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Pinnacle Academy
Mock Test Series for
May 2016 C A Final Examination
2nd Floor Florence Classic, 10, Ashapuri Society,
Besides Unnati Vidhyalay, Opp. VUDA Flats, Jain Derasar Rd., Akota, Vadodara-20
Time Allowed-2 hours
FR Mock Test 1
Maximum Marks- 60
6th February 2016
Q 1 is compulsory.
Answer any 2 from the remaining.
Q1
(a)
B & P Ltd. availed a lease from N & L Ltd. The conditions of the lease term are as
under:
•
•
•
•
•
Lease period is 3 years, in the beginning of the year 2009, for equipment costing
Rs.10,00,000 and has an expected useful life of 5 years.
FMV is also Rs.10,00,000
Property reverts back to lessor at the end of the lease
Unguaranteed residual value is estimated at Rs.1,00,000 at the end of year 2011
3 equal annual payments are made at the end of each year.
Consider IRR to be 10 %. PVF for 3rd year is 0.7513 and cumulative for 3 years is
2.4868.
i.
ii.
iii.
Determine:
Lease payment to the lessor at the end of each year for 3 years
Decide whether lease is finance lease or operating lease
Total unearned finance income for the lessor
(8 Marks)
(b)
A car manufacturing company discovered in the last week of March 2016 that a part
of its manufacturing at unit IV of plant III had developed technical snag.
Consequently, a batch consisting of 150 cars has defect in gear box of which 50 cars
have already been sold. The management has decided to recall the cars sold and
rectify the defect, however it is not required to do so contractually. Is the company
required to recognize any provision for gear box rectification costs?
(4 Marks)
(c)
On 24th January, 2016 A of Chennai sold goods to B of Washington, U.S.A. for an
invoice price of $40,000 when the spot market rate was Rs.44.20 per US $. Payment
was to be received after three months on 24th April, 2016.
(Assessed answer papers shall be returned on 22nd February 2016)
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To mitigate the risk of loss from decline in the exchange-rate on the date of receipt of
payment, A immediately acquired a forward contract to sell on 24th April, 2016 US $
40,000 @ Rs.43.70.
A closed his books of account on 31st March, 2016 when the spot rate was Rs.43.20
per US $. On 24th April, 2016, the date of receipt of money by A, the spot rate was
Rs.42.70 per US $.
Pass journal entries in the books of A to record the effect of all the above mentioned
effects. Follow AS 11.
(8 Marks)
Q2
(a)
Following are the balance sheets of H Ltd. and S Ltd. as on 31st March 2016:
(Rs. in lakhs)
H Ltd.
S Ltd.
Equity Share Capital (Rs.10 each)
General Reserve
Profit and Loss Account
Non-current Liabilities
Current Liabilities
Total
50
50
20
20
30
170
10
20
15
3
2
50
Tangible Fixed Assets
Investment in S Ltd. (60,000 shares)
Current Assets
Total
60
6
104
170
18
-32
50
H Ltd. holds 60% of the paid up capital of S Ltd. and the balance is held by a foreign
collaborating company. The foreign company agreed as under:
(i)
(ii)
(iii)
The shares held by foreign company will be sold to H Ltd. at Rs.50 above
than nominal value per share
The actual cost per share to the foreign company is Rs.11, gain accruing to
foreign company is taxable @ 20%. The tax payable will be deducted from
sale proceeds and paid immediately to government by H Ltd. 50% of the
consideration (after TDS) shall be remitted to foreign company by H Ltd. and
also any cash for fractional shares allotted.
For the balance of consideration H Ltd. would issue its shares at its intrinsic
value
It was also decided that H Ltd. would simultaneously absorb S Ltd. by writing down
the tangible fixed assets of S Ltd. by 10%. The balance sheet figure of current
assets included a sum of Rs.1 lakh due by S Ltd. to H Ltd.
Prepare balance sheet of H Ltd. after absorption of S Ltd.
(16 Marks)
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(b)
Determine actual return on plan assets from following:
Benefits paid
Employer Contribution
Fair Value of Plan Assets as on 31.03.11
Fair Value of Plan Assets as on 31.03.10
Amount
(Rs.)
