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    MAYA MORE
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    UPSC MAINS 2022 COMMERCE OPTIONAL PAPER-1

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    19 views15 pages

    Upsc Mains 2022 Commerce Optional Paper-1

    Uploaded by

    MAYA MORE

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
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    of 15
    DANA OMA ‘COMMERCE AND ACCOUNTANCY Seay I/Paper I } ‘ofr ae 250 Maximum Marks : 250 i Res Serdar caret ay: 7 ise 7 PER ame gee COUR ah on 7 GEL Tee Sapp. ; Fe gent) PTY pe gfe eo oe Te) Tea Fg , PEP mem SR (Rah 7 ie, or er avs trv 3 rar 8, ote ce a2 eae — 58 wy eee Sit Ce WR sirarre : 8 sep. fer ae ee 1 Og seg er wer ae en Sah emma Ff wre | HF a 81 ee ame TM 8 TCH a8 eh a eH a oa ere ae 3 Si: Re iG 8) Ser 7 at oir gn we a aab an oe oh) Question Paper Specific Instructions |. Pi a lease read each of the following instructions carefully before attempting questions : eae EIGHT questions divided in TWO SECTIONS and printed both in HINDI and in Candidate has to attempt FIVE questions in all, Questions no. 1 and 5 are compulsory and out of the remaining, any THREE are to be attempted choosing at least ONE question from each section. ber of marks carried by a question [partis indicated against it The num Be written in the medium authorized in the Admission Certificate which must be oa et clas da the cone of this Question-cum-Answer (QCA) Booklet inthe space provided Sire will be given for answers written in a medium oh te authorized one, mares wr" uestions, wherever specified, should be adhered to, imit in 5 oi Word limit ee data, if considered necessary, and indicate the same clearly, Assume suital : Il be counted in sequential order. Unless struck off, ttempts of questions a attempted partly. Any page or portion of the p “ all be counted even FA trtlet must be clearly struck off 5 -Answer Question-cum attempt of a question age left blank in the awn PeO , wusA SECTION A QL, Rreafe aR sop a & eater a Se CeTETT 150 West H Ae : Answer the following questions in about 150 words each : Y meaner Sead sere en aa E 2 Poe BA aT Rahs Tea Hx Sta a Prtfi fare or waar 2? What are Sweat Equity Shares? Under what conditions can these shares be issued by a company ? wy nfefae-omenter rra-Rrafe (@4-3f.) aan ath 8 2 yah.ah. wore A Frnfire corhifer amr area aed 8 2 What is Activity-Based Costing (ABC) ? How does ABC system support corporate strategy ? orater craig en 8 2 3a dae F Garnlars % acteat a Fafese aire | © What is Interim Dividend ? Specify the duties of an auditor in this regard. @ & siete dre & fre aac dan ae H afeafera wat a da A ETS aifsie | E _ Explain briefly the steps involved in preparing the budget. for an industrial organization. ©) area after & saan & omeria ww a vis A ow aia A ah Ht ee aft afias 3 Reet cat aia Ft one & HE & several wt aargT | State‘ the exceptions to the provision under the Income Tax Act regarding set-off of loss from one source against income from another source under the same head. 10 10 10 tO 10 (2) treanneat a5 caterer worry eH Fem, waht ARS Hf, 1 Ra ee eee ae 1 orm aunvirar Te, 2H gh Tae a 3, sites pea A YATE AAT a fan frat apr B; fle (1) aoe ferver 70 a efits ac iver i are, on pert (FGI) a1 1 B Ltd. as on March 31, 2994 are ag ap Balance Sheets of A Ltd. and follows : 2 — 7 CC A Ltd. (2) | B Ltd. (= ————"*" | —— T- Equity and Liabilities = 1, Shareholder’s Funds (a) Share Capital Authorised Capital Share of = 100 each Share of € 10 each Issued capital fully paid 5,00,000 ~ _ 10,00,000 5,00,000 4,00,000 (b) Reserve and Surplus Capital Reserve 1,00,000 = General Reserve 35,000 4,00,000 2. Non-Current Liabilities Secured Loans = 2,50,000 Unsecured Loans 1,00,000 — 3. Current Liabilities Sundry Creditors 1,55,000 1,80,000 Total 8,90,000] _12,30,000 IL - Assets: a | 1. Non-Current Assets Fixed Assets Goodwill 4,00,000 8,00,000 2. Current Assets 40,000 =_ Stock Others _ 1,00,000 4,50,000 3,30,000 8,90,000 12,30,000 (b) -F-LOWA Tt was Pro arrangem Posed that A Ltd. should be amalgamated in B Ltd. Following ‘ents were accepted by ies : G y epted by both the companies : a Goodwill of A Ltd. is considered as valueless. iy ars of depreciation in A Ltd. amounted to & 20,000. ae holder of every 2 shares in A Ltd. was to receive ; As fully paid at par, 10 shares in B Ltd.; and So much cash as is necessary to adjust the right of the shareholders of both the companies in accordance with the intrinsic value of the shares as per their balance sheets pee to necessary adjustments with regard to goodwill and lepreciation in A Ltd’s Balance Sheet. are required to : , in Determine the composite of purchase consideration; and A Show the balance sheet after amalgamation. # sie faite adam a wm carta angteat & ww sae = 30 sft Aa out lsngff afafic aa & aro sert frafefea a verdi a fra a @ a se fate tg wwe adeaafea aia ald a ang are fra ae ate wari urd aw = 12 vf Affe scam are sett | G) asec aw aM & fee cH crafts wei Gad a oes oe re =. 