The Institute of Chartered Financial Analysts of India University 2011 C.A Chartered Accountant Chartered Accountancy -Pcc - Mock Test Series 1 - Question Paper

PCC Group first test papers series 1
PAPER – one : ADVANCED ACCOUNTING
QUESTIONS
1. Red and Co. of Mumbai started a branch at Bangalore on 1.4.2006 to which
goods were sent at 20% above cost. The branch makes both cash sales and credit
sales. Branch expenses are met from branch cash and balance money remitted to
H.O. The branch does not maintain double entry books of account and necessary
accounts relating to branch are maintained in H.O. subsequent further details are
provided for the year ending on 31.3.2007:
Rs.
Cost of goods sent to branch 1,00,000
Goods received by branch till 31.3.2007 at Invoice price 1,08,000
Credit sales for the year 1,16,000
Closing debtors on 31.3.2007 41,600
Bad debts written off during the year 400
Cash remitted to H.O. 86,000
Closing cash on hand at branch on 31.3.2007 4,000
Cash remitted by H.O. to branch during the year 6,000
Closing stock in hand at branch at invoice price 12,000
Expenses incurred at branch 24,000
Draw up the necessary Ledger Accounts like Branch Debtors Account, Branch
Stock Account, Goods sent to Branch Account, Branch Cash Account, Branch
Expenses Account and Branch Adjustment a/c for ascertaining gross profit and
Branch Profit and Loss A/c for ascertaining Branch profit.
2. (a) From the subsequent particulars prepare customers control account in general
ledger:
Rs.
Opening balance in customers ledger (Dr.) 2,35,000
Opening balance in customers ledger (Cr.) 3,500
Goods sold during the year 7,65,000
Returns inwards 15,000
Cash/cheques received 5,90,000
Bills received 1,10,000
Discount allowed 9,000
Cheque received dishonoured 5,000
Bills received dishonoured 7,000
Bad debts 9,000
A debit of Rs. 1,500 is to be transferred from customers ledger to suppliers
ledger. Similarly a credit entry Rs. 1,600 is to be transferred from suppliers
ledger to customers ledger. Closing credit balance in customers ledger is Rs.
3,000.
(b) Hari owes Ram Rs. 2,000 on first April, 2006. From first April, 2006 to 30th
June, 2006 the subsequent further transactions took place ranging from Hari and
Ram:
April 10 Hari buys goods from Ram for Rs. 5,000
May 16 Hari receives cash loan of Rs. 10,000 from Ram
June nine Hari buys goods from Ram for Rs. 3,000
Hari pays the whole amount, together with interest @ 15% per annum, to
Ram on 30th June, 2006. compute the interest payable on 30th June, 2006 by
the avg. due-date method.
3. A, B, C and D were partners sharing profits and losses in the ratio of 3:3:2:2.
subsequent was the balance sheet as on 31st March, 2006:
Liabilities Rs. Rs. Assets Rs. Rs.
Sundry
creditors
15,500 Sundry debtors 16,000
As loan 10,000 Less: Provision for bad
debts
500 15,500
Capital
accounts:
Stock in trade 10,000
A 20,000 Cash at bank 2,000
B 15,000 35,000 Furniture and fixture 4,000

Earning:   Approval pending.