2,00,000
2,80,000
11,40,000
8,00,000
(4 Marks)
Q3
(a)
On 1.1.09 a company grants 200 stock options to each of its 300 employees, which
will vest at the end of 3rd year, provided the employee is in service at the end of 3rd
year. The exercise price of option is Rs.60 if average annual output per employee is
in the range of 100 units to 120 units, Rs.50 if the same is in the range of 121 units
to 130 units and Rs.40 if the same is above 130 units.
Fair value on grant date is estimated at Rs.50 per option if exercise price is Rs.60,
Rs.40 per option if exercise price is Rs.50 and Rs.30 if exercise price is Rs.40.
On 31.12.09, 20 employees left. Actual average annual output per employee is 115
till date. The company expects that most likely average output will be 122 over the 3
years and further 30 employees will leave during next 2 years.
On 31.12.10, further 25 employees left. Actual average annual output per employee
is 132 till date. The company expects that most likely average output will be above
130 over the 3 years and further 10 employees will leave during next year.
On 31.12.11, further 15 employees have left. Actual average annual output per
employee is only 112 till date.
Compute the amount of provision to be recognized each year.
(6 Marks)
(b)
A Ltd. is the sole manufacturer of product X. A particular machine is exclusively used
for production of product X. The company had near monopoly of the product. A
competitor has recently come out with a cheaper substitute of product X. The
company is anticipating fall in demand for its product and cash flow from the
machine used in production of X is also expected to fall. As per the latest budget
estimates, taking entry of the competitor in consideration, the operating pre-tax cash
flows from the machine expected over next five years are (in ‘000s of rupees) 900,
800, 600, 550 and 500 respectively. Expected life of the machine is 10 years.
Declining growth rates for future cash flows are estimated from year 6 onwards at
10%, 20%, 30%, 40% and 60% respectively. The disposal value (net of expected
cost of disposal) realisable at the end of 10th year is Rs.100 thousands.
Machine can be disposed off immediately for Rs.2,500 thousands subject to
payment of brokerage of 2% on disposal value. Carrying amount of the machine on
current date is Rs.3,500 thousands. Appropriate discount rate is 10%. Determine
impairment loss, if any and give journal entries in books of A Ltd.
(8 Marks)
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(c)
Q4
(a)
Southern Ltd. purchased a plant on 30.09.10 with a quoted price of Rs.180 lakhs
from Tatamaco Ltd. Tatamaco Ltd. offer 3 months credit with a condition that
discount of 1.25% will be allowed if payment were made within one month. VAT is
12.5% on the quoted price. Company incurred 2% on transportation cost and 3% on
erection cost of the quoted price. Preoperative costs amount to Rs.1.5 lakhs. To
finance the purchase of the machinery company took a term bank loan of Rs.125
lakhs on 01.10.10 at 14.5% p.a. The machine was ready for use on 31.12.10.
Further, expenditure of Rs.2.72 lakhs was incurred on 31.01.11. The machine was
put to use on 01.04.11. At what cost shall the machine be recorded in books?
Consider plant to be a qualifying asset within the meaning of AS 16.
(6 Marks)
At the beginning of year 1, an enterprise grants 300 stock options to each of the
1,000 employees, conditional upon the employees remaining in the employment of
the enterprise for two years. The fair value of the stock options, at the date of grant,
is Rs.10 per option and the exercise price is Rs.50 per share. The other relevant
terms of the grant and assumptions are as below:
a. The number of employees expected to complete two years vesting period, at
the beginning of the plan is 900. 50 employees are expected to leave the
organization during year 1 and year 2 each and consequently the options
granted to them are expected to be forfeited.
b. Actual forfeitures during the vesting period are equal to expected forfeitures
and 900 employees have actually completed two-years vesting period.
c. The profit of the enterprise for the year 1 and year 2 before amortization of
compensation cost on account of ESOPs is Rs.25,00,000 and Rs.28,00,000
respectively.
d. The fair value of shares for these years was Rs.57 and Rs.60 respectively.
e. The enterprise has 5,00,000 shares of Rs.10 each outstanding at the end of
year 1 and year 2
Compute Basic and Diluted EPS, ignoring tax impact, for year 1 and year 2.
