Question Paper Nov 23 - Group 1

TOPPER’S CLASSES [CA – INTER GROUP - I] Question Paper NOV 2023 1
TOPPER’S CLASSES
CA-INTER
QUESTION PAPER
NOV 2023
Group I
Address:
1/52, Lalita Park, Laxmi Nagar Delhi – 110092 | Ph. 9873166136
U-86, Shakarpur, Laxmi Nagar, Delhi – 110092 | Ph. 9873166106
B-4 Ramdutt Enclave, Near Pani ki Tanki & MCD School, Delhi - 110059
Call: 8595464215, 9873166126

ADVANCED ACCOUNTING – NOV. 2023 EXAM.

Q.1 Answer the following Questions: [5 × 4 = 20 Marks]
(a) Glen Ltd. began construction of a new building on 1st January, 2022. On 1st April, 2022,
following two loans were obtained to fund the construction cost:
(i) Loan of ₹ 60,00,000 from Data Bank Ltd. was taken at interest rate of 8% per annum.
This loan was fully utilized for construction of the new building.
(ii) Loan of ₹ 20,00,000 from Satya Bank Ltd. Out of this, loan amount of ₹ 6,00,000 was
utilized for working capital purpose.
Total interest of ₹ 1,92,000 were paid to Satya Bank Ltd. for the financial year 2022-23.
Construction of the new building was completed on 31st January, 2023 and was ready
for its intended use on the same date.
None of the loan from was repaid during the year. The building is a qualifying asset for
the purpose of AS-16.
Out of loan from Data Bank Ltd., surplus funds were temporarily invested for the short
period of time. This temporary investment earned interest of ₹ 30,000.
You are required to calculate the amount of interest (a) to be capitalized, (b) to be charged
to profit and loss account from the total interest incurred as borrowing cost during the
year 2022-23. (as per AS-16).
(b) Karna Ltd., an Indian Company, has the following foreign currency transactions during the
financial year 2022-23:
(i) On 1st July, 2022, imported goods from Try Ltd., a German based company amounting
to ₹ 30,96,000.
(ii) On 1st October, 2022, imported plant and machinery from Lucy Ltd., a German based
company, for € 18,500. The amount was paid on the date of import itself. (Ignore
depreciation).
(iii) On 1st December, 2022, exported good on credit to Cream Ltd., a German based
company, amounting to ₹ 50,40,000.
All the above transactions were recorded in the books of account at the prevailing exchange rate
on the date of the transactions. Ignore taxes and duty on the above transactions.
Payment due from Cream Ltd. and payment due to Try Ltd. is outstanding as on 31st March,
2023.
Rate of exchange between reporting currency (₹) and foreign currency (€) on different dates a
are as under:
On 1st July, 2022 1 € = ₹ 86

On 1st October, 2022 1 € = ₹ 88
On 1st December, 2022 1 € = ₹ 84
On 31st March, 2023 1 € = ₹ 90
You are required, as per AS-11:
(i) To show value at which above items will appear in Balance sheet as on 31st March, 2023:
(ii) To calculate the amount of gain/loss on each of above transactions on account of
exchange differences, if any.
(c) In the following cases, find the value of closing stock as per AS 2:
(i) Sonu is a retailer dealing in toys. During the year, he purchased items worth for ₹1,47,000
and made a total sale ₹ 1,54,000. The average percentage of gross - margin is 10% on
cost. Opening stock of toys at cost was ₹ 20,000.
(ii) On 21st March, 2023, Mohan purchased 250 chairs at ₹ 300 each. The selling price of the
chair is ₹ 400 each. Owing to a manufacturing defect, net realisable value of the whole
lot of chair was determined at 70% of their normal selling price. No chairs were sold
during the year.
(d) A Ltd. purchased a Machinery for ₹ 75 Lakhs. Government Grant received towards this
Machinery is ₹ 10 Lakhs. Residual Value of Machinery at the end of useful life of 6 Years is ₹5
Lakhs.
Asset is shown in Balance Sheet at net of grant.
At the beginning of the 3rd year, an amount becomes refundable to the extent of ₹ 8 Lakhs due
to non-compliance of certain conditions of grant.
You are required to give necessary Journal entries for the 1st year and the 3rd year in the books
of A Ltd.
Q.2
(a) Deleted [12 Marks]
(b) Deleted [8 Marks]
Q.3
(a) Following information is given by Mr. Happy (stock broker) relating to his holding in 10%
Government Bonds:
Opening Balance as 1st April, 22 was 5,000 units (Nominal value ₹100 each), Cost ₹ 4, 85,000.
On 1st June, 22, Purchased 600 units, cum-interest @ ₹ 99.
On 1st August, 22, Purchased 2400 units, ex-interest @ ₹ 97.50
On 1st October, 22, Sold 2,500 units @ ₹ 98.50, ex-interest
On 1st January, 23, Sold 3,000 units @ ₹ 99 cum interest

Interest is received on 30th June and 31st December each year.
Mr. Happy closes his books on 31st March each year.
Prepare Investment Account in the books of Mr. Happy assuming that FIFO method of valuation
is followed by Mr. Happy. [10 Marks]
(b) Jolly Industries of Delhi is a trader in spices. It has a branch at Jalandhar to which Head office
invoice goods at 20% on sales. The Jalandhar branch sells spices both on cash and credit. Branch
remit all the cash received to Head Office Bank account, thus all expenses of branch are also
directly paid from head office.
From the following information given, Prepare Branch Accounts in the Head office ledger using
Stock and Debtors Method.
Branch does not maintain any books of account, but send fortnightly returns to Head office.
₹
Stock at Jalandhar as on 1st April, 2022 (Cost Price) 1,00,000
Sundry Debtors at Jalandhar as on 1st April, 2022 1,10,000

Cash received from Debtors 3,45,000
Bad debts during the year 9,500
Discount allowed to Debtors 5,500
Goods received from Head Office at Invoice Price 6,00,000
Returns to Head office at Invoice Price 60,000

Normal loss of goods during transport (Out of Goods
sent by H.O. to Branch) 12,000
Sales returns at Jalandhar Branch 11,000
Salaries and staff welfare expenses at Branch 54,000
Rent and taxes at Branch 9,000

