A note to the students
-
topics comprehensive manner conceptual understanding i.e.
at
I-5
go through the module appropriate book
keep all distractions
bay
I-6
DR. S.K. AGRAWAL C.A. MANMEET KAUR
Chapter-wise Marks Distribution of Previous Examinations
Chapter No. List of Contents May18 Nov18 May19 Nov19 Nov20 Jan21 Jul21 Dec21 Jun22 Dec22 June 23 1 [C] [C] 2 [C] [C] 3 4 5-6 [C] 7 [C] [C] 8 [C] T5M I-7
Chapter No. List of Contents May18 Nov18 May19 Nov19 Nov20 Jan21 Jul21 Dec21 Jun22 Dec22 June 23910 a P 5 M b11 12 13 [C] [C] [C] [C] 14 15 16 17 a I-8
Chapter No. List of Contents May18 Nov18 May19 Nov19 Nov20 Jan21 Jul21 Dec21 Jun22 Dec22 June 23 b c d e f18 19 20 21 a b c d22 23 T 1 M [C] Total 10310898 125 125125125125125125125 Note: P: T: T/F : [C]: M: I-9
A note to the Students I-5 Chapter-wise Marks Distribution of Previous Examinations I-7 CHAPTER 1 MEANING & SCOPE OF ACCOUNTING 1.1 CHAPTER 2 ACCOUNTING CONCEPTS, PRINCIPLES & CONVENTIONS 2.1 CHAPTER 3 ACCOUNTING STANDARDS 3.1 CHAPTER 4 ACCOUNTING POLICIES 4.1 CHAPTER 5 ACCOUNTING AS A MEASUREMENT DISCIPLINE - VALUATION PRINCIPLES, ACCOUNTING ESTIMATES 5.1 CHAPTER 6 CAPITAL AND REVENUE EXPENDITURE 6.1 CHAPTER 7 CONTINGENT ASSETS AND CONTINGENT LIABILITIES 7.1 CHAPTER 8 ACCOUNTING PROCESS (JOURNAL, LEDGER, TRIAL BALANCE, CASH BOOK, SUBSIDIARY BOOKS) 8.1 CHAPTER 9 BANK RECONCILIATION STATEMENT 9.1 CHAPTER 10 BILLS OF EXCHANGE 10.1 I-11 Contents
CHAPTER 11 RECTIFICATION OF ERRORS 11.1 CHAPTER 12 INVENTORY VALUATION 12.1 CHAPTER 13 DEPRECIATION 13.1 CHAPTER 14 SALE ON APPROVAL BASIS 14.1 CHAPTER 15 FINAL ACCOUNTS 15.1 CHAPTER 16 CONSIGNMENT ACCOUNTS 16.1 CHAPTER 17 PARTNERSHIP 17.1 CHAPTER 18 AVERAGE DUE DATE 18.1 CHAPTER 19 ACCOUNT CURRENT 19.1 CHAPTER 20 NOT FOR PROFIT ORGANIZATION 20.1 CHAPTER 21 SHARES 21.1 CHAPTER 22 DEBENTURES 22.1 CHAPTER 23 FINANCIAL STATEMENT OF COMPANIES [SCHEDULE III] 23.1 Solved Paper : June 2023 (Suggested Answers) P.1 I-12
DESCRIPTIVE QUESTIONS
Q.1 Discuss the limitations which must be kept in mind while evaluating the Financial Statements. [Nov. 2018, 4 Marks]
Ans. Limitations of Financial Statements
1.Historical Cost
2.Perpetual Continuity & Periodical Account
3.Strengths & Weaknesses
i.e.
i.e
15.1
CHAPTER 15
4. Intangible assets
5. Window Dressing
6. Different Accounting Policies
SHORT NOTES
Q.1 Trading account
Ans. Trading account
Q.2 Profit and loss account
Ans. Profit and loss account:
15.2
-
i.e
Q.3 Balance sheet
15.3
Ans. Balance sheet: i.e i.e i.e i.e i.e
Q.4
Manufacturing A/c
Ans. Manufacturing account:
Q.5 Trial balance
Ans. Trial balance:
15.4
DIFFERENCES
Q.1 Provision & Reserve
Ans. Provision and Reserve:
Q.2 Capital reserve & Revenue reserve
Ans. Capital reserve and Revenue reserve:
15.5
-
-
TRUE OR FALSE
Q.1 Profit and loss account shows the financial position of the concern.
Ans. False:
Q.2 Profit and loss account is a point statement whereas a balance sheet is a period statement.
Ans. False:
Q.3 The provision for discount on debtors is calculated before deducting the provision for doubtful debts from debtors
Ans. False:
Q.4 The gain from sale of capital assets need not be added to revenue to ascertain the net operating profit of a business.
Ans. True:
Q.5 Under the ‘liquidity approach’ assets which are most liquid are presented at the bottom of the balance sheet.
