Professional Documents
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For CS, CA, ICWA [Foundation, Inter, Final]
Prestige Chambers, Opp. Thane Railway Stn. P.F.2, Thane (W):2533 4903.
VaibhavSoc., 1st Floor, Opp. Municipal Garden, Dombivli (E) Tel:2443455.
Ist floor, Popatlal Bldg, Ranade Road, Dadar (W) – 65540023.
Also at vashi
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Column A Column B
Redemption of Preference shares AS 17
Redemption of Debentures AS 9
Earnings per share AS 20
Revenue recognition AS 19
Segment reporting AS 7
Contract costing Section 80
Section 121
Section 77
1. Convert branch trial balance into rupees; (use Opening rate 1$ = Rs.20, closing rate 1$ = Rs.
24, average rate 1$ = Rs. 22 and for fixed assets 1$ = Rs. 18 (4 marks)
2. Prepare final accounts of X ltd as on 31st March 2002. X ltd has head office in india and
branch at usa. (6 marks)
1
Particulars Head office Branch
Rs. in thousands $ in thousands
Share capital 4000
Reserves and surplus 2000
Land 1000
Building (cost) 2000
Reserve for depreciation of building 400
Plant and machinery (cost) 5000 400
Reserve for dep of Plant 1200 260
Debtors 560 120
Creditors 400 60
Stock as on 1.4.01 200 40
Branch stock reserve 8
Cash and bank balance 20 20
Purchases 480 40
Sales 1040 246
Goods sent to branch 200 10
MD’s salary 60
Salaries and wages 150 90
Rent 24
Office expenses 50 36
Commission receipts 512 200
Branch/ H O current a/c 240 14
Additional information:
Q3(B) From the following information relating to C bank limited, prepare profit and loss account and
balance sheet for the year ended 31.3.02 (12 marks)
2
Discount 4,95,000 Loans to employees 40,770
Profit and loss account (1.4.01) credit 8,20,400 Salaries allowances 4,45,467
Fixed deposits 8,75,000 Dividend paid for 00-01 20,000
Commission and exchange 2,92,900 Dividend received 8,000
Premises 4,80,000
Additional information:
1. The chief executive of the bank drew a remuneration of Rs. 48,000 which is included in
salaries and allowances.
2. Unexpired discount as on 31.3.02 Rs. 40,000.
3. Establishment expenses includes Advertisement 10000, Stationery 63000, Rent 18000,
Lighting 3000, Audit fees 8000, Postage and telegram 4600, Revenue stamps 400, Stamp
paper 1500
4. Provide for taxation at 40% and surcharge at 5% thereon.
5. Current account includes 500000 debit balance being overdraft.
6. Advances made have been classified as under:
Particulars Term loan Cash credit(H) Cash credit (P)
Standard assets 999960 1255950 943900
Sub standard assets 6 4 40
Doubtful upto 1 year 2 3 5
Doubtful 1 to 3 years 20 20 20
Doubtful more than 3 years 10 20 30
Loss assets 2 3 5
Total 1000000 1256000 944000
No provision has been made so far against these assets. Doubtful assets are secured to the
extent of 50% of the dues.
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as on 31.3.08. To meet cash requirements of redemption the company sold a portion of the
investments, so as to leave a minimum balance of 60,000 after such redemption. Investments were
sold at 90% of cost as on 31.3.08.
Prepare (i) Necessary journal entries (ii) Cash and bank account and (iii) Balance sheet as on 31.3.08.
(12 marks)
Q5(A) From the following information prepare balance sheet: (10 marks)
Q6(A) A, B and C are equal partners whose balance sheet as on 31.3.01 is as follows:
Q7(A) Prepare income and expenditure account and balance sheet of A trust for the year ended 31st
December 2002. (12 marks)
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To General donations 4050 By balance c/d
To donation for prize fund 2800 Cash 545
To sale of old sports material 5200 Bank 26000
To interest on prize fund investment 300 Stamps 150
To Miscellaneous receipts 225
Total 99825 99825
Additional information:
Q7(B) Distinguish between receipts payments account and income expenditure account (4 marks)
a. Accounting standard 2
b. Contingent liability
c. Accounting standard 4
d. Cum interest price and ex interest price.