|Total No. of Questions — 6]||[Total No. of Printed Pages —4|
|Time Allowed : 3 Hours||Maximum Marks : 100|
|Answers to questions are to be given only in English except in the cases of candidates who have opted for Hindi medium. If a candidate who has not opted for Hindi medium, answers in Hindi, his answers in Hindi will not be valued.|
|Answer all Questions|
|Wherever appropriate suitable assumptions should be made by the candidate.|
|Working notes should form part of the answer.|
|1.|| Following is the Balance Sheet of M Ltd. as at 31st March, 2008: |
No dividend on Preference shares has been paid for the last 5 years.
Pass necessary Journal Entries to record the above transactions.
|2.||(a)|| The Balance Sheets of X Ltd. as on 31st March, 2008 and 31st March, 2009 are as follows: |
You are required to prepare Cash flow statement for the year ended 31st March 2009 as per AS 3 (revised), using indirect method.
|(b)||S Ltd. grants 1,000 options to its employees on 1.4.2005 at Rs.60. The vesting period is two and a half years. The maximum period is one year. Market price on that date is Rs.90. All the options were exercised on 31.7.2008. Journalize, if the face value of equity share is Rs.10 per share.||8||(0)|
|3.||(a)|| Z Ltd. has three departments and submits the following information for the year ending on 31st March, 2009: |
You are required to prepare departmental trading account of Z Ltd., assuming that the rate of profit on sales is uniform in each case.
|(b)|| The Balance Sheet of Amitabh, Abhishek and Amrish as at 31.12.2008 stood as follows: |
Amrish died on 31stMarch, 2009, due to this reason the following adjustments were agreed upon:
The profits of the last five years are as follows:
The life policies have been shown at their surrender values representing 10% of the sum assured in each case. The annual premium of Rs.1,000 is payable every year on 1st August.
Give the necessary Journal Entries in the books of account and prepare the Balance Sheet of the re–constituted firm.
|4.||(a)||The M. Water Works Company Limited decides to replace one of its old plants with a modern one and large capacity. The cost of plant when installed in 1985 was Rs.48 lakhs. The components of materials, labour and overheads are in the ratio of 5: 3: 2. It is ascertained that the costs of materials and labour have gone up by 40 percent and 80 percent respectively. The proportion of overheads to total cost is expected to remain the same as before. |
The cost of the new plant as per improved design is Rs.120 lakhs and in addition, material recovered from the old plant of a value of Rs.4,80,000 has been used in the construction of the new plant. The old plant was scrapped and sold for Rs.15,00,000.
Show the Journal Entries and Ledger Accounts in the books of M. Water Works Company Ltd.
|(b)|| The following information is presented by Mr. Z, relating to his holding in 9% Central Government Bonds. |
Opening balance (face value) Rs.1,20,000, Cost Rs.1,18,000 (Face value of each unit is Rs.100).
Interest dates are 30th September and 31st March. Mr. Z closes his books every 31st December. Show the investment account as it would appear in his books.
|5.||(a)|| With the help of the following information prepare statement of affairs of Mr. Zenith, who was declared insolvent under the Presidency Town Insolvency Act, 1909. |
His capital was Rs.3,500 and his drawings were Rs.3,500.
His assets consist of:
His unsecured creditors amounted to Rs.20,150 and he owed Rs.250 to his clerk being salary for two months just preceding the date of his insolvency.
|(b)|| Following is the Balance Sheet of M/s Z Ltd. as on 31st March, 2009: |
By the terms of their issue, the preference shares were redeemable at a premium of Rs.0.50 per share on 1st April, 2009, and it was decided to arrange for this, as far as possible, out of the companies resources subject to leaving a credit balance of Rs.24,000 in the profit and loss a/c. It was also decided to raise the balance of funds required by the issue of sufficient number of equity shares at a premium of 10%.
Show the necessary Jou rnal Entries giving effect to the above transactions and the Balance Sheet thereafter.
|6.||Answer any four of the following:||5x4=20|
|(a)||A major fire has damageed the assets in a factory of a Limited Company on 5th April – five days after the year end and closure of accounts. The loss is estimated at Rs.10 crores out of which Rs.7 crores will be recoverable from the insurers. Explain briefly how the loss should be treated in the final accounts for the previous year.||(0)|
|(b)||Explain the types of lease as per AS 19.||(0)|
|(c)||Explain the criteria of identification of Reportable Segments as per AS 17.||(0)|
|(d)||Explain the use of accounting information in Agricultural farm.||(0)|
|(e)||Describe the structure of Government Accounts.||(0)|