Tiêu đề CORPORATE ACCOUNTING II.pdf ✅

QP CODE: 19101416 Reg No : ..................... Name : ..................... B.Com DEGREE (CBCS) EXAMINATION, MAY 2019 Fourth Semester Core Course - CO4CRT11 - CORPORATE ACCOUNTING II (Common for B.Com Model II Computer Applications ,B.Com Model II Finance & Taxation,B.Com Model II Marketing,B.Com Model II Travel & Tourism,B.Com Model III Office Management & Secretarial Practice ,B.Com Model III Taxation ,B.Com Model III Computer Applications ,B.Com Model I Co-operation ,B.Com Model I Marketing ,B.Com Model I Finance & Taxation ,B.Com Model I Travel & Tourism ,B.Com Model II Logistics Management ) 2017 Admission onwards 6C22E5FB Maximum Marks: 80 Time: 3 Hours Part A Answer any ten questions. Each question carries 2 marks. 1. What do you mean by the term ‘Policy’? 2. What is double insurance 3. Distinguish between cash reserve ratio and statutory liquidity ratio. 4. Define unexpired discount and show journal entry. 5. What do you mean by internal reconstruction? 6. Pass journal entry for Sub division of 20,000 fully paid equity shares of Rs. 100 each in to 2,00,000 equity shares of rs. 10 each fully paid 7. On the date of capital reduction , a company finds that its building has appreciated by Rs.10,000 and the value of stock has gone up by Rs.5,000 Journalise 8. What do you mean by pooling of Interest method? 9. Pass journal entries for paying off the preference share holders for Rs 75,000/-at the time of amalgamation. 10. Explain when the external reconstruction is taken place? 11. What is Liquidation ? 12. What are the grounds of Voluntary winding up (10×2=20) Part B Answer any six questions. Each question carries 5 marks. 13. From the following information, calculate the amount of premium to be credited to revenue account Premium received during the year 2018-19 42,00,000 Outstanding premium on 31.03.2019 3,20,000 Premium received in advance on 31.03.2019 1,80,000 Outstanding premium on 01.04.2018 2,40,000 Premium received in advance on 01.04.2018 1,10,000 Reinsurance premium of the year 3,00,000 14. How will you prepare the Profit and loss account of life insurance company 19101416 Page 1/4 Turn Over
15. The following are the balance of Indian bank Limited for the year ended 31/12/2018 Amount Interest on loan 5,18,000 Interest on fixed deposit 5,50,000 Commission received 16,400 Salaries and allowance 1,08,000 Discount on bill discounted 3,90,000 Interest on cash credit 4,46,000 Interest on current a/c 84,000 Rent and tax 36,000 Interest on overdraft 3,08,000 Director’s fees 8,400 Interest on savings a/c 1,36,000 Postage and telegram 8,600 Lockers rent 2,000 Depreciation on bank properties 10,000 Transfer fees 1,400 Sundry charges 3,400 Other information: 1. Rebate on bill discounted Rs 98,000 2. Bad debts Rs 80,000 3. Provision for income tax Rs 3,00,000 From the above information, prepare the Profit and Loss a/c of the bank for the year ended 31/12/2018 16. The share capital of A ltd. Consist of the following a)10,000 6% preference shares of Rs. 100 each b) 50,000 equity shares of Rs. 10 each The shares were fully paid up . The Co. has accumulated losses to the extent of Rs. 3,50,000, preliminary expense Rs. 20,000 and fixed assets are overvalued to the extent of Rs. 4,00,000.. The scheme of capital reduction permits to write off overvalue of fixed assets , losses and expenses. Under this scheme 6% preference shares are to be converted into 8% preference shares of Rs. 60 each and equity shares are converted in to shares of Rs. 2 each . Pass necessary journal entries. 17. A company has equity share capital of Rs. 5,00,000 consisting of 5,000 shares of Rs. 100 each.1) It is resolved to sub divide the share in to shares of Rs.10 each 2) To ask the shareholders to surrender 50% of their shares. 3) to issue 60 % of the surrendered shares to 15% debenture holders of Rs. 2,00,000 in full settlement of their claim .4)to cancel the unissued surrendered shares . Give journal entries in the books of the company.. 