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Time Allowed:
3Hrs
Date: 28.03.2016
Maximum Marks:
100
Question 1 is compulsory (4 5 = 20 Marks). Answer any 5 from the remaining 6 (16 5 = 80 Marks)
1. (a)Heramba Ltd gives you the following information for the year ended 31st March 20X2:
Particulars
Sales for the year ` 48,00,000 (The Company sold goods for Cash only).
Cost of Goods Sold
Closing Inventory was higher than Opening Inventory by
Trade Creditors on 31.03.20X2 exceed the outstanding on 31.03.20X1 by
Tax paid during the year.
Amounts paid to Trade Creditors during the year
Administrative and Selling Expenses Paid
Cost of new Machinery acquired in December 20X1
Dividend paid during the year
Cash in hand and at Bank on 31.03.20X2
Cash in hand and at Bank on 01.04.20X1
Prepare Cash Flow Statement for the year ended 31.03.20X2.
48,00,000
75% of Sales
50,000
1,00,000
1,50,000
35,50,000
3,60,000
6,00,000
1,20,000
70,000
50,000
(5 Marks)
1. (b)Nidhi Ltd purchased Raw Materials at a basic price of ` 10,000 on which Excise Duty of ` 1,500
is paid. Cost of Inventory (of Raw Materials at this stage would be ` 11,500). The material is
thereafter processed. For this purpose, Conversion Costs (Labour and Direct Overheads, and other
Fixed Production Overheads) amounting to ` 1,800 are incurred. Excise Duty Liability on Finished
Goods amounting ` 1,700 is being paid by the Company. The Company is entitled for a CENVAT
credit of ` 1,500. Compute the value of Inventory.
(5 Marks)
1. (c)An item of Machinery was purchased on 1st April 2012 for ` 2,00,000. The WDV Depreciation
Rate applicable to the Machinery was 15%. The WDV of the Machinery on 31st March 2014 was `
1,44,500. On that date, the Enterprise decided to the change the method of depreciation from WDV
to SLM, and write off the Book Value ` 1,44,500, over the remaining useful life of the machinery,
i.e. 5 years. Out of the total useful life of 7 years, 2 years have already elapsed.
Comment on whether the above accounting treatment is correct. If not, give the correct accounting
treatment, with reasons
(5 Marks)
1
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Accounts Group
G
I CA
C IPCC
1. (d) An amount
a
of ` 9,90,000 was incurred on a contraact work uptto 31st Marcch. Certificattes have
been receeived to date to the valuue of ` 12,000,000 againnst which ` 10,80,000 has
h been received in
cash. Thee cost of worrk done but not certifiedd amounted to
t ` 22,500. It is estimatted that by spending
s
an additiional amoun
nt of ` 60,000 (includding Provission for Coontingencies)) the work can be
`
completeed in all resp
pects in another two moonths. The agreed
a
Contrract Price off the work is
12,50,0000. Compute a conservatiive estimate of the profitt to be taken to the P&L A/c as per AS
A 7.
(5 Marks)
2. (a) The Receipts and
a
Paymennts Accounnt, Income and Expendditure Accoount and addditional
informattion of a Spo
orts Club forr the year ennded 31.03.20014 were as follows
(12 Marks)
Receiipts and Paym
ments Accouunt for the year
y ending on
o 31.03.20114
`
`
Receipts
Payyments
To Balance b/d
42,0000 By Seccretary Salarry
10,000
To Entrrance Fees 20122013
2
10,0000 By Prinnting & Stattionery
26,000
To Entrrance Fees 20132014
2
1,00,0000 By Addvertising
16,000
To Subbscription 20
0122013
6,0000 By Firee Insurance
12,000
To Subbscription 20
0132014
1,50,0000 By 12%
% Investmennts (Purchaseed on
2
2,00,000
01.10.22013)
To Subbscription 20
0142015
4,0000 By Furrniture
20,000
To Rennt Received
24,0000 By Ballance c/d
58,000
To Inteerest Receiveed
6,0000
Totaal
3,42,0000
T
Total
3
3,42,000
Incom
me and Expennditure Accoount for the year
y ending on 31.03.2014
`
`
Expend
diture
Inccome
To Secretary Salary
y
15,0000 By Enttrance Fees
1
1,05,000
To Prinnting and Staationery
22,0000 By Subbscription
1
1,56,000
To Advvertising
16,0000 By Rennt
28,000
To Auddit Fees
5,0000 By Inteerest on Inveestments
12,000
To Firee Insurance
10,0000
To Deppreciation on
n Sports
90,0000
Equipm
ment
To Deppreciation on
n Furniture
5,0000
To Surpplus
1,38,0000
Totaal
3,01,0000
T
Total
3
3,01,000
Additionnal Informattion: The Assets and Liabbilities as onn 31.03.20133 include
1. Cluub Grounds & Pavilion ` 4,40,000,
4. Subbscription inn Arrear ` 8,000,
2. Spoorts Equipmeent ` 2,50,0000,
5. Subbscription Received
R
in Advance
A
` 2,,000
andd
3. Furrniture & Fix
xtures ` 40,0000,
6. Creeditors for Printing
P
& Sttationery ` 5,000.
You are required to prepare the Balance Sheeet of the Cluub as on 31.03.2013.
2. (b) Outlinne the consid
derations forr selection off PrePackagged Accountting Softwarre.
2
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(4 Marks)
Accounts Group
G
I CA
C IPCC
Accounts Group
G
I CA
C IPCC
Particularss
Debit
1,200
Credit
Accounts Group
G
I CA
C IPCC
Accounts Group
G
I CA
C IPCC
Datee
Partiiculars
01.03.20014 Sold 15,000 12% Bonds
B
at ` exinterest.
e
15.03.20014 Receiv
ved 18% Inteerim Dividennd on Equityy Shares of Beeta
B
Limiteed.
Interesst on 12% Boonds was duuly received on due datess.
Prepare separate
s
Investment Acccount for 122% Bonds, Equity
E
Sharees of Alpha Limited andd Equity
Shares off Beeta Limiited in the boooks of Maruuti for the yeear ended onn 31st March 2014.
7. Answer any
a Four ou
ut of the folllowing:
(444=16)
6
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