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Code No. 3544/CBCS
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FACULTY OF COMMERCE
B.Com. (CBCS)(IV - Semester) Examination, May/June, 2018
(Common Paper for General/ Computers and Computer Applications/Advertising/ Foreign Trade and Tax Procedures Courses)
CORPORATE ACCOUNTING
Paper Code - BC - 404
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Max. Marks: 80
Time: 3 Hours
PART - A (5X4=20 Marks)
Note: Answer any FIVE of the following questions not exceeding 4 lines each.
- What is Company liquidation?
- Calculate purchase consideration based on the following information:
Rs.
10,000 10% preference shares of Rs. 10 each
Equity shares capital 5000 shares of Rs.50 each
The purchasing company agreed to issue areg for every 2 preference shares held and the three equity shares for every shares held. - What is acquisition of business?
- A Ltd. had the following liabilities as on March 2006.
(a) 20,000 Equity shares of Rs. 10 each fully paid 2,00,000
(b) 10% Non-cumulative preference shares of Rs.100 each fully paid 50,000
(c) Trade creditors 3,00,000--- Content provided by FirstRanker.com ---
With a view to reduce the company, it is proposed to reduce equity shares by each and trade creditors claims by 1/3 - Posting with specific reference to Accounts of Banking
- Subham life Insurance Company furnishes the following information:
Premium received 123
Premium outstanding for the current year : 3--- Content provided by FirstRanker.com ---
Reinsurance Premium (ceded) 5
Reinsurance Premium (Accepted) 5
Premium in reduction of bonus for the current year 3
Calculate premiums to be shown under schedule 1.
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PART - B (5X12=60 Marks)
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Note: Answer all the questions in not exceeding 4 pages each.
-
a) How would you prepare statement of Affairs when a company goes into liquidation?
OR
b) The Balance sheet of XYZ Ltd is given below Prepare liquidators final statement of Affairs.
Balance Sheet as on 31-03-2017
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1000 6% preference shares of Rs.100/- each 1,00,000 Cash at Bank 50,000 2000 Equity shares of 100 each full paid 2,00,000 Debtors 2,40,000 2000 Equity shares of Rs.100 Rs.75 paid 1,50,000 Stock 1,20,000 Bank Loan (Secured on Stock) 90,000 Machinery 1,90,000 Creditors 3,50,000 Furniture 10,000 Income Tax Payable 20,000 Profit and Loss Account 3,00,000 9,10,000 9,10,000 The assets realized as follows:
Debtors Rs.2,00,000; Stock Rs.1,10,000; Machinery Rs.2,00,000: Furniture
Liquidation Expenses were Rs.3,000 and liquidators Remuneration was 2% on assets realized and Rs. 2000 on Payments made to unsecured creditors.
Prepare liquidators final statement of Affairs.
-
a) Distinguish between Amalgamation in the nature of purchase and Amalgamation in the nature of Merger.
OR
b) S Ltd., and C Ltd. carrying on similar business agreed to amalgamation forming CS Ltd. Their Balance Sheet as on 31.03.2017 was as follows:
Liabilities S Ltd. Rs. C.Ltd Rs. Assets S Ltd. Rs. C.Ltd Rs. Share Capital Rs. 10 per share. Fully paid 5,00,000 3,00,000 Good will 1,00,000 80,000 Reserve fund 2,00,000 2,50,000 Land 6,70,000 5,20,000 Profit and Loss account 50,000 40,000 Patents and Trademarks 1,60,000 1,05,000 Creditors and Bills payable 2,25,000 1,55,000 Bills Receivable 20,000 15,000 Bank 25,000 25,000 Show how the amount payable to each company is arrived at.
Pass journal entries is the books of CS Ltd. Also prepare the amalgamated balance sheet of CS Ltd.
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a) The following is the Balance sheet of slow Itd at 31st March 2017.
I. Equities and Liabilities
(i) Share holder funds
a) Share Capital
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20,000 Equity share of Rs.10 each fully paid up.. 2,00,000
10% preference shares of Rs.100 each Fully paid up... 1,00,000
b) Reserves and surplus Nil
ii) Non-Current Liabilities
8% Debentures 1,00,000
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iii) Current Liabilities
Trade Creditors 2,00,000
Outstanding Expenses 1,00,000
Total: 7,00,000
II. Assets
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i) Non-Current Assets
Tangible: Buildings and Machinery 3,50.000
Intangible: Patents 2,00,000
ii) Current Assets
Inventories 1,00,000
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Debtors 50,000
Total: 7,00,000
With a view to reconstruct the company, it is proposed (a) to reduce (i) Equity shares by Rs.9 each (ii) 10% preference shares by Rs.40 each (iii) 8% debentures by 50 % of its Value.
To write off 10% of debtors to reduce Buildings and Machinery by Rs. 1,20,000/- and to reduce patents to Rs.1,00,000/-
Give journal Entries incorporating the above scheme of reconstruction and prepare the reconstructed balance sheet.
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OR
b) Pass incorporation entries in the books of the company from the following particulars.
Purchase consideration = Rs. 2,50,000
Value of sundry Assets taken over Rs.3,00,000
Current liabilities taken over Rs. 30,000
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Statement of purchase consideration:
(i) Rs.1,50,000 in the form of Equity shares of Rs. 100
(i) The balance in the form of cash
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a) Prepare profit and loss account for the year ended 31.03.2017 of very sound Bank Ltd.
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Particulars Rs.'0000 Interest on loans 250 Interest on savings A/c 150 Interest on cash credit 160 Interest on Payments to employees Discount on Bills Discounted Taxes Commission Exchange Auditors’ fee Insurance OR
b) From the following particulars relating to life insurance business, prepare revenue account.
Particulars Premium received Employees Remuneration Rent Rates and Taxes Printing and Stationary Claims paid by maturity Consideration for Annuities
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