Tiêu đề CORPORATE ACCOUNTING I 2022.pdf ✅

QP CODE: 22100578 Reg No : ..................... Name : ..................... B.COM DEGREE (CBCS) REGULAR / REAPPEARANCE EXAMINATIONS, APRIL 2022 Third Semester Core Course - CO3CRT07 - CORPORATE ACCOUNTING I (Common to all B.Com Degree Programmes) For Regular Candidates : 2017 Admission Onwards For Private Candidates : 2020 Admission Only 6EB59A25 Time: 3 Hours Max. Marks : 80 Instructions to Private candidates only: This question paper contains two sections. Answer SECTION I questions in the answer-book provided. SECTION II, Internal examination questions must be answered in the question paper itself. Follow the detailed instructions given under SECTION II SECTION I Part A Answer any ten questions. Each question carries 2 marks. 1. What is called up capital? 2. What is Forfeiture of shares? Give an example. 3. What are the objectives of Buy back of shares? 4. Who can be an underwriter? Give examples. 5. What is a non-current asset as per schedule III? 6. How will you apportion the following items? a) Tax Audit Fees b) Audit Fees 7. What is unclaimed dividend? How will you treat it in final accounts? 8. What is advance payment of tax? How will you treat it in final accounts? 9. Define fair value. 10. What do you mean by cum-interest? 11. What is loss of stock policy? 12. Mr. A 4000 15% debentures of B Ltd. at Rs. 96 cum- interest on 01.01.2017. Interest is payable by the company on 30th September and 31st March each year. Give journal entries in the books of Mr. A. (10×2=20) 22100578 Page 1/5 Turn Over
Part B Answer any six questions. Each question carries 5 marks. 13. Sujatha Ltd. purchased assets for ₹ 5,00,000 from Raja Ltd. The company issued fully paid up equity shares of ₹ 10 each in satisfaction of the claim. Shares of ₹ 2,00,000 were issued at par to the promoters for their services. Give journal entries assuming that : (i) Shares were issued at par and (ii) Shares were issued at a premium of 20%. 14. Explain the legal provisions for the Redemption of Preference shares u/s 55. 15. What are the circumstances that warrant the issue of bonus shares? 16. A Ltd. Issued 200000 shares of Rs.10 each. The whole issue was underwritten by B ltd. The company received 150000 share applications. Write journal entries in the books of the underwriter. (Commission payable at the rate permitted by law.) 17. From the following data, prepare relevant Notes to Accounts: Particulars Rs. in 000’s Salaries 250 Wages 150 Contribution to PF 200 Contribution to Gratuity 72 Staff welfare expense 150 Expenses on ESPP 28 Outstanding Wages 50 Interest Expense 25 Brokerage 5 Interest on Debentures 6 18. Barrik Ltd. was incorporated on 01.07.2017 to acquire a running business with effect from 01.04.2017. The accounts for the year ended 31.03.2018 disclosed the following: a) There was a gross profit of Rs 3,00,000. b) The sales for the year amounted to Rs 12,00,000 of which Rs 2,40,000 were for the first six months. c) The expenses debited to profit and loss account includes:- i) Directors fees – 15,000 ii) Bad debt – 3,600 iii) Advertising – 12,000 (Rs 1,000 per month) iv) Salaries – 64,000 v) Preliminary expenses written off – 5,000 vi) Donation to political parties – 5,000 vii) Tax Audit fees – 5,000 Prepare a statement showing pre-incorporation and post incorporation profits. 19. Explain the legal provisions regarding payment of manageral remuneration u/s 197. Page 2/5
20. Explain the treatment of bonus shares and right shares in investment accounts? 21. Meera has a wholesale shop of garments. On 30.09.2017, a fire occurred at his warehouse and the greater portion of his stock was destroyed. The value of stock salvaged was agreed at ` 5,940. The insurance policy for stock destroyed was for ` 4,50,000. The summarised Trading Account for the year ended 31.12.2016 is as follows. ` Sales 15,00,000 Closing stock 3,93,750 18,93,750 Less: Opening stock 3,09,375 Purchases 13,59,375 16,68,750 Gross Profit 2,25,000 The transactions for the period from 01.01.2017 to 30.09.2017 were as under: ` Sales 75,000 Payment to creditors 80,010 Creditors (01.01.2017) 1,13,000 Creditors (30.09.2017) 1,15,490 You are required to submit claim for insurance for loss of stock. (6×5=30) Part C Answer any two questions. Each question carries 15 marks. 22. Following are the Liabilities and Assets of Budha Ltd. As on 31-3-2017 LIABILITIES AMOUNT ASSETS AMOUNT Share Capital 1,00,000 6% Redeemable Preference Shares of ₹ 10 each, fully paid 2,00,000 5% Redeemable Preference shares of ₹ 10 each, ₹ 5 per share paid up 2,00,000 Equity shares of ₹ 10 each fully paid Securities Premium General Reserve Capital Reserve Surplus Account Current Liabilities 10,00,000 10,00,000 20,00,000 8,00,000 6,00,000 7,00,000 9,00,000 10,00,000 Fixed Assets Investments Stock Debtors Bank 40,00,000 10,00,000 4,00,000 6,00,000 20,00,000 80,00,000 80,00,000 On 1-7-2017, the company redeemed the preference shares at a premium of 10%. In order to pay off the preference share holders, it sold investment realising ₹ 9,50,000. All the payments were Page 3/5 Turn Over
made except to a share holder having 600 shares who could not be traced. On 1-8-2017, the company issued fully paid bonus shares in the ratio of one for every share held on that date. You are required to show the journal entries and the balance sheet after the redemption. 23. From the following information, you are required to work out claim under the loss of profit insurance policy. 1) Cover-Gross profit – ` 1,00,000 2) Indeminity period – 6 months 3) Damage – due to a fire accident on 28th December – accounting year ends on 31st December 4) Net profits plus all standing charges in the prior accounting year – ` 1,50,000 5) Standing charges uninsured – ` 25,000 6) Turnover of last accounting year was ` 5,00,000, the rate of gross profit being 25%. 7) The annual turnover, namely, the turnover for 12 months immediately preceding the fire – ` 5,20,000. 8) As a consequence of fire, there was a reduction in certain insured standing charges at the rate of ` 25,000 per annum. 9) The standard turnover ` 2,60,000. 10) Increased cost of working during the period of indemnity was ` 20,000. 11) Turnover during the period of Indeminity was ` 1,00,000 and out of this turnover of ` 80,000 was maintained due to increased cost of working. 24. Following transactions of Trader Ltd. took place during the year ended 31.03.2018. a) 01.04.2017 : Purchased Rs 12,00,000 8% bonds at Rs 80.5 cum-interest. Interest is payable on 1st November and 1st May. b) 12.04.2017 : Purchased 1,00,000 equity shares of Rs 10 each in X Ltd for Rs 40,00,000. c) 01.05.2017 : Received half-years interest on 8% bonds. d) 15.05.2017 : X Ltd. made a bonus issue of three equityshares for every two held. Trader Ltd. sold 1,25,000 bonus shares at Rs 20 each. e) 01.10.2017 : Sold Rs 3,00,000 8% bonds at Rs 81 ex-interest. f) 01.11.2017 : Received half year’s bond interest. g) 01.12.2017 : Received 18% dividend on equity shares in X Ltd. Prepare relevant investment accounts in the books of Trader Ltd. for the year ended 31.03.2018. Page 4/5