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    Commerce Accountancy Paper I 2023

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    Commerce Accountancy Paper I 2023

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    extraterrestrial2024
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    COMMERCE-ACCOUNTANCY-PAPER-I-2023

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    Commerce Accountancy Paper I 2023

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    extraterrestrial2024

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    CIVIL SERVICES (MAIN)EXAM- 2023, anftrsa a cranfafe (we4-aa-1) ‘Pretiea waa : ata ee aftraan 37% + 250 wei-wa were fags yet GR FS fafeies Réel at gen aaaringis afea) we ors wer 8h a ast Fi fans & cen feet otk aio Set Fwd ge EI wher at ga ute wei & oe 2&1 we den 1 ok § siftard & cen art wet 8 8 wets ave 8 am--am Uw oer Gran Ae weal & oe AI wake we/am 3 sig sa ard Re me # ‘wet % ae seh wnftga seam F fea oA area, Peat sha sme waer-va F flea va %, she ee AE HE ‘WPS WE-WE-SM (Ao Ho Uo) yferar % gaye T Hise ea fee wT Tike) miftrEA Are | safer a fire Hem F fore me eR Te aA ats eT AAAI wel 4 wean, vel faite 8, a1 sgaen fen aT ariees a aaes &, at sage ates a wr Ae cH se Been ike Fie) well & sed A on gegen A arehh ae are el a, a eH Se AA aT A STH TR ae Se sia: fear Ten Oi We-aR-SK Berar F Gre Sls oT YE A sas sin BH GE eT a ar wT ATT) SKYC-U-COMA COMMERCE AND ACCOUNTANCY (PAPER-I) Time Allowed : Three Hours Maximum Marks : 250 QUESTION PAPER SPECIFIC INSTRUCTIONS (Please read each of the following instructions carefully before attempting questions) There are EIGHT questions divided in two Sections and printed both in HINDI and in ENGLISH. Candidate has to attempt FIVE questions in all. Question Nos. 1 and § are compulsory and out of the remaining, THREE are to be attempted choosing at least ONE question from each Section. ‘The number of marks carried by a question/part is indicated against it. Answers must be written in the medium authorized in the Admission Certificate which must be stated clearly on the cover of this Question-cum-Answer (QCA) Booklet in the space provided. No marks will be given for answers written in a medium other than the authorized one. Word limit in questions, wherever specified, should be adhered to. Assume suitable data, if considered necessary, and indicate the same clearly. Attempts of questions shall be counted in sequential order. Unless struck off, attempt of a question shall be counted even if attempted partly. Any page or portion of the page left blank in the Question-cum-Answer Booklet must be clearly struck off. SKYC-U-COMA/6 1 [PTo. WS—A / SECTION—A 1, frafefaa we a8 weds ar so eT 150 wed # fae: Answer the following questions in about 150 words each : 10x5=50 (a) eheal ara Fe A ara ate (amas) Ba ed 8? Be A ae ate Fre otk a aa ant Afar What is meant by buyback of shares by companies? Explain the reasons and sources of buyback of shares. (by “ae Het ats oReger A a eaters ates Bafta ee a cer 81” Row Afra “Cost Accounting is becoming more and more relevant in the emerging economic scenario in India.” Comment. () Aaah dea > art aH Sache ea a GH Sar-vies ae fran A aA are sae ard a aia =Aifira Explain the major points to be considered by an auditor while auditing the accounts of a non-profit organization. (a) Beier wre-12 (Ro WHe-12) % agMR wENO SEEM} duis aa A dda F aren Ar Briefly explain the accounting treatment of Government Grants as per AS-12. (e) Re 3 Fae ae ara Ha 2S foe arerh 8 ales se aa Fo a aH fare fh ag ae 81” Bre APE “An assessee is not only liable in respect of his own incomes for tax purposes but his liability may extend to some other incomes also.” Explain. 