Veer Narmad South Gujarat University 2010 M.Com Commerce Financial & Management Accounting : - I , ( Part -1 ) - - Question Paper

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ENGLISH VERSION

Instructions : (1) As per the instruction no. 1 of page no. 1.

(2)    Show calculations as part of your answer.

(3)    All question carry equal marks.

(c)    Year end creditors are outstanding for 73 days

(d)    Ratio of cost of goods sold to proprietor's funds is 2:1

(e)    Ratio of cost of goods sold to fixed assets is 4:1

(f)    Ratio of goods profit to sales is 20%.

(g)    Closing stock is greater than opening stock by Rs. 10,000.

(h)    The gross profit for the year is Rs. 1,20,000

(i)    Reserves and surplus at the end of the year Rs. 40,000.

Additional Information :

(a)    Net Profit for the year 2008 was Rs. 49,077

(b)    10% cash dividend was paid during the year

(c)    The premium of Life Insurance Policies were Rs. 2773 of which Rs. 1627 was charged to P&L Account of the year.

(d)    New Machinery was purchased for Rs. 31,365 and machinery costing Rs. 32,625 was sold during the year. Depreciation on machinery sold had accumulated to Rs. 29,105 at the date of sale. It was sold as scrap for Rs. 1500. The remaining increase in fixed assets resulted from construction of building.

(e)    The Mortgage Debentures mature at the rate of Rs. 5000 per year. In addition to the above, the company purchased and retired Rs.8500 of debentures at Rs. 103. Both the premium on retirement and the applicable discount were charged to P&L Account.

(f)    The allowance for Inventory loss was created by a charge to expenses in each year to provide for obsolete items.

(g)    A debit to reserve for contingencies of Rs. 11,400 was made during the year. This was in respect of a past tax liability. Prepare statement showing changes in working capital and

a statement showing sources and application of funds for the year

2008.

OR

2 The summarised Balance Sheets of Rajul Ltd. as on 31^st December, 2007 and 2008 are as follows :

(a)    There has been no disposal of freehold property in the year.

(b)    A machine tool which had cost Rs. 8000 and in respect of which Rs. 6000 depreciation has been provided was sold for Rs. 3000. Fixtures which had cost Rs. 5000 in respect of which depreciation of Rs. 2000 has been provided were sold for Rs. 1000. The profit and losses on these transactions had been dealt with through profit and loss account.

(c)    The actual premium on the redemption of debentures was Rs. 2000 of which Rs. 1000 had been written off to P&L Account.

(d)    Interest paid on debentures amounted to Rs. 4500 Prepare cash flow statement for the year ended

31^st December, 2008.

3 Following is the statement prepared by Jayesh Ltd. for the year

ending 31^st March 2009.

Particulars    Rs.    Rs.

Net Sales........................................................................ 30,00,000

Cost of sales................................................................... 17,50,000

G.P................................................................................. 12,50,000

Add: Other Income :

Subsid received from State

Government.............................................1,00,000

Interest recveived (T.D.S Rs. 25000)....... 75,000

Profit on sale of machinery (C.P. Rs. 2,25,000 accumulated

depreciation Rs. 75000)........................... 150000 ..........325000

Total Income.................................................................. 15,75,000

Less :

Interest on Debentures.............................. 30,000

Admn. and Selling Exp...........................1,20,000

Directors Fees............................................. 20,000

Salary to Staff..........................................3,00,000

Bonus to Employees................................... 80,000

Depreciation...............................................1,50,000

Repairs and Renewal Expenses................ 75,000

Research and Development Expenses...... 50,000

Debenture Issue exp. w/off........................ 20,000

Loss on sale of furniture........................... 25,000

Donation to Hospital.................................. 25,000

Bad Debt Reserve...................................... 40,000

Loss on sale of investments...................... 35,000

Provision for Income tax.........................1,50,000

Renumeration to Trustees

of Debentures............................................ 12,500

Interest on Bank Loan.............................. 25,000

Development Rebate Reserve.................... 37,500

Proposal Dividend....................................... 90,000

Discount on Debentures w/off..................... 15000 ........ 1300000

Net Income.......................................................................2,75,000

Additional Information :

(i)    Depreciation allowable as per Section 350 of the companies Act is Rs. 1,25,000

(ii)    Bad Debts written off against Bad Debts Reserve is Rs. 15,000

(iii)    Salary to staff includes Rs. 15,000 paid for the previous year and ex-gratia payment of Rs. 20,000 to an employee.

