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Tybaf - Sem - VI April - 2017

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Tybaf - Sem - VI April - 2017

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atta) a 2) 3) 4) 3) 6) Requlas Examination: 4019. Tusnt Bane) Sabo Fri [Time:2% Hours] Please check whether you have got the right question paper. WB: 1. All questions are compulsory. 2. All questions carry 15 marks each 3. Working note should form a purt of your answer Choose correct alternative and rewrite the statems (Any 8} [ Marks: 75) In foreign currency transactions the exchange difference on settlement of liability for purchase of fixed assets is transferred to, = Assets © Depreciation © Exchange difference © Profit and loss A/c The exchange rate at the belence sheet date is known as + Average Rate © Closing Rate '* Non-monetary Rate '* Monetary Rate A limited Liability Partnership whose contribution exceeds accounts audited by any Chartered Accountant in practice. = 4 lakh © Lakh = 2S lakh © 50 lakh LL? & governed by. ‘© Partnership Act.1932 = Companies Act, 1956 Limited Liability Partnership Act. 2008 None of the above ‘When the rights are sold (without subscribing) © Sale proceeds are credited to the investment Account + Sale proceeds are debited to the Investment Account _-__ 15 required to annually get its + Noccniry is made in the investment Account; and Sale proceeds are credited to the Frofit & Loss Account, © None of the above The cost of Right shares is, - + Added to the cost of investments + Subtrected from the cost of investments + No treatment is required © None of the above DIS7C1TDATSOTODESSB3407S30CCA39C6 ailoulta Q.P.Code: 07924 n 8) 9) 20) ai (8) . QP.Code: 07924 Schedule 4 of banking final account represent a __ + Borrowing ‘ + Other Liabilities + Reserve + Deposits Schedule 9 of banking final account represents as, + Advances Other Assets + Balance with Banks & money at call & shert notice + Cash & Balances with RBI Form &-PL under insurance company represents. ‘+ Revenue statement © Changes in unexpired risk + Profit & loss account = Balance sheet Schedule 2 under -RA of insurance company represents, © Commission = Premium Earned + Operating expenses © Borrowing Match the column (any 7) TT [Reporting Currency Advences 2_| Current investments valuation Other assets 3 | Spotrate ‘Currency used in presenting the financial statements 4_| Weighted Average @_| Market Value 5 | 100% reserve for unexpired risk | Current rte Prevailing in market & | Annual return tobe file by LP with | | Sale of investment Registrar I 7 | Cash Credits, Overdiafts & Loans & | Within 60 days from end of financial year payable on Demand 8 | Inter-Office Adjustments (ne) [ Schedule 1 9_| LIP Agreement. The person whove risk is insured 10 [insured 1 | Marine insurance =a DB7C17DA780706258B2407520CCA3906 (07) a2 a2 ‘The following is trial balance of DI bank Ltd Prepare Balance Sheet as on 31-3-2016. (as) Particular Dr(fs.in | Particular ] crs. ta thousand) thousand) Cashin hand 120 ‘Share cap. Of 100 each, "50 500 called | Cash with RBL 200 Reserve fund ‘Cash with other banks [300 Dividend equalization reserve _| ‘Money at call 50 Profit & Loss on 33/3/2015 = Investment in Govt securities | 150 Currentaccounts = Shares and Debentures 50 | Savings Bank deposits x God 300 Fixed deposits ‘iver 30 Recurring Deposit _ Loans 1890 Bor Bills discounted 300 Brench adjustment Fixed Assets (at cost) __—*| 2000_————| Unclaimed dividend Fixed assets acquired in 60 Unpaid dividend Satistaction of claim | Advance Tax [20 | Proposed bividend 30 Tax ceducted at source 10 Provision for tax 30 ‘Accrued laterest 70 ‘Unexpired Discount 50 Bills Payable 40 oe 40 [_ Provision for Depreciation 800 | Reserve for doubtful debts 20. 