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COST OF CAPITAL
Question 1 IPCC May 2015 (8 Marks)/ RTP Nov 2017
A Ltd. wishes to raise additional finance of Rs. 30 lakhs for meeting its investment plans. The
company has Rs.6,00,000 in the form of retained earnings available for investment purposes. The
following are the further details :
- Debt equity ratio 30 : 70
- Cost of debt at the rate of 11% (before tax) upto Rs. 3,00,000 and 14% (before tax) beyond that
- Earnings per share Rs. 15
- Dividend payout 70% of earnings
- Expected growth rate in dividend 10%
- Current market price per share Rs. 90
- Company’s tax rate is 30% and shareholder’s personal tax rate is 20%.
a. Calculate the post tax average cost of additional debt.
b. Calculate the cost of retained earnings and cost of equity.
c. Calculate the overall weighted average (after tax) cost of additional finance.
Question 2 RTP May 2016

As a financial analyst of a large electronics company, you are required to determine the weighted
average cost of capital of the company using
(a) book value weights and
(b) market value weights. The following information is available for your perusal.
The Company’s present book value capital structure is :
Rs.
Debentures (Rs. 100 per debenture) 8,00,000
Preference shares (Rs. 100 per share) 2,00,000
Equity shares (Rs. 10 per share) 10,00,000
20,00,000
All these securities are traded in the capital markets. Recent prices are :
Debentures, Rs.110 per debenture, Preference shares, Rs.120 per share, and Equity shares, Rs. 22 per
share.
Anticipated external financing opportunities are :
a. Rs. 100 per debenture redeemable at par; 10 year maturity, 11 per cent coupon rate, 4 per cent
flotation costs, sale price, Rs. 100
b. Rs. 100 preference share redeemable at par; 10 year maturity, 12 per cent dividend rate, 5 per cent
flotation costs, sale price, Rs.100.
c. Equity shares: Rs. 2 per share flotation costs, sale price = Rs. 22.
In addition, the dividend expected on the equity share at the end of the year is Rs. 2 per share, the
anticipated growth rate in dividends is 7 per cent and the firm has the practice of paying all its earnings
in the form of dividends. The corporate tax rate is 35 per cent.
Question 3 Module Q 13
Calculate the WACC using the following data by using:
(a) Book value weights
(b) Market value weights
The capital structure of the company is as under:
Debentures (Rs. 100 per debenture) 5,00,000
Preference shares (Rs. 100 per share) 5,00,000
Equity shares (Rs. 10 per share) 10,00,000
The market prices of these securities are :
Debenture : Rs. 105 per debenture
CA Rahul Garg B.Com, FCA, LCS, ACMA, CFA (ICFAI), DISA (ICAI), MBA, Adv Dip Mgt.
Gold Medalist All India Rankholder in CA, CS, CMA (incl Rank 1)
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Preference : Rs. 110 per preference share

Equity : Rs. 24 each
Additional information:
a. Rs. 100 per debenture redeemable at par, 10% coupon rate, 4% floatation costs, 10 year maturity.
b. Rs. 100 per preference share redeemable at par, 5% coupon rate, 2% floatation cost and 10 year
maturity.
c. Equity share has Rs. 4 floatation cost and market price Rs. 24 per share. The next year expected
dividend is Re. 1 with annual growth of 5%. The firm has practice of paying all earnings in the form
of dividend.
d. Corporate tax rate is 50%.
LEVERAGE
Question 4 PM Q 19 Pg 4.74
Calculate the DOL, DFL and DCL for following firms and interpret the results :
Particulars P Q R
Output (Units) 2,50,000 1,25,000 7,50,000
Fixed Cost (Rs.) 5,00,000 2,50,000 10,00,000
Unit Variable Cost (Rs.) 5 2 7.50
Unit Selling Price (Rs.) 7.50 7 10
Interest Expense (Rs.) 75,000 25,000 -
Question 5 IPCC M 15 (5 M)/ IPC May 2017 (5 Marks)

Following information is related to four firms of the same industry :
Firm Change in revenue Change in operating income Change in EPS
P 27% 25% 30%
Q 25% 32% 24%
R 23% 36% 21%
S 21% 40% 23%
1. Find out degree of operating leverage, and
2. Find out degree of combined leverage for all the firms.
Question 6 IPCC May 2016 (5 Marks)

