
	Trending ▼ ICSE CBSE 10th ISC CBSE 12th CTET GATE UGC NET Vestibulares ResFinder

CA IPCC : Question Paper (with Answers) - ACCOUNTING Nov 2009

20 pages, 22 questions, 1 questions with responses, 1 total responses,

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

+Fave Message

Profile Timeline Uploads Q & A

Home > ca_ipcc > F Also featured on: rohityadav27

Formatting page ...

PAPER 1 : ACCOUNTING All questions are compulsory. Wherever necessary, suitable assumption(s) should be made by the candidates. Working notes should form part of the answer. Question 1 (i) On 1st April, 2008, Chhotu started business with an initial Capital of Rs.70,000. On 1 st October, 2008, he introduced additional capital of Rs.40,000. On 7 th of every month, he withdraws Rs.5,000 for household expenses. On 31 st March, 2009 his Assets and Liabilities were Rs.2,00,000 and Rs.70,000 respectively. Ascertain the profit earned by Chhotu during the year ended 31 st March, 2009. (ii) Year to year results of a company were not found comparable on the basis of gross profit margin. List out the probable reasons. (iii) MY Ltd. had acquired 200 equity shares of YZ Ltd. at Rs.105 per share on 01.01.2009 and paid Rs.200 towards brokerage, stamp duty and STT. On 31 st March, 2009, shares of YZ Ltd. were traded at Rs.110 per share. At what value investment is to be shown in the Balance Sheet of MY Ltd. as at 31 st March, 2009. (iv) On 1st April, 2008, X, Y and Z enter into partnership introducing capital of Rs.80,000, Rs.50,000 and Rs.50,000 respectively. They agree to share Profits and Losses equally. At the end of the accounting year on 31 st March, 2009, X claims that he be paid interest on his additional Capital of Rs.30,000 @ 10% per annum, while Z demands salary of Rs.600 per month for the extra hours devoted by him daily at the shop. The partnership deed is silent on these matters. Decide the matters with reasons. (v) What are the basic characteristics of a Private Ltd. Company? (vi) Sumo Ltd. has a profit of Rs.25 lakhs before charging depreciation for financial year 2008-09. Depreciation in the books was Rs.11 lakhs and depreciation chargeable under Section 205 comes to Rs.17 lakhs. Compute divisible profit for the year. (vii) From the following data, find out value of inventory as on 30.04.2009 using (a) LIFO method, and (b) FIFO method: (1) 01.04.2009 Purchased 10 units @ Rs.70 per unit (2) 06.04.2009 Sold 6 units @ Rs.90 per unit (3) 09.04.2009 Purchased 20 units @ Rs.75 per unit (4) 18.04.2009 Sold 14 units @ Rs.100 per unit

Formatting page ...

Top Contributors
to this ResPaper
(answers/comments)

Kanchava Milansinh
(1)

Formatting page ...

Tags : CA IPCC, sample / model / mock / past / previous / old / online test papers, Group I, Group II, accounting technician course, atc, accounts, accounting, business laws, ethics, communiation, cost accounts, cost accounting, financial management, fm, tax, taxation, advanced accounting, audit, auditing, assurance, itsm, it & sm, information technology, strategic management, Integrated Professional Competence Course, may, november, 2015, 2014, 2013, 2012, 2011, 2010, 2009.

ca_ipcc chat

Horizontal lines at:
Guest Horizontal lines at:
AutoRM Data:
Box geometries: