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    Adv Acc 1 Question1715755320

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    Nimit Jain

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    Adv Acc 1 Question1715755320

    Uploaded by

    Nimit Jain
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    ADV_ACC_1_QUESTION1715755320 (3)

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    Adv Acc 1 Question1715755320

    Uploaded by

    Nimit Jain

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    CA (INTERMEDIATE)

    ADVANCED ACCOUNTING

    CHAPTER: 1,2 & 3

    TEST PAPER- 1 MARKS- 30


    QUESTION PAPER
    DURATION- 50 MINS

    INSTRUCTIONS:

    1. All the questions are compulsory.

    2. Properly mention Test no. on First Page and Page no. on every answer sheet.
    3. In case of multiple choice questions, mention option number only.
    4. Working Notes are compulsory wherever required in support of your solution.
    5. Do not copy any solution from material.
    6. Attempt as much as you know to fairly judge your performance.
    7. Please upload your Answer Sheet Horizontally.
    8. Copy once get evaluated by Evaluator cannot be re-uploaded by the student.
    9. Always Check correct Test No. of your subject while uploading answer sheet.
    10. Handwriting should be clean.

    LEGAL: Material provided by ca exam test series is subject to copyright. No part of this
    publication may be reproduced, distributed, or transmitted in any form or by any means,
    including photocopying, recording, or other electronic or mechanical methods, without the
    prior written permission of the publisher. For permission requests, write to the publisher,
    addressed “Attention: Permissions Coordinator,” at info@caexams.in. Content is
    continuously tracked via barcode. In any person caught of copyright infringement, strong
    legal action will be taken.

    www.caexams.in Page 1
    ANSWER ALL QUESTIONS

    1. Briefly explain the process of issuance of Indian Accounting Standards. (5 MARKS)

    2. What do you mean by Carve outs/ins in Ind AS? Explain. (5 MARKS)

    3. Mohan started a business on 1st April 20X1 with ` 12,00,000 represented by 60,000
    units of ` 20 each. During the financial year ending on 31st March, 20X2, he sold the
    entire stock for ` 30 each. In order to maintain the capital intact, calculate the
    maximum amount, which can be withdrawn by Mohan in the year 20X1-X2 if
    Financial Capital is maintained at historical cost. (6 MARKS)

    4. Opening Balance Sheet of Mr. A is showing the aggregate value of assets,


    liabilities and equity ` 8 lakh, ` 3 lakh and ` 5 lakh respectively. During
    accounting period, Mr. A has the following transactions:

    (1) Earned 10% dividend on 2,000 equity shares held of ` 100 each
    (2) Paid ` 50,000 to creditors for settlement of ` 70,000
    (3) Rent of the premises is outstanding ` 10,000
    (4) Mr. A withdrew ` 9,000 for his personal use.
    You are required to show the effect of above transactions on Balance Sheet inthe
    form of Assets - Liabilities = Equity after each transaction. (6 MARKS)

    5. XYZ Ltd., with a turnover of ` 50 crores during previous year and borrowings of 1
    crore during any time in the previous year, wants to avail the exemptions available
    in adoption of Accounting Standards applicable to companies for the year ended
    31.3.20X1. Advise the management on the exemptions that are available as per the
    Companies (Accounting Standards) Rules, 2021. (5 MARKS)

    6. A company was classified as Non-SMC in 20X1-X2. In 20X2-X3, it has been classified


    as SMC. The management desires to avail the exemptions or relaxations
    available for SMCs in 20X2-X3. However, the accountant of the company does
    not agree with the same. Comment. (3 MARKS)

    www.caexams.in Page 2

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