You are a social Chartered Accountant having superb between close to home and relational abilities, involved rich modern experience of almost 25 years in all regions Corporate Finance, Direct Taxation, Legal, Cost and Management Accounting and Corporate Secretarial elements of enormous, recorded, benefit making organizations and have cut a specialty in the expert field for your insight and introduction aptitudes.

As of late, you have become an expert head of X Ltd., (hereinafter alluded to as "the Company") a drug organization, recorded with BSE and NSE. Other than being a chief on the Board, the author Chairman of the Company have exceptionally relegated you to manage the corporate bookkeeping and account elements of the Company and exhort for raising present moment and long haul working capital from Banks, Financial Institutions, value from private arrangement, rights issue, examine capital planning, difference investigation and so on

You were glad to assume control over the charge as you had faith in yourself and dependent on a fruitful history of accomplishments previously, you saw this task as another test to manage and come out effectively and furthermore esteem expansion to the Company.

After assuming control over the mantle, you committed significant time in experiencing the corporate introductions, key qualities of the Company, hazard factors (inward and outer), industry investigation, producing measures, peer examination, stock exhibitions, government endorsements and licenses, prosecutions (by and against the Company), annual duty evaluations and advances in power, inspected monetary aftereffects of the Company for as long as couple of years, association structure,

the executives culture, corporate administration and the Board measures, and so on, After investing impressive energy in making a top to bottom investigation, you noticed and noticed the accompanying:

(a) The Company's center strength lies in creating and assembling separated drug items in-house, which it popularizes through its advertising foundation spread across geologies and associations with global pharma organizations. Benchmarked to worldwide norms, X Ltd.' s offices are endorsed by global administrative offices, for example, US FDA, UK MHRA, Japan's MHLW, TGA Australia, WHO, and the MCC South Africa;

(b) Until before the previous three monetary years, the Company was performing admirably and the exchanging update proclamations were met with much endorsement by market examiners and as an outcome the Company's offer value rose likewise;

(c) Unfortunately, in the new years, the Company experienced income issues brought about by quick development, undercapitalization, and absence of monetary administration mastery and control measures;

(d) The Company's amassed misfortunes combined with liquidity issues is continuously lessening the stores and excesses and could be a danger to the Company's future reasonability if not rectified appropriately;

(e) The Company likewise required monetary rebuilding and a strong, experienced monetary counsel if the Company was to succeed;

(f) The Company expected to raise impressive value cash-flow to finance the continuation of their item advancement and their deals and promoting endeavors;

(g) Previously, the Company had raised restricted capital from neighborhood Angel financial specialists, however now expected to draw in complex institutional speculators.

(a) Oversee the bookkeeping capacities, with exceptional reference to bookkeeping treatment in accordance with sound accounting standards and consistence of all pertinent compulsory bookkeeping guidelines; (B) Assist the MD by ensuring that the current fiscal reports are solid and reasonable and stands the trial of due steadiness regarding raising assets; (b) Clean up the organization's funds and help discover connect capital; (c) Establish new financial connections and secure an advance; (d) Devise an arrangement to help the Company set objectives for anticipated future development and income prerequisites;

2.1. Mr. Q, a Director of the Company continuing on a long unfamiliar visit, selected Mr. Y as a substitute chief to represent him during his nonappearance. The articles of the Company accommodate arrangement of substitute chiefs. Mr. Q asserts that he has an option to choose a substitute chief. The dispute of Mr. Q is :

(A) Correct. As the Articles of the Company accommodate arrangement of a substitute Director;

(B) Incorrect. As. the power to designate substitute chief has been vested in the directorate just and that excessively subject to strengthening by the Articles;

(C) Incorrect. As the position to select substitute chief has been vested in the governing body just and with endorsement of investors by passing a unique goal;

(D) Incorrect. As the power to select substitute chief has been vested distinctly with the endorsement of investors by passing a unique goal.

2.2 Annual regular gathering of the Company has been planned for consistence the necessities of the Companies Act, 2013. In this association, there are a few chiefs who are rotational and out of which some have been named long back, some have been selected around the same time. Which of the chiefs will be resigning by revolution at the following Annual General Meeting:

(A) One third of those chiefs who have been longest in the workplace who establish one portion of the complete number of chiefs and who are at risk for revolution at each AGM;

(B) One half of those chiefs who comprise 66% of the complete number of chiefs and who are at risk for revolution at each AGM;

33% of those chiefs who establish 66% of the absolute number of chiefs and who are subject for revolution at each AGM;

(C) One half of those chiefs who have been longest in the workplace who comprise one portion of the all out number of chiefs and who are obligated for revolution at each AGM.

2.3 Mr. Kishore is a Director of the Company and furthermore of PQ Ltd. PQ Ltd. didn't document budget reports for the years finished 31st March, 2017 and 2018 and didn't pay interest on advances taken from a public monetary establishment from first April, 2018 onwards. However, it has immediately reimbursed developed stores taken from public on due dates. In the light of significant arrangements of the Companies Act, 2013, Mr. Kishore is :

(A) Disqualified to proceed as a Director in the Company;

(B) Disqualified to proceed as a Director in PQ Ltd;

(C) Disqualified to proceed as a Director in the Company and PQ Ltd;

(D) Not Disqualified and consequently he can proceed as a Director of the Company and PQ Ltd.

