|Time Allowed : 3 Hours||Full Marks : 100|
|The figures in the margin on the right side indicate full marks.|
|Answer Question No. 1 which is compulsory and any five from the rest.|
|1.||(a)||State with reason whether the following statements are true or false:||2x10|
|(i)||Accounting principle is general rule followed in preparation of financial statements.||(0)|
|(ii)||The Inventory under AS–2 is valued on the basis of cost price or current replacement cost whichever is lower.||(0)|
|(b)||Fill up the blanks:|
|(i)||Disclosure under AS –16 --------------------- adopted.||(0)|
|(ii)||Amount of ------------------------ capitalised during the accounting period.||(0)|
|(c)||Under what headings will you show the following items in the Balance Sheet?|
|(i)||Shares in affiliated undertakings (Dr)||(0)|
|(ii)||Pre–payments and accrued income.||(0)|
|(d)||Which of the following statements is correct or incorrect?|
|(i)||Most of the items of cost are direct in contract costing than job costing.||(0)|
|(ii)||In contract costing credit is taken only for a part of the profit on complete contract.||(0)|
|(e)||What are the major forms of Royalties?||(0)|
|(f)||State briefly applicability of AS–3.||(0)|
|(g)|| Which of the following Intangible Assets is considered as an unidentifiable Intangible Asset? |
|(h)||State the advantages of presentation of final Account in Summary form.||(0)|
|(i)||State what information should be provided in the financial statements under AS–4.||(0)|
|(j)||What are the fundamental accounting assumptions enumerated by the International Accounting Standards Committee.||(0)|
|2.|| The Profit and Loss Account of Mr. X showed A net profit of Rs.60,000 after considering the closing stock of Rs.37,500 on 31st March, 2009. Subsequently the following information was obtained from scrutiny of Books: |
on cost, though approval was given in April, 2009, these were taken as sales for March, 2009.Calculate the value of stock on 31st March, 2009 and the adjusted net profit for the year ended on that date.
|3.|| The following is the Balance Sheet of Moon Ltd. as on 31.03.09: |
The following scheme of reconstruction is sanctioned.
|4.||(a)||What do you mean by “Cum–dividend and Ex–dividend”?||4+12||(0)|
|(b)||Dipa Ltd. was dealing in 10% Government Stock. They furnished the following details about their transactions: |
All the interest being payable on March 31st and September 30 each year.
in each case.
(All workings are to be shown clearly).
|5.||Ping Ltd. with is Head Office in Kolkata, invoiced goods to its branch of Chennai at 20% less than the catalogue price which is cost plus 50% with instructions that cash sales were to be made at invoice price and credit sales at catalogue price less discount at 15% on prompt payment. |
From the following information available from Chennai Branch, prepare the Branch Trading and Profit and Loss Account for the year ended 31st March, 2009 in the books of Head Office so as to show the actual Profit or Loss of the Branch for the year:
It was further reported that a part of stock at the Branch was lost by Fire, which was not covered by Insurance, during the year whose value is to be ascertained and a provision should be made for discount to be allowed to Debtors as on 31st March, 2009 on the basis of the year’s trend of prompt payment.
|6.||(a)||What is Cost–Plus–Contract?||4+12||(0)|
|(b)||Mrs. Bhagwani Das undertook a contract for Rs.15,00,000 on an arrangement that 80% of the value of the work done as certified by the architect of the contractee, should be paid immediately and that the remaining 20% be retained until the contract was completed. |
In 2007 the amounts expended were:
In 2008 the amounts expended were:
In 2009 the amounts expended were:
Show how the contract account and also contractee’s account would appear, each of these years in the books of the contractor assuming that the balance due to him was paid on completion of the contract.
|7.|| Complex Ltd. was incorporated on 1st April 2009 to take over the running business of Mr. Haroom. The purchased consideration was: |
The Company issued a prospectus for issuing 1,00,000 Equity Shares of Rs.10 each at a premium of Rs.2 per share and 40,000 10% Redeemable preference Shares of Rs.10 each at par. The entire amount in respect of the issue was received by 30th June, 2009 except the final call of Rs.3 per share on 5,000 Equity Shares issued to Mr. Pawan, a Director. Underwriting commission at 2.5% on nominal value of equity shares and at 3% on preference shares were paid to a Banker.
The preliminary expenses were estimated at Rs.1,50,000 in the prospectus but the actual expenses incurred were as follows:
The Company purchased a plot of land for Rs.3,00,000. It advanced Rs.4,00,000 towards construction of office building and Rs.7,00,000 to a supplier being 35% of total contract price for supply of machinery to the Company. A part of the investments taken over from Mr. Haroon was sold for Rs.1,60,000 (Rs.10,000 in excess of their book value).
Prepare Receipts and Payments Account and other relevant Financial information to be included in the Statutory Report pursuant to Sec. 165 of the Companies Act.1956 in respect of the newly incorporated Complex Ltd. made upto 30th June, 2009.
|8.||Write short notes (any four) of the following:||4x4|
|(a)||Disclosure requirements of Scheduleof the Companies Act, 1956 with regard to the miscellaneous expenditure.||(0)|
|(b)||Votable and Non–votable items.||(0)|
|(c)||Cash Reserve u/s. 18, Banking Companies Act.||(0)|
|(d)||Valuation of Inventories (AS–2).||(0)|
|(f)||Supplementary grant of Government finance.||(0)|