U/ID 22203/UCZC/ UCYD/UCVD
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1 MAY 2012 Time : Three hours Maximum : 100 marks 1. What is a share? [S GßÓõÀ GßÚ? PART A (10 3 = 30 marks) Answer any TEN questions. All questions carry equal marks. 2. Write a short note on Redemption of debenture. PhÜmk zvµ «m ØÔ ]Ö SÔ GÊxP. 3. Define human resource accounting. ÛuÁÍ PnUQ À Áøµ Ö. 4. Give a meaning of interim dividend. CøhUPõ» [Põuõ ØÔ ö õ Ò u P. 5. What is external reconstruction? Óa^µø GßÓõÀ GßÚ? 6. Arun holds 2000 shares of Rs. 10 each in Ram Ltd. He has paid Rs. 2 and Rs. 3 per share on application and allotment respectively, but failed to pay Rs. 3 and Rs. 2 per share for first and second calls respectively. Directors forfeited his shares. Give journal entry. µõ ¼ªöhiß ¹. 10 Ãu 2000 [SPøÍ A s øázx C uõº. AÁº Âsn zvß õx ¹. 2&, JxURmiß õx ¹. 3& ö\¾zvúõº. BÚõÀ uà ØÖ Cµshõ AøÇ öuõøp ¹. 3 ØÖ ¹. 2I ö\¾zuâàø» Gß uõà C USÚºPÒ AÁ øh [SøÍ JÖ Ç ö\ uúº. SÔ mk väpò u P. 7. Calculate the amount of goodwill on the basis of 2 years purchase of the last five years average profits. The profits for the last five years are : Rs. 8,200; Rs. 10,500; Rs. 5,100; Rs. 7,700; Rs. 12,000.
2 Ph u I x Bsk \µõ\ C»õ zvà Cµsk Bsk öpõò uà GÚU öpõsk Øö ß v ø PnUQk. Ph u 5 BskPÎß C»õ [PÒ øó : ¹. 8,200; ¹. 10,500; ¹. 5,100; ¹. 7,700; ¹. 12, From the following details compute appropriate conversion factors : (a) General price index numbers opening 200; closing 300; average for the year 240 (b) General price index numbers at the end of the year 200; on the date of acquring an item of stock 120. On the date of acquiring an asset 150. RÌÁ ÂÁµ[PøÍ öpõsk õøöøp Põµoø PnUQkP. (A) ö õxâø» SÔ±mk Gs Bsk öuõhupzvà 200; CÖv À 300; \µõ\ 240& BP EÒÍx (B) ö õxâø» SÔ±mk Gs & Bsk CÖv À 200; \µuspò Áõ[S õx 120. ö\õzx Áõ[S õx Ganesh Ltd. was incorporated on 1 st May 1996 to purchase the running business of Vinayaka & Co. with effect from 1 st January The company obtained certificate of commencement of business on 24 th August Calculate the time ratio, if the accounts were finalised on 31 st December P nè ¼ªöhm &À Tmk ÁõUP ö\ mk  õ Põ & Põ&øÁ &À Áõ[Q x. C {ÖÁÚ öuõèà xá[p &À \õßö ö ØÓx. PnUSPÒ &À iäö GÚU öpõsk µ ÂQuzøu PnUQkP. 10. The company B takes over the business of company A. The value agreed for various assets is goodwill Rs. 22,000; Land and Buildings Rs. 25,000; Plant and Machinery Rs. 24,000; Stock Rs. 13,000; Debtors Rs. 8,000; B company does not take over cash but agree to assume the liability of sundry creditors Rs. 5,000 Calculate purchase consideration. B {Ö, A {Ö zøu Gkzx öpõòqóx. À ÁÖ ö\õzxupîß J u Âø» : Øö º ¹. 22,000; {» ØÖ Pmhh ¹. 25,000; ö õô ØÖ C vµ ¹. 24,000; \µuq ¹. 13,000; PhÚõÎPÒ ¹. 8,000. B {Ö öµõupzøu GkzxU öpõòíâàø» BÚõÀ PhÜ uõº ¹. 5,000 ö\¾zu J öpõòqóx GÚU öpõsk öpõò uà Ö øú PnUQk. 2
