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Pcc nov 2011 fully solved and analysed by kk

(Guest)

This was the toughest taxation paper ever asked in CA exam.

I have tried to solved it with uptmost care and I sincerly hope that I havn't made any mistake.

PCC NOV 2011 FULLY SOLVED AND ANALYSED BY KK

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Your kind comments shall be deeply appreciated.

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3 Replies

khanna (CA FINAL ICWAI FINAL) (283 Points)
Replied 04 December 2011

thank you sir waiting for solution thank you very much sir

khanna (CA FINAL ICWAI FINAL) (283 Points)
Replied 04 December 2011

sir please refer , solution for the problem number :1(d) ----> i think calculations are wrong or any assumptions are implied which is not explained ?

please explain how profit margin 37500 ?

and 23488-11250 = 12188 ? here also is there any assumptions ? for arriving such answer ?

thank you sir

(Guest)

Mr. Khanna pls write below the pics. It will be easy for me to answer and others can also understand.

I will writing below the pics and here also

The question itself has given profit margin 20% of sales value. From back calculation profit margin shall be 25% of cost price i.e 25% of 1,50,000 = 37,500. ITC available 11,250. Rule is ITC is available on local purchase. But if finished goods is exempt ITC is not available. therefore 25% ITC not available.