(12 Marks)
(b)
Patent has been acquired on 1st April 2010 at a cost of Rs.2,12,500. Its useful
economic life is 5 years. It is expected to generate future benefits of Rs.1,50,000,
Rs.1,00,000, Rs.1,00,000, Rs.50,000 and Rs.25,000. For income tax depreciation
shall on WDV @ 15 % p.a. In terminal year, assume entire remaining carrying
amount as admissible by way of amortization for tax. Tax rates are expected to be
35 % in years 1 to 3 and 30 % in years 4 and 5. Compute deferred taxes for all the 5
years.
(8 Marks)
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Solution of
FR Mock Test 1
6th February 2016
Q1
(a)
(i) Computation of annual lease payment to the lessor:
PV of Unguaranteed Residual Value = 1,00,000 X 0.7513 = Rs.75,130
Fair Value to be recovered by lessor from lease payments = 10,00,000 – 75,130
= Rs.9,24,870
Thus, annual lease payment = 9,24,870 / 2.4868 = Rs.3,71,912
(4 Marks)
(ii) Deciding the type of lease agreement:
PV of MLP is Rs.9,24,870 which covers 92.48 % of the fair value of the asset of
Rs.10,00,000. Since, PV of MLP covers substantial portion of fair value of the asset,
the lease shall be classified as Finance Lease.
(2 Marks)
(iii) Computation of Unearned Finance Income for Lessor:
Unearned Finance Income for Lessor is –
[3,71,912 X 3 + 1,00,000] – 10,00,000 = Rs.2,15,736
(2 Marks)
(b)
As per AS – 29 “Provisions, Contingent Liabilities and Contingent Assets” –
A provision should be recognized when it satisfies the following recognition criteria:
(a)
(b)
(c)
an enterprise has a present obligation as a result of a past event;
it is probable that an outflow of resources embodying economic benefits will
be required to settle the obligation; and
a reliable estimate can be made of the amount of the obligation.
It is not necessary that the obligation has to arise legally or statutorily or
contractually. Obligation can also arise from a desire to maintain good business
relations or to act in an equitable manner.
(2 Marks)
In the given case, the firm has already sold fifty of such cars having defects in their
gear boxes. The management has decided to recall such cars. It is obvious that any
manufacturing defect is bound to be rectified at the cost of the manufacturer. Thus,
the firm has an obligation, although not legal but to maintain its reputation in the
market, for rectifying defective gear boxes due to past event of sale of such defective
cars. The rectification cost constitutes an outflow of resources embodying economic
benefits and such costs can be estimated by the firm. Thus, for the best estimate of
gear box rectification expenses for sold as well as unsold cars, a provision should
be recognized.
(2 Marks)
Solution prepared by
CA. Ashish Lalaji
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(c)
2016
Jan. 24
Journal Entries in the books of A
B
Dr.
Rs.
17,68,000
To Sales Account
(Credit sales made to B of Washington, USA for $40,000
recorded at spot market rate of Rs.44.20 per US $)
””
March 31
””
””
April 24
”“
””
””
17,68,000
Forward (Rs.) Contract Receivable Account Dr.
17,48,000
Deferred Discount Account
Dr.
20,000
To Forward ($) Contract Payable
(Forward contract acquired to sell on 24th April, 2016
US $40,000 @ Rs.43.70)
Exchange Loss Account
Dr.
40,000
To B
(Record of exchange loss @ Re.1 per $ due to
market rate becoming Rs.43.20 per US $ rather than
Rs.44.20 per US $)
17,68,000
40,000
Forward ($) Contract Payable
Dr.
40,000
To Exchange Gain Account
(Decrease in liability on forward contract due to fall in
exchange rate)
Discount Account
Dr.
To Deferred Discount Account A/c
(Record of proportionate discount expense for 66
days out of 90 days)
Rs.
40,000
14,667
14,667
Bank Account
Dr.
17,08,000
Exchange Loss Account
Dr.
20,000
To B
(Receipt of $40,000 from B, USA customer @
Rs.42.70 per US $; exchange loss being Rs.20,000)
17,28,000
Forward ($) Contract Payable Account
Dr.
17,28,000
To Exchange Gain Account
To Bank Account
(Settlement of forward contract by payment of $40,000)
20,000
17,08,000
Bank Account
Dr.
17,48,000
To Forward (Rs.) Contract Receivable
(Receipt of cash in settlement of forward contract receivable)
17,48,000
Discount Account
Dr.
