PART A (10 2 = 20 marks) Answer ALL questions, each in 50 words. All questions carry equal marks. 4. What do you mean by external reconstruction?
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- Jeremy Quentin Oliver
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1 OCTOBER 2012 Time : Three hours Maximum : 100 marks PART A (10 2 = 20 marks) Answer ALL questions, each in 50 words. All questions carry equal marks. 1. Define stock. [SU PõøÁ ÁøµÂ»UPn u P. 2. What is net asset? {Pµ ö\õzxpò GßÓõÀ GßÚ? 3. Define liquidation. Pø» ÁøµÂ»UPn u P. 4. What do you mean by external reconstruction? Ó Ö Aø GßÓõÀ GßÚ? 5. Who are all preferential creditors? ßÝ ø PhÚõºPÒ Gß Áº õº? 6. Write any two objectives of financial reporting. {v AÔUøP ß Cµsk SÔU PõÒPøÍ GÊxP. 7. What is human resource accounting? Ûu ÁÍ PnURk GßÓõÀ GßÚ? 8. What is meant by amalgamation? {ÖÁÚ JßÔøn GßÓõÀ GßÚ? 9. Define holding company. i {ÖÁÚ ÁøµÂ»UPn u P. 10. What is social responsibility of business?  õ õµ \ uõ ö õö GßÓõÀ GßÚ?
2 PART B (5 6 = 30 marks) Answer ALL questions. All questions carry equal marks. 11. (a) What are the sources of finance for redemption of debentures? Phß zvµ[pøí «mp uøá õú {v Buõµ[PøÍ ÂÁ. Madurai Ltd issued 1,00,000 equity shares of 10 ach, which is as follows On application 4 On allotment 3 On 1st call 2 On 2nd call 1 All the share money has been fully received. Pass Journal entries. xøµ ¼ªöhm 1,00,000 \ [SPøÍ 10 Ãu RÌPõq øó À öáî kqóx, Âsn ö Ó 4 JxURk 3 uà AøÇ 2 Cµshõ AøÇ 1 AøÚzx [SPÎß n HØP mhx. SÔ mià vä u P. 12. (a) The following are the summarised balance sheet of M Ltd and N Ltd. Liabilities M Ltd N Ltd Assets M Ltd N Ltd Share capital 40,000 20,000 Sundry assets 42,000 33,000 Profit and loss a/c 5,000 Shares in N Ltd 20,000 Creditors 15,000 6,000 Loan N Ltd 8,000 Loan H Ltd 10,000 P and L a/c 1,000 Loan M Ltd 8,000 70,000 34,000 70,000 34,000 The whole shares of N Ltd are held by M Ltd. A new company MN Ltd is formed to acquire the sundry assets and creditors of M Ltd and N Ltd and for this purpose, the sundry assets of M Ltd are revalued at 30,000 and those of N Ltd at 20,000. The amount of the loan due to H Ltd is also to be discharged in the shares of new company : the debt due to M Ltd is also to be similarly discharged. Show journal entries in the books of M Ltd. 2
3 M ¼ªöhm ØÖ N ¼ªöhm C {ø»u SÔ ßÁ õö ö õö PÒ M ¼ªöhm N ¼ªöhm ö\õzxpò M ¼ªöhm N ¼ªöhm»uÚ 40,000 20,000 Ø» ö\õzxpò 42,000 33,000»õ mh P/S 5,000 N ¼ªöhmiÀ [SPÒ 20,000 PhÜ uõº 15,000 6,000 Phß N ¼ªöhm 8,000 Phß H ¼ªöhm 10,000»õ mh P/S 1,000 Phß M ¼ªöhm 8,000 70,000 34,000 70,000 34,000 N ¼ªöhmiß AøÚzx [SPøͲ M ¼ªöhm GkzxU öpõòqóx. MN ¼ªöhm GßÓ v P ö Û E ÁõUP mk M ¼ªöhm ØÖ N ¼ªöhmiß Ø» ö\õzxpð, Phß D uõøµ² GkzxU öpõòqóx, GÚ Á M ¼ªöhmiß Ø» ö\õzxpò 30,000 US, N ¼ªöhmiß Ø» ö\õzxpò 20,000 US Ö v k ö\ kqóx, H ¼ªöhm PhøÚ², M ¼ªöhmiß Phß {¾øÁ² v {ÖÁÚ uòð i ö\ QÓx. SÔ mk väpøí M ¼ªöhm zupzvà u P. What is Reconstruction? Explain different types of reconstruction in brief. ÖAø GßÓõÀ GßÚ? À ÁÖ ÁøP õú Ö Aø PøÍ _ UP õp ÂÁ. 13. (a) A Ltd has 10,000 shares of 100 each. Out of this B Ltd purchased 60% shares at 19,50,000. The