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ANSWERS OF MODEL TEST PAPER 1 
INTERMEDIATE: GROUP – II 
PAPER – 6: FINANCIAL MANAGEMENT & STRATEGIC MANAGEMENT 
PAPER 6A : FINANCIAL MANAGEMENT 
PART I 
1. I. (b) ` 35,55,556
II. (c)  ` 30,03,733
III. (a)  ` 8,83,200
IV. (d)  ` 4,83,200
V. (a)  16.09%
Working Note 
Particulars (`)  
Total Sales ` 200 lakhs 
Credit Sales (80%) ` 160 lakhs 
Receivables for 40 days ` 80 lakhs 
Receivables for 120 days ` 80 lakhs 
Average collection period [(40 x 0.5) + (120 ×0.5)] 80 days 
Average level of Receivables (` 1,60,00,000 ? 80/360) ` 35,55,556 
Factoring Commission (` 35,55,556 ? 2/100) ` 71,111 
Factoring Reserve (` 35,55,556 ? 10/100) ` 3,55,556 
Amount available for advance {` 35,55,556 - (3,55,556 + 
71,111)} 
` 31,28,889 
Factor will deduct his interest @ 18%: 
Interest = 
`31,28,889 ×18×80
100 × 360
` 1,25,156 
Advance to be paid (` 31,28,889 – ` 1,25,156) ` 30,03,733 
(i) Statement Showing Evaluation of Factoring Proposal
` 
A. Annual Cost of Factoring to the Company: 
Factoring commission (` 71,111 ? 360/80) 3,20,000 
Interest charges (` 1,25,156 ? 360/80) 5,63,200 
Total  8,83,200 
B. Company’s Savings on taking Factoring Service: ` 
Cost of credit administration saved 2,40,000 
Bad Debts (` 160,00,000 x 1/100) avoided 1,60,000 
Total  4,00,000 
503
Page 2


ANSWERS OF MODEL TEST PAPER 1 
INTERMEDIATE: GROUP – II 
PAPER – 6: FINANCIAL MANAGEMENT & STRATEGIC MANAGEMENT 
PAPER 6A : FINANCIAL MANAGEMENT 
PART I 
1. I. (b) ` 35,55,556
II. (c)  ` 30,03,733
III. (a)  ` 8,83,200
IV. (d)  ` 4,83,200
V. (a)  16.09%
Working Note 
Particulars (`)  
Total Sales ` 200 lakhs 
Credit Sales (80%) ` 160 lakhs 
Receivables for 40 days ` 80 lakhs 
Receivables for 120 days ` 80 lakhs 
Average collection period [(40 x 0.5) + (120 ×0.5)] 80 days 
Average level of Receivables (` 1,60,00,000 ? 80/360) ` 35,55,556 
Factoring Commission (` 35,55,556 ? 2/100) ` 71,111 
Factoring Reserve (` 35,55,556 ? 10/100) ` 3,55,556 
Amount available for advance {` 35,55,556 - (3,55,556 + 
71,111)} 
` 31,28,889 
Factor will deduct his interest @ 18%: 
Interest = 
`31,28,889 ×18×80
100 × 360
` 1,25,156 
Advance to be paid (` 31,28,889 – ` 1,25,156) ` 30,03,733 
(i) Statement Showing Evaluation of Factoring Proposal
` 
A. Annual Cost of Factoring to the Company: 
Factoring commission (` 71,111 ? 360/80) 3,20,000 
Interest charges (` 1,25,156 ? 360/80) 5,63,200 
Total  8,83,200 
B. Company’s Savings on taking Factoring Service: ` 
Cost of credit administration saved 2,40,000 
Bad Debts (` 160,00,000 x 1/100) avoided 1,60,000 
Total  4,00,000 
503
C. Net Cost to the company (A – B) (` 8,83,200 – ` 
4,00,000) 
4,83,200 
Effective cost of factoring = 
 `
`
4,83,200
×100
30,03,733
 = 16.09% 
2. B. ` 3,20,513; ` 8.33 
pp
12
(EBIT -I)(1- t)-D (EBIT -I)(1- t)-D
=
NN
(x -0)(1-0.35) (x -1,00,000)(1-0.35)-60,000
=
25,000 10,000
x = EBIT = ` 3,20,513 
3. D.
4. C.
At EBIT of ` 3,20,513, EPS under both options will be the same i.e., 
` 8.33 per share 
1.15 
FL= % change in NP/%change in EBIT=6.9/6=1.15 
3 years 
These deposits may be accepted for a period of six months to three 
years. 
PART II 
1. (a)
Particulars (`’ in lakhs) 
Net Profit 54 
Less: Preference dividend 24 
Earnings for equity shareholders 30 
Earnings per share 30/2 = ` 15 
Let, the dividend per share be D to get share price of ` 120. 
P = 
D+
r
Ke
(E-D)
K
e
Where, 
P = Market price per share. 
E = Earnings per share = ` 15 
D = Dividend per share  
R = Return earned on investment = 22% 
Ke = Cost of equity capital = 15% 
120  = 
D + 
0.22
0.15  
(15-D)
0.15
504
Page 3


