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

Rs. 9,200. The fair value of the securities is Rs. 9,500. The company intends
to dispose off the securities in less than 12 months period. calculate value of
investments to be shown in the books.
(b) A machinery was purchased on 1.1.2005, which was delivered on 1.4.2005.
The installation was completed on 30.09.2005 but was made available for use
on 1.10.2005. The true utilization started from 1.12.2005. The effective
period for computation of its depreciation for the year 2005 is
(c) Yash Ltd. wants to prepare its cash flow statement. It sold equipment of
book value of Rs. 60,000 at a gain of Rs. 8,000. What amount is needed to
be reported in its cash flow statement under operating activities?
(d) Goods purchased on 24.02.2005 for US $ 10 (Exchange rate – 50)
(Rate of exchange on 31.3.2005 – 51)
Date of true payment 5.6.2005 (Exchange rate – 52)
compute the amount of loss/gain to be recognized in the financial statements
for the year ended 31st March, 2005.
(e) Sohan raised 10% loan of Rs. 1,00,000 on 1.7.2004 to meet the cost of
construction of an asset. The total cost of construction of an asset
(completed on 31.12.2004) came to Rs. 2,00,000. The amount borrowed for
construction was temporarily invested by Sohan in short term fixed deposit
which earned interest of Rs. 2,000. The cost of the asset as on 31.12.2004
should be
(f) Sparkli Company Ltd. had 1,00,000 shares of common stock outstanding on
January 1. Additional 50,000 shares were issued on July 1, and 25,000 shares
were bought back on September 1. The weighted avg. number of shares
outstanding during the year is
(g) On March 31, 2005 Fortunate company exchanged an old machinery having a
carrying amount of Rs. 20,000 and paid cash difference of Rs. 5,000 for a
new machinery having a total cash price of Rs. 23,000. On March 31, 2005
the amount of loss to be recognized on this exchange will be
(h) On 1.4.2004 Bills for collection were Rs. 10,000. During 2004-2005 bills
received for collection amounted to Rs. 1,00,000, bills collected were Rs.
80,000 and bills dishonoured and returned were Rs. 5,000. What will be the
amount of bill for collection (assets) to be shown in the Balance Sheet as on
31.3.2005?
(i) An old electricity plant, which originally costed Rs. 10,00,000 in the year
1999, was changed by spending Rs. 15,00,000. current cost of its
replacement was computed as Rs. 13,00,000. compute the amount to be

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