REVISION TEST PAPER

CAP II
(June 2017)

The Institute of Chartered Accountants of Nepal

Satdobato, Lalitpur, Nepal
PO Box : 5289
Tel :
Fax :
Email : ican@ntc.org.np
Website : www.ican.org.np

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 Advanced Accounting

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 QUESTIONS

Accounting for Departments

1. Kumari Enterprise is a retail store with several departments. Goods supplied to each department
are debited to a memorandum department stock account at cost, plus fixed percentage (mark up)
to give the normal selling price. The mark up is credited to a memorandum departmental ―Mark
up Account‖. Any reduction in selling prices (mark down) will require adjustment in the stock
account and in mark up account. The mark up for Department A for the last three years has been
40%. Figures relevant to Department A for the period ended 31 st Ashadh, 2073 were as follows;
Stock 1st Shrawan 2072 at cost Rs. 240,000; Purchases at cost Rs. 540,000; Sales Rs. 960,000. It
is further ascertained that:
(a) Goods purchased in the period were marked down by Rs. 4,200 from a cost of Rs. 48,000.
Marked down stock costing Rs. 12,000 remained unsold on 31 st Ashadh 2073.
(b) Stock shortages at the year end, which had cost Rs. 3,600 were to be written off.
(c) Stock at 1st Shrawan 2072 including goods costing Rs. 24,600 had been sold during the year
and has been mark down in the selling price by Rs. 2,220. The remaining stock had been
sold during the year.
(d) The departmental closing stock is to be valued at cost subject to adjustment for mark up and
mark down.
Prepare Departmental Trading Account, Memorandum Stock Account and Memorandum Mark
up account for the year 2072-73.

Insurance Claim
2. On 12.7.2073 the stock of Hansu Store was damaged by flood. However, following particulars
were furnished from the records saved:
Stock at cost on 1.4.2072 135,000
Stock at 90% of cost on 31.3.2073 162,000
Purchases for the year ended 31.3.2073 645,000
Sales for the year ended 31.3.2073 900,000
Purchases from 1.4.2073 to 12.7.2073 225,000
Sales from 1.4.2073 to 12.7.2073 480,000
Sales upto 12.7.2073 includes Rs. 75,000 being the goods not dispatched to the customers. The
sales invoice price is Rs. 75,000. Purchases upto 12.7.2073 includes machinery acquired for Rs.
15,000.
Purchases upto 12.7.2073 does not include goods worth Rs. 30,000 received from suppliers, as
invoice not received upto the date of fire. These goods have remained in the godown at the time
of incident. The insurance policy is for Rs. 120,000 and it is subject to average clause. Ascertain
the amount of claim for loss of stock.

Investment Accounts
3. Bir Bikram purchased 5,000; 13.5% debentures of face value of Rs. 100 each of Miteri Ltd. on
1st May 2016 at Rs. 105 cum interest basis. The interest on these debentures is payable on March
end and September end respectively. On 1 st August 2016, she again purchased 2,500 of such

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 debentures at Rs. 102.50 each on cum interest basis. On 1 st October 2016, she sold 2,000
debentures at Rs. 103 each.

The market value of the debentures as at the close of the year was Rs. 106. Prepare the debenture
investment account in the books of Bir Bikram for the period ended 31 st December 2016on
average cost basis.

Accounting for Branches

4. A company has three branches at Thimi, Kapan and Gwarko. The Head Office at Newroad
purchases goods and sends them to branches, to be sold at a uniform percentage of profit on
cost. The following particular are made available to you to enable you to prepare a combined
Trading Account for the year ended 31 st Ashadh, 2073.
Newroad Thimi Kapan Gwarko
Rs. Rs. Rs. Rs.
Stock on 1st Shrawan, 2072 54,000 16,000 12,500 10,000
Purchases in the year 274,000 - - -
Sales - 180,000 120,000 100,000
Stock on 31st Ashadh, 2073 28,000 6,000 5,000 2,500
Branch Accounts on 1st Shrawan, 2072:
Thimi 15,000
Kapan 32,000
Gwarko 4,000
Remittances from Branch 320,000 150,000 100,000 70,000
Head Office invoices goods to the branches at fixed sales prices but maintains branch accounts in its
ledgers at cost price.