profits of A Ltd at the time of acquisition was 15,00,000. A Ltd decided to issue a bonus shares of 100 each for every 5 shares held. Calculate the goodwill before issue of bonus shares. A ¼ªöhm 10,000 [SPøÍ 100 Ãu öáî mhx. CvÀ B ¼ªöhm 60% [SPøÍ 19,50,000 US Áõ[Q x. A ¼ªöhmiß»õ øp õí kzx AßÖ 15,00,000. A ¼ªöhm õúì [SPøÍ 100 Ãu JÆöÁõ I x [SPÐUS öáî h iä ö\ ux. õúì [SPøÍ öáî káuøs ß {ÖÁÚzvß Øö øµ PnUQkP. Explain the need for valuation of shares in brief. [SPøÍ v k ö\ ÁuØPõÚ uøá ØÔ _ UP õp ÂÁ. 3
4 14. (a) H Ltd acquires all the shares of S Ltd on From the balance sheet given below prepare consolidated balance sheet. Liabilities Balance sheet as on is as follows : H Ltd S Ltd Assets H Ltd S Ltd Share capital Land and building 4,00,000 2,70,000 Shares of 10 each 8,00,000 3,00,000 Plant and machinery 2,00,000 1,00,000 creditors 3,50,000 1,60,000 Furniture and fixtures 50,000 20,000 Bills payable 40,000 20,000 Investment in shares of S Ltd Returns on Profit and loss a/c 5,00,000 2,10,000 40,000 Stock 1,50,000 80,000 50,000 30,000 Sundry debtors 1,00,000 60,000 Bank balance 50,000 20,000 14,50,000 5,50,000 14,50,000 5,50,000 The profit and loss account of S Ltd had a credit balance of 6,000 on H ¼ªöhm, S ¼ªöhmiß GÀ»õ [SPøͲ AßÖ GkzxU öpõòqßóx. RÌPõq C {ø»u SÔ Pμ x J [Qøn u C {ø»u SÔ ø u õº ö\. ö õö PÒ H ¼ªöhm S ¼ªöhm ö\õzxpò H ¼ªöhm S ¼ªöhm [S»uÚ {» ØÖ Pmhh 4,00,000 2,70,000 [SPÒ 10 Ãu 8,00,000 3,00,000 ö õô ØÖ C vµ 2,00,000 1,00,000 PhÜ uõº 3,50,000 1,60,000 øúz xønö õ Ò ØÖ ö õ zv x 50,000 20,000 ö ÖuØS õøöa^mk 40,000 20,000 u½kpò S ¼ªöhm 5,00,000 JxUS ,10,000 40,000 \µuq 1,50,000 80,000»õ mh P/S 50,000 30,000 Ø» PhÚõÎPÒ 1,00,000 60,000 Á[Q C 50,000 20,000 14,50,000 5,50,000 14,50,000 5,50, AßÖ S ¼ªöhmiß»õ mh PnUQÀ 6000 EÒÍx. Explain the need for social responsibility accounting. \ uõ ö õö PnUQß uøápò õøá? 4
5 15. (a) Zee Ltd purchased an offset printing machine from USA at a cost of 2,00,00,000 at an exchange rate of 45 per US dollar on However, on , the exchange rate was 47 per dollar and the full amount for the purchase was settled on that date. How do you deal with the loss due to change in foreign exchange rate as per AS-11? Zee ¼ªöhm Aö UPõ¼ x Aa_ G vµzøu 2,00,00,000 US Aö UP hõ»º JßÖUS 45 Ãu öpõkzx AßÖ Áõ[Q x, BÚõÀ A { ö\»õáo õøó AßÖ hõ» US 47 GßÖ Ê öuõøp² öpõkup mhx. A { ö\»õáo õøó AS 11 ß i GÆÁõÖ Ø i mhzøu PnUQkÁõ? Explain the scope of accounting standards in brief. PnUQ À uµzvß öuõs ØÔ _ UP õp ÂÁ. PART C (5 10 = 50 marks) Answer ALL questions. All questions carry equal marks. 16. (a) On 1st April 1998, a company issued 1,000, 6% debentures of 1000 each at 950. Terms of issue provided that beginning with 31st March, ,000 of Debentures should be redeemed either by drawing at par or by purchase in the market every year. The expenses of the issue amounted to 3,000 which were written off on 31st March, The company wrote off 10,000 from the discount on debentures every year. On 31st March, 2001 the debentures to be redeemed were repaid at the end of the year by drawings. On 31 st March, 2002 the company purchased for cancellation 50 debentures at the ruling price of 980, the expenses being 100. Interest is payable yearly. Ignore income tax. Give journal entries and the Balance sheet (as far as it relates to debentures on 31 st March 2002) J {ÖÁÚ AßÖ 1000, 6% Phß Dmk zvµ[pò 1000, ¹ 950 US öáî mhx Bsk ¹ 50,000 v ÒÍ Phß Dmk zvµ[pîß «m Auß zup Âø» (A) Auß \ øu Âø» À öpõò uà ö\ ux. zvµ[pò öáî h BÚ ö\»ä ¹, 3000, AßÖ uòð i ö\ mhx. PhÜmk zvµ[pò uòð i ¹ 10,000 JÆöÁõ Á h ö\ mhx AßÖ «m 5
