FA VI Model Answer Key
FA VI Model Answer Key
Q.2 A)
Marking Scheme
HALO BANK
BALANCE SHEET AS AT 31ST MARCH, 2023
Capital 1 13,75,000
Reserves 2 22,00,000
Deposits 3 49,50,000
Borrowings 4 88,96,250
Other Liabilities and Provisions 5 30,25,000
TOTAL 2,04,46,250
TOTAL 2,04,46,250
Contingent Liabilities 12
Bills for Collection 7,00,000
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SCHEDULES FORMING PART OF BALANCE SHEET
OR
Capital 1 400
Reserves 2 414
Deposits 3 3,950
Borrowings 4 800
Other Liabilities and Provisions 5 542
TOTAL 6,106
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And Short Notice 7 1,300
Investments 8 480
Advances 9 1,754
Fixed Assets 10 1,108
Other Assets 11 NIL
TOTAL 6,106
Contingent Liabilities 12
Bills for Collection 600
PROFIT AND LOSS A/C FOR THE YEAR ENDED 31ST MARCH, 2018
I INCOMES
Interest Earned 13 818
Other Incomes 14 400
TOTAL 1,218
II EXPENSES
Interest Expended 15 600
Operating Expenses 16 498
Provision and Contingencies 6
TOTAL 1,104
TOTAL 274
IV APPROPRIATIONS
Transfer to Statutory Reserves 28.50
Transfer to Other Reserves --
Transfer to Government/Proposed Dividend ---
Balance c/f to Balance Sheet 245.50
TOTAL 274.00
Schedule 2 – Reserves
PARTICULARS AMT
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Schedule 3 – Deposits
PARTICULARS AMT
Schedule 4 – Borrowings
PARTICULARS AMT
Borrowings from Lena Bank 800
Schedule 7 – Balance with Other Banks and Money at Call and Short Notice
PARTICULARS AMT
Schedule 8 – Investments
PARTICULARS AMT
Investment at Cost 480
Schedule 9 – Advances
PARTICULARS AMT
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Schedule 11 – Other Assets
PARTICULARS AMT
Nil
PARTICULARS AMT
Commission and Exchange 400
PARTICULARS AMT
PARTICULARS AMT
Salaries 250
Law Charges 6
Directors Fees 10
Postage and Telegrams 4
Audit Fees 8
Printing and Stationary 50
Rent and Taxes 30
Dep’n on Building 120
Dep’n on Furniture 20
498
WORKINGS :
PARTICULARS AMT
Q.3 A)
Marking Scheme
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FORM B – RA
JEEVAN GENERAL INSURANCE COMPANY
REVENUE ACCOUNT FOR THE YEAR ENDED 31st March, 2023
PARTICULARS SCH NO AMT
56,40,000
A+B–C 35,56,800
Add : Expenses Related to Claims
Surveyors Fees 35,000
Legal Expenses 45,000 80,000
NET CLAIMS PAID 45,26,000
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Sch 3. Commission
Particulars Amt
Commision on Direct Business 1,20,000
Add : Comm on Reinsurance Business Accepted 8,800
Less : Commission on Reinsurance Business Ceded (11,200)
Working Note :
Particulars Amt
Reserve for Unexpired Risk (Opening Balance) 19,60,000
OR
Q.3 B) Marking Scheme
B/S 3m I/E A/C 3M Sch 1,2,3 and 6 6m (1 1/2m each Bal sch 3 m ( 1/4 m)
1 PARTNERS FUND
Contribution 1 4,66,875
2 Liabilities
Creditors/Trade Payables 2 2,72,550
Total 7,39,425
ASSETS
Gross Fixed Assets 2,17,500
Less : Depreciation and Amortization 11,625
Net Fixed Assets 3 2,05,875
Loans and Advances 4 900
Inventories 5 1,80,000
Debtors/Trade Receivables 6 1,90,675
Cash and Cash Equivalents 7 1,56,275
