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

Rs.6,533
(b)
Rs.23,000
(c)
Rs.45,000
(d)
Rs.55,200
(e)
Rs.28,533.
(2 marks)
< ans >
62.
Which of the subsequent entries in the books of head office is actual if goods are returned by customer to branch?
(a)
Debit Branch Stock a/c, Credit Returns Inward a/c
(b)
Debit Branch Stock a/c, Credit Branch Debtors a/c
(c)
Debit Branch Debtors a/c, Credit Returns Inward a/c
(d)
Debit Branch Debtors a/c, Credit Branch Stock a/c
(e)
Debit Returns Inward a/c, Credit Branch Stock a/c.
(1 mark)
< ans >
63.
Under “Independent Branch “ method, which 1 of the subsequent is the accurate entry to be recorded by Head Officefor the salary bill Rs.25,000 of Nagpur Branch paid by them?
(a)
Debit Nagpur Br. A/c Rs.25,000 and Credit Salary A/c Rs.25,000
(b)
Debit Salary A/c Rs.25,000 and Credit Cash A/c Rs.25,000
(c)
Debit Nagpur Branch A/c Rs.25,000 and credit Cash A/c Rs.25,000
(d)
Debit Suspense A/c Nagpur Br. A/c Rs.25,000 and Credit Salary A/c Rs.25,000
(e)
Debit Suspense A/c Nagpur Br. A/c Rs.25,000 and Credit Cash A/c Rs.25,000.
(2 marks)
< ans >
64.
Fair Pal Company with its head office at Chennai has a branch at Pondichery. Goods are invoiced to the branch at costplus 33 1/3% which is the selling price. The subsequent info is the summary of transactions of the branchduring the year 2005-2006:
Particulars
Rs.
Goods sent to branch (at invoice price)
9,60,000
Stock at branch (at invoice price) as on April 01, 2005
48,000
Cash sales
3,60,000
Returns from customers
12,000
Branch expenses paid in cash
1,07,000
Branch debtors balance as on April 01, 2005
60,000
Discount allowed
2,000
Bad debts
3,000
Stock at branch (at invoice price) as on March 31, 2006
96,000
Branch debtors balance as on March 31, 2006
73,000
Collection from debtors
5,40,000
Branch debtors’ cheques dishonoured
10,000
The cost of stock lost in transit was
(a)
Rs.3,000
(b)
Rs.4,000
(c)
Rs.2,667
(d)
Rs.1,333
(e)
Nil.
(2 marks)
< ans >
65.
In case of a manufacturing concern, ‘Goods sent to branch account’ should be transferred to the credit of
(a)
Head office account
(b)
Branch account
(c)
Trading account
(d)
Profit and loss account
(e)
Sales account.
(1 mark)
< ans >
66.
In periods of inflation, the impact of change in the method of evaluation of inventories from Last-in-First-out method
to First-in-First-out method is

Earning:   Approval pending.