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) Goods sold by receiving a cheque - Cash Book
(d) Obsolete asset sold on credit - Sales Book
(e) Office Equipment purchased on credit - Journal Proper. (1 mark)
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19.The subsequent is the summarized Profit and Loss account of Assure Ltd., for the year ended March 31,
2008:
Particulars Rs. (in Crores)
Gross profit 800
Depreciation 40
Other expenses 640
Net profit 120
In the year 2008-09 it is projected that fixed assets will neither be sold nor acquired. Depreciation on all
fixed assets is charged at 25% under the written down value method and will be charged at the identical rate
and under the identical method for the year 2008-09. It is expected that gross profit will be 10% higher than
that of 2007-08, while other expenses will increase by 20%. The expected net profit for the year 2008-09
will be
(a) Rs.112 crores
(b) Rs.102 crores
(c) Rs. 82 crores
(d) Rs. 72 crores
(e) Rs. 50 crores. (2marks)
20.Which of the subsequent statements is false?
(a) Provision for discount on debtors can be estimated only after computing the provision for
doubtful debts
(b) Under cash system of accounting, incomes received in advance are treated as current gains
(c) Under accrual system of accounting, cash balance on hand indicates whether the business has
earned profit or sustained loss
(d) Capital expenditure should be shown in the books by debiting asset account and crediting
supplier or cash account
(e) The distinction ranging from capital and revenue is essential for determination of business income. (1 mark)
21.Consider the subsequent data pertaining to M/s. Surya Enterprises as on March 31, 2008:
Particulars Rs.
Total sales 80,000
Total purchases 45,000
Wages paid 2,500
Returns inward 1,500
Returns outward 1,000
Carriage inward 500
Carriage outward 500
Gas, water and fuel 1,000
Raw materials destroyed by fire 1,000
Additional Information:
Particulars
As on April 01, 2007
(Rs.)
As on March 31, 2008
(Rs.)
Inventory 13,500 20,000
Outstanding wages 250 350
The stock as on April 01, 2007 was under valued by Rs.2,500, while stock as on March 31, 2008
was over valued by Rs.5,000. Gross profit of M/s. Surya Enterprises for the year ended March 31, 2008
| Earning: Approval pending. |