Other Office Expenses 2,500
..
Sundry Debtors at Branch as at 31st March 2023 1,55,000
Stock at Jalandhar as on 31st March, 2023 (Cost Price) 1,20,000
Credit sales at Branch are four times of the cash Sales at Branch. [10 Marks]
Q.4 The following is the Trial Balance of Falgun Ltd., as on 31st March, 2023 :
Debit Credit
Particulars
Amt. (₹) Amt. (₹)
Equity Share Capital (Fully paid-up shares of ₹ 100 each) 10,00,000
10% Preference Share Capital of Face Value ₹ 100 each 4,00,000
General Reserve 2,85,000
2,000 10% Debentures of ₹ 100 each 2,00,000
Securities Premium Account 50,000
Land (at Cost) 7,00,000
Plant and Machinery 14,70,000
Furniture 4,00,000
Provision for Depreciation - Plant and Machinery 3,00,000
Provision for Depreciation - Furniture 1,90,000
Trade Receivables 3,10,000
Trade Payables 72,000
Cash-in-Hand 1,34,000
Cash-at-Bank 3,05,000
Bank Over Drafts from Nationalized bank (Long Term) 2,00,000
(Secured by Hypothecation of Stocks)
6% Secured Loan from State Finance Corporation 4,50,000
(repayable after 3 years)
(Secured by Hypothecation of Plant and Machinery)
Unclaimed Dividend 23,000
Loan from Director (Short Term) 1,00,000
Adjusted Purchases 2,25,000
Closing Stock 1,12,000
Sales 8,46,000
Carriage Inward 17,200
Miscellaneous Expenses 10,200
Selling and Distribution Expenses 46,600
Depreciation 1,80,000
Salaries 72,000
Director’s Fees 40,000
Travelling Expenses (include ₹ 50,000/- for foreign tour) 1,30,000
Profit and Loss Account 40,000
Office Expenses 28,000
Rent Received 24,000
41,80,000 41,80,000
Additional Information:
(i) Authorized Capital – divided into -
(a) 20,000 equity shares of ₹ 100 each.
(b) 10,000 10% preference shares of ₹ 100 each.
(ii) Equity shares include, 2,500 equity shares issued for consideration other than cash.
(iii) The company has had land professionally valued and decides to include it in the Balance
sheet at its valuation of ₹ 8,50,000.
(iv) It is proposed to capitalize part of the undistributed by making bonus issue to the
shareholders by allocating one equity share of ₹ 100 each for every 5 shares held
(v) Trade Receivables of ₹ 46,000 are due for more than six months. There is no doubtful
amount.
(vi) Depreciation expenses include depreciation of ₹ 1,10,000 on Plant and Machinery and
that of ₹ 70,000 on Furniture.
(vii) Cash-at-Bank include ₹ 55,000 with Desire Bank Ltd., which is not scheduled Bank.
(viii) Miscellaneous expenses included ₹ 5,000 being audit fees paid to auditors.
(ix) Bills Receivables for ₹ 35,000 maturing on 31st July, 2023 has been discounted.
(x) Balance of secured loan from State Finance Corporation is inclusive of ₹ 36,000 for
interest accrued but not due.
(xi) Director's declared final dividend @ 8% on 6th April, 2023, transferring any amount
that may be required from General Reserve. Ignore Taxation.
(xii) Interest on debenture for the year is outstanding as on 31st March, 2023.
You are required to prepare Balance Sheet as on 31st March, 2023 and Statement of Profit and
Loss with Notes to Accounts for the year ending 31st March, 2023 as per Schedule III of the
Companies Act, 2013. Ignore previous years' figures. (Ignore taxation).
(All workings should form part of the answer). [20 Marks]
Q.5
(b) Discuss Disclosure requirements in following cases as per AS 1.
(i) Accountant of A Ltd. charges a probable loss of losing a suit in books of accounts and
also disclosed the same fact in financial statements. The probability of following the suit
is 25%.
(ii) Accountant of A Ltd. capitalized all the revenue expenses of repair and maintenance
during the year to Plant & Machinery and is also disclosing the same as company policy
in financial statements.
(iii) A Ltd. has followed accrual basis of accounting since incorporation. The chief accountant
also disclosed this fact in financial statements.
(iv) A Ltd. was providing for after sales expenses @ 2% of sales for covering expenses during
the warranty period. Now A Ltd. observes that actual after sales expenses were much less
as compared to provision because of better technology used in manufacturing of the
products. Now, the Board of A Ltd. decides to account for these expenses as and when
they occur. Sales during the period are ₹ 50 crores. [5 Marks]
Q.6 Answer the followings:
(c) Deleted [10 Marks]

ADV. ACCOUNTS – NOV. 2023 EXAM.