3 11. From the particulars given below, ascertain liquidator s remuneration : Creditors to be paid Rs. 60,000 Amount available on hand Rs. 44,000 Commission to be given on the amount paid to creditors 10%. RÌÁ ÂÁµ[PøÍ öpõsk PøÍ õí ß Fv zøu PnUQk. PhÜ uõ US ö\¾zv x ¹. 60,000 øp öµõup ¹. 44,000 PhÜ uõ US ö\¾zv öuõøp À 10% PÈÄ öpõkup kqóx. 12. From the following particulars of Ganga Ltd., Calculate managerial remuneration : Net profit before provision for income tax and managerial remuneration but after depreciation Rs. 8,70,410 Depreciation provided in the books Rs. 3,10,000 Depreciation allowable under schedule XIV Rs. 2,60,000. P[Põ ¼ªöhmiß ßÁ ÂÁµ[PøÍ öpõsk»õí ß Fv zøu PnUQk. Á US ß EÒÍ {Pµ»õ ØÖ u õúzvøs ß EÒÍ»õÍ ß Fv ¹. 8,70,410 HkPÎÀ EÒÍ u õú ¹. 3,10,000 AmhÁøn 14&ß i u õú AÝ vzux ¹. 2,60,000. PART B (5 6 = 30 marks) Answer any FIVE questions. All questions carry equal marks. 13. What is the need for accounting standards? PnUQ À uµ[pîß uøápò õøá? 14. Write a note on : (a) (b) Complete underwriting Partial underwriting. 3
4 SÔ GÊxP. (A) Ê ö õö Öv (B) Sv ö õö Öv. 15. Explain the methods of valuation of goodwill. Øö º v k øópøí ÂÁ. 16. Visu was holding 500 shares of Rs. 10 each. He had paid upto first call but failed to pay the final call money of Rs. 3 per share. The director forfeited the shares after due notice. All these shares are again reissued at Rs. 8 per share. Give journal entry for forfeiture, reissue and capital reserve. Â_ Gß Áº 500 zx ¹ õ [SPÒ øázv uõº. AÁº u»õáx AøÇ n Áøµ ö\¾zv, CÖv AøÇ n ¹. 3&I ö\¾zu uáôúõº. GÚ Á C USÚºPÒ AÔ ö\ x AÁ øh [SPøÍ JÖ Ç ö\ uúº. «sk C u [SPøÍ ¹. 8 Ãu ÖöÁαk ö\ uúº. JÖ Ç, ÖöÁαk, u¼ú Põ UPõÚ SÔ mk väpò u P. 17. Balance sheet of Nayagam Company as on Liabilities Rs. Assets Rs. 20,000 equity shares of Rs. 10 each Employee s saving fund 1,50,000 2,00,000 Goodwill 2,00,000 Investment at cost (market value Employee s Rs. 2,50,000) 3,00,000 provident fund 1,50,000 Stock at cost 5,00,000 Creditors 6,00,000 Debtors 4,00,000 P and L a/c 3,70,000 Bank balance 70,000 14,70,000 14,70,000 The profit for the last five years were Rs. 15,000, Rs. 20,000, Rs. 25,000, Rs. 30,000 and Rs. 35,000 and the goodwill is to be valued on the basis of three years purchase of the average annual profits for the last five years. Calculate the price of the share on the basis of net asset value. 4
