BCom TY BCom Sem 5 BCom Sem 5 (2018 2019) 2019 COM FIN. ACC AUDITING P V FIN.ACCOUNTING Question Paper - Mumbai University | munotes

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1. Q3 All working notes should form part of your answer Anand Ltd.’s Balance sheet shows the following balances as on 31-3-2017. 15 15,000 Equity shares of Rs 10 each fully paid; 9,000 10% Redeemable Preference shares of Rs 10 each fully paid; 10% Preference shares are redeemed on 1-4-2017 at a premium of 20%. For redemption, 2,000 Equity shares of Rs 10 each are issued at 10% premium.A bonus issue of equity share was made at par, two shares being issued for every five shares held on that date excluding new equity shares Show the journal entries to record the above transactions for redemption and bonus issue of shares Following is the Trial Balance of Rupa Ltd. As on March, 2017. 15 Investments (at cost) Balance) cost) Net Profit for the year 2,70,000 Sundry Debtors(Unsecured and good) 4,00,000 | Share Capital (Equity shares 20,00,000 of Rs.100 each) Cashin Hand 60,000 | Loan from state financial 3,00,000 Cash at bank 4,94,000 | Short Term Loans 50,000 Share Issue Expenses 26,600 | Provision for Taxation 11,000
   • Q.P. Code :08062 The Following further particulars were available:
2. Q1 Total Sundry Debtors Include debts of Rs. 52,000 due for More than six months
3. Q2 Transfer to General Reserve Rs.50,000
4. Q4 Loan from state Finance corporation is secured against stock
5. Q5 Sundry Creditors included for goods Rs.80,000 and remaining for expenses
6. Q6 Market value of investments is Rs.78,000 while its face value is Rs.60,000 Prepare Balance sheet of Rupa Ltd. as on 31% March, 2017; as per the requirements of companies Act, after considering above adjustments. Ignore previous year’s figures and corporate dividend tax
7. Q2 On 1-01-2015 Bhavani Ltd. had issued 20,000-11% Debentures of Rs 100 each redeemable on The company offered three options to the debenture holders as under: 15 marks
8. Q1 14% Preference Shares of Rs 10.each at Rs 12 per share
9. Q2 15% Debentures of Rs 100 each at Rs 95 per debenture
10. Q3 Redemption in cash The options were accepted as under: Option 1) by holders of 8,000 debentures Option 2) by holders of 6,000 debentures Option 3) by holders of 6,000 debentures Pass journal entries for redemption of 11% debentures [ with working notes] in the books of
11. Q2 Following is the summarized Balance Sheet of Pradhan Ltd. As of March 2016. 1,60,000 Equity shares of Rs. 10 each fully paid 16,00,000 Profit and Loss A/c 10,00,000 Plant and.Machinery 7,00,000 15 marks
    • Q.P. Code :08062 The company decided to buyback maximum number of equity shares as may be permitted price Calculate the maximum number of equity shares that company can buyback.and pass necessary journal Entries for Buyback of Equity shares in the books of Pradhan Ltd
12. Q3 Disha Ltd. Invited applications for 20,000 equity shares of Rs.25 each payable as under: On Application Rs.5.00 per share On Allotment Rs.8.00 per share On First call Rs.7.00 per share On Second and final call Rs.5.00 per share Applications were received for 30,000 shares. Applications for 5,000 shares were rejected and the amount was immediately refunded. The remaining shares were allotted on pro-rata basis Mrs. Asha holding 200 shares did not paid the amount due on second and final call and her shares were forfeited. These shares were reissued to Mrs. Rekha at Rs.20 each fully paid Record journal entries in the books of the company to record above transactions 15 marks
13. Q3 The following is the summarized Balance sheet of Nana Ltd. As on 31-12-2016. Equity shares of Rs.10 each fully paid 2,00,000 8% Redeemable preference shares of Rs 10 each fully paid 1,00,000 On January, 2017 the company decided to redeem Preference shares at a premium of 20% and 9% Debentures at par of capital For satisfying payment to preference shareholders on redemption; the company 15 marks
14. Q1 Sold investments at Rs 95,000
15. Q2 Issued 8,000 Equity shares of Rs. 10 each at Rs. 15 per share, remaining amount utilized out of Pass journal Entries to record the above transactions in the books of Nana Ltd. and prepare Balance sheet of Nana Ltd. after Redemption of preference shares and debentures
    • Q.P. Code :08062 State whether the following statements are True/False. 08
16. Q1 Partly paid shares can be bought back
17. Q2 Capital redemption Reserve = Nominal value of Redeemable Preference Shares —(Less) Proceeds of fresh issue of securities
18. Q3 Debentures cannot be redeemed at premium
19. Q4 Patent is an intangible fixed asset
20. Q5 Prepaid expenses are to be recorded under short term loans and advances in the balance sheet under revised schedule VI
21. Q6 When shares are issued at discount; discount on issue of shares is debited to share capital
22. Q7 Company can issue new equity shares for the purpose of buying back old equity shares
23. Q8 Capital Redemption Reserve can for issue of bonus shares
    • B) Select the most appropriate option given into the bracket and rewrite the complete statements. 07
24. Q1 Interest on sinking fund investment is credited to ----------------Account
25. Q2 Capital redemption reserve is to be created out of [divisible profits/capital profits/fresh issue of shares]
26. Q3 Ashare issued at more than it’s face value is called as issue of shares at
27. Q4 After redemption of Debentures balance is Sinking Fund account is transferred to
28. Q5 The debt equity ratio after buyback should not exceed the following is not fixed asset
29. Q7 on debentures is to be shown under-------------------- sub-head in balance sheet of the company [Short term Borrowings/Short term Provisions/Other Current Liabilities]
30. Q4 Write short Notes.[Any Three] 15 marks
31. Q2 redemption reserve
32. Q3 redemption reserve
33. Q4 Buyback of equity shares
34. Q5 Note to account on reserves and surplus
    • Q.P. Code :08062 [Time: 2 Hours] [ Marks:60] Please check whether you have got the right question paper
    • N.B: Wet
    • Q.P. Code :08062
35. Q2 Fat AAT
36. Q8 ANT
37. Q2 29% at
    • Q.P. Code :08062
38. Q3 (debt equity)

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