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Day Date
Semester
Subject Name
Time
Code
Marks
Wednesday 18/04/2018
III (Fresh /Repeater)
Advanced Management Accounting Auditing Advanced Accountancy Paper II
03. 00 PM to 06. 00 PM
310603
100
Instructions: Question No.1 is compulsory. Attempt any three questions from Q.2 to Q.5
Q.1
The following is the Receipt and Payment Account of Ryan Education Society. Receipts and Payments Account for the year 31.03.2017
25
Receipts
Rs.
Payments
Rs.
To Bal b/d
42,000
By Salaries
4,20,000
To Admission fees
30,000
By stationery
18,750
To Tuition fees
2,47,500
By Office Expenses
38,000
To Term Fees
45,000
By Rent
70,000
To Grant from Government
4,50,000
By Annual Gathering expenses
24,000
To miscellaneous Receipts
16,500
By Computers
1,20,000
By Land
1,05,000
By bal c/d
35,250
8,31,000
8,31,000
Additional Information:
The assets of the education society on 01.04.2016 were
Land
Rs. 150000/-
Furniture
Rs. 82500/-
Laboratory Equipments
Rs. 90000/-
Books
Rs. 60000/-
Fixed Deposits
Rs. 300000/-
Cash in hand
Rs. 42000/-
50% of term fees are to be capitalized.
Interest on fixed Deposit is outstanding.
Outstanding tuition fees (31.03.2016) Rs. 15750/-
Depreciate furniture @10%p.a. Laboratory equipment p.a. and Books p.a.
Prepare Income and Expenditure Account and Balance sheet as On 31.03.2017.
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Q.2
The following Trial balance was extracted from the books of M/s Mahesh Pvt. Ltd. Who purchased the business from Mr. Hemant on 1st January, 2016 but the company was incorporated on 1st April,2016. No entries relating to transfer of the business were entered in the books that was carried on until 31st December, 2016
25
Trial Balance as on 31 December 2016
Particulars
Rs.
Particulars
Rs.
Fixed Assets
1,50,000
Sales
2,79,300
Current Assets (excluding closing stock)
1,01,200
Capital Account of Mr. Hemant as on 1st January, 2016
2,00,000
Preliminary Expenses
1,560
Current Liabilities
31,660
Stock (1st January, 2016)
30,000
Loan
25,000
Purchases
2,09,720
Commission of sales
6,150
Office Salaries
16,640
Rent Taxes
1,640
Office Expenses
2,400
Directors Remuneration
15,000
Carriage Outwards
1,650
5,35,960
5,35,960
Additional Information:
1. Stock 31st December, 2016 was valued at
2. Purchase consideration Rs.2,50,000 to be paid by issue of 25,000 Equity shares of Rs.10 each.
3. As compared to other months, turnover is doubled in January, August and September.
4. Write off one fourth of the preliminary expenses.
5. Allocate carriage outwards in the ratio 2:3 between pre and past period.
Prepare trading and profit and loss Account for the year ending on 31st December, 2016 in pre and post in corporation period and balance sheet as on that date.
Q.3
The balance sheet of Khushi Ltd. as on 31.03.2017
25
Liabilities
Rs.
Assets
Rs.
Equity share capital (Rs.10 each)
25,00,000
Fixed Assets
40,00,000
Securities Premium
5,00,000
Investment
15,00,000
General Reserve
10,00,000
Bank
15,00,000
10% debentures
25,00,000
Other current assets
25,00,000
Creditors
15,00,000
Bills payable
5,00,000
Bank over draft
10,00,000
95,00,000
95,00,000
Additional to formation
The company decided to buyback the maximum number of equity
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share at a price of Rs. 25 per share.
Before buyback all the investments are to be sold at profit of Rs. 5,00,000 pass necessary journal entries to record buyback and prepare balance sheet thereafter.
Q.4
a½
From the following receipt and payment A/C prepare Income expenditure A/C
13
Receipts
Rs.
Payments
Rs.
To balance B/d
14,000
By rent
36,000
To tuition fees
82,500
By salaries
1,40,000
To term fees
15,000
By stationery
6,250
To Govt. Grants(50% capitalized)
1,60,000
By books (01.01.2016)
35,000
To rent for hall
5,500
By computer
40,000
By Gen. Expenses
8,000
By balance c/d
11,750
2,27,000
2,27,000
Provide 10% depreciation p.a. on books computers

From the following details find out the maximum number of shares to be buyback and after price at which it can be buyback.
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Equity share capital of Rs. 100 each
50,00,000
General reserves
20,00,000
P&C A/C
20,00,000
Securities premium
10,00,000
12% debentures
50,00,000
Bank loan
10,00,000
Q.5

Explain convergence of Indian accounting standard.
10
b½
Write note on IAS 32 v/s As 31
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