BCom TY BCom Tybcom Others Mar 2014 Question Paper - Mumbai University | munotes

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Q8 indicate full marks, } Notes should form part of your answers wherever On Ist January 2012, John d USA. The payments were made ds worth $ 85,000 from Synergy Ltd. 15 Exchange rate on 1/1/2012 was | $= on 31st March every year. The exchange rate on 31/3/2012 was journal entries in thie books of J ohn Ltd. to record the above transactions So prepare Synergy Ltd., USA Account and foreign exchange fluctuation account in the books of John Ltd. for the 31/3/2012 and 31/3/2013 Following is the Balance Sheet of Aayushi Ltd. as on 31-3-2013 10% Preference shares of 100 8,00,000 Equity shares of 10 each Land and Building + 13,00,000 Plant and Machinery 12,00,000 Profit and Loss Account (Debit balance) 16,40,000 ‘ote : Preference dividend is in arrears for four years : he cour and tioned by the cheme of Capital Reduction san h and ity sh The following sche 50 each and equity shar
- (a) The prete ly paid. _fourth to be waived and both in arrears, 4 paid and machinery at
- (c) The debenture remaining converted
- (d) payable to be settled of 40,000. alued as under A of p.a. to be obtained by mortgaging Land and Building for repayment of Bank overdraft and payment of bills payable and reconstruction expenses of 30,000 Write off goodwill, patents, P A/c. (Dr. Balance) and preliminary Pass necessary Journal entries in the books of Aayushi Ltd. and also prepare Cap;
Q2 Ameya Ltd. was incorporated on Ist August, 2012 to take over a running partnershi business with effect from Ist April 2012. Following are the details of Income Expenses for the year ended 31st March 2013 :— Interest on Debentures “48 000 Commission on Sales 72.000 Printing and Stationery 1.86 : (a) Rent is paid on the basis of floor Space occupied. Floor space occupied was doubled in the Post incorporation period
- (b) Sales for each month of 2012 to March, 2013 were double the monthly sales of April 2012 to November, 2012
- (c) Audit fees is for the entire year
- (d) Bad debts 1,000 were in repect of sales effected two years @z : (e) Mr. Amog was a working partner in the firm entitled to a remunera per month, From Ist August 2012 , he was made the of the Company and was entitled to a salary 30,000 per st July remaining salary is to two clerks employed during the period from 2012 to 30th November 2012. tel Prepare a statement showing profits for the pre and post incorporation period separately 2012 at a cost of 2,80,000. Interest is payable on 30th June and 31st year. Other details ae as follows
- (1) On 01-06-2012, 800, 6% Debentures are purchased cum-interest at 81,600
- (2) On 01-11-2012, 800, 6% Debentures are purchased ex-interest at 76,800
- (3) On 30-11-2012, 1200, 6% Debentures are sold cum-interest for 1,29,000
- (4) On 31-1 2-2012, 1600, 6% Debentures are sold ex-interest for 1,54,600 Prepare 6% Debentures account in the books of Mr. Jayant valuing closing balance on 31-03-2013 at cost or market price whichever is lower. The Debentures are quoted at par on 31-03-2013. (Interest on 31/12/2012 to be recorded after giving effect to the sale,transaction.) Tom Ltd: agreed to acquire business of : Jerry Ltd. as on 31-3-2013. The 15 Balance Sheet of Jerry Ltd. as on 31-3-2013 was as follows :— 12,000, equity shares of = 10/- each fully paid 1,20,000 Profit and Loss Account 22,000 Tk No. B Con. 1913-14. [ TURN OVER consideration payable was pare in Jerry Ltd. wy
- (a) Cash payment equal to per 0 each of Tom Ltd. having an 4
- (b) Issue of 18,000 Equity of value of 15 per paid 9% Debenures of Tom Ltd
- (c) Issue of discharge Debentures of Jerry at prem; 4 d the consideration the at 20 and Machinery at 1,20,000 ANd to 5% provision for
- (e) expenses agreed to be pat d by Jerry Ltd. was 1,000,
Q1 Statement of Fure Necessary ledger accounts to close the books of Jerry Ltd
- (3) Opening Journal entries in the books of Tom From the following information, ascertain the profits for the pre MCOrporation and post incorporation period separately. 7
- (2) Sales ratio — 4:
- (3) Time Transactions to be recorded il to customers 0
- (iii) out which depreciation of 10,000 is on ased during the post incorporation period The amount w in instalments as under :— as received in three Pass the Journal Entries f for the above transanctions for the year ended, 31st March, 2013 “Hons in the books of Purab Ltd elect the correct alternative and rewrite the sentence
Q4 (8) While closing the books of Vendor company 00 and loss (Cr.) balance of vendor company is transferr Debit side of realisation account Credit side of realisation account Debit side of equity shareholders’ e Credit side of equity ;
- (2) For computing pre incorporation profits, carriage outward is only to post period e only to pre period e in sales ratio e in time ratio The short term investments are valued on closing date at as per AS-13 e Cost of purchase e Lower of cost or market value e Higher of cost or market value
- (4) At the time of internal reconstruction of companies, the payment of contingent liability is e Debited to Cash and Bank Account Debited to Capital Reduction Account e Credited to Capital Reduction Account Foreign exchange transactions are governed by AS — For computing pre and post incorporation profits, discount on-issue of debentures (written off) is e allocated in time ratio e in sales ratio e treated as pre incorporation expense e treated as post incorporation expense
- (7) Investment accounting transactions are governed by AS
- (b) State with reasons whether following statements are true or false 8
- (4) No new company is formed in case of Absorption of companies (2} Insurance premium is allocated in sales ratio while calculating pre and
- (3) Interest on security is calculated on the cost of the security In internal reconstruction, amount foregone by creditors is credited to Wri any three internal and external
- (b) Basis of allocation of expenses for At
- (c) Methods of purchase
- (d) Investments purchased at cum and interest

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