Corporate Accounting Question Papers 2024
Gauhati University BCOM 2nd SEM NEP
Syllabus
Paper: BCM0200104 (Corporate Accounting)
Full Marks: 60
Time: 2½ hours
The figures in the margin indicate full marks for the questions. Answer either in English or in Assamese.
1. Answer the following as directed: (1*8
= 8)
(i) The Companies Act, 2013 follows
______ format for preparation of Final Account. (Fill in the blank)
(ii) Reserve arising out of revaluation
of assets is also available for issue for bonus shares. (State whether the
statement is true or false)
(iii) The buyback of shares does not
exceed ______ percent of the total paid-up capital and free reserves of the
company. (Fill in the blank)
(iv) In case of partly owned subsidiary
the question of minority shareholders will not arise. (State whether the
statement is true or false)
(v) Internal reconstruction entails
reduction of accumulated loss and change in capital structure. (State whether
the statement is true or false)
(vi) Under asset-backing method, value
of one equity share = ______ divided by number of equity shares. (Fill in the
blank)
(vii) Under net assets method, purchase
consideration is ______ to the amount of net assets taken over by the company
from the firm. (Fill in the blank)
(viii) State one reason for issuing
right shares to the existing shareholders.
2. Answer in brief any six questions:
(2*6 = 12)
(a) State the meaning of Trade payable
in preparing the final accounts of a company.
(b) When and how profit is capitalised?
(c) Explain the meaning of Dog goodwill
and Cat goodwill.
(d) What is Escrow Account?
(e) What are the two advantages of
amalgamation?
(f) What is consolidated Balance Sheet?
(g) Write two needs of valuation of
shares.
(h) Write the meaning of reduction of
share capital.
(i) Mention any four components of
financial statements of a company.
(j) Write a note on Minority interest
in a holding company.
3. Answer any four questions in short: (5*4 = 20)
(a) What is Bonus share? Mention three objectives of issue of bonus
shares.
(b) What is the treatment of preliminary expenses and proposed dividend
while preparing the final accounts of companies?
(c) Write any five points of distinction between amalgamation in the
nature of merger and amalgamation in the nature of purchase.
(d) Describe the manner of preparing consolidated financial statements.
(e) Gadai Limited decided to make a right issue in the proportion of one
new share of Rs. 200 each at a premium of Rs. 50 each to the shareholders for
every three existing shares. The market value of the shares at the time of
announcement of right issue is Rs. 500 each. Calculate the value of right.
(f) Prapti Company Limited had an issued capital of Rs. 5,00,000 in
50,000 shares of Rs. 10 each on which Rs. 7 per share has been called up. The company
now decides to reduce the share capital to shares of Rs. 7 each fully paid by
cancelling the unpaid amount of Rs. 3 per share. Show Journal entries.
(g) The net assets of Disha Limited were Goodwill Rs. 56,400, Building
Rs. 9,00,000, Machinery Rs. 9,00,000. It has the liabilities as Preference
Share Capital Rs. 2,00,000, Debentures Rs. 10,00,000, Trade creditors Rs.
2,50,000. The company has 10,000 equity shares of Rs. 10 each. Find out the
intrinsic value of one equity share.
(h) What are the situations that call for internal reconstruction of a
company?
Also Read: Gauhati University Corporate Accounting Question Papers
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Corporate Accounting Question Paper 2023
Corporate Accounting Question Paper 2024
Corporate Accounting Question Paper 2025
4. Answer any two questions: (10*2 =
20)
(a) From the following balances of Dham
Limited as on 31-3-2024, prepare a Balance Sheet as per the Companies Act,
2013:
Term Loan: Rs. 5,00,000
Trade creditors: Rs. 5,72,500
Cash Balance: Rs. 1,37,500
Loose Tools: Rs. 25,000
Investments: Rs. 2,62,500
Provision for Taxation: Rs. 85,000
Securities Premium: Rs. 2,37,500
Loan from Debtors: Rs. 1,00,000
General Reserve: Rs. 10,25,000
Equity Share Capital: Rs. 6,86,500
Debtors: Rs. 6,02,400
Stores: Rs. 2,00,000
Fixed Assets: Rs. 20,75,000
Finished Goods: Rs. 3,75,000
Capital Work-in-progress: Rs. 1,29,000
Preference share capital: Rs. 1,50,000
Debentures: Rs. 4,50,000
(b) Polku
Limited has Rs. 5,00,000 in equity of Rs. 10 each. It has Rs. 95,000 in General
Reserve, Rs. 32,000 in Security Premium Account. The Company has passed
necessary resolutions to buy-back 10,200 equity shares at par. In order to
execute the resolution, Rs. 40,000, 8% debentures are issued at 5% discount
repayable after 4 years at par. Give Journal entries for buy-back of shares.
(c)
Niribili Limited having a paid-up capital of Rs. 6,00,000 divided into 60,000
shares of Rs. 10 each has reserve of Rs. 4,00,000. The Company has decided to
declare bonus out of the reserve and to distribute the same in the form of
bonus shares of Rs. 10 each as fully paid-up to the existing shareholders in
the ratio of one bonus share for every five shares held in the company.
Calculate the amount of bonus to be declared and show the Journal entries in
the books of the company and represent the items in the Balance Sheet.
(d) Explain
the provisions of AS-14 relating to accounting treatment of amalgamation in the
books of the transferee company.
(e) Vishal
Limited acquired 200 (4/5th) equity shares of Prajapati Limited of Rs. 100 each
on 31-03-2024. The summarised Balance Sheet of Vishal Ltd. and Prajapati Ltd.
on 31-03-2024 were as under:
|
Particulars |
Vishal Ltd (Rs.) |
Prajapati Ltd
(Rs.) |
|
I. EQUITY AND
LIABILITIES |
||
|
(1) Shareholders’ Funds: |
||
|
(a) Share Capital: Equity shares of
Rs. 100 each fully paid |
80,000 |
25,000 |
|
(b) Reserves and Surplus: |
||
|
General Reserve |
30,000 |
8,000 |
|
Surplus (Balance in Statement of P
& L) |
15,000 |
12,000 |
|
(2) Current Liabilities: |
||
|
Trade Payables: Sundry Creditors |
20,000 |
15,000 |
|
TOTAL |
1,45,000 |
60,000 |
|
II. ASSETS |
||
|
(1) Non-Current Assets: |
||
|
(a) Property and Equipment |
70,000 |
25,000 |
|
(b) Non-Current Investments: 200
shares in Prajapati Ltd. |
30,000 |
— |
|
(2) Current assets |
45,000 |
35,000 |
|
TOTAL |
1,45,000 |
60,000 |
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