#Q.1) M/s Anant Kumar are a registered dealer in West Bengal. During the year ending on 31st March 2019 the firm’s local purchases from registered dealers of West Bengal amounted to Rs. 12 lakh. The firm had also made purchases from local unregistered dealers amounting to Rs. 2 lakh.
During the period the firm’s sales within West Bengal amounted to Rs. 8 lakh and outside West Bengal Rs. 1.50 lakh.
Applicable rates for GST(both for purchases and sales) are 14% and 5 % respectively. Pass necessary journal entries to record the above transactions.- 20 Mark
#Q.2) PET Limited manufactures household food- grade containers of different sizes. It uses a special type of polyethylene sheet for making the body of the containers.
The sheets are purchased in large sizes. A particular size of container requires 60 square inches of the polyethylene sheet. The cost of 1 square inch is Re. 0.50.
While running a batch of 10,000 containers it is found that 6,50,000 square inches of sheets were consumed at Re. 0 60 per square inch.
Show detailed calculations of (a) Total variance, (b) Price variance, (c) Quantity variance, (d) Pure price variance, and (e) Joint Price-quantity variance.
#Q.3)A HUF consists of Mr. A (Karta), Mrs. A and a minor child. On 18th December 2018 the Karta sets apart Rs. 5 lakh out of the family fund for maintenance of his wife Mrs. A deposits the money in her name with a bank at an interest rate of 9% p.a.
Discuss whether the interest income will be clubbed with the income of HUF or Mr. A or none. Justify your answer.- 15 Marks