Dibrugarh University Corporate Accounting
Question Papers
Corporate
Accounting Question Paper 2014 (May)
COMMERCE (General/Speciality)
Course: 203 (Corporate Accounting)
The figures in the margin indicate full
marks for the questions
Full Marks: 80
Pass Marks: 32
Time: 3 hours
1. (a)
State whether the following statements are “True” or “False” 1x2=2
(i)
Loss on
issue of Debenture Account is an asset.
(ii)
Reduction
of Capital is a unlawful except when sanctioned by the Court.
(b) Fill in the blanks : 1x3=3
(i) Preference Shares can be redeemed if they
are _____.
(ii) The portion of the authorized capital which can
be called up only on the liquidation of the company is called _____ capital.
(iii) Dividend declared between two annual general
meetings of company is knows as _____.
(c) Write the correct answer : 1x3=3
(i) Consolidated Financial Statements are
prepared as per Accounting Standard
1)
19
2)
21
3)
23
(ii) Under
Section 95 of the Companies Act, 1956 a company shall give notice of the
alteration of its share capital to the Registrar within _____ days of doing so.
1)
15
2)
25
3)
30
(iii) Share Forfeited Account is Shown on the
liabilities side of the Balance Sheet.
1)
by
adding to the paid-up capital
2)
under
the head Reserves & Surplus
3)
Under
the head Current Liabilities and Provisions
2. Write
short notes of any four of the following : 4x4=16
(a)
Sinking
Fund
(b)
Buyback
of Shares
(c)
Open
Market Operation
(d)
Capital
Reserve
(e)
Minority
Interest
(f)
Debt
Capital
3. (a)
PMS Ltd. Has an authorised capital of Rs. 15,00,000 in 15000 Equity Shares of
Rs. 100 each. The company issued 10000 shares at a premium of Rs. 20 per share payable
us under:
|
Particulars
|
Rs.
|
|
On
Application (including premium)
|
40
|
|
On
Allotment
|
40
|
|
On
First Call
|
20
|
|
On
Final Call
|
20
|
Applications were received for 15000 shares and allotment was made as
follows :
(i) Regret letters were issued to the applicants
for 3000 shares and money refunded.
(ii) Full allotment was made to the
applicants for 6000 shares
(iii) The rest of the shares were allotted
to the applicants for next 6000 shares on pro-rata basis, the excess
application money being adjusted against amount due on allotment.
All money due were received except one
shareholder named A to whom 100 shares were allotted on pro-rata basis, failed
to pay his allotment money. His subsequent failure to pay the first call, his shares were forfeited.
Another shareholder named B to whom 200 shares were allotted failed to pay both
the calls and his shares were forfeited after the final call. Out of the above
forfeited shares, 200 shares (including 50 shares of A) were reissued at Rs. 90
each as fully paid.
Pass necessary Journal Entries in the books
of the company. 14
Or
(b)
Discuss the SEBI guidelines (prior to Companies Act, 2013) regarding issue and forfeiture
of shares. 14
4. (a)
Ram Ltd. And Krishna Ltd. decided to amalgamate and a new company named
Ramakrishna Ltd. is formed to take over both the Companies as on 31st
March, 2013. The following are the Balance Sheets of companies as on that date
:
|
Liabilities
|
Ram
Ltd.
|
Krishna
Ltd.
|
Assets
|
Ram
Ltd.
|
Krishna
Ltd.
