Veer Narmad South Gujarat University 2010 M.Com Commerce Financial & Management Accounting : - III , ( Part -1 ) - - Question Paper
RF-3370
M. Com. (Part - I) Examination
April/May - 2010
Financial & Management Accounting : Paper - III
(New Course)
Time : Hours] [Total Marks :
00
Seat No.:
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Fillup strictly the details of signs on your answer book.
Name of the Examination :
M. Com. (Part - 1)
Name of the Subject:
Financial & Management Accounting : Paper -
-Section No. (1,2,.....): Nil
Student's Signature
-Subject Code No.
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Instructions : (1) As per the Instruction No. 1 of Page No. 1.
(2) No Section.
(3) Figures to the right indicate full marks of the question.
(4) Show necessary calculation as a part of your answer.
1 From the following particulars of Smt. Indu Sheth who is 14 Indian citizen of Bombay. Calculate net wealth for assessment
year 2009-10.
Particulars Rs.
(i) Motorcar for personal use.............................5,00,000
(ii) Jewellery..........................................................7,00,000
(iii) Fixed deposits with Bank.............................2,00,000
(iv) Cash on hand.................................................1,00,000
(v) Fixed deposit with Bhagwan Narsinh
Firm................................................................3,00,000
(vi) House for let out in Bombay.....................10,00,000
(vii) Residential House.........................................15,00,000
(viii)Plot of 1500 sq. meter................................15,00,000
(ix) Investment in unit of U.T.1.........................1,50,000
(x) Farmhouse at a distance of 20 km
from Bombay...............................................50,00,000
(xi) She holds assets of public charitable
trust of India as trustee...........................15,00,000
(xii) Rest amount of Loan taken for
residential house.............................................3,00,000
(xiii) Residential house in foreign, costing
and motorcar...................................................3,00,000
(i) Explain about assets and deemed assets with 14 reference to wealth tax.
(ii) The profit and loss account of Shri Nirmal for the 14 year ended on 31.3.09 is as under :
|
Rs. |
Rs. | ||
|
Office Salary |
50,000 |
Gross profit |
7,70,000 |
|
Stationary |
10,000 |
Income from salary |
30,000 |
|
Advertisement |
20,000 |
Income from letout house |
70,000 |
|
Interest on owner's |
Long term capital gain |
50,000 | |
|
capital |
20,000 |
Interest and dividend |
30,000 |
|
Income tax |
10,000 |
Bad debt recover |
50,000 |
|
Owner's salary |
30,000 |
Prize from lottery (Gross) |
11,000 |
|
General reserve |
20,000 | ||
|
Depreciation |
30,000 | ||
|
Life Insurance Premium |
40,000 | ||
|
Sales tax |
10,000 | ||
|
Demerage |
20,000 | ||
|
Donation |
10,000 | ||
|
Conveyance expenses |
20,000 | ||
|
Travelling expenses |
30,000 | ||
|
Paid into P.P.F. |
20,000 | ||
|
Local taxes for | |||
|
let out house |
7,000 | ||
|
Net profit |
6,64,000 | ||
|
10,11,000 |
10,11,000 |
Additional Information :
(i) 20% amount of bad debts recover was not allowed earlier years.
(ii) Salary of his son Rs. 10,000 is included in office salary.
His reasonable salary is Rs. 5,000.
(iii) The admissable depreciation is Rs. 10,000
(iv) Donation is given to recognized institution
(v) 60% use of motorcar is for business.
(vi) Travelling expenses includes 20% for family travelling.
(vii) Sales tax includes unpaid sales tax Rs. 2000
(viii) Preliminary expenses was occurred on 1.4.08 for Rs. 30,000
(ix) On 1.4.95 Rs. 14,000 was paid for getting pattent right.
(x) On 1.4.08 Rs. 40,000 was paid for the technical know how.
Calculate taxable income of business.
2 (a) Write the income chargeable to tax under the head 6 'Profit and gains of business or profession'.
(b) Give information regarding 'un absorbed depreciation'. 4
(c) State the expenses expressly disallowed from income 4 from business of profession.
