Amity University 2007 B.Com ACCOUNTANCY - Question Paper

PART - A

(ACCOUNTANCY)

Qs 1. List y 4 items which can be credited to the Capital Account of a partner when the Capital Account is fluctuating. (2)

Qs 2. What is meant by ‘Preferential Allotment of Shares’? (2)

Qs 3. provide the meaning of a Debenture. (2)

Qs 4. State the conditions according to Sec. 79 of Company Act 1956 for the problem of shares at discount. (2)

Qs 5. Ram and Shyam were partners in a firm sharing profits in the ratio of 3:5. Their Fixed Capitals were: Ram Rs. 5, 00,000 and Shyam Rs. 9, 00,000. After the accounts of the year had been closed, it was obtained that interest on capital at 10% per annum as given in the partnership agreement has not been credited to the Capital Accounts of the partners. Pass a necessary entry to rectify the fault. (3)

Qs 6. AB Ltd. issued 5, 00,000, 7% debentures of Rs. 50 every. Pass necessary journal entries in the books of the company for the problem of debentures when debentures were: (3)

Issued at par, redeemable at 8% premium.
Issued at 4% premium redeemable at 5% premium.
Issued at 5% premium redeemable at par.
Qs 7. Rao, Ramesh and Gopal were partners in a firm sharing profits in the ratio of 3:5:2. They admitted Sudarshan as a new partner. Rao, Ramesh and Gopal every surrendered 1/10th of his share in favour of Sudarshan. Sudarshan brought Rs. 4, 00,000 for his capital and Rs. 30,000 for his share of goodwill. compute new profit sharing ratio of Rao, Ramesh, Gopal and Sudarshan and also pass necessary journal entries in the books of the firm for the above transactions. (4)

Qs 8. A and B were partners in a firm sharing profits in the ratio of 3:4. Their firm was dissolved on 28.2.2007. On the date of dissolution there was a debit balance of Rs. 35,000 in the Profit & Loss A/c. After the transfer of different assets (other than cash) and 3rd party liabilities to the realisation account the subsequent transactions took place.

Creditors amounting Rs. 40,000 were paid Rs. 39,300 in full settlement their claim.
An unrecorded liability of Rs. 10,000 was paid by B.
Bank loan of Rs. 75,000 was paid. .
Pass necessary journal entries for the above transactions in the books of the firm. (4)

Qs 9. X Ltd had a balance of Rs. 11, 00,000 in its Profit and Loss account. Instead of, a dividend it is decided to redeem its Rs. 10, 00,000, 9% debentures at a “premium of 10%. Pass necessary journal entries in the books of the company for the redemption of debentures. (4)

Qs 10. On first August 2006 HL Ltd. buys 30,000, 9% debentures of Rs. 100 at Rs. 95 every cum-interest. The dates of interest being March 31 and September 30. Record necessary Journal entries when debentures are purchased for cancellation. Show your working also. (4)

Earning:   Approval pending.