University of Allahabad 2008 M.Com Commerce Advance Accounting - Question Paper

200
(k)
Stationery
1,500
(l)
Repair
1,000
(m)
General expenses
500
occupies a room in a hotel at Mumbai at 10 a.m. on sixth June 2004 at Rs. 500 for a stay of 24 hours or a part thereof. compute the amount payable by Mr. Raman in every of the subsequent circumstances assuming that a service charge at 12% is also payable.
(a) If Mr. Raman checks out seven p.m. on sixth June 2004 itself.
(b) If Mr. Raman checks out eight a.m. on seventh June 2004
(c) If Mr. Raman checks out three p.m. on seventh June 2004 and
(d) If Mr. Raman checks out nine a.m. on eighth June 2004.

PART B — (4 × 15 = 60 marks)
ans any 4 ques..
9.X Co. Ltd. agreed to acquire the assets excluding cash as on 31st December, 2005 of Y Co. Ltd. The balance sheet of Y Co. Ltd. as on that date was as provided :
Balance sheet
Liabilities
Rs.
Assets
Rs.
Equity capital

Goodwill
60,000
(Shares of Rs. 10 each)
3,00,000
Land and buildings
1,20,000
General Reserve
80,000
Plant and Machinery
2,00,000
Debentures
50,000
Stock
80,000
Creditors
10,000
Debtors
30,000
Profit and loss account
60,000
Cash
10,000

5,00,000

5,00,000
The consideration was as follows :
(a) A cash payment of Rs. four for every share of Y Ltd.
(b) The problem of 1 share of Rs. 10 every (Market value Rs. 12.50) in the X Co. Ltd. for every share in Y Ltd.
(c) The problem of 1,100 debentures of Rs. 50 every in X Co. Ltd. to enable Y Ltd. discharge its debentures at a premium of 10%.
(d) The expenses of liquidation of Y Ltd. amounting to Rs. 4,000 was to be met by themselves. provide the journal entries in the books of both the companies.
00

10.From the subsequent balances of New General Insurance Co. Ltd. as on 31st December 2005 prepare (a) Fire revenue account (b) Marine revenue account.
Particulars
Rs.
Particulars
Rs.
Survey expenses (fire)
10,000
Commission earned on

Additional reserve opening

reinsurance ceded

(fire)
50,000
(marine)
60,000
Commission paid (marine)
1,08,000
Commission earned on

Commission paid (fire)
90,000
reinsurance ceded

Claims paid and

(fire)
30,000
outstanding (marine)
3,80,000
Management expenses

Claims paid and

(fire)
1,45,000
outstanding (fire)
1,80,000
Management expenses

Earning:   Approval pending.