Gurukripa’s Guideline Answers For Nov 2016 IPCC Exam .
Get More Updates From http://cawinners.com/Gurukripa’s Guideline Answers for Nov 2016 CA Inter (IPC) Advanced Accounting – Group II ExamGurukripa’s Guideline Answers for Nov 2016 IPCC Exam QuestionsADVANCED ACCOUNTING Group – IIQuestion No.1 is Compulsory. Answer any 5 Questions from the remaining 6 Questions. [Any 4 out of 5 in Q.7]Wherever appropriate, suitable assumption(s) should be made and indicated in the answer by the Candidates.Working Notes should form part of the answer.All Page References given here are from Padhuka’s Students’ Handbook on Advanced Accounting–For CA Inter (IPC)comQuestion 1(a): AS – 20 – Diluted EPS5 MarksWhile calculating Diluted EPS, effect is given to all dilutive Potential Equity Shares that were outstanding during that period.”Explain. Also calculate the Diluted Earnings per Share from the following information:Net Profit for the Current Year 1,00,00,000No. of Equity Shares Outstanding10,00,0001,00,000No. of 10% fully Convertible Debentures of 100 each(Each Debenture is compulsory and fully convertible into 10 Equity Shares)Debenture Interest Expenses for the current year (Assume applicable Income Tax Rate is 30%) 5,00,0001.Similar to Page B.7.17, Q.No.40 [N 10]Particulars(1)NetProfitfortheperiodattributable to Equity ShareholdersWeighted Avg No. of Equity Shares3.EPS 1 2Computation of Basic and Diluted EPSFor Basic EPSAdjustment for Dilution(2)(3)1,00,00,00010,00,000Basic EPS 101,03,50,0006 5,00,0001215,00,000Diluted EPS 6.90 Interest as given (100% – Tax Rate) 5,00,000 (100% – 30%) 3,50,000.Annual Interest on Debentures 10% 100 1,00,000 Debentures 10,00,000. However, Interest Expense forthe current year is given as 5,00,000. Hence, it implies that Debentures are issued during the year. Period 6Months, by comparing Annual Interest at 10% 10,00,000, with the given Interest Expense of 5,00,000.w.s2.hrigNote:1. Tax Adjusted Interest on 10% Convertible DebenturesFor Adjusted EPS(4) (2) (3)(Note 1) 3,50,0001,00,000 10 ur2.ukripa.Solution:wwQuestion 1(b): AS – 16 – Borrowing Cost5 MarksM/s. Zen Bridge Construction Ltd obtained a loan of 64 Crores to be utilized as under –ParticularsParticulars Crores CroresConstruction of Hill Link Road in Kedarnath50.00 Working Capital4.00(work was held up totally for a month during the year duePurchase of Vehicles1.00to heavy rain, which is common in that region)Advance for Tools/Cranes, etc.1.00Purchase of Equipments and Machineries6.00 Purchase of Technical Know–How2.00Total Interest charged by the Bank for the relevant financial year is 1.6 Crores. Show the treatment of interest according to AS.Solution:Similar to Page B.5.5, Q.No.13 [N 10]1.60 CroresEffective Interest Rate 2.5%. The treatment for the Total Interest of 1.60 Crores is as under –64 CroresNote: Interest Amount Loan Amount 2.5%. Both Amounts in Crores.Purpose / UtilisationLoanInterestTreatmentAdded to Cost of Asset (It is assumed that during temporary1. Construction of Hill–Link Road501.25suspension, some Administrative Activities were carried on)2. Purchase of Equipments & M/c60.15 Added to Cost of Equipments and Machinerieswww.shrigurukripa.comNov 2016.1Join with us https://www.facebook.com/groups/CawinnersOfficial/
Get More Updates From http://cawinners.com/Gurukripa’s Guideline Answers for Nov 2016 CA Inter (IPC) Advanced Accounting – Group II Exam3.Purpose / UtilisationWorking CapitalLoan44.Purchase of Vehicles15.Advance for Tools / Cranes, etc.16.Purchase of Technical Know–HowTotal264InterestTreatment0.10 Written off to P&L A/c as Expense, as per AS – 16.Debited to Profit and Loss A/c. (Assumed immediate delivery0.025taken and it is ready for use and hence not a Qualifying Asset)Kept in Interest Suspense A/c (Capital WIP A/c) till the date of0.025 acquisition/installation of the Asset & capitalized later.