Veer Narmad South Gujarat University 2011 M.Com Commerce S-2588 Financial
S-2588
M. Com. I (Sem. I) Examination March / April - 2011 Financial & Management Accounting - I Paper - 104
Time : 3 Hours] (0
[Total Marks : 70
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Name of the Examination :
M. Com. I (Sem. 1)
Name of the Subject:
Fina. & Management A/c. - 1 : Paper - 104
-Subject Code No.: |
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-Section No. (1,2......): Nil |
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(2) Question no. 1 is compulsory.
(3) Show necessary working as part of your answer.
1 Answer the following :
(i) A company has capital of Rs. 10,00,000. Its turnover 4 is three times the capital and gross profit margin on sales is 6%. Find out the return on investment.
(ii) Calculate funds from operations from the following : 4
Profit and Loss Account
Particulars |
Rs. |
Particulars |
Rs. |
To expenses To depreciation To loss on sale of machine To discount To goodwill To Net Profit |
1,50,000 35.000 2,000 100 10.000 57,900 |
By Gross Profit By profit on sale of land |
2,25,000 30,000 |
2,55,000 |
2,55,000 |
(iii) Explain the concept of fund. 3
(iv) Explain profit not dealt with under Section 212 in 3 case of holding company accounts.
2 From the following information, you are required to 14
prepare Balance Sheet :
Stock Turnover................................................6 times
Fixed Assets Turnover Ratio.........................4 times
Capital Turnover Ratio..................................2 times
Gross Profit Ratio............................................20%
Debt Collection Period....................................2 months
Creditors Payment Period..............................73 days
Gross Profit......................................................Rs. 60,000
Closing Stock is Rs. 5000 in excess of the opening stock
OR
2 From the following information, prepare Trading 14
Account, Profit and Loss Account and Balance Sheet :
Gross Profit Ratio.....................................................25%
Stock Turnover Ratio...............................................5 times
Average Debt Collection Period.............................3 months
Creditors Payment Period.......................................3 months
Current Ratio............................................................2
Fixed Assets to Capital Employed Ratio..............80%
Capital Gearing Ratio (Preference Shares
and Debentures to Capital Employed..................30%
Net Profit to Issued Equity Capital......................10%
General Reserve and Profit and Loss
to Issued Equity Capital.......................................25%
Preference Share capital to Debentures................2
Gross Profit...............................................................Rs. 12,50,000
Cost of Sales consists of 50% for materials S-2588] 9 [Contd...
of Nina Ltd. as on 31.3.2009 and 31.3.2010 :
Liabilities |
31.3.2009 |
31.3.2010 |
Assets |
31.3.2009 |
31.3.2010 |
Equity Share | |||||
Capital |
10,00,000 |
12,00,000 |
Goodwill |
1,00,000 |
1,50,000 |
Pref. Share |
Land and | ||||
Capital |
5,00,000 |
3,00,000 |
Building |
6,00,000 |
8,00,000 |
Profit and |
Plant and | ||||
Loss A/c. |
4,00,000 |
6,00,000 |
Machinery |
7,00,000 |
9,00,000 |
12% Debentures |
2,00,000 |
9,00,000 |
Furniture |
1,00,000 |
2,00,000 |
Long term Loan |
2,00,000 |
3,00,000 |
Investments |
3,00,000 |
1,00,000 |
Proposed Dividend |
1,00,000 |
2,00,000 |
Debtors |
4,00,000 |
8,00,000 |
Sundry Creditors |
1,00,000 |
1,00,000 |
Stock |
3,00,000 |
7,00,000 |
Unclaimed |
Prepaid | ||||
Dividend |
1,00,000 |
50,000 |
Expenses |
1,00,000 |
50,000 |
Tax Provision |
1,00,000 |
1,50,000 |
Cash and | ||
Outstanding |
Bank |
1,00,000 |
2,50,000 | ||
Expenses |
50,000 |
1,00,000 |
Preliminary | ||
Bills Payable |
50,000 |
1,00,000 |
Expenses |
1,00,000 |
50,000 |
28,00,000 |
40,00,000 |
28,00,000 |
40,00,000 | ||
Additional Information :
(i) During the year, the company had redeemed some preference shares at 10% premium and for this purpose, investments of book value Rs. 2,00,000 were sold for Rs. 2,50,000.
(ii) During the year, the company also purchased a running business comprising of land and building Rs. 1,00,000; Plant and Machinery Rs. 1,00,000; Stock Rs. 50,000; Debtors Rs. 1,00,000 and Creditors Rs. 80,000. The purchase consideration of Rs. 3,60,000 was paid by the issue of equity shares Rs. 2,00,000 and debentures Rs. 1,60,000.
