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CA IPCC : Question Paper (with Answers) - ACCOUNTING May 2014

30 pages, 19 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 (a) Calculate the value of raw materials and closing stock based on the following information: Raw material X Closing balance 500 units ` per unit Cost price including excise duty 200 Excise duty (Cenvat credit is receivable on the excise duty paid) 10 Freight inward 20 Unloading charges 10 Replacement cost 150 Finished goods Y Closing Balance 1200 units ` per unit Material consumed 220 Direct labour 60 Direct overhead 40 Total Fixed overhead for the year was ` 2,00,000 on normal capacity of 20,000 units. Calculate the value of the closing stock, when (i) Net Realizable Value of the Finished Goods Y is ` 400. (ii) Net Realizable Value of the Finished Goods Y is ` 300. (5 Marks) (b) On 01.04.2010 a machine was acquired at ` 4,00,000. The machine was expected to have a useful life of 10 years. The residual value was estimated at 10% of the original cost. At the end of the 3rd year, an attachment was made to the machine at a cost of ` 1,80,000 to enhance its capacity. The attachment was expected to have a useful life of 10 years and zero terminal value. During the same time the original machine was revalued upwards by ` 90,000 and remaining useful life was reassessed at 9 years and residual value was reassessed at NIL. The Institute of Chartered Accountants of India

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