[Assumed as Qualifying Asset]0.05 Added to the Cost of Intangibles.1.60comQuestion 1(c): AS – 4 – Events occurring after the Balance Sheet date5 MarksWhile preparing its Final Accounts for the year ended 31st March 2016, a Company made Provision for Bad Debts @ 5% of itsTotal Debtors. In the last week of February 2016, a Debtor for 20 Lakhs had suffered heavy loss due to an earthquake, theloss was not covered by any Insurance Policy. In April 2016, the Debtors became bankrupt. Can the Company provide for thefull loss arising out of insolvency of the Debtor in the Final Accounts for the year ended 31st March 2016? Comment withreference to relevant Accounting Standard.Solution:Similar to Page B.1.5, Q.No.15 [N 10, M 14]Analysis: Here, the Debtor suffered the loss in February, and the circumstances were existing as on the Balance SheetDate. The fact of bankruptcy in April only confirms the circumstances that existed on the Balance Sheet Date.2.Conclusion: The Company should provide for the entire amount of loss of 20 Lakhs arising out of insolvency of theDebtor. The fact that the Company has already made a General Provision for Bad Debts at 5% of its Total Debtors isirrelevant in this context.ukripa.1.igurQuestion 1(d): AS – 26 – Intangible Assets5 MarksA Company with a Turnover of 375 Crores and an annual advertising budget of 3 Crores had taken up the marketing of anew product. It was estimated that the Company would have a turnover of 37.5 Crores from the new product. The Companyhad debited to its Profit & Loss Account, the total expenditure of 3 Crores incurred on extensive Special Initial AdvertisementCampaign for the new product. Is the procedure adopted by the Company correct?Similar to Page B.8.11, Q.No.30 [F – N 06]hrSolution:Principle: Sometimes, Expenditure is incurred to provide future economic benefits to an Enterprise, but noIntangible Asset or Other Asset is acquired or created that can be recognised. In such cases, the expenditure isrecognised as an Expense, when it is incurred.2.Conclusion: The Company should treat the Advertising Expenditure as an “Expense”. Hence, writing off the entireAdvertisement Expense in the year of incurrence to the P&L A/c is proper.ww.s1.wQuestion 2: Partnership – Dissolution – Piecemeal Distribution – Higher Relative Capital Method16 MarksX, Y and Z are in Partnership sharing Profits and Losses in the ratio of 5:4:4. The Balance Sheet of the Firm as on 31st March2016 is as below:AssetsCapital and Liabilities X’s Capital60,000 Factory Building96,640Y’s Capital40,000 Plant & Machinery65,100Z’s Capital50,000 Trade Receivables21,600Y’s Loan A/c18,000 Inventories49,560Trade Payables66,000 Cash at Bank1,100Total2,34,000Total2,34,000On the Balance Sheet date, all the three Partners have decided to dissolve their Partnership. Since the realisation of Assetswas protracted, they decided to distribute amounts as and when feasible, and for this purpose they appoint Z who was to getas his remuneration 1% of the value of the Assets realised other that Cash at Bank, and 10% of the amount distributed to thePartners. Assets were realised piecemeal as under:www.shrigurukripa.comNov 2016.2Join with us https://www.facebook.com/groups/CawinnersOfficial/
Get More Updates From http://cawinners.com/Gurukripa’s Guideline Answers for Nov 2016 CA Inter (IPC) Advanced Accounting – Group II ExamParticularsFirst InstalmentSecond InstalmentThird InstalmentLast InstalmentDissolution Expenses were provided for estimated amount ofThe Creditors were settled finally forPrepare a statement showing distribution of Cash amongst the Partners by ‘Higher Relative Capital Method”.Solution:Similar to Page.A.2.26, Illus. 