Accounting 1

I gave CA Inter (IPC) Group I Accounting exam in nov month and this time looking for its answer key to estimation of my marks , can you here provide me its you have ??

[Shaleen]

Yes I have CA Inter (IPC) Group I Accounting exam answer key and share with you :

Solution: Similar to Page No.B.6.4, Q.No.13, F (A/c) – M 03 Qn
1. Analysis:
(a) Interest is incidental to the sales transaction. If at the time of raising the claim of interest, it is unreasonable to
expect ultimate collection, Revenue recognition should be postponed.
(b) Past experience of the Company shows that the Company has not realized any Interest from the Agent.
2. Conclusion: The Company should not recognize the entire Interest Receivable. It should be recognized only on cash
basis, i.e. as and when received.
Question 1(b): AS – 2 Valuation of Inventories 5 Marks
In the books of Prashant Ltd, Closing Inventory as on 31st March 2015 amounts to ` 1,63,000 (on the basis of FIFO Method).
The Company decides to change from FIFO Method to Weighted Average Method for ascertaining the Cost of Inventory from
the year 2014–15. On the basis of Weighted Average Method, Closing Inventory as on 31st March 2015 amounts to ` 1,47,000.
Realisable Value of the Inventory as on 31st March 2015 amounts to ` 1,95,000

CA Inter (IPC) Group I Accounting exam answer key

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