|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.|| ‘A’ and ‘B’ are in partnership sharing Profits and Losses equally. They keep their books by Single Entry system. The following balances are available from their books as on 31.3.2006 and 31.3.2007: |
The transactions during the year ended 31.3.2007 were the following:
On 1.4.2006 an equipment of Book value Rs. 20,000 was sold for Rs. 15,000. On 1.10.2006 some equipments were purchased.
Capital of ‘A’ as on 31.3.2006 was Rs. 15,000 more than the Capital of 'B'. Equipments and Furniture to be depreciated at 10% p.a. and Building @ 2% p.a.
You are required to prepare:
|2.||(a)|| The following particulars relate to a Limited Company which has gone into voluntary liquidation. You are required to prepare the Liquidator's Statement of Account allowing for his remuneration @ 2½% on all Assets realised excluding Call money received and 2% on the amount paid to unsecured creditors including Preferential creditors: |
10,000 Preference shares of Rs. 100 each fully paid.
50,000 Equity shares of Rs. 10 each fully paid.
30,000 Equity shares of Rs. 10 each Rs. 8 paid.
Assets realised Rs. 20,00,000 excluding the amount realised by sale of securities held by partly Secured creditors.
A call of Rs. 2 per share on the partly paid Equity shares was duly received except in case of one Shareholder owning 1,000 shares.
Also calculate the percentage of amount paid to the Unsecured Creditors to the total Unsecured Creditors.
|(b)|| The following is the Balance Sheet of 'A' Ltd. as on 31.3.2007: |
‘R’ Ltd. agreed to take over the business of 'A' Ltd. Calculate purchase consideration under Net Assets method on the basis of the following:
The market value of 75% of the Sundry Assets is estimated to be 12% more than the book value and that of the remaining 25% at 8% less than the book value. The liabilities at book values. There is an unrecorded liability of Rs. 25,000.
|3.|| 'H' Electricity Company earned a Profit of Rs. 60,00,000 (after tax) after paying Rs. 48,000 at 12% interest on Debentures for the year ended 31.3.2007. The following further information is supplied to you: |
Show, how the Profits of the company will be dealt with under the provisions of the Electricity Act, assuming the Bank rate of the year was 8%. All working notes should form part of your answer.
|4.|| Computer point sells Computers on Hire–purchase basis at cost plus 25%. Terms of Sale are Rs. 5,000 down payment and eight monthly installments of Rs. 2,500 for each computer. |
The following transactions took place during the financial year 2006–07:
During the financial year 240 Computers were sold. Out of the above sold Computers during the year the outstanding position were as follows as on 31.3.2007.
Instalments not yet due:
Instalments due but not collected:
Two installments on 5 Computers during the year. Two Computers on which five installments were due and two installments not yet due were repossesed out of Sales effected during current year. Repossesed stock is valued at 50% of cost. All installments have seen received. You are asked to prepare Hire–purchase Trading Account for the year ending on 31.3.2007.
|5.|| The following was the Balance Sheet of ‘A’ and ‘B’, who were sharing Profits and Losses in the ratio of 2 : 1 on 31.12.2006: |
They agreed to admit 'C' into the partnership on the following terms:
Prepare Memorandum Revaluation Account, Capital Account of the Partners and the Balance Sheet of the Newly Reconstituted firm.
|6.||Answer any four from the following:||4x4=16|
|(a)||Explain the functions entrusted to the Treasury.||(0)|
|(b)||List our major Cost elements and Revenue of an Agricultural farm.||(0)|
|(c)||Explain the treatment of Refund of Government Grants as per AS–12.||(0)|
|(d)||The Company X Ltd., has to pay for delay in Cotton clearing charges. The company up to 31.3.2006 has included such charges in the valuation of Closing stock. This being in the nature of interest, X Ltd. decided to exclude such charges from Closing stock for the year 2006–07. This would result in decrease in profit by Rs. 5 lakhs, Comment.||(0)|
|(e)||The Board of Directors of X Ltd. decided on 31.3.2007 to increase sale price of certain items of goods sold retrospectively from Ist January, 2007. As a result of this decision the company has to receive Rs. 5 lakhs from its customers in respect of sales made from 1.1.2007 to 31.3.2007. But the Company's Accountant was reluctant to make–up his mind. You are asked to offer your suggestion.||(0)|
|(f)||Briefly explain disclosure requirements for Investments as per AS – 13.||(0)|