Inter PN-10 CAA Quiz 4

1. Y Ltd. supplied the following information:

Net Profit for 2021-22 = Rs.10,00,000 Net Profit for 2022-23 = Rs.15,00,000

No. of shares prior to right issue = 5,00,000 Terms of right issue: 1 new share for every 4 shares held; right issue price = Rs.20 Fair value of 1 ordinary share immediately prior to exercise of right = Rs.25. Compute the Right Factor

2. Which of the following is included in cost of inventory as per Ind AS 2?

3. Which of the following is outside the scope of Ind AS 1?

4. Given salary expenses Rs.40,000, Outstanding in the beginning of the year Rs.5,000 and outstanding at the end of the year RS.10,000. Cash outflow on salary will be.

5. The method for presenting Net cash provided by operating activities that starts with net income and adjusts it for items that affected reported net income but that did not affect cash is called as .

6. The expected sales value of stock is Rs.20 lakhs and a commission at 10% on sale is payable to the agent. Calculate NRV.

7. Ordinary shares are 1,00,000 of Rs.1.00;10% Preference shares are 200000 of Rs.1.00; PAT Rs.10,00,000. Calculate basic EPS.

8. Which of the following is a defined contribution plan?

9. Ind AS 2, Inventories, does not apply to  .

10. Which of the following is not a part of other long-term benefits?

11. Ind AS 1 “Presentation of financial statements” applies to

12. An entity has an obligation to restore an asset for the damage it has in the past. It has Rs.20 lakh cash to pay on 31.03.2022 relating to this liability. The entity considers that 15% is an appropriate discount rate. the time value of money is considered material. Calculate the amount to be provided.

13. C Ltd. had 10,00,000 ordinary shares outstanding as on 01.04.2022. On 01.01.2023 it issued 2 ordinary shores bonus for each shore outstanding on 31.12.2022, Profit for the year 2021-22 was Rs.9,00,000. Profit for 2022-23 was Rs.30,00,000. Calculate the adjusted EPS for the year 2021-22.

14. 01.04.2022 B Ltd. has 3600 ordinary shares outstanding. On 31.08.2023 it issued 1200 ordinary shares for cash. On 31.01.23 it bought back 600 ordinary shares. Calculate weighted average number of shares as on 31.03.23.

15. Mr. X is an employee of ABC Ltd. His annual salary is Rs.15 lakh. The company follows a 300 working days policy. As per the policy of the company, Mr. X is entitled to a leave of 10 days for 2022-23. He, however, utilises 8 days leave. The unutilised leaves are not allowed to be carried forward but are settled by way of payment to the employee. Compute the amount to be paid for unutilised leaves.

16. Z Co. Ltd. purchased goods at the cost of Rs.40 lakhs in October 2021. Till March 2022, 75% of the stocks were sold. The company wants to disclose closing stock at Rs.10 lakhs. The expected sales value is Rs.11 lakhs and a commission at 10% on sale is payable to the agent. What is the correct closing stock value to be disclosed as at 31.3.2022?

17. From the following information presented by P Ltd. ascertain the Net Realisable Vlue of stock : Cost Price of certain stock amounted to Rs.60,000; being obsolete, it can be used for production purposes after incurring Rs.10,000 for modification. The same could be used as a raw material for an existing product, the purchase price for the same amounts to Rs.40,000.

18. A complete set of financial statements comprises which of the following?

19.                 measures provide monetary information about assets, liabilities and related income and expenses, using information updated to reflect conditions at the measurement date.

20. Which of the following does not encompas Enhancing Qualitative Characteristics

21. Information provided by General Purpose Financial Reporting are as follows

22. Date of bill 15.01.2023 Period 5 months

Rate of discount 8%

Calculate rebate on bill discounted, if accounting year ends on 31.03.23.

23.                 is a reserve which should be created by the insurers towards losses which might arise due to entirely unexpected set of events and not for any specific known purpose.

24. For Marine Insurance :                                 Premia collected from -

(a) Insured (other than insurance companies) in respect of policies issued is Rs.45 Cr.         (b) Other insurance companies in respect of risks undertaken is Rs. 17.5 Cr.

(c) Premia paid/payable to other insurance companies on business ceded is Rs.16.75 Cr. Compute the closing balance in Unexpired Risks Reserve Account.

25. Which of the following is not a mandatory financial statement of a General Insurance Company as per IRDA regulations?