Mock test paper question

answered on 15-Jun-23 15:25

Please get the solution for this mock test paper problem which I have attached.

latest answer

You can find it in the suggested answers for Apr, 2023. Here is the link: https://www.indigolearn.com/resources/CA-RTPs-MTPs-Question-Papers/Foundation/Principles-Practice-of-Accounting-CA-Foundation/Mock-Test/5c89e910343148d88a22ac2a026933b2/Principles-and-Practice-of-Accounting-I-Mock-Test-I-Apr-2023-I-Answers-I-CA-Foundation/2976cf1152944a7490c93f384214c6a4/r I have also attached the answer pictures for your reference.

Anil Raj

CA Foundation

★ 580

3

551

Bonus Issue - Restrictions

answered on 15-Jun-23 12:06

Can someone explain 1st two points

latest answer

Got the concepts...Thanks

CYNOPHILE S

CA Inter

★ 925

1

281

Income and expenditure

answered on 15-Jun-23 10:12

In this sum while preparing opening balance sheet why we are adding the amount due for printing ₹100 with Honarium ₹400.

latest answer

Ok. Tq

Lathika

CA Inter

★ 6K+

2

355

Depreciation of Plant and Machinery where to take TRADING A/C or PROFIT & LOSS a/c

answered on 16-Jun-23 09:11

Sir, Please guide me Depreciation of PLANT and MACHINERY where to debit , TRADING A/ C or PROFIT AND LOSS A/C ?

latest answer

You can take it to trading as well.

Thankachan Jimmy

CMA Inter

★ 0

7

874

Opening Entry for CLOING STOCK

answered on 16-Jun-23 09:08

Sir, In the previous year balance sheet STOCK is shown as "CLOSING STOCK" , but when we do the opening entry in the current year , how to show the name in the opening entry , should it be shown as " CLOSING STCK A/C DR" or " OPENING STOCK A/C DR". Please guide me sir.

latest answer

Based on date.

Thankachan Jimmy

CMA Inter

★ 0

7

311

Partnership accounts

answered on 15-Jun-23 16:08

Why is loss by fire is added to the profits of the year here???

latest answer

These are one time items which are not recurring.

Monika T

CA Inter

★ 7K+

2

270

Depreciation

answered on 15-Jun-23 11:32

How to calculate depreciation for one truck and calculate the depreciation of the other trucks at the end of the year please anyone tell

latest answer

Ok thank you

Varun Palaniappan

CA Foundation

★ 15K+

5

281

Internal reconst

answered on 13-Jun-23 15:04

What is the ratio of new issue? Isn’t it 1:2

latest answer

1:2

Sugam SM

CA Foundation

★ 9K+

1

242

Exceptional item

answered on 16-Jun-23 09:30

Does disposal of short term is considered as exceptional item?

latest answer

No. Need more context.

Atharv Sankliya

CA Final

★ 3K+

1

273

Company a/c

answered on 13-Jun-23 13:00

Journal entry for the question

latest answer

Shares Applied for: 1500 Share Issued / forfeited: 600 Pro-rata: 1500:600 = 5:2 Paid Value + premium = 7 + 2 Unpaid Value + premium = 3 + 1 Since Application and Allotment value is not specified, we assume that there is no excess payment to be adjusted in call money Journal Entries in the books of Tushar Ltd. Share Capital A/c Dr. (600 x 10) 6,000 To Share first and final call A/c (600 x 3) 1,800 To Share Forfeiture A/c (600 x 7) 4,200 (600 Shares forfeited for non-payment of first & final call money) Bank A/c Dr. (400 x 9) 3,600 Share Forfeiture A/c Dr. (400 x 1) 400 To Share Capital (400 x 10) 4,000 (400 Shares reissued at Rs.9 as fully paid up) Bank A/c Dr. (100 x 11) 1,100 To Share Capital (100 x 10) 1,000 To Securities Premium A/c (100 x 1) 100 (100 Shares reissued at Rs.11 as Rs.10 paid up) Share Forfeiture A/c Dr. (400 x 1) 3,800 To Capital Reserve A/c 3,800 (Excess in Share forfeiture transferred to Capital Reserve A/c)

Diya Kandoi

CA Inter

★ 0

3

277