16 [M ukripa.urZ’s Capital50,000ighrLess:2. Piecemeal Distribution Statement under Higher Relative Capital Method (in )ParticularsAmt. AvlbleS. CrsY’s LoanX’s CapitalY’s CapitalBalance due1,10063,60018,00060,00040,000st1 Instalment74,600Commn on Realsn 1%(746)74,954Liquidator’s Exps(12,000)Balance Avlble / O/s62,95463,60018,00060,00040,000Paid to Creditors(62,954)(62,954)Balance Due–64618,00060,00040,0002nd Instalment69,301Commn on Realsn 1%(693)Paid to Creditors(646)(646)Balance Avlble / O/s67,962–18,00060,00040,000Y’s Loan repaid(18,000)–(18,000)––Balance Avlble / O/s49,962Liquidator Remn at 10%(4,996)Paid to Ztowards(2,000)Higher Relative CapitalBalance Avlble / O/s42,966––60,00040,000Paid to X towards(10,000)(10,000)Higher Relative CapitalPaid to C towardsHigher Relative Capital(8,000)restricted to amt avlbleBalance Avlble / O/s24,96650,00040,000Payment to all ,000412,50010,000 4 40,00010,0002,5002,000 4 8,0002,000Surplus Cash available should first be distributed to Z to the extent of 2,000 representing the Higher RelativeExcess Capital. Further realisations to the extent of 10,000 and 8,000 should be distributed to X and Zrespectively towards Excess Capital invested by them. Any further realisation should be shared in 5:4:4 ratio amongthe Partners.wNote:m1. Computation of Higher Relative Excess Capital (in )ParticularsXYCapital Account Balance Net60,00040,000Profit Sharing Ratio54Capital per unit of Profit (1 2)12,00010,000Relative Capital taking Y’s Cap. as Base (least of above)10,000 5 50,000 10,000 4 40,000Excess Capital of X and Z (1 – 4)10,000–Capital per unit of Profit (5 2)2,000–Relative Capital taking X’s Cap.as Base (least of above)2,000 5 10,000–Higher Relative Excess Capital (5 – 7)––w1.2.3.4.5.6.7.8. kripa.comNov 2016.3Join with us https://www.facebook.com/groups/CawinnersOfficial/
Get More Updates From http://cawinners.com/Gurukripa’s Guideline Answers for Nov 2016 CA Inter (IPC) Advanced Accounting – Group II ExamY’s Loan–X’s Capital40,398Y’s Capital32,318Z’s mS. Crs–3. Realisation Account (To verify Loss on Realisation)Particulars ukripa.Factory Building(transfer)Plant & Machinery(transfer)Sundry Debtors(transfer)Stock–in–Trade(transfer)Cash / Bank(Creditors)Cash / Bank(Realisation Exps)Cash / Bank(Liquidator 8473,22,347By Sundry Creditors (transfer)By Cash / Bank (74,600 69,301 40,000 28,000)By Loss on Realisation Ltd to Partners (5:4:4)Note: This tallies with (17,095 13,675 13,676)as per Statement above, i.e. Total rsToToToToToToToAmt. Avlble–coParticularsBalance Avlble/ O/s3rd InstalmentLess: Commn on Realsn 1%Less: Liquidator Remn at 10%Balance Avlble / O/sLess: PaymenttoallPartners in 5:4:4Balance Due4th InstalmentLess: Commn on Realsn 1%Less: Liquidator Remn at 10%Balance Avlble / O/sLess: PaymenttoallPartners in 5:4:4Bal.being Loss on RealisationhrigQuestion 3(a): Debenture Redemption through Sinking Fund10 MarksA Company had 40,000, 10% Debentures of 100 each outstanding as on 1st April 2015, redeemable on 31st March 2016. Onthat day, Sinking Fund was 37,45,000 represented by 5,000 Own Debentures purchased at an average price of 99, and 9%Stocks of Face Value of 33,00,000. The annual instalment towards Sinking Fund was 1,42,000. On 31st March 2016, theInvestments were realized at 98 and the Debentures were redeemed.Date1st Apr2015wDate1st Apr201531st Mar2016ParticularswSolution:w.sDraw the following Accounts for the year ended 31st March 2016:(i) 10% Debenture Accounts,(ii) Debenture Redemption Sinking Fund Account,To balance b/dTo Deb. Red.Snkng Fund A/cTotal1. Investment in Own Debentures A/cFVCostDateParticulars4,95,0005,00,000(5,000 100)(5,000 99)5,000 (Gain on31st MarBy 10% Deb. A/c rticularsTo bal. b/d (Note)TotalSimilar to Page A.3.71, Illus. 8 [M 14]2. Investment in 9% Stock A/cFVCostDateParticulars33,00,000 32,50,00031st MarBy Bank A/c201631st MarByDeb.Red.2016Sinking Fund33,00,000 00FV33,00,00033,00,000Cost32,34,000(33,000 98)16,000 (Losson Sale)32,50,000www.shrigurukripa.comNov 2016.4Join with us https://www.facebook.com/groups/CawinnersOfficial/