357 5 3570 Other Information: 41. Bills fr collection Rs. 2,00,000 2. Aclaim by employees for bonus amounting to Rs. 15,000 is pending award of arbitration 3, Liability for partly paid investments Fs. 20,000 4, Guarantees given on behalf of constituents Rs. 25,000 OR ‘Valohay had entered into the following transactiors in foreign currency during the year ended 31° (45) March 2016. You are requested to write up the Foreigh Exchange Difference Account in the leeger for the year ended Date 10-06-2015 20-06-2015 16-08-2015 31-08-2015 10-10-2015 15-10-2015 03-11-2035 15-12-2015 15-12-2015 15-01-2016 15-03-2016 Particulars Goods worth $15,000 imported to Kot Kores Payment made to K of Koree $ 15,000 Raw Material exported worth $ 510,009 fram C of china Payment received from € of China $ 10,000 Fayment made to SA of South America $30,000 as advance: {Goods worth $39,000 imported SA of South America ‘A machine worth $15,000 imported from UK industries of UK Goods purchased amounted to $ 7,500 from N Ltd Norway Payment made $ 7,500 to N Ltd Norway Exported goods to Gurkha industries of Nepal worth $ 5,000 Payment is outstanding as on 31-3-16, Imported machinery worth $ 15,000 from CK of Canada. 3 DBIC17DATSOTOSES8B3407S30CCA39C6 - Q.P.Code: 07924 16 Payment is outstanding as on 31~ ‘The exchange rate for $4 during the year was 2s follows: Date Exchange | Date Exchange Date Fxchanged _ Rate (Rs.) Rate (Rs.) Rate (Rs.) as4z15 48.40 ioteis [48.75 4675 15-01-16 49.00 354015 | 49.00 4650 15.03.15 49.50 opatas — | aa.60 4800 [3i.0346 | $0.00 [asaias [43.70 4350 | 3” Prepare @ Revenue A/c respected of Fire business from the following details forthe year 2015-2016 15 Rs. Particular ¥8,00,000 Reserve for Unexpired Risk on 1.4.2035@50% 360,000 _| Additional reserve. ee 3,10,000 Estimated Liability for claims intimated on 14.2015 4,20,000 Estimated Liability for claims intimated on 31-3-2016 36,50,000 aims paid S = 160,000 Legal Expenses “310,000 ~ | Reinsurance Recoveries (ceded) _ 40,000 Miscellaneous Expenses 8,000 Bad Debts =e - 48,60,000 Premium recovered — 3,20,000 Premium on re-insurance accepted Premium on re-insurance ceded Commissionofdirect business Commission on re-insurance accepted Commission onre-insurance ceded Expenses on Management Interest, Dividend and Rent (er) Profit on sale of investment Calculate Reserve on 31% March 2016 to the same extent as on 1* April 2015 OR 3. Changu & Mangu are partners sharing profit and losses equally in LLP in business From the following (15) ‘Wal Balance and adjustments you are required to prepare a Trading A/c, Profit and Loss A/c for the year ended on 31st March, 2015 and Balance shect as on that date : Debit Balances Amount Credit Balances ‘Amount Carriage: 2,000, Cepitals ‘Opening Stock 30,760 Cangu 60,000 Salary 2 IMangu’ 49,090 Commission 4,000 Interest 200 — interest] Sales. - Motive Power Purchase Return Motor Van “Sundry Creditors Bad Debts. (Outstanding Salary Building Debtors ___Gashat Bank Machinery _lnvestment | 12,000 | _| Purchases | 60,250 DB7CITDAT80706E58B3407530CCA39C6 _ a aa a4 as as i) w) Drawings: Change Mang tL Adjustments: 1. Outstanding wages Rs. 400 2, Provide depreciation at 10% p.2. on Building and Motor Van. 3. Accrued interest on investment Rs. 360 4. Provide 5% R.B.D.D. on Debtors 5. Stock at 31"* March, 2015 was Market Value Rs. 40,000; Cost Price Ks. $0,000, ‘Man Investment furnishes the following details regarding its holding in 6% National Defence Bonds of (15) Rs, 100/- each ‘Opening Balance on 01.04.2015 F.V. Rs. 70,000/- Cost Rs. 68,000/- On 01.07.2015 ~ 100 units were purchased exinterest @ Rs.S8/- On 02.40.2015-200 units were purchased ex interest @ Rs.