THE INSTITUTE OF COMPUTER ACCOUNTANTS

27, N. S. Road, Kolkata – 700001

Offline Question Paper | Advanced Accounts
Paper Code: 05042101
Full Marks: 100 Time: 75 Min
1. Pass Journal entries of the following: [40]

Date Transactions

01.01.2021 Gross Salary of employee is Rs 20,000.

[Employee’s contribution to ESI = 0.75% and Employer’s contribution to ESI =
3.25%]
10.01.2021 Varun Ltd paid Rs 2500 for payment of telephone expenses through HDFC Bank
Credit Card.
12.01.2021 Karan recharged his mobile which was used for office purpose for Rs 1200 using
Paytm.
[5% cash back received after 2 days of payment]
31.03.2021 Advance tax paid for the AY 2021-22 is Rs 79,000 and Provision for Income tax
made for the FY 2020-21 is Rs 60,000.
31.03.2021 Dividend declared Rs 10,00,000 by the Board of Directors and rate of Dividend
Distribution Tax (DDT) is 17.65%.
31.03.2021 Basic + DA of an employee is Rs 25,000. Both the employer and the employee agree
to contribute on higher wages.
[PF rate : 12%, EPS : 8.33%, EDLI : 0.5%]
31.03.2021 Monthly Salary of Mr Angad of West Bengal is Rs 25,000. Professional Tax
deducted per month is Rs 130.
31.03.2021 Monthly Salary of an employee is Rs 50,000 per month and the total amount of TDS
is Rs 500.

2. Calculate net cash flows from operating activities from the following information using indirect
method: [30]

(i) Profits made during the year Rs 3,45,000 after considering the following items:
(a) Depreciation on fixed assets Rs 12,000
(b) Amortisation of Goodwill Rs 5,000
(c) Profit on sale of land Rs 6,000

(ii) The following is the position of current assets and current liabilities:

Particulars As on 31/03/2021 As on 31/03/2020

Sundry Debtors 12,000 10,000

Sundry Creditors 15,000 20,000
Stock in hand 6,000 8,000
Prepaid Expense 2,000 5,000
 THE INSTITUTE OF COMPUTER ACCOUNTANTS
27, N. S. Road, Kolkata – 700001
Offline Question Paper | Advanced Accounts
Paper Code: 05042101
Full Marks: 100 Time: 75 Min

3. Calculate the Earning Per Share (EPS), Dividend Per Share (DPS) and Price Earning Ratio (PE
Ratio) from the following information: [30]

Net Profit before tax - Rs 10,00,000

Tax
10% Preference Share Capital
Equity Share Capital
Retained Earnings
Market Price per share
- @ 30% of Net Profit
- Rs 10,00,000 (Rs 10 per share)
- Rs 10,00,000 (Rs 10 per share)
- 60%
- Rs 30