2. (a) ABfafite a 31 ard, 2022 8 qen-va Fefertaa & id 1. sfc oa afta 1, ecare fR (a) wath: 16000 Fam sig @ F 100 wets ei aR 16,00,000 (ob) anfaRrat wa aftrre 21,40,000 2. smrafera afar : 8% FA 28,00,000 afta =a 1,40,000 SKYC-U-COMA/6 2 3. aaatia : fafa aren 9,00,000 sare eRe 20,000 Fa —-33,20,000 UL. oitemafrat 1. sorafera afeeeafirat : ft, war wer a 28,00,000 2. aa. sieerafiat : wie 2,00,000 fafau Gren, 80,000 faa 30,000 aa aed 2,06,000 wa 8 rae 4,000 Fa —-33,20,000 ward oferafrat snd eg 8 siftegfera 81 we geier aon aarf een ora Ag ase} er fag ga vane: (i) eke sie & 10 are war Pl wee HT siete eat ae (i) 8 saa % Gear, ets skeen sre ter a1 90% FEA a wala a, TP ral gore eat ger Saar A ane fen a we, Pee sraeas a TE aT feu ae (ii) Bahia siz 4B 100000 BAM siz, & 10 uf, A aaa UTaT & fre 8% sf sail, & 10 aft ol wea, 4 ace fen ae (iv) Fora aT SI -FeI AAI VATA F 10,00,000 aR fem aE! ¥ 100000 HfeAR zit, © 10 mfa yeh an, & Fetes are age fe sre (vy) fafaa Srent % Ta a 80% & verN BET ae ae a Aafia sie 8 & 10 wh yt ‘vem are siet are a ge fea are (vi) Bafta sin, st Pritts aa ge &, Frees a feu aT ae amt ay fe wh seer aan area ao ater al eigen, ore aie sate age en at ar] BA are a ae eR Ma SKYC-U-COMA/6 3 [P.T.O. ‘The Balance Sheet of AB Ltd. as on March 31, 2022 is as under : if 1. Equity and Liabilities 1, Shareholders’ Funds : (a) Share Capital : 16000 Equity Shares of € 100 each fully paid 16,00,000 (0) Reserves and Surplus © 21,40,000 2. Non-Current Liabilities : 8% Debentures 28,00,000 Accrued Interest 1,40,000 3. Current Liabilities : Sundry Creditors 9,00,000 Income Tax Liability 20,000 Total 33,20,000 Il, Assets 1, Non-Current Assets : Land, Building and Machinery 28,00,000 2. Current Assets : Stock 2,00,000 Sundry Debtors 80,000 Investments 30,000 Cash at Bank 2,06,000 Cash in Hand 4,000 Total 33,20,000 ‘The fixed assets are heavily overvalued. A scheme of reorganization was prepared and passed. The salient points of the scheme are the following : () Each share shall be sub- 10 each ivided into ten fully paid Equity Shares of (i) After such sub-division, each shareholder shall surrender to the company 90% of his holding, for the purpose of re-issue to debenture holders and creditors so far as required and otherwise for cancellation (ii) Of those surrendered, 100000 Equity Shares of € 10 each shall be converted into 8% Preference Shares of € 10 each fully paid for debenture holders SKYC-U-COMA/6 4 (b) (c] (iv) The debenture holders’ total claim shall be reduced to € 10,00,000. This will be satisfied by the issue of 100000 Preference Shares of € 10 each fully paid (v) The claim of sundry creditors shall be reduced by 80% and the balance shall be satisfied by allotting them Equity Shares of € 10 each fully paid from the shares surrendered (vi) Shares surrendered and not re-issued shall be cancelled ‘Assuming that the scheme is duly approved by all parties interested and by the Court, draft necessary Journal Entries and Balance Sheet of the company after the scheme has been carried into effect. ae eh wena Pra ah Um sere I see aA AI sea wa TH 8 SH FH € 150 Nhe TATE % fara @ fate) see A ate via ad 10000 Fare HK agTAta 1 eee ora a ett a fiecr % Gafe—A wa wi—a), fet a ote aia A seer aaa fe at 10000 wargat €i AeA A earl ara wf AY & 4,00,000 eh ste 10000 ware ff a aft af © 5,00,000 a aH #1 AB A ear ara wt FE & 2,80,000 Bh atx 10000 ware Fach we ft ae © 3,20,000 a er ae afeata ard Seat Het fey tars a 8 rae Heh EI fa A fre aon e eet aes A cond sara ehh, seh oT Ife) A newly setup manufacturing company is planning to produce a product that will be sold for © 150 per unit. The demand of the product is estimated at 10000 units per year. The company has the choice of two machines (.e., Machines—A and B), each of which has a capacity of producing 10000 units per year. Machine—A would have fixed costs of ® 4,00,000 per year and would yield a profit of € 5,00,000 per year on sale of 10000 units. Machine—B would have fixed costs of ® 2,80,000 per year and would yield profit of €3,20,000 per year on sale of 10000 units. Variable costs behave linearly for both machines. Calculate the volume of sales at which the costs of two machines will be indifferent. ured sre sfefien, 1961 % agar farce Feat A ar weer 8? sree & fore we afte A Prarie Fah fra wen Raita A art %, fren 3 sal Afsre What is the relevance of residential status as per the Indian Income-tax Act, 1961? Discuss in detail how the residential status of an individual is determined for income tax purposes. 