£9/- On 01.01.2016 -300 units were cold curm-interest @ Rs. 102/- (0m 03.03.2016 ~ 50 units were purchased cum-interest @ Rs. 101/- Interest is paid every year on 30" September and 31% March. Man Invest ent cases books on 31” March every year Prapare Investment A/c oR (On 1" April 2016 Sam held 25,000 fully pati equity shares of Rs.10 each in Lambar Ltd,, at abock 15 value cf Rs.15 per share, On 20" June, 2016 he purchased another lot of $,000 shares of the company at Rs, 16 per share. Lambar Lid announced at bonus issue and rights issue, the following being the terms: Borus issue in the ratio of 1:6 (Record date 16.8.2016) Rights issue in the ratio of 3:7 (Record date 31-8-2016) The rights shares were issued at Rs.15 per share and the full amount was payable by 30" September 2016, Shareholders were entitled to transfer their rights in full or in a part. Accordingly, Sam sold one- third of his entitlement to another person for a consideration of Rs. 3 per share on 5" September 2016. Dividends for the year ended 31° March, 2046 @ 20% were declared by Lambar Lid and received by Sam on 31" October , 2016. Dividends for shares acquired by Sam on 20" June, 2016, ‘were adjusted against the cost of purchase. On 18 November 2016 Sam sold 25,000 shares @ Rs.15 share. You are required to prepare in the books of Sam: Investment in Equity Shares in Lambhar ltd, ‘Assume that the books are closed on 31° Merch.2017 Explain in Detail Reserve for unexpired risk as special itom in Insurance final account o7 State in Eriet Statutory provisions for Limited Liability Partnership 08 Short notes (Any 3) 4s 1. Non-performing assets 2. Fire insurance 3. Welghted average method under Investment accounting 4. Monetary item under AS 11. 5. Rights of Designated Partner DBICITDATSOTOGES®B3407530CCA3906 Regular Examination 2014 Oe z i rua [sern-vi/ Sab Cost Ac cqucting Q.P. Code :02728 Su) 9% << [Time:2 % Hours] Please check whether you have got the right question paper. All questions are compulsory with internal choice Figures to the right iindicate full marks, Working notes should be part of your answer Use of simple calculator is permitted NB. QA) Match the following (Any-08) [Rewrite the sentence] Group "A" 1) Labour efficiency Variance 2) imputed cost 3) Profit 4) Idle Time variances 5) Standard Cost 6) Marginal Cost 7), Master Budget 8) Fixed Budget 9) BEP 10) key factor Contabution =i Shae UIuIE ey “ak faeces arable veeads St eee Budgets 8) State whether the following statements Trie/Fake Rewe 1) Variable overhead variance a-ifference betwee 2} Inmake or buy decision only Marginal 3) P/V Ratio shows the relatignship betwies remote 4) Budget is prepared for the futdce period.) 5° 5) Cash Budget shows budgeted receipts & payments 5 6) Excess of actual cost over standaie costis a favourable variance 7}, Decision to accept or reject ekport order depends on fixed cost only 8) Under Marginal costing cost is cas sauedondlet oftwrevone ison é sentence (Any 07) o7 yidard overheads and actual overheads. a2 The sales and FSR Sree as weds 45 ear endi eae [Sales RS. Profit Rs. . 