UG 168
V Semester B.Com. Examination, March/April 2021
(CBCS) (F+R) (2016-17 and Onwards)
COMMERCE
5.2: International Financial
Reporting Standards
Max. Marks
Time 3 Hours
instruction: Answers should be completely written either in
or English.
SECTION -
70
Kannada
A
Answer any five of the sub-questions. Each sub-question carries 2 marks : (5x2=10)
1. a) What are Accounting Standards ?
b) Expand IASC and SICs.
IASC aba SICs
c)
What is
an Investment
of residual value.
as
per Ind AS 17.
Ind AS 170 asod rarñoo eepF
unrealized
What do you
mean
per Ind AS-40?
dodoeab?
Give the meaning of lease
fWhat is
g)
Property as
Ind AS-40 d aod ao@
d) State the meaning
e)
gOA
89
profit ?
by impairment of Asset?
SECTION- B
Answer any three questions.
2.
Explain the
Each
question
carries 6 marks
(3x6=18
merits of IFRS.
IFRS btpornea)asOA
P.T.C
UG 1688
3.
4.
2
Evaluate the requirements and disclosure of EPS under Ind As 33.
Ind AS 33 d
eaoe. EPSedJsrisb dbah std adzesröab
0
XYZLtd. has taken a loan of US$
20,000 on April 1,2019 for a specific project at
an
interest rate of
5% p.a., payable annually.On April 1,2019, the exchange rate
befween the currencies
was 70 per USS. The exchange rate, as at MarCn 31,
2020, is 73 per US$.
Required: Calculate the amount of exchange diterence
arising from foreign currency borrowings to the
extent that they are regaraed as
an
to
adjustment interest costs, if the corresponding amount could have been
borrowed by XYZ Ltd. in local
currency at an interest rate of (a) 11% p.a. and
(b) 13% p.a. as on April 1, 2019.
XYZ Ltd., 1
do
oa 2019 dodb 20,000 ebrot oUT TY DossT S. 5 5
W
otba ed aioesriotb»O JdOdo. aa 1,2019 dodo JUTO IeSTTE
b T DRJbodd so) oo
sabeda soODRR 70 dod EodbDNd. 31
5
2020 dox
FORne TdboT Dabadb tdoa wodo meoi 73 dod
zodbspnti. *a
ebrtorosDs aiodR XYZ OaDits
roeotb doobd (a) DAFT de. 11
3D
Se. 13
oa (b)
ddod Jddes ariodo aded tö oerPod evobJorD DRa3badb
5. ABC Ltd.
of
of
purchased a plan from PQR Ltd., on 15-7-2019 with an estimated
price
75,000. The supplier offers 3 months credit
a
with condition that discount
1.5% will be given if the
were
made within one month. GST is
payments
charged on the estimated price.
and the Krishi Kalyan cess.
GST should include the Swach Bharath
cess
The company incurred 2% on
transportation costs and 3% on the establishment
costs of the estimated price. Tofinance the
machinery's purchase, the company
took a loan of T 50,000 at an interest rate of
14.50% p.a. The machine was
ready for use on 3-5-2020. Ascertain the original cost.
15-7-2019 dotb ABC OiETsod PQR
ODDsito odos uob odboderasdrosa
soD 75,000 o
DOrdApd. otd 8oriso¥i Dsnva anado 1.5%
oadncbsDedeorbay OW AdIaoODN TOU0DOTDUTD 3 8ors
meDETdOTRd
o D iSR GST
DQrepribEd. GST odooaR DU
Odep, i
eb. esooo idb 2% DUR
3%
,bT) MD 3rievds. odbodaraddrans
DoeDaode, FoodadbD 5DAFT Wa To Be. 14.50
do3 T 50,000 D Jidiooad
3-5-2020 dodb odboz tssR
Adoribayasotsd odboa aoe edgab dodb»aoa.
UG- 168
3
6. Following is the ledger extract of SVR Ltd., for the year ending31-3-2019,Da
a statement of Profit or loss as per the schedule lll of Companies ACt, 2013
Particulars
Revenue from operations
Amount in ?
49,000
Rent received
1,000
Advertising and publicity
2,625
Salaries and allowances
13,500
1,400
Depreciation
Insurance premium paid
Interest on debentures
500
250
Discount allowed
Discount received
Preliminary expenses written off
Printing and stationery
Cost of Material consumed
250
500
500
12,500
öshTo8. AGO aD80D
ODLÍT dJd soDD arsd osorsb
socODS 20133 ide lld aod co o Ddodba JodnOA:
31-3-2019dob SVR
evadadoer To
500
wers )
49,000
1,000
2,625
13,500
1,400
500
500
2083, oe
250
250
500
500
12,500
UG-168
-4-
SECTION-C
ANSwer any three questions. Each question carries fourteen marks
(3x14-42)
7. a) What are assumptions of IFRS ? Explain the features of IFHS.
b) Give the entire list of IFRS issued by IASB.
a) IFRS
Tesnoaya? IFRS 3 orone JBA.
b) IASB a8sAdbs IFRS ivd3 na.
