Balance Sheet and Profit

Topics: Balance sheet, Asset, Inventory Pages: 24 (6608 words) Published: March 30, 2013
Solved Ans. Accounts CA IPCC Nov. 2010


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Ipcc_Nov.10 Solved Ans. Acc. Ipcc_Nov.10

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Solved Ans. Accounts CA IPCC Nov. 2010
Roll No. ............................ Total No. of Questions - 7 Time Allowed : 3 Hours Accounts_1 Ipcc


Total No. of Printed Pages - 16 Maximum Marks : 100

Answers to questions are to be given only in English except in the case of candidates who have opted for Hindi Medium. If a candidate has not opted for Hindi medium, his answers in Hindi will not be valued. Q. No. 1 is compulsory. Attempt any five questions from the remaining six questions. Wherever necessary suitable assumption may be made by the candidates. Working notes should form part of the answer. 1 (a) Following two problems are regarding issues in Partnership Accounts, kindly solve both : [ 4 x 5 = 20 marks ] (ii) Anil and Mukesh are partners sharing profit and losses in the ratio of 3 : 2. Govind is admitted for ¼th share of firm. Thereafter Madan enters for 20 paisa in a rupee. Compute new profit sharing ratios under both the admission of partners. (iii) The following Goodwill Account was opened by the partners of R and S, on the admission of H as a new partner into firm Om and Sons. Calculate the share of profit agreed to be given to “H”. Goodwill A/c. Dr. 1-4-2010 To R's Capital A/c 1-4-2010 To S's Capital A/c Rs. 24,800 1-4-2010 By R's Capital A/c 18,600 1-4-2010 By S's Capital A/c 1-4-2010 By H's Capital A/c 43,400 Cr. Rs. 12,400 12,400 18,600 43,400

(b) HP is leading distributor of petrol. A detail inventory of petrol in hand is taken when the books are closed at the end of each month. At the end of month following information is available : Sales Rs. 47,25,000 General overheads cost Rs. 1,25,000 Inventory at beginning 1,00,000 litres @ 15/- per litre Purchases June 1 two lakh litres @ 14.25 June 30 one lakh litres @ 15.15 Closing inventory 1.30 lakh litres Compute the following by the FIFO as per AS-2 : (i) Value of Inventory on June 30. (ii) Amount of cost of goods sold for June, (iii) Profit/Loss for the month of June. (c) A and B decide to amalgamate themselves into Sharp Limited. The following are their Balance Sheets as on 31st December, 2009. Liabilities A Ltd. B Ltd. Assets A Ltd. B Ltd. Face value and paid up capital Share capital Rs. General Reserves 10% Debentures 100 each 5,00,000 2,00,000 2,00,000 9,00,000 Investments 4,00,000 1000 shares in B Ltd. 1,00,000 2000 shares in A Ltd 1,50,000 Sundry Assets 6,50,000 1,30,000 7,70,000 9,00,000 2,10,000 4,40,000 6,50,000

Compute the amount of purchase consideration each of these companies under purchase method as per AS-14. (d) H purchased 500 equity shares of Rs. 100 each in the ABC Company Limited for Rs. 62,500 inclusive of brokerage and stamp duty. Some years later the company decided to capitalise its profit and to issue to the holders of equity shares one equity share as Bonus for every equity share held by them. Prior to capitalization, the shares of ABC

Solved Ans. Accounts CA IPCC Nov. 2010


Company Limited were quoted at Rs.175 per share. After the capitalization, the shares were quoted at Rs. 92.50 per share H sold the Bonus shares and received Rs. 90 per share. Show Investment A/c in H’s books on...
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