2.4 The Company had caused misfortune in business up to the primary quarter of monetary year 2018 -

19. The Company has announced profit at the pace of 12%, 15% and 18% separately in the prompt going before three years.

Despite the misfortune, the Board of Directors of the organization have chosen to proclaim interval profit @ 15% for the current monetary year. Regarding the arrangements of the Companies Act, 2013 on affirmation of interval profit, the choice of the Company is:

(A) Correct, subject to endorsement of investors;

(B) Incorrect, as the profit can be just normal of most recent 3 years;

(C) Correct, subject to endorsement of Central Government;

(D) Incorrect, as the profit can be just least of most recent 3 years.

2.5 On your association with the money division, you have run over/been evaluated of the accompanying circumstances.

The Company was chipping away at various agreements which are probably going to be finished inside 3 years time frame. It perceives income from these agreements on level of finish technique for fiscal summaries during 2015-2016, 2016-2017 and 2017-2018 for

' 11,00,000, ' 16,00,000 and ' 21,00,000 separately. In any case, for Income-charge reason, it has received the finished agreement strategy under which it has perceived income of ' 7,00,000, ' 18,00,000 and ' 23,00,000 for the years 2015-2016,2016-2017 and 2017-2018

separately. Annual expense rate is 35%.

As needs be, the measure of conceded charge resource/risk

for the years 2015-2016, 2016-2017 and 2017-2018 according to the arrangements of Ind AS 12 would be:

(A) ' 1,40,000; ' 70,000; ' Nil;

(B) ' Nil; ' 70,000; ' 1,40,000;

(C) ' 70,000; ' 1,40,000; ' Nil;

(D) ' 1,40,000; ' Nil; ' 70,000.

2.6 The Company had acquired an amount of US $ 10,00,000 toward the start of monetary year 2018-19 for one of its private undertaking at 4%. The interest is payable toward the finish of the monetary year. At the hour of availment, conversion scale was ' 56 for every US $ and the rate as on 31st March, 2019 was ' 62 for each US $. In the event that the Company acquired the advance in India in Indian Rupee same, the valuing of credit would have been 10.50%. In such conditions, the getting cost and trade distinction for the year finishing 31st March, 2019 according to material Accounting Standards would be:

(A) Borrowing Costs - ' 60.00 Millions; Exchange Difference - ' 30 Millions;

(B) Borrowing Costs - ' 58.00 Millions; Exchange Difference - ' 27 Millions;

(C) Borrowing Costs - ' 58.80 Millions; Exchange Difference - ' 26 Millions;

(D) Borrowing Costs - ' 59.70 Millions; Exchange Difference - ' 24 Millions.

2.7 While setting up the draft last records for the year finished 31st March, 2019, the Company made arrangement for awful obligations @ 5% of its absolute account holders. In the most recent seven day stretch of February, 2019 an indebted person for ' 20 Millions had endured weighty misfortune because of a quake; the misfortune was not covered by any protection strategy. In April, 2019 the account holder got bankrupt. The Company accommodated the full loss of ' 20 Millions short 5% arrangement previously made emerging out of indebtedness of the borrower in the last records for the year finished 31st March, 2019. The right bookkeeping treatment is :

(A) Provide according to the organization's judgment;

(B) Provide for whole ' 20 Million;

(C) Only 5% of ' 20 Million is to be given;

(D) None of the abovementioned

2.8 Goods were sold adding up to ' 50 Million to a partner organization during the first quarter finished on 30th June, 2018. From that point onward, related gathering relationship stopped to exist. Nonetheless, products were provided as was provided to some other normal client. What is the revelation according to the pertinent bookkeeping norms ?

(A) Disclosure is for exchanges for the entire year;

(B) Disclosure is just for the exchanges upto the principal quarter finished 30th June, 2018;

(C) Does not come quite close to exposure;

(D) Only the exchanges for the excess 3/4 should be uncovered.

2.9 The Company bought hardware on first April, 2014 for ' 35 Million. Recorded estimation of the apparatus as on 31st March, 2019 is ' 18.27 Million. The recoverable measure of the

hardware is ' 12.45 Million. In light of the current situation, the impedance misfortune according to the appropriate bookkeeping standard would be :

(A) ' 16.73 Millions;

(B) ' 22.55 Millions;

(C) ' 5.82 Millions;

(D) ' 4.28 Millions.

2.10 The Company bought products at the expense of ' 20 Millions in October, 2018. Till the finish of the monetary year, 75% of the stocks were sold. The Company needs to uncover shutting stock at ' 5 Millions. The normal deal esteem is ' 5.5 Millions and a commission at 10% discounted is payable to the specialist. The right benefit of shutting stock would be :

(A) ' 4.95 Millions;

(B) ' 4.85 Millions;

(C) ' 4.75 Millions;

(D) ' 4.50 Million