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Day Date
Semester
Subject Name
Time
Code
Marks
Wednesday 25/04/2018
II Fresh Repeater
Advanced Management Accounting Audit Advanced Accountancy Paper I
11.00 AM To 02.00 PM
210601
100
Instructions: Question No.1 is compulsory. Attempt any TWO from Q.2 to Q.5
Q.1
The following is the Balance sheet of Purna Hospital, Panvel. Receipt Payments A/c (31/03/2016)
25
Receipts
Rs.
Payments
Rs.
To Balance B/d
56,000
By Salaries
5,60,000
To Patient Fees
3,30,000
By Furniture
1,40,000
To Govt. Grants
6,00,000
By Stationery
25,000
To opn Fees
60,000
By Misc. Expenses
32,000
To O.T. Rent
40,000
By X-ray Machine
1,60,000
To Misc. Receipts
22,000
By Balance c/d
1,91,000
11,08,000
11,08,000
Additional Information:
Outstanding patient fees (31.3.2016) Rs 21,000.
40% of the Government Grants are to be capitalized.
Depreciate furniture by10% X-ray Machine by 20% and Lab equipments by 15% p. a
The assets of the hospitals as on 1.4.2015.
Lab equipments
Rs. 4,00,000
Buildings
Rs. 10,0000
Furniture
Rs. 5,00,000
No depreciation is to charged on buildings prepare Income and expenditure true A/C and Balance sheet as an 31. 3. 2016.
Q.2
Following balances appear in Life Insurance Co. as on 31.03.2017.
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Particulars
Rs.
Particulars
Rs.
Furniture equipment
250
Sunday deposits
100
Printing stationary Claims Paid
77
Life insurance fund at the beginning
50,000
By death
19,000
Premiums
15,000
By maturity
1500
Claims outstanding in the beginning
Annuities
06
By Death
900
Debtors
50
By maturity
600
Cash in Bank with Current A/C
1350
Credit balance posting adjustment
60
Cash stamp in had
30
Annuity granted
02
Surrenders
40
Interest Dividends
1,800
Commission
250
Registration other fees
02
Expenses of Management
3100
Provision for taxation
300
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Deposit with electricity
01
Premium deposits
1,150
Advance Income Tax
50
Sundry creditors
350
Agent balance
100
Contingency reserve
150
Income Tax on interest
500
Depreciation on: Furniture office equipment
40
Income Tax
450
Building
300
Loans on mortgage
150
Loans on policies
3250
Investments
35,200
Building
5,400
70,754
70,754
Claim outstanding at the year end, by death Rs. 60 lakhs.
Management expenses includes Rs. 2 lakh for legal charges.
Provision for depreciation Building Rs. 15 lakh and Furniture equipment Rs. 110 lakh.
Provision for income tax at 40%
Prepare Find Accounts of Life Insurances.
Q.3
Journalize the following transaction in the books of Vishal Enterprises and prepare Foreign Exchange Fluctuation Account and Cash/Bank Account for the year ended 31st March 2017.
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Balances on 1st April 2016: when exchange rate was Rs. 37.
AB Debit balance 10,000 DE Credit balance 5,000.
Purchase of goods from X co. worth us 10,000 on 1st May 2016. The exchange rate was Rs. 38.
On 1st July 2016, 10,000 received from AB. The exchange rate was Rs. 39
On 1st August, 2016 5000 paid to DE. The exchange rate was Rs. 38.50
Sale of goods to Y for 50,000 on 31st August 2016. The exchange rate was Rs. 40.
30th November 2016 20,000 received from Y. the rate of exchange was Rs. 39.
On 1st December 2016 goods sold to Z for 20,000. The exchange rate was Rs. 39.25.
5th December, 2016 10,000 paid to X co. The rate of exchange was Rs. 37.
15th December 2016 10,000 received from Y. The exchange rate was Rs. 41
10) 31st January, 2017 10,000 received from Z. the exchange rate Rs. 40.
11) 15th February, 2017 goods purchased from K for 20,000. The rate of exchange was Rs. 36.
12) 25th March, 2017 sale of goods to J for 10,000 The rate of exchange was Rs.38.
On 31st March, 2017 the exchange rate was Rs. 40
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Q.4

D Ltd of India has sold goods to B Ltd of UK for 2,00,000 on 1st January 2016. 40% was received on 1st February 2016. Balance was received on 1st March 2016. Foreign Exchange Rate are as under: 1. 1.2016 1 Rs. 50 1.2.2016 1 Rs. 51 1.3.2016 1 Rs. 49 Journalize the transaction and prepare Foreign exchange A/C in the books of D Ltd.
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Explain the structure of International Accounting Standards Board.
10
Q.5
Write notes on the following IFRS's
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IFRS 2
IFRS 4
IFRS 8