MCQ Test 1

answered on 26-Dec-24 10:50

Hello, for 10th question, how is the amount of Rs 34000 arrived at, without interest rate given in the problem?

latest answer

When the funds have been borrowed generally then the amount of borrowing costs to be capitalized is to be calculated by applying a capitalization rate to the expenditure on that asset. The capitalization rate, here, means the weighted average of the borrowing costs applicable to the borrowings of the enterprise that are outstanding during the period, other than borrowings made specifically for obtaining a qualifying asset. However, the amount of borrowing costs capitalized during a period should not exceed the amount of borrowing costs incurred during that period. In case of borrowings which are not specific to the qualifying asset (also known as general borrowings). In the given case, the borrowing for truck is specific and will be excluded to arrive at the capitalisation rate. Capitalisation Rate = Total Interest / Total Borrowings x 100 = 43,000/5,00,000 = 8.6% Amount to be capitalised = 4,00,000 x 8.6% = 34,400

V V

CA Inter

★ 3K+

1

283

Current assets

answered on 21-Dec-24 08:09

In current assets Sir was reduced 100 in 340 why not they reduced in 300 340 includes current liability, so we have to reduce it from 300 Is that correct, then balance sheet will not tally

latest answer

We will reduce from current assets. Liabilities will be shown separately in balance sheet.

Shivashankar Jawai

CA Inter

★ 2K+

1

335

Buy back of shares

answered on 24-Dec-24 17:09

Hari LTD wants to buy- back of 20 % of its equity shares @ ₹15 per share on 5.4.2023. The Company issued a 12 % preference share of 5 lakh ₹10 for each on the same date and also issued one fully paid up equity share ₹10 by way of the bonus share of every 2 equity shares held by the equity shareholders. Hari LtD provides the following details. On 31.3.2023 Equity share capital ( fully paid up shares of ₹10 each. = ₹500 crore. General Reserve = ₹50 crore Capital redemption reserve = ₹370 crore. You are required to compute the : 1.Total amount Of Capital redemption Reserve after bonus issue. 2.Share capital after buy-back. 3.Securities premium.

latest answer

Amount to be transferred to CRR = Total buy back value (500x20%) i.e 100 crores - 5 crores = 105 crores. Amount required for bonus issue = 400 crores. CCRR balance = 370+105-400

Rana Darshan

CA Inter

★ 810

3

368

Amalgamation

answered on 10-Dec-24 14:21

Amalgamation If questions didn't specify about what assets and liabilities taken over.we should assume all of it will taken over R8? And in realisation account we will not settle creditors and debtors also? R8?

latest answer

👍🏻👍🏻

Nadeem Neymar

CA Inter

★ 250

2

317

Earning per share

answered on 10-Dec-24 14:25

On 1.4.2023 Rocky LTD had 4,00,000 equity shares Of ₹10 each ( ₹4 paid up by all shareholders) . On 1.7.2023. ₹3 was called up and paid by all shareholders. And on 1.1.2024 the remaining ₹3 was called up paid by all shareholders except Mrs. Shesha and Mrs. Shivangi ₹90,000 and ₹ 12,000 respectively. You are required to calculate weighted average numbers of shares.

latest answer

From 1st April 2023 to 30th June 2023 (3 months), the company had 4,00,000 equity shares of ₹10 each, with only ₹4 paid-up. The weighted shares for this period are adjusted based on the proportion of paid-up value, i.e., ₹4 out of ₹10, resulting in weighted shares of 1,60,000. Time-weighted for 3 months, this contributes 40,000 to the WANES. From 1st July 2023 to 31st December 2023 (6 months), an additional ₹3 was called up, making ₹7 paid-up on all 4,00,000 shares. The weighted shares for this period are calculated as 2,80,000, based on the paid-up value of ₹7 out of ₹10. Time-weighted for 6 months, this contributes 1,40,000 to the WANES. From 1st January 2024 to 31st March 2024 (3 months), the remaining ₹3 was called up, making ₹10 paid-up for most shareholders. However, Mrs. Shesha and Mrs. Shivangi did not pay the final call on 30,000 shares and 4,000 shares, respectively. As a result, 3,66,000 shares were fully paid (₹10 paid-up), and 34,000 shares remained partly paid (₹7 paid-up).

Rana Darshan

CA Inter

★ 810

1

299

Adjustment 3 me bola hai sir necessary cash should paid bola hai to sir cash account open karna padega na

answered on 10-Dec-24 14:17

Adjustment 3 me bola hai sir necessary cash should paid bola hai to sir cash account open karna padega na

latest answer

You can open cash account or compute cash balance as a working note.

R G

CA Inter

★ 9K+

2

342

Impairment loss

answered on 10-Dec-24 12:33

What is ans ...what is the conclusion

latest answer

Recoverable Amt will be Higher of A) Net selling Price - Rs. 80 Lakhs B) Value in Use - Rs. 70 Lakhs Hence Recoverable amt is 80 Lakhs. Carrying Amt is 50 Lakhs Since Carrying amy doesnt exceed Recoverable amt there will be no impairment.

Lucky Ten

CA Inter

★ 0

1

268

Rectification of errors

answered on 10-Dec-24 07:05

Goods worth Rs 1000 were sent on sale or return basis to customer and entered in the sales book. At the close of the year the customer still had the option to return the goods . The sale price was 25 Percentageabove cost

latest answer

Thank you sir

Bindhupriya S Bindhupriya S

CA Foundation

★ 2K+

2

79

18:03 to 18:10 u says profits of 12500 kaha se aaya sir

answered on 09-Dec-24 15:51

18:03 to 18:10 u says profit of 12500 kaha se aaya sir

latest answer

Consider it 10,000

R G

CA Inter

★ 9K+

1

231

Sorry not 1500 it's 12500

asked on 08-Dec-24 15:09

Sorry not 1500 it's 12500 kaha se aaya sir

latest answer

No answers yet!!

R G

CA Inter

★ 9K+

0

415