Seal Number

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ITIllIJ
A 3.2
Corporate Accounting & Costing (New) (June 2018)
(72302)
P. Pages: 4
I. Time: Two Hours Max. Marks : 60

Instructions to Candidates:
1.- Do not write anything on question paper except Seat No.
2. Graph or diagram should be drawn with the black ink pen being used
for writing paper or black HB pendl.
3. Students should note, no supplement will be provided.
4. Attempt any three questions from Section -I and any two from section
-II
5. Use of simple calculator is allowed.

SECTION-I

1. SHIPRA Industries Ltd, was incorporated on 1s1 July 2017 to take over the 12
business of Mr. Mukesh with effect from 1sl April 2017.

Profit & loss Alc

For the year ended 31/3/2018

Particulars Rs Particulars Rs.

To Salaries 12,600 Bv Gross Profit 45,000
To Rent 1,650
To Insurance 4,000
To Director Fees 800
_To sellina Exp. 1,200
To Postaae 2,000
To Teleohone charaes 1,800
To Bad Debts 1,000
To Interest to vender 9,000
To Deoreciation 4,200
To Preliminary Exo. 750
To Net Profit 6,000
45,000 45,000

Additional Information -

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i) Out of Bad debts Rs. 300 are related to post incqrporation period.

ii). Rent for the first three months Rs. 100 per month and there after Rs.
150 per month.

iii) The purchase consideration was Rs. 5,40,000 having 2% interest p.a.
was'settled on 30th Sep. 2017

. iv) Total sales Rs. 1,20,000 of which Rs. 40,000 was related to Pre
period find out pre and post incorporation profit. •

2. SHIVANI Ltd. issued 20,000 shares ofRs. 100 each payable as follows _. 12

On Application Rs. 20 per share

On Allotment Rs. 30 per share
On first call Rs. 30 per share
On final call Rs. 20 per share

Application were received on 22,000 shares. Excess shares were rejucted

and money refunded. Director made both the calls. All the money were
duly received except Subhash, having 400 shares 'Were faild to pay first
and final call.

His shares were forfeited after the final call and reissued at Rs. 90 per
share.

Pass Journal Entries.

3. CHITRAKAR Industries provide the following information. 12

Annual Demand 1,00,000 units
Reorder Quantity 4100 units
Maximum consumption 1000 units
Minimum consumption 600 units
Normal consumption 800 units
Consumption period 4 to 8 weeks
Emergency period 5 days
Ordering cost Rs. 50 per order
Carrying cost 8% of average stock
Per unit cost . RS.20

Calculate - EOQ
Reorder Level
Maximum Level
Minimum Level
Average Level
Danger Level

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4. Trial Balance ofVT Ltd. 12
As on 31st March 2018

Particulars Rs Particulars Rs
Plant & Machinerv 1,80,000 Share Capital 4,40,000
Land & Buildino 3,00,000 Unsecured Loan 17,000
Stock on 1"t April 81,400 Bills Pavable 3.000
Furniture & fixture 44,000 Sales 3,45,000
Debtors. 42,000 6 % Debentures 80,000
Cash in hand 8,200 Creditors 29,600
Purchases 1,50,000 R.D.D. 1,000
Salaries 30,000 General Reserve 20,000
Waoes 51,200
Carriaqe Inwards 5,000
Carriaqe outwards 9,000
Director's Fees 6,000
General Expenses 5,000
Debenture Interest 2,000
Preliminarv Expenses 4,000
Bad Debts 1,400
Vehicles 16,400
9,35,600 9,35,600

Adjustments -
1) Depreciate Plant & Machinery by 5% and Land & Building by 10%.
2) Out of Debtors Rs. 2000 are bad. Provide 5% RDD on debtors.
3) Out standing salaries Rs. 2000.
4) Authorised capital Rs. 10,00,000 of which divided into share of
Rs. 100 each.
5) Outstanding debenture interest Rs. 2800.
6) Write off Rs. 1000 from preliminary Exp.
7) Transfer Rs. 10,000/- to General Reserve.
8) Closting stock on 31/3/18 was Rs. 95,000 Prepare final Alc as per
company Act 2013 in vertical Form for the year ended 31st March
2018.

5. a) Prepare store Ledger card for FOOD Industries Ltd. 6

b LIFO Method.
1/5/18 Balance 300 units
4/5/18 Received 200 units
9/5/18 Issued 300 units
14/5/18 Received 200 units
19/5/18 Issued 300 units -
21/5/18 Received 200 units
28/5/18 Issued 250 units

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b) Calculate the remuneration by - . 6

1) Time Rate system.
2) . Halsey Plan (50% Premium)
3) Rowan Plan.
Time Allowed -100 Hours, Time Taken - 90 Hours, Rate per hour Rs. 30.

_SECTION -II

6. 1) Explain Debentures issue at - par. at premium and at Discount 6

2) Explain Types of Debentures. 6

7. 1) Explain Importance of Materials accounting. 6

2) Write the Difference between Time Keeping and Time Booking. 6

8. 1) Explain AS- 6 - Depreciation Accounting. 6

2) Explain AS - 10 - Accounting for fixed Assets. 6

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