(iii) Depreciation was charged on Plant and Machinery at Rs. 1,00,000 and on furniture Rs. 20,000.
(iv) Dividend was paid during the year Rs. 1,20,000 including a part of unclaimed dividend.
Prepare statement showing changes in working capital and statement of sources and Application of Funds.
OR
3 The following are the summarized Balance Sheets of 14
Rina Ltd. as on 31.3.2009 and 31.3.2010 :
Liabilities |
31.3.2009 |
31.3.2010 |
Assets |
31.3.2009 |
31.3.2010 |
Equity Share Capital |
4,00,000 |
5,00,000 |
Fixed | ||
8% Red. Pref. |
Assets |
5,00,000 |
6,00,000 | ||
Share Capital |
1,00,000 |
-- |
Invest | ||
Capital Reserve |
-- |
20,000 |
ments |
1,30,000 |
70,000 |
Share Premium |
50,000 |
60,000 |
Current | ||
General |
Assets |
3,00,000 |
4,20,000 | ||
Reserve |
1,00,000 |
1,50,000 |
Discount on | ||
Provision for Taxation |
70,000 |
80,000 |
issue of | ||
Profit and Loss |
shares |
20,000 |
10,000 | ||
Account |
80,000 |
1,00,000 | |||
Provision for | |||||
Depreciation |
50,000 |
60,000 | |||
Creditors |
80,000 |
90,000 | |||
Proposed Dividend |
20,000 |
40,000 | |||
9,50,000 |
11,00,000 |
9,50,000 |
11,00,000 |
(i) Investments were sold at a profit of Rs. 20,000, the profit being transferred to Capital Reserve.
(ii) A fixed asset costing Rs. 1,00,000 (written down value Rs. 60,000 was sold for Rs. 20,000
(iii) Preference dividend was paid during the year.
(iv) Discount on issue of shares was charged against Share Premium Account.
(v) Proposed Dividend of 2008-09, together with an interim dividend of Rs. 40,000 were paid during the year.
(vi) Tax liability for 2008-09 was Rs. 40,000; the balance being transferred to profit and loss account.
(vii) Preference shares were redeemed at a premium of 15%, the premium being charged against Share Premium Account, the balance, if any, being charged against General Reserve.
Prepare statement showing changes in working capital
and Statement of Sources and Application of Funds.
4 H Ltd. is a holding company of M Ltd. From the 13
following information, prepare a statement under section 212
of the Indian Company Act to be attached by H Ltd. to its
accounts for the year ending 31.3.2010 :
(i) H Ltd. purchased 8000 equity shares of M Ltd. at a market price of Rs. 300 and 1200 preference shares at Rs. 100 as on 1.4.2007.
(ii) The capital structure of M Ltd. as on 1.4.2007 was as follows :
Equity share capital
10% Preference share capital
(iii) On 1.10.2008, M Ltd. had given two equity shares as bonus for five equity shares.
(iv) On 1.4.2009, H Ltd. sold 300 equity shares of M Ltd. at a market price of Rs. 300 and purchased 200 equity shares of M Ltd.
(v) The profits and dividend of M Ltd. are as follows:
Year |
Profit (Rs.) |
Dividend (Rs.) |
2007-08 |
2,00,000 |
10% |
2008-09 |
3,00,000 |
12% |
2009-10 |
4,00,000 |
15% |
(vi) The accounting years of both the companies ends on 31st March.
OR
as follows : | ||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Additional Information : |
(i) On 1.4.2007, Deshi Ltd. purchased 6,000 equity shares at 10% premium of Videshi Ltd. On that date, the profit and loss account and general reserve showed a balance of Rs. 1,00,000 and Rs. 3,50,000 respectively in the books of Videshi Ltd.
(ii) Videshi Ltd. had distributed dividend as follows :
2007-08 ....................................10%
2008-09 ....................................15%
2009-10 ....................................10%
(iii) On 1.4.2008, Videshi Ltd. issued 3 shares as bonus shares for every five equity shares held from general reserves.
(iv) The profit of Rs. 2,00,000 of Videshi Ltd. for the year 2009-10 is included in the above Balance Sheet.
Prepare statement under Section 212 of the Indian Company Act to be attached by Deshi Ltd. to its accounts for the year ending 31.3.2010.
5 Write short notes on : (any three) 15
(i) Liabilities of an Auditor for the events occurring after Balance Sheet Date
(ii) Activity Ratios
(iii) Utility of Funds Flow Statement.
(iv) Leverage Ratios
(v) Limitations of Ratio Analysis.
S-S-2588] 15 [ 900 ]
Attachment: |
Earning: Approval pending. |