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

Trade mark 7,000
Capital accounts:
C 16,000
_____ D 6,000 22,000
60,500 60,500
On 31st March, 2006, the partnership firm was dissolved and B was appointed to
realise the assets and pay off the liabilities. He was entitled to receive 5%
commission on the amount finally paid to other partners as capital. He was to
bear the expenses of realization.
The assets realised were as follows: sundry debtors Rs 11,000 stock Rs. 8,000
furniture and fixture Rs. 1,000 trade mark Rs 4,000 creditors were paid off in
full in addition a contingent liability for bills receivable discounted, materialized
to the extent of Rs 2.500. Also there was a joint life insurance policy for Rs.
30,000 This was surrendered for Rs. 3,000. Expenses of realisation amounted to
Rs 500. C was insolvent, but Rs 3,700 were recovered from his estate.
You are needed to show the subsequent account in the book of partnership firm:
1. Realisation account
2. Cash account
3. Partners capital accounts.
obtain out the accurate departmental Profits after charging Managers commission
4. On first March, 2006, XY Corporation Ltd purchased Rs.30,000, 5% Government
stock at Rs.95 cum-interest. On first May, 2006 the company sold Rs.10,000 of
stock at Rs.97 cum-interest. On 15th December, 2006, a different Rs.10,000 stock
was sold at Rs.93 ex-interest. On 31st December, 2006, the closing date of the
financial year, the market price of the stock was Rs.9200. Half-yearly interest is
received every year as on 30th June and 31st December,.
Prepare a ledger account in the investment ledger assuming that the stock transfer
book is closed 20 days before the date of payment of interest. Ignore income tax
and brokerage.
5. A Bombay merchant opens a new branch in Delhi, which trades independently
of the Head Office. The transactions of the Branch for the year ended 31st March,
2006 are as under :
Rs.
Goods supplied by Head Office 2,00,000
Purchases from outsiders :
Credit 1,55,500
Cash 30,000
1,85,500
Sales :
Credit 2,50,500
Cash 46,000 2,96,500
Cash received from Customers 3,04,500
Cash paid to Creditors 1,42,500
Expenses paid by Branch 89,500
Furniture purchased by Branch on credit 35,000
Cash received from Head Office initially 40,000
Remittances to Head Office
1,10,000
Prepare the Branch Final Accounts and the Branch Account in the Head Office
Books on incorporation of the Branch trial balance in the Head Office Books, after
taking the subsequent into consideration:

Earning:   Approval pending.