15 15 ‘SKYC-U-COMA/6 5 [P.7.0. 3. ( Prafatea gaa % aren 1, oie ara tan Are aa x fates ao stra 2022 # eae Te arene eri A ora =e : far an fifi sere A B c anfBrs ata (P 4) 8,000 9,600 6,400 24,000 ‘wea are (F #) 16,000 | 16,800 | 24,000 wera ag’ (F 3) 12,000 | 12,000 | 12,800 ‘sate (° 4) 11,200 | 4,800 | 32,000 fan eta (FH) 4,000 4,800 3,200 | 12,000 PTA HAH (%) 334 25 25 mnie wie & fer ee -aBeaT aT (FH) — 1,600 1,600 8,800 vier % der ele a aga ara apaifed Ren sen 8 aan Gan sere wt aC a A ART pais fear aren 81 gH raft % Ser FAI & 2,80,000 eh From the following information, prepare Process A/cs and calculate the actual profits earned by X Ltd. for the month of April 2022 : Processes Particulars Finished Opening Stock (inf) | 8,000 | 9,600 | 6,400 | 24,000 Direct Material (in ®) | 16,000 | 16,800 | 24,000 Direct Wages (in €) 12,000 | 12,000 | 12,800 Overheads (in ®) 11,200 | 4,800 | 32,000 Closing Stock (in ®) 4,000 | 4,800 | 3,200 | 12,000 Profit on Cost (%) 334 25 25 Inter-process Profit for Opening Stock {in ®) - 1,600 1,600 | 8,800 Stocks in process are valued at prime cost and finished stock has been valued at price at which it received from Process—C. Sales during the period were ® 280,000. ‘SKYC-U-COMA/6 6 20 (b) ao A, 3ag rar, a veri a1 ah &, Parr fam Prefered & : warI we saree Frc (freer Param fatten % arria) (F 4) 38,000 36,000 srreaferet Arai (* #) 40,000 45,000 ‘afm Parra (& #) 50,000 60,000 areafars fier (P 4) - 45,000 ra at 8 pra feeq 1g refer ae (F HF) 6,000 7,250 caf aon sfifian (F #) 500 4,500 aril gfe ax (24 fg saa) (F 4) 600 750 weer % Frain Bq ora ae =a (F A) 22,500 5,750 ue a Pen (24 faq stan) (P 4) 750 750 afte a sat wis Para tq fern fore free fio A A ar-fafen ad 2022-23 A weia ora Al rT Ae aI I Finer ‘waft 2022 4 gan, aR WAIT Pani 2012 % qo ee VARMA Stor aA I safttiran & rawr 3 organ A atta faa sre? Mr. A, resident of Chennai, owns two houses, the particulars of which are as under : House—I House—II Standard Rent (under the Rent Control Act) (in ®) 38,000 36,000 Municipal Valuation (in ©) 40,000 45,000 Fair Rent (in ©) 50,000 60,000 De facto Rent (in ®) - 45,000 Municipal Taxes paid during previous year (in ©) 6,000 7,250 Fire Insurance Premium (in €) 500 4,500 Water Benefit Tax (due but outstanding) (in ®) 600 750 Interest on Loan taken to construct the house (in ®) 22,500 5,750 Rent of Lease (due but outstanding) (in ®) 750 750 Use of Assets Self-occupied Rented for Residence Compute the Taxable Income of Mr. A for the Assessment Year, 2022-23. House—I is constructed in February 2022, whereas House—II in 2012. How will the outcome of this situation be treated as per the provisions of the Income-tax Act? 15 SKYC-U-COMA/6 7 [P-T.0. () (a) “Sen-aie afar ey a agrer (Fete) ae 81" ei? sEER F oraPh aA ae ‘area Beet At caren fre “An audit is not essentially an investigation.” Why? Explain the general procedure followed in an investigation. A faite 3 & 10 wes % 160000 at % fore & 2:50 aft Se A shifier n, PengaT 2a, are satan fir ore & ara 3 wit tae arden 3 aAA—P 4-50 nf Hex (shia % ara) Feet Hin RF 2 aft eT wre a af ai Re 3 aft tee 340000 stad % fore sire wre ge, fara @ 20000 ard & fey arden aha aR fea TE otk Fer afte a far an Ae sacal a orgie sien ax fea TM) see ETA =A ag ofits oft an sei 2a orien aft % fe earch ax fora ArT) afta, fart 4000 Yer srefea fr me a, area of a ara ae a oN atk sae ae weet ain an ras a See Del HY ea ae fee 7M 7H, St 2400 dati an one en, Sei at ar TAA aH fewer ter otk aA Ai ae aah teat a sea ae aT AT ‘seq faq 1g Dad HB 4800 dad A 8 aft dae A A GH ven aE aR fen AM, Fee after wht sre tex mr 1 om sraers iat (THe wet) wPafeat

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