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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(a) Rs.40,400
(b) Rs.30,400
(c) Rs.35,400
(d) Rs.32,900
(e) Rs.37,600. (2marks)
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22.The book value of stock as on March 01, 2008 was Rs.1,30,000. Goods worth Rs.6,000 were destroyed in
fire on March 15, 2008 against which claim for Rs.4,000 was admitted by the Insurance Company. Which
of the subsequent is the improper accounting treatment for the above transaction?
(a) Debit Rs.4,000 to Profit & Loss a/c and show Rs.4,000 as claim receivable on the asset side of
Balance Sheet
(b) Debit Rs.6,000 to Profit & Loss a/c and show Rs.4,000 as claim receivable on the asset side of
Balance Sheet
(c) Deduct Rs.6,000 from the value of closing stock; debit Rs.2,000 to Profit & Loss a/c and show
Rs.4,000 as claim receivable on the asset side of Balance Sheet
(d) Deduct Rs.6,000 from the value of closing stock; debit Rs.6,000 to Profit & Loss a/c and show
Rs.4,000 as claim receivable on the asset side of Balance Sheet
(e) Debit Rs.2,000 to Profit & Loss a/c and show Rs.4,000 as claim receivable on the asset side of
Balance Sheet. (2marks)
23.The balances of outstanding wages of a company as on March 31, 2007 and March 31, 2008 were
Rs.80,640 and Rs.65,440 respectively. If the wages paid by the company during the year 2007-08 was
Rs.2,40,000, then the total wages shown in the Trading account for the year ended March 31, 2008 was
(a) Rs.3,20,640
(b) Rs.3,05,440
(c) Rs.2,55,200
(d) Rs.2,40,000
(e) Rs.2,24,800. (1 mark)
24.Which of the subsequent is not a contingent liability?
(a) Debts included in sundry debtors which are doubtful in nature
(b) Uncalled liability on partly paid shares
(c) Claims against the company not acknowledged as debt
(d) Arrears of fixed cumulative dividend
(e) Liability on bills receivable previously discounted. (1 mark)
25.The amount that needs to be paid if the asset is to be acquired currently is called
(a) Historical cost
(b) Current cost
(c) Realizable value
(d) current value
(e) Future value. (1 mark)
26.Consider the subsequent data pertaining to Jay Bird Ltd., for the year ended March 31, 2008:
| Earning: Approval pending. |
