Veer Narmad South Gujarat University 2011 M.Com Commerce S-2590 Financial
M. Com. (Part - I) Examination March / April - 2011 Financial & Management Accounting : Paper - III
[Total Marks
Time : 3 Hours] (0
70
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Name of the Examination :
M. Com. (Part - 1)
Name of the Subject:
Financial & Management A/c. : Paper - 3
-Section No. (1,2......): Nil
Student's Signature
-Subject Code No.:
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ENGLISH VERSION
Instructions : (1) All questions carry equal marks.
(2) Question 1 compulsory.
(3) Question 1 is short questions.
1 (1) The accounting year of Shree Vikash is the financial year 2008-09. On 1.4.2008 he owed ten machines of which the book value of 6 machines (having a common rate of depreciation at 30%) was Rs. 1300000 and the book value of other 4 machines (having a common rate of depreciation at 15%) was 1920000.
On 30.4.2008, a new machine was purchased at 1000000 on which the rate depreciation was 30% on 1-7-2008 an old machine (having depreciation rate of 30%) was sold for Rs. 840000. Calculate the total admissible depreciation in respect of both blocks of machine for the assessment year 2009-10.
(2) Sh. Mukesh Gupta provides the following details pertaining to previous year 2008-09.
Compute taxable capital gain from the Assessment Year 2009-10.
Cost inflation index is 582 for the financial year 2008-09
|
Sr. No. |
Particulars of Assets |
Date of Purchase |
Purchase Price |
Date of Sale |
Sales Price |
Sales expenses |
Index of the year of purchase |
Fair value |
|
1 |
Only self occupied house |
1-07-70 |
45000 |
31.12.08 |
6,67,500 |
3,750 |
100 |
1,00,000 1.4.81 |
|
2 |
Shares of Kotak bank"s |
1-08-04 |
30000 |
01.01.09 |
1,01,937 |
100 |
480 | |
|
3 |
Shares of Tata Ltd |
1-2-94 |
30500 |
01.02.09 |
33,875. |
375 |
244 |
Note :The shares of both the companies were subject to
S.T.T. on 1.11.2008.
Determine taxable capital gain for the Assessment year
2009-10.
S-2590] 8 [Contd..
(3) Shree Patel gives you following information for the Assessment Year 2009-10. Calculate taxable income under the head of business and profession income. In previous year losses in hard ware was Rs. 1,40,000.
This current year he earns Rs. 2,50,000 as a profit from his Garment business. Current year amount of recognized a depreciation is Rs. 40,000. There was unabsorbed amount of depreciation it was Rs. 20,000.
Taking into consideration the following cot inflation.
Year 1981-82 100 Year 2008-09 582
(4) On the 15th December Shree Vikash has sold his jewellery for Rs. 5,00,000 and incurred valuation charges Rs. 6667 in connection with it sales. The original cost of jewellery bought in 1968-69 was Rs. 33,334 but its fair market value on 1st April 1981 was Rs. 66,667.
On 10.2.2009, he has invested Rs. 1,50,000 in three year bonds of National Highway Authority of India. Relevant cost of inflation index for the year 1981-82 and 2008-09 are 100 and 582 respectively.
2 (a) Calculate taxable capital gain of Bankimchandra for 7 the Accounting Year 2008-09 from the following details.
|
Asset |
Urban Land |
Jewellery |
Personal Car |
|
Date of Purchase Purchase Price (Rs.) Fare value on 01.04.81 (Rs.) Selling price Sales Expenses Relevant Index Number |
01.01.76 60,000 80,000 6,50,000 50,000 100 |
01.01.87 84.000 8,64,000 24.000 140 |
01.01.95 1,60,000 1,00,000 4,000 259 |
Note :
(i) All the assets are sold during January 2009.
(ii) Index Number for the Accounting Year 2008-09 is 582.
(b) Sharad Pareek purchased a residential house at
Rs. 130000 during the year 1978. He paid additional capital expenditure of Rs. 10,000 during the financial year 1979 in the house.
On 01.04.1981 the fair market value of the house was Rs. 200000. Additional capital expenditure paid regarding the house:
During the financial year 1996-97 : Rs. 305000 During the year 2001-02: Rs. 426000 On 01.01.2009 the above house was sold at Rs.3626000
On 01.02.2009 Rs. 800000 was invested in another house Index Numbers :
1981-82 : 100 1996-97 : 305 2001-02 426 2008-09 : 582 Find out the exempted capital gain under section 54.
OR
2 (a) Mr. Vinod transfer the following assets on May 15, 2007.
|
Land |
Cost |
Fair Market value |
Sales consideration |
|
(acquired in 1968) |
20,000 |
45,000 |
2,55,000 |
|
Goodwill of a | |||
|
business |
- |
10,000 |
1,75,000 |
|
Tenancy Rights |
- |
30,000 |
2,00,000 |
*Self generated
Determine the amount of capital gains chargeable to tax the assessment year 2008-09. Does it make any difference if the goodwill is of a profession? Cost index for the year
2008-09 is 551.
(b) Mr. X has following assets on 5th March 2008. He sold them on 10th march 2008. Calculate Mr. Xs capit gain tax for the assessment year 2009-10.