30,00,000 anf cart arma aa = 10 wfa fifths same ofa ard Set | err ot aries srravraa 5,00,000 gnigat aa At duran 2 ait sam are ‘FIAT 6,00,000 SHIgat oe al Al woe. 2 | omg erated aT sel-eaenfaia nef 4 @ firecht aysie SE 2 seeh oesigt st orarE crn & are wheTa FER | -Great Ocean Ltd. is currently buying a component from a local supplier er 30 each. As the supply is irregular, the company is considering the following two proposals : (Buy and install a semi-automatic machine for manufacturing this component, which would involve an annual fixed cost of = 18,00,000 and variable cost of &12 per manufactured component. (i) Buy and install an automatic machine for manufacturing this component, incurring an annual fixed cost of € 30,00,000. and variable cost of 10 per manufactured component. The annual requirement of the company is expected to be 5,00,000 units and the volume is expected to increase to 6,00,000 units thereafter. Would you recommend the automatic or semi-automatic machine ? Justify your recommendation with necessary computations. a (2) 20 15 © Q3. (a) CRWA-F-LOWA aries apa aan 8 7 ow 28 HHH Th fe R afta ape ah Prati er At wih at ITECT What is Annual Value ? Illustrate the procedw annual value of a house property which is let ww Pere eat aT B aia | pec ting the re of compu! out throughout the previous year. wae, oi us wl ¥ anferd @, 31 are, goon ah errs wh are ae ot aT Prefered frac vega we @ : z WS aaa 2,88,000 wémg aT 57,600 spire fe Fi (andre wwe) Hea ar cieers 40,920 refer fifty 3 freitenr ar FTE 40,320 28,000 sronftre foe Par (siRIRS WS) TT TC STF aa - 24,000 MAR TAG : fade eavare Ter ae HT BELT @ Gi) (ii) uaa Bi Pretten ara wat HR a 7, Se ae apes ear |e FAA ea rare wea & Fe saa mE ssa cerra Preear raer ofh serra we, frees fore, eter 3 x 2,500 af are Fara fee | 3a TH VBboRteK Te UH TAGE A srgafe frei, farreht carta sART: (eigen) a warT Bet FT z 16,000 7a & 24,000 of, safes 01.04.2020 at Saar arated Aa WHR: F 9,000 TAT F 14,000 aT | wea & oer ee 4,80,000 = wr ator aifereft Bq sae Freire 7 = 24,000 ar Sita ster shifters sre Fave | aac Prueor af 2021 - 22% fare waa 3 aca Sar at Tora SAAT X, an employee of a firm, furnished the following particulars of his income for the year ended March 31, 2021 : = Basic Salary 2,88,000 Dearness Allowance 40! '37,600 Own contribution to recognized Provident wi’ 40,320 Employer's contribution to the above fund vy 40,320 Interest on balance in recognized Provident Fond 28,000 Benue Teas Soe 24,000 a re ae Additional Information for which th " ee «vith a small car for which the employer paid all 40° oA X was provided with ce costs, The car waa used-for official 7° the running and maintens® as well as personal purposes. Gi)/, He was alae provided with rent-free accommodation at featkataYor Wi which the employer paid a rent ‘of € 2,500 pm. He was allowed to use one refrigerator ‘and an air-conditioner costing & 16,000 and © 24,000 respectively, while their written-down values as on 02.04.2020 were © 8,000:and © 14,000 raspectively. Gii) Life insurance premium of © 24,000 was paid by his employer on an Insurance Policy for € 4,80,000 on the life of X. Compute the taxable salary of X for the Assessment Year 2021 ~ 22. 20 aaiaa ame & agen Tae we a ere ARE 1a aa Fh aa | cae? wre H wire RH AY ST | Ter A GAT A Tre a rT : revit arfee ? Explain the term ‘Revenue’ as per AS-9. State the items not included in the term ‘Revénue’, When should revenue from sale of goods be recognized ? yen 5 (© | aratra dale A ramen a fademait a ore ifsre 1 dat Gear wort A ar sa 4 fifea sell Ft fate ifsc | Explain the concept and features of Responsibility Accounting. Discuss 15 the steps involved in implementing such an Accounting System. Ve oS Q4. (a) Preafafaa fra us wer & arr fais & fore mee : amt : site @&5-F 25 mm: 4me @T3-F 12 wrt, 2022 ad & dtr sere rhe 7000 Fargal GI HE HI MT; Tales wéa & dh area #8100 grea i seen fe TAT at | 40000 vis arph Het F 1,65,000% sis yea we aed ws | wrad, 