|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)||Distinguish between shares and stock.||3||(0)|
|(b)|| Match the following items shown below: |
|(c)|| Choose the correct answer: |
The amortization of amount of software commences from the date when it is
|(d)|| Match the following |
|(e)||What is meant by Reversionary Bonus?||3||(0)|
|(f)|| A non–profit organisation has furnished the following data in connection with finalisation of accounts for the year ended 31st March 2008: |
The amount of subscription to be taken as income for 2007–08 is
|(g)|| A & B are two partners of a firm sharing the profits & losses in the ratio of 7/12 and 5/12 respectively. On 1st April 2008 they take C as a partner giving him 1/6 share. A & B agreed further to share the future profits in the ratio of 13/24 and 7/24 respectively. C, in addition to his capital, brings in Rs. 96,000 as his goodwill for 1/6 share. The goodwill amount is to be shared between A & B. |
The share of goodwill amount of A & B respectively will be:
Choose the correct one.
|(h)|| Choose the correct answer: |
Under the hire–purchase system the buyer becomes the owner of goods:
|2.||(a)||From the following information relating to ND Ltd, prepare a Balance Sheet as on 31.12.2007. |
Current Ratio — 2
|(b)||Mention any five purposes for which share premium account can be utilised.||5||(0)|
|3.||(a)||Kanpur Electric Supply Company rebuild and reequipped one of their plant at a cost of Rs. 80,00,000. The old plant thus, superceded, cost of Rs. 30,00,000. The capacity of new plant is thrice of the old plant. Rs. 1,00,000 realised from sale of old materials. Four old motors valued at Rs. 2,00,000 salvaged from old plant, were used in the construction. The cost of labour and material was respectively 20% and 25% lower than now. |
The proportion of labour to material in the plant then and now in 2 : 1. Show the journal entries for recording the above transactions if accounts are maintained under double entry system.
|(b)||Mention any five areas in which different accounting policies may be adopted by different enterprises.||5||(0)|
|4.||(a)|| Suchandra, Ashmita and Kasturi were running partnership business sharing Profit and Losses in 2 : 2 : 1 ratio. |
Their Balance Sheet as on 31.03.2008 stood as following:
On 1.4.2008, they agreed to form new company Tata (P) Ltd. with Ashmita and Kasturi each taking up 460 eq. share of Rs. 10 each, which shall take over the firm as going concern including Goodwill, but excluding cash and bank balance.
You are required to close the books of the firm by passing necessary journal entries.
|(b)||Write short notes on treatment of abnormal losses in Branch Account.||5||(0)|
|5.||(a)|| Following balances have been extracted from the books of an electricity company at the end of 2007: |
The company earns a profit of Rs. 8,50,000 (after tax) in 2007. Show how the profit is to be dealt with by the company, assuming bank rate is 5%.
|(b)||Distinguish between Statutory Reserve and Cash Reserve in respect of Banking Companies.||5||(0)|
|6.||(a)|| The income and expenditure account of an association for the year ended 31st March 2008 is as under: |
The aforesaid income and expenditure account has been prepared after the following adjustments:
You are required to prepare Receipts and Payments Account of the association for the year ended 31st March 2008 and the Balance Sheet as at that date.
|(b)||Distinguish between ‘Receipts and Payments Account’ and ‘Income and Expenditure Account’.||5||(0)|
|7.||(a)|| The summarized balance sheet of A Co. Ltd. as on 30th June 2008 is as under: |
The redeemable preference shares were due for redemption on 31st August 2008 and were redeemed and duly paid off. The company is permitted to redeem the debentures at any time at a premium of 10% and did so on 30th September 2008.
The company was in a reasonably liquid position but to assist in providing funds for redemption of the redeemable preference shares, a rights issue of equity shares was made. 20000 equity shares were issued for cash at a premium of Rs. 20 per share, Rs. 12.50 payable on application on 15th July 2008 and the balance on allotment on 31st July 2008. All cash due was received on the due dates.
|(b)||State the prerequisites to be complied with by a company for issue of shares at a discount.||5||(0)|
|8.||Write notes on:||3x5|
|(b)||Double Accounting system;||(0)|