REG NO:

1. JOSEPH’S COLLEGE OF COMMERCE (Autonomous)

end semester examination – march/april 2016

M.COM – IV SEMESTER

P113401: FINANCIAL REPORTING AND OPERATIONAL COMPLIANCE

Duration: 3 Hours                                                                                           Max. Marks: 100

 

SECTION – A

 

1. Answer any 7 of 10 questions. Each question carries 5 marks. (7X5=35)     

                                                                                                                                        

1. Name the Accounting Standard?:

 

Particulars	Accounting Standard
a.   Depreciation
b.  Impairment of Assets
c.   Borrowing Cost
d.  Investments
e.   Inventories

 

Write a note on Borrowing Cost in not more than 3 sentences

 

2. Briefly explain the importance of IEC and Objectives of EXIM policy.

 

3. Briefly explain the applicability and disclosure requirements of AS-18 ‘Related Party Disclosures’

 

4. 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?

 

5. Briefly explain the applicability of Employees’ Provident Funds Act, 1952 and also provide the contribution to be made by employer and employee under the act.

 

6. Match the following:

 

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

 

 

7. List the transactions to which AS -10 Fixed Assets are not applicable.

 

8. What are the steps involved in Company Incorporation under Companies Act, 2013.

 

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

 

10. What are the qualitative characteristics of Financial Statements?

 

 

SECTION – B

1. Answer any THREE questions. Each question carries 15 marks. (3X15=45)

 

11. Explain briefly the modes of valuation of goods under Central Excise Act, 1944.

 

12. Explain Input Tax, Output Tax and Net Tax. What is the due date for filing monthly VAT returns for a dealer claiming input tax credit against output tax?

 

1. Briefly explain the applicability of Employees’ State Insurance Act, 1948 and also provide the contribution to be made by employer and employee under the act.

 

1. Explain the significance of Form FCGPR and FCTRS under FEMA regulations.

 

13. What are the entry routes for investments in India under Foreign Exchange Management Act, 1999? Briefly Explain.

 

1. Who are the users of financial statements and briefly explain their information needs?

 

14. Briefly explain limitation of accounting.

 

1944. What is manufacturing under Central Excise Act, 1944. Briefly explain

 

1. What is Declared Service under Service Tax Law? Give 3 examples of Declared Service.

 

15. Distinguish between LLP, Company and Partnership.

 

1. Briefly explain the meaning of ‘Partner’ and ‘Designated Partner’ in a LLP

 

 

 

SECTION – C

• Answer the following Compulsory (1×20=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 Jai Trading Ltd. for the year ended 31st March, 2016.

Jai Trading Ltd -Trial Balance as at 31st March, 2016

Particulars	Debit (Rs.)	Credit (Rs.)
Authorised Capital – Rs.2,00,000/- (Shares of Rs.10 each) Equity Share Capital (Shares of Rs.10 each)		1,00,000
Cash Credit Loan		5,26,150
Trade Payables		1,75,850
Sales of Goods		16,95,400
Sale of Services		45,800
Opening Stock of Goods	55,800
Profit & Loss appropriation		2,68,400
Furniture & Fixtures	50,000
Plant and Machinery	2,00,000
Advertisement	5,000
Purchase of Goods	15,65,000
Rentals	6,000
Cash	44,340
Bank Balance	31,200
Interest on Cash Credit	3,65,700
Salaries and Wages	2,01,200
Debtors – Trade Receivable	1,84,500
Direct Expenses	75,120
Travelling and Conveyance	27,740
Total	28,11,600	28,11,600

Additional Information :

– Closing stock of goods as on 31st March, 2016 – Rs. 7,51,500

– Rate of Depreciation

Particulars	As per Companies Act based on useful life of assets	As per Income Tax Act
Furniture & Fixtures	15%	10%
Plant and Machinery	25%	15%

• 10% of debtors are bad, 5 % of debtors are doubtful and Rs.50,000/- is outstanding from the 15^th August, 2015.
• Rate of Income tax – 30%
• 25% of Trade Payables are payable after one year from the end of 31^st March 2016.

 

Also provide relevant Accounting Policies in Notes forming part of accounts.

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