GOODWILL TUITION CENTRE, THEVARA, ERNAKULAM PH 9846710963

S.H.COLLEGE THEVARA
B.COM C.A. SEM - II MODEL,L / INTERNATIONAL
TNTERNATIONAT FINANCIAL REPROTING STANDARDS
Time: 3 Hrs Marks: 75
PART A_
(Answer all questions. Each question carries 2 marks)

1. Define IFRS.
2. Define Asset
3. What do you mean by Historical cost of Asset?
4. What do you mean bY imPairment?
5. Define fair value of Asset?
6. What are intangible Asset. Give tow examples.
Z, 'WU1t do you mean by borrowing cost?
t. What do you:mean by operating lease.
9. Define tost plus contact?
10.DefiheRevenue.
(10x2:20marks)

, Answer any five questions. Each question carries 5 marks

tJz{.lVnat are the general purpose of Financial statements?
n/rae book value of a machinery was Rs.9Q000. Last year the company
v revalued the machinery at Rs.8Q000 and the revalue loss was debited to
SOPL. Now the machinery is revalued at Rs.98000. how will you aceount for
/ revaluate in the current Year?
,/S.
-14.
ffnlC assist IASB in improving existing standards. Comment.
Explain initial recognition of PPE and write a note on de- recognition ofPPE.
Exptain the capital approach and income approach in accounting for
government grants under IAS 20.
16. The following information collected from the records of a construction
company as on 31-03-2015.
Contract Price - Rs.6,00,000
Cost incurred to date - Rs.4,00,000
Estimated cost to comPlete - Rs.1,00,000
Profit.earned to date - Rs. 90,000
Invoiced:to customer - Rs.3,50,000
Payment received from customer: - Rs.3,00r000
What amdunt should appear on the company's SOFP as on 31-03-2015 in
respect of gross amounts due from customer? Also show the amount to the
shown in SOPL.
P.T.O
a

2'

." 17. Finance Ltd produged a p-ie,c-e- gf.a4-tiyiru,s softwale and deglared i{ (.qp-en'
' software. Anybody can downl',oad it,for frLe from the internet and ahyone
can make changes to it. Whether this antivirus software can be recognized as
an intangible asset. Comment on it with your justification .
(5x5=25marks)

PART- C
Answer any three questions. Each question carries'10 marks

18. Dra-w up a statement of Financial Position using arbitrary figures.

you mean by conceptual framework? Discuss the scope, advantages
,;6. Wtrat do
' ,and disadvantages.
g6.Wn^tdo you mean by due process. Explain the steps involved in dye process
.Z/fne Madras Chemicals Ltd purchased a machine from Bombay Industries
y Ltd on Finance Lease on l't January 2014. Rs.l0000 payable on signing the
agreement and the balance in three equal inflation of Rs.10,000 each on 31
December every year.
The cash price of the machine was Rs.37250 and Bombay Industri,es Ltd
charges intefest at5o/o pe-r annum.
Madaras Chemicals Ltd write off 10% depreciation every year on
reducing installment system. Show how lease rentals are appropriated
amongst interest and capital over the life of the lease,and also show how this
will be shown in the statement of Financial positions.

?2, San Taj Ltd stated construction of their corporate office on 1-1-2013. The
construction is expected to be completed by 3l-12-2015. The estimated.qost of
construction is 3100,001000. The company took a bank loan of Rs.2r00r00r000
for this purpose @10% per annum. The loan will be provided by the bank in
4 installments. Calculate the borrowing cost to be capitalised and changed to
revenue for each year.

Installment Date Amount

I 01.01-2013 50,00,000
2 0t-07-2013 60,00,000
3' 01-07-2014 40roor000
4 01-01-2015 50100,000

AIso pass journal entries accounting the interest up to 31'12-2016

GOODWILL TUITION CENTRE, THEVARA, ERNAKULAM PH 9846710963 (10x3=30marks)