|
|
Share capital of Rs.10
fully paid-up
|
5,00,000
|
3,00,000
|
Goodwill
|
1,00,000
|
80,000
|
|
Reserve Fund
|
2,00,000
|
1,50,000
|
Land & Building
|
2,50,000
|
1,90,000
|
|
Profit & Loss A/c
|
30,000
|
50,000
|
Plant & Machinery
|
2, 00,000
|
2,55,000
|
|
Dividend Equalization Fund
|
__
|
1,00,000
|
Patents&Trade Mark
|
__
|
52,500
|
|
Workmen Compensation Fund
|
20,000
|
__
|
Stock
|
2, 00,000
|
1,50,000
|
|
Bank Overdraft
|
__
|
50,000
|
Sundry Debtors
|
90,000
|
40,000
|
|
Sundry Creditors
|
90,000
|
1,10,000
|
Bills Receivable
|
__
|
20,000
|
|
Bills Payable
|
50,000
|
30,000
|
Cash at Bank
|
50,000
|
2,500
|
|
|
8,90,000
|
7,90,000
|
|
8,90,000
|
7,90,000
|
Show how the amount payable to each company is arrived at and prepare
the amalgamated Balance Sheet of
Ramakrishna Ltd. assuming amalgamation
is done in the nature of purchase. 8+6=14
Or
(b) (i) How
is purchase consideration determined? What are the different ways of discharging
the purchase consideration? 8
(ii) Explain
the treatment of reserves of amalgamation in the nature of merger and amalgamation
in the nature of purchase. 6
5. (a) (i) Write a note on
modes of winding-up of a company. 4
(ii) XYZ
Ltd. went into voluntary liquidation on 31st March, 2013. The
position of the company on that date was
as follows :
|
Share Capital – 500 Equity shares of Rs. 10 each, Rs. 8 per share
called up
|
40,000
|
|
Unsecured Creditors :
|
|
|
Preferential
|
5,000
|
|
Non-Preferential
|
25,000
|
|
Secured Creditors
(secured on Plant & Machinery)
|
15,000
|
|
Cash in Hand
|
1,000
|
Plant & Machinery finally realized Rs. 10,000 and other
assets realized Rs. 10,000. The liquidation expenses amounted to Rs. 500 and
the liquidator was entitled to a remuneration of 5% on the amount realized
excepting cash in hand and 2% on the amount distributed to the unsecured
creditors. 10
Or
(b) What do you mean by preferential creditors? State the
rank of preferences to be followed by the liquidator while preparing his final
statement of accounts. 5+9=14
6. (a)
The following are the Balance Sheets of H. Ltd. and its subsidiary company S.
Ltd. as on 31st March, 2013 :
|
Liabilities
|
H
Ltd.
|
S
Ltd.
|
Assets
|
H.
Ltd
|
S.
Ltd.
|
|
Share Capital : Share of Rs.10 each
fully paid
|
6,00,000
|
2,00,000
|
Machinery
|
3,00,000
|
1,00,000
|
|
General Reserve
|
1,50,000
|
70,000
|
Furniture
|
70,000
|
45,000
|
|
Profit & Loss a/c
|
70,000
|
50,000
|
Investment : 70% shares in S Ltd. at cost
|
2,60,000
|
__
|
|
Creditors
|
90,000
|
60,000
|
Stock
|
1,75,000
|
1,89,000
|
|
Bills payable
|
20,000
|
10,000
|
Debtors
|
55,000
|
30,000
|
|
|
|
|
Bills Receivable
|
20,000
|
10,000
|
|
|
|
|
Cash at Bank
|
50,000
|
10,000
|
|
|
|
|
Preliminary Expenses
|
__
|
6,000
|
|
|
9,30,000
|
3,90,000
|
|
9,30,000
|
3,90,000
|
H Ltd. acquired the shares of S Ltd. on 30th
June, 2012. On 1st April, 2012, S Ltd. ’s General Reserve and Profit
& Loss A/c balance stood at Rs. 60,000 and Rs. 20,000 respectively. Bills Receivable of S Ltd. include bills for
Rs. 8,000 accepted by H Ltd. and creditors of S Ltd. include Rs. 20,000 due to H Ltd. No part of preliminary expenses was
written off during the year ended 31st March, 2013. 14
Or
(b) Give in detail the
particulars which shall be disclosed in the Balance Sheet of holding company regarding
its subsidiaries and also state what documents shall be attached to the Balance
Sheet of holding company regarding its subsidiaries. 14
Corporate Accounting Question Papers and Solutions (Dibrugarh University)
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