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CA Intermediate
Advanced Accounting
May 2022
Suggested Answer

Q. Solutions Marks
No
1. a) Prior period items: Prior period items are income or expenses which arise in the 5
current period as a result of errors or omissions in the preparation of the financial
statements of one or more prior periods.
Exceptional items: When items of income and expense within profit or loss from
ordinary activities are of such size, nature or incidence that their disclosure is
relevant to explain the performance of the enterprise for the period, the nature
and amount of such items should be disclosed separately.
The item is not a prior period item as there is no mistake or omission in recording
the wages. As due to legislative changes wages are increased from retrospective
effect so it is an exceptional item as per AS-5 and neither a prior period item or
extraordinary item.
It is an exceptional item the nature and amount of such items should be disclosed
separately in the financial statements.

b) 5
i) Working Note: -
1) Calculation of No of Bonus shares issued
No. of outstanding E. Shares = 10,00,000
Bonus Ratio = 1:2
1
Bonus Share, = 10,00,000 × = 5,00,000 Bonus Shares of ₹ 1 each
2
2) Calculation of Number of E-Shares as on 31-3-2022
No of Shares on 1-4-2021 10,00,000
Add: Bonus Shares issued on 1-1-2022 5,00,000
Add: Shares issued at to 7.6 per share 2,00,000
Total & shares 17,00,000
PAT − Pref. dividend
EPS = weighted no.of Equity Shares
90,00,000−8,00,000
= 1
15,00,000 + 2,00,000 × 4
82,00,000
= 15,50,000 = 5.29 per share
10,00.000 × 62.30
Re-stated EPS (2021) = = ₹ 40.19
15,50,000

ii) As per AS - 20, in calculating weighted Average number of shares Bonus Share
are taken as issued in the beginning of the year. Share issued in market are
included in the weighted Average number of shares on the basis of number of
months existing after the issue.

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c) 5
Provision: - As per AS-29 (Revised), “Provisions, Contingent Liabilities and
Contingent Assets” Provision should be recognised only when an enterprise has a
present obligation as a result of past event. Further Standard provides that there is no
realistic alternative settlement of that obligating event.

Analysis and conclusion: - In the given case, there is no present obligation, it is not
recognized as a provision because it is future obligation and the incurring of the
expenditure depends on the company’s decision to continue the business therefore no
provision is recognised.
i) Even a legal requirement to overhaul does not require the company to make a
provision for the cost of overhaul because there is no present obligation to
replace the lining of the furnace.
ii) Contingent liabilities:
✓ Not to be shown in the balance sheet.
✓ Requires disclosure in the notes to the accounts.
✓ If it becomes probable that outflow of future economic benefits will be
required, recognized the contingent liability as provision.
Contingent liability will be recognized for the following amount of
₹50×30%=₹15 Lakhs.
Provision to be made for balance payable for legal fees 40% × ₹5 Lakhs=₹2
Lakhs.
d) AS per AS-7 5
Cost till date
Percentage of completion = Cumulative cost incurred + Estimated Cost of Completion × 100
Cost till date
work certified 1,75,00,000
Add: work not certified 38,15,000
Less: material unused 1,40,000
2,11,75,000
Percentage of completion = 2,11,75,000
2,11,75,000 + 1,73,25,000
= 2,11,75,000
× 100 = 55%
3,85,00,000
i) Contract Revenue to be recognised
8
3,50,00,000 + 100 × 3,50,00,000 [8% Escalation clause]
= 3,50,00,000 + 2,80,00,000 = 3,78,00,000
55% of ₹ 3,78,00,000 = 2,07,90,000
ii) Calculation of Profit/ Loss for the year ended 31st March,
2022
Total Current Year Revenue 2,07,90,000
Less: Total Cost till date 2,11,75,000
Loss in the current year 3,85,000

iii) Additional Provision of loss to be made

Total Expected Cost 3,85,00,000
Less: Total Expected Revenue 3,78,00,000
Total loss 7,00,000
Loss: Loss in current year 3,85,000
Provision for loss to be made 3,15,000

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2. Working Note: - 20
Calculation of purchase consideration.
1) Particulars A Ltd. B Ltd.
No. of Equity Shares 3,00,000 2,40,000
Value of 1 Equity share 18 12
Total Purchase consideration 54,00,000 28,80,000

