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CA IPCC : Question Paper (with Answers) - ADVANCED ACCOUNTING Nov 2010

25 pages, 17 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 Question No. 1 is compulsory. Attempt any five questions from the remaining six questions. Working notes should form part of the answer. Wherever necessary suitable assumption(s) may be made by the candidates. Question 1 Answer the following questions: (i) Rama Limited issued 8% Debentures of ` 3,00,000 in earlier year on which interest is payable half yearly on 31st March and 30th September. The company has power to purchase its own debentures in the open market for cancellation thereof. The following purchases were made during the financial year 2009-10 and cancellation made on 31st March, 2010: (a) On 1st April, ` 50,000 nominal value debentures purchased for ` 49,450, exinterest. (b) On 1st September, ` 30,000 nominal value debentures purchased for ` 30,250 cum interest. Show the Journal Entries (without narrations) for the transactions held in the year 200910. (ii) From the following information of details of advances of Zenith Bank Ltd., calculate the amount of provisions to be made in Profit and Loss Account for the year ended on 31-3-2010: Assets classification Standard Sub-standard Doubtful: (`in lakhs) 10,000 6,400 for one year 3,200 for two years 1,800 For three years For more than three years 900 1,100 Loss assets 3,000 st (iii) While preparing its final accounts for the year ended 31 March 2010, a company made a provision for bad debts @ 4% of its total debtors (as per trend follows from the previous years). In the first week of March 2010, a debtor for ` 3,00,000 had suffered heavy loss due to an earthquake; the loss was not covered by any insurance policy. In April, 2010 the debtor became a bankrupt. Can the company provide for the full loss The Institute of Chartered Accountants of India

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