Corporate Accounting BCom Question Paper : tnou.ac.in

University : Tamil Nadu Open University
Degree : B.Com
Department : Accounting and Finance
Year : II
Subject : Corporate Accounting
Document Type : Question Paper
Website : tnou.ac.in

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Corporate Accounting Sample Question :

B.Com. DEGREE EXAMINATION :
January 2012 :
Second Year
Corporate Secretaryship/Accounting and Finance
Time : 3 hours
Maximum marks : 75

Related : Tamil Nadu Open University Spoken English M.A Question Paper : www.pdfquestion.in/6186.html

SECTION A : (3 × 5 = 15 marks)
Answer any THREE questions :
1. What is meant by profit prior to Incorporation?
2. Who are preferential creditors?
3. X Ltd. was incorporated on 1.1.2005 issued applications for 5,00,000 equity shares of Rs. 10 each. The entire issue was fully underwritten by A, B, C and D.
A – 2,00,000 shares ; B – 1,50,000 shares ;
C – 1,00,000 shares and D – 50,000.
Applications were received for 4,50,000 shares of which marked applications were as follows :
A – 2,20,000 shares ; B – 90,000 shares ;
C – 1,10,000 shares and D – 10,000 shares.
You are required to calculate the net liability of individual underwriters, by giving credit to unmarked applications in the ratio of gross liability.

4. X Co. Ltd. had issued 2,00,000 6% redeemable preference shares of Rs. 100 each. Under the terms of the issue of shares, redemption was to take place on April 2004. A General reserve of Rs. 1,25,00,000 had already been built up out of past profits. For the purpose of redemption 75,000 new 5% preference shares of Rs. 100 each were issued to the public. On the due date, the shares were duly redeemed.
Show journal entries to record the above transactions.

5. Pass journal entries for the following transactions :
(a) Issue of debentures at a discount and redeemable at par.
(b) Issue of debentures at a premium and redeemable at par.
(c) Issue of debentures at par and redeemable at premium.
(d) Issue of debentures at a discount and redeemable at a premium.

SECTION B : (4 × 15 = 60 marks)
Answer any FOUR questions :
6. What are the conditions for redemption of preference shares?
7. What is Amalgamation? What are its objects?
8. What are the records which a company is required to maintain under the companies Act, 1956? What are the consequences of the failure to maintain them?

9. A Ltd went into liquidation with the following liabilities :
(a) Secured creditors Rs. 20,000
(securities realised Rs. 25,000)
(b) Preferential creditors Rs. 600
(c) Unsecured creditors Rs. 30,500
Liquidator’s expenses Rs. 252. He is entitled to a remuneration of 3% on the amount realised (including securities with creditors) and 1 % on the amount distributed to unsecured creditors. The various assets realised Rs. 26,000.
Prepare the liquidator’s final statement of Account.

10. A company was incorporated on June 2004 in order to purchase a running business from January 2004. Following particulars are available from its records
(a) Total sales for 2004 Rs. 80,000.
(b) Sales from January 2004 to May 2004 Rs. 20,000.
(c) Gross profit for the whole year Rs. 30,000.
(d) Total expenses of 2004 (including director’s fee Rs. 1,000) Rs. 25,000.
(e) Company’s share capital Rs. 75,000.
Find out profit prior to incorporation and after incorporation and prepare profit and loss account.

11. ‘A’ limited issued 10,000 equity shares of Rs. 10 each payable as under : Rs. 2 on application, Rs. 5 on allotment and Rs. 3 on final call.
The public applied for 8,000 shares which were allotted. All the money due on shares was received except the final call on 100 shares. These shares were forfeited and reissued at Rs. 8 per share.
Show the journal entries in the books of the company.

12. Give the proforma of Limited companies Balance Sheet as per schedule VI.

Financial Accounting :
Time : 3 hours
Maximum marks : 75
SECTION A : (3 * 5 = 15 marks)
Answer any THREE questions :
1. Give a list of different accounting concepts.
2. Define Consignment.
3. From the following, calculate gross profit.

Rs. :
Opening stock 1,20,000
Purchases 1,40,000
Carriage inwards 30,000
Sales 5,20,000
Closing stock 70,000

4. The Madras head office has a branch at Salem to which goods are invoiced at cost plus 20%. From the following particulars, prepare branch account in the head office books.

Rs. :
Goods sent to Branch 2,11,872
Total sales 2,06,400
Cash sales 1,10,400
Cash received from branch debtors 88,000
Branch debtors on 1.1.2007 24,000
Branch stock on 1.1.2007 7,680
Branch stock on 31.12.2007 13,440