BCom In Accounting & Finance (BCAF) SEM V 2016 2017 2017 Financial Accounting Question Paper - Mumbai University | munotes

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1. Q3 Working notes should form part of your
2. Q4 Use of simple calculator is allowed 5, Figure to the right indicate full marks
3. Q1 A) State whether the following statement are true of false any 8. -08
4. Q1 Accounting for amalgamation is governed by
5. Q2 Capital Reserve or goodwill can arise in pooling of interest method
6. Q3 Provision for unrecorded liability to.a
7. Q4 Authorized share capital is to be reduced to the extent of capital bd 5) Underwriting is mandatory for all companies as per Indian Companies Act
8. Q6 Underwriting Commission can exceed 5% of the issue price of shares
9. Q7 Wages and salaries are preferential
10. Q8 Voluntary winding be-due to members or creditors
11. Q9 Buy back must be as per RBI guidelines
12. Q10 Equity share can be brought back.out of Securities premium Account balance
13. Q1 B) Match the item in with most appropriate column write. any 7 7 marks
    • i) Buy back a). Utilized for bonus shares
    • ii) Capital Redemption Reserve b) Submitted to official liquidator
    • v) Consolidation of Share e) in Share Capital
    • vi) Loss on revaluation of Asset. f) Covered as amalgamation
    • vii) Approval by 90% Shareholder g) Definite commitment by Absorption of Company underwriter
    • ix) Statement of affair h) Debit capital Reduction account
    • x) Secured Creditor i) Cannot exceed 5%
    • j) Inthe nature of merger
14. Q2 are the Summary Balance Sheets of P Ltd and V Ltd on Equity Share Capital Land and Building 15,50;000 (RS.10 each) 50,00,000 | 30,00,000 | Plant 47,00, 000 Capital (RS.100 each) 22,00,000 | 17,00,000 | Investments 7,00,000 Profit and Loss A/c 7,50,000 | 5,00,000 Bank P Ltd takes over V 1* April 2012. discharges the purchase consideration as below:
15. Q1 Issued 3, 00,000 equity shares of Rs.10 eachiat par to the equity shareholders of V Ltd
16. Q2 Issued 15% preference shares Of to discharge the preference shareholders of V at
17. Q3 The debentures of V Ltd will be converted into equivalent number of debentures of P Ltd
18. Q4 Profit Reserve of V Ltd. to. be 3 more years You.are required to : Make journal close book of V Ltd,
19. Q2 Make journal entries and prepare Balance Sheet in the book of P Ltd
20. Q2 Theassets and debentures of National Steel Co. Ltd. are taken over by Hindustan Iron and Stee! co. Ltd. The Purchase consideration was as
    • a) APayment of Rs.90 for every equity share in the National Steel Co. Ltd An exchange of four share iron and steel Co. Ltd. of Rs. 75 each (quoted in the market a Rs. 140 each) for each share in the National Steel Co. Ltd
    • Q.P. Code :01579 The sheet of the National Steel Company Ltd., stood as follows < 6,000 equity shares of Rs. 500 30,00,000 | Land each plant and.Machinery 1,300 debentures of Rs. 500 each 6,50,000 Workmen’s Saving Bank 2,00,000 | Work in Progress insurance fund 65,000 | Stock of goods Hindustan and Steel Co. Ltd. paid Rs.550 in cash for every debenture of National Steel co Make the necessary closing and opening entries in the journal of the purchased and purchasing companies The following is the Balance Sheet of Parry Ltd. December 2016: 15 Shares of Rs. 100 each 1,00,000 Current Assets 35,00,000 Equity Shares of Rs.10 each 7,00,000 | Profit & Loss A/C 3,00,000 Provision for Taxation 3,00,000 The following scheme of re-organization is sanctioned: Fixed Assets are to be written down by 33-1/3 %
21. Q2 Current Assets are to be revalued at Rs.27, 00,000 3). Preference Shareholders decided to forego their right to arrears of dividend which were in arrears for
22. Q4 The taxation liability has been assessed:at Rs.4, 00,000 ‘One of the creditor of the company, to whom the company owes Rs. 25,00,000 decided to forego 50% of his claim. He is allotted 1, 90,000 equity shares of Rs.5 each in part satisfaction of the balance of his claim
23. Q6 The rate of interest of debentures increased to 11%. The debenture holders surrender their existing debentures of Rs.100 each and exchange the same for fresh debentures of Rs.75 each
24. Q7 All existing equity shares are reduced to Rs.5 each
25. Q8 All preference shares are reduced to Rs. 75 each, Pass journal entries and show the balance sheet of the company after giving effect to the above
    • Q.P. Code :01579 December, 2015, X Co. Ltd. Went into voluntary liquidation. Its Balance that date wast of Rs.100 each Machinery shares of Rs.75 each Sundry 5,000 Equity shares of Rs.80 each fully paid. 4,00,000 Cash in Hand 12,500 Equity shares of Rs. 80 each Rs. 40 Bank Overdraft (having a floating charge of 25,000
    • i) Outstanding Income Tax but not paid Rs. 2, 50,000
    • iii) Wages of factory workers Rs. 10,000
    • iv) Loan fully secured by mortgage on Building Rs. 2; 00,000
    • v) The Liquidator realised the assets as follows: The liquidator by way of his own remuneration is entitled to 3% of the amount realized from the sale of assets and 2% of the amount distributed to the unsecured creditors. Liquidation expenses amounted to Rs Prepare the Liquidator’s Final Statement of Account showing the distribution
    • Q.P. Code
26. Q4 Acompany issued 1,50,000 shares of Rs. 10 each ata premium of Rs.10. the. entire issue.was underwritten Total subscriptions received by the company (excluding firm underwriting and The marked applications (excluding firm underwriting) were as follows: Commission payable to underwriters is at 5% of the issue price. The under wring contract provides that credit for unmarked applications be given to. the underwriters in proportion tothe shares underwritten and benefit of firm underwriting is to be-given underwriters:
    • a) Determine the liability of each underwriter yy b) Compute the amount payable or due from underwriters
    • c) Pass journal entries in the books company relating to underwriting 0.4 Thesummary balance sheet of V Ltd. As.on 31-03-2012 is. as follows: 15 Equity share of Rs. 10 each 50,00,000 Trade Investments 50,00,000 Keeping in view all the legal requirements, ascertain
    • i) The maximum no. of equity shares that V Ltd can buy back; and
    • ii) The maximum price it can offer that the buy-back is carried out actually at the legally permissible terms, record the entries in the Journal of V Ltd and prepare its balance sheet thereafter
    • A) What do you mean by liquidation of a company? Describe the different modes of winding uP 08:
    • B) Explain when and why internal reconstruction becomes necessary: Write short Notes (any 3) 15
27. Q1 Purchase consideration
28. Q3 Underwriting commission
29. Q4 Preferential creditors as per indian companies Act

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