To Deferred Discount Account
(Recording of discount expense for 24 days)
5,333
5,333
(8 Marks)
Solution prepared by
CA. Ashish Lalaji
6
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Q2
(a)
Determination of Purchase Consideration:
No. of shares in selling company
Less: Shares already owned by purchasing company
Shares owned by foreign company (outsiders)
X Agreed price per share [10 + 50]
Purchase Consideration
Amount
(Rs.)
1,00,000
60,000
40,000
60
24,00,000
(2 Marks)
Determination of Net Consideration:
Purchase Consideration
Less: TDS 20 % of [24,00,000 – (40,000 X 11)]
Net Consideration
Amount
(Rs.)
24,00,000
3,92,000
20,08,000
(1 Mark)
Determination of Intrinsic Value per share of H Ltd.:
Tangible Fixed Assets
Investment in shares of S Ltd. (60,000 X 60)
Debtors
Inventories
Cash at bank
Less: Secured Loans
Current Liabilities
Net Assets to Equity Shareholders
÷ No. of equity shares
IVPS
Amount
(Rs.)
60,00,000
36,00,000
35,00,000
30,00,000
39,00,000
2,00,00,000
20,00,000
30,00,000
1,50,00,000
5,00,000
30
(2 Marks)
Settlement of Net Consideration:
Amount
(Rs.)
To Equity Shareholders:
(a) In Cash
50% of Net Consideration
(b) In Equity Shares:
10,04,000 / 30 i.e. 33,466 shares @ Rs.30
(c) Cash For Fractional Share
.67 X Rs.30
10,04,000
10,03,980
20
20,08,000
(2 Marks)
Solution prepared by
CA. Ashish Lalaji
7
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Determination of Goodwill / Capital Reserve on absorption:
Tangible Fixed Assets (18 – 10%)
Debtors
Inventories
Cash at bank
Less: Secured Loans
Current Liabilities
Net assets taken over
Less: Purchase Consideration
Capital Reserve
Less: Utilised for writing off cost of investment in S Ltd.
Net Capital Reserve
Amount
(Rs.)
16,20,000
5,00,000
25,00,000
2,00,000
48,20,000
3,00,000
2,00,000
43,20,000
24,00,000
19,20,000
6,00,000
13,20,000
(3 Marks)
st
Balance Sheet of H Ltd. as on 31 March 2016:
(Rs. in lakhs)
Note Amount
No.
(Rs.)
I.
Equity and Liabilities
1 Shareholders’ Funds
(a) Share Capital
(b) Reserves and Surplus
2
Amount
(Rs.)
143.2398
1
2
Non Current Liabilities
Long Term Borrowings
(Secured Loans)
53.3466
89.8932
23.0000
23.0000
3
Current Liabilities (30 + 2 – 1)
31.0000
Total
197.2398
II.
1
Assets
Non Current Assets
Tangible Fixed Assets
2
Current Assets
Inventories
Trade Receivables (35 + 5 – 1)
Cash and Cash Equivalents
(39 + 2 – 10.0402 – 3.92)
Total
Solution prepared by
76.2000
121.0398
55.0000
39.0000
27.0398
197.2398
CA. Ashish Lalaji
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See accompanying notes.
Note
No.
1
2
Amount
(Rs.)
Share Capital
5.33466 lakh shares of Rs.10 each
(.33466 lakh shares issued for consideration other than cash)
Reserves and Surplus
Profit and Loss Account
General Reserve
Securities Premium (.33466 X 20)
Capital Reserve
53.3466
20.0000
50.0000
6.6932
13.2000
89.8932
(6 Marks)
(b)
Computation of Actual Return on Plan Assets:
Fair Value of Plan Assets as on 31.03.11 (A)
Fair Value of Plan Assets as on 31.03.10
Employer Contribution
Benefits paid
(B)
Amount
(Rs.)
11,40,000
8,00,000
2,80,000
(2,00,000)
8,80,000
Actual Return on Plan Assets (A – B)
2,60,000
(4 Marks)
Q3
(a)
Computation of Provision to be recognized each year:
Date
Fair Value of Options
Expected to be
Exercised
Provision
p.a. based
on FV
Cumulative
Provision to
be recognized
Provision
Already
Recognised
Provision
to be
Recognised
31.12.09
300 – 20 – 30 i.e.
