Advanced Accounting - May 2023

Fisher Construction Co. obtained a contract for construction of a commercial complex. The following details are available in records of a company for the year ended 31st March, 2023: Particulars Amount in lakhs Total contract price Work certified 24000 12500 Work not certified 2500 Estimated further cost to completion of work 17500 Progress payment received Progress payment to be received 11000 3000 Applying the provisions of AS 7, you are required to compute: (i) Profit / Loss for the year…

Ltd. and Y Ltd. had been carrying on business independently. They agreed to amalgamate and form a new company XY Ltd. with an authorized share capital of ` 40,00,000 divided into ` 8,00,000 equity shares of 5 each. On 31 st March, 2023 the respective information of X Ltd. and Y Ltd. were as follows: X Ltd. (`) Y Ltd. (`) Share Capital 34,25,000 36,10,000 Trade Payable Property, Plant and Equipment 59,70,000 58,25,000 18,02,500 37,40,000 Current Assets 31,45,000 15,99,500 Additional…

(a) G Ltd. and its subsidiary K Ltd. give the following information for the year ended 31 stMarch, 2023: (` in crores) Particulars G Ltd. K Ltd Sales and other Income Increase in Inventory Raw material consumed Wages and Salaries Production expenses Administrative expenses Selling and Distribution expenses Interest Depreciation 3000 750 600 600 100 75 100 75 75 750 100 100 75 50 50 25 30 10 INTERMEDIATE EXAMINATION: MAY, 2023 The following information is also given: (i) G…

H Ltd acquired 15000 shares in S Ltd. for 1,55,000 on July 1, 2022. The Balance sheet of the two companies as on 31 st March, 2023 were as follows: H Ltd.` S Ltd.` 9,00,000 2,50,000 1,60,000 80,000 40,000 50,000 40,000 25,000 20,000 30,000 Total 12,30,000 3,65,000 Assets Machinery Furniture Investment in Equity Shares of S Ltd. Stock-in Trade Trade Debtors Bills Receivable Cash at Bank 7,00,000 1,00,000 1,55,000 1,00,000 60,000 25,000 90,000 1,50,000 70,000 50,000 35,000 20,000 40,000 Total…

(a) VIJ Ltd. has the following capital structure as on 31 st March, 2022: Particulars Equity share capital (Shares of ` 10 each, fully paid) Reserve and Surplus: General Reserve Securities Premium Account (` In Lakhs) 990 720 270 20 INTERMEDIATE EXAMINATION: MAY, 2023 Profit & Loss Account Infrastructure development Reserve 270 540 Loan Funds 1800 5400 On the recommendation of the Board of Directors, the shareholders of the company have approved on 2 nd September 2022 a proposal to…