Q.1 Answer the following Questions: [5 × 4 = 20 Marks]
(a) Sapphire Limited earned Net profit of ₹ 39,00,000 and ₹ 59,40,000 for the years 2021-22 &
2022-23 respectively.
The following information were given for 2022-2023:
(i) The company declared Rights issue of two new shares for each five outstanding shares.
(ii) 4,00,000 shares were outstanding prior to Rights issue.
(iii) Rights issue price was ₹ 27.5 and the last date to exercise rights was 1st July, 2022.
(iv) Fair value of one equity share immediately prior to exercise of rights on 1st July, 2022
was ₹ 143.
You are required to Compute Basic Earnings Per Share as per AS-20 :
(i) for the-year 2021-22, and
(ii) for the year 2022-23
(b) The accountant of Beryl Limited has asked you to identify the following items as - Change in
Accounting Policies / Change in Accounting Estimates / Extraordinary Items / Prior period
items/Ordinary Activity :
(i) Non-provision for salary already due in earlier year.
(ii) Attachment of the property of the enterprise.
(iii) Introduction of new pension scheme for employees.
(iv) Change in Reserve for obsolete inventory.
(v) Settlement of litigation case.
(vi) Actual Bad debts exceed the provision.
(vii) Legislative changes having long term retrospective application.
(viii) Capitalisation of working capital loan interest.
(ix) Change from Cost Model to Revaluation Model for measurement of carrying amount of
PPE.
(x) Government sanctioned grant 10 current year for expenses incurred in previous
accounting year.
(c) The following particulars are stated in the Balance Sheet of Siddhi Limited as on 31 st March,
2022 :
Particulars (₹ In lakhs)
Deferred Tax Liabilities (Cr.) 2.50
Deferred Tax Assets (Dr.) 1.35
The following transactions were reported during the year 2022-23: (₹ in Lakhs)
(i) Depreciation as per accounting records 15.00
(ii) Depreciation as per income tax records 20.00
(iii) Interest paid to NBFC accounted in books on accrual basis but paid
on 30.06.2023 6.00
(iv) Items disallowed for tax purposes in 2021-22 but allowed in 2022-23 1.05
(v) Donation to Private Trust 40.00
(vi) Tax rate 15%
(vii) There were no additions to fixed assets during the year.
You are required to calculate the Deferred Tax Asset and Deferred Tax Liability as on 31-03-
2023 as per AS-22.
(d) Garnet Limited has 4 operating segments. The total revenue (internal and external) and assets
are set out as below: (₹ in Lakhs)
Segment Inter Segment Sales External Sales Total Assets
Fan 3,200 10,900 23,700
Light 200 1,400 13,200
Lamp 0 1,500 4,200
Printer 1,100 200 3,400
TOTAL 4,500 14,000 44,500
How many reportable segments does Garriet Limited have as per the Revenue and Assets criteria
given in AS 17? State Reasons for your answer.
Q.2 Following is the Balance Sheet of Tourma Limited as at 31st March, 2023:
Particulars Notes ₹ in Lakhs
Equity and Liabilities
1. Shareholders’ funds
A. Share Capital 1 24.00
B. Reserves and Surplus 2 (9.10)
2. Non-current liabilities
A. Long-term borrowings 3 3.20
3. Current liabilities
A. Trade Payables 1.15
B. Short Term Borrowings - Bank Overdraft 1.40
C. Other current liabilities 4 0.32
D. Short term provisions 5 0.42
Total 21.39
Assets
1. Non-current assets
A. Property, Plant and Equipment 6 7.80
B. Intangible Assets 7 1.70
C. Non-Current Investments 8 1.80
2. Current Assets
A. Inventory 5.12
B. Trade receivables 4.32
C. Cash and cash equivalents 0.65
Total 21.39
Notes to Accounts:
₹ in Lakhs
1 Share Capital
Equity share capital
16,000 Equity Shares of ₹ 100 each 16.00
8,000 6% Preference Shares of ₹ 100 each 8.00
24.00
2 Reserves and Surplus
Debit balance of Profit and loss Account (9.10)
(9.10)
3 Long-term borrowings
3,200 10% Debentures 3.20
3.20
4 Other current liabilities
Interest payable on debentures 0.32
0.32
5 Short term provisions
Provision for taxation 0.42
0.42
6 Property, Plant and Equipment
Plant & Machinery 5.00
Furniture & Fixture 2.80
7.80
7 Intangible Assets
Patents & Copyrights 1.70
1.70
8 Non-Current Investments 1.80
Investments (Market Value ₹ 1,10,000) 1.80
As on 1st April, 2023, the following scheme of reconstruction was finalized for which necessary
resolution was passed and approvals were obtained from appropriate authorities. Accordingly, it
was decided that:
(i) Each equity share is to be sub-divided into ten fully paid-up equity shares of ₹ 10 each.
After sub-division, each shareholder shall surrender to the company 40% of his
holding, for the purpose of re-issue to trade payables as necessary.
(ii) Preference shareholders would give up 30% of their capital and 12% Debentures (face
value ₹ 100 each) shall be issued to them for balance holdings.
(iii) The company would issue additional 12% Debentures (face value ₹ 100 each) for
₹4,00,000 for meeting its working capital requirement and final settlement of Bank
Overdraft at 90% of the amount.
(iv) Existing debenture holders would accept Furniture & Fixture in full settlement of their
dues.
(v) Trade payables claim shall be reduced to 70%, it is to be settled by the issue of equity
shares of ₹ 10 each out of shares surrendered.
(vi) The shares surrendered and not re-issued shall be cancelled.
(vii) The taxation -liability is to be settled at 50,000.
(viii) Investments value to be reduced to market price.
(ix) Balance of profit and loss account is to be written off.
(x) The value of inventories is to be increased by ₹ 32,000 and Provision for Doubtful
Debts is to be created at 5% of Trade Receivables.
You are required to:
(i) Pass necessary journal entries in the books of account of Tourma Limited.
(ii) Prepare Reconstruction Account, and
(iii) Prepare Balance Sheet of the company after internal reconstruction. [20 Marks]
Q.3
(a) GB Limited acquired 80% of equity shares of TB Limited on 1st April, 2016 at a cost of
₹58,00,000 when TB Limited had an Equity share capital of ₹ 50,00,000 and Reserves and
Surplus of ₹ 4,64,000.
The following information is provided:

Year Profit/(Loss) of TB Limited (₹)
2016-17 (14,50,000)
2017-18 (23,20,000)
2018-19 (29,00,000)
2019-20 (6,96,000)
2020-21 1,90,000
2021-22 6,80,000
2022-23 12,70,000
You are required to calculate the minority interests and cost of control at the end of each year
for the purpose of consolidation. [15 Marks]
Q.4
Q.5
Q.6 Answer the followings: [4 × 5 = 20 Marks]
(a) Raman Limited and Naman Limited decided to amalgamate and form a new company Rana
Limited as on 31st March, 2023 and provided you the following information:
Particulars As on 31st March, Revalued Figures
2023 for Amalgamation
Raman Naman Raman Naman
Limited Limited Limited Limited
(₹) (₹) (₹) (₹)
Equity shares of ₹ 10 each 6,72,000 2,52,000
10% Preference- Shares of ₹ 100 each 3,36,000 1,68,000
Reserves and Surplus 5,44,240 2,65,480
Trade Payables 84,000 1,76,000 80,640 1,68,960
Property, Plant and Equipment 7,69,000 4,36,400 10,58,100 5,20,100
Goodwill 1,62,000 - 1,62,000 -
Inventories 1,89,000 1,17,600 2,78,620 2,06,780
Trade Receivables 2,81,000 1,47,000 2,47,140 1,38,180
Cash & Cash Equivalents 2,35,240 1,60,480
The purchase consideration is to be satisfied as follows:

