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Exam. Code : 108503
Subject Code: 2809
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CORPORATE ACCOUNTING
Paper-BCG-303
Time Allowed-Three Hours] [Maximump Marks-50
SECTION-A
Note :-Attempt any TEN sub-parts. Each sub-part carries
1 mark.
1. (a) What are sweat equity shares?
(b) Define Purchase Consideration.
(c) Explain Standard Asset.
(d) What do you mean by buy-back of shares ?
(e) Define convertible debentures.
(f) Define Preference Shares.
(g) Define Corporate Dividend Tax.
(h) Define Capital Redemption Reserve.
(1) Explain surrender value.
(j) Explain endowment policy.
(k) Define provisioning coverage ratio.
(1) Explain two categories of amalgamation.
SECTION-B
Note :- Attempt any TWO questions. Each question carries
10 marks.
2. Define Amalgamation. What are the types of
Amalgamations? What are the methods of Accounting
for Amalgamations?
3. Distinguish between Equity Share and Preference Share.
Write a detailed note on Sweat Equity Share.
369(2117)/BSS-22652 (Contd)
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4. X Ltd. invited applications for 2,00,000 equity shares of
Rs. 10 each payable as follows :
Rs. 3 on application
Rs. 3 on allotment
Rs. 4 on first and final call.
Applications were received for 1,80,000 shares and all
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of these were accepted. All calls due were received except
the final call on 4000 shares which were forfeited. 2,000
of these shares were reissued @Rs. 8 per share as fully
paid up. .
Pass entries in the cash book andjournal of the company.
'Also prepare the balance sheet of the company.
5. The Balance Sheets of P Ltd. and Q Ltd. as on 31.3.2016
were as under .
Liabilities PLtd. Q Ltd.
Share Capital 5,00,000 4,00,000
Equity Shares of Rs. 10 each
10% Preference Shares of
Rs. 100 each 4,00,000 2,00,000
General Reserve 1,20000 -
SecurityPremium 30,000 20,000
Profit & Loss Alc 80,000 50,000
10% Debentures 90,000 60,000
Sundry Creditors 60,000 30,000
12,80,000 7,60,000
Assets PLtd. Q Ltd.
Goodwill 1 00000 20,000
Land & Buildings 4,80,000 2,80,000
Plant & Machinery 3,00,000 1,07,000
Furniture 1,00,000 60,000
Investments 1 00,000 1,00,000
Stock 1,00,000 80,000
Debtors 80,000 70,000
Bank 20,000 40,000
Discount on Issue of Debentures - 3,000
12,80,000 7,60,000
369(2117)/BSS-22652 2 (Contd.)
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(
A new company PQ Ltd. was formed on 1.4.2016 to
acquire the business of P Ltd., and Q Ltd., with an
. authorized capital of Rs. 15,00,000 divided in Equity
Shares of Rs. 10 each. The terms and conditions of
acquisition were as under:
(i) The business of P Ltd., was considered worth
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Rs. 11,50,000and was dischargedby issuing 57,500
equity shares at Rs. 20 each..
(ii) The business of Q Ltd., was considered worth
Rs. 5,50,000 and was discharged by issuing 27,500
equity shares at Rs. 20 each.
(iii) Liquidation expenses of P Ltd., amounting to
,
Rs. 10,000 were paid by PQ Ltd.
(iv) 12,000 equity shares in PQ Ltd., were issued to the
public at Rs. 20 per share.
Pass necessary Journal Entries in the books of Transferee
Company and prepare its Balance Sheet by following
AS-14 in the nature of merger. '
SECTION-C
Note :- Attempt any TWO questions, Each question carries
10 marks.
6. Prepare final Accounts of Life Insurance Company with
imaginaryfigures.
7. From the following figures taken from the books of Air
Asia InsuranceCo. Ltd., doing fire underwritingbusiness,
prepare the set of final accounts for the year 2015-16 :
.Particulars Ks.
Fire Fund (As on 1.4.2015) 9,30,000
General Reserve 4,50,000
Investments 36,00,000
Premium 27,01,533
Claims Paid 6,02,815
Share Capital-(Divided into Equity 9,00,000
Shares of Rs. 100 each)
369(2117)/BSS-22652 3 (Contd)
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Particulars Rs.
Additional Reserve 3,30,000
Profit & Loss Alc (Cr.) 75,000
Re-insurance premium 1,12,525
Claim recovered from Re-insurers 21,119
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Commission on re-insurance ceded 48,016
Advance income tax paid 2,50,000
Commission on Direct Business 2,99,777
Commission on reinsurance accepted 60,038
Outstanding Premium 22,300
Claims intimated but not 60,000
paid (1.4.2015)
Expenses on Management 4,31,947
Audit Fees . 36,000
Rates and Taxes 5,804
Rents 67,500
Income from Investments 1,53,000
Sundry Creditors 22,500
Agent's Balances (Dr.) 20,000
Cash in Hand and Bank Balances 1,82,462
The following further information may also be noted:
(i) Expenses of management include survey fees and
legal expenses ofRs. 36,000 and Rs. 20,000 relating
to claims.
(ii) Claims intimated but not paid on 31.3.2015,
Rs. 1,04,000.
(Iii) Income Tax to be provided at 35%.
(iv) Transfer of Rs. 2,00,000 to be made from current
profits to General Reserve.
8. Prepare Banking Company Profit & LossAic and Balance
Sheet with imaginary figures.
9. Define Non Performing Assets. Discuss its classification.
Also explain legal provisions regarding NPA.
369(2117)/BSS-22652 4 12000
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