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

24 pages, 19 questions, 0 questions with responses, 0 total responses,

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

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PAPER 5 : ADVANCED ACCOUNTING All questions are compulsory Working notes should form part of the answer. Wherever necessary, suitable assumption(s) may be made and disclosed by the candidates. Question 1 Answer the following questions: (i) Goods worth Rs. 5,00,000 were destroyed due to flood in September, 2006. A claim was lodged with insurance company. But no entry was passed in the books for insurance claim in the financial year 2006-07. In March, 2008, the claim was passed and the company received a payment of Rs.3,50,000 against the claim. Explain the treatment of such receipt in final accounts for the year ended 31st March, 2008. (ii) Briefly indicate the items which are included in the expressions Borrowing Cost as per AS 16. (iii) Sterling Ltd. purchased a plant for US $ 20,000 on 31 st December, 07 payable after 4 months. The company entered into a forward contract for 4 months @ Rs. 48.85 per dollar. On 31st December, 07, the exchange rate was Rs. 47.50 per dollar. How will you recognize the profit or loss on forward contract in the books of Sterling Limited for the year ended 31 st March, 2008. (iv) A company created a provision of Rs. 75,000 for staff welfare while preparing the financial statements for the year 2007-08. On 31st March, in a meeting with staff welfare association, it was decided to increase the amount of provision for staff welfare to Rs. 1,00,000. The accounts were approved by Board of Directors on 15 th April, 2008. Explain the treatment of such revision in financial statements for the year ended 31st March, 2008. (v) Explain Employee s stock option plan . (vi) A company entered into an agreement to sell its immovable property to another company for 35 lakhs. The property was shown in the Balance Sheet at Rs.7 lakhs. The agreement to sell was concluded on 15 th February, 2008 and sale deed was registered on 30 th April, 2008. The financial statements for the year 2007-08 were approved by the board on 12th May,2008. You are required to state, how this transaction would be dealt with in the financial statements for the year ended 31 st March, 2008.

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