(i) By issue of 4 Preference Shares of 100 each in Rana Limited @ ₹ 85 paid up and at a
premium of ₹ 30 per share for every 3 preference shares held in both the companies.
(ii) By issue of 5 Equity shares of ₹ 10 each in Rana Limited @ ₹ 7 paid up and at a premium
of ₹ 5 per share for every 3 equity shares held in both the companies.
(iii) In addition, necessary cash should be paid to equity shareholders of both the companies
as required to adjust the rights of shareholders of both the companies in accordance with
the intrinsic value of the shares of both the companies.
You are required to compute the purchase consideration for both the companies.
(b) The following is the extract of Balance Sheet of Yellow Limited as on 31.03.2023 :
₹
4,00,000 Equity shares of ₹ 10 each 40,00,000
General Reserve 48,00,000
Profit & Loss Account 10,00,000
Securities Premium 18,00,000
Secured Loans 60,00,000
Unsecured Loans 32,00,000
Current Liabilities 28,00,000
2,36,00,000
Property, Plant and Equipment 90,00,000
Investments 18,00,000
Current Assets 1,28,00,000
2,36,00,000
The company intends to buy-back 80,000 equity shares of ₹ 10 each at a premium of 150%.
You are required to state whether the company can buy back equity shares.
(c) Deleted
(d) Analyse the disclosure and presentation requirements of AS 24 for Discontinuing Operations
(any five).
(e) Panna Limited purchased software from Agate Limited for a period of 5 years and capitalized
the cost. It provided you the following information: -
Cost of software ₹ 57,60,000.
Expected Life cycle of the software 5 years
The software was amortised at ₹ 6,40,000 per annum in first three years based on economic
benefits derived from the software. After three years, it was found that the software may be used
for another 5 years from then. So, Panna Limited got it renewed after expiry of five years for 3
more years.
The net cash flows from the software during these 5 years were expected to be as follows:
Year 1 ₹ 23,04,000
Year 2 ₹ 29,44,000
Year 3 ₹ 28,16,000
Year 4 ₹ 25,60,000
Year 5 ₹ 21,76,000
You are required to calculate the amortization cost of the software for each of the years.
CORPORATE & OTHER LAWS – NOV. 2023 EXAM.