Ans. False:
Q.6 The proprietor of a shop feels that he has made a loss due to closing stock being zero.
Ans. False:
15.6
Q.7 Closing stock will never appear in the trial balance.
Ans. False:
Q.8 If Closing Stock appears in the Trial Balance: [Nov. 2018, 2 Marks]
The closing inventory is then not entered in Trading Account. It is shown only in the balance sheet.
Ans. True:
Q.9 The provision for bad debts is debited to sundry debtors account. [Dec. 2021, 2 Marks]
Ans. False:
PRACTICAL QUESTIONS
Q.1
Additional information
Show the extract of Profit & Loss Account & Balance Sheet for the above adjustments.
Solution:
Profit and Loss Account (Extract)
15.7
Particulars (Dr.) Balance(Cr.) Balance
a. ` b. ` c. d.
Particulars Amount Particulars Amount
Additional information:
15.8 Particulars Amount Particulars Amount Balance Sheet (Extract) Liabilities AmountAssetsAmount Q.2 Debit Balance ` Credit Balance `
` `
Solution: Trading and Profit and Loss Account of Shah for the Year ended on December 31, 2015
15.9
` Particulars `
` `
*` ` (1) (2) i.e
Particulars
Less:
20,90020,900
15.10
LiabilitiesAmount ` AssetsAmount ` Fixed Assets: Add : Less: Less: Less: Add Current Assets: Less: 1,02,1601,02,160 Q.3 ` ` ` ` ` ` ` Solution: Bad Debts A/c DateParticulars ` DateParticulars ` Total9,040Total9,040 Total11,680Total11,680 Total14,160Total14,160 Provision for bad debts A/c DateParticulars ` DateParticulars ` ` Total20,240Total20,240
Balance Sheet of Shah as on December 31, 2015
Extract of P&L Account for the year ended on 31-12-2013
Extract of P&L Account for the year ended on 31-12-2014
Extract of P&L Account for the year ended on 31-12-2015
Extract of Balance Sheet as at 31st December, 2013
Less:
Extract of Balance Sheet as at 31st December, 2014
Less:
Extract of Balance Sheet as at 31st December, 2015
Less:
Final Accounts of Proprietary Concern (Sole Trader)
Q.4 Trial Balance as at 31st March, 2016 Dr.
15.11 DateParticulars ` DateParticulars ` ` 26,08026,080 ` 20,96020,960
Cr.
Dr.
(` )Cr. (` )
Additional Information:
Solution:
M/s Hari
Trading and Profit and Loss Account for the year ended on 31.3.2016
Particulars ` Particulars `
15.12 Dr. (` )Cr. (` )
` ` ` ` ` `
Particulars
M/s Hari
Balance Sheet as on 31.3.2016
15.13
` Particulars `
Liabilities ` Assets `
` Cr. ` ` i.e ` `
Adjustment Entries No.ParticularsDr.
15.14 No.ParticularsDr. ` Cr. ` Transfer Entries/Book Closing Entries No.ParticularsDr. ` Cr. `
15.15 No.ParticularsDr. ` Cr. ` Q.5 Trial Balance ParticularsDr. ` ParticularsCr. `
Adjustments:
15.16 ParticularsDr. ` ParticularsCr. ` 2,14,6002,14,600
` ` ` ` `
: M/S K. Katrak Trading and Profit & loss Account for the year ended on 31.03.16 ParticularsAmountParticularsAmount
Solution
15.17 ParticularsAmountParticularsAmount Profit & loss Appropriation Account ParticularsAmountParticularsAmount ` ` ` Balance sheet as at 31.03.16 Liabilities ` Assets ` Q.6
Additional Information:
15.18 ParticularsDr. ` Cr. `
2,97,3802,97,380
i ` ii ` ` iii ` iv ` v ` vi vii `
Principles & Practice of Accounting (Accounts) | CRACKER
AUTHOR : S.K. AGRAWAL, MANMEET KAUR
PUBLISHER : TAXMANN
DATE OF PUBLICATION : JULY 2023
EDITION : 8TH EDITION
ISBN NO : 9789357781602
NO. OF PAGES : 524
BINDING TYPE : PAPERBACK
Description
This book is prepared exclusively for the Foundation Level of Chartered Accountancy Examination requirement. It covers the past exam questions & detailed answers strictly as per the latest syllabus of ICAI.
The Present Publication is the 8th Edition for CA-Foundation | Dec. 2023 exams. This book is authored by Dr S.K. Agrawal & CA Manmeet Kaur, with the following noteworthy features:
u As per the latest syllabus of ICAI
u Coverage of this book includes:
All Past Exam Questions, including
CA Foundation Solved Paper – June 2023 | Principles & Practice of Accounting
Theoretical Questions
Illustrations
Short Notes
True/False
u [Marks Distribution] Chapter-wise marks distribution from May 2018 onwards
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