5 õ P {Ö zvß & õøí C {ø»u SÔ ö õö UPÒ ¹. ö\õzxupò ¹. 20,000 \ [SPÒ ¹. 10 Ãu 2,00,000 Øö º 2,00,000 öuõè»õî ß \ª {v 1,50,000 u½k AhUPÂø» À (\ øu Âø» öuõè»õî ß ¹. 2,50,000) 3,00,000 \ Põ {v 1,50,000 \µuq PhÜ uõº 6,00,000 AhUPÂø» À 5,00,000 C»õ mh P/S 3,70,000 PhÚõÎPÒ 4,00,000 Á[Q 70,000 14,70,000 14,70,000 Ph u I x BskPÎß C»õ [PÒ øó ¹. 15,000, ¹. 20,000, ¹. 25,000, ¹. 30,000 ØÖ ¹. 35,000. Ph u 5 Bsk \µõ\ C»õ zvà 3 Bsk öpõò uà GÚ Øö º v h kqóx. {Pµ ö\õzx v øó À [Qß Âø»ø PnUQk. 18. On 31 st March, 1998 a bank held the following bills, discounted by its earlier : Date of bill 1998 Time of bill (months) % p.a. Amount of bill Rs. January, ,30,000 February, ,60,000 March, ,64,000 You are required to calculate the rebate on bill discounted. Also show the necessary journal entry for the rebate. 31 õºa 1998&À J Á[Q RÌPõq õøöa^mkpøí ö ØÔ ux. õøöa^mk uv1998 õøöa^miß õò ( õu[pò) uòð % Á hzvøs õøöa^miß öuõøp ¹. áúá, ,30,000 µá, ,60,000 õºa, ,64,000 õøöa^mk uòð i ö\ uvà ßTmi ö Ó mh uòð i öuõøpø PõsP. uøá õú SÔ mk väpøíz u P. 5
6 19. SAN Company Ltd. passed resolution and received sanction of the court for the reduction of share capital by Rs. 2,50,000. After the arrangement, the credit balance of capital reduction account was Rs. 2,50,000. The amount available was utilised for write off profit and loss a/c (Dr.) Rs. 1,05,000 reducing the value of plant and machinery Rs. 45,000, goodwill Rs. 20,000, investment Rs. 40,000. The balance available would be transferred to capital reserve. Pass journal entry. SAN {Ö Auß [S uø» ¹. 2,50,000 SøÓ uøs }v ßÓ AÝ v²hß wº õú {øó ÁØÖQÓx. HØ õkpðus ÓS uà SøÓ PnUS ÁµÄ C ¹. 2,50,000. CzöuõøP C»õ mh PnUS ØÖ C ¹. 1,05,000 õuöpêuä, C vµ ¹. 45,000, Øö º ¹. 20,000, u½kpò ¹. 40,000 SøÓ uøs ß kzu kqóx. «uzöuõøp u¼ß Põ PnUQØS õøó h Ásk. SÔ mk vä u P. 20. From the following information, prepare liquidator s final statement of account : Rs. Cash at bank 1,00,000 Surplus from securities 10,10,000 Expenses of liquidation 30,000 Liquidator s remuneration 7,000 Preferential creditors 2,00,000 Unsecured creditors 7,00,000 Preference share holders 1,00,000 Equity shareholders 1,00,000 RÌÁ ÂÁµ[PøÍ öpõsk PøÍ õí ß {v{ø» AÔUøPø u õº ö\ P. ¹. Á[Q öµõup 1,00,000 øn [PÎÀ Qøhzu E 10,10,000 Pø» a ö\»äpò 30,000 Pø» õíº Fv 7,000 ßÝ ø PhÜ uõº 2,00,000 øn ªÀ»õ PhÜ uõº 7,00,000 ßÝ ø [Suõµº 1,00,000 ö õx{ø» [Suõµº 1,00,000 6
7 PART C (2 20 = 40 marks) Answer any TWO questions. All questions carry equal marks. 21. X Ltd. Company with an authorised capital of Rs. 5,00,000 divided into 5,000 equity shares of Rs. 100 each , 2,500 shares were fully called up. The following balances were extracted from the ledger of the company on Rs. Stock 50,000 Sales 4,25,000 Purchases 3,00,000 Productive wages 70,000 Discount allowed 4,200 Discount received 3,150 Insurance upto ( ) 6,720 Printing 2,400 Advertisement 3,800 Bonus 10,500 Debtors 38,700 Creditors 35,200 Machinery 80,500 Furniture 17,100 Bank balance 34,700 Salaries 18,500 Rent 6,000 General expenses 8,950 P and L a/c (Cr.) 6,220 Reserve 25,000 Loan 15,700 Bad debt 3,200 Calls-in-arrears 5,000 7
