Institute of Chartered Financial Analysts of India (ICFAI) University 2007 Certification Finance Financial Accounting (CFA510):2009 - Question Paper
Monday, 17 June 2013 10:55Web
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(c) Rs.31,560
(d) Rs.31,800
(e) Rs.32,040. (1 mark)
43.Wendy Ltd., has the practice of creating provision for doubtful debts @ 8% on debtors. The balance of
provision for doubtful debts on April 01, 2007 and March 31, 2008 was Rs.32,000 and Rs.44,000,
respectively. During the year 2007-08, the amount collected from debtors was Rs.60,50,000. Credit sales
during the year were
(a) Rs.60,50,000
(b) Rs.66,00,000
(c) Rs.62,00,000
(d) Rs.64,50,000
(e) Rs.60,62,000. (2marks)
44.In case of goods sold on installment, revenue is recognized to the extent of the
(a) Value of goods sold
(b) Cost of sales
(c) Installment receivable during the relevant period
(d) true installment received during the period
(e) Installment receivable less proportionate profit. (1 mark)
45.The subsequent info pertains to UEFA Ltd., for the year 2007-08:
Particulars
April 1, 2007
(Rs.)
March 31, 2008
(Rs.)
Inventory 1,08,000 1,00,500
Sundry debtors 70,500 1,05,000
Sundry creditors 60,000 57,000
Total credit sales made during the year were Rs.10,12,500. The cost of goods sold of the company was
80% of the sales.
Cash collected from the debtors during the year was
(a) Rs.10,83,000
(b) Rs.10,47,000
(c) Rs.10,12,500
(d) Rs. 9,78,000
(e) Rs. 8,05,000. (1 mark)
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46.Shrewd Ltd., has given the subsequent info with respect to its Equipment:
Particulars
Original cost of Equipment Rs.5,25,000
Rate of depreciation (straight line method) 5% p.a.
Book value after current year’s depreciation Rs.4,46,250
The company decides to change the method of depreciation to reducing balance method with
retrospective effect at a revised rate of 8% p.a.
The additional depreciation to be given due to change of method is
(a) Rs.37,439
(b) Rs.26,250
(c) Rs.15,750
(d) Rs.70,145
(e) Rs.54,395. (2marks)
47.On April 1, 2006, Panna Ltd., bought a machine for Rs.1,20,000. The machine was sold on September 30,
2007 for Rs.60,000. If the company charges depreciation @ 20% p.a., under diminishing balance method,
the amount of profit/loss on sale of machinery and the depreciation for the year ended March 31, 2008
| Earning: Approval pending. |