(iv)    Research and development expenses include purchase of instruments for Rs. 30,000.

(v)    Repairs and renewal expenses include Rs. 25000 for extension of building.

(vi)    Depreciated value of furniture sold was Rs. 40,000.

Find the total amount of managerial remuneration as per section 198 of the company's Act and the amount of commission payable to directors of the company.

OR

3 Amar Ltd. purchased 8000 equity shares in Bharat Ltd. on

30.6.2005. Amar Ltd. purchased 2000 preference shares in Bharat Ltd. on 30.6.2007.

Balance Sheet of Bharat Ltd. as on 30.6.2009

Equity shares of Assets 24,10,000 Rs. 100 each 1,20,000 6% preference shares of Rs. 100 each 5,00,000 Reserve 2,50,000 P&L A/c 3,20,000 Liabilities 1,40,000 24,10,000 24,10,000

to general reserve P&L Account Balance : Balance on 30.6.2005...........................................10,000 Profit from 1.7.2005 to 20.6.2008.......................60,000 Profit from 1.7.2008 to 30.6.2009....................2,50,000 3,20,000 Bharat Ltd. proposed 15% dividend for the year 2005-06, 2006-07 and 2007-08 payable in the subsequent year. Amar Ltd. prepares its final accounts on 31st October. Amar Ltd. sold 1000 equity shares of Bharat Ltd. on 31.8.2009. Bharat Ltd. issued debentures on 1.8.2009 of Rs. 2,00,000 (of which Rs. 1,00,000 debentures were issued for payment of current liabihties) Bharat Ltd. purchased plant of Rs. 1,00,000 on 15.8.2009. Bharat Ltd. sold investments of Rs. 10,000 on 30.9.2009. Loan given by Bharat Ltd. Rs. 50,000 on 1.9.2009. Prepare statement as per section 212 of the company's Act to be submitted by Amar Ltd. 4 The Balance Sheets of Sun Ltd. and Moon Ltd. as on 31.3.2000 are given below : Liabilities Sun Ltd. Moon Ltd. Assets Sun Ltd. Moon Ltd. Share capital Rs. 100 each fully paid up General Reserve P&LA/c Bills Payable Creditors 1,20,000 20,000 12000 2000 4000 1,00,000 36000 20000 5000 7000 Fixed Assets Investments in Moon Ltd (8000 shares of Rs. 11 each) Stock Debtors Cash at Bank Bills Receivables 44.000 88.000 10000 6000 6000 4000 84,000 40000 15000 13000 16000 158000 168000 158000 168000 Contingent liability of Sun Ltd. Bills discounted not yet matured Rs. 2500 Sun Ltd. purchased the shares on 1.4.97 when the shares were purchased, general reserve and P and L Account of Moon Ltd. stood at Rs. 30,000 and Rs. 16000 respectively. Dividends have been paid at 10% per year after acquisition of shares, first dividend being paid out of pre-acquisition profits. Sun Ltd. has credited all dividends received to Profit and Loss account. On 31.3.2000, Moon Ltd. declared bonus shares at one fully paid shares for every 5 shares held. However, no effect has been given to bonus shares in the above accounts. The bonus was declared out of profits earned prior to 1.4.97 from general reserve. When the shares were purchased agreed valuation of fixed assets of Moon Ltd. was Rs. 108000. No effect has been given with regard to re-valuation of fixed assets in the above mentioned accounts. Depreciation has been charged at 10% p.a. on straight line method on the book value as on 1.4.97; there has been no addition or sale since then. Every year a sum Rs. 2000 has been transferred out of current profits to General Reserve. Bills Receivables of Sun Ltd. include Rs. 2000 due to Moon Ltd. whereas Sundry Debotrs of Moon Ltd. include Rs. 4000 due from Sun Ltd. It is found that Sun Ltd. has remitted a cheque of Rs. 2000, which has not yet been received by Moon Ltd. Prepare consolidated Balance Sheet as on 31.3.2000 of Sun Ltd. and its subsidiary. OR 4 Following are the Balance Sheets of Senior Ltd. and its subsidiary Junior Ltd. as on 31st December, 2009. Liabilities Senior Ltd. Junior Ltd. Assets Senior Ltd. Junior Ltd. Share capital Goodwill 112000 