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Posted Date: 15 Aug 2012 Posted By:: keerthishree Member Level: Silver Points: 5 (Rs. 3)
2012 B.Com Bangalore University, 4th semester , bcom, examination -April/May- 2012, Corporate Accounting-II Question paper
Are you looking for the old question papers of BCom second year i.e, 4th semester of Bangalore University. Here are some of my collection which help may for your preparation of exam . The question paper I submitted is question paper of Bcom 4th semester of Bangalore University of , Corporate Accounting-II of year 2010 . I think this may help you.
4th Semester, B.Com. Examination –April/May-2012
[Time: 3 Hours] [Max. Marks: 90]
Instruction: Answers should be written completely either in English or Kannada.
1. Answer any ten sub-questions. Each question carries 2 marks. (10 x 2 = 20)
a) What do you mean by amalgamation of companies?
b) What is meant by net assets method?
c) Define purchase consideration.
d) State any two objectives of absorption.
e) State the types of voluntary winding up.
f) Distinguish between external reconstruction and internal reconstruction.
g) Give the meaning of free hold property.
h) Mention any four examples of statutory reserve.
i) What is meant by an intangible asset? Give an example.
j) Mention the two forms of internal reconstruction.
k) Who are secured creditors?
l) Who is a liquidator?
Answer any five questions. Each question carries 5 marks. (5 x 5 = 25)
2. Who are preferential creditors under the Companies Act?
3. What are the differences between amalgamation and external reconstruction?
4. As per AS-14, state the conditions of amalgamation in the nature of a merger.
5. What are the grounds for compulsory winding up of company?
6. Calculate the purchase consideration:
a) Total assets at book value =Rs.1,25,000
b) Assets taken over at 10% less than book value
c) Total liabilities Rs.50,000
d) Liabilities not taken over =Rs.12,500
e) Liquidation expenses Rs.2, 500 is to be borne by the purchasing company.
7. From the following details, calculate liquidators remuneration:
a) Balance of cash after preferential creditors Rs.2,10,000
b) Other unsecured creditor Rs.2,50,000
c) Liquidators remuneration 5% on the amount paid to other unsecured creditor.
8. Calculate the amount of purchase consideration:
a) Cash payment of Rs.50,000
b) Issue of 80,000 equity shares of Rs.10 each fully paid at Rs.15 per share
c) Issue of 50,000 shares of Rs.10 each. Rs.6 per share paid up
d) Issue of 30,000 debentures of Rs.10 each at a discount of 10%.
9. Write the journal entries for settlement of purchase consideration in the books of purchasing company from following details:
Purchase consideration Rs.5, 00,000, settled by issue of equity shares of Rs.100 each at a premium of 25%.
Answer any three questions. Each question carries 15 marks. (3 x 15 = 45)
10. Sandhya Ltd. And Minu Ltd. Caring on similar business decided to amalgamate and a new company Minu-Sandhya is to be formed to take over the assets and liabilities of both the companies and it is agreed that fully paid equity shares of Rs.100 each shall be issued by the company to the value of net assets of each of old companies.
Balance sheet as on 31-3-2012
Liabilities Sandhya Ltd. Minu Ltd. Assets Sandhya Ltd . Minu Ltd.
Rs.50 each 50,000 40,000 Goodwill 5,000 2,000
General Reserve 20,000 – Land& Building 17,000 10,000
P/L A/c 3,000 – Plant & Machinery 24,000 16,000
Creditors 4,000 8,000 Furniture 5,000 7,500
B/P 4,000 – Stock 10,000 7,500
BOD – 8,000 Cash 8,000 300
Debtors 12,000 7,000
P and L A/c – 5,700
81,000 56,000 81,000 56,000
All tangible assets are taken over at book value and goodwill of Sandhya Ltd. Is to be valued at Rs.12,000 while that of Minu Ltd. Is nil.
Prepare necessary Ledger Accounts in the books of both the companies.
11. Given below is the Balance Sheet of Bharath Gold Mines Ltd., K.G.F.as on 31-3-12
Liabilities Amt. Assets Amt.
10,000 8% preference
Shares of Rs.10 each 1,00,000 Goodwill 2,00,000
10,000 equity shares
of Rs.10 each 1,00,000 Plant 10,000
Creditors 36,000 Debtors 2,400
BOD 40,000 Stock 44,000
Preliminary Expenses 6,000
P/L A/c 5,000
The following scheme of reconstruction was adopted.
a) Rs.10 preference shares were to be reduced to an equal number of fully paid shares of Rs.8 each.
b) Rs.10 equity shares were to be reduced to an equal number of fully paid shares of Rs.5 each.
c) Creditors agreed to forego Rs.16,000
d) The amount available was to be utilized to the nominal assets and the balance if any to be written off from Goodwill.
Pass Journal Entries and prepare the reconstruction Balance Sheet.
12. On 31-3-2012, the Balance Sheet of Ajanth Ltd. Was as follows:
Liabilities Amt. Assets Amt.
50,000 equity shares of
Rs. 10 each 5,00,000 Goodwill 25,000
General reserve 2,50,000 Fixed assets 1,75,000
Current Liabilities 1,50,000 Bank 50,000
Other current assets 6,50,000
Ajanth Ltd. Was to be absorbed by Karthick Ltd. On following terms:
a) Karthick Ltd. to take over the Assets (Except bank) and the liabilities at 10% less than book value.
b) The consideration is to be discharged by Karthick Ltd. In the form of equity shares of Rs.10 per share at a premium of Rs.5 per shares. Show Ledger Accounts in the books of Ajanth Ltd. And give Journal Entries in the books of Karthick Ltd.
13. Sudha Ltd. Plans for external reconstruction to come out of huge financial disorders. The balance sheet of the company on 31-12-2011 was as follows:
Liabilities Amt. Assets Amt.
2,00,000 equity shares of
Rs.10 each 20,00,000 Fixed assets 20,00,000
BOD 10,00,000 Current assets 12,00,000
S.creditors 12,00,000 Cash 1,20,000
B/P 20,000 P/L A/c 9,00,000
The scheme of reconstruction was as follows:
a) The new company shall have an authorized capital of Rs.40,00,000 in equity shares of Rs.10 each. The company agreed to take assets and liabilities of Sudha Ltd..
b) S.creditors were paid 80% of their claims in shares of new company of Rs.10 each in final settlement.
c) Fixed assets and current assets were revalued at Rs.25,00,000 and Rs.13,00,000 respectively by the new company.
d) Each share holder of Sudha Ltd.shall receive one new share of Rs.10 each in the new company.
e) New company also made a fresh issue of its shares to the extent of 50,000 shares of Rs.10 each to the public, the amount so received was utilized to pay off 50% of the BOD. The amount on public issue was duly received by the company.
f) Liquidation expenses which amounted to Rs.20,000 and B/P Rs.20,000 was paid fully by the new company.
Give opening Journal Entries and the Balance Sheet in the new companys books after reconstruction.
14. Leena Ltd. Went into voluntary liquidation with the following liabilities:
a) Secured creditors =Rs.2,00,000
b) Preferential creditors =Rs.6,000
c) Other unsecured creditors=Rs.3,00,000
The expenses of liquidation amounted to Rs.2,500. The liquidation is entitled to remuneration at 3% on all assets realized including the securities held by secured creditors and 2% on the amount distributed to unsecured creditors other than the preferential creditors. The various assets realized Rs.4,20,000 (including Rs.2,20,000 realized from securities)
Prepare the liquidators final statement of account.
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