Hire Purchase Transactions

5. Tushal Enterprises, Palpa purchased a machine on Hire Purchase System. The total cost price of
the machine was Rs. 1,500,000 payable 20% down and four annual installments of Rs. 420,000,
Rs. 390,000, Rs. 360,000 and Rs. 330,000 at the end of the 1 st year 2nd year, 3rd year and 4th year
respectively. Calculate the interest included in each year‘s installment assuming that the sales
were made at the beginning of the year.

Issue of Shares and Debentures

6. Kitkit Limited recently made a public issue in respect of which the following information is
available:
a) No. of partly convertible debentures issued 200,000; face value and issue price NRs.100 per
debenture.
b) Convertible portion per debenture 60%, date of conversion on expiry of 6 months from the
date of closing of issue.
c) Date of closure of subscription lists 1.5.2016, date of allotment 1.6.2016, rate of interest on
debenture 15% payable from the date of allotment, value of equity share for the purpose of
conversion NRs. 60 (Face Value NRs. 10).
d) Underwriting Commission 2%.
e) No. of debentures applied for 150,000.
f) Interest payable on debentures half-yearly on 30th September and 31st March.
Write relevant journal entries for all transactions arising out of the above during the year ended 31st
March, 2017 (including cash and bank entries).
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7. Everest Co. Ltd. issued 200,000 shares of Rs. 100 each at a premium of Rs. 20 per share payable
as follows:
on application Rs. 20
on allotment Rs. 50 (including premium)
on First/ call Rs. 30
on second and final call Rs. 20
Applications were received for 300,000 shares and pro-rata allotment was made to applicants of
240,000 shares. Amount excess received on application was employed on account of sum due on
allotment as part of share capital. Mr. Subash, to whom, 4,000 shares were allotted, failed to pay the
allotment money and on his subsequent failure to pay the first call, his shares were forfeited and Mr.
Dhiraj, the holder of 6,000 shares failed to pay to calls and his shares were forfeited after the second
call. Of the forfeited shares, 8,000 shares were reissued to Mr. Gopal at a discount of 10%, the whole
of Dhiraj's forfeited shares being reissued. Pass necessary journal entries in the books of Everest Co.
Ltd.

Underwriting of Shares and Debentures

8. Nepal Capital Ltd. came out with an issue of 450,000 equity shares of Rs. 100 each at a
premium of Rs. 20 per share. The promoters took 20% of the issue and the balance was offered
to the public. The issue was equally underwritten by A & Co; B & Co. and C & Co.
Each underwriter took firm underwriting of 10,000 shares each. Subscriptions for 310,000 equity
shares were received with marked forms for the underwriters as given below:
A & Co. 72,500 shares
B & Co. 84,000 shares
C & Co. 131,000 shares
Total 287,500 shares
The underwriters are eligible for a commission of 5% on face value of shares. The entire amount
towards shares subscription has to be paid along with application. You are required to:
(a) Prepare the statement showing the underwriters‘ liability (number of shares)
(b) Compute the amounts payable or due to underwriters; and
(c) Pass necessary journal entries in the books of Nepal Capital Ltd. relating to underwriting.

Incomplete Records
9. The following is the Balance Sheet of Pathibhara Enterprises on 31st Ashadh, 2072 :
Rs. Rs.
Capital 1,000,000 Fixed Assets 400,000
Creditors (Trade) 140,000 Stock 300,000
Retained Profit 60,000 Debtors 150,000
Cash & Bank 350,000
1,200,000 1,200,000
The management estimates the purchases and sales for the year ended 31st Ashadh, 2073 as under:
upto 31.2.2073 Ashadh 2073
Rs. Rs.
Purchases 1,410,000 110,000
Sales 1,920,000 200,000
It was decided to invest Rs. 100,000 in purchases of fixed assets, which are depreciated @ 10% on
cost. The time lag for payment to Trade Creditors for purchase and receipt from sales is one month.
The business earns a gross profit of 30% on turnover. The expenses against gross profit amount to
10% of the turnover. The amount of depreciation is not included in these expenses.

