Saturday, November 05, 2016
Roll No.
Total No. of Questions: 07
SET -2
B Com. (Sem.-4th)
CORPORATE
ACCOUNTING-I
Subject Code:
BCOP-401
Time: 3 Hrs.
INSTRUCTIONS TO CANDIDATE:
1.
Section – A is compulsory
2.
Attempt any four questions form section –B
Section –A
1.
a.
What do mean by inter company Owings.
b.
What is
purchase consideration.
c.
What is cost of control in case of holding
companies.
d.
Define pre acquisition (capital) profit.
e.
Explain the term preferential creditors.
f.
What are the various modes of winding up of the
company.
g.
What is statement of affairs.
h.
What is
a list of contributories
i.
Explain money at call and short notice.
j.
Explain cash reserve ratio.
Section –B
2.
Prepare (with imaginary figures ) the balance
sheet of life insurance company.
3.
Define amalgamation. What entries are passed by
a company to close its books when it is amalgamated by another company?
4.
What are non-performing assets? Discuss the
accounting policy to be followed regarding recognition of income in relation to
non performing assets.
5.
Following are the summarized balance
sheets of M Ltd. And N Ltd:
|
Liabilities
|
M Ltd.
|
N Ltd,
|
Assets
|
M Ltd.
|
N Ltd.
|
|
Share capital
Surplus account
Creditors
Loan –H Ltd.
Loan – M Ltd.
|
40,000
5,000
15,000
10,000
__
70,000
|
20,000
__
6,000
__
8,000
34,000
|
Sundry assets
Shares in N Ltd.
Loan – N ltd.
Surplus Account
(Dr. Balance)
|
42,000
20,000
8,000
__
70,000
|
33,000
__
__
1,000
34,000
|
The whole of he shares of N Ltd. Are held
by M Ltd.
A new company MN Ltd. Is formed to acquire
the sundry assets and creditors of N ltd. And N Ltd. And for this purpose, the
sundry assets of M Ltd. Are revalued at
30,000 and those of N Ld. At
20,000. The amount of the loan due to H Ltd. Is also to be discharged in
shares in the new company; the debt due to M Ltd. Is also to be similarly
discharged.
Show the journal entries necessary to close
the books of M Ltd. And N ltd.
6.
Following information was extracted form the
books of a limited company on 31st March , 2o13 on which date a
winding up order was made:
Cash in Hand 5000
Stock-in- trade
( estimated to produce 15000) 20000
Fixture and
fittings (estimated to produce 2,100) 3000
Plant and
machinery (estimated to produce 15600) 15000
Freehold land
and buildings (estimated to produce 45000) 30000
Book debts (estimated
to produce 5200) 6200
Unsecured
creditors 70000
Preferential
creditors 2000
Creditors fully
secured (value of securities 11000) 90000
Creditors partly
secured(value of securities 6000) 10000
Bank overdraft, secured by a second
charge on all the assets of
the company 8000 10% debentures secured by
floating charge on all the assets of the company (interest paid to data) 50000
Equity share
capital – 6000 shares of 10 each 60000
11% preference share capital 6500
shares of 10 each 65000
Calls in arrear on equity
shares(estimated to produce 1000) 2500
Make out
statement of affairs as regards creditor and contributories
7.
On
31st march , 2013 ledger
Balances of H Ltd.
And S Ltd. Stood as follows:
|
Cr. Balances
|
H Ltd.
|
S Ltd.
|
Dr. balances
|
H Ltd.
|
S Ltd.
|
|
Share capital:
Shares of rup.10 each , fully paid
Reserves
Creditors
|
5,00,000
1,00,000
80,000
_______
6,80,000
|
2,00,000
44,000
60,000
______
3,04,000
|
Fixed assets
Current assets
60 % shares in S.
Ltd. Acquired on 31st March,2013 (cost)
|
3,17,600
2,00,000
1,62,400
6,80,000
|
2,04,000
1,00,000
3,04,000
|
Prepare a consolidated Balance sheet as at 31st
March, 2013
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