St. Joseph’s College of Commerce M.Com. 2014 III Sem Financial Reporting And Operational Compliance Question Paper PDF Download

St. Joseph’s College of Commerce (Autonomous)

End Semester Examinations –  April 2014

M.Com – IV Semester

FINANCIAL REPORTING AND OPERATIONAL COMPLIANCE

 

Time: 3 Hrs                                                                                                         Max. Marks: 100

Section – A

 

 

  1. Answer any 7 out of 10 questions. Each question carries 5 marks. (7×5=35)

 

  1.  Match the following & write a brief note on AS-18.

 

Accounting Standard No. Particulars
a.   Accounting Standard (AS) 6 Revenue Recognition
b.   Accounting Standard (AS) 1 Depreciation Accounting
c.   Accounting Standard (AS) 18 Disclosure of Accounting Policies
d.  Accounting Standard (AS) 26 Related Party Disclosures
e.Accounting Standard (AS) 9 Intangible Assets

 

  1. Name the Fundamental Accounting Assumptions and briefly explain.

 

  1. List the contents of Annual Report and briefly explain.

 

  1. When does a dealer required to register under Karnataka Value Added Tax Act, 2003? What is the due date for filing monthly VAT returns for a dealer claiming input tax credit against output tax?

 

  1. Match the following & write a brief note on Negative list.

 

Sl.No Column – A Column – B
1 Form 100 Tax on Profession, Trades, Callings and Employment
2 Negative List Monthly VAT Return
3 Maximum Retail Price Service Tax
4 Profession Tax Foreign Exchange Management Act, 1999
5 Foreign Direct Investment Valuation of Excisable Goods

 


 

 

  1. Match the following & write a brief note on regulatory conditions for the appointment of Statutory Auditor.

 

Sl.No Column – A Column – B
1 eForm 8 Appointment of Statutory Auditor
2 eForm 17 Change or in the designation of Director – Resignation, Retirement and Death
3 eForm 32 Filing of yearly Annual Return
4 eForm 23B Satisfaction of Charge
5 eForm 20B Charge Creation

 

 

  1. Distinguish between LLP and Company.

 

  1. Briefly explain the applicability of Employees’ Provident Funds Act, 1952 and Employee State Insurance Act, 1948 and also provide the contribution to be made by employer and employee under relevant acts.

 

  1. Briefly explain the concept of Negative List under Service Tax Law. What is the current rate of service tax notified by Central Government?

 

  1. Match the following & write a note on Deferred Tax.

 

Sl.No Column – A Column – B
1 Financial Charges AS – 11
2 Deferred Tax AS – 20
3 Foreign Exchange Fluctuation Borrowing Cost
4 Lower of cost or net realizable value Accounting for Taxes on Income
5 Diluted Earnings Per Share AS – 2

 

 

Section – B

  1. II) Answer any THREE Each question carries 15 marks. (3×15=45)    

 

 

  1. Explain the concept of capital and capital maintenance.
  2. Explain the objectives of financial statements.

 

  1. Explain any 7 accounting standards in not more than five sentences.

 

  1. What is manufacturing under Central Excise Act, 1944. Briefly explain
  2. Who are the users of financial statements and explain their information needs?

 

  1. Info IT Exports Pvt., Ltd., a company in India are exporters of software development services and during the financial year has invoiced the following amounts in various currencies. Arrive at the Net Foreign Exchange Gain/Loss from the details provided below and also specify the following :

 

  • where will the company reflect the exchange gain or loss in the financial statements.
  • Specify what will be the impact on Networth on account of exchange gain or loss.
  • Name the accounting standard which you are applying in arriving at the exchange gain or loss.

 

Sl.No. Invoice No. Date of Invoice Amount Exchange rate on the date of Invoice Exchange rate on the date of realisation
1. 1001 12/05/2012 USD 15,000 53.50 54.25
2. 1014 14/06/2012 GBP 25,000 71.26 73.00
3. 1036 10/03/2013 EURO 10,000 66.30 63.11

 

  1. Compute Basic Earnings per Share (Basic EPS) and Diluted Earnings per Share (Diluted EPS)

 

Net profit for the current year Rs. 1,00,00,000

Equity Share Capital : 5,00,000 Equity Shares of Rs.10/- each

Share Application Money Pending Allotment – 50,000 equity shares of Rs.10/- each

 

  1. In not more than 5 sentences explain the need for Foreign Currency Translation in the books of account.

 

  1. Calculate the income tax and deferred tax from the following data:

 

  1. Profit of the company before tax –  40,88,605
  2. Depreciation as per Companies Act, 1956 – Rs.12,63,746/-

iii.   Depreciation as per Income Tax Act, 1961  – 13,46,238/-

  1. Rate of income tax – 30%

 

  1. Briefly explain limitation of accounting.

 

  1. What is reverse charge mechanism under Service Tax Law. Briefly explain

 

 

 

Section – C

 

III)Answer the following compulsory question.

                                                                                                                                  (1 x 20= 20)     

16.You are required to prepare financial statements under Revised Schedule VI (including Notes forming part of accounts) from the following trial balance of Suhas Company Ltd. for the year ended 31st March, 2013.

 

Suhas Company Ltd.

Trial Balance as at 31st March, 2013

Particulars Debit (Rs.) Credit (Rs.)
Equity Share Capital (Shares of Rs.10 each) Authorised Capital – Rs.10,00,000/-        1,00,000
Term Loan           85,000
Trade Payables           18,100
Sales of Goods        4,10,900
Opening Stock of Goods        78,000  
Profit & Loss appropriation   16,000
Furniture & Fixtures        50,000  
Plant and Machinery     1,25,000  
Advertisement          2,000  
Purchase of Goods     2,31,900  
Rentals          2,500  
Cash             800  
Bank Balance 1500  
Interest on Bank Term Loan          5,500  
Salaries and Wages        90,000  
Debtors – Trade Receivable        28,700  
Direct Expenses 2,300  
Consumables          8,400  
Travelling and Conveyance          3,400  
 Total      6,30,000      6,30,000

Additional Information :

– Closing stock of goods as on 31st March, 2013 – Rs. 82,300

 

– Rate of Depreciation

Particulars As per Companies Act As per Income Tax Act
Furniture & Fixtures 20% 10%
Plant and Machinery 20% 15%
  • 10% of debtors are doubtful and management decided to make provision in the books.
  • Rate of Income tax – 30%
  • 50% of Trade Payables are payable after one year from the end of 31st March 2013.

 

 

Latest Govt Job & Exam Updates:

View Full List ...

© Copyright Entrance India - Engineering and Medical Entrance Exams in India | Website Maintained by Firewall Firm - IT Monteur