Discuss and Download IPCC question paper Nov 2014

Originally posted by : Aditya dutta
	ICAI asked internal reconstruction in gr-1. Is there any chance that they will not ask IR in group 2

Nothing lyk that...In may 2013 attempt they askd IR both in grp 1 and grp 2..

N amalgamatn problm ws der in may 2014 attempt in grp 2 so chance fr asking amalga this tym is low i guess... !

Partnership

Revaluation Loss: 93500, Anuj 37400, Ayush 37,400 & Piyush 18,700

Anuj Loan - Rs 283,067

Capital Balances of Ayush & Piyush 297,217 & 297,217

Balance Sheet Tallied at 11,03,500

Internal Reconstruction

Capital Reserve of 26,00,000

Balance Sheet Tallied on 3,09,00,000

Insurance Claim:- Closing stock - 141,500, Loss 141,500-27,000=114,500

Claim = 114,500/141,500*75000 =  60,689

how to calculate closing stock 141500

Debit side:- Opening Stock 120,000+Purchases 240,000+Wages 70,000+Gross profit 62,000 (310,000*20%)

Credit Side:- Sales 310,000+ goods taken by Proprietor 20,000(at cost)+ consignee 18,000+ free samples 2,500

So closing stock is 141,500