2) Discharge of Purchase consideration

i) TO A Ltd.
Amount Payable in Purchase consideration
issue Price of 1 Share of Z Ltd.
54,00,000
= = 2,70,000 E. Shares of ₹10 each issued at ₹20 per share.
20
ii) To B Ltd.
Amount Payable in Purchase consideration
issue Price of 1 Share of Z Ltd.
28,80,000
= = 1,44,000 Shares of ₹10 each issued at ₹20 per share.
20
3) Calculation of Bank balance of B Ltd. after payment of dividend
Present bank balance 3,00,000
Less: Dividend paid 2,40,000
Bank balance after dividend 60,000

Journal Entries
Dr. Cr.
i) Business Purchase A/c Dr. 82,80,000
To Liquidator of A Ltd. A/c 54,00,000
To Liquidator of B Ltd. A/c 28,80,000
(Being, Purchase consideration made due)
ii) Liquidator of A Ltd. A/c Dr. 54,00,000
Liquidator of B Ltd. A/c Dr. 28,80,000
To Equity Share Capital A/c 41,40,000
To Securities Premium A/c 41,40,000
(Being, Equity Shares issued to discharge
the purchase consideration)
Land & Building A/c Dr. 49,00,000
[28,00,000 + 21,00,000]
Plant & Machinery A/c Dr. 27,60,000
[20,00,000 + 7,60,000]
Inventories A/c Dr. 17,40,000
[10,40,000 + 7,00,000]
Trade Receivable A/c Dr. 13,40,000
[8,20,000 +5,20000]
Cash and Bank A/c Dr. 3,60,000
[300,000 + 60,000]
Goodwill A/c Dr. 11,20,000
(Balancing Fig)
To Retirement Gratuity Fund A/c 1,00,000
To 10% Debenture holders of A Ltd. 20,00,000
To unsecured Loan A/c 12,00,000
[6,00,000 +8,20,000-2,20,000]

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To Trade Payables A/c 4,40,000

[1,00,000 + 3,40,000]
To other Liability 2,00,000
[Contingent Liability of A Ltd.]
To Business Purchase A/c 82,80,000
(Being assets and liabilities of A Ltd. and
B Ltd. taken over)
10% Debenture holders of A Ltd. A/c Dr. 20,00,000
To 12% Debentures A/c 20,00,000
(Being, 12%. Debentures issued)
Goodwill A/c Dr. 80,000
To Bank A/c 80,000
(Being, liquidation expenses including
Registered valuer fees paid of A Ltd. and
B Ltd.)

Balance Sheet of Z Ltd.

as at 31-3-22
Particulars Note No. ₹
1. Equity and Liabilities
Shareholders Fund
a) Share Capital 1 41,40,000
b) Reserves and Surplus 2 41,40,000
2. Non-Current Liabilities
i) Retirement Gratuity Fund 1,00,000
ii) 12% Debentures. 20,00,000
iii) Unsecured Loan 12,00,000
3. Current Liabilities 3 6,40,000
1,22,20,000
II. Assets
1) Non-current Assets
a) Property Plant, Equipment 4 76,60,000
b) Goodwill 12,00,000
2) Current Assets 5 33,60,000
1,22,20,000

Notes to the Accounts: -

₹
1. Share Capital
Authorised Share Capital 60,00,000
6,00,000 Equity Shares of ₹10 each
Issued, subscribed of paid-up share capital 41,40,000
4,14,000 Equity shares of ₹10 each
41,40,000
2. Reserves and surplus
Securities Premium 41,40,000
3. Current Liabilities
Trade Payable 4,40,000
other Liability 2,00,000

