AL/2020/33/E-1 NEW)

6302-3- l�d.ex No. : ...................... ..

6. The revised balance of the cash account and the balance of the bank statement as at 31.03.2020:
Revised Balance of Cash Account (Rs.' 000) +ank Statement Balance (Rs.' 0)
(]) 410 510
(2) 510 4l0
(3) 5510 510
(4 ) 590 410
(5) 90 510 ...... )
7. What is the net effect of .items A, B, C and Don the profit for the ,;nonth of March 2020 and the d · btors
control account balance as at 31.03.2020? i
Increase in Profit (Rs.' 000) Increase/(De}rease) in Debtors
Control Accou�t Balance (Rs.' 000)
( l) 90 (100)1
(2) 90 (20)
(3) 108 (20)
� 100 W
(5) 120 80 i......)
8. Which of the following statement/s is/are con)!ct in relation to the pplication of accounting conctjpts'!
A - The basis for recognition of debtors and:creditors is provided!by the accrual concept. I
B - The basis for measuring inventories at lower of cost and n�t realizable value is provided the 1y
m*��ce� I I

Financial Position is provided by the going concern con'l1·

C - The basis for classification of assets and liabilities as curre. ' a non-current in the Statemtnt of
1 i
(1) Aonly. (2) Bonly. (3) Conly. I
(4) A and Conly. (5) AU an 'r�
•. 1'.\ G· •·· .. )
9. Which of the following accounting treatm · ut/� fl t the, applicati�n of substance over form conce t ?
l

A - Recognition of income tax payable by a r ·� as a liability. !

i
B - Recognition of a 'right-of-use a e a�e in the financial statements of a lessee.
C - Recognition of a constru e bligation of an entity as its H 'bility.
(1) A only. if� (2-) B only.
I
(3) Conly.
(4) B and Conly. � (5) All A, B and C. <r .....)
1
10. Namal Traders commenced its operations on QI · .04.2020. The folio, ing information is provided fi r the
month of April 2020. j
Total of prime entry hooks : Rs.'000 Other informatipn : Rs.'000
Sales journal 220 Cost of sales llO
Purchase journal 200 Operating expenJes (excluding discounts) 60
Sales return journal 20 Trade discountsleceived 20
Purchase return journal 10 Trade discounts ,nowed 8
Cash discounts r�ceived 5
Cash discounts abowcd IO
I
The total income and total expenses recogni1..ed for the month of April 2020:
Total Income (Rs.' 000) Total Expenses (Rs;'1 000)
(1) 200 170
m w �
(3) 205 180
� � �
(5) 225 188 (. ..... )
 6 :Hfa
AL/2020/33/E-I(NEW -5- 1hdexNo.: ................... : ........ .

14. Which of the following statements are correct in relation to partnefsbips7

A - The partnerships should not follow accounting stand�rds when preparing the finr3ncial
statements. I !
B - The salaries paid to partners when they contribute to the man*gement of the business as partn�rs are
treated as expenses of the partnership. :

contnbutton
.. ratio.
.
· · . .. . ·. · �
!

.
I
C - In• � n·t�en ag�eement, the partners c a·••· n agree to sh ar e prlfits and losses based on their pitaI [I
. . . .
D - When . there is a change in the ownership of . a partnership,
. . its. goodwill
.. is estimated.
(l). .B and . Conly.
. (2} C and D only.. (3) A, B. . and D nly.
(4) A,CandDonly. (5) B,CandDonly. .. .... )

• Use the following information to answer q�estions no. 15 and· tf·

The conditions ofthe partnership carried QUt f.?y Meena and Radha Fas
follows:
• The profit or loss sharing ratio between �eena and Radha is 3 :\2 respectively.
• Meena and Radha are entitled to an annmd salary of Rs. 450 odo
and Rs. 350 000 respectively.
Other Information:

r
Credit balances of current accounts:
As at 31.03�2020 (Rs.' 000} 9 (Rs.1 (H)())
Meena 600
Radha 480

Salaries paid and goods drawn during the year en .2 201.

Meena (Rs.' 000) Radba (Rs.'000)
Salaries 300 e 200
Ooods drawn 120
to the partnership has been er dited
to her current account.
15. The profit of the partnership for the year ending 31.03.2020 :
. (1) Rs. 500000 - (2) Jls, 1:850000 (3) Rs. 1 250 0
(4) Rs. 1300 000 (5) Rs. 1:350 000 ( ..... )
16. The total profit appropriated to Radha for the i,ear ending 31.03.2020:
(l) Rs. 200 000 (2) Rs� .250 000 (3) Rs. 280000
(4) Rs. 550000 -(5) Rs. 600000 ( ... ,.)
17. Which of the following statement/s is/� correct as per LKAS 16 �Property, Plant and Equipment) '/
A - Depreciation amount for the pe,Iiod shou}d alway s be recogni*d in profit or loss.
B - An item of property, plant and equipment should be measured!at cost at the initial recognition
C - The �urpllls resllldng 9n th�,revalu�tion
. .4r an ass�t in the. curr¥ year should be recognized in ther
comprehensive income in the absence of;a previpµs revaJuatid deficit for the same asset.
(l) A only. {2) Conly. (3) A and B only
(4) B and Conly. (5j All A, Band C ( ..... )

ISee page six

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Three hours Additional .Reading Tim:e O
10 minutes
Use additional reading time to go througb the question paper, select the questions you Will answer and
decide which of them you will prioritise.
Use of non-programmable calculators' is aiiowcd. ·
Instructions:
* Answer five que:�timis only, including questi01i.v otie and iwo.
* Begn each. answer on a fresh ,,sheet of paper.
i

i* Relevant workings should be attached to the answer .script.

;i� 11lis questions pa per carries 200 marks.

1. The sunimarized trial balance of Vinuga: PLC as at· 31.03.202

D��diption (Rs:'000) Cr. (Rs.'000)
Property, plant. and equipment �. Carrying amount; 49500
Right-of-use asset......................................... ,. ·····'····-'··>;............. · ·12.600
Sales ........................; ........:.·•. .-...... ; ..• '.... . .. ,.· •... :.-................;. 79500
Cost of sales :.........................�. ..... ....... ··�••.-:-··.....................
. SJ 300
Trade rece.ivables .. ". :.. . .. . .. . ..;� ... ; · ..... : •;..�,ti: ....... :·........ '. ........,.... 5 400
Trade payables .......... . 15500
6488
Cash. and cash equivalents ............................... ; ......................... l 250
Provision tor claims .................................................. ............... . 800
Stated capital - ordinary shares 25000
Land revaluation reserve as at 01.04.2019 .................................... 3 500
Retained earnings as at tn:�.2019 ·'.s·F···············:···�···· .. '.··"····:···· 5(?50
Administrative expenses payable ......... ;..................................... . 300
Adrriinistrativc expenses ............• .. '.:.:....... n. ,.. ......... : •..•. � � •.•..• , •..•••• 6462
Distribution .i::ost. , .........................�· •·•··•••. ····•;, .. , •..•.,........ ............... ,. :-,·5 600
Finance cost....... , ... '. ........................ .,. .•.•········••i:•········•.•.t"•" ... ••····'.· 1 900
Other expenses
Lease liability .... ................. ,iii-••···-··················""'····"·•·:····.·· ·····�··,._.;.,,.
12600
In.come tax paid ..................................................... � ............ ;.. J-250
. ,els &t Ql.04,2019 .•..•..•.....,.\ .•..... � •. i•••••• • •••
Provisiqn for i. ncome .� :400
, 143250 "143250
!See page two