Welcome to Scribd, the world's digital library. Read, publish, and share books and documents. See more
Download
Standard view
Full view
of .
Look up keyword
Like this
1Activity
0 of .
Results for:
No results containing your search query
P. 1
CA IPCC NOV 2010 QUSTION PAPER 1

CA IPCC NOV 2010 QUSTION PAPER 1

Ratings: (0)|Views: 3|Likes:
Published by Asim Das

More info:

Published by: Asim Das on Jul 22, 2012
Copyright:Attribution Non-commercial

Availability:

Read on Scribd mobile: iPhone, iPad and Android.
download as PDF, TXT or read online from Scribd
See more
See less

01/11/2014

pdf

text

original

 
7
-"I>
RollNo.............................
NOV
2010
IPee
GROUp.I PAPER.!A€COUNTINQTotalNo.ofPrintedPages- 16
Total No. of Questions - 7Time Allowed: 3 HoursMaximum Marks: 100
AKG.
.
Answers to questions are to be given only in English except in the case of candidates who haveopted for Hindi Medium. If a candidate has not opted for Hindi medium, his answers in Hindi willnot be valued.Q. No.1 is compulsory.Attempt any five questions from the remaining six questions.Wherever necessary suitable assumption may be made by the candidates.Working notes should form part of the answer.Marks / 
~
1.
(a)Following two problems are regarding issues in Partnership Accounts, kindlysolve both:
4x5
=20(i)Anil andMukesh are partnerssharingprofit and losses in the ratio of 3 : 2.Govind is admitted for Wh share of firm. Thereafter Madan enters for20 paisa in a rupee. Compute new profit sharing ratios under both theadmission of partners.(ii)The following Goodwill Aycount was opened by the partners of Rand S,on the admission of H as a new partner into firm Om and Sons. Calculatethe share of profit agreed to be given t? "H".
.
AKGP.T.O.
 
(2)AKG MarksGoodwill Ale.Dr. Cr.
.
(b) HP is a leading.distributor of petrol. A detail inventory of petrol in hand istaken when the books are closed at the end of each month. At the end of monthfollowing information is available:PurchasesJune 1two lakh litres @ 14.25June 30 one lakh litres @ 15.15Closing inventory 1.30 lakh litresCompute the following by the FIFO as per AS-2 :(i)Value of Inventory on June 30.(ii) Amount of cost of goods sold for June.(iii) Profit/Loss for the month of June.AKG
f
..
1-4-2010 ToR's CapitalNc24,8001-4-2010 ByR's CapitalNc12,4001-4-2010 ToS's CapitalNc18,6001-4-2010 ByS's CapitalNc12,4001-4-2010 ByH's CapitalNc18,60043,400
.
43,400Sales 47,25,000General overheads cost 1,25,000Inventory atbegInning 1,00,000 litres @ 15/-per litre
 
(3)
AKGMarks
(c)A and B decide to amalgamate themselves into Sharp Limited. The followingare their Balance Sheets as on 31stDecember, 2009.
~I
Compute the amount of purchase consideration each of these' companies underpurchase method as per AS-14.(d)H purchased 500 equity shares of ~ 100 each in the ABC <:ompanyLimited for~ 62,500 inclusive of brokerage and stamp duty. Some years later the companydecided to capitalise its profit and to issue to the 'holders of equity shares oneequity share as Bonus for every equity share held by them. Prior tocapitalization, the shares of ABC Company Limited were quoted at ~ 175 pershare. Aft~r the capitalization, the shares were quoted at ~ 92.50 per share. Hsold the Bonus shares and received ~ 90 per share. Show Investment Alc in H'sbooks on average cost basis as per AS-13.
AKGP.T.O.Liabilities
A Ltd.
BLtd.
AssesA Ltd.
B Ltd.
..
Face value and paid UPInvestmentscapitalShrecapital (1005,00,000 4,00,0001000 shares in B Ltd.1,30,000
-
each)C1eneralFleserves2,00,000 1,00,0002000 shares in A Ltd
-
2,10,000.10%Debentures2,00,0001,50,000Sundry Assets7,70,0004,40,000
9,00,000 6,50,0009,00,000 6,50,000

You're Reading a Free Preview

Download
scribd
/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->