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    Question Paper Corporate Account

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    Question Paper Corporate Account

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    Question paper corporate account

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    Question Paper Corporate Account

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    No. 1288 21UCM06/21UCBO6/ WUAFO6/21UCC05 For the candidates admitted from 2021-22 onwards) BCom DEGREE EXAMINATION M/ : bo Third Semester G &) CORPORATE ACCOUNTING © I (Common for B Com (CA), A&F, B&I) Time - Three hours Maximum 75 marks SECTION A — (5 « 1 = 15 marks) &L} Answer ALL questions 1 Share application account is a (a) Personal a/c (b) Real ave (c) Nominal a/e (d) Impersonal a/e shes, Blea ens BOMB Cre gy Hh) apcrant 6/6 %) Geng « & 6 Qu ni 5, t Quujara, 5/6 ") esgersngi 6/8, nt on issue of shares account shown on Discount ¢ (a) Asset side of B/S th) Laabality side of WS Debit side of P & L account (c) id) Credit side of P & L account sreusde Qaefluse. Umame cee a8, ar ep &) Qouupee GAUGE Conpg saa & QoLupeaa GOUGH Gurguy vas Q) Boruscr sersdar upy ussw Qorupci. saréMa@r aga; uss 3. The profit on reissue of forfeited shares is transferred to (a) General reserve (b) Capital redemption reserve (c) Capital reserve (4) Profit and logs account geUSpoy Goi umeseic we Caiitigan Oru a is LomppULGw (SH) Qungy ane, : ‘%) page oy any ‘B) pager ami (F) Bom p. OPE sama, 2 S.No. 1255 Rete ov Preference shareholders receive Fixed rate of interest (b) Flexible rate of interest (©) Fixed rate of dividend (a) Flexible rate of dividend peng Maw Utungrg tag Qupdenpent I hb & Smouwne aig cidigu Opéipanen aig Adg Pooure umengTw Gig Bdign Cpapana umergmu Adig Preference shares can be redeemed by (a) (b) (c) (d) Fresh issue of shares Profit Partly out of fresh issue and partly out of profit : All of these egy fie Uti esen penn ip UMESMa Mec epab BLO (Hes a % & uUmeeeiat Wp: Gavaflui@, emu grara, YSU Gecatius, , anugAS ope “4SGbe wp greta, Bora: Borges , S.No. 1255 6 redemption reserve in created Capital rec ) Outof share forfeiture account ta (bh) To meet legal requirements (co) Out of security premium account id) Voluntarily pose By Srey RGHUTAM IL gy Ht) URE GOUIPLLY Sem AAAs, (a) 6LL Cemas@ne yte@ Gowu: Q) Soaru oan samesSopgs ) pee AGUUSAA GSE A debenture holders are the (a) Creditors of the company (b) Owners of the company (c) Customers of the company (d) None of the above Pegler. UmeprTiear eeruait Ss) Sgaamspen SA Ggniact %) Apawgppa £ flee ouimen teal 9) * Spaasper Cty dene sneTtel Cubed Beye Bonn S.No. 1255 sre mE Te The balance of sinking fund investment a/c after the realization of investment is transferred to (a) Profit and Loss account (&) Debenture account fe) Sinking fund account (@) General reserve account YESLO frais Bre pper PS cpadioa Qooy sar4G46, wonppuiGag (&) Qeru pers cana, %) shi @ ugsiy sara, B PPSd HDs sande, (fe) Gurgeniyé seme Interest on debentures is calculated on (a) Issue price (b) Redeemable price (c) Face value (d) Market price SALOU usA sted Beran dig Qe smb u@dlpg. (&) Gacivc@ Hew %) SLO. D466604U) Heng @ es wHty 7) shang Baw S.No. 1255 rt of the nue of shares or debentures is ya U1 the F rmed as underwritten it as be a) Partial underwnting ib) Complete underwriting () Firm underwrting 4) None of the above cmesa: oog 6A OU UpAriad GedS oar 68 CYBUULRGPHTO, tgs apa ns Gegy as ved sytend pYy@oura ousepe 11 Excess of average profit over the normal profits is called (a) Super profit (b) Actual profit (©) Adjusted profit (dy Normal profit ergoqen Bonstuacng, eft aqnafl omepe AA 66, 16 ergy “ © Gomi BS Pet oW Ie G5 2) «AQ Lib BAe 8 ~ Sib SS Can eon, 6 S.No. 1255 For calculating the value of equity share by y¥ id method, itis essential to know (a) Expected rate of return wb) Called up equity share eapital fo) Capital employed (d) None of the above ei Yeo wad Gung tiane die og uae sarsAOagoe @see aptise Carma wedwd &) aPtumasuuOo agarw Adign epypesuuce Gurggaw use Gee LWSUBSSUULL (PSO 1 6 Gopsafu aga geaa Profit prior to incorporation should be credited to (a) Goodwill a/c (b) Revenue Reserve we (c) Capital Reserve ale (d) None of the above ba QO GanbspPo® pan Qemuw esa MassuuQagy HH) poduwt 6/6 & augpamudat MUL; &/ a @) eporpar 6TU4 815, +) Gubedlu (HQo Boma jis paid on (a Authorise d capital bh) Issued apital fe) Called up capital id) Paid up capital umaramud Goguapuu egy &) srdsfaauucr opgee &) Gai uur Cppew Q) se@pssurcr yada =) vend Cegedu: appdla Gross Profit is to be apportioned between Pre and Post incorporation periods in (a) Time ratio (b) Sale ratio (c) Adjusted time ratio Equal ratio OBB oom a NAB. Ga Qe_EUTsEEHDS CHS MONO DRAG Bon We MlesuiOug Spy GBblgin © 10 satus, & %) Apumea HAL, a ~~ Fay eBid ® “By efldlgib 60 Bldgs . S.No. 1235 y ANION ae: REAR ATI IR a 16 SECTION B (25 © 10 marks) Answer any TWO questions \ Ltd, issued 15,000 shares of Ke 10 each at a premium of Ra 2 per share, payable Re 1 per share on appheation, RaG per share on allotment including premium, Re J per share on first call and Rs.2 per share on final-call The shares were all subscribed and money was duly received Give the journal entries in the books A AAC 10 Spo 15,000 Unease Ube erpes m.2 epmamnng hia Caius gy Saranuugha Gung use gepsee Gi epsicqan Gung garpsée G5 Yaeow esur ose a@pude Guy 63 upper Bos sopude Gung ung® Sense G2 CsgssuUH. KAMA’ UES GuLLL.H Ggra@sud cpepume Gupiig, Osea SALGULOY uPasor pays Describe the various kinds of preference shares ueGag ae@swne apargiflew Uumesee Heras State the various methods of redemption of debentures sf vshiuses fuser vaGay cpenpsaas soe 5 S.No, 1255 9 Explain the need for valuation of shares cassis wo) Sq Cpenevan Orhan From the following particulars of Ganga Ltd caleulate the Manageritl remuneration Net profit before provision for income tax and Managerial remuneration but after depreciation Rs 8.70,410 Depreciation provided in the books — Rs 4 10.000 Depreciation allowable under schedule XIV Rs. 260,000 a ALC gar IMR Ragwssidiagg Srane easuiseng sare AQe a owrer atiag, (per Sens ee Buiin Sng, Slag wmuw woppw BOG Cou orargPoeu .8.70,410 “Oden Ggunwnend 5. 3,10,000 #3, 2,60,000 16 S.No, 1255 SECTION © — (y d« 10 © 60 marks) Answer ALL questions A Ltd. invited appheations for 10,000 shares of Rs 100 each at a discount of 5% payable as follows On appheation Re 25 On allotment Re 34 On first and final call Rs 36 Apphcations were received for 9.000 shares and all of these were accepted All moneys due were received except the first and final call on 100 shares which were forfeited Of these forfeited shares, 50 shares were reissued at the rate of Rs.90 as fully paid Show necessary Journal entries in the books of the company. A ABOU 6.100 eigid 10,000 Umigeenar 5% Perey UGuIe Geraongy Gegusgrercier amd Aare subsea en Cappgy Renan iugpeo 5.25 pcb 4 9G LUGS, 34 apse 0904 B28 sapide 5.36 i S.No. 1255 (b) es Bpuu Cawwuurs Oars SO ui@ese mm 90 dign igegee Qegpees ULL@ewre ogGaetds Qawwriig soee eGadtia Ca@awre ehuCui Uses@e an (a Or A Company offered 20,000 equity shares of Rs.10 each at a discount of 5% per shares