6 ö\ mh PhÜmk zvµ[pò Á h iâà v öpõkup mhx AßÖ {ÖÁÚ öpõò uà ö\ u 50 PhÜmk zvµ[pò 980US µzx ö\ mhx. AuØS BÚ ö\»ä 100 JÆöÁõ Á h Ámi öpõkup mhx. Á õú Á uâºupä. SÔ mk väpð, C {ø»usô AßÖ u õº ö\ P. Explain the reasons for adopting slip system of posting. ^mk øó väupõú À ÁÖ Põµn[PÒ õøá? 17. (a) The following is the balance sheet of a company as on Liabilities Assets Equity share capital ( 100 per share) 12,00,000 Fixed Assets 14,60,000 Reserves and surplus 2,50,000 Investments (5% securities) 1,20,000 Sundry creditors 5,60,000 Current assets 5,40,000 Provision for taxation 1,43,000 Preliminary expenses 33,000 21,53,000 21,53,000 The provision for taxation for the current year 55% of the net profits. Returns on capital employed in this industry is 10%. Ascertain the yield value of share. J {ÖÁÚzvß uv ß C {ø»u SÔ ö õö PÒ ö\õzxpò \õuõ [S»uÚ (100 Ãu ) 12,00,000 {ø» õú ö\õzxpò 14,60,000 Põ ØÖ E 2,50,000 u½kpò (5% EzµÁõu ) 1,20,000 Ø» PhÜ uõº 5,60,000 h ö\õzxpò 5,40,000 Á JxUS 1,43,000 xáupa ö\»äpò 33,000 21,53,000 21,53,000 h BsiØPõÚ Á JxURk {Pµ»õ zvà 55%»uÚ ß õmiß v 10% [SPÎß Á õú v ø Psk i. What are the restriction laid down under companies Act for fixing remuneration to the directors, manager and managing director? {ÖÁÚa \mh i C US ºPÒ,»õͺ ØÖ»õsø C US US \ Í {ºn ö\ ÁvÀ EÒÍ Pmk õkpò õøá? 6
7 18. (a) From the balance sheets given below prepare a consolidated balance sheet of A Ltd and its subsidiary company B Ltd. Liabilities A Ltd B Ltd Assets A Ltd B Ltd Share capital Land and Building 6,40,000 2,00,000 Shares of 10 each25,00,000 6,00,000 Machinery 12,60,000 3,40,000 General Reserve 3,60,000 1,20,000 Furniture 1,40,000 60,000 P and L A/c 2,40,000 1,80, shares in B Ltd 5,00,000 Trade creditors 3,50,000 1,00,000 Stock 4,10,000 2,50,000 Debtors 3,80,000 1,00,000 Bank 1,20,000 50,000 34,50,000 10,00,000 34,50,000 10,00,000 At the date of acquisition by A Ltd of its holding of 40,000 shares in B Ltd, the later company had undistributed profits and reserves amounting to 1,00,000 none of which has been distributed since then. RÌPõq C {ø»u SÔ Pμ x A ¼ªöhm ØÖ B ¼ªöhmiß J [Qøn u C {ø»u SÔ ø u õ UP. ö õö PÒ A ¼ªöhm B ¼ªöhm ö\õzxupò A ¼ªöhm B ¼ªöhm [S»uÚ {» ØÖ Pmhh 6,40,000 2,00,000 [S 10 Ãu 25,00,000 6,00,000 C vµ 12,60,000 3,40,000 ö õx JxUS 3,60,000 1,20,000 øúzxøn ö õ mpò 1,40,000 60,000»õ mh P/S 2,40,000 1,80, [SPÒ B ¼ªöhm 5,00,000 PhÜ uõº 3,50,000 1,00,000 \µuq 4,10,000 2,50,000 PhÚõͺPÒ 3,80,000 1,00,000 Á[Q 1,20,000 50,000 34,50,000 10,00,000 34,50,000 10,00,000 A ¼ªöhm 40,000 B ¼ªöhmiß [SPøÍ GkzxU öpõòqóx. B ¼ªöhmiß öpõk hõ»õ ØÖ JxUS 1,00,000 EÒÍx. Explain different methods of calculating purchase consideration. öpõò uà Ö ß PnURk ö\ ² À ÁÖ øópò õøá? 7
