Integrated Business Solutions - May 2024

The Question Paper comprises five case study questions. The candidates are required to answer any four case study questions out of five. CASE STUDY - 1 KLM Private Ltd., Jaipur (KLM) KLM Private Ltd., Jaipur is a wholly owned subsidiary of MNO Ltd., Mumbai. KLM is engaged in manufacture of textile goods and beverages. It was incorporated on 15th July 2020. KLM placed order for 2 passenger vehicles (vans) for ₹25 lakhs each with seating capacity of each vehicle being…

1.4. How much of GST input tax credit will be available to KLM in respect of passenger vehicles and fork-lift truck acquired by it during the financial year 2023-24? (A) ₹17,60,000 (B) ₹10,60,000 (©) ₹7,00,000 (D) ₹3,60,000 1.5. What would you say when KLM has changed its inventory cost formula? (A) Change in accounting estimate (B) Change in accounting policy (C) Neither a change in accounting estimate nor a change in, accounting policy (D) Change in method of accounting (5…

J succestep answer ANSE INTEGRATED BUSINESS SOLUTIONS CONCLUSION Therefore, Mittal & Co., the Statutory Auditor should form his opinion by performing necessary audit procedures and obtaining — sufficient appropriate evidence. It is only when the Auditor concludes that modification of opinion is not required as a result of said matter in terms of SA 705, the said matter may be included in Emphasis of Matter paragraph. In view of the above, the disclosures given by Mittal & Co., the statutory…

J succestep answer ANSE INTEGRATED BUSINESS SOLUTIONS Purchase of a Millet Processing Machinery MAPL wants to purchase millet processing machinery from KPL Limited, to increase its capacity of millet processing. As a part of the Government policies to provide impetus to agriculture and allied industry, government grants have been provided to eligible companies for procurement of machinery. MAPL, being also eligible for such government grant, has received an amount of ₹10 lakhs as grant. The following are the details of…

J succestep answer ANSE INTEGRATED BUSINESS SOLUTIONS Hedging Forex Risk The CFO of MAPL wants to decide whether to hedge with currency risks derivatives and what types of hedge instruments to choose for the same. There is an urgent need to address this issue as last year there has been breach on loan covenants due to currency exposures. MAPL has taken a loan of 50 billion JPY from a leading Bank, repayable in 10 years. The exposure is unhedged and…

J succestep answer ANSE INTEGRATED BUSINESS SOLUTIONS 2.4. The amount of initial measurement of right of use asset by MAPL will be: (A) ₹9,52,000 (B) ₹9,50,000 (©C) ₹10,27,000 (D) *10,25,000 2.5. What would be the amount required to be recognized in the ‘Other Comprehensive Income’ of the financial statements for the year ended on 31 March 2024, without considering the effect of deferred tax: (A) Actuarial gain - ₹60,000 (B) Actuarial loss - ₹5,000 (C) Actuarial gain - % 95,000…