BCom TY BCom Sem 5 BCom Sem 5 (2016 2017) April 2017 ATKT FINANCIAL ACC 24th Question Paper - Mumbai University | munotes

Questions asked in this paper

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1. Q3 Working Notes should form part of your answers
2. Q4 Use of simple calculator is allowed
3. Q1 A)Match the Columns: (Any 8) [licenses | Amount Payable by Transferor Company Arrears of Preference Dividend Debited to Capital Reduction Account 8 marks
4. Q10 | During Internal Reconstruction, by AS-13 State whether the following statements are True or False. Rewrite the statement. (Any 7) 07
5. Q1 ‘Loose Tools’ is shown under the head in the Balance Sheet of a limited company
6. Q2 Balance in Capital Reduction Account is transferred to Capital Redemption Reserve Account
7. Q3 During External Reconstruction, the company is liquidated
8. Q4 ‘Brands’ are shown under the head ‘Other Non Current Assets’ in the Balancesheet of a limited company
9. Q5 In Personal Investment Accounting, Sale of Investment is calculated by using the formula
10. Q6 During Internal Reconstruction, Arrears of Preference dividend waived is credited to Capital Reduction 7). At the time of Amalgamation, Assets of Vendor Company are transferred to Realisation Account at
11. Q8 During Internal Reconstruction, appreciation in the Value of Land & Building is Credited to Capital
12. Q9 During Amalgamation, dissolution expenses borne by Vendor Company is debited to Realisation Account
13. Q10 In Personal Investment Accounting, dividend received on shares for the pre-acquisition period is credited to Investment Account
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14. Q2 is the summarized Balance Sheet of Arun Ltd. As on 31-03-2016 Each fully paid up A Scheme of Internal Reconstruction has been approved and implemented on the following terms: 15 marks
15. Q1 Intangible and fictitious assets are to be written off to the extent possible
16. Q2 Land & Building is revalued at Rs.36,45,000/
17. Q3 There was an unrecorded asset of Rs.40,000/- which was sold for Rs.1,20,000/
18. Q4 Equity Shares are to be reduced by Rs.4/- each fully paid up
19. Q5 10% Preference Shares are reduced to Rs.4/- each fully paid up
20. Q6 Debenture holders waived 50% of the outstanding interest on debentures
21. Q7 30% of the Sundry payables are reduced by 70%
22. Q8 Stock and Sundry receivables are 20% and 10% of their book values, respectively
23. Q9 Plant and Machinery is reduced of its book value
24. Q10 Furniture and Fittings to be reduced by Rs.2,34,400/
25. Q11 40% of the unsecured loans are reduced by 60% You are required to pass necessary Journal Entries in the Books of Arun Ltd. to record the above April,2015, 5,000, Equity shares of Rs.10/- each of Apollo Ltd. were held as Investments by 15 Mrs.Meera cost of Rs.48,000/ On April 2015, she purchased 1,000 of such equity shares @Rs.12/-per share On June 2015, the Company declared Bonus shares in the ratio of one share for every two shares held On 30" June 2015, the Company made right issue in the ratio of one share for every two shares held on payment of Rs.13 per share. Mrs.Meera subscribed to 40% of the shares and sold the balance of her rights On 20" September 2015, Dividend was received @Rs.2 per share for the year ended 31/03/2015 On 1st December 2015, such shares were sold by Mrs.Meera@Rs.20 per share On March 2016, 1,000 of such shares were again sold @Rs.22 per share Prepare “Equity Shares in Apollo Ltd.” Account in the books of Mrs. Meera for the year ended 31/03/2016 (Round off figures to the nearest rupee)
    • Q.P. Code :05309 are the summarised Balance Sheets of Geeta Ltd and Sita Ltd as on 31/03/2016. 15 10% Preference shares of 12,00,000 18,00,000 | Goodwill 3,00,000 3,00,000 Rs.100/- of each Equity shares of Rs.100 18,00,000 | 30,00,000 | Land & Building 12,00,000
26. Q1 Nita Ltd. was formed to take over the business of both the companies