Get More Updates From http://cawinners.com/Gurukripa’s Guideline Answers for Nov 2016 CA Inter (IPC) Advanced Accounting – Group II ExamNotes: It is assumed that Interest on 10% Debentures and 9% Stock is paid on annual basis (year–end). Cost of 9% Stock Total Sinking Fund Balance – Cost of Own Debentures [ 37,45,000 – (5,000 99, i.e. 4,95,000)] 32,50,0003. 10% Debentures A/cDate Particulars31.03.1631.03.16To Own Debentures A/c (Cancelled)To Bank A/c – Payment (bal. 04.2015By balance b/dTotal40,00,0004. Debenture Redemption Sinking Fund A/cDateParticulars Particulars31.03.1631.03.1631.03.14To Gen. Reserve (FV of Deb tfr)By 9% Stock WN 2(Loss on Sale)To Capital Reserve A/c (bal. fig.)(excess tfr to Capital Reserve)40,00,00016,0002,23,00001.04.1631.03.16 By balance b/d (given)By P&L A/c (Annual Approp.)By Bank – Int. on 9% Stock A/c(33,00,000 9%)By Int. on Own Debentures A/c(5,00,000 10%)By Own Debentures A/c (WN 1)Totalukripa.coDateTotal42,39,000 40,00,000mDatew.shrigurQuestion 3(b): Buy back, Bonus Issue, etc.The following is the Summarized Balance Sheet of M/s. Vriddhi Infra Ltd as on 31st March –AssetsEquity & Liabilities 1. Shareholders Funds:1. Non–Current Assets(a) Share Capital:(a) Fixed (Tangible) Assets:10,00,000Land & Building1,00,000 Equity Shares of 10 each fully paid up(b) Reserve & Surplus:Plant and MachinerySecurities Premium3,00,000(b) Non–Current InvestmentsGeneral Reserve2,50,000 2. Current AssetsProfit & Loss Account Surplus1,50,000(a) Trade Receivables2. Non–Current Liabilities(b) InventoriesLong Term Borrowings:(c) Cash & Cash Equivalents10% Debentures (Secured by floating charge on all assets) 20,00,000Unsecured Loans8,00,0003. Current Liabilities & Provisions: Trade 002,97,00050,0005,00042,39,0006 Marks ,20,000wwOn 21st April, the Company announced the Buy Back of 25,000 of its Equity Shares at 15 per Share. For this purpose, it soldall of its Investments for 2.50 Lakhs. On 25th April, the Company achieved the target of Buy Back. On 1st May, the Companyissued one fully paid up Equity Share of 10 by way of Bonus, for every Five Equity Shares held by the Equity Shareholders.Pass necessary Journal Entries for the above transactions.Solution:Date21st AprSimilar to Page A.3.23, Illus. 9 [M 00, N 10]Journal EntriesParticularsBank A/cDr.Dr.2,50,000To Investments A/cTo Profit and Loss A/c(Being Investments sold at a Profit)25th AprDr.Equity Share Capital A/c (25,000 10)Dr.Premium on Buyback A/c (FV 10, Offer Price 15, So Premium 50%)To Equity Shareholders A/c(Being Share Capital and Premium on Buyback transferred to Equity ShareholdersA/c vide Board’s Resolution No. dated . gurukripa.comNov 2016.5Join with us https://www.facebook.com/groups/CawinnersOfficial/
Get More Updates From http://cawinners.com/Gurukripa’s Guideline Answers for Nov 2016 CA Inter (IPC) Advanced Accounting – Group II ExamDate25th AprParticularsSecurities Premium A/cDr.To Premium on Buyback A/c(Being Premium on Buy Back provided from Securities Premium)Equity Shareholders A/cDr.To Bank A/c(Being amount paid to Equity Shareholders on Buy Back)General Reserve A/cDr.To Capital Redemption Reserve A/c(Being amount transferred to Capital Redemption Reserve, to the extent ofNominal Value of Shares bought back)Capital Redemption Reserve A/cDr.To Bonus to Equity Shareholders A/c(Being Capital Redemption Reserve used for the purpose of issue of Bonus Shares 1,00,000 – 25,000 75,000 Shares 1/5 15,000 Shares)Bonus to Equity Shareholders A/cDr.To Equity Share Capital A/c(Being Bonus Shares allotted to Equity Shareholders)25th Apr25th ,0001,50,000m1st MayDr.1,25,0001,50,000ukripa.co30th Apr16 MarksAssetsNon–Current AssetsLand & BuildingSundry Current AssetsDebentures Issue Expensesnot written–off 6,50,00021,80,00010,000w.shrigurQuestion 4: Liquidator’s Statement of AccountThe summarized Balance Sheet of M/s X Ltd as on 31st March 2016, are as follows:Equity and Liabilities Shareholders Fund:Share Capital5,00,00050,000 Equity Shares of 10 each fully paid7,50,00075,000, 10% Preference Shares of 10 fully paid up2,00,00025,000 Equity Shares of 10 each, 8 per Share paid upProfit & Loss Account(1,75,000)Non–Current