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

Q8) M and N were partners sharing profits in the ratio of three : 2. On the date of dissolution their capitals were - M: Rs. 7,650/-, N: Rs. 4,300/-. The creditors amounted to Rs. 27,500/-. The balance cash was Rs. 760/-. The assets realised Rs. 25,430/-, the expenses on dissolution were Rs. 1,540/-. All partners were solvent.
Close the books of the firm, showing the Realisation, Capital and Cash accounts. (Show the working clearly).

OR

Rohit and Bal sharing profits in the ratio of five : three had subsequent balance Sheet as on December 31,1998:

Liabilities
Amt. Assets Amt.
Creditors
Bills Payable
General Reserve
Capital Accounts:
Rohit

Bal 10,000
4,000
14,000

40,000
20,000


88,000
Goodwill
Building
Plant
Furniture
Debtors
Bills Receivables
Stock
Bank 15,000
17,000
13,500
2,000
16,500
7,500
11,000
5,500
88,000

On January 1st, 1999, they decided to admit Khosla into the partnership giving him 1/5 th share. He brings in Rs. 25,000/- as his share of capital. The partners decide to revalue the assets as follows :
Goodwill Rs. 25,000/-, Plant Rs. 12,500/-, Debtors Rs. 15,500/-, Stock Rs. 16,250/-, Building Rs. 20,000/-, Furniture Rs. 1,000/-, Bills Receivables Rs. 6,250/-. The partners also decided not to show goodwill in the books of the new firm.
You are needed to show the journal entries and prepare the Revaluation A/C. (Marks 12)

Q9) The subsequent figures were extracted from the Trial Balance of X Ltd.
Share Capital 10,000 equity shares of Rs. 10/- every fully paid :

Share premium Rs. 10,000/-
12% debentures Rs. 50,000/-
Fixed deposits Rs. 25,000
Creditors Rs. 5,000/-

You are needed to draw up the liabilities side of the Balance Sheet, according to the requirements of the Companies Act.

OR
What is a contingent liability? Where is it shown in the Balance Sheet? provide 3 examples of contingent liabilities. (Marks 5)

Q10) describe the terms ‘Funds’ and ‘Flow’ in the situation of Funds Flow Statement. (Marks 2)

Q11) discuss the meaning and significance of :
(a) Return on Equity
(b) Interest Coverage Ratio (Marks 4)

Q12) From the subsequent information, prepare a comparative Balance Sheet of Depth Ltd.: (Marks 5)

Particulars 31.12.96
Rs. 31.12.95
Rs.
Equity Share Capital
Fixed Assets
Reserves and Surplus

Earning:   Approval pending.