were payable as under On application Rs. 3.00 per share On allotment Rs.4.00 per share On first and final call Rs.2 50 per share Public applied for 16,000 shares and these shares have been allotted. All moneys were received. Pass journal entries and prepare cash book and Balance sheet S% Pywend 20,000 Qurgflee uniesac G10 dips gaan, umididebd 58 PONG OH $0 10 Cages GererO SMC ABE G05 ih AE 3.00 Ssh ge 5.4.00 PES 0g bess O4 BOs smopude oo 1.2.50 le S.No. 1255 16,000 Uenwrag Gungosad Saran Sppan Boe shag ents mange re a up « CHUCuL® Lbeaae goa Cogw Coase ares wbpb Gian, See efuu Awapan guntlaa 2 5 The Balance Sheet of Exchange Ltd. as on 31.12.2018 was follows Laabihues Re Ansets Rs Share capital Sundry assets 920,000 50,000 equity shares of Rs.10 each fully paid 5,00,000 4,000 Redeemable Preference shares of Rs.100 each fully paid 4,00,000 Profit and Loss account 5,20,000 Creditors 1,00,000 Bank balances 6,00,000 15,20,000 On the above date, the preference shares were redeemed at a premium of 10%. You are required to pass journal entries and give the amended balance sheet. 13 S.No. 1255 si, 1¢.2018 Sedete eae Geese dif j Poe Saramoy onggaan " aor Qusgeuet e wn pee eevee 50,000 QuegSerw Gonggaae 920.000 umese @ 10 aed dso EYeG Bovisac 6,00,000 GegessoULL 5,00,000 4,000 doy egies umese 100 Ss evese oemee UL 4,00,000 BOT BL SaMBE — §,20,000 sais Csanse Gwe : nee GHG. Oren GohhWe. coe g few Umea 10% ) Bee ; Heaugse CE Gbeuu oy DwsE Ggmuuwne CPCI +Peysenar Ci f & Sb Guogyd BEBOGLL Bia flow 6flie@up 2os Or a ‘4 S.No. 1255 <= 4.0 aha 14° 10% YoevpPe P5494 Csyesse GoGe eae gehars Sapesene 8644 seas 6IuUSe ceery Cprengy mange are Or (b) A company issued Rs.2,00.000 in 5% Debentures of Rs.100 each at par. repayable at the end of 5 years at a premium of 6% A sinking fund at 4% compound interest Is created for redemption of debentures You are required to Prepare Sinking fund account and sinking fund investment account for 5 Years (Re 1 per year at 4% compound inter, “ St amounts to Rs 54.163 in 3 years) 18 S.No. 1255 B® Hgeew me a odovawe = a, 100 che. : ‘ ’ Se gy by tgete(pactian pas os peanpPd Pb Gegegog a igdlomawe Fi ugmada 4% mi GY oo 9ite WPS OP a aensacc dmg fuae OPpain Pha sara, O22 coed Ga semana % puntldas CaO (an soe mies 48 BO Blue 5 ued ohn, Ch OA TOS mul 24 (a) Sardar Limited waued 150,000 equity shares of Rs 100 each at par Rs 60 per share was payable along with the application and the balance on the allotment The mweue was underwritten equally by A B and ‘C for a commission of 5% Applications for 1 40,000 shares were received as per the details below Underwriter 7 Firm Marked Total pplications application | “A 5,000 40,000 45,000 B | 5,000 46,000 51,000 ( 3,000 34,000 37,000 Unmarked | | - | 7,000 applications ae _7,00 —T 1,40,000 It was agreed to credit the unmarked application equally to A and C. Sardar Ltd accordingly made the allotment and received the amounts due from the public. The derwriters settled their accounts vn“ 19 S.No. 1255 You are required to ment showing the GQ) Prepare a oats lability of the underwriters and (i) Journalize the above transactions Gneluding cash) in the books of Sardar Led orp | oLAQL 1.90.00 Gunppee Leesa per mm 10 pawpude Rees gy Eh ete att ay ae fave SMDAG 60 Copeguuwuy 4 eethiva Gunpy Cogan Bee sx adleggas AL BH y BOCunpr® sowra PU DH Sows. y By eee Gaqwadians UMESEAerar Haman cnee Gopi & sepuren) | Boo | ian Nan Geet | Sem ae A 5,000 40,000. 15.000. B 5,000 | 46,000 51.000 : 3,000 34,000 37,000 Unmarked applications - of 7 & os GULng "8

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