2022 mR sen fis a fafafea cho wa aah ait mg sik sim ft — 35800 vis, wea om — Tamia — & 59,400 | sage art cen am fereeett A Tor AST | CRWA-F-LOMA : 7 a (b) © ERNA-F-LOWA The followi wil _ company, iné details have been extracted from the eos records of a Material : 5 Ibs @ 5- & 25 m Labour : 4Hrs@¥ 3-% 12 production schedule for the month of January, 2022 required the col i Fy completion of 7000 units; however 8100 units were actually produced ring the month. Purchase of materials of 40000 Ibs was made at @ total invoice price of € 1,65,000. Production record for the month of January, 2022 revealed the following : Materials requisitioned and used — 35800 Ibs, Direct labour - 17200 Hrs — = 59,400. Calculate the appropriat Agia a arene Rar & ware A faaeer Fife Discuss the impact of behavioural sciences on Acco’ te material and labour variances. 20 1 wunting. scart Sear 6h ra Beas fae foe oT I sae Faget A face ART | Discuss the major points to be considered by an auditor while conducting the audit of charitable institutions. 15 15 weB SECTION B Qs. Frafite, Srett B @ sredhes amr ger cre 160 wrest A cfera : Answer the following questions in about 160 words each : (a) (b) © (@) (e) Q6. (a) CRNA-F-LOHA RS) fee Ret ita Rrater ager’ ofl caren ehtfere | xplain ‘Capital Asset Pricing Model’. Heat # fara veenali gre amen fe oy are Pet ate sian ot at Bare ARR | Briefly explain any five risks faced by the financial institutions in India. 10 amie Roig areet wiser A fedeen AMASre | Discuss Walter’s model of dividend decision. et aan Bole & dau a loner A agariattes aii A amen oh farsa \ Discuss the problem of multiple internal rates of return in relation to capital budgeting decision. Sera A dah a siren HAH ster A caren FASE | Explain the objective of maximising the wealth of shareholders. 10 10 10 10 Arafated aed a gees an ona fran tan Fife : z (=) 3B 9,60,000 (a) arisite dit 3,64,000 (a) 4% feted 60,000 onan FFAG : @Q AR agit - 2 Gi) tafe sigur - 15 Gi) Fanfics agora = 0:80 (fn oiaeafray arfirca fates) Gv) Wea ay ag = 0-20 @) erusnad aga - 4 | (vi) marmite wet orrrf - 36 fea (vi) wen pi eye eH - 10% : am dite fe ag od weft at @ 1 are chee 7 cau, carats wear ait dag a afte af uRacsfiet ae 8 | aaa wie rior wie & 20% aiftrn @ | arr G, WH a F 360 fea arr offi | a sheet 2 are a Balance SI required to Prep! z From the following data, you are * and a Statement of Profit and Loss : 0,000 (a) Share Capital Pe 4,000 (b) Working Capital 60,000 (c) Bank Overdraft Additional information : @) _ Current Ratio - 2 (ii) Quick Ratio v- 15 Gii) Proprietary Ratio - 0-80 (Fixed Assets/ *roprietary Fund) (iv) Profit Ratio = 0-20 (v) Inventory Turnover Ratio - 4 y (vi) Trade Receivables Turnover - 36 days - 10% (vii) Net Profit to Paid-up Capital ‘Assume there are no fictitious assets. In the case of current assets, there are no assets other than inventories, trade receivables and cash. Closing inventory igher than the opening inventory. Also assume 360 days ina wm wert At dof acan F fraferftar afeatera z : z ‘Saad Sex Pott : (= 100 whe Mat) — 40,00,000 wieentta ort — 20,00,000 8% safer TAK — 20,00,000 1% FTA — _4,00,000 — 84,00,000 ot werh at fem arden & fiat tg = 50,00,000 A atavanat 2 fas fee Prafafad fares sacteu & : @ —-& 25 wie tax sf — 40,000 Saat Bei ar Pei Gi) 10% afters Set an Pei Gi) 8% FETT ar Pig 3s saga wera wear @ fH ead shen, afters sex wa aeoag fea feat H simevara (*8.8.) arqura se: 21-4, 17 Fa 15-7 aii | Brien am fifi fe seat ore oh we 12% aia a | nee Se o HART Ht TX 50% B | fared A arin aot 2 | = Be set & fee ays CRUA-F-LOWA ao (b) (©) (a) Capital structure of a company consists of the following : z Equity Share Capital : (Shares of £100 each) — 40,00,000 Retained Earning — 20,00,000 8% Preference Shares “= 20,00,000 7% Debentures — _4,00,000 Total — 84,00,000 The company requires € 50,00,000 to finance the expansion programme g for which the following alternatives are available : os @ Issue of 40,000 equity shares at a premium of & 25 per share “4 (i) Issue of 10% Preference Shares ¥ 7 _E Gii)_ Issue of 8% Debentures It is estimated that in the case of equity shares, preference shares and debentures financing, the PE ratios would be 21-4, 17 and 15-7 respectively, Assume the company earns 12% on its capital with the income tax rate of 50%, “ You are required to evaluate the three financing alternatives ‘and recommend the best alternative suitable for the company. 15 Fal aa wee 2G feof aa ara

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