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6,40,000
4. Property, Plant and Equipment
Land and Building 49,00,000
Plant and machinery 27,60,000
76,60,000
5. Current Assets
Trade Receivable 13,40,000
Inventories 17,40,000
Cash and Bank 2,80,000
[3,60,000 – 80,000]
33,60,000
3. a) 15
Working Note
₹
1) Calculation of Pre-Acquisition Profits / Capital Profits
General Reserve on 1-04-2020 30,000
Profit/Loss 1-04-2020 (10,000)
Add: Profit earned upto 30-09-2020 50,000
6
[90, 000 + 10, 000] × 12
70,000
White Ltd. Share (75%) 52,500
Minority Interest (25%) 17,500
2) Calculation of Post-Acquisition Profit / Revenue Profit
Profits earned evenly up to 31-03-2021 1,00,000
Profits for 6 months from 1-10-21 to 31-3-21 50,0000
6
(1, 00,000 × )
12
White Ltd. Share (75%) 37,500
Minority Interest (25%) 12,500
3) Calculation of Cost of Control
Value of Investments 2,70,000
Less: Paid up value of Investments 2,25,000
(2,250 shares of ₹ 100 each)
Less: Share in Pre-Acquisition Profit 52,500
Capital Reserve 7,500
4) Value of minority Interest
Paid up value of Shares (750 shares of ₹100 each) 75,000
Add Share in Pre-Acquisition Profit 17,500
Add: Share in Post- Acquisition Profit 12,500
1,05,000
5) Value of Profit and Loss Account of white Ltd.
Balance in Profit and loss on 31-03-2021 1,50,000
Add: Share in 6 months Profit 37,500
1,87,500

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Consolidated Balance Sheet of White Ltd.

and it's subsidiary Black Ltd. as at 31-03-2021
Particulars Note No. ₹
I) Equity and liabilities
1. Shareholders Fund
a) Share capital 1 6,50,000
b) Reserves and surplus 2 2,55,000
2. Minority Interest (w.n.4) 1,05,000
3. Current Liabilities
Trade Payables 3 1,90,000
12,00,000
II) Assets
1. Non-current assets
a) Property, Plant and Equipment 4 9,31,000
2. Current Assets
i) Inventors 5 1,70,000
ii) Cash and Cash Equivalent 6 99,000
12,00,000

Notes to the accounts

₹
1. Share Capital
Issued, subscribed and paid-up capital
6,500 Equity Shares of ₹100 each 6,50,000
6,50,000
2. Reserves and Surplus
General Reserve 60,000
Capital Reserve 7,500
Profit and Loss Account (w.n.5) 1,87,500
2,55,000
3. Trade Payables
White Ltd. 1,15,000
Black Ltd. 75,000
1,90,000
4. Property, Plant and Equipment
White Ltd. 5,80,000
Black Ltd. 3,51,000
9,31,000
5. Inventories
White Ltd. 50,000
Black Ltd. 1,20,000
1,70,000
6. Cash and Cash Equivalent
White Ltd. 39,000
Add: Cash in Transit 6,000
Black Ltd. 54,000
99,000

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b)
i) Non-Performing Assets refers to those assets on which no interest/instalment 5
is received for a period exceeding 90 days.
ii) In Account A total interest debited for the above period is ₹288 lakhs.
Total credits for the above period is ₹120 lakhs as debit amount is greater than
credit amount as Account A is a NPA
In Account B total interest debited in ₹315 Lakhs and interest credited is ₹380
lakhs. As amount credited is greater than amount debited so Account B is a
performing Asset or standard Asset.
4. a) 15
Dr. (1) Realisation A/c Cr.
Particulars Amt. Particulars Amt.
To Building A/c 1,90,000 By Trade creditors 80,000
To Inventory 1,30,000 By Bill Payable 30,000
To Investments. 50,000 By Sanjay Capital A/c 11,000
To Trade Debtors 70,000 (Investments Sold)
To Cash/bank A/c 60,300 By Sanjay capital A/c 7,000
(Trade creditor) (Debtors amount taken)
To Cash/bank A/c 29,500 By Cash / Bank A/c
(Bills Payable) Inventory - 1,20,000
To Cash/bank A/c 8,060 Building - 2,09,000
(Dissolution Expenses) Investment - 40,000
To Profit transferred to Debtors - 56,700 4,25,700
Ajay – 6,160
Vijay – 6,160
Sanjay – 3,520 15,840
5,53,700 5,53,700

Dr. (2) Cash/Bank A/c Cr.

