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OLD SCHEME

INTEGRATED PROFESSIONAL COURSE

PAPER 5: ADVANCED ACCOUNTING

Syllabus 30%

All Questions are compulsory.

All the workings shall form a part of your answers.

Total No of Questions - 5 Maximum Marks – 50

Q1. Omega (India) Ltd. opens a new branch in Delhi which trades independently of
the Head Office. The transactions of the branch for the year ended 31.3.2019 are
as under:
Rs. Rs.
Goods supplied by head office 20,000
Purchases from outsiders:
Credit 15,500
Cash 3,000 18,500
Sales: Credit 25,000
Cash 4,600 29,600
Cash received from customers 30,400
Cash paid to creditors 14,200
Expenses paid by branch 8,950
Furniture purchased by branch on credit 3,500
Cash received from head office initially 4,000
Remittances to head office 11,000

Prepare the Branch Trading and Profit and loss Account and the Branch Account in
the head office books and Head Office Account in the books of Branch, after
incorporation of the branch trial balance, taking the following into consideration:
(a) The accounts of the branch fixed assets are maintained in head office books.
(b) Write off depreciation on furniture @ 5% p.a.
(c) A remittance of Rs. 2,000 from the branch to the head office is in transit.
(d) The branch closing stock is valued at Rs. 12,000.
[15 Marks]

Q2. A Company has its share capital divided into shares of ` 10 each. On 1st April 2018,
it granted 20,000 employees’ stock options at ` 40, when the market price was ` 130.
The options were to be exercised between 1st January 2019 to 15th March 2019. The
 -: 2 :-

employees exercised their options for 18,000 shares only; the remaining options lapsed.
The company closes its books on 31st March every year. Pass Journal entries with
regard to Employees’ Stock Options.
[10 Marks]

Q3. From the following information calculate interest earned and interest expended as
per Schedule 13 and 15 respectively of the Banking Regulation Act, 1949.

(Figures being in thousands of Rs.)

Interest on Term loans 1,540 Discount on Bills Discounted 200

Interest on Fixed 1,500 Interest and Dividend on 840

Deposits Investments

Interest on Saving Bank 600 Interest accrued on 40

Deposits Investments

Interest on Cash Credits 1,820 Interest on balances with 100

RBI

Interest on Borrowings 620 Interest on Money at call 50

Interest on Overdrafts 750

Additional information:

(a) Interest on NPA is as follows:

Earned Collected

Term Loans 750 250

Cash Credits 820 400

Overdrafts 450 100

(b) Rebate on Bills Discounted ` 50.

[10 Marks]

Q4. A General Insurance Company provides you the following information:

Fire Business Marine Business
 -: 3 :-

Rs. Rs.
Premiums for 2018-2019 (Cr.) 12,00,000 25,00,000
Re-insurance Premiums for 2018-2019 (Dr.) 2,00,000 5,00,000
Balance of Account on 1.4.2018
Reserve for Unexpired Risks 3,00,000 15,00,000
Additional Reserve 50,000 1,00,000

Required:
Calculate the amount of the ‘Reserve for Unexpired Risk’ and ‘Additional Reserve’ for
the year 2018-2019 in each of the following alternative cases:
(a) if you are required to provide in case of marine insurance for Additional
Reserve for unexpired risks at 10% of the net premium;
(b) if you are required to provide in case of fire insurance for (a) Additional
Reserve at 10% of the net premium in addition to the opening balance and (b)
Reserve for unexpired risk at 50% of the net premium.
[5 Marks]

Q5. Write short notes on the following:

(a) Rebate On Bill Discounted with respect to Banking Company.
(b) Basis of allocation of common expenditure among different departments.
[2 X 5 Marks]
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Final 50% 100A 100B

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