Saurastra University 2006 M.Com Commerce Corporate Financial Accounting - Question Paper

Creditors 6,00,000 4,80,000 Profit and
Bills payable 2,00,000 1,20,000 loss account — 1,60,000
Contingent
liabilities :
Bills discounted
with the banks
yet to mature.
Khyati Co. Ltd.
Rs. 60,000 —
Guddi Co. Ltd.
Rs.1,00,000 —
54,00,000 26,00,000 54,00,000 26,00,000
SX-5665] 11 [Contd...
Additional other info :
(1) The Guddi Co. Ltd. was having debit balance of Rs.
9,60,000 in profit and loss account and credit balance
of Rs. 4,00,000 in security premium (share premium)
account in its books as on 1-4-2005.
(2) Land-Building and Plant-Machinery of the Guddi co.
Ltd. were revalued at Rs.16,00,000 and Rs. 3,60,000 on
1st July 2005 respectively, but the effect of the revaluation
has not been provided in the books of accounts. The
company is providing depreciation at 10% on Landbuilding
and at 20% on plant-machinery.
(3) Investments of the Khyati Co. Ltd. includes 2000 pref.
shares of 12% every of Rs. 100 and 60,000 equity shares
of Rs. 10 every in the Guddi Co. Ltd. purchased on 1st
July 2005 at Rs. 120 and at Rs. 20 per share respectively.
(4) The Khyati Co. Ltd. has drawn bills receivable for
Rs. 60,000 on the Guddi Ltd. of these bills a bill for
Rs. 40,000 has been discounted with the bank. This bill
is to mature in May-2006.
(5) The Guddi Co. Ltd. has purchased goods at Rs. 1,50,000
from the Khyati Co. Ltd. during July-2005 on credit.
These goods were sold at a profit of 25% on cost price.
Of the above goods half the goods were in stock of the
Guddi Co. Ltd. at the end of the accounting year. The
Guddi Co. Ltd. has paid 3/5th of the amount to the
Khyati Co. Ltd. upto 31st March, 2006.
From the above info prpeare consolidated Balance
sheet of the Khyati Co. Ltd. as on 31-3-2006.
OR
2 (a) The Balance sheets of Kandarp Ltd. are provided as 8
under. Interpret financial economical position with
the help of the technique of comparative financial
statements :
Liabilities 31-3-2005 31-3-2006
Rs. Rs.
Preference share capital 1,00,000 2,00,000
Equity share capital 5,00,000 10,00,000
General reserve 1,00,000 2,50,000
Accounts payable 1,00,000 2,00,000
Outstanding expenses 50,000 50,000
P and L Account 2,00,000 3,00,000
10,50,000 20,00,000
Assets 31-3-2005 31-3-2006
Rs. Rs.
Fixed assets 4,00,000 10,00,000
Investments 3,00,000 1,00,000

Earning:   Approval pending.