(CERTIFICATE IN ACCOUNTING TECHNICIANS ‘COMPETENCY LEVEL- PART II EXAMINATION CAT-7A (ASC) June 2011 PAPER ~ 7A: APPLIED STATUTORY COMPLIANCE ‘SUGGESTED ANSWERS These are only guidelines (not to be construed as complete answers) for the Examiners to evaluate the answers ] presented by the students. Students are expected to present more elaborate answers. if the students follow different ‘approaches in answering any question, the Examiner may use his discretion and award appropriate marks if the ‘approach followed is found valid and the answer correct. Exominers may use their judgment in allotting marks to partly answered questions appropriately. Total marks are split and shown separately for each segment of an answer {indicated by * sign, with explanation of logic). If required, the Examiners may further split them logically and allot ‘marks for partly answered bits of Segments of questions. PART-A Answer +o dueskon NOLO): (= Di EF Royalty veeedved churing teeyear 2010-1 + ne Royalty rok axcuding 157 04 te veluezBak! Foovo | (is0000 F25)x 15° | Least ote duse sooo | Less: tht axbemclifnre Inewrred jea00 lat Amrunt deduckble u/s 80868 80000 | Subject 40 Moxtorum. 300000 Hence Toyxable Royetty Income (150000-80000) + 70080] | (Wd- Bs Zg2- 40 Selling price Excise dady payab . L(sez Piteus) Fpieas 1 Wi) — A: & 9750 Sale Vous —(180000+20000+-50000) oe VAT om Salevalme —-250000K 0125 31250 (A) Purchase Value (exelvaive VAT) '80000 VAT patel on Pur chose Volut (Ige000x0128) 22500 (8) Nek Toy poyable vacer VAT (A-B) 8750 i Paget S15® / Q)— B: % F4F0 : / e Value (AV) (8000041103) + 725249 Assessob) / Poet = tons = 1103) Sewvice Tox (ST) payable + (e534 217): Z 7470 [io % of 72529 + Be. Bx eprasstsanec LX ep 7253] fal (Vv) —B: 3240 (tox payable) Tawable trcome 3; 350000- 80000 = X270000 Tom Liability = (2F0009-119000) X10 = RECO Add: EC +SRHEC (2%+1x) + 3h 8000 eae Total Tox Wobility + eee Ea) Less: Tax decdircted ot Source aoe ae “eaza0 | Anissve to Qutoh'onr No 1): | | O15 GDF Intome fpom other dewetes, Gily— Eleven Uv) Customs Toreehe Ae - feve w-14 (MN— Mamnfoctnre — VID Twenty one (x)— 12 Anéutere bo Quiohin NO IO? TROE o% FALSE @) TRUE: The tobe paid by 1007 FOU is te se installs Endhoms duty. , She Conse natin using the word “Cvdlems dudy) siatead of Corteal RHEL ts ret mroimdomable” anc [BZ] bv de hestie da law (eck V Suresh Spitteked, 28HS@) Dy Samples one precemved in factory for Bema parted for Juveske y Uy anys 10 chiky en Oe Sh onal gerds Hemain “site the -. . in Fe pevposed tebe deagea > Remiseror en hereby Fcc ure ody he at ck oat tad. di) TRve + Wil) TROE: oy avy -2Keiouble _ yh or SKevae ovesolntely, a aie a wit be bound +o owadl se roe S20 SAUIA Cord Arck-1944). ( ACI) Ob Ceactrad. Exerie PART B: SS ere fo no 21 Company Shaul awe afplimuene Grbimakin ofp a1eorie ana nan akermbve directors, with ast less Ahom ae directors Coorprcising ofp ren ancentie cuiachors. Thars.s te abdeask 59% today okiveckors Uf Chateman 16 9x Qo case, op Ren eee khowemon Oe ci ‘Shawld be Independant At atrechars. eoiise 49 AION) Of dishing Agretrmemtd 2 dil) Disdlaswee shall be wade boy Sertor Momageamemt +0 booed, valaking to wxteulal finantiol ond Conmaccial romsactiors hace arvany one a tek wlth interest of Company = ay de ONY SPNCLD » hommvtiol de: rtth beds 0 fake Annie Shortehalaling o- wv | op athewe qelarves ate, [close 4g Fay) of dishing oreemert J