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B. Com. (Bachelor of Commerce) 2nd Semester
Corporate Accounting

Paper-BCM-205

Time Allowed: Three Hours] [Maximum Marks: 80

Note:- Attempt any four questions from Section A, two questions from Section B and two questions from Section C. Each question in Section A carries 5 marks, whereas each question in Sections B and C carries 15 marks.


SECTION-A

1. Following bills have been discounted by a bank during 2017



Find out the amount of unexpired discount and pass its entry. 

2. The nominal value of the equity shares of a company is Rs. 10 and the current market price is Rs. 40. The company issues right shares at the rate of 1 equity share for every 2 existing shares held, the right shares being issued at a premium of 10%. From the above, calculate the value of Right Shares.


3. The Life Assurance Fund of Insurance Company as on 31 March, 2018 showed a balance of Rs. 87,76,500. It was later found that the following items were not considered : 


(1) Dividend from investments Rs. 4,80,000

(2) Income tax on above Rs. 48,000

(3) Bonus in reduction of premium Rs. 8,77,500 (not taken as expense)

(4) Claims covered under reinsurance Rs. 4,23,000

(5) Claims intimated, but not accepted by the company Rs. 7,62,000.


Ascertain the correct balance of fund.

4. C Ltd. had issued 50,000 shares of Rs. 10 each, Rs. 7 paid up. It passed the following resolutions:

-Existing shares to be made fully paid up without shareholders having to pay anything.

-That further 4,000 fully paid bonus shares of Rs. 10 each at a premium of Rs. 4 per share be issued to existing shareholders.

Following balances appear in the books of company: Securities Premium Account Rs. 12,000; Capital Redemption Reserve Account Rs. 35,000; Surplus Account Rs. 1,80,000.

You are required to pass Journal Entries in the books of the company.


5. Define the term Firm Underwriting.

6. What is the treatment of Dividend and Corporate Dividend Tax while preparing final accounts of companies?



SECTION-B


7. What do you mean by profit prior to incorporation? How is it computed? Illustrate.

8. State the guidelines issued by SEBI for issue of bonus shares.

9. From the following Trial Balance of Bharat Brakes Limited, as at 31st March, 2018, prepare Statement of Profit and Loss for the year ended 31 March, 2018 and Balance Sheet as on that date:





Additional Information :
(1) Closing stock on 31 March, 2018 was Rs. 58,000.

(2) Make a provision for tax Rs. 50,000.

(3) Depreciation is to be provided @ 2% on Land & Buildings and @ 10% on Plant & Machinery.

(4) The directors recommended that Rs. 25,000 be transferred to General Reserve and Final Dividend @ 9% on equity shares (in addition to interim dividend) is to be provided. Assume tax on dividend @ 20.357%.

(5) Rs. 10,000 is to be appropriated for sinking fund.

(6) Debentures were issued six years ago.


10. Reliance Limited having a nominal capital of Rs. 4,00,000, divided into shares of Rs. 10 each offered for public subscription of 20000 shares payable at Rs. 2 on the application; Rs. 3 on allotment and the balance in two calls of Rs. 2.50 each. Applications were received by the company for 24,000 shares. Applications for 20,000 shares were accepted in full and the shares were allotted. Applications for the remaining shares were rejected and the application money was refunded. All money due were received except for the final call on 600 shares which were forfeited after legal formalities were fulfilled. 400 shares of the forfeited shares were reissued at Rs. 9 per share. Record necessary journal entries and prepare the Balance Sheet showing the amount transferred to the capital reserve and the balance in the share forfeiture account.


SECTION-C



12. Following information has been extracted from the books of A.A.K.P. Insurance Co., Ltd. in respect of their marine business.



Prepare a Revenue Account, Profit & Loss Account and Profit and Loss Appropriation Account for the year after taking into account the following further information: (1) All direct risks are re-insured for 20% of the risk.


(2) Claim a commission of 25% on reinsurance ceded.

(3) Provide 25% commission on reinsurance accepted.

(4) Provide 65% for income tax.

(5) Outstanding claim on 31-12-2018 Rs. 60 lakhs.


13. How do the life insurance companies prepare their accounts? Illustrate.

14. Explain the sinking fund method of redemption of debentures.





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