A good paper... I found tougher than may 2011 especially question 1 ipcc
My analysis and answers ( reverse order)
Ans 7 - (b) AS 9- Revenue cannot be recognized in 2010-11
(c) Simple question on disclosures of AS 14
(d) AS 7 Profit = 160, expected loss = Rs 20
(e) AS 6 Depreciation , change acceptable
Ans 6 (a) Bonus issue Securities premium can be used upto Rs 30,000
Capital Reserve can be used Rs 90,000 ( 60,000 being NOT realized in cash as exchange of machine is for other than cash)
Assumption- AUTHORIZED CAPITAL TO BE INCREASED BY 40,000
Extract of R & S
Capital Reserve= 60,000
Securities Premium= 20,000
Pand L 60,000
Ans 6 (b) Good question on ADD .Date at which savings of 150- 18 july ( ADD- 3 August)
Ans 5 (a) INSURANCE CLAIM - LOSS OF STOCK POLICY- NORMAL AND ABNORMAL LOSSES
closing stock 92,500 ( 90,000 normal and 2500 abnormal)
CLAIM = Rs 47027
special points- Drawing by partner is given at sales price- to be converted to cost
Goods with consignee is to be reduced from clsoing stock as these are lying in CONSIGNEES GODOWN
(b) simple points- business requirements, reputation of vendor etc...
Ans 4 (a) cash flow statement-OA 190, FA (50) IA (65)
(b) Time ratio= 4:5 Sales ratio I was confused between 1:2 and 2:5 What you guyz say????????
General exp 6320 and 7900 rent 400 and 950 director 2000 and 5000 incorporation exp - and 1500
Ans 3 I left it in choice
Ans 2 Capital Reserve 2,98,000 Balance sheet 11,26,000
Ans 1 i cant predict please tell what you got
CAclubindia