8 19. (a) From the books of accounts of new bank ltd as on the following particulars regarding loans and advances given by the Bank in India are available (i) Loans to corporate sector fully secured (excluding banks but including companies in which direction are interest) 10,00,000 (ii) Loan to Vijay Bank Ltd fully secured 3,00,000 (iii) Debts due by officers (excluding dirctors - fully secured) 2,00,000 (iv) Loan to non-corporate sector fully secured 9,00,000 (v) Loan to nagsik Bank Ltd - fully secured 4,00,000 (vi) Debts due by Monogk director of the bank - fully secured 1,00,000 (vii) Debts considered good which are unsecured 5,00,000 (viii) Debts due by companies in which the directors are interested, fully secured 6,00,000 (ix) Maximum amount of debts at any time during the year 15,00,000 (x) Doubtful debts (xi) Provision for bad and doubtful debts 75,000 (xii) Maximum amount of debts due by officers and directors at any time during the year (i) 5,00,000 You are required to show how the items are statutorily required to be entered in the balance sheet of the bank. {³ [U ¼ªöhm ß i PnUS zup SÔ ¼ x Phß ØÖ ß öuõøp [U B C v õ öpõkzu ÂÁµ ßÁ õö {ÖÁÚ[PÐUS Ê EuzvµÁõuzxhß Ti Phß (Á[QPÒ }[P»õP {ÖÁÚ C US ºPÒ Â zvø PØ ) 10,00,000 (ii) Âá õ Á[Q Phß Ê EzvµÁõu 3,00,000 (iii) AvPõ PÒ Phß {¾øÁ (C US ºPÒ }[P»õP Ê EzvµÁõu ) 2,00,000 (iv) Phß Aø \õµõ {ÖÁÚ Ê EzvµÁõu 9,00,000 (v) õu U Á[Q ¼ªöhm US Phß Ê EzvµÁõu 4,00,000 (vi) õ ÚõU Phß {¾øÁ, Á[Q C US º Ê EzvµÁõu 1,00,000 (vii) EzvµÁõuªÀ»õu À» {ø» À EÒÍ Phß 5,00,000 (viii) {ÖÁÚ[PÒ Phß {¾øÁ À C US ß [S Ê EzvµÁõu 6,00,000 (ix) AvP m\ Phß h õsià 15,00,000 (x) \ upzvøs Phß 50,000 (xi) \ up ØÖ ÁõµõU Phß JxURk 75,000 (xii) AvP m\ Phß AvPõ PÒ ØÖ C US ºPÒ h õsià 5,00,000 ØPõq háiuøppðupõú Á[Q C {ø»u SÔ PÒ vä ö\ P. 8
9 What do you mean by Inflation Accounting? Give its Advantages and Disadvantages. nãup PnUQ À GßÓõÀ GßÚ? Auß ßø, wø PøÍ ÂÁ. 20. (a) X Y Z Ltd. has supplied the following information relating to its staff, community and general public benefit for the year Tax paid to state government 4,994 Tax paid to central government 10,346 Local taxes paid 32 Generation of business 1,049 Medical facilities 196 Educational facilities 60 Training and Career Development 34 Extra hours put in by officers voluntarily 35 Increase in the cost of living in the vicinity on account of cement plant 500 State services consumed : Electricity services 3,921 Central services consumed : Telephone, Telegram etc. 413 Provident fund, Bonus, Insurance Benefits 363 You are required to prepare Social Income Statement. X Y Z ¼ªöhm ußýøh öuõè»õíºpò, \ uõ ØÖ ö õx UPÒ»ÝUPõP BsiØPõÚ RÌPõq ÂÁµ[PøÍ u QÓx. 000 õ{» Aµ_ Á ö\¾zv x 4,994 zv Aµ_ Á 10,346 EÒѺ Á 32  õ õµ A  zv háiuøp 1,049 zxá Á\vPÒ 196 PÀ Á\vPÒ 60 Ø] ØÖ Áø» vóß õk 34 TkuÀ µ o A¾Á»ºPÒ uõ Ú ßÁ x ö\ ux 35
10 000 ö õ Íõuõµ ß ÚØÓ ö\»äpò 500 õ{» Aµ_ \øápò E õqzux : ªß\õµ 3,921 zv Aµ_ \øápò : u v ØÖ öuõø» ] 413 \» v, FUPzöuõøP, Põ k»ßpò 363 \ uõ Á õú AÔUøP u õº ö\ P. Explain the advantages and disadvantages of Human Resource Accounting. ÛuÁÍ PnURmiß ßø, wø PøÍ ÂÁ. 10
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