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Past papers › Adv Accounting › July 2021

CA Inter Adv Accounting — Mock Test Paper (MTP) — July 2021

This page contains all 2 questions from the CA Inter Advanced Accounting Mock Test Paper (MTP) for the July 2021 attempt cycle, sourced from VSI Jaipur.

Q6(b) - AlternativeBonus share issuance
5 marks medium
Following items appear in the Trial Balance of Hello Ltd. as on 31st March, 2020: 9,000 Equity Shares of Rs. 100 each Rs. 9,00,000; Securities Premium Rs. 80,000; Capital Redemption Reserve Rs. 1,40,000; General Reserve Rs. 2,10,000; Profit and Loss Account (Cr. Balance) Rs. 90,000. The company decided to issue to equity shareholders bonus shares at the rate of 1 share for every 3 shares held. Company decided that there should be the minimum reduction in free reserves. You are required to give the necessary Journal Entries in the books of Hello Ltd.
Q6(e)Hire purchase accounting, Interest calculation
5 marks medium
M/s. Kodam Enterprises purchased a generator on hire purchase from M/s. Sanctum Ltd. on 1st April, 2019. The hire purchase price was Rs. 48,000. Down payment was Rs. 12,000 and the balance is payable in 3 annual instalments of Rs. 12,000 each payable at the end of each financial year. Interest is payable @ 8% p.a. and is included in the annual payment of Rs. 12,000. Depreciation at 10% p.a. is to be written off using the straight line method. You are required to calculate the cash price of the generator and the interest paid on each instalment.