27. Q2 10% Preference shareholders of both the companies are issued equal number of 13% Preference Shares of Nita Ltd. ata price of Rs.125/- (face value Rs.100/-)
28. Q3 Nita Ltd. will issue four equity shares for every three equity shares of Geeta Ltd. & four equity shares for every five equity shares of Sita Ltd. Face Value of each Equity share of Nita Ltd. Is Rs.10/- & are to be issued at Rs.35 each
29. Q4 12% Debentures holders of both the companies are discharged by Nita Ltd.by issuing such number of its 15% Debentures of Rs.100/- each so as to maintain the same amount of interest
30. Q5 Nita Ltd. Agreed to take over all the assets and Liabilities at book value except the following:
    • i) Tangible fixed Assets at 10% more than their Book value
    • ii) Investments and Debtors at 90% of their Book value You are required to:
    • a) Prepare a statement of Purchase Consideration
    • b) Pass Journal entries in the books of Nita Ltd
    • c) Prepare Notes to Accounts for ‘Share Capital’ and ‘Reserves and Surplus’ forming part of Balance Sheet
    • A) The Authorised Share Capital of Ganesh Ltd. is Rs.20,00,000/- divided in to 10% - 10,000 Preference 07 shares of Rs.100/- each and 1,00,000 Equity shares of Rs.10/-each. 50% of each class of shares were issued to the the full amount was called up. Rs.20/- per share on 200-10% preference shares and Rs.2/ per share on 4,000 equity shares was not received by the Company. You are required to prepare a note on ‘Share Capital’ forming part of Balance Sheet of Ganesh Ltd
    • Q.P. Code :05309 From the following information of Yashraj Ltd, prepare a statement of Profit & Loss for the year ended 08
31. Q4 Ltd. has an Authorised capital of Rs.12,00,000 divided in to Equity shares of Rs.10/- each. Following is the Trial Balance of Anupam Ltd. as on 31/03/2016 on Purchase offinished 15 marks
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32. Q1 Depreciate machinery @ 10% p.a., furniture and premises@5%p.a
33. Q2 Write off entire preliminary Expenses
34. Q3 Salaries & wages include Rs.20,000/- paid on 1/10/2015 towards construction of additional walls in the premises. No adjustment was made for the same
35. Q4 Create provision for Doubtful debts @ 5 % on Debtors
36. Q5 Transfer Rs. 20,000 to General Reserve
37. Q6 Provide Rs.50,000 for Income Tax
38. Q7 Stock of finished goods on 31/03/2016 was Rs:2,02,000/ Prepare Statement of Profit & Loss for the year ended 31/03/2016 and Balance sheet as on that date of
39. Q4 transactions of 8% Debentures of Rs.100/- each of ‘ABC LTD’., appears in the books of Mr.Dattatray during the year ended 31/03/2016 Interest is payable on 30" June and December every year On 01/04/2015 he held 1,000, 8% Debentures at a cost of Rs.97,000 Details of Purchases: On 01/05/2015, he purchased 1,500, 8% Debentures for Rs.1,52,600/- cum-interest On 01/11/2015, he purchased 2,250, 8% Debentures@Rs99/- per debenture, ex-interest Details of Sales: On 01/06/2015, he sold 1,500 Debentures @ Rs 102/- per debenture, cum-interest On 01/12/2015, he sold 1,800, 8% Debentures@Rs 98/- per debenture,ex-interest The Market value of 8% Debentures held by Mr.Dattatray as on 31/03/2016 was Rs.1,40,000/ Prepare 8% Debentures Account in the books of Mr.Dattatray for the year ended 31/03/2016. (Round off figures to the nearest Rupee) 15 marks
    • Q.P. Code :05309
    • A) Explain how ‘Reserves & Surplus ‘ is disclosed in the Balance sheet of a Limited Company. 08 Explain the Concept of Consolidation and Subdivision of Shares. 07 Write Short Notes on Any 3 of the following: 15
    • a) Disclosure of ‘Cash and Cash Equivalants’ in the Balance Sheet of a Limited Company
    • c) Global use of IFRS
    • d) Net Asset method of Purchase Consideration
    • Q.P. Code :05309 Please check whether you have got the right question paper
    • Q.P. Code :05309
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