PART – II
Q.1
(a) ABC Limited issued equity shares worth ₹ 1,00,000 (10,000 shares of ₹ 10 each) on 1st April,
2023 which has been fully subscribed, whereby XYZ Limited holds 3,500 equity shares and
PQR Limited holds 2,500 equity shares. Prior to the issue of equity shares, ABC Limited already
hold 20% of the equity shares of MNP Limited. Further, XYZ Limited holds 10% of MNP
Limited's equity shares as a trustee. MNP Limited controls the composition of the Board of
Directors of XYZ Limited and PQR Limited on 01.07.2023. Examine with reference to the
relevant provisions of the Companies Act, 2013:
(i) Whether ABC Limited is a subsidiary of MTP Limited?
(ii) Whether ABC Limited and XYZ Limited have the right to vote on the Annual General
Meeting of MNP Limited held on 30th September, 2023? [5 Marks]
(b) The company Herbal Wellness Products Ltd. was registered in April 2018 with an authorised
share capital of ₹ 300 crores divided into 30 crore equity shares of ₹ 10 each having its registered
office at Trivandrum and listed in Bombay Stock Exchange. The company was
in compliance of all legal requirements on time. The company was producing health related
products such as ayurvedic medicines, medical instruments, sanitizers, masks, medical soaps etc.
The aggregate value of the paid-up share capital of the company was ₹ 200 crores divided into
20 crore equity shares of ₹ 10 each at the end of the financial year 2022-23. The extract of
Balance Sheet of the company as on 31st March, 2023 showed the following figures:
Particulars Annual (₹) crores
Free reserves created out of profits 200
Securities Premium Account 70
Credit balance of Profit & Loss account 60
Reserves created out of revaluation of assets 25
Miscellaneous expenditure not written off 20
Turnover of the company during the financial year 2022-23 was ₹ 700 crores and the net profit
calculated in accordance with section 198 of the Companies Act, 2013 with other adjustments
as per CSR Rules was ₹ 4 crores.
The Board of Directors of the company consists of the following directors:
CA 'R.C Goel t as the Managing Director
'Rudra Mittal' and 'Pragya' as independent directors
'Varon', 'Prabodh', 'Disha' and 'Reshma' as executive directors
Vineet, Chief Compliance Officer of the company informed the Board on 20th April, 2023 that
the company attracts the provisions of section 135 of the Companies Act, 2013 and all the
formalities have to be complied with accordingly. Thereafter, on 30th April, 2023 a CSR
Committee was formed consisting of the following members:
CA 'R.C Goel." 'Varon', 'Prabodh' and 'Vineet' to act and comply to the provisions of Corporate
Social Responsibility. The company proposed a list of activities to spend 4% of the average net
profits of the company made during the immediately preceding three financial years in pursuance
of its CSR Policy, as under:
(I) The CSR projects for the benefit of employees of the company and their families only.
(II) A contribution off 50,000 to a political party under the provisions of section 182 of the
Companies Act, 2013.
(III) A contribution to the PM CARES Fund during Covid pandemic.
(IV) Local activities like promotion of child and women education.
On the basis of above facts and by applying applicable provisions of Companies Act, 2013 and
the applicable Rules therein answer the following questions:
(i) On what basis Vineet, Chief Compliance Officer arrived at this conclusion that the
company attracts the provisions of section 135 of the Companies Act, 2013, as turnover
of the company was only ₹ 700 crores ?
(ii) Advise the company, how many members are eligible to be part of Committee and what
is the criterion? Whether 'CSR committee formed was in compliance with the provisions
of the Act and Companies (Corporate Social Responsibility Policy)
Rules, 2014?
(iii) Whether activities proposed by company were in accordance with provisions of the Act
and Companies (Corporate Social Responsibility Policy) Rules, 2014? [6 Marks]
(d) Deleted [4 Marks]
Q.2
(a) Wills Pvt. Ltd. convened its Annual General Meeting (AGM) with the intention of presenting
financial statements for approval by the shareholders. However, due to the absence of the
required quorum, the meeting had to be cancelled. Subsequently, the company's directors
forgot to submit the annual return to the RoC. The directors held the belief that the 60 days time
frame for filing return from the AGM's date would not apply, since the AGM itself was
cancelled. Has the company violated the stipulations outlined in the Companies Act,
2013 ? In case, if the company has breached the provisions of the Act, what are the potential
penalties it might face? [4 Marks]
(b) PQR Private Limited operates as a manufacturing company, generating a turnover of ₹ 150
crores and holds an outstanding loan of ₹ 75 crores from a public financial institution solely in
the previous financial year (with a total loan availed of ₹ 110 crores, but ₹ 35 crores were repaid
during the same year). The company's Board has delegated the authority to CEO to designate an
internal auditor to conduct internal audit. However, the CEO believes that the company is not
legally obligated to have an internal auditor. Analyse the accuracy of the
CEO's perspective by referring to the provisions outlined in the Companies Act, 2013. What
would be your response if the Board of Directors wanted to appoint the Secretary of the company
Mr. A as an internal auditor? [6 Marks]
(c) While interpreting the statutes what will be the effect of 'Usage' or 'Customs and Practices' ?
[3 Marks]
Q.3
(a) A group of enthusiastic women is planning to establish the Nursing Medicare Association; a
limited liability company with the objective of providing comprehensive theory and practical
training to aspirin nurses. The association aims to operate under the provisions of section
8 of the Companies Act, 2013, with a core objective of education. The intended duration for the
association's operation is set at ten years after which a dissolution will be initiated. In the event
of dissolution, any remaining assets exceeding liabilities will be allocated among the
members according to the standard procedures permitted by the Companies Act.
Assess the viability of the proposal and offer guidance to the promoters, taking into account the
regulations outlined in the Companies Act, 2013. [5 Marks]
(b) A clause that begins with the words "notwithstanding anything contained" is a, clause, that has
the effect of making the provision prevail over others. It can operate at four levels. Explain any
two of them. [4 Marks]
(d) Sunshine Limited, an unlisted company, registered in the State of U.P. with 40 shareholders,
wants to organize the Annual General Meeting of the company for the financial year 2022-23 as
under:
(i) The meeting shall be held on 28th September, 2023 which happens to be Raksha Bandhan,