A company had the following balance sheet as on 31st March, 2015 :
Liabilities and Equity Rs. Assets Rs.
Equity Share Capital of Rs.10 each 40,00,000 Fixed Assets (Net) 128,00,000
Reserves and Surplus 8,00,000 Current Assets 32,00,000
15% Debentures 80,00,000
Current Liabilities 32,00,000
1,60,00,000 1,60,00,000
The additional information given is as under :
Fixed Costs per annum (excluding interest) Rs. 32,00,000
Variable Operating Costs Ratio 70%
Total Assets Turnover Ratio 2.5
Income-tax rate 30%
Calculate the following :
a. Operating Leverage
b. Financial Leverage
c. Combined Leverage
d. Earnings per share
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Question 7 RTP May 2013/ RTP May 2017

Calculate the Operating leverage, Financial leverage and Combined leverage from the following data
under Situation I and II and Financial Plan A and B:
Installed Capacity 4,000 units
Actual Production and Sales 75% of the Capacity
Selling Price Rs.30 Per Unit
Variable Cost Rs.15 Per Unit
Fixed Cost:
Under Situation I Rs.15,000
Under Situation II Rs.20,000
Capital Structure Financial Plan A Financial Plan B
Equity 10,000 15,000
Debt (Rate of Interest at 20%) 10,000 5,000
CAPITAL STRUCTURE
Question 8 RTP May 2014
The following figures of Theta Limited are presented as under :
Particulars Rs.
Earnings before Interest and Tax 23,00,000
Less : Debenture Interest @ 8% 80,000
: Long Term Loan Interest @ 11% 2,20,000
Earnings before tax 20,00,000
Less : Income Tax 10,00,000
Earnings after tax 10,00,000
No. of Equity Shares of Rs.10 each 5,00,000 EPS Rs.2
Market Price of Share Rs.20 P/E Ratio 10
The company has undistributed reserves and surplus of Rs.20 lakhs. It is in need of Rs.30 lakhs to pay
off debentures and modernise its plants. It seeks your advice on the following alternative modes of
raising finance.
Alternative 1 - Raising entire amount as term loan from banks @ 12%.
Alternative 2 - Raising part of the funds by issue of 1,00,000 shares of Rs.20 each and the rest by term
loan at 12%.
The company expects to improve its rate of return by 2% as a result of modernisation, but P/E ratio is
likely to go down to 8 if the entire amount is raised as term loan.
(i) Advise the company on the financial plan to be selected.
(ii) If it is assumed that there will be no change in the P/E ratio if either of the two alternatives is
adopted, would your advice still hold good?
Question 9 RTP Nov 2017

Akash Limited provides you the following information :
Rs.
Profit (EBIT) 2,80,000
Less: Interest on Debenture @ 10% 40,000
EBT 2,40,000
Less Income Tax @ 50% 1,20,000
1,20,000
No. of Equity Shares ( Rs. 10 each) 30,000
Earnings per share (EPS) 4
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Price / EPS (PE) Ratio 10

The company has reserves and surplus of Rs. 7,00,000 and required Rs. 4,00,000 further for
modernisation. Return on Capital Employed (ROCE) is constant. Debt (Debt/ Debt + Equity) Ratio
higher than 40% will bring the P/E Ratio down to 8 and increase the interest
rate on additional debts to 12%.
You are required to ascertain the probable price of the share :
1. If the additional capital is raised as debt; and
2. If the amount is raised by issuing equity shares at ruling market price.
THEORIES OF CAPITAL STRUCTURE

Question 10 IPC May 2017 (8 Marks)
PNR Limited and PXR Limited are identical in every respect except capital structure. PNR limited
does not employ debts in its capital structure whereas PXR Limited employs 12% Debentures
amounting to Rs. 20,00,000. The following additional information are given to you :
a. Income tax rate is 30%
b. EBIT is Rs. 5,00,000
c. The equity capitalization rate of PNR Limited is 20% and
d. All assumptions of Modigliani - Miller Approach are met.
Calculate :
1. Value of both the companies.
2. Weighted average cost of capital for both the companies.
CAPITAL BUDGETING
Question 11 PM Q 25 Pg 6.38/ IPCC May 2018 (8 Marks)
Given below are the data on a capital project ‘M’:
Annual cost saving Rs. 60,000
Useful life 4 years
Internal rate of return 15%
Profitability index 1.064
Salvage value 0
You are required to calculate for this project M:
1. Cost of project 
2. Payback period
3. Cost of capital
4. Net present value
Given the following table of discount factors:
Discount Factor 15% 14% 13% 12%
1 year .869 .877 .885 .893
2 year .756 .769 .783 .797
3 year .658 .675 .693 .712
4 year .572 .592 .613 .636
2.855 2.913 2.974 3.038
PR Engineering Ltd. is considering the purchase of a new machine which will carry out some
operations which are at present performed by manual labour. The following information related to the
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two alternative models – ‘MX’ and ‘MY’ are available:

Machine ‘MX’ Machine ‘MY’
Cost of Machine Rs. 8,00,000 Rs. 10,20,000
Expected Life 6 years 6 years
Scrap Value Rs. 20,000 Rs. 30,000
Estimated net income before depreciation and tax :
Year Rs. Rs.
1 2,50,000 2,70,000
2 2,30,000 3,60,000
3 1,80,000 3,80,000
4 2,00,000 2,80,000
5 1,80,000 2,60,000
6 1,60,000 1,85,000
Corporate tax rate for this company is 30 percent and company’s required rate of return on investment
proposals is 10 percent. Depreciation will be charged on straight line basis.
You are required to:
a. Calculate the pay-back period of each proposal.
b. Calculate the net present value of each proposal, if the P.V. factor at 10% is – 0.909, 0.826, 0.751,
0.683, 0.621 and 0.564.
c. Which proposal you would recommend and why?
Question 13 PM Q 11(a) Pg 6.12/ RTP May 2015

Company X is forced to choose between two machines A and B. The two machines are designed
differently, but have identical capacity and do exactly the same job. Machine A costs Rs. 1,50,000 and
will last for 3 years. It costs Rs. 40,000 per year to run. Machine B is an ‘economy’ model costing only
Rs. 1,00,000, but will last only for 2 years, and costs Rs. 60,000 per year to run. These are real cash
flows. The costs are forecasted in rupees of constant purchasing power. Ignore tax. Opportunity cost of
capital is 10 per cent.
Which machine company X should buy?
ESTIMATION OF WORKING CAPITAL

Question 14 Module Q 3 Pg 7.15
On 1st January, the Managing Director of Naureen Ltd. wishes to know the amount of working capital
that will be required during the year. From the following information prepare the working capital
requirements forecast.
Production during the previous year was 60,000 units. It is planned that this level of activity would be
maintained during the present year. The expected ratios of the cost to selling prices are Raw materials
60%, Direct wages 10% and Overheads 20%. Raw materials are expected to remain in store for an
average of 2 months before issue to production. Each unit is expected to be in process for one month,
the raw materials being fed into the pipeline immediately and the labour and overhead costs accruing
evenly during the month. Finished goods will stay in the warehouse awaiting dispatch to customers for
approximately 3 months. Credit allowed by creditors is 2 months from the date of delivery of raw
material. Credit allowed to debtors is 3 months from the date of dispatch. Selling price is Rs. 5 per unit.
There is a regular production and sales cycle. Wages and overheads are paid on the 1st of each month
for the previous month. The company normally keeps cash in hand to the extent of Rs. 20,000.
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Question 15 RTP Nov 2013

Alpha Limited sells its products on a gross profit of 20 percent on sales. The following information is
extracted from its annual accounts for the current year ended March 31.
Rs.
Sales at 3 months’ credit 40,00,000
Raw Material  12,00,000
Wages paid-average time lag 15 days 9,60,000
Manufacturing expenses paid-one month in arrears 12,00,000
Administrative expenses paid-one month in arrears  4,80,000
Sales promotion expenses-payable half-yearly in advance 2,00,000
The company enjoys one month’s credit from the suppliers of raw materials and maintains 2 months’
stock of raw materials and one and a half month’s stock of finished goods. The cash balance is
maintained at Rs.1,00,000 as a precautionary measure. Assuming a 10 percent margin, you are
required to estimate the working capital requirements of Alpha Limited.
Question 16 PM Q 13 Pg 7.24/ RTP Nov 2015

