Corporate Accounting Question Paper'2018 GU | [Gauhati University BCom 2nd Sem Non-CBCS]

 

In this Post we have uploaded Corporate Accounting Question Paper 2018, B.Com 2nd Sem Gauhati University. which Can be Very Useful For Your GU B.Com 2nd Semester Sessional or Final Examination

2018

CORPORATE ACCOUNTING Full Marks - 80

Pass Marks - 24

Time - Three hours

The figures in the margin indicate full marks for the questions.

1. Answer as directed :  1 × 10 = 10

(a) Capital Reserve is created out of: (Select the correct option)

(i) Current year's profit

(ii) Profit on sale of fixed assets 

(iii) Share transfer fees

(iv) General Reserve সাধাৰণ 

(b) Under section 209 of Companies (Amend- ment) Act, 1988, all companies are to maintain the books of accounts______basis. (Fill in the blank) 

(c) State one reason for issuing Right Shares to the existing shareholders. 

(d) Bonus shares are issued 

(Choose the correct option).

(i) to debenture holders

(ii) to equity shareholders 

(iii) to preference shareholders 

(iv) None of the above.

(e) Interest on debentures is calculated on issue price and not on face value. (State whether the statement is true or false) 

(f) No interest is payable on debentures issued as______security. (Fill in the blank) 

(g) A company redeemed 4,000, 15% deben- tures of Rs. 100 each issued at a discount of 5%, redeemable at 10% premium, converted into equity shares of Rs.10 each at a premium of 25% before maturity. State the number of shares issued. (Select correct answer from below).

(i) 37,500

(ii) 33,600

(iii) 35,200

(iv) 32,500

(h) Shareholders holding______% equity shares in transferor company become shareholders of transferee company. (Fill in the blank)

(i) Reserve other than Statutory Reserve of transferor company are not recorded in the financial statement of transferee company. (State true or false ) 

(j) Write the meaning of Vesting date. 

2. Answer the following questions: 2 x 5 = 10

(a) State the meaning of interim dividend. 

(b) When and how profit is capitalised ?

(c) Give journal entries of issue of fully paid bonus shares issued at a premium with imaginary figures. 

(d) What is collateral security in issuing debentures ? 

(e) What is Purchase consideration' in the context of amalgamation? 

5 x 4 = 20 

3. Answer any four of the following : 

(a) The following is the extract of Trial Balance of Jio Ltd. as on 31. 3. 2018:

                                    Rs. 

Opening inventory     17,210

Sales                       2,72,000

Salaries and wages.  28,500

Purchases                2,14.500

Sales return                2,000

Dividend received       4,300

Import license fee       1450

Staff welfare expenses 2000

Machinery                   70000

Advertisement             4,300

You are required to prepare a Statement of Profit and Loss after considering the following :

(i) Closing stock as on on 31.3.2018 is Rs.17,000.

(ii) Goods distributed as sales promotion Rs.1,000 not included in the Trial Balance.

(iii) Depreciate Machinery @ 6% p. a. for 6 months. 

(b) What are the objectives of Right issue ? 

(c) X Ltd. took over the assets of Rs. 30,00,000 and liabilities Rs. 1,00,000 from Y Ltd. at an agreed value of Rs. 27,00,000. The purchase consideration to be discharged by issue of 15% debentures of Rs. 100 each at 20% premium. Show necessary journal entries in the books of X Ltd.

(d) Mention the conditions to be satisfied under section 77A(2) of the Companies Act for buy-back of shares. 

(e) Pass journal entries in the books of transferee company under 'Purchase method". 

(f) Explain the different sources of finance of redemption of debentures. 

4. Answer the following questions :  10×4=40

(a) From the following balances and other information of Trinayan Ltd. as on 31st March, 2018, prepare a Balance Sheet as per Companies (Amendment) Act, 2013. 10

Other information :

(i) Preliminary expenses of Rs. 5,000 written off during the year. 

(ii) A claim of Rs. 12,000 for employees' compensation is being disputed by the company. 

(b) A company has Rs. 6,00,000 paid up share capital of Rs. 10 each. The company required additional capital to expand their business. With that object, the company decided to offer right shares to its existing shareholders in the ratio of 3:5. The market value of the share is Rs. 25 and the right shares were issued at 50% premium. Calculate the market price of a share after issue of right shares and the value of right. 10

Or 

Discuss the various methods of redemption of debentures and their accounting entries. 10

(c) A company's share capital consists of 20,000 equity shares of Rs. 100 each, Rs. 75 paid up. It has Rs. 15,00,000 in the reserve fund. The directors recommend the following with a view to capitalising the reserve.

(i) The existing shares be made fully paid up without the shareholders having to pay anything. 

(ii) Each shareholder to be given bonus shares for the remaining amount. The shares to be valued at Rs. 125. Give journal entries in the books of the company for issue of bonus shares. 10

Or 

Discuss briefly the amalgamation in the nature 10 of merger. 

(d) A company issued 15% Debentures of Rs.40,00,000 at 10% discount, redeemable at par. Assume further that debentures are to be redeemed by drawing method in the following manner : 10

Pass journal entries for issue of debentures and prepare ledger account of Discount on issue of debentures.

Or 

Discuss the legal provisions regarding the capitalisation of profit. 10

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