8 Additional information : (a) Closing stock Rs. 91,500 (b) Depreciation on machinery 15% and on furniture 10% (c) Outstanding liability for Wages Rs. 5,200, Salaries Rs. 1,200, Rent Rs. 600 (d) Provide dividend on share capital 5% You are required to prepare final accounts of X Ltd. Company for the year X ¼ªöhm P ö Û ß A[RP UP mh uà ¹. 5,00,000 BÚx ¹. 100 Ãu õú 5,000 \ E ø [SPÒ öpõshuõs AßÖ 2,500 [SPÐUS Ê n öpõkup mhx. RÌPshøÁPÒ P ö Û ß C PÍõS. ¹. \µuq 50,000 ÂØ øú 4,25,000 öpõò uà 3,00,000 EØ zv T¼ 70,000 uòð i AÝ vzux 4,200 uòð i ö ØÓx 3,150 Põ k ( Áøµ) 6,720 Aa_ 2,400 ÂÍ µ 3,800 õúì 10,500 PhÚõÎPÒ 38,700 PhÜ uõº 35,200 C vµ 80,500 µa\õ õßpò 17,100 Á[Q C 34,700 \ Í 18,500 ÁõhøP 6,000 ö õxa ö\»äpò 8,950 C»õ mh P/S (ÁµÄ) 6,220 Põ 25,000 Phß 15,700 ÁõµõUPhß 3,200 AøÇ {¾øÁ 5,000 8
9 TkuÀ ö\ vpò : (A) CÖv \µuq ¹. 91,500 (B) u õú : C vµ 15%; µa\õ õßpò 10% (C) (D) öpõk h Ási ö õö PÒ & T¼ ¹. 5,200, \ Í ¹. 1,200, ÁõhøP ¹. 600»uÚ [SPÒ «x 5% [Põuõ öpõkupä X ¼ªöhmiß 2005 BsiØPõÚ CÖv PnUøP u õ UPÄ. 22. The following are the summarised balance sheet of Amar Ltd., and Samar Ltd., as on 31 st March 2004 : Liabilities Amar Ltd Samar Ltd Assets Amar Ltd Samar Ltd Rs. Rs. Rs. Rs. Issued share Goodwill 1,20,000 capital : Fixed assets 6,00,000 2,40,000 Shares of Rs. 10 each Current 8,00,000 6,00,000 assets 4,20,000 2,80,000 P and L a/c 1,40,000 P and L a/c 2,00,000 Creditors 80,000 2,40,000 10,20,000 8,40,000 10,20,000 8,40,000 Amar Ltd, agreed to take over the business of Samar Ltd., as on the date of the balance sheets. After due negotiations, it was determined that the shares of Amar Ltd., are worth Rs. 12 each and the shares of Samar Ltd., are worth Rs. 5 each. You are required to make the necessary entries in the books of Amar Ltd., and draw up its balance sheet immediately after the take over. õºa 31, 2004&À EÒÍ i A º ¼ªöhm ØÖ \ º ¼ªöhm C {ø» SÔ PÒ ßÁ õö : ö õö UPÒ A º ¼ªöhm \ º ¼ªöhm ö\õzxupò A º ¼ªöhm \ º ¼ªöhm ¹. ¹. ¹. ¹. öáî mh [S Øö º 1,20,000 uà [S JßÖUS {ø»a ¹. 10 Ãu 8,00,000 6,00,000 ö\õzxupò 6,00,000 2,40,000 C»õ mh P/S 1,40,000 h a PhÜ uõº 80,000 2,40,000 ö\õzxupò 4,20,000 2,80,000 C»õ mh P/S 2,00,000 10,20,000 8,40,000 10,20,000 8,40,000 9
