CA Inter Advanced Accounting MTP May 2024: Question Paper and Solutions

How to Prepare for CA Intermediate Advanced Accounting

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Question directory and available solutions

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

1. SEAS Ltd., the “Company”, is in the business of tours and travels. It sells holiday packages to the customers. The Company negotiates upfront with…
2. On 1st April, 2022, Shubham Limited purchased some land for 30 lakhs for the purpose of constructing a new factory. This cost of 30 lakhs included…
3. Kesar Ltd., a company engaged in various business activities, has decided to initiate a share buy-back on 1st April, 2023. The company plans to…
4. All of the following costs are excluded while computing value of inventories except?
5. According to AS-18 Related Party Disclosures, which ONE of the following is not a related party of Skyline Limited?
6. A process of reconstruction, which is carried out without liquidating the company and forming a new one is called
7. Innovative Garments Manufacturing Company Limited invested in the shares of another company on 1st October, 2022 at a cost of 2,50,000. It also…
8. How above investments will be shown in the books of accounts of Innovative Garments Manufacturing Company Limited for the year ending 31st March,…
9. Lessee Ltd. took a machine on lease from Lessor Ltd., the fair value being - 7,00,000. The economic life of machine as well as the lease term is 3…
10. X Ltd. purchased a Property, Plant and Equipment four years ago for 150 lakhs and depreciates it at 10% p.a. on straight line method. At the end of…
11. Following is the trial balance of Delta limited as on 31.3.2023. (Figures in '000) Particulars Debit Particulars Credit Land at cost 800 Equity…
12. Y Ltd., used certain resources of X Ltd. In return X Ltd. received 10 lakhs and 15 lakhs as interest and royalties respective from Y Ltd. during the…
13. Following is the Balance Sheet of ABC Ltd. as at 31st March, 2023: Particulars Notes ₹ Equity and Liabilities 1 Shareholders' funds A Share capital…
14. The financial position of two companies Hari Ltd. and Vayu Ltd. as at 31st March, 2023 was as under: Particulars Notes Hari Ltd. Vayu Ltd. Equity…
15. From the Balance Sheets and information given below, prepare Consolidated Balance Sheet of Virat Ltd. and Anushka Ltd. as at 31st March. Virat Ltd.…
16. What are the qualitative characteristics of the financial statements which improve the usefulness of the information furnished therein? Or What are…
17. From the following information, calculate cash flow from operating activities: Summary of Cash Account for the year ended March 31, 2023 Particulars…
18. Following is the information of the Jammu branch of Best New Delhi for the year ending 31st March, 2023 from the following: (1) Goods are invoiced…
19. Mars Ltd. is a manufacturing enterprise which is starting a new manufacturing plant at X Village. It has commenced construction of the plant on…
20. Beloved Finance Ltd. is a financial enterprise which is in the business of lending loan to small businesses and earn interest on loans. During the…
21. Kumar Ltd., a privately-held company, operates in the manufacturing industry. Founded in 2008, the company has steadily grown its operations and…
22. Sahil Ltd agreed to sell its factory located in Assam to Kali Ltd on 4.12.2023. It entered into a sale deed (transferring all significant risks and…
23. Pratham and Associates is a manufacturer of steel rods. It invests its profits by purchasing shares of listed companies in order to earn dividend…
24. As per Accounting Standards, difference between the Gross Investment and the present value of Minimum Lease Payments under finance lease (from the…
25. K Ltd. launched a project for producing product X in October, 2023. The Company incurred 40 lakhs towards Research and Development expenses upto…
26. Wooden Plywood Limited has a normal wastage of 5% in the production process. During the year 2023-24, the Company used 16,000 MT of Raw material…
27. On 15th June, 2024, Y limited wants to re-classify its investments in accordance with AS 13 (revised). Decide and state the amount of transfer,…
28. The following balance appeared in the books of Oliva Company Ltd. as on 31-03-2024. Particulars ₹ Particulars ₹ Inventory 01-04-2023 Sales 17,10,000…
29. XYZ Ltd. has not made provision for warrantee in respect of certain goods due to the fact that the company can claim the warranty cost from the…
30. The Balance Sheet of Radhika Ltd. as at 31-3-2024 is as follows: Particulars Notes ₹ Equity and Liabilities 1 Shareholders' funds a Share capital 1…
31. Following is the information of Anu Ltd. and Banu Ltd. as on 31.03.2023 were as under: Anu Ltd. (₹) Banu Ltd. (₹) Share Capital: 50,000 Equity…
32. Star Ltd.acquires 70% of equity shares of Moon Ltd.as on 31st March, 2024 at a cost of 140 lakhs. The following information is available from the…
33. Gamma Ltd. acquired 24,000 equity shares of 10 each, in Beta Ltd. on October 1, 2023 for 4,60,200. The profit and loss account of Beta Ltd. showed a…
34. “One of the characteristics of financial statements is neutrality”- Do you agree with this statement? Or Opening Balance Sheet of Mr. Amit is…
35. C Ltd. had - 5,00,000 authorized capital on 31-12-2021 divided into shares of 100 each out of which 4,000 shares were issued and fully paid up. In…
36. Alfa of Chennai has a branch at Mumbai to which goods are sent @ 20% above cost. The branch makes both cash and credit sales. Branch expenses are…