ANSWERS OF MODEL TEST PAPER 1 
INTERMEDIATE: GROUP – II 
PAPER – 6: FINANCIAL MANAGEMENT & STRATEGIC MANAGEMENT 
PAPER 6A : FINANCIAL MANAGEMENT 
PART I 
1. I. (b) ` 35,55,556
II. (c)  ` 30,03,733
III. (a)  ` 8,83,200
IV. (d)  ` 4,83,200
V. (a)  16.09%
Working Note 
Particulars (`)  
Total Sales ` 200 lakhs 
Credit Sales (80%) ` 160 lakhs 
Receivables for 40 days ` 80 lakhs 
Receivables for 120 days ` 80 lakhs 
Average collection period [(40 x 0.5) + (120 ×0.5)] 80 days 
Average level of Receivables (` 1,60,00,000 ? 80/360) ` 35,55,556 
Factoring Commission (` 35,55,556 ? 2/100) ` 71,111 
Factoring Reserve (` 35,55,556 ? 10/100) ` 3,55,556 
Amount available for advance {` 35,55,556 - (3,55,556 + 
71,111)} 
` 31,28,889 
Factor will deduct his interest @ 18%: 
Interest = 
`31,28,889 ×18×80
100 × 360
` 1,25,156 
Advance to be paid (` 31,28,889 – ` 1,25,156) ` 30,03,733 
(i) Statement Showing Evaluation of Factoring Proposal
` 
A. Annual Cost of Factoring to the Company: 
Factoring commission (` 71,111 ? 360/80) 3,20,000 
Interest charges (` 1,25,156 ? 360/80) 5,63,200 
Total  8,83,200 
B. Company’s Savings on taking Factoring Service: ` 
Cost of credit administration saved 2,40,000 
Bad Debts (` 160,00,000 x 1/100) avoided 1,60,000 
Total  4,00,000 
503
C. Net Cost to the company (A – B) (` 8,83,200 – ` 
4,00,000) 
4,83,200 
Effective cost of factoring = 
 `
`
4,83,200
×100
30,03,733
 = 16.09% 
2. B. ` 3,20,513; ` 8.33 
pp
12
(EBIT -I)(1- t)-D (EBIT -I)(1- t)-D
=
NN
(x -0)(1-0.35) (x -1,00,000)(1-0.35)-60,000
=
25,000 10,000
x = EBIT = ` 3,20,513 
3. D.
4. C.
At EBIT of ` 3,20,513, EPS under both options will be the same i.e., 
` 8.33 per share 
1.15 
FL= % change in NP/%change in EBIT=6.9/6=1.15 
3 years 
These deposits may be accepted for a period of six months to three 
years. 
PART II 
1. (a)
Particulars (`’ in lakhs) 
Net Profit 54 
Less: Preference dividend 24 
Earnings for equity shareholders 30 
Earnings per share 30/2 = ` 15 
Let, the dividend per share be D to get share price of ` 120. 
P = 
D+
r
Ke
(E-D)
K
e
Where, 
P = Market price per share. 
E = Earnings per share = ` 15 
D = Dividend per share  
R = Return earned on investment = 22% 
Ke = Cost of equity capital = 15% 
120  = 
D + 
0.22
0.15  
(15-D)
0.15
504
18  = 
0.15D + 3.3 - 0.22D
0.15
0.07D  = 3.3 – 2.7 
D  = 8.57 
D/P ratio = 
DPS
×100
EPS
 = 
8.57
15
x 100 = 57.13% 
So, the required dividend pay-out ratio will be = 57.13% 
(b) Value of AN Ltd. =
o
NOI
K
=
` 10,00,000
20%
= ` 50,00,000 
(i) Return on Shares of Mr. R on AN Ltd.
Particulars Amount (`) 
Value of the company 50,00,000 
Market value of debt (50% x ` 50,00,000) 25,00,000 
Market value of shares (50% x ` 50,00,000) 25,00,000 
Particulars Amount (`) 
Net operating income 10,00,000 
Interest on debt (10% × ` 25,00,000)   2,50,000 
Earnings available to shareholders 7,50,000 
Return on 8% shares (8% × ` 7,50,000) 60,000 
(ii) Implied required rate of return on equity of AN Ltd. =
` 7,50,000
` 25,00,000
= 30% 
(c) ANVY Ltd  
Balance Sheet as on 31
st
 March, 2023 
Liabilities ` Assets ` 
Equity share capital 2,00,000 Fixed assets 1,40,000 
Current debt 60,000 Cash (balancing figure) 1,00,000 
Long term debt   60,000 Inventory   80,000 
3,20,000 3,20,000 
Working Notes 
1. Total debt = 0.60 
x
 Equity share capital = 0.60  ` 2,00,000
= ` 1,20,000
Further, Current debt to total debt = 0.50.  So, current debt
= 0.50 x `1,20,000 = ` 60,000,
Long term debt = `1,20,000 - `60,000= ` 60,000
2. Fixed assets = 0.70 × Equity share Capital = 0.70 × ` 2,00,000
= ` 1,40,000
3. Total assets to turnover = 2.5 Times: Inventory turnover = 10 Times
505
Page 4