500,000" 20,000 i 80,000 are a) “ifere company wants to have a profi of Rs.15,000 what should be the level of sles? £55 Se) Prof when sles ae R.7 80,000 s AY" Revised BEP iFized Cost increase by 25% oR Soe (687035EFB3FROS }1 FOF! (61529593807 QP. Code :02728 2.2 ‘A 88 Cate three smiar plats under the’ sae manageniont who want them tobe merge fer eter operation. The following particulars are available | Plant A |e ~-[eipacity Operated | 100% 60% Rsin lakhs Rs in lakhs Tumover 300 300 Variable Cost | 160 210 Fixed 70 50 You are required to ascertain a) The capacity of the merged plant for break even b) The profit or loss at 80% capacity of merged plant The turnover from the merged plant to give profit of | a3 Level of activity No of units Direct Material Rs. Direct Wages Rs. factory overneeds Rs. Office and Administration Rs | 3,00,000. Selling and Distribution Rs. profit is 20% on Sales a3 ined Expenses Salaries and wages Rent, Rates and Taxes Depreciation Ss variable Bxpances 7A 50% Capacity Materials tabour SS other expenies. Semi Variable expenses "RY50% Capacity Rs."000" ‘repairs and maintenance, 560. Indirect Labour 1264 ‘salesman salaries 508 ‘Sundry Administration 448 Expenses Semi= Varabieexoerie remairiconstant between 45% and 65% of capacity, increasing by 10 between 66% anos > [508 af Capacity = - 16000 : ‘60% of Capacity - [18200 . “Ss [rsmot Capacity = —__[2a000 (68703 SEED31B9411FOEI 1615295938A7 aa aa Q5 A) State the steps involved inbuigo' as 90% of Capacity ED) 100% of Capacity 32000 from the following information abaut sales calculate: a). Sales value Variance b) Seles Price Variance ©) Sales Volume variance 4d). Sales Mixed Variance e) sales Quantity Variance Budgeted Product _ | Units Rate Rs. x 25,000 [10 Y 35,000 [14 Z 40,000 [12 From the data given below comput Product kg ee Rates RS L 5 22 M g 28 N 7 41 B) what are the benefits of Stand 2) 4 #) Breakevegeime’ SSO 6) Absogption Costig, Ves Marginal Co a Zerorbase' budget re. @) vecson ating miata eS 68703SEEB2FB941 1FOE11615295938A7 vo equlay Examimertten - 217 CL Tues Tsemnv¥l) Sub~Firancial Managemnest 2s\onle (2% Hours} NN.B. (1) All questions are compulsory. (2) Working notes should form part of your answer, (3) Use of simple calculator is permitted. 2, (A) Re-Write the following statements and fill in the blanks (any 8) (v) According to Prof. James E Walter in value of expected dividend. (vi) The (viii) liabilities. (ix) fe) ‘ Column B SAS Ratio Analysis L:B. Beatish Indicator Systematic Risk Uses Chart Bullish indicator bps / Ps Mps/ EPS NPBIT / Capital Employed NPAT/ Proprietor Equity IRR or High infidence. 10.” Buying Figh:Grade Securities fr tTOoOnmmon [ TURN OVER BCECP6A$38 19137FS98PE67P955C318F A (p) 2 QP Code : 04378 2. (A) From the historical rate of return of two securities and market over the past 10 years, you arerequired to Calculate the Covariance and Correlation Co- Efficient of the two Securities. Rate of Return % ai}2{3{[4{[s]e6[7]{e SecurityM | 12 | 8 [ 7 | a9 | a6 [ as | as SecurityN | 20 | 22 | 24 | 33 | 15 | 20 | 24 Market 1s | 17 | is} 1 | 14 | 20 Year {SD - Standard Deviation) using following information : Particulars Total No of Equity Shares Market Price per Share 10% Debentures 15% Debentures %25,00,000 %93,75,000 50% 2 () Misk Free Retrh 85%, Retufndn Sensexis 15% with 2 Standard Deviation of 2.75%. oo (iid Ris Return on Sensex Is 17% with a Standard Deviation of 3%. ) Risk Free Return: is 7%; Return on Sensex is 18% with a Standard Deviation of 48 le) endlar tid ity’shares currently soll for & 32/- per share. The company's finance 7 ager anticipates 8 constant growth of 10.5% and at the end of year dividend of & 2.50/- ~ pershare. eS (i) Whatis the expected rate of return ? (ii) Ifthe investor requires 17% return, should he purchase the stock ? (Support your decision with calculation) [ TURN OVER BCECF6A83B19137FS98FE67F9SSC3 18F 3 3. (A) From the following data on three mutual funds find out : (i) Reward to Total Risk and (ii) Reward to Systematic Risk. Also Rank them Fund Return (%) | Standard Deviation (%) Blue Chip v7 Pharma 18 Banking 13 Fact : Risk Free rate is 7% 8 “Coupon Rate i Maturity Period 6% ‘S Years x 10% ‘5 Years The current market price of Xttd’s bondis &9,455/-. Find out current marketprice of Ltd's bond ff both bonds have seme Yield to Maturity (YTM). 