BCom TY BCom Sem 5 BCom Sem 5 (2015 2016) April 2016 TYBCOM SEM V ATKT EXAM FIN. ACC Question Paper - Mumbai University | munotes

Questions asked in this paper

• 2) Figures to the right indicate full marks

1. Q9 | On Amalgamation, Liquidation i. while calculating Purchase expenses of Vendor company agreed | consideration by Net payment method to be paid byPurchasing company is 10.| Interest on Debentures | j. | Intangible Fixed asset
   • k. | Fictitious assets
2. Q1 | Credited to Equity account
   • m.| Debited to Realisation account
3. Q1 (b) State whether the following statements are True or False (Any 7) 7 marks
   • (i) - .Reduction in liability is debited to Capital Reduction account
   • (ii) Surrendered shares cannot be re-issued
   • (iii) IFRS stands for International Financial Restructuring Standards
   • (iv) Investment Accounting is governed by AS 14,
   • (v) Amalgamation of Companies is governed by AS 11
   • (vi) Brands are shown under the head Tangible Fixed Assets in the Balance of Limited company Interest on Debentures is calculated on the cost of debentures
   • (viii) company is formed at the time of Internal Reconstruction {ix) Bills under discount, maturing after the Balancé sheet date is a contingent
   • (x) Bonus shares are shares which are issued free of cost to the existing equity
   • Q.P.Code: 17853 Roopa Ltd. took over the business of Sonali Ltd. as on 1st April, 2015 at book value. 5 Following is the summarised Balance Sheet of Sonali Ltd. as on 31/3/2015 $0,000 Equity Shares of Rs. 10/- each | 8,00,000 | Plant & Machinery 5,00,000 Roopa Ltd. issued one equity share of Rs.10/- each at a premium of Rs.2 per share for every Calculate Purchase Consideration & also prepare Balance sheet of Roopa Ltd after acquisition Acquisition is in the nature of Purchase
4. Q2 MADHU Limited took over RAKHI on 3lst March, 2015, on which day, the summarised Balance Sheet of RAKHI Lid. was as follows: Summarised Balance Sheet as on 31st March 2015 Equity Shares of | Goodwill 60,000 5% Preference shares Rs. each | 4,00,000 Cash & Bank balance 80,000 Land and Building The business was taken over by Madhu limited on the following terms and conditions : For every 10 equity shares of Rakhi Limited, Madhu Ltd. issued 11 fully paid equity shares of Rs. 10 each and paid Rs. 15 in cash 15 marks
   • Q.P.Code: 17853 Preference shareholders of Rakhi Limited were paid, equal number of 6% preference shares of Rs. 100/- each by Madhu Limited at a premium of 8%. 1 All assets and liabilities were taken over at Book value except Cash & Banik Balance to the“extent of Rs. 14000 which was left for meeting realisation Prepare necessary ledger accounts to close the Books of Rakhi assuming acquisition is in nature of purchase On ist April 2014, Mr. Ramdas held 1000, 6% Central Government Bonds of 15 each at cost of Rs. 96,000. Interest is payable on 30th June and 31st December every year He entered into the following transactions in respect of 6% Central Government Bonds during the year ending on 31st March, 2015.
   • a. On Ist May, 2014, Face Value of Rs. 20,000 at Rs. 102 each, Cum- Interest
   • b. On Ist September 2014, Face value of Rs. 60,000 105 each, Ex- Interest
   • a. On Ist August, 2014, Face Value of Rs. 30,000 a Rs. 104 each, Cum- Interest
   • b. On February 2015, Face value of Rs. at Rs. 102 each, Ex- Interest Show 6% Central Government Bonds Account in the books of Mr. Ramdas for the year ended 31st March 2015. Market value of his entire Investments was Rs. 1,00,000 on 31/3/2015
5. Q3 Following is the Trial Balance of Gopal Ltd. as on March, 2015 Stock (at cost) - Share Capital: Fixed Assets (Net Block) 24,70,000 (Equity Shares of Rs.100 each) | 40,00,000 Good) Loan from IDBI (long term) 6,00,000 Staff Advance (short term) 1,70,800 Provision for Taxation 22,000 Cash on Hand 1,20,000 Net Profit for the Year 5,40,000 Investments (at cost) (long term) | 1,50,000 15 marks
   • Q.P. Code : 17853
6. Q1 Transfer to General Reserve Rs. 1,00,000
7. Q3 Out of debtors, debts due for more than six months were Rs: 1,04,000
8. Q4 Sundry Creditors included, for goods Rs. 2,10,000, while the remaining are for expenses
9. Q5 Loan from IDBI is secured against stock
10. Q6 Market value of investments is Rs. while its face value is Rs
11. Q7 Ignore previous year’s figures and corporate dividend tax Prepare Balance Sheet of Gopal Ltd as on 31st March 2015 as per of the Companies Act
12. Q4 Following is the summarised Balance Sheet of Pranay Ltd. as 9 31st March, 2015 of Rs. 100 each Building. 6,00,000 1,00,000 Equity Shares of Rs.10 Plant & Machinery 6,00,000 6% Debentures of Rs. 100 each 6,00,009 Bank & Cash Balance 2,50,000 Interest due on Debentures 1,06,000 Sundry Creditors 3;60,000 Discount on Debentures 60,000 Note: Preference dividend is in arrears for three years following scheme of reconstruction was prepared and duly approved by the court : 15 marks
    • i. The preference shall be converted into equal number of 9% preference shares of
13. Q2 The equity shares shall be reduced to Rs. 3 each. However, the face value will remain the
14. Q3 6% shall be converted into equal number of 7% debentures of Rs. 75 each, The debenture holders also agreed to waive 50% of the interest due Arrears of preference dividend is to be reduced to one year's dividend which is paid in The Sundry creditors agreed to waive 30% of their claims and to accept equity shares for Rs. 60,000 in part settlement of their renewed claims
    • Q.P.Code:
15. Q6 The are to be revalued as under :
16. Q4 Write off Profit & Loss A/c (Dr.) Balance, Intangible & fictitious assets
17. Q8 Reconstruction expenses were Rs. 2000 Pass Journal Entries in the Books of Pranay Ltd. to record the above
18. Q4 Following is the extract of the Trial Balance of Mittal Ltd. as on 31st March 201 5. Opening Stock of Raw Material 20,00,000 Stock of finished goods 10,00,000 Purchase of Raw Material 54,00,000 Freight on Raw Material 60,000 Salaries and wages 8,00,000 Bonus to employees 1,60,000 Interest on Loan from Bank of India 14,00,000 Insurance Premium of office premises 60,000 Rent, Rates and 40,000 15 marks
    • a) Stock of Raw Material & Finished goods was Rs. 10,00,000 & Outstanding Salaries and Wages were Rs. 1,00,000
    • c) Sundry income receivable was Rs. 50,000
    • Q.P.Code: 17853
    • d) Rs. 50,000 to be provided for Bad & Doubtful Debts
    • f) provision for Income Tax of Rs. 4,00,000 Prepare statement of Profit & loss for the year ended 31st March 2015 as per the provisions of the Companies Act 5 (a) Purchase Consideration? Explain the different methods of calculating 8
    • (b) Explain the difference between Ex- Interest & Cum- Interest transactions in 7
19. Q5 Write Short Notes on any three of the following. 15 marks
    • (b) Amalgamation of Companies. Q
    • (e) Intangible Assets &

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