Solutions to icwa inter group-1 papers

I also want CWA group-1 solution to evalute my performance. Please somebody provide me the solution.

Please upload the Question Papers. Solutions would follow.

Thanks Prasad, will get it scanned tomorrow and attach it ...thanks in advance to you

Hi Prasad, Please find enclosed the question paper for Inter Group-1, June 2012 attempt. Awaiting solutions to these question papers.

Thanks Monika for uploading papers. Dear Prasad please provide us solutions to evalute our performance.

Thanks and Best Regards

Anil Mahajan

If i am not wrong then Answer for Q 1 (a) (vi) 21.5 times ,(vii) 20% and Rest of Q1(a) are same as i have done.

Dear Prasad,

please find the attached my answers for 1 mark questions.

please correct me if i am wrong.

Best Regards and Thanks

Anil Mahajan

Chandigarh

Hello All,

I am starting with solutions to Comml & Indl laws and Auditing paper 6, June 2012 exam.

Here we go.

Comml & Indl laws and Auditing paper 6, June 2012 exam Answer to Q 1. (a)

When a party to a contract has refused to perform, or disabled himself from performing his promise in its entirety, the promisee may put an end to the contract, unless he has signified, by words or conduct, his acquiescence in its continuance.

Hence, Mr Ghosh is correct in refusing to pay Mr Bose due to non-performance.

Source: Institute Study Notes

Comml & Indl laws and Auditing paper 6, June 2012 exam

Q 1. (b).

As per Sec 17 of Indian Contract Act 1872, “Fraud” means and includes any of the acts committed by a party to a contract, or with his connivance, or by his agent, with intent to deceive another party thereto or his agent, or to induce him to enter into the contract, including the active concealment of a fact by one having knowledge or belief of the fact.

Hence remaining silent with respect to the known defects is fraudulent.

Note – I have compiled the above answer as per my understanding of the study notes. This answer is subject to correction as per the Institute’s suggested answers, to be brought out later on.

Source: Institute Study Notes

Comml & Indl laws and Auditing paper 6, June 2012 exam

Answer to Q 1. (c)

The maker and the payee. These are the two parties in total to a Promissory Note.

Source: Institute Study Notes

Comml & Indl laws and Auditing paper 6, June 2012 exam

Answer to Q 1. (d)

1. As per Sec 67 of Factories Act 1948, No child who has not completed his fourteenth year shall be required or allowed to work in any factory.
2. As per Sec 68 of Factories Act 1948, A child who has completed his fourteenth year or an adolescent shall not be required or allowed to work in any factory unless—
   1. a certificate of fitness granted with reference to him under section 69 is in the custody of the manager of the factory; and
   2. such child or adolescent carries while he is at work a token giving a reference to such certificate.

Source: Institute Study Notes

Comml & Indl laws and Auditing paper 6, June 2012 exam

Answer to Q 1. (e)

As per Sec 10 of Payment of Bonus Act 1965, and subject to the other provisions of the Act, every employer shall be bound to pay to every employee in respect of the accounting year commencing on any day in the year 1979 and in respect of every subsequent accounting year, a minimum bonus which shall be 8.33 per cent of the salary or wage earned by the employee during the accounting year or one hundred rupees, whichever is higher, whether or not the employer has any allocable surplus in the accounting year.

Hence, the non- payment of bonus by ABC Ltd to any of its employees is incorrect in law.

Source: Institute Study Notes

Comml & Indl laws and Auditing paper 6, June 2012 exam

Q 1. (f)

As per Sec 7 of Payment of wages act which deals with deductions which may be made from wages, cost of supply of tools and raw materials required for the purposes of employment are excluded from the purview of such deductions.

Hence the action of Works manager in deducting INR 500 from wages is incorrect in law.

Source: Institute Study Notes