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Other Assets 8 5,700 5,33,550
Total 7,39,425
Statement of Income and Expenditure for the period from 1/4/2022 to 31/3/2023
I Incomes
Net Turnover 9 5,92,500
Increase/Decrease in Stocks 10 (2,20,000)
Total 3,72,500
II Expenses
Purchases 11 3,34,250
Personnel Expenses 12 46,500
Administrative Expenses 13 12,000
Selling Expenses 14 20,425
Insurance Expenses 15 7,850
Depreciation and Amortisation 16 11,625
Other Expenses 17 6,300
Total 4,38,950
Profit/Loss transferred to Partners A/c 18 (66,450)
Notes to Accounts
Note 1 – Contribution
Particulars Amt
Bills Payable 60,000
Sundry Creditors 2,07,000
Outstanding Wages 1,500
Outstanding Salaries 3,000
Outstanding Advertisement 1,050
2,72,550
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Note 3 – Fixed Assets
Particulars Amt
Prepaid Insurance 900
Note 5 – Inventories
Particulars Amt
Inventory 1,80,000
Particulars Amt
Cash in Hand 32,500
Cash at Bank 1,23,775
1,56,275
Particulars Amt
Claim Receivable 5,700
Note 9 – Turnover
Particulars Amt
Sales 6,00,000
Less : Return Inward (7,500) 5,92,500
5,92,500
Note 10 – Increase/Decrease in Stocks
Particulars Amt
Closing Stock 1,80,000
Less : Opening Stock (4,00,000)
TOTAL (2,20,000)
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Note 11 – Purchases
Particulars Amt
Wages 22,000
Add : Outstanding 1,500 23,500
Salaries 20,000
Add : Outstanding 3,000 23,000
46,500
Particulars Amt
Office Expenses 10,000
Factory Rent 2,000
12,000
Particulars Amt
Advertisement 10,000
Add : Outstanding 1,050 11,050
New RDD 9,375
20,425
Note 15 – Insurance
Particulars Amt
Insurance 8,750
Less : Prepaid (900)
7,850
Particulars Amt
Particulars Amt
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Note 18 – Profit and Loss transferred to Partners Account
Particulars Amt
Rahul 33,225
Shahul 33,225
66,450
AP 3M NP 2M
CE 6M SP & G/W 4M
Q.4 A. SOLUTION
Valuation of Goodwill
Super Profit Method
AVERAGE PROFIT
CAPITAL EMPLOYED
A ASSETS
Fixed Assets 12,00,000 3,00,000
Stock 6,12,000 4,26,000
Debtors 5,10,000 1,80,000
Cash and Bank Balance 90,000 30,000
A 24,12,000 9,36,000
B LIABILITIES
Creditors 3,00,000 1,50,000
Capital Employed (A – B) 21,12,000 7,86,000 4
SUPER PROFIT
SP = Avg Profit – Normal Profit SP = 401400 – SP = 162600 – 2
3,16,800 1,17,900
SP = 84,600 SP = 44,700
Goodwill
G/W = Super Profits X No of Yrs 84,600 X 4 44,700 X 4 2
of Purchase = 3,38,400 = 1,78,800
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T Ltd
Q.4 B)
Marking Scheme
Q.4 B SOLUTION
PARTICULARS AMT
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EXPECTED RATE OF DIVIDEND (ERD)
ERD = 30 %
YVPS = Rs.20
FVPS = 13.70 + 20 / 2
FVPS = 33.70 / 2
Q.5 A. (i) Explain the concept and computation of Net Own Fund in NBFC. (8)
(ii) Explain Reinsurance and Co-insurance in detail. (7)
OR
Q.5 B. Write Short Notes on : (Any 3) (15)
1. Rebate on Bills Discounted
2. Short Note on Marine Insurance
3. Short Note on LLP
4. Objectives of RBI regulations regarding NBFC
5. Factors affecting valuation of shares
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