a day declared as a holiday by the U.P. Government.
(ii) The venue for the meeting shall be Lonavala, a hill resort in Maharashtra. Out of 40
shareholders, 38 have given their consent in writing for conducting the meeting in
Lonavala.
Advise the Company on the feasibility of the above with reference to the provisions of
Companies Act, 2013. [4 Marks]
Q.4
(b) Mr. Avinash currently holds the position of a Whole-time director (Key Managerial personnel)
at Moon Pharma Limited a company that maintains substantial ownership stake in X Limited
(55% shares), Y Limited (60% shares), and Z Limited (65% shares). Mr. Avinash has
expressed his desire to expand his role as a Whole-time director to encompass both X Limited
and Y Limited. Determine the validity of his appointment as a Whole-time director in these
additional companies, as per the provisions of the General Clauses Act, 1897. [4 Marks]
th
(c) WEE Remedies Ltd. incorporated on 26 November, 1995 with a paid-up capital of ₹ 25 crores.
According to financial results of the company as on 31.3.2022 net worth of the company was ₹
120 crores and turnover for the year 2021-22 was ₹ 350 crores. The Company
proposed to accept the deposits as on t November, 2022, which would be due for repayment on
30th September 2027 from the public for expansion and redevelopment programs of company.
Besides that, company accepts a loan of ₹ 1.5 crores from Mr. P N Seth (Director) and the loan
was expected to be repaid after twenty-four months.
Company in its books of account, records the receipt as a loan under non-current liabilities. At
the time of advancing loan, Mr. Seth affirms in writing that such amount is not being given out
of funds acquired by him by borrowing or accepting loans or deposits from others and
complete details of such loan transaction is furnished in the boards' report.
On the basis of above facts answer the following questions:
(i) Whether Company was eligible to accept deposit from public?
What is the criteria for acceptance of deposit and tenure for which deposit can be
accepted ? Whether the tenure decided by Company was in accordance with provisions
of Companies Act, 2013 ?
(ii) With reference to the loan advanced by Mr. Seth to Company, state whether the same is
to be classified as a deposit or not? [4 Marks]
(d) Majboot Cement Ltd. (MCL) is known for its hassle free and home building solutions. Its unique
products tailor made for Indian climate conditions and sustainable operations. MCL was
incorporated in July 2000 with an authorized capital of ₹ 1,000 crores. According to
financial statements as on 31st March, 2023, paid-up capital of company was ₹ 600 crores and
free reserves were ₹ 650 crores. Registered Office of the company situated in New Delhi, but
around 15% of total members are resident of Faridabad (Haryana). Company wants to place its
Register of Members at its branch office in Faridabad.
MCL is planning to expand its existence throughout the country. For this purpose, Company has
taken ₹ 200 crores term loan and ₹ 125 crores of Working Capital loan from Banks on 18th June,
2023. Charge was created on all the assets of company on that day for above loan of ₹325 crores,
but company failed to register the charge with the registrar of companies within the prescribed
time. The Registrar granted a grace period of further 30 days to MCL in respect of application
filed by it for the same, however, still it failed to register the charge within the grace period.
Finally, the application for registration of charge was furnished on 18th August, 2023.
MCL wants to convene its 23rd AGM on 10th September, 2023 at the registered office of the
company. Notice for the same was served on 22nd August, 2023. 78% of members have given
their consent to convene AGM at shorter notice due to urgent need of funds for the
expansion plan.
With reference to provisions of Companies Act, 2013, answer the following questions:
(i) Company wants to maintain its Member's Register at Faridabad, advise whether the
decision of company is valid?
(ii) Which type of Charge was created by Company on 18th June, 2023? Whether application
filed by company on 18th August, 2023 was in compliance with provisions of Registration
of Charge of Companies Act, 2013?
(iii) Whether the notice given to convene AGM at shorter notice was in compliance of
Companies Act, 2013? [5 Marks]
Q.5
(a) The Board of Directors of' A Limited' made a private placement offer to a group of 150 persons
to subscribe for 100 equity shares @ ₹ 100 each on 1st April, 2022 after passing a special
resolution in this regard. The company received application money from the members on 15th
April, 2022 but did not make an allotment of shares till 31st July, 2022. Instead, during this
interim period, the Company opted to utilize the application money for the payment of dividend
that had been declared by the company. Some of the members raised an objection that as the
allotment was' not done by the Company within the prescribed time limit the company is liable
to repay the application money with interest @ 15% p.a. for such non-compliance. Examine the
validity of the objection raised by the members with reference to the Companies Act, 2013, and
also decide whether application money can be used for the payment of dividends by the
company.
OR
(a) What are the requirements outlined in the Companies Act, 2013 regarding the appointment of a
'Debenture Trustee' by a company? Can the following entities be designated as a 'Debenture
Trustee':
(i) An investor who holds advantageous stake.
(ii) A lender to whom the company has a debt of only ₹ 1,000.
(iii) An individual who has provided a guarantee for the repayment of the debenture amount
issued by the company. [5 Marks]
(b) Assess the eligibility of the following individuals for appointment as Auditors in accordance
with the regulations outlined in the Companies Act, 2013:
(i) "Ms. Rekha," a practicing Chartered Accountant, and "Mr. Alok," who happens to be a
spouse of "Ms. Rekha," holds securities of "Charcoal Ltd." valued at a face amount of
₹ 85,000 (with a market value of ₹ 75,000/-). The directors of Charcoal Ltd. are
considering the appointment of Ms. Rekha as an auditor for the company.
(ii) Mr. Purl, a practicing Chartered Accountant, has a debt of ₹ 7 Iakhs owed to RAI Ltd.
The directors of RAI Ltd. are considering the appointment of Mr. Purl as an auditor for
the company.
(iii) Ms. Komal, the real sister of)1r. Sharad, a Chartered Accountant, holds the position of
CPO at Biotech Lt4. The directors of Biotech Ltd. are considering the appointment of
Mr. Sharad as an auditor for the company. [6 Marks]
(c) Define the concept of "Doctrine of Noscitur a Sociis" with example in accordance with the
provisions of the Interpretation of Statutes.
TAXATION – NOV. 2023 EXAM.