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 Draft a Balance Sheet as at 31st Ashadh, 2073 assuming that creditors are all Trade Creditors for
purchases and debtors for sales and there is no other item of current assets and liabilities apart from
stock and cash and bank balances.

Ratio Analysis
10. Nyatapola Enterprises asked you to prepare their Balance Sheet from the particulars furnished
hereunder:
Gross Profit Margin: 10%
Stock Velocity: 12
Capital turnover ratio: 2
Fixed assets turnover ratio: 5
Debt collection period: 1 month
Creditor‘s payment period: 73 days
Gross Profit: Rs. 100,000
Excess of closing stock over opening stock: Rs. 30,000
Make suitable assumptions wherever necessary.

Business Combination
11. The following is the Balance Sheet of Blue Star Ltd. as at 31st Ashadh, 2073:
Liabilities Rs. Assets Rs.
8,000 equity shares of Rs.100 each 800,000 Building 340,000
10% debentures 400,000 Machinery 640,000
Loan from A 160,000 Stock 220,000
Creditors 320,000 Debtors 260,000
General Reserve 80,000 Bank 136,000
Goodwill 130,000
Deferred Revenue Exp. 34,000
1,760,000 1,760,000
Big Star Ltd. agreed to absorb Blue Star Ltd. on the following terms and conditions:
(1) Big Star Ltd. would take over all Assets, except bank balance at their book values less
10%. Goodwill is to be valued at 4 year‘s purchase of super profits, assuming that the
normal rate of return be 8% on the combined amount of share capital and general reserve.
(2) Big Star Ltd. is to take over creditors at book value.
(3) The purchase consideration is to be paid in cash to the extent of Rs. 600,000 and the
balance in fully paid equity shares of Rs.100 each at Rs.125 per share.
The average profit is Rs. 124,400. The liquidation expenses amounted to Rs. 16,000 to be
borne by Big Star Ltd. Blue Star Ltd. had purchased prior to 31 st Ashadh, 2073 goods
costing Rs. 120,000 from Big Star Ltd. for Rs. 160,000. Rs. 100,000 worth of goods is still
in stock of Blue Star Ltd. on 31 st Ashadh, 2073. Creditors of Blue Star Ltd. include
Rs.40,000 still due to Big Star Ltd.
Show the necessary Ledger Accounts to close the books of Blue Star Ltd. and prepare the
Balance Sheet (extract) of Big Star Ltd. as at 1st Shrawan, 2073 after the takeover.

Internal Reconstruction
12. The following is the Balance Sheet of Pokhara Light Ltd. as on 31.3.2073:
Liabilities Rs. Assets Rs.
Equity shares of Rs.100 each 10,000,000 Fixed assets 12,500,000

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 12% cumulative preference shares of 5,000,000 Investments (Market value 1,000,000
Rs.100 each Rs.950,000)
10% debentures of Rs.100 each 4,000,000 Current assets 10,000,000
Sundry creditors 5,000,000 P & L A/c 400,000
Provision for taxation 100,000 Preliminary expenses 200,000
24,100,000 24,100,000
The following scheme of reorganization is sanctioned by the AGM and Company Registrar:
(i) All the existing equity shares are reduced to Rs.40 each.
(ii) All preference shares are reduced to Rs.60 each.
(iii) The rate of interest on debentures is increased to 12%. The debenture holders surrender
their existing debentures of Rs.100 each and exchange the same for fresh debentures of
Rs. 70 each for every debenture held by them.
(iv) One of the creditors of the company to whom the company owes Rs. 2,000,000 decides
to forgo 40% of his claim. He is allotted 30,000 equity shares of Rs.40 each in full
satisfaction of his claim.
(v) Fixed assets are to be written down by 30%.
(vi) Current assets are to be revalued at Rs. 4,500,000.
(vii) The taxation liability of the company is settled at Rs.150,000.
(viiii) Investments to be brought to their market value.
(ix) It is decided to write off the fictitious assets.
Pass Journal entries and show the Balance sheet of the company after giving effect to the above.

