Download OU B.Com 2017 Dec 3rd Sem 3508 Advanced Accounting Question Paper

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Code No. 3508 / E

FACULTY OF COMMERCE

B.Com. (CBCS) II - Semester Examination, December 2017

(Common Paper for General Electives/ Computer Applications/ Advertising/Foreign Trade and Advanced Accounting/Retail Tax Procedure Courses)

Paper Code-BC-304

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Time : 3 hours Max. Marks : 80

Part—A(5X4=20 Marks)

Note : Answer any Five of the following questions.

1. What are the essential features of partnership firm?
2. Distinguish between sacrificing ratio and gaining ratio.

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3. Anil, Banu and Chandu sharing profit and losses in the ration of 2: 2 : 1 capitals contributed were Anil Rs.60,000 ; Banu Rs.50,000 and Chandu Rs.8,000 ; cash in hand Rs.20,000 and realization loss Rs.68,000. Show the necessary ledger accounts assuming that Chandu is insolvent and is unable to bring anything in respect of his deficiency.
4. What you mean by Bonus
5. Jeevani was holding 100 shares of Sony company of Rs.100 each. She paid Rs.20 on application and Rs.20 on allotment, but failed to pay first call and final call, her shares were forfeited and reissued at later date at the rate of Rs.70 per share. Journalise the transactions in the books of Sony company.
6. Accounting period calendar year 2017; date of taking over of the business 1-1-2017; date incorporation 01-04-2017; total sales Rs.90,00,000 the monthly average sales for the period of First three months of the year was one-half of the period. Calculate sales ratio and time ratio of pre-incorporation and post incorporation.
7. What do you mean by super profits?

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8. 2000 15% preference shares of Rs.100 each Rs.2,00,000 20,000 equity shares of Rs.10 each Rs.8 per share paid up Rs.1,60,000 profit before tax Rs.3,30,000 rate of tax 50% transfer to general reserve every year 25% of profit. Rate of return 18%. Calculate the value of an equity share.

Part-B (5X 12=60 Marks)

Note : Answer the following questions not exceeding FOUR pages each

1. a) Explain the legal provisions in the absence of partnership deed

   OR

   b) The following is the Balance sheet on 31-12-2016. The partners are sharing profits in the ratio of 3 : 2 : 1.

   (Balance sheet content to be added here if available)

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   The partners decided to dissolve the firm, giving due effect of their profit sharing ratio. Account to be debited or credited to their current accounts prepare revaluation account, capital account and new balance sheet.

2. a) What is the difference between equity shares and preference shares also explain underwriting.

   OR

   b) Mani Ltd., issued 1,00,000 equity shares of Rs.100 each payable as follows: Rs.25 on application, Rs.20 on allotment, Rs 25 on First call and balance on Final call. 7500 shareholders failed to pay first and final call. All shares were forfeited with the exception of first and final call. Give Journal entries of the company and reissued at a later date at the rate of Rs.80 per share. To prepare cash account, capital account and balance sheet.
3. a) Give general instructions to accounts for preparation of balance sheet.

   OR

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   b) Ramachandra Ltd. was incorporated on 1st may 2015 to take over the business of Mallesh as a going concern from 1st January 2015. The profit and loss account for the year ending 31st December 2015 is as under :

   (Profit and Loss account content to be added here if available)

   The Total turnover for the year ending 31st December 2015 was Rs.20,00,000 divided into Rs.6,00,000 for the period upto 1st may 2015 and Rs.1,40,000 for the period. Prepare profit and loss account to find out profit prior and post incorporations

4. a) What are the objects for valuation of Goodwill?

   OR

   b) The following is the balance sheet of Dhoni Company Ltd. as on 31st December 2016.

   (Balance sheet content to be added here if available)

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   The plant and machinery Rs.2,40,000, furniture worth Rs.60,000 and land and buildings are Rs.6,50,000 as valued by an independent valuer Rs.25,000 of the debtors may be taken as bad. The profits of the company were 2014 Rs.2,50,000 2015 Rs.1,50,000 and 2016 Rs.3,00,000. It is the practice of the company to transfer 25% of the profits to reserve, Goodwill of the company may be taken at Rs.5,00,000, normal rate of return 15%. Find out the value of its equity shares by fair value method.

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