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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Cars Maybach
Mercedes
Benz
Sonata BMW Chevrolet
Cost (Rs.) 5,00,00,000 75,00,000 60,00,000 50,00,000 80,00,000
Net realizable value (Rs.) 3,50,00,000 78,50,000 55,00,000 60,20,500 90,15,000
The value of stock included in the balance sheet of the company as on March 31, 2008 was
(a) Rs.7,65,00,000
(b) Rs.6,10,00,000
(c) Rs.6,33,85,500
(d) Rs.1,78,85,500
(e) Rs.5,86,14,500. (2marks)
36.Which of the subsequent statements is false with reference to inventories?
(a) The finished goods which have been produced internally for inventory should be priced at
production cost
(b) The periodic system computes cost of goods sold as residual amount
(c) The perpetual system is more right but more costly
(d) The cost of acquisition of inventory does not include direct expenses
(e) Historical cost of inventory refers to the cost of acquisition of inventory. (1 mark)
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37.Pioneer Company, a dealer in cosmetics, records its inventory under first-in-first-out method, so as to
minimize accumulation of outdated stock. The receipts and problems made during the month are:
Date
Receipts
(Qty. in Units)
Rate per unit
(Rs.)
Issues
(Qty. in Units)
Dec.04 2008 12 6,600 -
Dec.15 2008 18 7,400 -
Dec.22 2008 - - 9
Dec.29 2008 - - 16
With effect from December 01, 2008, the company decided to change the method of inventory evaluation
from the FIFO method to Weighted avg. method. The difference in the value of inventory under
FIFO and Weighted avg. method is
(a) Rs.1,600
(b) Rs.1,500
(c) Rs.3,000
(d) Rs. 500
(e) Rs.2,400. (2marks)
38.Trial Balance of Global Ltd., showed a balance of Rs.6,75,000 to the debit of Sundry Debtors. Provision
for doubtful debts at 5% is to be made after considering the following:
? An amount of Rs.15,000 included in sundry debtors is due from a debtor, who is bankrupt and
whose estate is expected to realize fifty paise in a rupee.
? Debtors include an amount of Rs.30,000 for goods withdrawn by proprietor for his personal use.
? Bills receivable include a dishonored bill for Rs.15,000.
? Goods of Rs.75,000 sent on ‘Sale or Return’ basis not approved by the customer, were recorded as
sales.
| Earning: Approval pending. |
