CA Final Financial Reporting MTP May 2024: Question Paper and Solutions

How to Prepare for CA Final Financial Reporting

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Question directory and available solutions

36 indexed questions. Open a question to read its full statement and available answer.

1. U Ltd. is engaged in mining and many other industries and prepares its financial statements following Indian Accounting Standards and follows…
2. G Ltd. is a multi-national company and prepares and presents its financial statements following Indian Accounting Standards as its securities are…
3. A Ltd. is a diversified business group operating in multiple business segments across different parts of the world. It maintains its books of…
4. On 1st April 20X1, J Ltd. subscribed for 40 million 1loan notes in C Ltd. The loan notes were issued at 90 paise and were redeemable at 1.20 on 31st…
5. ABC Ltd., a manufacturing entity, wants to forecast its financial performance based on various scenarios to comply with Ind AS guidelines. It took…
6. On 1st April 20X1, J Ltd. acquired a new subsidiary, B Ltd., purchasing all 150 million shares of B Ltd. The terms of the sale agreement included…
7. Company A, an Indian company whose functional currency is, enters into a contract to purchase machinery from an unrelated local supplier, company B.…
8. In December 20X1 an entity entered into a loan agreement with a bank. The loan is repayable in three equal annual instalments starting from December…
9. LT Ltd. is in the process of constructing a building. The construction process is expected to take about 18 months from 1st January 20X1 to 30th…
10. An Indian entity, whose functional currency is rupees, purchases USD dominated bond at its fair value of USD 1,000. The bond carries stated interest…
11. AJ Ltd is engaged in the business of trading of chemicals having a net worth of 150 crores. The company's profitability is good and hence the…
12. P Ltd. granted 400 stock appreciation rights (SAR) each to 75 employees on 1st April 20X1 with a fair value 200. The terms of the award require the…
13. ABC Limited supplies plastic buckets to wholesaler customers. As per the contract entered into between ABC Limited and a customer for the financial…
14. Mercury Ltd. has sold goods to Mars Ltd. at a consideration of 10 lakhs, the receipt of which receivable in three equal installments of 3,33,333…
15. Either How can one enhance the usefulness of financial information by applying four enhancing qualitative characteristics? Or Which entities are…
16. Sunshine Ltd., a listed company in the cosmetics industry, has debt covenants attached to some of its borrowings which are included in Financial…
17. X Pharmaceutical Ltd. seeks your opinion in respect of following accounting transactions: Acquired a 4 year license to manufacture a specialised…
18. You are a senior consultant of your firm and are in process of determining the valuation of KK Ltd. You have determined the valuation of the company…
19. ABC Ltd. is a diversified business group operating in multiple business segments across different parts of the world. It maintains its books of…
20. DEF Ltd. is a globally diversified business conglomerate with operations spanning across various business sectors worldwide. The company adheres to…
21. HIJ Ltd. is a globally diversified business conglomerate with operations spanning multiple business segments across various regions worldwide. For…
22. F Ltd. is a first-time adopter of Ind AS. The date of transition is 1 st April, 20X1. On 1 st April, 20X0, it obtained a 7 year US $1,00,000 loan.…
23. X Ltd., a large multinational corporation, needs to prepare its financial statements according to Ind AS. The company has a vast amount of financial…
24. A Ltd. (Seller-lessee) sells a building to B Ltd. (Buyer-lessor) for cash of 60,00,000. Immediately before the transaction, the building is carried…
25. D Limited has a policy of providing subsidized loans to its employees for their personal purposes. Mr. Y, an employee of the Company, took a loan of…
26. An entity's accounting year ends is 31 st December, but its tax year end is 31 st March. The entity publishes an interim financial report for each…
27. B Ltd. prepares consolidated financial statements upto 31 st March each year. On 1 st July 20X1, B Ltd. acquired 75% of the equity shares of K Ltd.…
28. An entity has a contract to purchase one million units of gas at 23p per unit, giving a contract price of 2,30,000. The current market price for a…
29. On 1 st April 20X1, Investor Ltd. acquires 35% interest in XYZ Ltd. thereby exercising significant influence over XYZ Ltd. Investor Ltd. has paid…
30. Following are the facts given for X Ltd.: Income from continuing operations:90,00,000Loss from discontinued operations: (₹ 1,08,00,000)Net loss: (₹…
31. On 1 st April, 20X1, entity A entered into a single transaction with three identifiable separate components: 1. Sale of a good (i.e. engineering…
32. X Ltd. is a first-time adopter of Ind AS. The date of transition is 1 st April, 20X1. It has given 300 stock options to its employees. Out of these,…
33. As at 31 March 20X4, M Ltd. had a plan to dispose off its 75% subsidiary D Ltd. This plan had been approved by the board and was reported in the…
34. P Ltd., a manufacturing company, prepares consolidated financial statements to 31 st March each year. During the year ended 31 st March, 20X2, the…
35. Entity ABC acquired a building for its administrative purposes and presented the same as property, plant and equipment (PPE) in the financial year…
36. The AGM of ABC Ltd for the year ended 31 st March, 20X2 was held on 10 th July, 20X2 and Board Meeting has been conducted on 15 th May, 20X2.…