DU Corporate Accounting Question Paper' 2022 [Dibrugarh University B.Com 4th Sem Non-Hons. ]

 



Dibrugarh University B.Com 4th Sem Question Paper (Non-Hons)
Corporate Accounting Question Paper 2022 (June/July)
COMMERCE (Non-Honours)
Paper: CC – 402 (Corporate Accounting)
Full Marks: 80
Pass Marks: 32
Time: 3 hours

 

The figures in the margin indicate full marks for the questions

1. (a) Fill in the blanks:                   1x4=4

(1) Profit on reissue of forfeited shares is transferred to _______.

(2) Dividend declared between two annual general meetings of a company is known as _______.

(3) Reduction of capital is unlawful if not sanctioned by the _______.

(4) Pre-acquisition profits are treated as _______ profit.

(b) Write True or False: 1x4=4

(1) Banking companies are governed by the Banking Regulation Act, 1948.

(2) The debenture holders are the owner of the company.

(3) Preliminary expenses are of revenue nature.

(4) Goodwill is an intangible asset.

2. Write short notes on any four of the following:              4x4=16

(a) Redeemable debenture.

(b) Payment of dividend out of capital profit.

(c) Accounting Standard 14 (ICAI).

(d) Minority interest.

(e) Yield method of valuation of shares.

3. (a) What do you mean by buyback of shares? State the conditions to be fulfilled for buyback of shares.      2+6=8

Or

(b) A company with an issued and subscribed capital of Rs. 10,00,000 in 1,00,000 shares of face value of Rs. 10 each of which Rs. 8 per share is paid up, has accumulated a Reserve of Rs. 3,00,000. Out of this Reserve Rs. 2,00,000 is intended to be utilized in declaring a bonus @ 25% on the paid-up capital so that the shares may become fully paid. Show the necessary Journal Entries.                             8

4. (a) Explain the following:          4+4=8

(1) Interim dividend.

(2) Managerial remuneration.

Or

(b) Give a specimen of statement of profit and loss of a company.              8

5. (a) Define goodwill. Explain any four features of goodwill.         2+6=8

Or

(b) From the following particulars, calculate the value of an equity share:               8

2,000, 9% preference shares of Rs. 100 each

50,000 equity shares of Rs. 10 each, Rs. 8 per share paid up

Expected profit per year before tax

Rs. 2,00,000

Rs. 4,00,000

Rs. 2,18,000

Rate of tax is 40%. Transfer to General Reserve 20% of profit. Normal rate of earnings is 15%.

6. (a) Distinguish between amalgamation in the nature of merger and amalgamation in the nature of purchase. 8

Or

(b) The paid-up capital of Toy Ltd. amounted to Rs. 2,50,000 consisting of 25,000 equity shares of Rs. 10 each. Due to losses incurred by the company, the company decides to reconstruct with the following changes:

(1) In lieu of their present holdings, the shareholders are to receive:

(a) Fully paid equity shares equal to 2/5th of their holding.

(b) 5% preference shares fully paid to the extent of 20% of the above new equity shares.

(c) 3,000, 6% second debentures of Rs. 10 each.

(2) An issue of 2,500, 5% first debentures of Rs. 10 each was made and fully subscribed in cash.

(3) The assets were reduced as follows:

(a) Goodwill from Rs. 1,50,000 to Rs. 75,000.

(b) Machinery from Rs. 50,000 to Rs. 37,500.

(c) Leasehold premises from Rs. 75,000 to Rs. 62,500.

Show the Journal Entries to give effect to the above scheme of reconstruction.    8

7. (a) State four merits and four demerits of holding company.                    4+4=8

Or

(b) H. Ltd. acquired all the shares in S. Ltd. on 1st January, 2022 and balances taken from the books of the two companies on 31st March, 2022 were as follows:

Cr. Balances

H Ltd. (Rs. )

S Ltd. (Rs. )

Dr. Balances

H. Ltd. (Rs. )

S Ltd. (Rs. )

Share Capital

Reserve (1-4-2021)

Surplus A/c

Sundry Creditors

50,000

20,000

25,000

20,000

30,000

15,000

10,000

15,000

Sundry Assets

Shares in S Ltd. (at cost)

65,000

50,000

70,000

-

1,15,000

70,000

1,15,000

70,000

Surplus of S Ltd. had a credit balance of Rs. 3,000 on 1st April, 2021. Prepare a Consolidated Balance Sheet as on 31st March, 2022.      8

8. (a) From the following details relating to ABC Bank Ltd., fund out the Net Profit earned in the year ended on 31st March, 2022:     8

Rs. (‘000)

Interest earned

Other incomes

Interest expended

Operating expenses

Provisions and contingencies

Profit brought forward

Transfer to statutory reserve

Transfer to proposed dividend

Transfer to Central Government

3,702

455

2,037

480

1,300

NIL

68

100

30

Or

(b) Explain the following terms used in banking business (any two):                         4x2=8

(1) Rebate on Bills Discounted.

(2) Non-banking Assets.

(3) Discounting of Bills.

9. (a) Define the term “Cash Flow”. Explain the importance of Cash Flow Analysis.               2+6=8

Or

(b) The following are the Summarized Balance Sheets of Z Ltd. as on 31st March, 2021 and 2022:

31/03/2021 (Rs. )

30/03/2022 (Rs.)

I. Equity and Liabilities:

(1) Shareholders’ Fund:

Equity Share Capital

Reserves and Surplus:

Surplus as per Statement of Profit and Loss

(2) Current Liabilities:

Trade Payable:

Sundry Creditors

20,00,000

1,00,000

7,00,000

25,00,000

2,30,000

4,50,000

Total

28,00,000

31,80,000

II. Assets:

(1) Non-current Assets:

Fixed Assets:

Land and Building

(2) Current Assets:

Inventory

Trade Receivables

(3) Cash and Cash Equivalents:

Cash in Hand

5,00,000

8,00,000

12,00,000

3,00,000

6,60,000

9,00,000

11,50,000

4,70,000

Total

28,00,000

31,80,000

Prepare a Statement of Cash Flow as per Ind AS-7.                                      8

 

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