18. Amalgamation makes some difficulties in the external environment of the business-Explain 19. The balance sheet of A Ltd. and B Ltd. as on 31st March 2013 are given. Liabilities A Ltd. B Ltd. Assets A Ltd. B Ltd. Equity Share ( 10Each) 100000 120000 Goodwill 20000 10000 General Reserve 27000 10000 L & B 30000 26000 Profit and Loss A/C 8000 ------ Debtors 20000 32500 Sundry Creditors 15000 10000 Stock 45000 25000 Bank 35000 32300 Profit and Loss A/C ----- 14200 150000 140000 150000 140000 Two companies decided to amalgamate in to a new company AB Ltd. which will take over the assets and liabilities of these two companies with the following conditions- A Ltd. – Holders of each share of Rs 10/- in the company would receive one share of Rs 15 each, Rs 9 paid up and Rs 4 in cash. B Ltd. – Holders of each share of Rs 10/- each would receive one share of Rs 10 each in AB Ltd. at a market value of Rs 13 each in AB Ltd. and Rs 2 in cash. The liquidation expenses of two companies Rs 3000/- Rs 5000/- respectively were met by AB Ltd. AB Ltd. agrees to pay Rs 10000/- to B Ltd. for discharging creditors. Calculate Purchase consideration of both the companies. Page 2/4
20. External Reconstruction is a need for the survival of a company but absorption is for strengthening the existing one – critically Comment. 21. From the following particulars relating to Life Style Ltd, which was liquidated on 31.3.2018, calculate the amount of unsecured creditors and preferential creditors: ₹ Trade creditors 1,42,200 Provident fund of workers 11,000 Gas bills outstanding for gas supplied 420 Dues to city corporation for local taxes 10,000 Salary of clerk for six months 30,000 Salary of peons for four months 6,000 Directors’ fees for four months 8,000 Income Tax due for 2017-18 10,000 Compensation under workmen’s Compensation Act 9,000 (6×5=30) Part C Answer any two questions. Each question carries 15 marks. 22. From the following information prepare revenue account of Sun Life Insurance Company for the year ended 31.03.2019 Claims death 42,376 Commission 50,000 Commission on reinsurance received 12,000 Share transfer fees 5,000 Expenses of management 78,000 Bad debts 2,500 Claims paid 15,000 Premium received less reinsurance 5,52,000 Reserve for unexpired risk on 01.04.2018 2,30,000 Additional reserve on 01.04.2018 40,000 claims outstanding on 01.04.2018 27,000 Rent, rate and tax 18,500 Adjustments: 1. Premium outstanding on 31.03.2019 amounts to Rs.40,000/- 2. It is the policy of the company to maintain 50% of premium towards reserve for unexpired risks. 3. Additional reserve at 10% of net premium to be maintained 23. Give the model form of the balance sheet of a banking company with suitable schedules(use imaginary figures). 24. The summarized Balance Sheet of Bhoom Ltd. as on 31st December 2015 is given below. Liabilities Amount Assets Amount Share capital ( 100 each ) 150000 Land & Building 175000 13% Debentures of Rs 10 each 75000 Plant and Machinery 46000 General Reserve 45000 Stock 51000 Profit and Loss Account 18000 Debtors 14500 Creditors 12500 Cash 14000 300500 300500 Bhoom Ltd. is absorbed by Bheema Ltd. on 1st January 2016 with conditions such as all the assets and liabilities are taken over at book value, an exchange of six shares of Bheema Ltd. of Rs 10/- each at par for four shares in Bhoom Ltd. and 13% debentures are to be redeemed at a premium of 5%. Prepare the journal entries in the books of Bheem Ltd. and also close the books of Bhoom Ltd. The expenses of liquidation is paid by Bheem Ltd. amounting to Rs 2500/-. Page 3/4 Turn Over
25. From the following data relating to a company ( in voluntary liquidation), you are asked to prepare Liquidator’s Final Statement of Account. 1. Cash with liquidator (after all assets are realized and secured creditors and debenture holders are paid) is ₹ 6,73,800. 2. Preferential creditors to be paid ₹ 30,000. 3. Other unsecured creditors ₹ 2,15,000. 4. 4,000, 6% Preference shares of ₹ 100 each fully paid. 5. 2,000 Equity shares of ₹ 100 each, ₹ 75 per share paid up. 6. 6,000 Equity shares of ₹ 100 each, ₹ 60 per share paid up. 7. Liquidator’s remuneration 2% on preferential and other unsecured creditors. 8. Preference dividends were in arrear for 2 years. (2×15=30) Page 4/4