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

Q3) On April 1st, 1998 an existing firm had assets of Rs. 75,000/- including cash of Rs. 5,000/-. The partner’s capital account showed a balance of Rs. 60,000/- and reserve constituted the rest. If the normal rate of return is 10% and the goodwill of the firm is valued at Rs. 24,000/- at four year purchase of super profits, obtain the avg. profits of the firm. (Marks 3)

Q4) As a director of a Company you had invited applications for 30,000 equity shares of Rs. 10/- every at a premium of Rs. 2/- every. The total application money received at Rs. 2/- per share was Rs. 72,000/-. Name the type of subscription. List the 3 options for allotting these shares. (Marks 3)

Q5) A limited company has issued Rs. 1,00,000/- 9% Debentures at a discount of 6%. These debentures are to be redeemed equally, spread over five annual installments. Show Discount on problem of Debentures A/C for 5 years. (Marks 5)

Q6) A, B and C were partners in a firm. On 1.1.98 their capitals stood at Rs. 50,000/-, Rs. 25,000/- and Rs. 25,000/- respectively. As per the provisions of the partnership deed :
(a) C was entitled for a salary of Rs. 1,500/- pm.
(b) Partners were entitled to interest on capital at 5% p.a.
© Profits were to be shared in the ratio of capitals.
The net profit for the year 1998 of Rs. 45,000/- was divided equally without providing for the above terms.
Pass an adjustment entry to rectify the above errors. (Marks 4)

Q7) A company offered 10,000 shares of Rs. 10/- every payable as Rs. 2/- on application, Rs. 3/- on allotment, Rs. 3/- on 1st call and Rs. 2/- on final call.
The public applied for 15,000 shares. The shares were allotted on pro-rata basis to the applicants of 12,000 shares. All shareholders paid the allotted money excepting 1 shareholder who was allotted 200 shares. These shares were forfeited. The 1st call was made thereafter. The forfeited shares were re-issued @ Rs. nine per share Rs. 8/- paid up. The final call was not yet made.
You are needed to prepare the cash book and pass journal entries.

OR
On 1.1.95 a company issued 10,000 9% debentures of Rs 100/- every at a discount of 5%. The terms of problem give for redemption of Rs. 1,00,000/- worth Debentures every year commencing from the end of 1996 either by purchasing in the open market or by draw of lots at the company’s choice. The company also wrote off Rs. 10,000/- during the year 1995 and 1996 from the Debentures Discount Account. During the year 1996 the company purchased 400 debentures @ Rs. 95/- and 500 Debentures @ Rs. 96/- for cancellation. Journalise these transactions and also show how you would deal with the profits on redemption of debentures. (Marks 10)

Earning:   Approval pending.