7 SS 51056: ‘The company has two option of paying dividend i.e. (i) 50% oF (il] 75%. Calculate the > market ptice pet share as per Walter’s Model, ift can earn return of (a) 15% or (b) 10% or (c) SF 4 5% omits Jetaried earnings, BCECK6A83B19137F598FEOTFOSSC31SF a 4 QP Code : 04378 4, From the information provided below prepare financial statements for LSKLLtd for financial year 15 2016-17: Current Assets %1,00,000 2 as Sales 50% of Shareholders Fund “qe Working Capital 80% of Current Assets : ‘ . Quick ratio 0.5 higher than standard ipdiiyfete dey Gross Profit 33 18 of Cost oS Ss F< Fictitious Assets 20% of Current Asses rs Share holders Funds 10 times of Current, cA, 4 Cash : Debtors a : Share capital : Reserves and Surplus OR Son ore 4, (A) An Investors is considering the purchase of the following kond e 8 Face Value %1,000/- ee oe CouponRate 10% oe . Maturity (atPar) 4 Years (i) Ihe wants yield of 12% what isthe miaxiniui prige he should be ready to pay for? (ii) If the bond is selling for € 940/-whaws would berhis yield ? (8) ‘Aninvestorhas decided toinysst€,60,000/-in two compen ‘Theestimates ofreturnon 7 Scenario Salman Ltd (%) 1 | 16 2 10 3 30 4 4 ascertain: the t associated sen class of the secunty ? 5. (A) Whats indusire alysis? Explain Varlous factors affecting incustry analysis 8 (8) Discuss the: Retertabes of: ‘bond ‘valuation. 7 OR 15 5. Mite snort nates (ény three): — (a). Stratagic Financia! Planning (b) importance of Ratio Analysis, (2) Systematic aid Unsystematic Risk (a) Modigliani & Miller approach (e) Risk Diversification, BCECF9A83B 191 37PS98FESTF9SSCSIRE Regular Ecormina Hong ol @® CHIESA Bem-yi | [Time: 2% Hours] NB All questions are compulsory. Figures to right indicate full marks. a. anvexth ge dite are ee th b. Capt baie id zeit lo Turn Over (08392 19B6EDSFIFFBDSACHOB28A5E3A3, Q2 The followi 2 is the extract from the balance sheet of Popular. Lid. Tabiities heat] eat 31.03.09 | 31.03.10 | Zintakts | Zintalts| Sa Sharecaptd [500500 Fixed asieis~ ‘Gonoral reserve 400 425 10% investments Profit & loss A/c 60 1855 term oan 720) ‘Sundry creditors 35 Provison for tox aL Pronosed dividend _| 100 1,286 Additional information: vi Replacement values of 31.03.2010 respectively: Rote of depreciation adopted on fed essets re 50% ofthe stock is to be valued at 120% of ite Bock value. 50% of the investments were trade investments <° =~ Debtors on 34" March, 2010 nudes foreign debedrsats: 35,0001 recorded inthe books at © 35 i= © 33, the closing echange rate was $2 Profit forthe emer lide the current’ ate ‘expenditure Wes not likely t0 recur. Future maintainable prafits{pre-tax) are likely t0 be higher by 10%. Tax rate during 2009-2019 was 50%, effective Future tax rate will be 40% -Wormal cate of return expected s 1395, -Oneof the: directors, s of the comoany Arvind, fears that the company does not enjoy a gocdwillin the prevalent matket, ircumstances. Critically examine this establish whether Popluar show the leverage effect it has on the company’s result . "Industry average return was 12% on long term fund and 1.5% on equity funds. oR Turn Over (02392) 9B5EDSP7FEBDSACAUS28A5E3A3 3 a2 abilities = %,00,000 Equity shares of Rs.10 *40,00,000 ach fully paid 13.5 % Redeemable shares of © 20,00,000. 100 each fully paid a General Reserve 16,00,000 Profit & Loss a/¢ 3,20,000.