ANSWERS OF MODEL TEST PAPER 1 
INTERMEDIATE: GROUP – II 
PAPER – 6: FINANCIAL MANAGEMENT & STRATEGIC MANAGEMENT 
PAPER 6A : FINANCIAL MANAGEMENT 
PART I 
1. I. (b) ` 35,55,556
II. (c)  ` 30,03,733
III. (a)  ` 8,83,200
IV. (d)  ` 4,83,200
V. (a)  16.09%
Working Note 
Particulars (`)  
Total Sales ` 200 lakhs 
Credit Sales (80%) ` 160 lakhs 
Receivables for 40 days ` 80 lakhs 
Receivables for 120 days ` 80 lakhs 
Average collection period [(40 x 0.5) + (120 ×0.5)] 80 days 
Average level of Receivables (` 1,60,00,000 ? 80/360) ` 35,55,556 
Factoring Commission (` 35,55,556 ? 2/100) ` 71,111 
Factoring Reserve (` 35,55,556 ? 10/100) ` 3,55,556 
Amount available for advance {` 35,55,556 - (3,55,556 + 
71,111)} 
` 31,28,889 
Factor will deduct his interest @ 18%: 
Interest = 
`31,28,889 ×18×80
100 × 360
` 1,25,156 
Advance to be paid (` 31,28,889 – ` 1,25,156) ` 30,03,733 
(i) Statement Showing Evaluation of Factoring Proposal
` 
A. Annual Cost of Factoring to the Company: 
Factoring commission (` 71,111 ? 360/80) 3,20,000 
Interest charges (` 1,25,156 ? 360/80) 5,63,200 
Total  8,83,200 
B. Company’s Savings on taking Factoring Service: ` 
Cost of credit administration saved 2,40,000 
Bad Debts (` 160,00,000 x 1/100) avoided 1,60,000 
Total  4,00,000 
503
C. Net Cost to the company (A – B) (` 8,83,200 – ` 
4,00,000) 
4,83,200 
Effective cost of factoring = 
 `
`
4,83,200
×100
30,03,733
 = 16.09% 
2. B. ` 3,20,513; ` 8.33 
pp
12
(EBIT -I)(1- t)-D (EBIT -I)(1- t)-D
=
NN
(x -0)(1-0.35) (x -1,00,000)(1-0.35)-60,000
=
25,000 10,000
x = EBIT = ` 3,20,513 
3. D.
4. C.
At EBIT of ` 3,20,513, EPS under both options will be the same i.e., 
` 8.33 per share 
1.15 
FL= % change in NP/%change in EBIT=6.9/6=1.15 
3 years 
These deposits may be accepted for a period of six months to three 
years. 
PART II 
1. (a)
Particulars (`’ in lakhs) 
Net Profit 54 
Less: Preference dividend 24 
Earnings for equity shareholders 30 
Earnings per share 30/2 = ` 15 
Let, the dividend per share be D to get share price of ` 120. 
P = 
D+
r
Ke
(E-D)
K
e
Where, 
P = Market price per share. 
E = Earnings per share = ` 15 
D = Dividend per share  
R = Return earned on investment = 22% 
Ke = Cost of equity capital = 15% 
120  = 
D + 
0.22
0.15  
(15-D)
0.15
504
18  = 
0.15D + 3.3 - 0.22D
0.15
0.07D  = 3.3 – 2.7 
D  = 8.57 
D/P ratio = 
DPS
×100
EPS
 = 
8.57
15
x 100 = 57.13% 
So, the required dividend pay-out ratio will be = 57.13% 
(b) Value of AN Ltd. =
o
NOI
K
=
