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

How to Prepare for CA Final Financial Reporting

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Question directory and available solutions

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

1. A Ltd. is a diversified business group operating in multiple business segments across different parts of the world. It maintains its books of…
2. D Ltd. is a globally diversified business conglomerate with operations spanning across various business sectors worldwide. The company adheres to…
3. H Ltd. is a globally diversified business conglomerate with operations spanning multiple business segments across various regions worldwide. For…
4. With respect to the best practices applicable to all companies, which of the following statements is incorrect?
5. Which of the following proactive measures do not mitigate cybersecurity risks?
6. On 31st December, 20X1, Entity A issues 2.5 shares in exchange for each ordinary share of Entity B. All of Entity B's shareholders exchange their…
7. XYZ Ltd. is a company incorporated in India. It provides - 10,00,000 interest free loan to its wholly owned Indian subsidiary, ABC Ltd. There are no…
8. One of the directors of Buildwell Ltd., Mr. Ben Jones has informed Central Finance team that on 1st January 20X3, his spouse acquired a controlling…
9. An entity uses the weighted average cost formula to assign costs to inventories and cost of goods sold for financial reporting purposes, but the…
10. One of the subsidiaries of B Ltd. submitted to Central Finance its Summarized Statement of Profit and Loss and Balance Sheet. Summarized Statement…
11. SA Pvt Ltd is engaged in the business of retail having 100 retail outlets across Northern and Southern India. The company's head office is located…
12. PQR Ltd., a manufacturing company, prepares consolidated financial statements to 31st March each year. During the year ended 31st March, 20X2, the…
13. An entity enters into a contract with a customer on 1st April, 20X1 for the sale of a machine and spare parts. The manufacturing lead time for the…
14. ABC Ltd is a government company and is a first-time adopter of Ind AS. As per the previous GAAP, the contributions received by ABC Ltd. from the…
15. Feel Fresh Limited (the Company) is into manufacturing and retailing of FMCG products listed on stock exchanges in India. One of its products is…
16. Venus Ltd. is a multinational entity that owns three properties. All three properties were purchased on 1st April, 20X1. The details of purchase…
17. Infostar Ltd. is a listed company engaged in the provision of IT services in India. The directors are paid a bonus based on the profits achieved by…
18. ABC Ltd. maintains its accounts and prepares its annual financial statements in accordance with Indian Accounting Standards (Ind AS). It is a…
19. DEF Ltd. is a diversified business group operating in multiple business segments across different parts of the world with multiple subsidiaries. It…
20. PQR Ltd. is required to adopt Ind AS from 1st April, 20X1, with comparatives for one year, i.e., for 20X0-20X1. On 1st April, 20X1, PQR Ltd.…
21. DEF Ltd. acquired 100% ordinary shares of 100 each of XYZ Ltd. on 1st October 20X1. On 31st March, 20X2 the summarised Balance Sheets of the two…
22. Wheel Co. Limited borrowed - 500,000,000 from a bank on 1 January 20X1. The original terms of the loan were as follows: Interest rate: 11%Repayment…
23. An entity manufactures passenger vehicles. The time between purchasing of underlying raw materials to manufacture the passenger vehicles and the…
24. On 1st September, 20X1, entity X plans to sell a group of assets and liabilities, which is classified as a disposal group. On 31st October, 20X1,…
25. On 30th January, 20X1, A Ltd. purchased a machinery for $ 5,000 from USA supplier on credit basis. A Ltd.'s functional currency is Rupees. The…
26. A Ltd. purchased some Property, Plant and Equipment on 1st April, 20X1, and estimated their useful lives for the purpose of financial statements…
27. 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…
28. AST Limited enters into a contract with a customer to build a manufacturing facility. The entity determines that the contract contains one…
29. Mumbai Challengers Ltd., a listed entity, is a sports organization owning several cricket and hockey teams. The issues below pertain to the…
30. Explain the five fundamental principles of ethics for Chartered Accountants. (4 Marks)
31. Entity A owns 250 ordinary shares in company XYZ, an unquoted company. Company XYZ has a total share capital of 5,000 shares with nominal value of…
32. Based on the facts given in the aforementioned part (i), assume that, Entity A estimates the fair value of the shares it owns in company XYZ using a…
33. Either Following is a snapshot of audited balance sheet of company A as on 31st March 2014. Company A's equity shares are listed on Bombay Stock…
34. Under new legislation, an entity is required to fit smoke filters to its factories by 30th September, 20X1. The entity has not fitted the smoke…