PART – II [SECTION – A]
Q.1
(a) Mr. Pramod, a resident aged 55 years, is a retail trader; he furnishes the following information
for AY 2023-24:
Trading and Profit and Loss Account for the year ended on 31.03.2023:
Particulars ₹ Particulars ₹
To Opening Stock 1,15,000 By Sales 70,80,000
Purchases 55,40,000 Closing Stock 2,10,000
Transport charges 1,20,000
Gross Profit c/f 15,15,000
72,90,000 72,90,000
To Salaries 3,40,000 By Gross Profit b/f 15,15,000
Rates and Taxes 24,000 Rent from H. Property 1,80,000
Administrative Expenses 3,25,000 Rent from furniture 1,20,000
Depreciation 80,000
Net Profit 10,46,000
18,15,000 18,15,000
(1) All the sales are by account payee cheques or through bank transfers.
(2) The opening and closing stocks have been over valued by ₹ 15,000 and ₹ 20,000
respectively.
(3) Rates and taxes include GST liability of ₹ 5,000 paid on 01.05.2023 and municipal
taxes for let out property ₹ 7,000.
(4) Administrative expenses include ₹ 25,000 paid as donation to National Childrens’
Fund, and a payment for laptop purchased on 15.05.2022 for ₹ 60,000 through bank
transfer.
(5) Transport charges include ₹ 30,000 paid in cash on 01.09.2022.
(6) He incurred a loss of ₹ 8,000 on sale of equity shares on 10.02.2023, which were
purchased on 10.06.2022.
(7) Depreciation includes 1,200 as depreciation on Trade Marks wrongly charged at 15%.
(8) He deposited ₹ 50,000 in PPF a/c and has paid life insurance premium ₹ 60,000.
(9) He paid interest of ₹ 70,000 on loan availed in FY 2017 - 18 for higher education of his
wife.
Compute the total income and the income tax payable by Mr. Pramod for AY 2023-24, if,
(i) The business profit is computed as per normal provisions and he opts for Section
115BAC.
(ii) He opts to compute business profit under presumptive taxation under Section 44AD and
does not opt for Section 115 BAC.
(iii) The business profit is computed as per normal provisions of Income-tax Act and he does
not opt for Section 115BAC.
Which option is advantageous to Mr. Pramod ? [14 Marks]
Q.2
(a) State (Yes/No) whether the following transactions can be treated as income deemed to accrue
or arise in India:
(1) Hire charges paid outside India for the use of machinery situated in India.
(2) Income of a non-resident and non-citizen of India from the shooting of cinematograph
film in India.
(3) Capital gain arising through a transfer of a house property situated in India, the place of
registration and the place of payment of consideration being outside India.
(4) Allowances paid by the Government to a citizen of India for the services rendered outside
India.
(5) Past period foreign untaxed income brought to India during the previous year.
(6) Gift received by a non-resident on the occasion of his wedding in India. [3 Marks]
(b) Mr. Sanjay has following incomes during the previous year 2022-23:
(1) Interest on England Development Bonds (1/3 received in India) ₹ 60,000.
(2) Interest received from a non-resident ₹ 5,000 against a loan given to him to run a
business in India.
(3) Royalty received from Akhil, a resident, for technical services given to run a business
outside India ₹ 20,000.
(4) Income from business in Sri Lanka ₹ 25,000 out of which ₹ 15,000 were received in
India. The business is controlled from India.
Compute taxable income of Mr. Sanjay for the assessment year 2023-24 if he is a
(I) Not ordinarily resident
(II) Non-resident [4 Marks]
(c) Discuss the liability of tax deduction at source under the Income Tax Act 1961 in respect of the
following cases with reference to AY 2023-24. (State applicable provision and give brief reasons
for your answer, wherever applicable)
(i) XYZ, a resident partnership firm is in retail business buying fabric material regularly
from ABC, a resident proprietorship firm. Details of transactions during PY 2022-23
are as given:
Particulars Date of payment Amt (₹)
Advance payment 1.4.2022 40,00,000
Payment for supplies 2.7.2022 20,00,000
Advance payment 4.8.2022 12,00,000
XYZ achieved gross turnover of ₹ 12 crore from the business during the financial year
2021-22 and the gross business turnover for financial year 2022-23 turns out to be ₹ 9
crores. Gross business turnover of ABC for the financial year 2021-22 was ₹ 6 crores.
Will your answer be same, if the gross turnover of XYZ during the financial year 2021-
22 includes ₹ 4 crore towards supply of material for charitable purposes? [3 Marks]
(ii) MJ, a part time director of ABZ Pvt. Ltd. was paid an amount of ₹ 2,49,000 as
commission on sales (which was not in the nature of Salary) for the period 01.04.2022 to
31.03.2023. [1 Mark]
(iii) Mr. Kumar, a resident senior citizen, aged 86 years, is a retired State Govt. employee.
He gets pension of ₹ 72,000 p.m. He has his saving account with Bank of Baroda, a bank
notified by the Central Govt. u/s 194P, has received the interest on saving account
₹15,000 during the PY 2022-23. His pension is also credited in this account. In the same
bank he has deposited ₹ 10 Lakh in a Term Deposit @ 7% simple interest on 01.07.2022.
He has no other income. He has not opted Section 115BAC. Discuss requirement of filing
of income tax return also. [3 Marks]
Q.3
(a) Mr. Aryan, A Resident Individual aged 58 years, sells (unlisted) shares in a private sector
company on May 17, 2022 for ₹ 10,00,000. The shares were bought on 01.08.2012 for a
consideration of ₹ 2,00,000. Mr. Aryan paid ₹ 2,000 as brokerage on sale of shares.
Mr. Aryan deposited ₹ 5,00,000/- in Capital Gain Account scheme on 15.06.2023 (Before filing
the return of Income for the Assessment Year 2023-24).
On April 30, 2024 he withdraws ₹ 4,50,000 and purchases a residential house properly at Delhi
on May 1, 2024 for ₹ 4,50,000.
Cost Inflation Index (CII)-FY 2012-13: 200, FY 2022-23: 331.
Ascertain:
(i) The amount of Capital Gain chargeable to tax for the AY 2023-24.
(ii) Tax treatment (with mention of relevant assessment year) of the unutilized amount.
[4 Marks]
(b) Ms. Neelima, a resident of Delhi, was employed by LMN Ltd. upto 15 March, 1992. At the time
of leaving LMN Ltd., she was paid ₹ 3,50,000 as leave salary out of which ₹ 59,000 was
exempted from tax under section 10(10AA).
Thereafter, she joined CD (P) Ltd. and received ₹ 4,14,000 as leave salary at the time of
retirement on December 31, 2022. In addition she received a gratuity of ₹ 12,00,000 from the
employer (she is not covered by the Payment of Gratuity Act, 1972). The following information
is available:
Average salary received during 11 months ending on December 31, 2022
From February 1 to July 31 (p.m.) ₹ 22,600
From August 1 to December 31 (p.m.) ₹ 22,900
Duration of service 14 years 7 months
Leave entitlement for every year of service 45 days
Leave availed while in service 90 days
Leave at her credit at the time of retirement 18 months
She received ₹ 5,20,000 from unrecognized provident fund of which she was a member (This
constitutes employee's contribution ₹ 2,00,000, employer's contribution ₹ 2,10,000; interest on
employee's contribution ₹ 60,000; interest on employer's contribution ₹ 50,000).
You are required to compute her total income for the assessment year 2023-24, clearly showing
all workings. (Ignore sec 115BAC provisions). [6 Marks]
(c) From the following calculate the taxable amount under the proper head of income for the
Financial Year 2022-23 of Mr. L, who is resident and 56 years old. The reasons should form part
of your answer:
(i) Dividend of ₹ 50,000 received in April 2022. The dividend was declared by the
company- LMN Limited at its annual general meeting held in October 2021.
(ii) Advance forfeited amounting to ₹ 1,00,000 on 01.05.2022 as the negotiation for transfer
of capital asset did not result in transfer of Capital Asset
(iii) Cash Gift received from non-relative on the occasion of marriage of Son. ₹ 51,000.
(iv) During the Financial Year 2022-23, he received ₹ 99,000 as pension from employer of
deceased wife. [4 Marks]
Q.4
(a) Mr. Jai, a resident individual furnishes the following particulars of his income and other details
for the previous year 2022-23:
₹
Income from the activity of owning and maintaining race horses 40,000
Income from crossword puzzle solving 30,000
Income from Agricultural land in Haryana 25,000
Dividend Income from domestic company (gross) 15,000
(Expenditure incurred in collecting the aforesaid dividend) 2,500
Income from cycling business 1,50,000
Loss from warehousing facility for storage of edible oils 1,00,000
Share of loss from PR associates, a firm (having 4 equal partners)
in which he is a partner 23,000
The following items have been brought forward from the assessment year 2020-21:
Brought forward loss from house property 1,00,000