` 10,00,000
20%
= ` 50,00,000 
(i) Return on Shares of Mr. R on AN Ltd.
Particulars Amount (`) 
Value of the company 50,00,000 
Market value of debt (50% x ` 50,00,000) 25,00,000 
Market value of shares (50% x ` 50,00,000) 25,00,000 
Particulars Amount (`) 
Net operating income 10,00,000 
Interest on debt (10% × ` 25,00,000)   2,50,000 
Earnings available to shareholders 7,50,000 
Return on 8% shares (8% × ` 7,50,000) 60,000 
(ii) Implied required rate of return on equity of AN Ltd. =
` 7,50,000
` 25,00,000
= 30% 
(c) ANVY Ltd  
Balance Sheet as on 31
st
 March, 2023 
Liabilities ` Assets ` 
Equity share capital 2,00,000 Fixed assets 1,40,000 
Current debt 60,000 Cash (balancing figure) 1,00,000 
Long term debt   60,000 Inventory   80,000 
3,20,000 3,20,000 
Working Notes 
1. Total debt = 0.60 
x
 Equity share capital = 0.60  ` 2,00,000
= ` 1,20,000
Further, Current debt to total debt = 0.50.  So, current debt
= 0.50 x `1,20,000 = ` 60,000,
Long term debt = `1,20,000 - `60,000= ` 60,000
2. Fixed assets = 0.70 × Equity share Capital = 0.70 × ` 2,00,000
= ` 1,40,000
3. Total assets to turnover = 2.5 Times: Inventory turnover = 10 Times
505
Hence, Inventory /Total assets = 2.5/10=1/4, Total assets = ` 3,20,000 
Therefore Inventory = ` 3,20,000/4 = ` 80,000   
2. (a) Cash inflows after tax (CFAT)
Particular ` 
Current production (units per week) 5,000 units 
New capacity (units per week) 15,000 units 
Demand (units per week) 10,000 units 
Increase in sales (units per week) A. 5,000 units 
Contribution per unit (` 30,000 x 0.10) B. 3,000 
Increase in contribution A x B x 56 84 crores 
Less: Additional fixed cost 10 crores 
Increase in profit 74 crores 
Less: Tax @ 40% 29.6 crores 
Profit after tax 44.4 crores 
Tax shield due to depreciation 
Year Depreciation 
(` in Crore) 
Tax Shield 
(` in Crore) 
PV Factor 
@ 20% 
Total Present 
Value (` in Crore) 
1 25.00 10 0.83 8.33 
2 18.75 7.5 0.69 5.18 
3 14.06 5.62 0.58 3.26 
4 10.55 4.22 0.48 2.03 
5 7.91 3.16 0.40 1.27 
Total 20.07 
Tax shield on capital loss = (23.73-20.00) x 30% = ` 1.12 crores 
Net Present Value (NPV)  
Particulars Year Cash Flow 
(` in Crores) 
PVAF @ 
20% 
Present Value 
(` in Crores) 
Initial Investment 0 (100) 1 (100) 
Working capital 0 (3) 1 (3) 
Profit after tax 1-5 44.4 2.99 132.76 
Salvage value 5 20 0.40 8.00 
Tax shield on 
Depreciation  
1-5 20.07 
Tax shield on 
capital loss 
5 1.12 0.40 0.45 
Release of 
Working Capital 
5 3 0.40 1.20 
NPV 59.47 
506
Page 5