10 C {ø»u SÔ PÒ öpõkup mh AßÖ A º ¼ªöhm \ º ¼ªöhmøh Áõ[Q x. A º ¼ªöhmiß [SPÒ JßÖ ¹. 12 GÚÄ \ º ¼ªöhmiß [SPÒ JßÖ ¹. 5 GÚÄ wº õûup mhx. A º ¼ªöhmiß HkPÎÀ SÔ mk väpøíz u x AÆ Ámiß C {ø»u SÔ ø ² u õº ö\ P. 23. Prepare, in the proper statutory form, the revenue account of Hindustan Life Assurance Company Ltd. for the year ended 31 st March 2008 from the following figures. Rs. Claims by death 76,140 Claims by maturity 30,110 Premiums 7,05,690 Transfers fee 129 Consideration for annuities granted 82,127 Annuities paid 53,461 Bonus paid in cash 2,416 Bonus in reduction of premium 980 Dividend paid to share holders 5,500 Expenses of management 31,920 Commission 9,574 Interest, dividend and rent 97,840 Income tax 35,710 Surrenders 13,140 Life assurance fund Paid up share capital of the above life insurance company is Rs. 5,00,000 and net liability as per actuary s valuation is Rs. 11,05,000 as on Also prepare valuation balance sheet of the company as on that date. RÌÁ ÂÁµ[PøÍ öpõsk C xìuõß B²Ò Põ k {ÖÁÚzvØS & õ Íõk iäö BsiØPõÚ Á Áõ PnUQøÚ u õº ö\ P. ¹. CÓ PõµÀPÒ 76,140 vºä PõµÀPÒ 30,110 øú 7,05,690 10
11 ¹. õøöupmhn 129 Á hõ vµ Ö ßPÒ öpõkzux 82,127 Bsk \ uõ ö\¾zv x 53,461 õúì öµõup õp ö\¾zv x 2,416 øú U PÈÂÀ õúì 980 [Põuõ ö\¾zv x 5,500»õsø ö\»äpò 31,920 uµs 9,574 Ámi, [Põuõ ØÖ ÁõhøP 97,840 Á õú Á 35,710 J øhä 13,140 B²Ò Põ mk {v» SÔ mkòí B²Ò Põ k {ÖÁÚzvØS EshõÚ ö\¾zv [S uà ¹. 5,00,000 ØÖ Esø v À EÒÍ {Pµ ö õö UPÒ ¹. 11,05,000, & Bsiß i. ¾ v mk C {ø»usô ø ² u õº ö\ P. 24. A company went in liquidation on when the following balance sheet was prepared : Liabilities Rs. Assets Rs. Share capital : Goodwill 60,000 19,500 shares of Rs. 10 each 1,95,000 Building 48,000 Sundry creditors : Machinery 65,500 Partly secured (on building) 53,310 Stock 56,800 Unsecured creditors 99,790 Sundry debtors 48,820 Preferential creditors 24,200 Cash 2,500 Bank overdraft 8,000 P and L a/c 98,680 3,80,300 3,80,300 Assets realised as follows : Building Rs. 35,000; Machinery Rs. 51,000; Stock Rs. 39,000; Debtors Rs. 58,500; Cash Rs. 2,500. The expenses of liquidation amounted to Rs. 1,000. The liquidator s remuneration was agreed at 2.5% on the amount realised (including cash) and 2% on the amount paid to unsecured creditors. Prepare liquidator s final statement of account. 11
12 J {Ö AßÖ Pø» US Á õx u õ UP mh C {ø»u SÔ ßÁ õö : ö õö UPÒ ¹. ö\õzxupò ¹. [S uà : Øö º 60,000 19,500 [SPÒ ¹. 10 Ãu 1,95,000 Pmih 48,000 Ø» PhÜ uõº : C vµ 65,500 Sv øn (Pmih «x) 53,310 \µuq 56,800 øn ªÀ»õ PhÜ uõº 99,790 Ø» PhÚõÎPÒ 48,820 ßÝ ø PhÜ uõº 24,200 öµõup 2,500 Á[Q ÀÁøµ ØÖ 8,000 C»õ mh P/S 98,680 RÌÁ ö\õzxupò ÂØP mhú : 3,80,300 3,80,300 Pmih ¹. 35,000; C vµ ¹. 51,000; \µuq ¹. 39,000; PhÚõÎPÒ ¹. 58,500; öµõup ¹. 2,500. Pø» ö\»äpò ¹. 1,000. Pø» õí ß Fv ö\õzx ÂØ øú À (öµõup \ºzx) 2.5% ØÖ øn ªÀ»õ PhÜ uõº «x 2% ö\¾zu Ásk. Pø» õí ß {v AÔUøPø u õº ö\ P. 12
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