GU BCom 6th Sem. Advanced Corporate Accounting Solved Question Paper 2024
The figures in the margin indicate full marks for the questions.
1. Answer the following as directed: 1×10 = 10
2. Answer the following questions: 2×5 = 10
- Global Applicability: IFRS is used worldwide by businesses in over 140 countries for preparing financial statements.
- Transparency and Comparability: It aims to make financial statements transparent and comparable across different companies and industries globally.
- Detailed Breakdown: It provides a detailed breakdown of assets and liabilities, showing how the company’s funds were distributed to creditors and shareholders.
- Final Settlement: It includes the final settlement of claims, showing the amounts paid to creditors and any remaining balances.
- Record of Investments: It shows the details of investments made by the company, such as stocks, bonds, or other financial instruments.
- Income and Gains: It includes information about the income earned from these investments, like dividends or interest, and any capital gains.
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.
Solution:
Liquidator's Final Statement of Account.
Or
Explain the need and objectives of corporate financial reporting.
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(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.
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(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.
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(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
By using the Gauhati University BCom 6th Semester Advanced Corporate Accounting Solved Question Paper 2024 CBCS, students can strengthen their understanding of accounting principles, practice solving various problems, and gain confidence for the exam. These solutions provide clarity and will support students in achieving better results in their exams.