Particulars Amt. Particulars Amt.
To balanced b/d 26,000 By Realisation A/c 60,300
(Trade creditors)
To Realisation A/c 4,25,700 By Realisation A/c 29,500
(Assets realised) (Bill Payable)
To Sanjay capital A/c 7,000 By Realisation A/c 8,060
(Dissolution Expenses)
By Ajay Capital A/c 1,80,420
By Ajay Capital A/c 1,80,420
4,58,700 4,58,700

Dr. (3) Partners’ Capital A/c Cr.

Particulars Ajay Vijay Sanjay Particulars Ajay Vijay Sanjay
To balance b/d 40,000 By balance b/d 1,80,000 1,80,000
To Realisation 11,000 By General 14,000 14,000 8,000
A/c Reserve
(Inv. Sold) By Cash/bank 7,000
To Realisation 7,000 By Realisation 6,160 6,160 3,520
A/c A/c
(Debtors) (Profit)
To Vijay 19,470 19,740 By Ajay 19,740

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To bank A/c 1,80,420 1,80,420 By Vijay 19,740

2,00,160 2,00,160 58,000 2,00,160 2,00,160 58,000

Working Note
1) Calculation of Discharge of trade creditors
Trade creditors as per Balance Sheet 80,000
Less: value of Investment taken 13,000
Balance 67,000
Less: 10% Discount 6,700
Balance 60,300
2) Calculation of sale value of Investments
Balance of Investments 50,000
Less: Cast of Investments sold by Sanjay 8,000
Less: Book value of Investment taken by creditors 9,000
Book value of balance Investments 33,000
Add: Profit on Sale of Investments 7,000
Sale value of Investment 40,000
3) Calculation of amount received from Sundry Debtors
Balance of Trade Debtors 70,000
Less: Cheque received by Sanjay 7,000
63,000
Less: 10% Discount 6,300
Balance received from Debtors 56,700
4) Calculation of Deficiency of Sanjay
Total of Debit side 58,000
Less: Total of credit side 18,520
Balance 39,480
Deficiency of Sanjay will be
borne equally by Ajay and Vijay
as per Garner vs Marray
1
Ajay Share = 39,480 × 2 =19,740
1
Vijay Share = 39,480 × 2 = 19,740

4. b) “Limited liability partnership” means a partnership formed and registered 5

under this Act;
Nature of Limited Liability Partnership
1) A limited liability partnership is a body corporate formed and incorporated
under this Act and is a legal entity separate from that of its partners.
2) A limited liability partnership should have perpetual succession.
3) Any change in the partners of a limited liability partnership should not affect
the existence, rights, or liabilities of the limited liability partnership.
Designated partners
As per Section 7 of the LLP Act, every limited liability partnership should have at
least two designated partners who are individuals and at least one of them should
be a resident in India:
Provided that in case of a limited lability partnership in which all the partners are
bodies corporate or in which one or more partners are individuals and bodies
corporate, at least two individuals who are partners of such limited liability
partnership or nominees of such body corporate will act as designated partners.

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Explanation - For the purposes of this section, the term “resident in India” means
a person who has stayed in India for a period of not less than 182 days during the
immediately preceding one year.

Subject to the provisions of the Act,

1) if the incorporation document
i) specifies who are to be designated partners, such persons should be
designated partners on incorporation; or
ii) states that each of the partners from time to time of limited liability
partnership is to be designated partner, every such partner will be a
designated partner,
2) any partner may become a designated partner by and in accordance with the
limited liability partnership agreement and a partner may cease to be a
designated partner in accordance with limited liab ility partnership
agreement.
3) An individual will not become a designated partner in any limited liability
partnership unless he has given his prior consent to act as such to the limited
liability partnership in such form and manner as may be prescribed.
4) Every limited liability partnership should file with the registrar the particulars
of every individual who has given his consent to act as a designated partner in
such form and manner as may be prescribed within thirty days of his
appointment.
5) An individual eligible to be a designated partner should satisfy such conditions
and requirements as may be prescribed.
Liabilities of designated partners
As per Section 8 of LLP Act, unless expressly provided otherwise in this Act, a
designated partner should be -
a) responsible for the doing of all acts, matters, and things as are required to be
done by the limited liability partnership in respect of compliance of the
provisions of this Act including filing of any document, return, statement, and
the like report pursuant to the provisions of this Act and as may be specified
in the limited liability partnership agreement; and.
b) liable to all penalties imposed on the limited liability partnership for any
contravention of those provisions.
5. a) Calculation of Buyback of maximum number of shares as per the companies 10
Act, 2013
1) Shares outstanding Test
Number of Shares outstanding 46.2 crore
25% of the shares outstanding 11.55 crore
2) Resource Test
Maximum Permitted 25% of Equity Paid up capital + Free Reserve
Paid up capital 462
Free Reserve
General Reserve 336
Securities Premium 126
Profit and loss A/c 126 588
1050