} Bank loan 1,04 (Secured against fixed assets) Bills Payable Creditors = 52,00,000 | 18,00,000, 3,20,000 7,00,000 4,28, 20,000 Further informatio: ASS 1 Return on capital employed 520% in simi basiness, SS" # e' es Sa by © 1,00,009. Dedtors visttute 10% of the total investments, are 4.1998. Non trade investments yield 35% retum on 200000 was purchased, but wrongly charged to £ ohn 2000-3001, furniture fhabookvalue of 2 1,00,000 was sold for 60,000. ‘vi For esleulating gooewillwo years purchase of super profits based on simple average profits of last four years are to.be considéred. Profits of last four years are as under: 1998-1989 216,09} 20049082000 8.00000, 2000-2001 %2,00,00, 20012002 2 22,00,000;" =: ‘Additional deprécation provision atthe rate 10% on the additional value of plant and machinery alone may be consi dered for arriving at average profit. . s al: Tum Over (0E39219BGEDSF7FFBDSACHOS28A5E3A3 a3 a3 From the following trial balance as on 34st march 2015, prepare fata urtinthe pcibed frat 15) as per applicable legal provision. ‘ASH WIN CHS LTD. Trial balance i Particular Ore shares of MDC Co-op bank 3,000 6Ad75 ity expenses ~ 8,79, 636. ment expenses ‘share of MDGH Federation [Contibution fo sinking uid 000 [Audit fees | Owvidend “60 | Cach in banks ‘Entrance fess. 2,760 Cash on hands finterest-fixed dopesits 5 2,45,500 Fixed deposits ‘nteFest saving banks = = 7.802 Fixed deposits -sinking fund Intefeston Sinking Fund FD: 334,121 ‘Membels doviebution for building | 42,52,050 “SHARE CAPITALS = = Furniture and fittings Insurances charges > Land and building 48,5205 | 280 sharesof € SO each — 34,000 | Property tax and expenses. Ss] 968,598 S 8,49,742 Salanes s “34.181 | Statutory Reserve Fundopening | 13.19.470 Security SS hagas eerie B beri Alc 7,500 SSS Peta mee 58 IE /ADDITIONALINFORMATION ‘c 1 cRithorized Ce Outstanding securities expenses Prepaid insurances expenses 15,53: Due from meribers for propery ‘expensés 25,844. ” oR The vl bbe of ort fet «Supply Ud forthe year ended 3st March, 2016 as below. <= Partial Dr. & (000) €e. = (000) Steet Equity Shares of Sid each 4688 7 Preference shares of © 100 each 1406 Goodwil Se DATS 16% Debentures <<< 2315.63, T2%Term lean 1434.30 and 1167.29 Building 3308.81 Turn over (03921 9BDEDSETFFBDSACAOS78A0E3A3 (15) Plant & Machinery Mains. Meters Electrical instrument Office Furniture | Capital Reserve Contingency Rererve Transformers Net Revenue Account Stock in Trade Sundry Debtors ‘Contingency Reserva investment ‘Cash and Bank Public Lamps: s Depreciation Fund SS MIO Sundry Creditors SACLE SSS 611.36 1134.38 16,10 Proposal Dividend a4 An inion Company Sari pak vais Ve BUN Sadish is @ integral foreign operaion (15) of the tndian Company. thé trial balance ofthe branch'as on 3 RGSRa RIG foe, Particulars so sd Sa) a StS Purchases [Sales Se 1,66,400 [Goods eamtto. “fSalaries = S “> carrage inward S55 400; Reni, Raies and Taxes = 200) an 3 400 Sos itadetbapetier = 300) 60 5 Head offeeaetount= 35,500, Sundry Debtors” = 3,500 [Sundry Creditors 5500 Cash atbonk 000) Ea SS Sees 218,800] 28,800 Se The following further orestion is given. 4.” Salaries outstanding $ 400. ~ Depreciate Office Equipment and Furniture @ 10% pa, The head office sent goods to branch for © 15,80,000. Turn Over (0F39219RSEDSF7FFBDSACHOS2ASEIA3 aa as (A) @) as QP. code: Oa ¥. Closing stock$ 21,500. vi, There were no transit items either at the start or at the: ensslisa vii, Fixed assets were purchased in 2013 when the rate of exchange was. & 43 vill, On Ast April 2015, the rate of exchange was € 47 per ees 2016 Prepare: a) Converted trial balance b) Trading and Profit & Loss account 34st March 006, ) Balance sheet as on that date. Havels india Itd. has built a power station and conn ‘formation are furnished. 