ANSWERS OF MODEL TEST PAPER 1 
INTERMEDIATE: GROUP – II 
PAPER – 6: FINANCIAL MANAGEMENT & STRATEGIC MANAGEMENT 
PAPER 6A : FINANCIAL MANAGEMENT 
PART I 
1. I. (b) ` 35,55,556
II. (c)  ` 30,03,733
III. (a)  ` 8,83,200
IV. (d)  ` 4,83,200
V. (a)  16.09%
Working Note 
Particulars (`)  
Total Sales ` 200 lakhs 
Credit Sales (80%) ` 160 lakhs 
Receivables for 40 days ` 80 lakhs 
Receivables for 120 days ` 80 lakhs 
Average collection period [(40 x 0.5) + (120 ×0.5)] 80 days 
Average level of Receivables (` 1,60,00,000 ? 80/360) ` 35,55,556 
Factoring Commission (` 35,55,556 ? 2/100) ` 71,111 
Factoring Reserve (` 35,55,556 ? 10/100) ` 3,55,556 
Amount available for advance {` 35,55,556 - (3,55,556 + 
71,111)} 
` 31,28,889 
Factor will deduct his interest @ 18%: 
Interest = 
`31,28,889 ×18×80
100 × 360
` 1,25,156 
Advance to be paid (` 31,28,889 – ` 1,25,156) ` 30,03,733 
(i) Statement Showing Evaluation of Factoring Proposal
` 
A. Annual Cost of Factoring to the Company: 
Factoring commission (` 71,111 ? 360/80) 3,20,000 
Interest charges (` 1,25,156 ? 360/80) 5,63,200 
Total  8,83,200 
B. Company’s Savings on taking Factoring Service: ` 
Cost of credit administration saved 2,40,000 
Bad Debts (` 160,00,000 x 1/100) avoided 1,60,000 
Total  4,00,000 
503
C. Net Cost to the company (A – B) (` 8,83,200 – ` 
4,00,000) 
4,83,200 
Effective cost of factoring = 
 `
`
4,83,200
×100
30,03,733
 = 16.09% 
2. B. ` 3,20,513; ` 8.33 
pp
12
(EBIT -I)(1- t)-D (EBIT -I)(1- t)-D
=
NN
(x -0)(1-0.35) (x -1,00,000)(1-0.35)-60,000
=
25,000 10,000
x = EBIT = ` 3,20,513 
3. D.
4. C.
At EBIT of ` 3,20,513, EPS under both options will be the same i.e., 
` 8.33 per share 
1.15 
FL= % change in NP/%change in EBIT=6.9/6=1.15 
3 years 
These deposits may be accepted for a period of six months to three 
years. 
PART II 
1. (a)
Particulars (`’ in lakhs) 
Net Profit 54 
Less: Preference dividend 24 
Earnings for equity shareholders 30 
Earnings per share 30/2 = ` 15 
Let, the dividend per share be D to get share price of ` 120. 
P = 
D+
r
Ke
(E-D)
K
e
Where, 
P = Market price per share. 
E = Earnings per share = ` 15 
D = Dividend per share  
R = Return earned on investment = 22% 
Ke = Cost of equity capital = 15% 
120  = 
D + 
0.22
0.15  
(15-D)
0.15
504
18  = 
0.15D + 3.3 - 0.22D
0.15
0.07D  = 3.3 – 2.7 
D  = 8.57 
D/P ratio = 
DPS
×100
EPS
 = 
8.57
15
x 100 = 57.13% 
So, the required dividend pay-out ratio will be = 57.13% 
(b) Value of AN Ltd. =
o
NOI
K
=
` 10,00,000
20%
= ` 50,00,000 
(i) Return on Shares of Mr. R on AN Ltd.
Particulars Amount (`) 
Value of the company 50,00,000 
Market value of debt (50% x ` 50,00,000) 25,00,000 
Market value of shares (50% x ` 50,00,000) 25,00,000 
Particulars Amount (`) 
Net operating income 10,00,000 
Interest on debt (10% × ` 25,00,000)   2,50,000 
Earnings available to shareholders 7,50,000 
Return on 8% shares (8% × ` 7,50,000) 60,000 
(ii) Implied required rate of return on equity of AN Ltd. =
` 7,50,000
` 25,00,000
= 30% 
(c) ANVY Ltd  
Balance Sheet as on 31
st
 March, 2023 
Liabilities ` Assets ` 
Equity share capital 2,00,000 Fixed assets 1,40,000 
Current debt 60,000 Cash (balancing figure) 1,00,000 
Long term debt   60,000 Inventory   80,000 
3,20,000 3,20,000 
Working Notes 
1. Total debt = 0.60 
x
 Equity share capital = 0.60  ` 2,00,000
= ` 1,20,000
Further, Current debt to total debt = 0.50.  So, current debt
= 0.50 x `1,20,000 = ` 60,000,
Long term debt = `1,20,000 - `60,000= ` 60,000
2. Fixed assets = 0.70 × Equity share Capital = 0.70 × ` 2,00,000
= ` 1,40,000
3. Total assets to turnover = 2.5 Times: Inventory turnover = 10 Times
505
Hence, Inventory /Total assets = 2.5/10=1/4, Total assets = ` 3,20,000 
Therefore Inventory = ` 3,20,000/4 = ` 80,000   
2. (a) Cash inflows after tax (CFAT)
Particular ` 
Current production (units per week) 5,000 units 
New capacity (units per week) 15,000 units 
Demand (units per week) 10,000 units 
Increase in sales (units per week) A. 5,000 units 
Contribution per unit (` 30,000 x 0.10) B. 3,000 
Increase in contribution A x B x 56 84 crores 
Less: Additional fixed cost 10 crores 
Increase in profit 74 crores 
Less: Tax @ 40% 29.6 crores 
Profit after tax 44.4 crores 
Tax shield due to depreciation 
Year Depreciation 
(` in Crore) 
Tax Shield 
(` in Crore) 
PV Factor 
@ 20% 
Total Present 
Value (` in Crore) 
1 25.00 10 0.83 8.33 
2 18.75 7.5 0.69 5.18 
3 14.06 5.62 0.58 3.26 
4 10.55 4.22 0.48 2.03 
5 7.91 3.16 0.40 1.27 
Total 20.07 
Tax shield on capital loss = (23.73-20.00) x 30% = ` 1.12 crores 
Net Present Value (NPV)  
Particulars Year Cash Flow 
(` in Crores) 
PVAF @ 
20% 
Present Value 
(` in Crores) 
Initial Investment 0 (100) 1 (100) 
Working capital 0 (3) 1 (3) 
Profit after tax 1-5 44.4 2.99 132.76 
Salvage value 5 20 0.40 8.00 
Tax shield on 
Depreciation  
1-5 20.07 
Tax shield on 
capital loss 
5 1.12 0.40 0.45 
Release of 
Working Capital 
5 3 0.40 1.20 
NPV 59.47 
506
The company is advised to replace the old machine since the NPV of the 
new machine is positive. 
(b) Cut-off Rate: It is the minimum rate which the management wishes to
have from any project. Usually this is based upon the cost of capital. The
management gains only if a project gives return of more than the cut -
off rate. Therefore, the cut - off rate can be used as the discount rate or
the opportunity cost rate.
3. (a) Working Note:
Let the rate of Interest on debenture be x 
?
 Rate of Interest on loan = 1.4x 
?
kd on debentures = 
RV -NP
Int (1- t)+
n
RV + NP
2
 =  
100-98
100x(1-0.30)+
4
100+98
2
 = 
70x+0.5
99
?
 Kd on bank loan = 1.4 x (1 – 0.30) = 0.98x 
Ke = 
EPS
MPS
 = 
1
MPS / EPS
 = 
1
PE
 = 
1
4
= 0.25 
Ke = 0.25 
Computation of WACC 
Capital Amount Weights Cost Product 
Equity 20,00,000 0.2 0.25 0.05 
Reserves 30,00,000 0.3 0.25 0.075 
Debentures 30,00,000 0.3 (70x+0.5)/99 (21x+0.15)/99 
Bank Loan 20,00,000 0.2 0.98x 0.196x 
1,00,00,000 1 0.125+0.196x 
+
+ 21x 0.15
99
WACC = 16% 
?
 0.125+0.196x+
+ 21x 0.15
99
= 0.16 
?
12.375+19.404x+21x+0.15 = (0.16)(99) 
?
 40.404x = 15.84 – 12.525 
?
 40.404x = 3.315 
507
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Financial Management Model Test Paper - 1 (Answers) - CA Intermediate

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shortcuts and tricks

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Financial Management Model Test Paper - 1 (Answers) - CA Intermediate

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Important questions

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Semester Notes

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Objective type Questions

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Previous Year Questions with Solutions

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