Calicut University 2006 M.Com Commerce ADVANCED FINANCIAL ACCOUNTING - Question Paper
D27052
D 27052 (Pages : 4) Name..iJ.S:
Reg. No....Su.0.JT.JXC/?TJ SECOND SEMESTER M.Com. DEGREE EXAMINATION, NOVEMBER 2006
Commerce
M.Com. 2-2ADVANCED FINANCIAL ACCOUNTING (2004 admissions)
O'-
Maximum ; 80 Marks
Time : Three Hours
Part A
Answer all questions.
Each question carries 2 marks.
1. Differentiate between Internal Reconstruction and External Reconstruction. 2 What is the need for Accounting standards ?
3/ State any two special features of Farm Accounting.
4/ What is the role of Public Accounts Committee ?
5. Distinguish between Cum-dividend and Ex-dividend.
(5 x 2 = 10 marks)
Part B
|
Answer any four of tho following. Each question carries 10 marks. 6. The Balance Sheet of Triton Ltd., on 1.4.2004 was as under : | ||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||
|
Because of financial difficulties, the following scheme of reorganisation was approved : |
(a i The shareholders will get new equity shares of Rs. 50 each fully paid, the equal number to their present holding.
(b) The creditors have agreed to accept 75 paise in a rupee in full settlement and for this they will take new equity shares of Rs. 50 each fully paid.
Turn over
2 D 27052
'<' The est limited liability for Workmans Compensation is only Rs. 22,000 and therefore, the balance nf investment was sold at a profit of 90 %.
(d) It was decided to eliminate share premium account.
(e) To write down the value of machinery by Rs. 92,400, stock by 20 % and provision for doubtful debts Rs. 15,000.
Give necessary Journal Entries for implementing the above scheme and Balance Sheet after reorganisation.
(10 marks)
7. S S. Himalaya set on voyage from Kolkata to Mumbai on 31st December on which date the accounts are closed, ;he return voyage had not been completed. The details of the entire voyage to Mumbai and back to Kolkata completed after 31st December, were :
Freight Rs. 4,00,000 ; Diesel consumption Rs. 70,000 ; Stores consumed Rs. 30,000 ; Port '' charges Rs. 15,000 ; Salaries of crew Rs. 40,000 ; Depreciation Rs. 40,000 ; Insuranceship Rs. 20,000 ; Insurance-freight Rs. 8,000 ; Primage 10 % ; Address commission 5 %.
u
Only Rs. 1,50,000 freight was available on return journey.
Prepare Voyage Account upto 3.1st December. Expenses on full return voyage have been included.
(10 marks)
8. (a) Is government accounting totally different from commercial accounting ? State your opinion'
with reasons.
(6 marks)
(b) Write n brief note on Treasury operations of government. (4 marks)
!)< Explain clearly the various models of Human Resources Valuation. 10 marks)
10 Rajn does not maintain proper books of accounts. However, he maintains a record of his bank transactions are also is able to give the following information from which you are requested to prepare his Final Account* mr the year 2005 :
|
Debtors |
1.1.2005 Rs. 1,02,500 |
31.12.2005 Rs. |
|
Creditors |
' |
46,000 |
|
Stock |
50,000 |
62,500 |
|
Bank balance ... |
50,000 | |
|
Fixed Assets ... |
7,500 |
9,000 |
Details of his bank transactions were as follows :
Rs.
Received from Debtors ... 3,40.000
Additional Capital brought in ... 5,000
Sale of Fi:>.ed Assets (book value Rs. 2,500) ... 1,750
Paid to Creditors 2,80,000
Fxpenses paid ... 49,250
Personal drawings 25,000
Purchase of Fixed Assets ... 5.000
*
3 :
No cash transactions took place during the year. Goods axe sold at cost plus 25 %, Cost of goods
fsold was Rs. 2,60,000.
11, From the following details make up the Cattle Account
Opening stock No.
No. Value
/ Cattle ... 100 Rs. 40,000
.CatfjJRfood ... Rs. 4,000
- Fwchases of cattle food Purchase of cattle during the year ... 200 ' Sales of cattle during the year ... 150
Sales (total) of slaughtered cattle ... 40 Sale of carcases ... 5
(10 marks)
Value Closing stock
Rs. No. Value
115 Rs. 78,000 Rs. 5,000
18,000
78.000
95.000
24.000 100
Out of the calves bom during the year 4 died and the carcases of the calves did not realise anything.
Crop worth Rs. 3,000grown in the farm was used for feeding. Rs. 2,000 is estimated to be wages for rearing slaughter house expenses amounted to Rs. 3,000.
Charge depreciation Rs. 1,000 and Insurance Rs. 500.
(10 marks) [4 x 10 = 40 marks]
PartC
Answer any two of the following.
Each question carries 15 marks.
12. Following are the Balance Sheets of two companies Y Ltd. and Z Ltd. as at 31.3.2005 :
|
Liabilities |
Y Ltd. |
Z Ltd. |
Assets |
YLtd. |
Z Ltd. |
|
Rs. |
Rs. |
Rs. |
Rs. | ||
|
Share capital |
1000 shares in | ||||
|
(shares ofRs. 100 each).. |
. 5,00,000 |
3,00,000 |
YLtd. |
\ |
1,00,000 |
|
Reserves |
. 1,00,000 |
55,000 |
Sundry Assets .., |
. 7,50,000 |
, 3,50,000 |
|
Creditors |
. 1,50,000 |
95,000 | |||
|
7,50,000 |
4,50,000 |
7,50,000 |
4,50,000 |
Y Ltd. was to absorb Z Ltd. on the basis of intrinsic value of the sharesthe purchase consideration was to be discharged in the form of fully paid shares, entries to be made at par value only. A sum of Rs. 20,000 is owed by Y Ltd., to Z Ltd. Also included in the stock ofY Ltd. is Rs. 30,000 goods supplied by Z Ltd. at cost plus 20 %.
Give Jou rnal Entries in the books of both the companies.
(.15 marks)
Turn over
4 D
13. On 1.4.2005, Rajesh had 25,000 equity shares of X Ltd. at a book value of Rs. 15 per shar value Rs. 10). On 20.6.2005, he purchased another 5000 shares of the company at Rs. 16 per The director of X Ltd. amounted a bonus and rights issue. No dividend was.payable or issues. The terms of the issue are as follows :
Bonus basis 1 : 6 (Date 16.8.2005)
Right basis 3 : 7 (Date 31.8.2005) price Rs. 15 per share
Due date of payment 30.9.2005
Shareholders can transfer their rights in full or in part. Accordingly Rajesh sold 33/i
. entitled to Ramesh for a consideration of Rs. 2 per share.
Dividends : Dividends for the year ended 31.3.2005 at the rate of 20 % were declared by X L received by Rajesh on 31.10.2005. Dividends for shares acquired-by him on 20.6.2005 at adjusted against the cost of purchase.
On 15.11.2005, RajesTi sold 25,000 equity shares at a premium of Rs. 5 per share.
You are required to prepare in the books of Rajesh : ...
(a) Investment Account.
(b) Profit and Loss Account.
Assume the books are closed on 31.12.2005 and shares are valued at average cost.
(15
14 Explain in brief the various International Accounting standards. (15
[2x15 = 30
|
Attachment: |
| Earning: Approval pending. |