65000 equity shares Building 180000 115000 of Rs. 10 each 900000 450000 Vehicles 360000 170000 10% Preference shares Furniture 135000 90000 of Rs. 100 each 180000 90000 Investments 562500 110000 General Reserve 172500 87500 Stock 112500 112500 P&L Account 300000 300000 Bank 141000 200500 Creditors 195000 100500 Debtors 157000 160000 Bills Payable 15000 10000 Bills Receivables 2500 15000 1762500 1038000 1762500 1038000 Additional Information : (i)    Senior Ltd. has purchased 75% equity shares of Junior Ltd. on 1.1.2009 for Rs. 393750. On this date, P&L Account of Junior Ltd. shows credit balance of Rs. 67,500 and general reserve of Rs. 45000 on the same date. (ii)    Junior Ltd. paid a dividend of 10 % on its paid up capital for the year 2008 from the balance of profit and Loss account as on 1.1.2009. (iii)    Preference share capital of Junior Ltd. includes shars of face value of Rs. 33700 possessed by Senior Ltd. and which was purchased on 1.1.2007 for Rs. 78,700. (iv)    As per resolution passed on 1st November, 2009, Junior Ltd. has made a bonus issue of one share for every ten shares from its General Reserve but its effects was not given in the books of accounts. (v)    All the Bills receivables of Senior Ltd. are drawn on Junior Ltd. out of which bills of Rs. 7500 are discounted with the Bank. (vi)    During 2009, Senior Ltd. purchased goods from Junior Ltd. costing Rs. 22,500 at the price of Rs. 27,000, out of which 40% of such goods are lying in stock on 31.12.2009. (vii)    On 1.1.2009, vehicles of Junior Ltd. were found over-valued by Rs. 22,500. For this, necessary adjustments is to be made. Depreciation has been charged at 10% p.a. Prepare consolidated Balance Sheet as on 31.12.2009 5 Write short notes (any three) (i)    Utility of social accounting (ii)    Stages of designing an accounting system (iii)    Accounting standard-4 (iv)    Advantages of holding company (v)    Significance of fund flow statement. RE-3358]    15    [ 3500 ] 1 From the following particulars relating to Anand Ltd. prepare the Trading Account and Profit and Loss Account of the company for the year ending 31.12.2008 and its balance sheet as on that date. Fixed Assets Turnover Ratio.........................................2 Debt Collection Period......................................2 months Gross Profit.................................................................25% Net Profit Ratio.......................................................... 15% Consumption of Raw Materials............40% of the cost Stock of Raw materials..............4 months consumption Finished Goods........................................20% of the cost Fixed Assets to Current Assets.................................. 1:1 Current Ratio...................................................................2 Long term loan to current liability........................... 1:3 Capital to Reserve and Surplus.................................5:2 Value of Fixed Assets................................Rs. 10,50,000 OR The following information relates to Bharat Ltd. Prepare the Balance Sheet for the year 2008-09. (a)    Inventory Turnover Ratio is 6 times. (b)    Year end debtors are outstanding for 2 months. «  Start   Prev   1   2   Next   End  » Unable to read this question paper? Attachment: veer-narmad-south-gujarat-university-2010-m-com-commerce-29133-1.pdf 1 2 3 4 5 ( 0 Votes ) Add comment Name (required) E-mail (required, but will not display) Notify me of follow-up comments Refresh Send Cancel JComments Earning:   Approval pending. You are here: PAPER Veer Narmad South Gujarat University 2010 M.Com Commerce Financial & Management Accounting : - I , ( Part -1 ) - - Question Paper   Top Skip to content Copyright © 2024 HowToExam.com | Contact Us | Privacy Policy