CA Lokesh Pokharna (CA (Ahmedabad Bhilwara Chittorgarh)) (4128 Points)
09 November 2010HIII GUYS/EXPERTS/ PLZ POST HERE ANSWERS OF CA FINAL NEW COURSE QUESTION PAPER, IF U HV ONE QUS ANS. OR ALL ,PLZ POST HERE..........WE R ALL CCI CA FINAL STUDENTS NEED TO SOLVE IT ,SO PLZ SEND UR ANSWERS HERE
CA Lokesh Pokharna
(CA (Ahmedabad Bhilwara Chittorgarh))
(4128 Points)
Replied 09 November 2010
ANS . OF QUS 1 (A)
1.STOCK OF EMPTY BOTTELS WOULD NOT BE ASSETS/INVENTORY OF CO.
HENCE IT SHOULD BE TREATED AS SCRAP AND SHOWN AT NRV WITH CORRESPONDING CREDIT TO "OTHER INCOME"
CA Lokesh Pokharna
(CA (Ahmedabad Bhilwara Chittorgarh))
(4128 Points)
Replied 09 November 2010
ANS . OF QUS 1 (B)
ACCORDING TO SEPRATE PARA OF AS-4 "DIVIDEND DECLARED AFTER BS DATE BUT ACCEPTED BY BOD ,SHOULD BE ADJUSTED WITH ACCOUNTS,HENCE IT IS NOT A VOILATION OF AS 4
CA Lokesh Pokharna
(CA (Ahmedabad Bhilwara Chittorgarh))
(4128 Points)
Replied 09 November 2010
ANS . OF QUS 1 (D)
CA Ram
(student)
(369 Points)
Replied 09 November 2010
what will be for 1 d ?? provisioning of Rs. 70000 and show asset at nil (held for disposal)
CA Ram
(student)
(369 Points)
Replied 09 November 2010
| Originally posted by : Lokesh Pokharna...CA FINAL M11 | ||
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ANS . OF QUS 1 (D) ASSETS DESTROYED A/C DR. 600000 ASSETS DESTROATION EXP DR 70000 TO CASH 70000 TO ASSETS A/C 600000 |
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Dont Agree.....
CA Lokesh Pokharna
(CA (Ahmedabad Bhilwara Chittorgarh))
(4128 Points)
Replied 09 November 2010
YA WE CAN MAKE PROVISION ALSO FOR 70000 BECAUSE QUS SAYS THT THESE R ESTIMATEDF NOT ACTUAL ,,THNX RAMKRISHAN
CA Lokesh Pokharna
(CA (Ahmedabad Bhilwara Chittorgarh))
(4128 Points)
Replied 09 November 2010
ANS OF QUS 4 HERE .DNLD
CA Lokesh Pokharna
(CA (Ahmedabad Bhilwara Chittorgarh))
(4128 Points)
Replied 09 November 2010
Calculation of Purchase COnsideration was very smple
outside holding in y ltd= 30000-6000 = 24000
no . of shares required to issue by x ltd to outsiders 24000/6*8= 32000
less : shares held by y ltd already in x ltd -5000
equals to 27000
equity consideration = 270000*10= 270000
pref . = 100000*90% 90000
total P.C. 360000
Avinash B
(.)
(79 Points)
Replied 10 November 2010
| Originally posted by : Lokesh Pokharna...CA FINAL M11 | ||
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ANS . OF QUS 1 (A) 1.STOCK OF EMPTY BOTTELS WOULD NOT BE ASSETS/INVENTORY OF CO. HENCE IT SHOULD BE TREATED AS SCRAP AND SHOWN AT NRV WITH CORRESPONDING CREDIT TO "OTHER INCOME" |
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This answer is wrong..
There is clear case in Rawats Book showing that bottles are to be considered inventory...
It is direct copy from there..........
CA Ram
(student)
(369 Points)
Replied 10 November 2010
avinash dont just follow what a book's author has to say..go by the logic ...n pls elaborate as to why it shall be considered as inventory??? go thru AS 2...
CA Lokesh Pokharna
(CA (Ahmedabad Bhilwara Chittorgarh))
(4128 Points)
Replied 10 November 2010
HI GUYS
ANS . OF QUS 2 HERE AT BELOW LINK.....
PLZ READ
TO BANK RS. 1230000 IN THE YEAR 2010-11 INSTEAD OF TO BALANCE C/D OF RS. 1230000
Avinash B
(.)
(79 Points)
Replied 11 November 2010
| Originally posted by : Ram kishanpuria | ||
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first of all do u agree it is asset?? it is control of entity and it will give econimc benefits from sale.... Its not Fixed asset as benefits expected within accounting period Not investment also... has to be inventory.... Also it is arising from other inventory...... |
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Avinash B
(.)
(79 Points)
Replied 12 November 2010
Dear Mr. Lokhesh
U a re definitely not qualified to give 100 % assurance....
ur wrong ansewrs are misleading, demoralising students.....if at all ur harming their future prospects although ur intentions might be otherwise......
Pl dont take personally....it is for the greater good of all students.....
CAclubindia
