Madras University (UnOM) 2007 B.C.A Computer Application Accounts - Question Paper

Part I Accounting

Q1) Why is ‘Profit and Loss Appropriation Account’ prepared? (Marks 3)

Q2) elaborate the options available to a company for the allotment of debentures when there is over- subscription of debentures? (Marks 3)

Q3) A and B were partners sharing profits in the ratio of three : 2. They admitted X and Y as new partners. A surrendered 1/3rd of his share in favour of X and B surrendered 1/4th of his share in favour of Y. compute the new profit sharing ratio of A, B, X and Y. (Marks 3)

Q4) A and B were partners in firm sharing profits and losses equally. Their firm was dissolved on 15th March 1999, which resulted in a loss of Rs. 30,000. On that date the capital account of A showed a credit balance of Rs. 20,000 and that of B a credit balance of Rs. 30,000. The cash account had a balance of Rs. 20,000. You are needed to pass the necessary journal entries for the :
(i) transfer of loss to the capital accounts of the partners and
(ii) making final payment to the partners. (Marks 4)

Q5) M and J are partners in a firm sharing profits in the ratio of three : 2. They admitted R as a new partner. The new profit sharing ratio ranging from M, J and R will be five : three : 2. R brought Rs. 25,000 for his share of goodwill premium. Pass the necessary journal entries for the treatment of goodwill? (Marks 3)

Q6) Suvidha Ltd. purchased machinery worth Rs. 1,98,000 from Suppliers Ltd. The payment was made by problem of 12% debentures of Rs. 100 every. Pass necessary journal entries for the purchase of machinery and problem of debentures when:
(i) Debentures are issued at par.
(ii) Debentures are issued at 10% discount.
(iii) Debentures are issued at 10% premium. (Marks 4)

Q7) X Limited has an authorise capital of Rs. 10,00,000 divided into equity shares of Rs. 10 every. The company invited applications for 50,000 shares. Applications for 40,000 shares were received. All calls were made and were duly received other than the final call of Rs. two per share on 1000 shares. 500 of the shares on which the final call was not received were forfeited. Show how Share Capital will appear in the Balance Sheet of the company as per Schedule VI Part - I of the Companies Act. 1956? (Marks 5)

Q8) AB Ltd. invited applications for 1,00,000 12% preference shares of Rs. 100 every issued at a discount of 10%. The amount was payable as follows :
On Application Rs. 20
On Allotment Rs. 30
On 1st and Final Call - balance
Applications for 1,50,000 shares were received. Applications for 30,000 shares were rejected and pro-rata allotment was made to the remaining applicants. All calls were made and were duly received other than the 1st and final call on 1000 shares held by Kumar. His shares were forfeited. Out of the forfeited shares 750 shares were re-issued at Rs. 120 per share fully paid up.

Earning:   Approval pending.