Profit or Loss Pre and Post Incorporation

13. The partnership of Bara Enterprises decided to convert the partnership into private limited
company named Churimai Company Pvt. Ltd. with effect from 1 st Baisakh 2071. The
consideration was agreed at Rs. 234,00,000 based on firm‘s Balance Sheet as on 31 st Chaitra
2070. However, due to some procedural difficulties, the company could be incorporated only on
1st Shrawan 2071. Meanwhile, the business was continued on behalf of the company and the
consideration was settled on that day with interest at 12% p.a. The same books of accounts were
continued by the company, which closed its accounts for the first time on 31 st Ashadh, 2072 and
prepared the following summarized profit and loss account:
Particulars Rs. Particulars Rs.
To Cost of goods sold 327,60,000 By sales 468,00,000
To Salaries 2340,000
To Depreciation 360,000
To Advertisement 1404,000
To Discount 2340,000
To Managing Director‘s Salary 180,000
To Miscellaneous Office Expenses 240,000
To Office/Showroom Rent 1440,000
To Interest paid 1902,000
To Net Profit 3834,000
Total 468,00,000 Total 468,00,000
The company‘s only borrowing was a loan of Rs. 100,00,000 at 12% p.a. to pay the purchase
consideration due to the firm and for working capital requirements. The company was able to
double the monthly average sales of the company from 1 st Shrawan 2071 but the salaries treble
from that date. It had to occupy additional space from 1 st Kartik 2071 for which rent was Rs.
60,000 per month.
Prepare a statement showing apportionment of costs and revenue between pre-incorporation and
post-incorporation periods.
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Liquidator’s Final Statement
14. The following is the Balance Sheet of Himchuli Co. Limited as at 31st Ashadh, 2073:
Liabilities Rs. Assets Rs.
Share Capital: Fixed Assets:
2,000 Equity Shares of Rs. 100 Land & Buildings 400,000
each Rs. 75 per share paid up 150,000 Plant and Machineries 380,000
6,000 equity shares of Rs. 100 Current Assets:
each Rs. 60 per share paid up 360,000 Stock at Cost 110,000
2,000 10% Preference Share of Cash at Bank 60,000
Rs. 100 each fully paid up 200,000 Profit and Loss A/c 240,000
10% Debentures (having a floating Sundry Debtors 220,000
charge on all assets) 200,000
Interest accrued on Debentures
(also secured as above) 10,000
Sundry Creditors 490,000
1,410,000 1,410,000
On that date, the company went into Voluntary Liquidation. The dividends on preference shares
were in arrear for the last two years. Sundry Creditors include a loan of Rs. 90,000 on mortgage of
Land and Buildings. The assets realized were as under:-
Rs.
Land and Buildings 340,000
Plant & Machineries 360,000
Stock 120,000
Sundry Debtors 160,000
Interest accrued on loan on mortgage of buildings upto the date of payment amounted to Rs.
10,000. The expenses of Liquidation amounted to Rs. 4,600. The Liquidator is entitled to a
remuneration of 3% on all the assets realized (except cash at bank) and 2% on the amounts
distributed among equity shareholders. Sundry creditor included preferential creditors Rs.
30,000. All payments were made on 31 st Ashwin 2073. Prepare the liquidator‘s final statement.

Accounting for Partnership

15. A, B and C were partners of a firm sharing profits and losses in the ratio of 3 : 4 : 3. The
Balance Sheet of the firm, as at 31 st Ashadh, 2072 was as under:
Liabilities Rs. Assets Rs.
Capital Accounts: Fixed Assets 100,000
A 48,000 Current Assets:
B 64,000 Stock 30,000
C 48,000 160,000 Debtors 60,000
Reserve 20,000 Cash and Bank
30,000
Creditors 40,000
220,000 220,000
The firm had taken a Joint Life Policy for Rs. 100,000; the premium periodically paid was
charged to Income Statement. Partner C died on 30th Poush, 2072. It was agreed between the
remaining partners and the legal representatives of C that:
(i) Goodwill of the firm will be taken at Rs. 60,000.
(ii) Fixed Assets will be written down by Rs. 20,000.
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 (iii) In lieu of profits, C should be paid at the rate of 25% per annum on his capital as on 31 st
Ashadh, 2072.
Policy money was received and the legal representatives were paid off. The profits for the year
ended 31st Ashadh, 2073, after charging depreciation of Rs. 10,000 (depreciation upto 30 th
Poush was agreed to be Rs. 6,000) were Rs. 48,000. Legal representative claimed proportionate
profit for remaining period after death.
Partners‘ Drawings Accounts showed balances as under:
A Rs. 18,000 (drawn evenly over the year)
B Rs. 24,000 (drawn evenly over the year)
C (up-to-date of death) Rs. 20,000
On the basis of the above figures, please indicate the entitlement of the legal representatives of
C, assuming that they had not been paid anything other than the share in the Joint Life Policy.