Loss from the activity of owning and maintaining race horses 37,000
Loss from gambling 10,000
Unabsorbed depreciation 15,000
Speculation Loss 20,000
Mrs. Jai (wife of Mr. Jai) got a salary of ₹ 1,20,000 from PR associates during the year 2022-23.
She is not qualified for the job.
Compute the gross total income of Mr. Jai for the assessment year 2023-24 ignoring the
provisions of section 115BAC. [7 Marks]
(b) Mr. Suraj, an Indian citizen, gives the following details of his income and expenses during the
year 2022-23:
₹
Income from profession 11,70,000
Winnings from lottery 70,000
Contribution to ULIP 1971 plan for spouse 70,000
Cheque donation to National Defence Fund 60,000
Cheque donation to Government for promoting family planning 35,000
Cheque donation to approved public charitable institute 1,20,000
Compute the deduction under section 80G allowable to him for the assessment year 2023-24.
[3 Marks]
(c) Explain the provisions of Tax Collection at source for overseas remittance by an authorized
dealer. Also enumerate the rate of tax to be collected and the amount on which no tax is to be
collected.
OR
In the context of Tax Return Preparer scheme, 2006, explain the following:
(i) Eligible Persons (1)
(ii) Educational Qualifications of Tax Return Preparer (1)
(iii) Persons not entitled to act as return preparer (2)
[4 Marks]
Q.5
(a) Miss Nitya proprietor of M/s. Honest Enterprise, a registered supplier of taxable goods and
services in the state of West Bengal, pays GST under regular scheme. It is not eligible for any
threshold exemption. It provided the following information for the month of December 2022:
S. No. Particulars Amount
OUTWARD SUPPLY:
i. Intra-state supply of goods to M/s. Natural & Sons 7,00,000
ii. Intra-state transfer of goods to its branch office in the state of West 1,00,000
Bengal. Both places are under the same GSTIN.
iii. Provided inter-state supply of sponsorship service to XYZ Ltd of 80,000
Chennai
iv. Advance received for future supply of management consultancy 40,000
service to Mr. Sharad (Intra-state supply)
INWARD SUPPLY: (Intra-state)
i. Purchase of taxable goods from registered suppliers. 8,00,000
ii. Availed Works Contract service for repair of office building. Amount 30,000
of repair was debited in the profit & loss account.
iii. Availed legal service from an advocate to represent the matter in the 50,000
Court relating to collection of disputed proceed from customers.
Notes:
(i) Rate of CGST, SGST and IGST on all supplies are as below:
Particulars CGST SGST IGST
Goods 2.5% 2.5% 5%
Supply of services 9% 9% 18%
(ii) Both inward and outward supplies given above are exclusive of taxes.
(iii) All the conditions necessary for availing the ITC have been fulfilled.
(iv) Working note should form part of the answer.
Compute the net minimum GST payable in cash by M/s. Honest Enterprise for the month of
December 2022. [8 Marks]
Q.6
(a) Mr. Dhanwan, an individual registered supplier of Ahmedabad (Gujarat), received the following
amount towards rendering of the intra-state supply of various services in the month of January
2023:
S. No. Particulars Amount (₹)
I. Consideration received from security and housekeeping services 60,000
provided to "Holy Foundation", an educational institution providing
services by way of pre-school education, outside the school
premises on its annual day function.
II. Amount received as an honorarium for participation as guest anchor 2,25,000
on "Apna TV" in relation to a debate.
III. Sum received as hiring charges for provision of non-air-conditioned 1,50,000
contract carriage for transportation of employees to and from the
work to M/s. Siddhi Pvt. Ltd, a registered person under the GST.
Such hiring is for 3 months. Use of the contract carriage is at the
disposal of the company.
IV. Amount received from provision of training in recreation activities 90,000
of music.
V. Renting of residential flat to Mr. Sahil proprietor of M/s. Dayaram 30,000
& Sons, a registered person under GST for the purpose of his own
residence (in personal capacity)
You are required to compute the value of supply on which GST is to be paid by Mr. Dhanwan
for the month of January 2023. All the amount stated above are exclusive of GST, wherever
applicable. Suitable notes should form part of the answer. [6 Marks]
(b) Examine whether the following activities would be treated as supply under GST law?
(i) Mr. Sonu from Chandigarh purchased a water cooler from Malhotra Bros. of Hoshiarpur
for ₹ 25,000 to donate it to a temple situated in Hoshiarpur. Mr. Sonu directed Malhotra
Bros. to engrave the words on the water cooler- "Donated by Mr. Sonu from Chandigarh"
and dispatch the water cooler directly to the temple.
[2 Marks]
(ii) Wesco Ltd. a registered person in Ahmedabad (Gujarat) having head office located in
Singapore, received management consultancy services free of cost from its head office.
[2 Marks]
Q.7
(a) Mr. Venaram proprietor of M/s. Lalit Kirana Stores is registered as a composition dealer in the
Jodhpur district of Rajasthan. He has not furnished the statement for payment of self-assessment
tax in the form GST CMP-08 for two consecutive quarters. He placed an order for purchase of
taxable goods worth ₹ 5,50,000 with M/s. Bob & Sons (a partnership firm), a registered dealer
in the Bikaner district of Rajasthan. M/s. Bob & Sons has been regularly filing its GST returns.
M/s. Bob & Sons wants to generate E-way bill with respect to intra- state supply to be made to
M/s. Lalit Kirana Stores. Whether M/s. Bob & Sons is allowed to generate E-way bill as per the
provisions of CGST Act, 2017? Answer with proper reasoning.
[3 Marks]
(b) Dream World Pvt. Ltd is registered under GST in the State of Haryana. During the Financial
Year 2022-23 its annual aggregate turnover was ₹ 12 Crore. In the month of April 2023, it
supplied goods worth ₹ 12 Lakh to Nightmare Ltd (a registered taxable person).
(i) You are required to ascertain whether issue of e-invoice is mandatory in respect of this
transaction?
(ii) What would be your answer if Nightmare Ltd is a SEZ (Special Economic Zone) unit?
[4 Marks]
(c) Mr. Atul of Chennai is a registered dealer under GST. He has an opening balance of input tax
credit of ₹ 1,20,000 (IGST) lying in the electronic credit ledger relating to the month of
November, 2022. During the month, a legal proceeding has been initiated under the GST law
which resulted in a tax liability of ₹ 80,000 (IGST, other than RCM liability). Mr. Atul agrees
with the tax liability and wants to use the balance lying in the electronic credit ledger towards
payment of same.
He seeks your opinion with regard to the provisions of GST laws as to whether he is allowed to
use the amount lying in the electronic credit ledger for making the payment of tax liability,
payable as a consequence of the proceeding? [3 Marks]
Q.8.
(a) Briefly explain the provisions relating to reversal of input tax credit in case of non-payment of
tax by the supplier and re-availment thereof? [5 Marks]
OR
Explain the procedure for revocation of cancellation of registration where the registration of a
person is cancelled suo-motu by the proper officer as per the provisions of CGST Act, 2017.
[5 Marks]
(b) Mr. Sameer a registered person under GST, is unable to file GSTR-1, reason being showed that
tax payable under GSTR-1 which has been filed in respect of last tax period exceeds the tax
payable under GSTR-3B which has been filed for the corresponding tax period. Explain the
procedure to be followed by the department and Mr. Sameer for the same as per the provisions
of Rule 88C of the CGST Rules 2017. [5 Marks]

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TOPPER’S CLASSES [CA – INTER GROUP - I] Question Paper NOV 2023 1

Call: 8595464215, 9873166126

ADVANCED ACCOUNTING – NOV. 2023 EXAM.

On 1st July, 2022 1 € = ₹ 86

On 1st January, 23, Sold 3,000 units @ ₹ 99 cum interest

Sundry Debtors at Jalandhar as on 1st April, 2022 1,10,000

Bad debts during the year 9,500

Discount allowed to Debtors 5,500

Goods received from Head Office at Invoice Price 6,00,000

Returns to Head office at Invoice Price 60,000

Sales returns at Jalandhar Branch 11,000

Salaries and staff welfare expenses at Branch 54,000

Rent and taxes at Branch 9,000

Stock at Jalandhar as on 31st March, 2023 (Cost Price) 1,20,000

Q.6 Answer the followings:

(a) Deleted [5 Marks]

(b) Deleted [5 Marks]

(c) Deleted [10 Marks]

ADV. ACCOUNTS – NOV. 2023 EXAM.

The following information is provided:

The purchase consideration is to be satisfied as follows:

CORPORATE & OTHER LAWS – NOV. 2023 EXAM.

TAXATION – NOV. 2023 EXAM.

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