B.Com. (Financial Management) SEM IV 2019 20 Oct 2019-20 FINANCIAL ACCOUNTS Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 No company can issue non-redeemable preference shares
2. Q2 Subscribed capital is always less than issued capital
3. Q3 Share forfeited account is added to share capital
4. Q4 Debentures can be issued at premium and repayable at discount
5. Q5 The face value of debentures should always be Rs. 100/
6. Q6 The unpaid interest on debentures should be shown as contingent
7. Q7 The unpaid amount to shareholders is to be disclosed as share capital
8. Q8 The redemption of preference shares results in reduction of capital
9. Q9 The debentures can be redeemed at different point of time
10. Q10 The debentures cannot be exchange for new shares
    • B] Match the following (Any 07) 7
    • c. on the basis of sales
11. Q4 Premium on redemption of debentures d. Nominal value of preference shares to be appears in the balance till the date of redeemed
12. Q5 Arrears of preference dividend e. Used to adjust premium redemption
13. Q6 Rent
14. Q7 Redemption reserve equal to
15. Q8 Securities premium
    • j. Capital Q — 2 Following is the trial balance as on 31.3.2018 15) Debentures of X Co. Ltd. (Face value 1,00,000 Provision for tax(2017-2018) Provision for tax(2016-2017) & Advance tax(2016-2017) Land and Building
16. Q1 Debtors of Rs.60,000 are due for more than 6 months
17. Q2 Authorized share capital of the company is Rs.50 Lakhs consisting of Rs.30 lakh in Equity Share and balance in Preference shares
18. Q3 The Preference Share are due for redemption on 31.3.2025 at 10% premium
19. Q4 Details of Fixed assets are as under: Cost depreciation up to 31.3.2018 Land and Building 15,00,000 1,00,000 Plant and Machinery 10,00,000 1,20,000
20. Q5 The market value of investment on 31.3.2018 is Rs.3,00,000. ‘
21. Q6 All the investment held by the company are quote and marketable
22. Q7 The stock is valued at cost or market price whichever is less .Market value Prepare the Balance Sheet of Hopeful Ltd. As at 31.3.2018 from the following information Trial Balance as on 31.3.2018 15) Debtors and Creditors 3,00,000 2,00,000 Equity share capital of Rs.10 Provision for Tax 85,000 Calls in Arrears(Equity share 50,000 Profit and Loss A/c. balance Balance with SBI
23. Q1 Calls in Arrears are on 25,000 Equity Shares which includes 5,000 Equity shares held
24. Q2 Debentures are fully secured on Land
25. Q3 Authorized share capital of company is Rs.5 crores which includes Preference Shares of Rs.3 crores
26. Q4 Market value of stock is Rs.1, 00,000. Market value of investinent is Rs.20, 00,000
27. Q5 40,000 Equity shares were issued against purchase of Plant and Machinery
28. Q6 Bank overdraft is upto a limit of Rs.4 lakhs. Preference dividend is not paid for last 3 marks
29. Q7 Rs.20, 000 bills discounted but not matured
30. Q8 Details of fixed assets are: Cost depreciation up to 31.3.2018 Plant and Machinery 4, 00,000 50,000 Q -3 Akansha enterprises Ltd. issued 12,000, 6% debentures of RS. 100 each on September 1 redeemable at a premium of 7% as under: (15) On March 31,2017 4000 debentures On March 31,2018 4000 Debentures On March 31,2019 4000 debentures The Board of Directors has also decided to transfer the required amount to Debenture redemption Reserve in four equal annual installments starting with March 31 2013. Record necessary journal entries. Ignore interest. Investment as required by law was made in fixed deposit of the 3 Following is the balance sheet of Zakat Auto Ltd as on 31-03-2019 (15) Preference Shares of Own Debentures 90,000 up 2,40,000 Investment (at cost) 2,00,000 of Rs.10 each, fully paid | 12,00,000 | Other Current Assets 4,00,000 On the above date 9% Preference Shares were redeemable at a premium of 5%
31. Q1 The company made final call of Rs.20 per share on these shares. All the shareholders paid the call money
32. Q2 The company issued 20,000 equity shares of Rs.10 each at a premium of Rs.2 per share for cash consideration. The issue was fully subscribed and paid for
33. Q3 Part of the investments were sold for 1,32,000 at a profit of 10% on cost
34. Q4 The company cancelled Own Debentures held as investments
35. Q5 The company redeemed the preference shares as per the terms. One reference share holder holding 100 shares was traceable, hence payment could not be made to him You are required to:Pass necessary journal entries in the books of Zakat Auto Itd to record the above transaction. Prepare the revised balance sheet of the company Q-4 Baneshwar Ltd. was incorporated on 1st September, 2018 to take over the business of Ekta & Gomati, a partnership firm with effect from 1st April, 2018 Following is their Profit & Loss Account for the year ended 31st March, 2019 To Office Expenses To Directors Fees To Net Profit
36. Q1 Average monthly turnover from October 2018 to March 2019 was twice the monthly turnover from April, 2018 to September, 2018
37. Q3 Bad Debts include Rs. 2,000 in respect of sales affected two years ago. Remaining Bad Debts are out of sales affected throughout the year
38. Q4 Salaries include salary of three employees at equal monthly remuneration. However one of them was appointed as manager from 1st January, 2019. His salary was doubled from that date
39. Q5 In lieu of interest on purchase consideration the vendor would get 40% of the profit earned in Pre-incorporation period. ,
40. Q6 Interest on Fixed Deposit was received for the entire year Prepare Trading and Profit and Loss Account of Baneshwar Ltd. for the year ended 31st March, 2019 in the columnar form apportioning all the income and expenditure items between Pre-incorporation and Post-incorporation period on suitable basis Q-4 Agni Postal Services was taken over by Vayu Telecom Ltd. on June, 2018 However the company was incorporated on 1st December, 2018 The following was Profit and Loss Account for the period from 1s June, 2018 to 31st March, To Salaries By Shares Transfer Fees 5,000 By Commissicn received 40,000 To Delivery Van Expenses To General Expenses a
41. Q2 Gross Profit percentage is fixed, average monthly sales were 1/3 rd in July, August and November 2018 and % in January and February 2019 as compared to
42. Q3 Purchase consideration was paid on 1st January 2019 along with interest due
43. Q4 Printing and stationary expenses include Rs. 5,000 paid for printing of wedding cards of Miss Ladli, daughter of the proprietor of Agni Postal Services
44. Q5 The company discontinued practice of credit sales from February 2019,
45. Q6 Advertisement Expenses include Rs. 2,000 p.m. for a hoarding, remaining advertisement expenses are directly proportional to sales. ‘ You are required to prepare Profit and Loss A/c in columnar form for the period 3 from June 2018 to 31st March 2019, apportioning various incomes and expenses on suitable basis in the Pre and Post incorporation period Q-5 the provision for redemption of preference shares. (08)
    • B] Explain different methods of redemption of debentures. Write short notes (Any 03) (15) 7
46. Q1 Basis of allocation of expenses for incorporation
47. Q2 Procedure for fresh issue of shares
48. Q3 AS 1 relating to final account
49. Q4 Distinguish between Shares and Debentures
50. Q5 Format of Schedule for Fixed assets. Ji

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