Accounting for Non-profit making Organisation

16. Jhapa School maintains separate building fund. As on 31.3.2071, balance of building fund was
Rs. 1,000,000 and it was represented by fixed deposit (8% per annum) of Rs. 600,000 and
current account balance of Rs. 400,000. During the year 2071/72, the school collected as
donations towards the building fund Rs. 560,000 and transferred 40% of developmental fee
collected Rs. 2,256,500 to building fund. Capital work progress as on 31 st Ashadh 2071 was
Rs. 825,000 for which contractor‘s bill upto 75% was paid on 14.4.2071. The extension of
building was finished on 31.12.2071 costing Rs. 725,000 for which contractors‘ bill was fully
met. It was decided to transfer the cost of completed building (Rs. 1,550,000) to the
corresponding asset account.
You are required to pass journal entries to incorporate the above transactions in the books of Jhapa
School for the year 2071/72 and show the trial balance of building fund ledger.

Accounting for Banks

17. SSS Bank Limited provides you the following information regarding Loan Loss provisioning as
on 31st Ashadh 2073:

Category Amount Rs.

1. Pass 5,000,000
2. Rescheduled /Restructured 210,000
3. Substandard 500,000
4. Doubtful 300,000
5. Bad 500,000

During financial year 2072-73 additional loans amounting to Rs. 3,000,000 were disbursed. The
Bad loans amounting to Rs. 200,000 was written off during the year. Loans amounting to Rs.
150,000 were shifted from Doubtful category to Bad category. Similarly, Loans amounting to Rs.
500,000 shifted from Good category to substandard category and Substandard Loans amounting to
Rs. 200,000 were rescheduled during the year.
From the above information, you are required to calculate the loan loss provision and pass
necessary journal entries in the books of SSS Bank Limited as per the directive issued by Nepal
Rastra Bank and find the percentage of total Non-Performing Assets.

18. From the following information calculate Core capital ratio and total capital adequacy ratio of
DDD Bank Ltd. and suggest management about the compliance of the same:
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 In lakh
Paid up Capital 20,000
General Reserve Fund 377
Retained Earnings 308
Profit for current year 1,945
General Loan Loss Provision 1,215
Investment Adjustment Reserve 22
Loan Given to Relatives of Staffs 37
Risk weighted Exposure for Credit Risk 213,546
Risk weighted Exposure for Operational Risk 4,235
Risk Weighted Exposure for Market Risk 1,618

Cash Flow Statement

19. The summarized Balance Sheet of Raniban Pvt. Ltd. as on 31st December 2015 and 2016 are as
follows:
.
Liabilities 2015 2016 Assets 2015 2016
Share Capital 100,000 100,000 Building 46,800 45,000
General Reserve 38,400 42,000 Plant & Machinery 38,280 42,030
Creditors 9750 6380 Goodwill 13,000 13,000
Tax Provision 19,000 21,000 Investment 10,000 11,250
Prov. for doubtful debt 1,000 1,200 Stock 30,000 28,000
Debtors 22,070 22,300
Cash 8,000 9,000
Total 168,150 170,580 Total 168,150 170,580

After taking the following information into account, prepare a cash flow statement for the year
ended on 31st December 2016.
i) Profit for year 2016 was Rs. 8,600 against this had been charged depreciation Rs. 3,050
and increase in provision for doubtful debt Rs.200/-.
ii) Income Tax Rs. 18,000 was paid during the year charged against the provision and in
addition Rs. 20,000 was charged against profit and carried to the provision.
iii) An interim dividend of Rs. 5,000 was paid in January 2016.
iv) Additional Plant was purchased in September 2015 for Rs. 5,000
v) Investments (cost Rs. 5,000) were sold for Rs. 4,800 in 2016 and on 1st March 2016
another investment was made for Rs. 6,250.