Liabilities:13% Debentures7,50,000Mortgage Loan3,50,000Current Liabilities:Bank Overdraft1.50,000Trade Creditors1,90,000Income Tax Arrears (Assessment completed in Feb wMortgage Loan was secured against Land & Buildings. Debentures were secured by a Floating Charge on all assets. TheCompany was unable to meet the payments and therefore the Debenture Holders appointed a Receiver for the DebentureHolders. He brought the Land & Building to auction and realised 8,00,000. He also took charge of Sundry Assets of valueof 11,80,000 and realised 10,00,000. The Bank Overdraft was secured by personal guarantee of the Directors of theCompany and on the Bank raising a demand, the Directors paid off the due from their personal resources. Costs incurred bythe Receiver were 9,750 and by the Liquidator 15,000. The Receiver was not entitled to any remuneration but theLiquidator was to receive 2% Fee on the value of assets realized by him. Preference Shareholders have not been paidDividend for period after 31st March 2014, and Interest for the last half year was due to the Debenture Holders. Rest of theAssets were realised at 7,50,000.Prepare the accounts to be submitted by the Receiver and Liquidator.Solution:Similar to Page A.6.15, Illus. 12 [M 88, M 93, N 14]1. Determination of Surplus received by Liquidator from ReceiverPayments towards –Receipts from Sale of Land and BuildingsSundry Current Assets8,00,00010,00,000Debenture InterestIncome Tax ArrearsExpenses of Receiver(7,50,000 13% 6/12)Given 48,7501,25,0009,750www.shrigurukripa.comNov 2016.6Join with us https://www.facebook.com/groups/CawinnersOfficial/
Get More Updates From http://cawinners.com/Gurukripa’s Guideline Answers for Nov 2016 CA Inter (IPC) Advanced Accounting – Group II ExamReceipts from Sale ofTotalPayments towards – 18,00,000Receipts Mortgage LoanGivenDebentureholdersBalance Surplus handed over to Liquidator (bal. fig.)Total2. Liquidator’s Final Statement of AccountPayments 3,50,0007,50,0005,16,50018,00,000 Surplus received from Receiver(WN 1)5,16,500Remuneration to Liquidator (7,50,000 2%)15,000Sundry Assets realised7,50,000Costs of Liquidation15,000Unsecured Creditors:From 25,000 Partly Paid Shares at 1.38per Share (WN 3)34,500Trade Creditors1,90,000Directors (for Bank OD paid)1,50,000Preference Shareholders:coShare Capital7,50,0001,50,0009,00,000Equity Shareholders: (paid to Holders of50,000 Fully Paid Shares at 0.62 each) (WN 3)31,000ukripa.Arrears of Dividend (2 yrs)Total3,40,000mCalls on Contributories:13,01,000Total3. Calls from Holders of Partly Paid SharesParticulars13,01,000 (a) Total Receipts before considering Call Money (5,16,500 7,50,000)12,66,500(b) Total Payments before final payment to Equity Shares12,70,000(3,500)(d) Notional Call on 25,000 Partly Paid Shares at 2 each50,000ur(c) Surplus / (Deficit) from above before Calls made on Equity Shares (a – b) ( ve Surplus, –ve Deficit)(e) Surplus Cash Balance after Notional Call (c d)46,50075,000(g) Hence, Refund on Fully Paid Shares (e f) 46,500 75,000 Shares 0.62 1.38ig(f) Number of Shares deemed fully paid (50,000 25,000)w.shr(h) Therefore, Required Call on Partly Paid Shares Notion
Gurukripa’s Guideline Answers for Nov 2016 CA Inter (IPC) Advanced Accounting – Group II Exam Nov 2016.2 Purpose / Utilisation Loan Interest Treatment 3. Working Capital 4 0.10 Written off to P&L A/c as Expense, as per AS – 16. 4. Purchase of Vehicles 1 0.025 Debited to Profit and Loss A/c. (Assumed immediate delivery taken and it is ready for use and hence not a Qualifying Asset) 5 .
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Gurukripa’s Guideline Answers for May 2015 CA Final Strategic Financial Management Exam May 2015.3 . Question 1(b):Mutual Funds – Effective Yield 4 Marks TUV Ltd has invested in three Mutual Fund Schemes as per the details given below: Scheme X Scheme Y Scheme Z Date of Investment 01–10–2014 01–01–2015 01–03–2015
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