8.
a) What is interim financial reporting ? Explain the disclosure requirements.
D) Explain the scope and disclosure requirements of Ind AS 38-Intangible assers.
a)
D)
zbrodd Bobsdo aoddab? add adiodb sdsirivoaya?
Ind AS 38
deaoto stRB n i a sb stodb etesdna OA.
9.a) ALtd., has taken a machinery on lease from B Ltd. The information is as under
Leaseterm-4 years
Fair value at
Lease rent 7
Guaranteed
inception of lease
-
F 20,00,000
6,25,000 p.a.
at the end of year
Residual Value 7 1,25,000
-
Expected Residual Value -7 3,75,000
Implicit interest rate - 15%
Discounted rates for 1st year, 2nd year, 3 year and 4th year are 0.8696,
0.7561, 0.6575 and 0.5718 respectively.
Calculate the value of the lease liability as per Ind AS 17.
b) SQL Ltd., constructing a solar plant. The project requires in total 6 crores,
which are raised as below:
i) T6 crores of (oan from CICI Bank for 5 years at the rate of 6.5% interest.
i) 3 crore of loan from HSBC bank for 3 years at the rate of 5% interest.
ii) 3 crore of loan from lOB for 4 years at 12% rate of interest.
iv)4.5 crores from 8% debentures for 5 years at 5% discount.
v ) 3 crore as overdraftfrom SBl at 4% interest rate.
vi) Out of the total barrowings 7.5 crores are kept in HDFC bank as term
deposit for 6 months at 5% rate of interest.
vil) ICICI bank loan is barrowed through consultation and the
consultancy
charges are 2% of the total loan amount.
You are required to calculate
borrowing cost in accordance with Ind AS 23.
10. a) From the following Balances of MN Co. Ltd., as on 31-3-2020 prepare a
statement of Profit or Loss as per the Schedule ll of Indian Companies
Act, 2013.
Amount in
Particulars
1,50,000
Opening stock
Purchases
Discount
Bad Debts
Delivery Van expenses
4,30,000
14,000
12,000
10,000
UG 168
6
Interest on debentures
74,800
Travelling expenses
Freight Charges
Depreciation
30,000
16,000
25,000
10,000
15,000
Insurance
Commission received
Sales
13,00,000
Share transfer fee
10,000
b) From the following Trial Balance of Jinx Ltd., prepare statement of financial
position of the company as on 31-3-2020:
Debit
Amount () Credit
Amount (7)
Cash at bank
75,000 Equity share capital
1,25,000
Non current assets
Non current investments
Land and buildings
Furniture
Office equipment
Goodwill
50,000
25,000
2,00,000
50,000
Reserves and surplus
Non current liabilities
Current liabilities
Staff provident fund
25,000 Deposits from public
50,000 Preference capital
Stock
Debtors
1,00,000
Total
6,25,000 Total
25,000
2,00,000
50,000
50,000
50,000
1,25,000
50,000
6,25,000
aorsrtso
.a)
,25,000
1,00,000
50,000
6,25,000 tw
H
1s
6,25,000
Company
Ltd., acquired 2.000 equity shares of S
company Ltd., as on
April 2019. The following are the
Balance
of
on 31-3-2020
Sheet
Assets
Land and Buildings
Investments : Shares of S Ltd.
Sundry Debtors
Inventories
B/R
Cash
Total
Equity and Liabilities
Equity share capital (R 100)
General Reserves (1-4-2019)
P/L a/c (1-4-2019)
Profit
during the year (2019-20)
Sundry creditors
Total
Calculate NCI and Goodwill/Capital Reserve.
the two
companies as
H. Ltd.
S Ltd.
3,75,000
3,75,000
37,500
56,250
30,000
1,87,500
3,37,500
10,61,250
H Ltd.
7,50,000
1,50,000
37,500
75,000
48,750
10,61,250
45,000
37,500
3,750
1,20,000
5,43,750
S Ltd.
3,75,000
75,000
22,500
30,000
41,250
5,43,750
UG 168
D) The following
-8are
as on 31-3-2020.
the Balance Sheet of R Ltd., and S Ltd.,
S Ltd.7
RLtd.
Assets
Plant and Machinery
Investments : shares of S Ltd. (30,000 shares)
Current Assets
4,00,000
5,60,000
4,00,00o
3,80,000
2,20,000
7,80,000
11,80,000
Profit and Loss A/c of S Ltd. Stood at T 60,000 on 1-4-2019. R Ltd., acquired
of S Ltd., on 1-1-2020. You are required to calculate the Controlling
Total
shares
Interest.