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25% of Shareholders Fund 262.5 Crore

Buyback Price per share 30
Number of Shores that can be bought back 8.75 Crore
3) Debt Equity Ratio Test
Post Buyback Debt Equity Ratio = 2:1
Loan Fund ₹ in crore
Particulars 2520 1680 2100
Minimum Equity to be maintained (A) 1,260 840 1,050
Present Equity Shareholders Fund (B) 1050 1050 1050
Buyback (C) Not Possible Not Possible
Future Equity Shareholders 997.5
[1050-52.50]
Maximum permitted Buyback 157.5
Maximum number of Share that can be 5.25 crore share
bought back @ ₹30 per Share

Working Note: -
1) Calculation amount transferred to CRR and maximum permitted buyback of
Equity
Suppose amount transferred to CRR is x and maximum permitted buyback of
Equity is Y [using Simultaneous Equation]
Then, 1050 - 𝑥 - 840 = y ------------ (1)
𝑦
( × 10)= 𝑥 ---------- (2)
30
y = 3𝑥
So, putting value of y in equation (1)
3𝑥 = 210 - 𝑥
4𝑥 = 210
𝑥 = 52.5
So, y = 3 × 52.5
= 157.5
= 5.25 crore shares of ₹10 each at ₹30 per share.

Journal Entries. (₹ in Crores)

Particulars Dr. (₹) Cr. (₹)
1) Equity Share Capital A/c 52.5
Premium on buyback A/c 105
To Equity Share Buyback A/c 157.5
(Being, amount made due for buyback)
2) Equity Share buyback A/c 157.5
To bank A/c 157.5
(Being, amount paid for buyback of Shares)
3) General Reserve A/c 52.5
To Capital Redemption Reserve A/c 52.5
(Being, amount transferred to CRR)
4) Securities Premium A/c 105
To Premium on buyback A/c 105
(Being, Premium on buyback w/o from
Securities Premium)

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b) 10
i)
Calculation of Capital Funds
Capital Fund Tier I
Paid up Equity Share Capital 500
Statutory Reserves 480
Securities Premium 480
Capital Reserve (arising out of sale of assets) 160
P/L [Dr.] [288-128] (48)
Tier I capital Funds (A) 1,572
Tier II Capital Funds
Capital Reserve (arising out of Revaluation) 128
Less: 55% 70.4
Tier II Capital Funds (B) 57.6
Total Capital Funds [(A) + (B)] 1,629.6

ii) Calculation of Risk adjusted Assets

Particulars ₹ Weight % ₹
Cash and Balance with RBI 192 0 0
claims on bank 544 20 108.8
other Investments 7360 100 7,360
Loans
i) Guaranteed by Govt. of India and State Govt. 1280 0 0
ii) Bank Staff Advance 160 100 160
(Covered by Superannuation)
(Other Loans and advances) 544 100 544
Other Asset
i) Premises, Furniture & Fixtures 12,560 100 12,560
ii) Intangible Asset 48 100 48
Off Balance Sheet items
Acceptance, Endorsement and Letters of credit 4,800 100 4,800
Guarantee and other obligation. 160 100 160
25740.8
𝐶𝑎𝑝𝑖𝑡𝑎𝑙 𝐹𝑢𝑛𝑑
Risk weighted assets Ratio = 𝑅𝑖𝑠𝑘 𝑎𝑑𝑗𝑢𝑠𝑡𝑒𝑑 𝐴𝑠𝑠𝑒𝑡𝑠 × 100
1,629.6
= 25740.8 × 100
= 6.33%
6. a) As per AS - 17, Reportable segments on the basis of profitability test or segment 4×5 =
result is as follows. 20
10% as more of the segment result or profits (loss).
Segment Result means of some segments are in profits then total Profit of Profit-
making segment or if some segments are in loss then total loss of loss making
segments. Total Loss or Total Profit in absolute figure of the segment.
Segment Profit (Loss) (Loss) Total
A 225 225
B 25 25
C 175 (175)
D 20 (20)
E 105 (105)