3 Given below are the details of assets sold and purchased 14 by Ku,. Aaasu during the year ended on 31.3.09.
|
Assets |
Date of Purchase |
Purchase Price Rs. |
Date of Sales |
Selling Price Rs. |
Transfer expenses Rs. | |
|
(i) |
Residential house (only one) |
10.7.77 |
3,00,000 |
10.6.08 |
39,00,000 |
50,625 |
|
(ii) |
Urban Land |
1.7.76 |
45,000 |
1.1.09 |
4,87,500 |
37,500 |
|
(iii) |
Jewellery |
1.12.85 |
7,98,000 |
31.3.09 |
36,00,000 |
15,000 |
|
(iv) |
Listed debentures of private company |
1.1.01 |
1,89,975 |
1.11.08 |
3,40,500 |
525 |
|
(v) |
Shares of 'B' Ltd |
1.4.80 |
15,000 |
31.10.08 |
1,90,680 |
680 |
|
(vi) |
Self residential flat |
30.12.08 |
15,00,000 |
- |
- |
1% |
Other Information :
(i) During financial year 2004-05 incurred Rs. 1,80,000 for additional construction in the house.
(ii) Fair market value of assets as on 1.4.81 was as under :
(a) Residential house..................Rs. 5,25,000
(b) Urban land................................Rs. 60,000
(c) Shares of 'B' Ltd......................Rs. 12,000
(iii) Securities transaction tax was not charged on sale of shares of 'B' Ltd.
(iv) A new residential flat is purchased after selling the old house.
(v) On 1.2.09 she was invested Rs. 1,00,000 (out of sales consideration of shares of 'B' Ltd.) in the bond of NHAI.
(vi) Cost of inflation index numbers
1981-82.............................100
1985-86.............................133
2000-01.............................406
2004-05.............................480
2008-09.............................582
Compute taxable capital gain for the A.Y. 2009-10.
OR
3 Shri Anurag get the following incomes during the 14
year 2008-09. Calculate the taxable income under the head of "Income from other sources".
(i) Interest on bonds of Ahmedabad Municipal corporation (T.D.S. 10,30%) /Rs. 29,601.
(ii) On 15.4.08 he has received the total accumulated amount of Rs,. 2,40,000 from unrecognized provident fund, of which employer's constribution was Rs. 1,00,000 and interest thereon was Rs. 20,000 (he was retired on 31.3.08 and the employer and the employee were contributing in the ratio 1:1 to unrecognized P.F).
(iii) Interest on foreign securities Rs. 15,000.
(iv) Rs. 39,700, 10% tax free debentures of raymond Ltd. (T.D.S. 20,60%)
(v) Interest on listed debentures Rs. 5,382
(vi) Rs. 64,000, 10% less tax debentures of Swiss Ltd. (T.D.S. 10,30%)
(vii) Unexplained cash Rs. 65,000.
(viii) Prize from lottery net Rs. 51,825 (T.D.S. 30,90%)
(ix) Rent received from sub-letting a house Rs. 35,000.
(x) Royalty received (after deducting expenses Rs. 1,000)
Rs. 12,000.
(xi) Income from house-race gross Rs. 16,000 (T.D.S. 30,90%)
(xii) Interest on bank deposit Rs. 4,000 (T.D.S. 10,30%)
(xiii) Gift received on marriage ceremony Rs. 1,00,000
(xiv) Gift received from cousin Rs. 40,000
(xv) On 1.7.08, he purchased a loan of Rs. 50,000 of 12% Madhya Pradesh Government for which he borrowed a loan at 10% from bank. Interest on security receives on 30th June and 31st December.
Give definition of any two under the GAVT 2003. 6
(a)
(i) Dealer
(ii) Sales price
(iii) Taxable turnover
Explain about Lumpsum taxes. 5
(b)
(c)
Discuss the provisions of voluntary registration. 3
OR
What is meant by Accounting standards? Furnish 7 usefulness of it.
4 (a) (b)
Accounting standard regarding depreciation 7
accounting - Discuss.
5 Write a short notes : (any three) 14
(i) Provisions regarding the tax deducted at source from salary
(ii) Provisions of interest on deferment of Advanced tax
(iii) Depreciation
(iv) Provisions of incometax act with regard "to set off of different losses.
(v) Deductable debts under wealth tax act.
RF-3370] 8 [ 3700 ]
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Attachment: |
| Earning: Approval pending. |