Following information is forecasted by the CS Limited for the year ending 31st March, 2010:
Balance as at 1st Balance as at 31st
April, 2009 (Rs.) March, 2010 (Rs.)
Raw Material   45,000 65,356
Work-in-progress 35,000 51,300
Finished goods 60,181 70,175
Debtors 1,12,123 1,35,000
Creditors 50,079 70,469
Annual purchases of raw material (all credit) 4,00,000
Annual cost of production    7,50,000
Annual cost of goods sold 9,15,000
Annual operating cost 9,50,000
Annual sales (all credit) 11,00,000
You may take one year as equal to 365 days. You are required to calculate:
(a) Net operating cycle period.
(b) Number of operating cycles in the year.
(c) Amount of working capital requirement.
Question 17 IPCC May 2013 (8 Marks)/ IPC May 2015 (8 Marks)

The following information is provided by the DPS Limited for the year ending 31st March, 2013.
Raw material storage period 55 days
Work-in-progress conversion period 18 days
Finished Goods storage period 22 days
Debt collection period 45 days
Creditors’ payment period  60 days
Annual Operating cost (Including depreciation of Rs. 2,10,000) Rs. 21,00,000
[1 year = 360 days] 
You are required to calculate :
a. Operating Cycle period.
b. Number of Operating Cycle in a year.
c. Amount of working capital required for the company on a cash cost basis.
d. The company is a market leader in its product, there is virtually no competitor in the market.
Based on a market research it is planning to discontinue sales on credit and deliver products based
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on pre-payments. Thereby, it can reduce its working capital requirement substantially. What
would be the reduction in working capital requirement due to such decision?
DEBTOR’S MANAGEMENT
Question 18 Module Q 2 Pg 7.76

XYZ Corporation is considering relaxing its present credit policy and is in the process of evaluating
two proposed policies. Currently, the firm has annual credit sales of Rs. 50 lakhs and accounts
receivable turnover ratio of 4 times a year. The current level of loss due to bad debts is Rs. 1,50,000.
The firm is required to give a return of 25% on the investment in new accounts receivables. The
company’s variable costs are 70% of the selling price. Given the following information, which is the
better option?
Present Policy Policy option I Policy option II
Annual credit sales  50,00,000 60,00,000 67,50,000
Accounts receivable 4 Times 3 Times 2.4 Times
turnover ratio
Bad debt losses 1,50,000 3,00,000 4,50,000
Question 19 PM Q 13 Pg 7.71/ IPCC May 2012 (5 Marks)

A company is presently having credit sales of Rs. 12 lakh. The existing credit terms are 1/10, net 45
days and average collection period is 30 days. The current bad debts loss is 1.5%. In order to accelerate
the collection process further as also to increase sales, the company is contemplating liberalization of
its existing credit terms to 2/10, net 45 days. It is expected that sales are likely to increase by 1/3 of
existing sales, bad debts increase to 2% of sales and average collection period to decline to 20 days. The
contribution to sales ratio of the company is 22% and opportunity cost of investment in receivables is
15 percent (pre-tax). 50 percent and 80 percent of customers in terms of sales revenue are expected to
avail cash discount under existing and liberalization scheme respectively. The tax rate is 30%.
Should the company change its credit terms? (Assume 360 days in a year).
Question 20 PM Q 15 Pg 7.73/ RTP May 2017