3 ¢ 1 eye 20844, the cat inarea@a00 20 jot towards puchas et fori and ii. In the year 2026-17, Extension Senet Subba Wapen % 90,00,000 out of which: 250,000 was used fom existing stack fr replacement purposes as renee! an “The cost of material and wages ane sold for es You are required to pass necessary louinal enti ‘the year 2013-14 and 2016 (08) (07) (as) Benefits of adopting IFRS = Features of Purciiased and Nona or oodwill Grant under APORP Vield value of share 03921 9D6EDSF7FFBDSACHOS28AGEIA3 - Req ulav Examination: 2217 D> suaet [sen-wi| Sub- Taxation aqloulie Q.P. Code 09007 rime: 30 Hours} Please check whether you have got the right question paper. 8: 1. Q.Liscompulsory. 2. Attempt Q.2, 3, 0.4 & 0.5 with internal choice. 3. All questions carry equal marks of 15 each. 1. (A). Rewrite the following sentences by selecting correct option. (Any 8). 1, Due date of filing of return of income for a company is———-. (31 July, 30" Sopt,, 31% Dec.) 2, Speculation loss can be carried forwerd upto=---——--years. fae (4,8,6) Se 2 2. First due date of payment of advance tax for an individual is ——. (15° Sept, 15" June, 15" Dec.) < 4, Business Loss can be set off against (Salary income , Business income, Speculative income) 5, Interest paid to partners on their capital cannot be exceec (10, 18,32) {capital aset, Other sources, House propery) Sere 7. Clubbing of income aims to prevent avoidence by-—~ot eam (Civersion, Double taxation, Transfer) < 8. tf rentis pai for Land & Building, T03 isto be deducted @: (236, 10%, 20%) 9. TDS u/s 194H is deducted @. (20, 15, 20) %, to. Minor hitt_= = Heist [Indudes, Excludes, None of the above) (e) stare whether the following Statements ate True or False. (Any 7) 07 1. There ate four due dates for payment of advance tax for companies. 2. Resident indian can claim relief under section 91 3. Clubbing of income includes clubbing of losses. 4, TDS under section 194Lis deducted @ 15%. 5. The’e can be a loss under the head of income from salaries. 6 Specilation loss can be set off against all income. 7. Due date for fling of return for corporate assesses on 30% April every year. 8. Advance tax s payable if tax liability is more than Rs, 15,000. - 9, Unabsorbed losses from house property cannot be carried forwerd. 10, Partners’ shares ia profits of the firm is exempt. EFDA D416E57C660BIC5D7FE8SDDDSE1 2 Q.P. Code :09007 M/s D &GCo,, a partnership firm submits the following Profits and Loss Accounts forthe year ended 15 31-03-2016. - [ Particulars Particulars Ri ‘To Cost of Goods sold By Sales 15,00,000, By Dividend fromindian 4,00,000 To Income tax paid a compat bs To Sundry expenses 20,000 "To Other expenses — [70,000 ‘To Interast on partner's capital @15% 90,000" “To Remuneration to partners To Depreciation To Net Profit - - 19,00,000 ‘Additional information: 41, Other expenses includes Rs.25,000 not deductible under section 37 ere < 2. Depreciation as per income tax Rs.30,000. 3, Sundry expenses includes Rs.5,000 paid for personnel expenses of partners. Calculate the taxable income of the firm and tax lability for the A.Y. 2016-17. oR ees M/s X &Y, 2 partnership firms submits the following Profit & Loss Account for the year ended 31-03-2016. 15 Particulars “pos. “Particulars Rs. - “To income tex | = 2,00,000"| By Réceipts from chinis : To Expenses <<4,00,000. Audit fees, 8,00,000, To Depreciation ~1,00,000-| << -Other fees '9,00,000 To Remuneration to partners | 4,00,000 1 To Interest to partners’ capital 7i,80,000 oes Le SSNS: To Net profit $ 4,20,000 | Ss

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