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(i) As per Ind AS 112, certain disclosures are required to be made about non-controlling interests. Which of the following options correctly identifies the required disclosures? Disclousres are below :
a) The name of the subsidiary.
b) Accumulated non-controlling interest at the beginning of the reporting period.
c) The proportion of ownership interests held by non-controlling interests.
d) Accumulated non-controlling interest at the end of the reporting period.

All the items are to be disclosed. Items (a), (b), and (c) are to be disclosed. Items (b), (c), and (d) are to be disclosed. Items (a), (c), and (d) are to be disclosed.

(ii) With respect to Integrated Reporting, which of the following is NOT true?

An integrated report is necessarily to be a stand-alone report. The framework of integrated reporting is written primarily for private companies. A report prepared as required by local law containing management commentary can serve the purpose of integrated reporting. All of the above.

(iii) Which of the following is NOT an objective of Government Accounting?

To provide reliable data regarding the operation of the public funds. To avoid excess expenditure beyond the budgetary approval. To prevent misappropriation of government properties. To facilitate tax collection by the concerned government department.

(iv) Indian Government Accounting Standard (IGAS)-1 deals with:

Guarantees given by Governments: Disclosure Requirements. Accounting and Classification of Grants-in-Aid. Loans and Advances made by Government. Foreign Currency Transactions and Loans or Gain by Exchange Rate Variation.

(v) Which of the following is NOT a part of an earnings call?

Safe harbor statement. Presentation and discussion of financial results. Questions and answer session. Examination of audit report.

(vi) Lease Rental and Hire-Purchase Assets will be treated as Non-Performing Assets (NPA) in case of NBFCs for the financial year ended 31st March, 2024 if overdue for:

3 months as on 31st March, 2024. 6 months as on 31st March, 2024. 9 months as on 31st March, 2024. 4 months as on 31st March, 2024.

(vii) DAWN Ltd. has acquired 100% of the equity of NIGHT Ltd. on March 31, 2024. The purchase consideration comprises of an immediate payment of ₹ 20 lakh and three further payments of ₹ 2 lakh each if the return on equity exceeds 16% in each of the subsequent three financial years. On the acquisition date, the aggregate value of DAWN ’s identifiable net assets is 22,00,000. Calculate purchase consideration and Goodwill/ gain on bargain purchase. Assume discount rate @ 10%.

Purchase consideration ₹ 20,00,000 and gain on bargain purchase ₹ 2,00,000 Purchase consideration ₹ 26,00,000 and goodwill %4,00,000 Purchase consideration ₹ 24,97,360 and goodwill ₹ 4,97,360 Purchase consideration ₹ 24,97,360 and goodwill ₹ 2,97,360

(viii) ABC Ltd. reports quarterly and in the quarter ended 30.06.2023, it earned pre-tax profit of 3 crore but it expects to incur losses of ₹ 1 crore in each of three remaining quarter of the financial year. The tax rate on income is 30%. The management believes that since the company has zero income for the financial 2023-24, its income-tax expenses for the year will be zero. Calculate the amount of tax expenses to be reported in the first and fourth quarters.

₹90 lakh and ₹Nil. ₹Nil and ₹Nil. ₹90 lakh and ₹(30) lakh. None of the above.

(ix) ARTH Ltd. purchased an equipment for ₹ 51 lakh on April 1, 2023. The useful life of the equipment is 5 years and the residual value is estimated to be ₹ 1 lakh. The company adopts straight line method of depreciation. On March 31, 2024, a test for impairment was conducted after obtaining the following information:
Fair value less costs to sell ₹ 36 lakh
Value in use ₹ 32 lakh
Having regard to Ind AS 36, calculate the impairment loss to be recognized for the year ending March 31,2024.

₹4,00,000 ₹9,00,000 ₹5,00,000. None of the above.

(x) On April 1, 2019, RIHAND Ltd. purchased heavy-duty equipment for ₹ 4,00,000. On date of installation, it was estimated that the machine has a useful life of 10 years and a residual value of 40,000.. Accordingly, the annual: depreciation worked out to ₹ 36,000 = [(₹ 4,00,000 — ₹ 40,000) / 10]. On April 1, 2023, after four years of using the equipment, the company decided to review the useful life of the equipment and its residual value. Technical experts were consulted. According to them, the remaining useful life of the equipment at April 1,2023 was seven years and its residual value was ₹46,000. Compute the revised annual depreciation for the year 2023-24 and future years.

₹40,000. ₹36,000 ₹50,571. ₹30,000.

(xi) Narmada Ltd. exchanges a machine (carrying amount ₹15 million, fair value ₹22.5 million) for a building worth Fair value ₹30 million, paying an additional ₹4.5 million. As per relevant Ind AS, what is the profit on exchange?

₹7.5 million. ₹12 million. ₹19.5 million. None of the above.

(xii) Harish Ltd. has taken a loan of USD 22,000 @ 5% p.a., for constructing a plant, interest payable on which is annual. On 1st April, 2023, the exchange rate was ₹ 45 per USD. The exchange rate on 31st March, 2024 is ₹ 48 per USD. Had Harish Ltd. borrowed the corresponding amount from Union Bank of India, the rate of interest would have been 11% p.a. The borrowing cost to be capitalized for the year ended 31st March, 2024 as per the relevant Ind AS is:

₹52,800. ₹1,08,900. ₹56,100. ₹66,000.

(xiii) Rita Ltd on 1sr April, 2023, Rita Ltd. invested in the equity shares of Sita Ltd. at a cost of = 2,00,000 to acquire 25% share in the voting power of Sita Ltd. Rita Ltd. concluded that Sita Ltd. is now an associate of Rita Ltd. On 31st March, 2024, Sita Ltd. earned the net profit of 20,000 and other comprehensive income of ₹ 4,000. In the year 2023-24, Sita Ltd. also declared dividend of ₹ 8,000. The carrying amount of investment in Sita Ltd. as at 31st March, 2024 as per the relevant Ind AS is:

₹2,00,000. ₹2,05,000. ₹2,06,000. ₹2,04,000.

(xiv) Surendra Ltd. (parent) sold goods costing ₹400 lakh to its 80% subsidiary Narendra Ltd. for ₹480 lakh. Half of these goods remained in stock on March 31, 2024. Narendra Ltd. recorded the inventory at ₹240 lakh. If the tax rate is 30%, what deferred tax should be shown in the consolidated financial statements?

₹12 lakh. ₹60 lakh. ₹72 lakh. ₹120 lakh.

(xv)Mohan Ltd. held 50% of the voting power of Sohan Ltd. which is a joint venture of Mohan Ltd. The carrying value of the investment in Sohan Ltd. is ₹ 1,50,000. Now, out of the 50% stake, Mohan Ltd. sells 20% stake in Sohan Ltd. to a third party for a consideration of ₹ 1,20,000. The fair value of the retained 30% interest is ₹ 1,80,000. The gain or loss recorded by Mohan Ltd. in its profit or loss is:

Gain of ₹1,50,000. Loss of ₹1,50,000. Gain of ₹90,000. None of the above.

June 24 CFR Paper