Tamil Nadu Open University (TNOU) 2006 B.Com Corporate Accounting - Question Paper

RCom. DEGREEEXAMINATION-JANUARY, 2006.
(For AY2003-2004 and CY2004 batch students)
Second Year
Commerce
CORPORATE ACCOUNTING

Time: three hours Maximum marks: 75
part A - (3 x five =15 marks)
ans any 3 ques..

1. discuss problem of share at par, at premium and at discount.
2. discuss cost of control and minority interest.
3. discuss the different methods of calculating goodwill.
4. The subsequent particulars relate to a limited company which went into voluntary liquidation. Preferential creditors Rs. 25,000 ; Unsecured creditors Rs. 58,000 ; 6% Debentures 30,000. The assets realised Rs. 80,000. The expenses of liquidation amounted to Rs. 1,500 and the liquidators remuneration was agreed at 2t % on the amount realised and 2% on the amount paid to unsecured creditors including Preferential creditors.
Show the liquidator's final statement of accounts.
5. As on 31.12.1995 the books of the Hercules Bank
include among others, the subsequent balances.
Rebate on bills discounted (1.1.1995) Rs. 3,20,000
Discount received Rs. 46,00,000
Bills discounted and purchased Rs. 3,15,47,000

Throughout 1995, the bank's rate for discounting has been 18%. On Investigation and analysis, the
avg. due date for the bills discounted and purchased is computed as 14-2-1996. Show the computation 'of the amount credited to Bank Profit and Loss account under discount earned for the year 1995. Also Pass Journal entries.

part B - (4 x 15 =60 marks)
ans any 4 ques..

6. provide the different schedules relating to Balance Sheet of a banking Company.
7. The Revenue account of a Life Insurance Company showed the Life fund at Rs. 73,71,000 on 31.12.1995
before taking in account the subsequent items.
(a) Claims intimated but not admitted Rs. 98,250
(b) Bonus utilised in reduction of premium Rs. 13,500
(c) Interest accrued on investments Rs. 29,750
(d) Outstanding premium Rs. 27,000
(e) Claims covered under reinsurance Rs. 40,500
(f) Provision for taxation Rs. 31,500
Pass Journal entries giving effect to the above adjustments and show the adjusted life fund.

Earning:   Approval pending.