250 X 200 X 40 i.e.
20,00,000
20,00,000
3
i.e. 6,66,667
6,66,667
---------
6,66,667
300 – 20 – 25 – 10 i.e.
245 X 200 X 30 i.e.
14,70,000
14,70,000
3
i.e. 4,90,000
4,90,000 X 2 i.e.
9,80,000
6,66,667
3,13,333
300 – 20 – 25 – 15 i.e.
240 X 200 X 50 i.e.
24,00,000
24,00,000
3
i.e. 8,00,000
8,00,000 X 3 i.e.
24,00,000
9,80,000
14,20,000
31.12.10
31.12.11
(6 Marks)
Solution prepared by
CA. Ashish Lalaji
9
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(b)
Determination of Value-in-use:
(Rs. in ‘000s)
Year Growth Operating Disposal
Rate
CFBT
Value
1
2
3
4
5
6
7
8
9
10
900.00
800.00
600.00
550.00
500.00
450.00
360.00
252.00
151.20
60.48
- 10%
- 20%
- 30%
- 40%
- 60%
Total
PVF
CFBT (10%)
900.00
800.00
600.00
550.00
500.00
450.00
360.00
252.00
151.20
100 160.48
.909
.826
.751
.683
.621
.564
.513
.467
.424
.386
PV
818.10
660.80
450.60
375.65
310.50
253.80
184.68
117.68
64.11
61.95
3,297.87
(4 Marks)
Determination of Net Selling Price:
Net Selling Price = 2,500 – 2% = Rs.2,450 thousands
(1 Mark)
Determination of Recoverable Amount:
Recoverable amount is higher of net selling price and value in use i.e. 3,297.87
thousands
(1 Mark)
Determination of Impairment Loss:
As per AS 28 “Impairment of Assets”, impairment loss is the excess of carrying
amount over recoverable amount.
Impairment Loss = 3,500 – 3,297.87 = Rs.202.13 thousands
(1 Mark)
Journal Entries:
Rs. in thousands
Impairment Loss A/c
To Machine A/c
(being impairment loss provided for)
Dr.
Profit and Loss A/c
To Impairment Loss A/c
(being impairment loss recognized as an expense)
Dr.
202.13
202.13
202.13
202.13
(2 Marks)
Solution prepared by
CA. Ashish Lalaji
10
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(c)
Determination of Cost of Plant:
Amount
(Rs. in lakhs)
180.00
2.25
177.75
22.50
200.25
3.60
5.40
1.50
4.53
215.28
Quoted Price
Less: Cash Discount @ 1.25%
Add: VAT @ 12.5% on quoted price
Transportation cost @ 2% on quoted price
Erection cost @ 3 % on quoted price
Preoperative cost
Borrowing cost (125 X 14.5 % X 3 / 12)
Cost of Plant
(6 Marks)
Notes:
(i) VAT is determined on quoted price as demanded by question.
(ii) Borrowing cost is determined only for the period 01.10.10 to 31.12.10.
(iii) Costs incurred after the asset is available for use (though not put to use) cannot be
capitalized.
Q4
(a)
Determination of Provision for Expense to be recognized each year:
Date
End of
Year 1
Fair Value of
Options Expected
to be exercised
900 X 300 X 10
i.e. Rs.27,00,000
End of
Year 2
900 X 300 X 10
i.e. Rs.27,00,000
Provision
p.a. based
on FV
27,00,000
2
i.e. 13,50,000
Cumulative
Provision to
be recognized
Provision
Already
Recognised
Provision
to be
Recognised
13,50,000
---------
13,50,000
27,00,000
13,50,000
13,50,000
(2 Marks)
Determination of Shares issued without consideration:
Particulars
Year – 1
Year – 2
(a) Actual number of employees
(b)
(c)
(d)
(e)
(f)
(g)
(h)
(i)
(j)
(k)
950
900
(1,000 – 50)
(950 – 50)
Number of options
300
300
Number of equity shares to be issued (a X b)
2,85,000
2,70,000
Exercise Price
50
50
Total Cash expected to be collected (c X d)
1,42,50,000 1,35,00,000
Unamortized ESOP Cost
5
Nil
[10 – (10 / 2)]
[5 – 5]
Total Unamortized ESOP Cost (c X f)
14,25,000
Nil
Total Proceeds from issue of shares (e + g)
1,56,75,000 1,35,00,000
Fair Value per share
57
60
Shares issued for full consideration (h / i)
2,75,000
2,25,000
Shares issued without consideration (c – j)
10,000
45,000
(5 Marks)
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Determination of Basic and Diluted EPS:
Particulars
Year – 1
(Rs.)
