OU B.Com Last 10 Years 2010-2020 Question Papers || Osmania University
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Code No. 10052
FACULTY OF COMMERCE
B.Com. lll - Semester (CBCS) Examination, November / December 2019
(Common Paper for General / Computers /Computer Applications / Advertising / Foreign Trade and Tax Procedure Courses) Subject: Advanced Accounting Paper Code - BC - 304
Time: 3 Hours Max.Marks: 80
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PART - A (5x4 = 20 Marks)
[Short Answer Type]
Note: Answer any five of the following questions.
- Fluctuating Capital
- P and Q are sharing profits in the ratio of 5:3 admit R on 3/7™ share in the new firm which he takes 2/7™ from P and 1/7" from Q. Calculate the New Profit Sharing Ratio.
- Shyam, Ram and Bhim share profit and losses in the ratio of 1:2:2. Ram has retired in the month of December 2018 and is demanding his share of Goodwill. If the profits of the previous five years were 2014 — Rs.40,000; 2015 — Rs.50,000; 2016 — Rs.60,000; 2017 — Rs.35,000; 2018 — Rs.25,000. As per the deed it was agreed that Goodwill will be calculated on the basis of 2 years purchase of the average net profits of the preceding four years.
- Issued Capital
- Underwriting
- Sacrificing Ratio
- Reissue of Forfeited Shares
- Capitalization Method of Valuation of Goodwill.
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PART - B(5x12 = 60 Marks)
[Essay Answer Type]
Note: Answer all the questions.
- a) What are the factors which necessitate the admission of a new partner? Explain the provisions of the Partnership Act, 1932 in relation to admission of the partner.
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OR
b) Following is the Balance Sheet of R and D as at 30" June, 2019 on which date R retired and his son P joined that firm from 18t July, 2019 with one-fourth share in the profits of the business.
Liabilities Rs. Assets Rs. Creditors 10,000 Goodwill 12,000 Capitals: Plant 40,000 R 50,000 Investment 14,000 D 31,000 Debtors 15,000 81,000 Cash at Bank 10,000 791,000 791,000
- Following adjustments and arrangements have been agreed upon for the purposes of retirement and admission of partners:
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i) The value of Goodwill is Rs.30,000 and Plant increased to Rs.50,000
ii) Sufficient money to be introduced so as to leave Rs.11,000 each after payment of amount due to R.
iii) D and P to provide such fund as would make their Capitals proportionate to their share of profit.
Show the Journal Entries to record the above transactions assuming that D and P have paid in the cash due on 2 July, 2019 and the amount due to R was paid on the same day. - a) Kamal, Bhushan and Raj were sharing profits in the ratio of 3:1:1 respectively.
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They decided to dissolve their firm on 315t March, 2019 when their position was as follows:
Liabilities Rs. Assets Rs. Capitals: Rs. Machinery 51.000 Kamal 82,500 Furniture 3.000 Bhushan 30,000 Stock 23,400 Raj 21,000 Debtors 72,600 1,33,500 Less: Provision for Bad Debts 3,600 Loan 4,500 69,000 Sundry Creditors 18,000 Cash in Hand 9,60 1,56,000 71,56,00
i) Kamal agreed to take over Furniture at Rs.2,400; Debtors amounting to Rs.60,000 at Rs.51,600 and also the Creditors at their book value.
i) Bhushan agreed to take over Stock-at Rs.21,000 and a part of the Machinery at Rs.21,600 *(being Book Value'less 10%).
iii) Raj agreed to take over the remaining Machinery at 90% of the Book Value less Rs.300 as allowance: He also assumed the responsibility for the payment of loan together with accrued interest Rs.90 (not recorded in the books).--- Content provided by FirstRanker.com ---
iv) Dissolution expenses.amounted to Rs.810.
v) The remaining Debtors were sold to a debt-collecting agency at 50% of Book Value.
Prepare important Ledger Accounts to close the Books of Account.