Nepal Accounting Standards (NAS)

20. a. Shree Ganesh Ltd. is a manufacturing company produces durable consumer goods with an annual
turnover of Rs. 100 crores. The company receives orders from its commission agents all over the
country, but goods are dispatched directly to the customers. The documents including transport
bills are sent through the bank for collection. At the end of the 6th year, it is found that documents
covering the dispatch of goods worth Rs. 10 crores were still lying with the banks not cleared by
the customers even though the normal collection period of 15 days from the date of dispatch has
expired. Should revenue be recognized in the above case?

b. When the construction of a qualifying asset is performed by a third party, are borrowing costs
capitalised on the prepayments made to the third party for the acquisition of the asset? State on
the basis of relevant NAS.

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 c. A company is in a dispute involving allegation of infringement of patents by a competitor
company who is seeking damages of a huge sum of Rs. 20 million. The directors are of the
opinion that the claim can be successfully resisted by the company. How would you deal with the
same in the annual accounts of the company?

d. An earthquake destroyed a major warehouse of ABC Ltd. on 30.4.2072. The accounting year of
the company ended on 31.3.2072. The accounts were approved on 30.6.2072. The loss from
earthquake is estimated at Rs. 25 lakhs. State with reasons, whether the loss due to earthquake is
an adjusting or non-adjusting event and how the fact of loss is to be disclosed by the company.

e. Discuss on ‘Other comprehensive income’ as outlined in Nepal Accounting Standard.

f. A company capitalizes interest cost of holding investments and adds to cost of investment every
year, thereby understating interest cost in profit and loss account. Comment on the accounting
treatment done by the company in context of the relevant NAS.
Write Short Notes
21. (a). Contingent Assets
(b). Watch List in Loan loss provisioning
(c). Components of Financial Statements
(d). Government Accounting System in Nepal
(e). Prediction of insolvency on the basis of ratios
(f). Advantages of Customized Accounting Packages
(g). Non Banking Assets

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 SUGGESTED ANSWERS

Accounting for Departments

1. Answer:
In the books of Kumari Enterprise
Departmental Trading Account for the year ended 31.3.2073
To Opening stock 240,000 By Sales 960,000
To Purchases 540,000 By Shortage 3,600
To Gross Profit 270,450 By Closing Stock 86,850
(120,540 – 33,690)
Total 1,050,450 1,050,450

Memorandum Departmental Stock Account (at Selling Price)

To Balance b/d 336,000 By P/L A/c
(240,000+96,000) (Cost of Shortage) 3,600
To Purchases 540,000 By Memorandum Mark up A/c
To Memorandum Departmental Mark 216,000 (loading on shortage) 1,440
up By Mark up A/c (Mark down in
(Mark up on purchases) current purchases) 4,200
By Debtors (Sales) 960,000
By Memorandum Departmental
Mark up A/c (Mark down on 2,220
opening stock) 120,540
By Balance c/d
Total 1,092,000 Total 1,092,000

Memorandum Departmental Mark Up Account

To Memo. Departmental stock a/c 1,440 By Balance b/d 96,000
To Memo. Departmental stock a/c 4,200 (336,000x40/100)
To Memo. Departmental stock a/c 2,220 By To Memo. Departmental stock 216,000
To GP transferred to P/L a/c 270,450 a/c
To Balance c/d 33,690 (540,000x40/100)
(120,500 + 1,050*)x40/100 – (1,050)
Total 312,000 Total 1,092,000
* (4,200 x12,000/48,000) = 1,050)

Working Notes:
1. Calculation of cost of sales
Sales as per books 960,000
Add: Mark down in opening stock (given) 2,220
Add: Mark down in sales out of current purchases 3,150
(4,200 x 36,000/48,000)
Value of sales if there was no mark down 965,370
Less: Gross profit (40/140 of 965,370) subject to mark down (2,220+3.150) 275,820
Cost of sales 689,550

2. Calculation of closing stock

Opening stock 240,000
Add: Purchases 540,000
Less: cost of sales 689,550
Less: Shortage 3,600

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