A Ltd. has total sales of Rs. 3.2 crores and its average collection period is 90 days. The past experience
indicates that bad-debt losses are 1.5% on sales. The expenditure incurred by the firm in administering
its receivable collection efforts are Rs. 5,00,000. A factor is prepared to buy the firm’s receivables by
charging 2% commission. The factor will pay advance on receivables to the firm at an interest rate of
18% p.a. after withholding 10% as reserve.
Calculate the effective cost of factoring to the Firm.
CASH MANAGEMENT
Question 21 IPC May 2017 (5 Marks)
VK Co. Ltd. has total cash disbursement amounting Rs. 22,50,000 in the year 2017 and maintains a
separate account for cash disbursements. Company has an administrative and transaction cost on
transferring cash to disbursement account Rs. 15 per transfer. The yield rate on marketable securities is
12% per annum.
You are required to determine optimum cash balance according to William J Baumol Model.
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The following details are forecasted by a company for the purpose of effective utilization and
management of cash :
a. Estimated sales and manufacturing costs:
Year & Sales Materials Wages Overheads
Month 2010 (Rs.) (Rs.) (Rs.) (Rs.)
April 4,20,000 2,00,000 1,60,000 45,000
May 4,50,000 2,10,000 1,60,000 40,000
June 5,00,000 2,60,000 1,65,000 38,000
July 4,90,000 2,82,000 1,65,000 37,500
August 5,40,000 2,80,000 1,65,000 60,800
September 6,10,000 3,10,000 1,70,000 52,000
b. Credit terms :
1. sales 20% on cash, 50% of the credit sales are collected next month and the balance in the
following month
2. credit allowed by suppliers is 2 months
3. Delay in payment of wages is 1⁄2 (one-half) month and of overheads is 1 (one) month.
c. Interest on 12 percent debentures of Rs. 5,00,000 is to be paid half-yearly in June and December.
d. Dividends on investments amounting to Rs. 25,000 are expected to be received in June, 2010.
e. A new machinery will be installed in June, 2010 at a cost of Rs. 4,00,000 which is payable in 20
monthly installments from July, 2010 onwards.
f. Advance income-tax, to be paid in August, 2010, is Rs. 15,000.
g. Cash balance on 1st June, 2010 is expected to be Rs. 45,000 and the company wants to keep it at
the end of every month around this figure. The excess cash (in multiple of thousand rupees) is
being put in fixed deposit.
You are required to prepare monthly Cash budget on the basis of above information for four months
beginning from June, 2010.
RATIO ANALYSIS
From the following information, prepare a summarised Balance Sheet as at 31st March, 2002:
Working Capital  Rs. 2,40,000
Bank overdraft  Rs. 40,000
Fixed Assets to Proprietary ratio 0.75
Reserves and Surplus  Rs. 1,60,000
Current ratio  2.5
Liquid ratio 1.5
Question 24 Module Q 26/ PM Q 18 / RTP May 2016

The following accounting information and financial ratios of PQR Ltd. relate to the year ended 31st
December, 2013:
Accounting Information :
Gross Profit 15% of sales
Net profit 8% of sales
Raw materials consumed 20% of works cost
Direct wages 10% of works cost
Stock of raw materials   3 month’s usage
Stock of finished goods 6% of works cost
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Debt collection period 60 days

All sales are on credit.
Financial Ratios:
Fixed assets to sales 1:3
Fixed assets to Current assets 13:11
Current ratio 2:1
Long-term loans to Current liabilities 2:1
Capital to Reserves and Surplus 1:4
If value of fixed assets as on 31st December, 2012 amounted to Rs. 26 lakhs, prepare a summarised
Profit and Loss Account of the company for the year ended 31st December, 2013 and also the Balance
Sheet as on 31st December, 2013.
FUND FLOW STATEMENT

Balance Sheets of RST Limited as on March 31, 2008 and March 31, 2009 are as under:
Liabilities 31.03.08 31.03.09 Assets 31.03.08 31.03.09
Equity Share Capital 10,00,000 12,00,000 Land & Building 6,00,000 7,00,000
(Rs.10 face value/share)
General Reserve 3,50,000 2,00,000 Plant & Machinery 9,00,000 11,00,000
9% Preference Share 3,00,000 5,00,000 Investments (Long- 2,50,000 2,50,000
Capital term)
Share Premium A/c 25,000 4,000 Stock  3,60,000 3,50,000
Profit & Loss A/c 2,00,000 3,00,000 Debtors  3,00,000 3,90,000
8% Debentures 3,00,000 1,00,000 Cash & Bank 1,00,000 95,000
Creditors 2,05,000 3,00,000 Prepaid Expenses 15,000 20,000
Bills Payable 45,000 81,000 Advance Tax Payment 80,000 1,05,000
Provision for Tax 70,000 1,00,000 Preliminary Expenses 40,000 35,000
Proposed Dividend 1,50,000 2,60,000
26,45,000 30,45,000 26,45,000 30,45,000
Additional information:
a. Depreciation charged on building and plant and machinery during the year 2008-09 were
 Rs.50,000 and Rs.1,20,000 respectively.
b. During the year an old machine costing Rs.1,50,000 was sold for Rs.32,000. Its written  down
value was Rs.40,000 on date of sale.
c. During the year, income tax for the year 2007-08 was assessed at Rs.76,000. A cheque of Rs.4,000
was received along with the assessment order towards refund of income tax paid in excess, by way
of advance tax in earlier years.
d. Proposed dividend for 2007-08 was paid during the year 2008-09.
e. 9% Preference shares of Rs.3,00,000, which were due for redemption, were redeemed during the
year 2008-09 at a premium of 5%, out of the proceeds of fresh issue of 9% Preference shares.
f. Bonus shares were issued to the existing equity shareholders at the rate of one share for every five
shares held on 31.3.2008 out of general reserves.
g. Debentures were redeemed at the beginning of the year at a premium of 3%.
h. Interim dividend paid during the year 2008-09 was Rs.50,000.
Required: 
1. Schedule of Changes in Working Capital; and 
2. Fund Flow Statement for the year ended March 31, 2009.
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CASH FLOW STATEMENT

