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

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

24 pages, 18 questions, 0 questions with responses, 0 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 5: ADVANCED ACCOUNTING Question No. 1 is compulsory Answer any five questions from the remaining six questions. Working notes should form part of the answer. Wherever necessary, suitable assumption(s) should be made by the candidates. Question 1 Answer the following questions: (a) On 25th April, 2010, Neel Limited obtained a loan from the bank for ` 70 lakhs to be utilized as under: ` in lakhs Construction of factory shed 28 Purchase of machinery Working capital 21 14 Advance for purchase of truck 7 In March, 2011, construction of shed was completed and machinery installed. Delivery of truck was not received. Total interest charged by the bank for the year ending 31st March, 2011 was ` 12 lakhs. Show the treatment of interest under Accounting Standard 16. (b) An equipment having expected useful life of 5 years, is leased for 3 years. Both the cost and the fair value of the equipment are ` 6,00,000. The amount will be paid in 3 equal instalments and at the termination of lease, lessor will get back the equipment. The unguaranteed residual value at the end of 3 rd year is ` 60,000. The IRR of the investment is 10%. The present value of annuity factor of ` 1 due at the end of 3rd year at 10% IRR is 2.4868. The present value of ` 1 due at the end of 3rd year at 10% rate of interest is 0.7513. State with reason whether the lease constitutes finance lease and also compute the unearned finance income. (c) On 1st April, 2010, A Ltd. had outstanding in its books 1,00,000 Debentures of ` 100 each, interest @ 12% per annum. The interest on debentures was paid half-yearly on 30th September and 31st March of every year. On 31st May, 2010 the company purchased 30,000 Debentures of its own @ ` 98 (ex-interest) per debenture. The company cancelled the debentures so purchased on 31st March, 2011. Pass the necessary Journal Entries to record the above transactions for the year ended 31st March, 2011. The Institute of Chartered Accountants of India

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: