B.Com. (Financial Management) SEM III 2023 2024 2024 CORPORATE ACCOUNTA I Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q9 Salary to partner i. Not a fixed assets 10.Admission of partner. j. Conversion of firm into company
   • Q.no.2.A) From the following Balance Sheet of M/s Ideal Store with Sunil, Anil and Neel as partners sharing. profits and losses in the ratio of 5:3: 2. Their Balance Sheet on the date of dissolution was as follows: (15) 20,400 Cash in hand 9,600 VCD/ SYFMG CORPORATE ACCOUNTING 2% marks
   • (1) Realisation expenses were estimated at 4,000
   • (2) The assets were realised as under:
   • (3) Actual realisation expenses were 3,000 only Prepare a statement showing piecemeal distribution of cash by adopting Excess Capital
   • Q.no.2.B) M/s A and B as partners decided to amalgamate with M/s C and Co having C and D as partners on the following terms and conditions. (15)
   • i) The new firm M/s AC & Co. to consider goodwill to both the firms at 2000 each
   • ii) The new firm to take over investments at 10%depreciation ; Debtors at book value: Premises at Land at 266,800; Machinery at and such cash which remained after discharge of loans by the respective old firms before
   • (iii) The new firm also assumed otherdiabilities of old firms The following were the Balance Sheets of both the firms on the date of amalgamation: Prepare following Ledger Accounts in each case :
   • (1) Realisation Account and also prepare the Balance Sheet of the New Firm, SYFMG CORPORATE ACCOUNTING 2% 75 marks
   • Q.no.3.A) The following is the Trial Balance of firm as on 31st December, 2013: 15
   • (1) D and E were partners sharing profits and losses equally
   • (2) Mr. F was admitted to the partnership on Ist July, 2013
   • (3) On 31st December, 2013 stock was valued at 70,500
   • (4) Rent and Rates paid in advance 700
   • (5) Sundry Expenses were outstanding
   • (6) Depreciate Sundry Assets by 20% p.a
   • (7) Goodwill of the firm was valued at 6,000 on Ist July, 2013 and not to appear in the
   • (8) Interest on capital to be charged at the rate of 10% p.a You are required to prepare Trading, Profit and Loss Account for the year ended on 31st December, 2013 and Balance sheet as on that date
   • Q.no.3.B) ABC Co. Ltd. was formed with an authorized capital of Rs. 1,50,000 consisting of 10,000 Equity shares @ Rs. 10 each and 5,000, 7 % Preference Shares of Rs 10 each to acquire on 1-7-14 the business of M/s’ Lad and Wad’, who were sharing profits in the ratio of
2. Q3 2. Their Balance Sheet as on 30-6-14 was as follows: VCD/ SYFMG SEMIII CORPORATE ACCOUNTING 2% 75 marks Trade Creditors 16,580 Land and Building 40,000 8,950 Plant and Machinery 24,000 The company took over all the assets and assumed all the liabilities and the consideration was fixed at Rs. 1,10,000. In computing this figure, Land and Building were valued at Rs. 60,000, Plant and Machinery at Rs. 20,000; Stock at Rs. 15,000 and Debtors at book value subject to allowance of 5% to cover the doubtful debts. The Purchase price was settled by the issue of 3,300 Equity shares at Rs. 10 each, to firm, 2,500 Preference Shares of Rs. 10 each, and the 15 marks
   • Q.no.4.A) L, U and M were in partnership, sharing profits and losses in the ratio of 1/2, 1/3, 1/6 respectively. Their firm was dissolved as on 31st December 2013 on which date the Balance Sheet of the firm was as under: (15) Balance Sheet As At 31st December, 2013 It was agreed that the realisation should be distributed in their due order at the end of each fortnight. The realisation and expenses were as under: VCD/ CORPORATE ACCOUNTING 2% 75 marks Stocks were completely disposed off and the remaining debtors were to be taken over by M at an agreed amount of Rs. 600. Show the Statement of distribution of cash, following Relative
   • Q.no.4.B) Rahul, Omkar, Gaurav were partners sharing Profits and Losses in the ratio of 3: 2:
3. Q1 Their Balance Sheet as 31-3-2010 was as follows: Capitals A/cs : | Land and Building 42,000 The partners agreed to sell their business to a limited company. The Company to take over the assets at the valuation shown below: Land and Building Rs. 45,000 Plant and Machinery Rs. 25,000 The company also agreed to pay the bills payable which were agreed at Rs. 10,000. The limited Company paid Rs. 46,000 in cash and the balance in Equity shares @ | each. The Creditors were paid by the firm at discount of 2 % and Outstanding expenses were paid in full. The Realisation expenses amounted to Rs. 3,500. Prepare Realisation A/c, Partner’s Capital A/c, Cash A/c, Limited Company A/c, Shares in Limited Company A/c and show calculation of Purchase Consideration VCD/ SYFMG SEM III CORPORATE ACCOUNTING 2% 75 marks 15 marks
   • Q.no.5.A) 1.Define Partnership. What are the main features of partnership accounts? (07) 2.What is How is it calculated? (08)
   • Q.no.5.B) Write short notes : (Any 3) 2 Conversion of firm into company 4.Death of partner 5.Vendors firm 15

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