Institute of Chartered Financial Analysts of India (ICFAI) University 2007 Certification Finance Financial Accounting – I (111) : - Question Paper

10,000
Land & building
4,36,000
Cash at bank
23,500
Office equipment
1,99,700
Furniture
2,00,000
Closing stock
38,000
Bills receivable
9,000
Sundry debtors
55,000
Petty cash
210
Cash on hand
9,400
For the year ending March 31, 2006, the subsequent adjustments were effected.
Depreciation on – Office equipment: Rs.19,970; Furniture: Rs.30,000.
Reserve for discount on Sundry creditors is Rs.720. Provision for discount on Sundry debtors is Rs.779.
Sundry creditors include a debt of Rs.8,000 due to Mr.Madhukar who is also in the list of Sundry debtors for the identical amount Accrued commission receivable amounted to Rs.13,000 and Prepaid printing charges aggregated to Rs.1,850;Accrued interest on bank loan is of Rs.15,000.
After effecting the adjustments, the net profit was Rs.1,33,731.
The total of Balance Sheet of the company as at March 31, 2006 was
(a)
Rs.9,36,911
(b)
Rs.9,27,631
(c)
Rs.9,26,911
(d)
Rs.9,13,911
(e)
Rs.9,26,970.
(2 marks)
< ans >
60.
Regarding adjustment for expenses and incomes in Balance-Sheet, which of the subsequent statements is false?
(a)
Prepaid expenses shown on asset side
(b)
Income received in advance shown on asset side
(c)
Income earned but not received shown on asset side
(d)
Income accrued but not due shown on asset side
(e)
Outstanding liabilities for expenses shown on liability side.
(1 mark)
< ans >
61.
Mitra Company of Hyderabad, opened a branch at Dehradun on April 01, 2006. During the period April 01, 2006 toDecember 31, 2006, the Head Office invoiced goods at selling price to the Branch which was 120% of the cost priceof the Head Office. The company has furnished the subsequent info pertaining to the transactions of its Dehradun branch.
Particulars
Rs.
Rs.
Goods sent to branch (at cost to Head Office)
8,00,000
Amount paid to branch for:
Salaries
68,000
Rent
15,000
Other expenses
7,000
90,000
Sales – Cash
2,50,000
Credit
6,50,000
Returns from debtors
15,000
Cash collected from debtors
4,90,000
Discount allowed to debtors
22,000
Spoiled goods written off at invoice price
4,800
Stock as on December 31, 2006 at invoice price
60,000
The Head Office maintains necessary accounts under stock and debtors system in its books to arrive at the profit orloss made by the branch. The profit made by the branch for the period ended December 31, 2006 was
(a)

Earning:   Approval pending.