Cast Index :
2008-09 511
2009-10 582
|
Particulars |
Purchase Value |
Sales consideration |
|
Gold |
5,00,000 |
6,00,000 |
|
Silver |
50,000 |
72,000 |
3 Sahoo is an individual and is resident in India for the 12 previous year ending 31.3.2008. He runs a business and gives you the following particulars for computation of total income for the assessment year 2008-09.
|
Rs. |
Rs. | ||
|
General Expenses |
6500 |
Gross profit |
210800 |
|
Salaries and Wages |
12300 |
Commission |
35000 |
|
Interest on bank loan |
6000 |
Cash discount | |
|
received |
11100 | ||
|
Reserves for bad debts |
3450 |
Rent Received |
6000 |
|
Sales Tax |
6000 |
Sales tax | |
|
collected |
10000 | ||
|
Interest on capital |
3000 |
Gain on sales | |
|
of shares |
12000 | ||
|
Fire Insurance | |||
|
premium |
1000 | ||
|
Advertisement 5000 | |||
|
Outstanding 2000 |
7000 | ||
|
Patent bought |
14000 | ||
|
Know-how bought |
12000 | ||
|
Depreciation |
7000 | ||
|
Advance tax paid |
5000 | ||
|
Reserve for tax |
8000 | ||
|
Net Profit |
193650 | ||
|
284900 |
284900 |
(i) Advertisement includes an item of Rs. 1200 cost of a present to very important six customers.
(ii) Allowable depreciation according to income-tax provision comes to Rs. 5000.
(iii) Bad debts during the relevant previous year amount to Rs. 1700 and the Assessment Officer is convinced about it.
(iv) Salary includes an amount of Rs. 10000 paid to an employee who is closely related to Sahoo. The Assessment Officer feels that out of this an amount Rs. 3000 appears unreasonable.
(v) An amount of Rs. 3000 has been spent on training of a manager who was went to Indian Institute of Management, Calcutta for one week.
(vi) Interest on bank deposit of Rs. 5000 has not been shown in the Profit and Loss Account as drawn above, through Sahoo has received.
OR
3 Following is the summary of cash transactions of Mrs. 12
Sharma, a practicing Chartered Accountant of Nagpur
|
Cash expenses |
Rs. |
Cash Income |
Rs. |
|
Office Expenses |
10000 |
Audit fees |
19210 |
|
Rent paid for office |
5000 |
Consultation |
10000 |
|
Salaries and Wages |
12050 |
Appellate Tribunal appearance |
15000 |
|
Stationery and | |||
|
Printing |
1000 |
Miscellaneous Income |
30000 |
|
Subscription to | |||
|
Institute of CA |
3000 |
Interest on Govt. Security (net) |
9000 |
|
Books brought |
1300 |
Rent received |
10000 |
|
Travelling Expenses |
5800 | ||
|
Interest to bank of | |||
|
loan |
3000 | ||
|
Donation to National Defense Fund Surplus |
5000 47060 | ||
|
Total |
93210 |
93210 |
Loan from bank was arranged for constructing a house in which Mrs. Sharma resides. Municipal value of the house is Rs. 8000 with local taxes of Rs. 800 per annum.
l/4th 0f thg travelling expenses are found not to be allowable.
Tax was deducted at source @ 10% in respect of interest on Government securities. Compute professional incomes.
4 Shree Brambhatt gives you following information relating 12
to his business for the financial year 2008-09. Determine his total taxable income for the assessment year 2009-10.
|
Date |
Particulars |
Rs. |
|
2008-09 |
Profit earn from clothing business | |
|
(before depreciation) |
10,00,000 | |
|
2008-09 |
Losses from Diamond Business |
2,00,000 |
|
2007-08 |
Losses carried forward from clothing | |
|
business |
2,00,000 |
|
2007-08 |
Unabsorbed Depreciatrion |
80,000 |
|
2008-09 |
Adwwissable depreciation for | |
|
clothing business |
10,000 | |
|
2008-09 |
Profit under the head of Income from | |
|
housing property |
1,20,000 | |
|
2008-09 |
Losses under the head of income | |
|
from housing property |
80,000 | |
|
2007-08 |
Speculation loss brought down |
1,00,000 |
|
2008-09 |
Profit earn from Lottery |
50,000 |
|
2007-08 |
Lottery losses brought down |
8000 |
|
2008-09 |
Profit from speculation business |
2,00,000 |
|
2008-09 |
Short term capital gain earn by | |
|
selling R.K.P. comp. Ltd. shares |
80,000 | |
|
2008-09 |
Short term losses arising out of selling | |
|
L.M.P. Ltd. shares |
40,000 | |
|
2008-09 |
Long term capital gain earn from | |
|
selling of jewellery |
1,00,000 |
OR
4 Write short notes (any two) 12
(i) Expenses expressly disallowed under the head of Business and profession profits or gains.
(ii) Capital gains on transfer of certain capital assets not be charged in case of Investment in residential house u/s section 54F.
(iii) Spectulation losses, losses
(iv) Unabsorbed depreciation
Accounting standard relating to the
(i) Valuation of Inventory
(ii) Depreciation Accounting
(iii) Importance of Accounting Standards
(iv) Changes in Accounting policies
S-2590] 15 [ 800 ]
|
Attachment: |
| Earning: Approval pending. |