Question 26 CAPM Q 11
The Balance Sheet of JK Limited as on 31st March, 2005 and 31st March, 2006 are given below:
Rs. 000’ Rs. 000’
Liabilities 31.03.05 31.03.06 Assets 31.03.05 31.03.06
Share Capital 1,440 1,920 Fixed Assets 3,840 4,560
Capital Reserve - 48 Less : Depreciation 1,104 1,392
General Reserve 816 960 Net 2,736 3,168
Profit and Loss Account 288 360 Investment 480 384
9% Debentures 960 672 Cash 210 312
Current Liabilities 576 624 Other Current Assets 1,134 1,272
(including stock)
Proposed Dividend 144 174 Preliminary Expenses 96 48
Provision for Tax 432 408
Unpaid Dividend - 18
4,656 5,184 4,656 5,184
Additional Information :
a. During the year 2005-2006, Fixed Assets with a book value of Rs.2,40,000 (accumulated
depreciation Rs.84,000) was sold for Rs.1,20,000.
b. Provided Rs.4,20,000 as depreciation.
c. Some investments are sold at a profit of Rs.48,000 and Profit was credited to Capital Reserve.
d. It decided that stocks be valued at cost, whereas previously the practice was to value stock at cost
less 10 per cent. The stock was Rs.2,59,200 as on 31.03.05. The stock as on 31.03.06 was correctly
valued at Rs.3,60,000.
e. It decided to write off Fixed Assets costing Rs.60,000 on which depreciation amounting to
Rs.48,000 has been provided.
f. Debentures are redeemed at Rs.105.
Required : Prepare a Cash Flow Statement.
Question 27 IPCC May 2013 – A/c (8 Marks)

On the basis of the following information prepare a Cash Flow Statement for the year ended 31st
March, 2013:
a. Total sales for the year were Rs.199 crore out of which cash sales amounted to Rs.131 crore.
b. Cash collections from credit customers during the year, totalledRs.67 crore.
c. Cash paid to suppliers of goods and services and to the employees of the enterprise  amounted to
Rs.159 crore.
d. Fully paid preference shares of the face value of Rs.16 crore were redeemed and equity shares of
the face value of Rs.16 crore were allotted as fully paid up at a premium of 25%.
e. Rs.13 crore were paid by way of income tax.
f. Machine of the book value of Rs.21 crore was sold at a loss of Rs.30 lakhs and a new  machine
was installed at a total cost of Rs.40 crore.
g. Debenture interest amounting Rs. 1 crore was paid.
h. Dividends totaling Rs.10 crore was paid on equity and preference shares. Corporate dividend tax
@ 17% was also paid.
i. On 31st March, 2012 balance with bank and cash on hand totaled Rs.9 crore.

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Question 2 RTP May 2016

Preference : Rs. 110 per preference share

Question 5 IPCC M 15 (5 M)/ IPC May 2017 (5 Marks)

Question 6 IPCC May 2016 (5 Marks)

Question 7 RTP May 2013/ RTP May 2017

Question 9 RTP Nov 2017

Price / EPS (PE) Ratio 10

THEORIES OF CAPITAL STRUCTURE

two alternative models – ‘MX’ and ‘MY’ are available:

Question 13 PM Q 11(a) Pg 6.12/ RTP May 2015

ESTIMATION OF WORKING CAPITAL

Question 15 RTP Nov 2013

Question 16 PM Q 13 Pg 7.24/ RTP Nov 2015

Question 17 IPCC May 2013 (8 Marks)/ IPC May 2015 (8 Marks)

Question 18 Module Q 2 Pg 7.76

Question 19 PM Q 13 Pg 7.71/ IPCC May 2012 (5 Marks)

Question 20 PM Q 15 Pg 7.73/ RTP May 2017

Question 24 Module Q 26/ PM Q 18 / RTP May 2016

Debt collection period 60 days

FUND FLOW STATEMENT

CASH FLOW STATEMENT

Question 27 IPCC May 2013 – A/c (8 Marks)

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