OR
b) A, B and C are in Partnership sharing Profits and Losses three-sixths, two-sixths, and one-sixth respectively. Balance Sheet on the date of dissolution was as follows:--- Content provided by FirstRanker.com ---
Liabilities Rs. Assets Rs. Sundry Creditors 38,500 Cash in Hand 9,860 A’ Loan Alc 2,750 Sundry Debtors 30,560 A’ Capital 15,200 Stock 18,440 B’s Capital 11,200 Furniture 7,200 C’s Capital 1,590 67,650 67,650
- a) The assets realized:
Stock Rs.13,840; Furniture Rs.5,150, and Debtors Rs.29,200. The Creditors were paid less discount Rs.250. C is insolvent and is unable to bring in anything. The expenses of winding up were Rs.520. Show the Ledger Accounts as per Garner Vs. Murray decision.
b) Jolly Brothers Ltd. offered for subscription 3,000 12% Preference Shares of Rs.100 each at a premium of 20% on 1 January, 2019. The amount was payable as follows:--- Content provided by FirstRanker.com ---
On Application Rs.20; On Allotment Rs.40 (including Premium — due on 18t Feb).
On First Call Rs.30 due on 1% March; On Second Call Rs.30 due on 1% May.
All the Shares were subscribed by the public and subscription list was closed on 25" January, 2019, Money due on allotment and calls payable 15 days after the due dates. All the amounts were duly received in time except the second call on 200 shares.
Prepare Journal and Cash Book in the books of the Company and show them in the Balance Sheet.
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Sharma Ltd. issued Rs.1,00,000 10 percent Debentures on 18t April, 2019 at a discount of 5 percent repayable in annual drawings of Rs.25,000 commencing from 31% December following. The company’s year ends on 31 st March.
Journalize the above transactions for four years 31 st March, 2019, assuming that the company decided to write off Debenture Discount Account during the life of the Debentures. - a) Following balances are extracted on 318 March, 2019 from the books of Vihaan Company Limited.
Particulars Rs. Particulars Rs. Lorries at cost 56,250 Share Capital Buildings at cost 3,37,500 22,500, 7% Pref. Shares of Rs.10 each 2,25,000 Sundry Debtors 90,750 45,000 Equity Shares of Rs.10 each 4,50,000 Furniture at cost 2,58,750 Surplus 12,150 Bad Debts written off 2,138 Gross Profit for the year 1,84,708 General Expenses 14,625 Provision for doubtful debts 6,750 Cash in Hand and at-Bank 51,375 Sundry Creditors 96,780 Rent, Rates and Taxes 21,300 Transfer Fees 187 Directors’ Fees 2,700 Accrued Wages 9,638 Audit Fees 7,500 General Reserve 13,350 Stock on 31% March 2019 85,500 Salaries and Wages 24,000 Dividend paid on Pref. Shares 15,750 Dividend paid on Equity Shares 11,250 Discount on issue of Shares 11,250 Rent and Taxes paid in advance 5,925 9,96,563 9,96,563
The provision for doubtful debts is to be made up to Rs.7,650. The Buildings, Furniture and Lorries are to be depreciated at 3.83%, 15% and 20% respectively.--- Content provided by FirstRanker.com ---
The Authorized Capital of the Company is Rs.7,50,000 divided into 75,000 Shares of Rs. 10 each You are required to prepare:
a) A Profit and Loss Account for the year ended 31% March, 2019.
b) A Balance Sheet as at 31% March, 2019 in the form prescribed under the Companies Act, 2013, Previous year’s figures are not required and also ignore taxation and transfer to reserves as required by law; you need not provide Corporate Dividend Tax.
OR
b) How are Profits prior to Incorporation treated while preparing the Final Accounts of the Company? - a) Find out from the statement below, whether the expected Rate of Return is correct or not. Financial Position of Mr. Ashish is as follows:
Rs. Sundry Assets 4,63,671 Current Liabilities 26,246 Average Net Profit of the last four years 60,250 Average Capital Employed 4,50,000 Partners’ Average Annual Remuneration 9,000 The Goodwill valued at 4 year’s purchase of Super Profit 25,000 The Expected Rate of Return 15%
OR
b) What is Goodwill? How is Super Profits'Method different from the other methods of valuing Goodwill?
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