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Total 250 300 (50)

10% of 250 or 300 whichever is higher so 10% of ₹300 lakhs is ₹30 lakhs is taken
on this basis following segments are reportable A, C, and E are reportable
segments.

b)
i) As the paid-up equity capital is ₹1 crore and paid-up preference Share capital
is ₹50 lakhs then relative weight, will be 2:1
Equity Shares held by X, Y and Z in ratio of 30:30:40 Preference Shares held by
A, B and C in ratio 50:30:20
The respective voting right of various shareholders
2 30 2 6
X: × = or
3 100 10 30
2 30 2 6
Y: 3 × 100 = 10 or 30
2 40 4 8
Z: × = or
3 100 15 30
1 50 1 5
A: 3 × 100 = 6 or 30
1 30 1 3
B: 3 × 100 = 10 or 30
1 20 1 2
C: × = or
3 100 15 30
ii) Company can issue share with Differential Voting Rights as per companies Act

c) Disclosure requirements for operating Lease as per AS-19

a) the total of future minimum lease payments under non-cancelable operating
leases for each of the following periods:
i) not later than one year
ii) later than one year and not later than five years;
iii) later than five years;
b) the total of future minimum sublease payments expected to be received under
non-cancelable subleases at the balance sheet date;
c) lease payments recognised in the statement of profit and loss for the period,
with separate amounts for minimum lease payments and contingent rents;
d) sub-lease payments received (or receivable) recognised in the statement of
profit and loss for the period;
e) a general description of the lessee's significant leasing arrangements
including, but not limited to, the following:
i) the basis on which contingent rent payments are determined;
ii) the existence and terms of renewal or purchase options and escalation
clauses; and
iii) restrictions imposed by lease arrangements, such as those concerning
dividends, additional debt, and further leasing.

d) Liquidator’s Final Statement

Receipt ₹ Payments ₹
Amount Left with the Calls received in
Liquidator 1,25,15,000 advance repaid 2,55,000
Payment to Prof. Shareholders
Calls in arrears 3,00,000 i) Pref. Capital 90,00,000

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ii) Pref. dividend 18,00,000 1,08,00,000

E. Share holder Surplus 17,60,000
1,28,15,000 1,28,15,000
E. Shareholder surplus 17,60,000 ESH of ₹100 each and fully paid up 18,00,000
ESH of Rs 10 each 1 ₹ 40,000
paid up
18,00,000 18,00,000

Working Note
Particulars I II III Total
No of Shares 90,000 30,000 10,000
Face value of E. shares 90,00,000 15,00,000 1,00,000 1,06,00,000
Paid up value of E. Share 90,00,000 12,00,000 40,000 1,02,40,000
Loss due to Liquidation 72,00,000 12,00,000 80,000 84,80,000
(₹ 84,80,000 in 90:15:1)
Amount Payable (Receivable) 18,00,000 — 40,000

e) Journal entries
Dr. Cr.
1-4-21 Employee Compensation Expense A/c Dr. 30,00,000
To Employee Stock Option O/S A/c 30,00,000
(Being, ESOP offered to 5000 employed)
31-3-22 Bank A/c [4,000 ×100 × 50] Dr. 2,00,00,000
To Employee Stock Option O/S A/c Dr. 24,00,000
[4000 × 100 × 6]
To Equity Share Capital A/c [4000 × 100 × 10] 40,00,000
To Securities Premium A/c [4000 × 100 × 46] 1,84,00,000
(Being, shares purchased by employees)
(Being, equity Shares purchased)
31-3-22 Employee Stock Option O/S A/c Dr. 6,00,000
To Employee Compensation Expense A/c 6,00,000
(Being, amount of expense reversed)
31-3-22 P/L A/c Dr. 24,00,000
To Employee Compensation Expense A/c 24,00,000
(Being, ESOP expense w/o)

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