Discuss and download May exams here !!

Page no : 3

CA Nidhi Goel (Student) (177 Points)
Replied 02 May 2012

thnx a lot... to darshak n ashwin......

1 Like

CA. Monica (Accounting/Auditing/Taxation) (82 Points)
Replied 02 May 2012

Originally posted by : RAJ SHAH
	guys value added statement mein target ratio highest leneka tha yaa lowest..i mean was it 41% or 47%..i took 47%..

VAS ka average was 45.13%

Vikas Gupta (CHARTERED ACCOUNTANT) (16295 Points)
Replied 02 May 2012

Originally posted by : Monica

Originally posted by : RAJ SHAH

guys value added statement mein target ratio highest leneka tha yaa lowest..i mean was it 41% or 47%..i took 47%..

VAS ka average was 45.13%

Target Index always low....

CA CS Ravi Jaiswal (Working) (208 Points)
Replied 02 May 2012

Any Ques From Mock test papers...............?????

Proshanto Kundu (CA-Final STUDENT ) (235 Points)
Replied 02 May 2012

THNX A LOTT...U HV BEEN GR8 HELP FOR UPLOADING D PPR!!

praveen kumar kalluri ( student) (1032 Points)
Replied 03 May 2012

thanks for sharing .

Kalpana (CA Final) (72 Points)
Replied 03 May 2012

thanx for uploading paper....

Pramesh Kela (CA Final) (81 Points)
Replied 03 May 2012

they asked about the best target index, which should be the lowest. So 41% to be taken for VAS.

and for Beta, average beta to be taken - 0.73

romanreddy (Finance Manager) (61 Points)
Replied 03 May 2012

Good paper. Time is only constraint for this

C.A. M.Com. Suhas A. Nagpure (CA) (1175 Points)
Replied 03 May 2012

Originally posted by : kunal patel
	do we have to take Impairment loss in DTA calculations?

ICAI specifically asked for Deferred Tax Working AS-22. No need to show working under AS-28

C.A. M.Com. Suhas A. Nagpure (CA) (1175 Points)
Replied 03 May 2012

Q1 - Accounting Std - Very good & one can answer easily

Q2 - Consolidation - Similar to earlier exam question ( Repet Question)

Q3- Easy but bit time consuming question but one can get full marks.

Q5 - a - AS-15 - similar question in May or Nov - 11

Q6 - a - similar to earlier exam paper

- b - VAS- easy question - just have to take Avg beta

Q7 - a - Simple question

b - simple question on AS-20

c - Again conceptual question - similar type of question available in any AS book.

d - AS-16 simple computation of borrowing cost

C.A. M.Com. Suhas A. Nagpure (CA) (1175 Points)
Replied 03 May 2012

Please check similar question for AS-16 [Question no. 1 (a)]

XYZ Ltd. has taken a loan of USD 10,000 on April 1, 20X3, for a specific

project at an interest rate of 5% p.a., payable annually. On April 1, 20X3,

the exchange rate between the currencies was Rs. 45 per USD. The exchange

rate, as at March 31, 20X4, is Rs. 48 per USD. The corresponding amount

could have been borrowed by XYZ Ltd. in local currency at an interest rate

of 11 per cent per annum as on April 1, 20X3.

The following computation would be made to determine the amount of

borrowing costs for the purposes of paragraph 4(e) of AS 16:

(i) Interest for the period = USD 10,000 × 5%x Rs. 48/USD =

Rs. 24,000/-

(ii) Increase in the liability towards the principal amount = USD

10,000 × (48-45)

= Rs. 30,000/-

(iii) Interest that would have resulted if the loan was taken in Indian

currency = USD 10000 x 45 x 11% = Rs. 49,500

(iv) Difference between interest on local currency borrowing and

foreign currency borrowing = Rs. 49,500 – Rs. 24,000 = Rs.

25,500

Therefore, out of Rs. 30,000 increase in the liability towards principal amount,

only Rs. 25,500 will be considered as the borrowing cost. Thus, total

borrowing cost would be Rs. 49,500 being the aggregate of interest of Rs.

24,000 on foreign currency borrowings (covered by paragraph 4(a) of AS

16) plus the exchange difference to the extent of difference between interest

on local currency borrowing and interest on foreign currency borrowing of

Rs. 25,500. Thus, Rs. 49,500 would be considered as the borrowing cost to

be accounted for as per AS 16 and the remaining Rs. 4,500 would be

considered as the exchange difference to be accounted for as per Accounting

Standard (AS) 11, The Effects of Changes in Foreign Exchange Rates

C.A. M.Com. Suhas A. Nagpure (CA) (1175 Points)
Replied 03 May 2012

Go through the Ans-

Sr No	Particulers	Million	Currency
1	Borrowed Sum	12.5	US$
2	Interest in foreign country	0.625	US$
3	Converted @ 48	30	INR
4	Exchange difference (48-45)*12.5	38	INR
5	Interest if borrowed in India	62	INR
6	Difference between interest (62-30)	32	INR

7	Borrowing Cost (38-32)	6	INR