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    Adv Accts Set 2

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    Advance accounts sample paper

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    Adv Accts Set 2

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    gouravghosh0001
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    Advance accounts sample paper

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    Advance accounts sample paper

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    9 views2 pages

    Adv Accts Set 2

    Uploaded by

    gouravghosh0001
    Advance accounts sample paper

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 2

    THE INSTITUTE OF COMPUTER ACCOUNTANTS

    Unit-1401, Eco Centre, Sector V, Kolkata – 700091


    Offline Question Paper | Advanced Account
    Paper Code: 05102202

    Full Marks: 100 Time: 75 Mins

    Download the Excel File and answer the following questions in the same file.

    1. Following are the salary details of Global Pvt. Ltd., Kolkata for the month of Oct’22. Pass the
    necessary journal entries in the books of the company. [30]

    Note: Salary becomes due on the last day of the month and is paid on the first day of the
    following month.
    The company has made statutory payments as follows:
    TDS - 05/11/2022
    PF - 10/11/2022
    ESI - 10/11/2022
    P Tax - 12/11/2022

    2. The following is the Trial Balance of Shine Ltd. as on 3st March, 2022: [30]

    Particulars Amount (₹) Particulars Amount (₹)


    Stock as on 1st March, 202175,000 Purchase Returns 10,000
    Purchases 2,45,000 Sales 3,40,000
    Wages 30,000 Discount 3,000
    Carriage 950 Profit and Loss Account 15,000
    Furniture 17,000 Share Capital 1,00,000
    Salaries 7,500 Creditors 17,500
    Rent 4,000 General Reserve 15,500
    Sundry Trade Expenses 7,050 Bills Payable 7,000
    Debtors 27,500
    Plant and Machinery 29,000
    Cash at Bank 55,200
    Patents 4,800
    Bills Receivable 5,000
    5,08,000 5,08,000
    st
    Prepare the Profit and Loss Account for the year ended 31 March, 2022 after considering the
    following adjustments:

    i) Stock as on 31st March, 2022: Rs.88,000


    ii) Provide for Income Tax @30%
    iii) Depreciation is to be charged on plant and machinery and Furniture @15% and 10%
    iv) Provide Rs. 510 for doubtful debts.
    v) Dividend paid out of Retained Earnings: Rs. 9000
    THE INSTITUTE OF COMPUTER ACCOUNTANTS
    Unit-1401, Eco Centre, Sector V, Kolkata – 700091
    Offline Question Paper | Advanced Account
    Paper Code: 05102202

    Full Marks: 100 Time: 75 Mins

    3. From the following, calculate net cash flows from operating activities by direct method [20]

    Profit and Loss statement for the year ended 31st March, 2022
    Particulars Note 2021-22
    No.
    Revenue from operations
    Cash 9,00,000
    Credit 1,00,000
    Profit on sale of Investment 50,000
    Total Revenue 10,50,000
    Expenses
    Purchases
    Cash 6,00,000
    Credit 2,00,000
    Wages 1,00,000
    Depreciation on Plant 20,000
    Salaries 50,000
    Loss on sale of Plant 5,000
    Total Expenses 9,75,000
    Profit before tax 75,000

    Note – Cash received from debtors – Rs. 6,00,000 and cash paid to creditors – Rs.4,00,000

    4. The following financial statement is from the books of XYZ Ltd. as at 31st March, 2022 [20]

    Liabilities Amount Asset Amount


    Paid-up Capital 15,00,000 Fixed Assets 16,50,000
    Reserve and Surplus 6,00,000 Short-term Investment 1,60,000
    Debentures (long term) 6,00,000 Stock-in-trade 10,60,000
    Bank Overdraft 2,50,000 Book debts 12,40,000
    Sundry Creditors 12,00,000 Cash 40,000
    41,50,000 41,50,000
    • Annual Sales: Rs. 74,40,000;
    • Gross Profit: Rs.14,88,000;
    • Bank overdraft is not payable on demand
    You are required to calculate the following ratio for the year:
    i)Debt -Equity ratio; ii)Current ratio; iii)Debtors Turnover ratio; iv)Stock Turnover
    ratio

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