Year – 2
(Rs.)
Profit before amortization of ESOP
25,00,000 28,00,000
Less: Amortization of ESOP cost
13,50,000 13,50,000
Net Profit attributable to equity shareholders 11,50,000 14,50,000
No. of equity shares outstanding
5,00,000
5,00,000
Basic EPS
2.30
2.90
Net Profit attributable to equity shareholders 11,50,000 14,50,000
No. of equity shares outstanding
5,10,000
5,45,000
Diluted EPS
2.25
2.66
(5 Marks)
(b)
Statement Showing Computation of Deferred Taxes:
Year
Amortization of Patent in Accounting
Books
Amortization of Patent for Income Tax
Timing Difference
Cumulative Timing Difference
Tax Rate
Cumulative DT Asset
Less: DTA of PY
DTA for the year
1
75,000
2
50,000
3
50,000
4
25,000
5
12,500
31,875
43,125
43,125
35%
15,094
--15,094
27,094
22,906
66,031
35%
23,111
15,094
8,017
23,030
26,970
93,001
35%
32,550
23,111
9,439
19,575
5,425
98,426
30%
29,528
32,550
(3,022)
1,10,926
(98,426)
---30%
--29,528
(29,528)
(8 Marks)
Dear Student,
This time the assessment has been done by those who actually evaluate
CA Examination answer sheets. Your marks are thus that much close to
what it would have been in the Final Examination. Hope you reap the
benefits of one more student friendly step taken by Pinnacle Academy.
Sharing with you the observations of the evaluator.
Yours lovingly
CA. Ashish Lalaji
Observations on evaluation of Answer Books for FR Question Paper Dated; 06-Feb-16
1(a)
-
Majority of the students correctly calculated Annual Lease payments.
Quite a few students made mistake by considering as Operating Lease on the basis that after
lease period ownership of the asset transferred back to Lessor.
Some students made mistake in calculating unearned finance income either by not considering
unguaranteed residual value or by considering PV of unguaranteed residual value.
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1 (b)
-
Almost all the students correctly answered provisions of AS 29.
All the students gave correct opinion regarding recognition of provision, however except one or
two nobody has specified that it should be recognised for both for sold as well as unsold cars.
1(c)
-
Sales entry is correctly passed by all the students. However entry for Foreward contract
acquisition was not passed by all the students except one or two.
Overall majority of the students have not passed complete set of entries specifically entry for
discount (Rs.14,667& Rs.5,333).
2 (a)
- Majority of the students have not attempted this question.
- Purchase consideration and net consideration were correctly calculated
- Most of the students were not able to calculate IVPS (Investment in shares of S Ltd considered
wrong) and consequently settlement of net consideration in equity shares and shareholder’s
fund.
2 (b)
-
All the students who attempted question answered correctly
3 (a)
- Almost half of the students answered correctly.
- Commonly made mistake was in considering estimated option price.
3 (b)
-
Disposable value of Rs. 100000 was not considered in last year by some students
Some students applied growth rate on Rs.500000 even after 7th year.
3 (c)
-
Some students have not considered pre-operative cost and some have made mistake in
calculating borrowing cost.
4 (a)
-
Majority of the students calculated provision for expenses correctly
Shares issued without consideration were not determined correctly by few students
Basic EPS not calculated correctly by not taking into consideration Amortization of ESOP Costs
4 (b)
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Almost all the students answered correctly.
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General Observation:
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Certain students attempted excess questions.
Please note that as per current practice of evaluation if student has attempted excess
question then last attempted optional question will be considered as Excess and no
evaluation should be done for said question.
For instance if you answer Q7 and score 16 but Q7 is an excess question & answered last
and you have also attempted Q6 before Q7 and scored 6 marks in it. Marks of Q 7 shall not
be considered as you attempted that last. So your final total of marks shall be less by 10
marks.
Suggestion for the student would be to attempt question first in which they are sure and
confident.
Be free to send your suggestions / comments to
CA. Ashish Lalaji at 9825856155 /
ashishlalaji@rediffmail.com
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