ipcc accounts may 2010 paper

Yes PC was 10 lakh. discharged by 250000 rs pref shares and 750000 rs equity. No. of equity shares is 93750/=

One AS-12 question was asked , tats not in group1 syllabus.

what about cash flow?

ya..AS-12 was out of syllabus

@ Basant

You can easily get cash flow from operating activity by direct method. I wonder how you were able to draw P&l A/c with info available?

@ Faiz

even i did by indirect method it was easy and u can always assume opening and closing stock as same if no info is given

@ vivek

3 journal entries wr to be passed

one is business purchase to liquidators of R ltd

2nd is iquidators of c ltd to eq shares,pref shares

3rd all assets dr to business purchase

well thats it

CAN ANY ONE TELL ME WT TO DO WITH INCOME TAX IN @ 3 I THINK I MADE A MESS IN IT ??

thanks kunal

by the way in the books of reckless ltd what was the tallying amt of Eq holders a/c

is it 10 lakhs??

if der is one mistake in ledger, discharge of consideration & in journal  how many marks are cut can anyone tell??

@ kunal  4th entry of expenses

@ faiz   ahhhh missed it...it was easy then...for opening cash what did u do..cash book?

@ basant

i think liq expenses r not specified that c ltd will pay

and since r ltd paid themselves from cash book so i think its r ltd transaction

i did not get the cash flow : 

opening cash balance in cash flow will be the balancing figuure  rs 73000