B.Com In Banking & Insurance (BCBI) Sem II 2022 2023 Apr 2023 I FINANCIAL ACCOUNTING II Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 (a)State whether the following statements are true or false: (any 8) 1.Goodwill may be purchased or non-pv 8 marks
2. Q2 The debentures can be redeemed whenever the company desires 3.Preference shareholders have voting rights
3. Q4 The debentures can be redeemed at a discount 5, Intrinsic value is also known as Net Asset Value Investments are non trading assets
4. Q7 Buyback must be as per RBI guidelines
5. Q8 The shares must be canceled and destroyed after buyback
6. Q9 Capital reserve is divisible profit
7. Q10 Premium on redemption can be provided out of security premium
8. Q1 (b) Fill in the blanks: (any 7) 7 marks
9. Q1 Capital Redemption Reserve can be used for issues of
10. Q2 Intrinsic value of shares is calculated on the basis of. value of asset
11. Q3 Goodwill is an asset
12. Q4 Fund created to provide funds for
13. Q5 Dividend equalization reserve is a profit
14. Q6 Convertible debentures can be redeemed by issue
15. Q7 The buyback of shares results of of a company 8.Goodwill is an asset shares cannot be redeemed except in case of liquidation of a company
16. Q10 Discount on buyback is credited to account
17. Q2 (a) ZED Ltd. provides you with the following balance sheet on 31st March 2017. / VCD FYBBI Sem: II FINANCIAL ACCOUNTING-II Marks: 75 Time: 2% Hr X 1,52,500. Tax @ 40% and 15% is fair return on capital employed. Calculate years purchase of super profit 2.Capitalisation of super profit 3. Capitalisation of Average profit 15 marks
18. Q2 (a) Y Ltd submits following information as on 31st Mar 2016 Capital Comprise of 12,500 shares of Rs. 100 each fully paid. It is ascertained that Patent Rights are Valueless. Ascertain The value of shares on asset backing method. (07)
19. Q2 (b) Hayat Itd capital is Rs 11,00,000 divided in shares of Rs 10 each. Of these 40,000 shares are 8% Preference and remaining are equity shares. The average profit ( afte: tax@ 56 % ) earned during past 3 years is Rs 1,50,000 In future expenses will increase by Rs 12,000 The expected yield for risk capital is 10% net of tax. Find value of equity shares ( 08) is Q.3. The balance sheet of Karan Itd as on 31.3.2016 as follows [A] Equity and Liabilities reserves and surplus 25,00,000 d FYBBI Sem: If FINANCIAL Marks: 75 Time: 2% Hr Notes forming part of Financial Statements: (RS in crores ) Equity shares of Rs 10 each fully paid VCD FYBBI Sem: FINANCIAL ACCOUNTING-II Marks: 75 Time: 2% Hr \ Short term Loan and advances 5,00,000 Assume that buyback is carried out actually at the legally permissible terms, record the journal entries and prepare its balance sheet. (15)
20. Q3 Balance sheet of WDV LTD. As on 31.3.2020 (RS in crores ) Notes forming part of Financial Statements: (RS in crores ) / VCD FYBBI Sem: If FINANCIAL ACCOUNTING-II Marks: 75 Time: Hr f 12% redeemable preference shares of Rs 100 paid Equity shares of Rs 10 each fully paid Reserves and Surplus less : Prov for Depreciation The Company bought back 50 lakh equity shares of Rs 10 each at Rs 50 per share. The payments for the above were made out of the huge bank balances, which appeared as part of current assets. Preference shares were redeeined at par. You are asked to pass journal entries to record above . Also prepare a Balance sheet after buyback. (15)
21. Q4 (a) A gave notice of intention to redeem its outstanding Rs 12,00,000 10% debentures of Rs 100 eaci: at par and offered the holders following options:
    • (a) 10 % preference shares of Rs 100 each at par
    • (b) Equity shares of Rs 10 each at Rs 12
    • (c) 15% Debentures at Rs 96 each
    • (iii) The remaining debenture holders accepted offer (c ) Pass Journal Entries in the books of A Lid (15)
22. Q4 Suraj Ltd Balance sheet as on 31-3-20120 [A] Equity and Liabilities FYBBI Sem: If FINANCIAL Marks: 75 Time: 2% Hr “ Notes forming part of Financial Statements: Reserves and Surplus 2 The Preference shares were redeemed on April 1,2017 at premium of Rs 2 per share. The whereabouts of 1,200 of such shares are not being known. The co issued 10,000 equity shares of Rs 10 each at premium of Rs 2 per share for redemption. Prepare journal entries and also its balance sheet (15)
23. Q5 (a) Explain different Types of Debentures. 8 marks
    • (b)Distinguish between Divisible profits and Non divisible profit 7
24. Q5 Short Notes: (any 3): 15 marks
25. Q3 Divisible profits
26. Q5 Sources of buyback

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