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    3131CorporateAccountingFebMar2024

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    Shamant T

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    3131CorporateAccountingFebMar2024

    Uploaded by

    Shamant T
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    3131CorporateAccountingFebMar2024

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    Shamant T

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    tfillrilttilltiltilililtiltil NP - 358

    Zt
    lll Semester B.Com. Exadr{ation, February/March 2024
    (NEP) (F+H)
    TOURISM AND TRAVEL MANAGEMENT ts.Cou 'I'r
    ''l
    Paper - 3.1 : Corporate Accounting
    Time :ZYz Hours Max. Marks : 60

    lnstruction : Answer to be written in English only.


    SECTION -A
    Answer any six sub-questions. Each sub-question carries two marks. (6x2=12)
    1. a) Give the meaning of authorised capital.
    b) What is book building ?

    c) What is firm underwriting ?

    d) What do you mean by super profit ?


    e) Wlrat do,youmean by IPR ?
    0 Mention any two methods of valuation of shares.
    g) What do you mean by right issue ?
    h) What is FPO ?

    SECTION - B

    Answer any three questions. Each question carries four marks. (3x4=12)
    {r
    2. Soundarya Cosmetics Limited with a nominal capital of 10,000 shares ol
    t 1001- each, issued 5000 preference shares for public subscription. The share
    value was payable as follows :

    t 20 on application
    T 50 on allotment

    T 30 on final call

    All the shares were subscribed and the amount dully received'except the call
    money on 400 shares. Give Journal Entries.
    P.T.O.
    Np - 3s8 -2- lllllllllllllllllllllllllllllllllll

    3. The company issued 1,00,000 equity shqres of t 10 each. 60o/o althe issue
    was underuritten by Vinutha and Pruthvi in the ratio of 3 : 2. Applications for
    80,000 shares were received out of which the marked applications were Vinutha
    25,000 share and Pruthvi 12,000 shares. Determine the liability of underwriters.

    4. Bharat Ltd. showed the tollowing trading results


    2A20-21- 50,000
    2021-22 - 60,000
    DoDD-De,
    LvLu bV - 7tr nnn
    , VTVVV

    During the year 2021-22lheclosing stockwas undervalued by T 5,000. Calculate


    the value of goodwil! at 3 years purchase of average profits, calculate using
    weighted average profit method.

    5. From the following particulars, Calculate the value of gquity share under yield
    method.
    a) 5,000, 9olo preference shares of { 100 each
    t
    b) 1,25,000 equity shares of 10 each. T 8 per share paid up
    c) Expected profits before tax { 5,45,000. Rate of taxation 4O%.
    d) Transfer to general reserue ZOa/o protits every year.
    e) Normal rate of earning for this type of business is 15%.
    6. Under which heading would you show the following in company final accounts ?
    a) Securities premium
    b) Unpaid dividends
    c) Debenture interest
    d) Contribution to provident fund
    e) Patents
    f) Raw materials +t
    g) Loose tools
    h) Computer software. i

    .
    SECTION -C
    Answer any three questions. Each question carries twelve marks. (3x12=36)

    7. A limited company invited the public to subscribe to its 10,000 equity shares of
    T 100 each at a premium of T 10 per share, payable on allotment. Payments
    were to be made as follows :
    On application { 20 per share
    On allotment T 40 per share (including premium)
    ilililil iltil til tilllllll ilIililt
    NP - 358
    On first call { 30 per share
    On second and final call T 20 per share
    Applications were received for 13,000 shares. Applications for 2,000 shares were
    rejected and allotments was made pqoportionatetytothe remaining applications
    (total shares allotted were 10,000). Both the calts were made and m6ney duly
    received except the final call on 300 shares. The shares were forfeited after
    due notice. Later, 200 of the forfeited shares were re-issued as fully paid up at
    t 85 per share.
    Pass the necessary Journal Entries.

    8. Sagar Ltd. issued 2,50,000 shares of T 10'each which was underwritten as


    follows :
    A - 75,000 shares (firm undennrriting B,OO0 shares)
    B - 62,500 shares (firm undenruriting 12,000 shares)
    C - 62,500 shares (firm underwriting nil)
    D - 50,000 shares (firm undenuriting 90,000 shares)
    The total applications excluding firm undenrvriting but including marked
    applications were 1,80,000 shares.
    Marked applications were :
    A:40,000 B:36,000 Q:24,AOO D:48,000
    Calzulate the liabitiff :
    a) Firm underwriting as marked application.
    b) Firm undenryriting as unmarked application.
    9. The Balance Sheet of Kirn Trading Co. Ltd. is as follows as on g1-12-ZO2g.
    Liabilities AssetsT t
    Share capital 5,00,000 F. Assets 4,00,000
    General reserve *2,00,000 6% investments 1,00,000
    PIL Nc 1,00,000 C. Assets 4,00,000
    C. liabilities 1,00,000 i

    9,00,000 9,00,000
    Net prof it after taxation 202 1 - t 1,30,0 0o. za22: T 1,50,0 ao, 2ozg- T 1,25,000.
    Normal rate of return 15o/". The current assets are to be taken at { 4,20,000.
    Ascertain the goodwill under:
    a) 4 years purchase of super profits
    b) Capitalisation of super profits
    c) Annuity of super profits taking.
    The present value of annuity of r 1 for five years at 1s% as Bs. 9.12.
    :
    NP - 358 ilillllllililllllill[il]llillil|

    10. Following particulars of A Ltd. are available :

    - 1,00,000 equity shares of T 10 each fully paid.


    - 10,000, 12o/o preterence,shares of t 100 each fully paid.
    - Reserve and surplus - T 1,50,000.
    - t
    Current liabilities - 1,80,000.
    - The past profits earned each year by the company on an average amounted
    to T 2,85,000, which includes a non-recurring incorne of T 8,000.
    Normal rate of return in such type of business is 10%.
    Calculate the fair value of each equity share.

    11. From the following prepare the final accounts of Giresh Trading Company Ltd.
    for the year ended 31-3-2023. with the help of. the following adjustments and
    trial balance.
    a) Closing stock was valued at T 1,91,500.
    b) Depreciation on plantand machinery at15/oand on Furniture allAo/oshould
    be provided.
    c) A tax provision of T 8,000 considered necessary.
    d) Directors proposed dividend of 6%.

    Opening stock 50,000 Sales 3,25,000


    Furniture 17,100 Discount 3,150
    Calls in arrears 5,000 P&L A/c. 6,220
    PlanUMachinery 1,80,500 Creditors 35,200
    Purchases *t 2,OO,OO0 Reserve fund 25,000
    Discount 4,2A0 Loan from directors 15,700
    lnsurance (upto 30-6-22) ' 6,720 Share capital 2,50,000
    Salaries 24,500
    Bonus 14,300
    Wages 70,000
    Debtors 38,700
    Printing and stationery 11,350
    Bank balance g4,7OO

    Bad debts 3,200

    : 6,60,270 6n60,270

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