Case I: A consigns goods costing Rs 33,000 to B at “PROFORMA price” which was cost plus one sixth profit on “invoice price”. What is invoice price of goods?
a39000 b. 39600 c. 40000 d 45000
In above case, what does “proforma price” mean and what’s its difference from Invoice price?

Case II:
A and B ( Capital 40,000 and 20000) buy land at 60k and sell it for 80k. What’s the profit on Joint Venture?
a) 20k b)30k

I haven't received my admit card for Nov, 2007 for C.A.P.E.II exam and www.icai.nic.in site is not responding.

After clearing CPT, we have to undergo articleship under a registered CA. previously ICAI themselves used to hold allotement programmes to allote students to different MITs. According to PCC FAQ document in the ICAI.org,

“44. How to find out an MIT / a Principal? Who are eligible to train articled assistants?
Vacancies for articled assistants are available with the Regional Offices and Branch Offices of the Institute.”

What does the above excerpts mean? In which section of ICAI’s website we have to contact or the procedure is quite different? Plz advise….

PS: What things should we look (suppose we get a list of vacancies) and priotise while selecting MITs?

Case A : On September 4,2005 the company issued 12000, 7% debentures having a face value of Rs 100 each at a discount of 2.5%. On September 12, the company issued 25000, 8% preference shares of Rs 100 each. On September 29, the company redeemed 30,000, 6% P.S. of Rs 100 each at a premium of 5% together with “one month dividend” thereon. Bank balance on August 31,2005 was 2925000. the bank balance on September 30 is ………

a) How to calculate “ one month dividend”?
b) What is the significance of “”8%”” in “8% preference shares”?

Case B:
Share capital
Equity Capital(rs 100 each)-5lakh, Preference share capital (rs 10 each)-3 lakh, General Reserve-150,000; P/L account 250,000; Debentures- 200,000, Sundry creditor-50k, Loan-25k.
Land-4lakh; Plant-3lakh; Furniture-250,000; Investment 225,000; Debtors-1 lakh; Inventories 150k; Cash- 50,000.
The P.S. shares are redeemable at 10 % premium, the company wishes to maintain cash balance 0f Rs 25,000. It proposes to sell Investment for Rs 2 Lakh. The company proposes to issue sufficient equity shares of Rs 100 each at a premium of 5 % to raise required cash resources.

a) Cash required to effect the above decisions is………
1) 330,000 2) 355,000 3) 25,0000 4) 1,05,000
b) No. of shares issued is…….
a. 1500 b. 1000 c. 950 d. 1500
What is the logic behind these two question and how to find out the answers

1. How to calculate surplus in case per share re-issued? What is the safe and appropriate technique ?
MSN Co. issued 3000 equity shares of Rs 10 each payable as Rs 3 per share on Application, Rs 5 per share (including Rs 2 as premium)on allotement and Rs 4 per share as final call. All share are subscribed. All paid except Ram, holding 50 shares failed to pay allotement and call money, and Shyam holding 100 shares failed to pay the call money. All their shares were forfeited. Out of them, 125 shares(including whole of Ram’s shares) were re-issued to Jaadu as fully paid up at a discount of Rs 2 per share. Calculate money transferred to capital reserve.

can anyone tell me whats the current provisions for NPA PROVISIONS on various advances advanced in accounting for banks and relevant provisions relating to november pe2 2007 exams?
Thnx,
mukesh agarwal

I haven't got admit card for PE-II Exam for this november.www.icai.nic.in is also not working.This is a great matter of tension among students.

A and B are partners sharing profits and losses in 3:2.Capital of both are 30k and 15 k respectively. They admitted C agreed to give 1/5th share of profits to him. How much should C bring in towards his capital? How?

Partnership accounts

Case I)
A and B are partners sharing profits in 3:2. They take C as new partner who is “supposed to bring” rs 25000 against capital and RS 10000 against goodwill. New profit sharing ratio is 1:1:1. C is able to bring RS 30000 only. How will this be treated in the books of the firm.

Case II)
A and B are partners sharing profits in 3:2. They take C as new partner who is “supposed to bring” rs 25000 against capital and RS 10000 against goodwill. New profit sharing ratio is 1:1:1. C is able to bring only his share of capital. How will this be treated in the books of the firm.

Options of both the cases are:
i)A and B will she goodwill brought by C as 4000:10000
ii) Goodwill will be raised to RS 30000 in old profit sharing ratio.
iii) Both iv) None

I am confused abt the two scenarios.
a)What is the difference btw “bring Rs X only” and “bring only his share of capital” in terms of accounting?
B) what is the answer and what is the reason behind it? Please elaborate.

In what cases do we raise(or don’t) goodwill in old profit sharing ratio, raise it in new profit sharing ratio or both ?

Myself Puneeit a Final student.
I have been informally communicatted since my PE-1 that its easy to clear exams from small cities than metros as quality of students is better in big cities.......

Is it a myth or reality? pls throw some light.