The Advanced Corporate Accounting 2024 Question Paper for Gauhati University BCom 6th Semester CBCS is a significant exam for students pursuing commerce. It covers essential topics such as corporate financial reporting, banking, liquidation, and insurance accounting. This paper assesses both theoretical knowledge and practical skills. In this blog, we provide a detailed overview of the Gauhati University BCom 6th Semester Advanced Corporate Accounting 2024 question paper to help students prepare effectively for the exam.
GU BCom 6th Semester CBCS Advanced Corporate Accounting Question Paper 2024
1. Answer the following as directed: 1×10 = 10
(i) In India, there are____ authorities that can set and issue Accounting Standards. (Fill in the blank)
(ii) Statutory auditor's report forms part of annual report by companies. (Write True or False)
(iii) Payment made to secured creditors is not shown in the Liquidator's Statement of Account. (Write True or False)
(iv) What is meant by winding up of a company?
(v) Rebate on bills discounted for a banking company is an income. (Write True or False)
(vi) Profit and Loss Account of a banking company is prepared in Form _____of the Third Schedule of the Banking Regulation Act. (Fill in the blank)
(vii) What is 'surrender value' in respect of an insurance company?
(viii) Valuation Balance Sheet is prepared to know the value of_____ life insurance business. (Fill in the blank)
(ix) Profit/Loss on sale of investment is transferred to Profit and Loss Account. (Write True or False)
(x) What is meant by profit prior to incorporation?
2. Answer the following questions: 2×5 = 10
3. Answer the following questions: (any four) 5×4 = 20
4. Answer the following as directed: 10×4 = 40
(a) SPM Ltd. went into voluntary liquidation on 31st March, 2022 on which date the position of the company was as follows:
- Cash in hand: ₹13,000
- Share capital: 60,000 equity shares of ₹10 each, ₹9 per share called up: ₹5,40,000
- Trade creditors: ₹1,90,000
- Bank overdraft: ₹40,000
- Creditors for tax and government revenue: ₹52,500
- Creditors for supply of raw materials: ₹3,85,000
- Secured creditors (Secured on Machinery): ₹1,87,500
- Interest due to secured creditors: ₹5,000
Machinery realised ₹1,80,000 and the other assets realised ₹1,20,000. The liquidation expenses was ₹8,000, and the liquidator was entitled to a remuneration of 6% on the assets realised excepting cash in hand and 3% on the amount distributed to the unsecured creditors.
Prepare the Liquidator's Final Statement of Account.
Or
Explain the need and objectives of corporate financial reporting.
(b) From the following particulars, prepare Profit and Loss Account of Bank of Boroda Ltd. for the year ending on 31st March, 2023:
- Commission and Brokerage: ₹5,000
- ATM charges: ₹2,000
- Discount on bills discounted: ₹2,10,000
- Auditor's fee: ₹5,000
- Establishment expenses: ₹60,000
- Interest on loans: ₹2,80,000
- Interest on fixed deposit: ₹2,98,000
- Interest on cash credit: ₹2,40,000
- Sundry expenses: ₹2,000
- Interest on Current A/c: ₹45,000
- Interest on overdraft: ₹60,000
- Interest on Savings Bank A/c: ₹72,000
- Printing and advertising: ₹5,000
- Unexpired discount on bills discounted
- Rent and taxes: ₹55,000
- Make a provision of ₹30,000 for doubtful debts. Interest income of ₹2,000 on non-performing assets cannot be recognized as income in the Profit and Loss Account during the year.
Or
State the meaning of banking companies. Explain various types of accounts that can be opened in a bank.
(c) From the following particulars, prepare Fire Revenue Account of United India Insurance Company for the year ended on 31st March, 2023:
- Reserve for unexpired risk on 1.4.2022: ₹26,500
- Additional reserve on 1.4.2022: ₹5,000
- Claims paid: ₹32,500
- Premium received: ₹50,500
- Reinsurance premium: ₹9,000
- Profit on sale of investment: ₹4,500
- Legal charges regarding claims: ₹775
- Reinsurance recoveries: ₹1,350
- Commission on direct business: ₹5,550
- Commission on reinsurance ceded: ₹200
- Commission on reinsurance accepted: ₹4,500
- Outstanding claims (31st March 2023): ₹3,500
- Outstanding claims (31st March 2022): ₹4,750
Or
Explain the method followed for assessing the profit of life insurance business.
(d) X Ltd. which was incorporated on 1st May, 2023 acquired the business of Y Ltd. on 1st January, 2023. The accounts were closed on 30th September, 2023. The Gross Profit for the period was ₹84,000.
Details of other expenses:
- General expenses: ₹14,400
- Director's remuneration: ₹24,000
- Preliminary expenses: ₹4,000
- Rent up to June 30, 2023: ₹12,000 per annum (increased by 30% thereafter)
- Salary of the manager: ₹15,300 per annum
- The company earned a uniform gross profit. The revenue from operations up to September, 2023 was ₹1,96,000. The monthly average of revenue from operations for the first four months of the year was one-half of the remaining period.
Prepare the statement showing pre and post-incorporation Profit/Loss.
Or
On 1.4.2023, Mr. Investor purchased 1,000, 12% Debentures of X Ltd. at ₹99 cum-interest (face value ₹100). Interest is payable half-yearly on June 30 and December 31. The Investor sold 400 Debentures at ₹102 ex-interest on September 1, 2023.
Prepare an Investment Account in the books of the investor for the year ended on 31st March, 2024. Ignore income tax and brokerage.
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Final Words
The Advanced Corporate Accounting 2024 Question Paper for BCom 6th Semester CBCS is designed to test students' knowledge of corporate accounting principles. It includes a mix of short-answer, long-answer, and practical questions that cover topics like liquidation, banking, and insurance accounting.
To do well in this exam, students should understand key accounting concepts and practice solving problems. A good understanding of accounting standards and financial statements is important for success in this paper.