52 MCQs and 8 long questions. Little tough for me.
Long questions are below.
A customer was considered doubtful at the Balance Sheet
date. A provision for such customer was made @ 50%. After the Balance Sheet
date, customer was declared as insolvent based on his financial position on
year end.
Required:
Identify the type of event
What will be the accounting treatment?
According to IAS, which items shall be disclosed on the face
of the Income Statement as allocations to profit or loss for the period?
What are the major classifications of expenses in which the
expenses have been distributed for presentation in Income Statement?
Suppose a company has a:
Partially completed inventory item at the year end.
Expected selling price of the item when completed is Rs.
2,600.
A further cost of Rs. 500 is required to complete the item
Expected selling cost of the item is Rs. 100
Required:
What will be the carrying value of the inventory item if the
cost incurred to date is Rs. 1,500?
2- What will be the carrying value of the inventory item if
the cost incurred to date is Rs. 2,500?
List down the items that should be included in Cash flows
from operating activities?
If:
Depreciation expenses
Rs. 1,000
Purchases of
materials
Rs. 2,000
Amortization
costs
Rs. 3,000
Employees benefits
costs
Rs. 4,000
Transport
costs
Rs. 5,000
Cost of
sales
Rs. 6,000
Distribution
costs
Rs. 7,000
Then:
Calculate the total amount of expenses with respect to their
nature.
If:
ABC Limited acquired “Material X” in place of
“Material Y” from XYZ Limited.
|
Particulars
|
Rs.
|
|
Fair value of “Material X”
|
50,000
|
|
Fair value of “Material Y”
|
60,000
|
|
Cash paid by XYZ Limited
|
10,000
|
Then:
Pass Journal
Entries in the books of both the parties.
Identify the type of lease. Also give reason:
a)
A ltd. Co. acquired the asset on lease; fair value of the asset is Rs. 50,000.
The company has no intention to buy it at the end of lease term. The present
value of minimum lease payments is Rs. 46,000
b)
B ltd. Co. acquired the asset on lease; the asset is of such a special nature
that no other company uses such type of asset without major modifications.
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