount of purchase consideration. (b) On 30th March, 2011 fire occurred in the premises of M/s Suraj Brothers. The concern had taken an insurance policy of ` 60,000 which was subject to the average clause. From the books of accounts, the following particulars are available relating to the period 1st January to 30th March 2011. (1) Stock as per Balance Sheet at 31st December, 2010, ` 95,600. (2) Purchases (including purchase of machinery costing ` 30,000) ` 1,70,000 (3) Wages (including wages ` 3,000 for installation of machinery) ` 50,000. (4) Sales (including goods sold on approval basis amounting to ` 49,500) ` 2,75,000. No approval has been received in respect of 2/3rd of the goods sold on approval. (5) The average rate of gross profit is 20% of sales. (6) The value of the salvaged goods was ` 12,300. The Institute of Chartered Accountants of India

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