GUG/W/18/830 1 P.T.O
Bachelor of Commerce (Computer Application) I Second Semester
0213 Financial Accounting-II
P. Pages 4 GUG/W/18/830
Time Three Hours Max. Marks 80

Notes 1. All questions are compulsory.
2. All questions carry equal marks.
1.

State the need of D-Mat Account.
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Rishal Ltd. was formed for the purpose of purchasing a business and was registered with a nominal capital of Rs. 2,00,000 divided into 2000 equity shares of Rs. 100 each, 1000 shares were issued as fully paid to the vendors in part payment of the purchase consideration. The remaining 1000 shares curve offered to public for subscription at a premium of Rs. 5 per share payable as under.
On Application Rs. 10 per share
On Allotment Rs. 25 per share (Including premium)
On First call Rs. 40 per share
On Final call Rs. 30 per share
Applications were received for 900 shares which were daily allotted and the allotment, money was received in full. At the time of the first call, a shareholder who held 100 shares failed to pay the first call money.
Your required to Give necessary journal entries show Balance sheet.
8
OR

Sharvari Ltd. issued a prospectus inviting applications for 20000 shares of Rs. 10 each at a premium of Rs. 2 per share, payable as under:-
On Application Rs. 2 per share
On Allotment Rs. 5 per share (including premium)
On First call Rs. 3 per share.
On Final call Rs. 2 per share.
Application were received for 30,000 shares and allotment made pro-rata to the application of 24,000 shares, money over paid on application was employed on account of sums due on allotment.
Mr. Aman to whom 400 shares were allotted failed to pay the allotment money and on his subsequent failure to pay the first call, his shares were forfeited.
Mr. Aman who applied for 720 shares, failed to pay both the calls and his. shares were forfeited after final call.
The directors decided to reissue three fourth shares of Mr. Aman and one half shares of Mr. Aman to Mr. Sahil at a discount of 10% as fully paid.
Journalese the above transactions in the books of the company.
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2.

The following particulars are available in respect of the business carried on by Sarose industry.
Capital invested Rs. 2,50,000
Year Profit/Loss
2010 61,000
2011 75,000
2012 10,000 (Loss)
2013 1,05,000
Market rate of interest on investment 8%. Rate of risk on capital invested in business Remuneration of the proprietors from alternative employed per annum Rs. 18,000.
You are required to compute the value of Goodwill on the basis of three years purchase of the super profits of the business calculated on the average profits of last four years.
8
*0640*
GUG/W/18/830 2

The following particulars are available in respect of the business carried on by a trader.
Profit earned for the year:-
2010-Rs. 50,000, 2011 Rs. 60,000, 2012 Rs. 55,000,
Normal rate of profit 10%.
Capital Employed Rs. 3,00,000.
Present value of an annuity of one rupee for five years at 10% Rs. 3.78
The profit for the year 2011 include a non recurring profit of Rs. 9,000.
Your are required to calculate Goodwill as per
Five years purchase of super profit.
Capitalization of super profit method and
Annuity method.
8
OR

The following is the Balance Sheet. of Suman co. Ltd. as on 31st December 2017.
Balance sheet
Liabilities
Amt.
Assets
Amt.
Equity share capital
(6000 shares of Rs. 100 each)
6,00,000
Cash at Bank
50,000
Debentures
5,00,000
Sundry Debtors.
80,000
General Reserve
70,000
Stock
1,20,000
Profit Loss A/c
20,000
Investments
1,00,000
Sundry Creditors
30,000
Land Buildings
4,10,000
Other Liabilities
10,000
Furniture
60,000
Goodwill
70,000
Plant Machinery
3,40,000
12,30,000
12,30,000
All the assets were independently valued at Rs. 14,00,000. The company earned net profits for the last five years as follows: Rs. 80,000, Rs. 84,000, Rs. 92,000, Rs. 88,000 and Rs. 96,000.
It was decided to set aside 15% of the profits towards General Reserve and a fair investment return may be taken at 10%.
Find out the value of equity share of the company by.
Net Assets value method Yield value method.
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3.

A fire occurred at the premises of a trader on 31st May 2012 destroying a great part of his stock which at 1st January 2012, appeared in the books at Rs. 80,000. The value of the stock salvaged was Rs. 14,000.
The gross profit on sales was 30% and sales amounted to Rs. 1,72,000 from 1st January, to the date of fire, while for the same period the purchases amounted to Rs. 11,2,400.
Calculate the amount of claim to be submitted to the insurance company.
8

A fire occurred on 1st July 2016 in the Godown of Mr. Rajesh from the following ascertain the amount of claim
Stock on 31st March 2016 Rs. 3,96,000 purchase from 1st April 2016 till the date of fire Rs. 3,64,000.
Wages paid from 1 April 2016
till the date of fire. Rs. 36,000.
Sales from 1st April 2016 fill
the date of fire Rs. 4,50,000.
Stock at the end of each year is valued at 10% less than cost. Average rate of gross profit is 25% on cost. The stock salvaged was Rs. 30,000. The insurance policy was Rs. 3,00,000.
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OR
GUG/W/18/830 3 P.T.O

Fire broke in the premises of M/s Abhijeet. and Co. on 30th June 2017 and all the stock and account books were destroyed. But the following information could be collected from the various other records:
Books are closed on 31st March every year.
Stock of goods on 31st March 2017 Rs. 1,00,000
Debtors as on 31st March 2017 Rs. 35,000.
Creditors as on 31st March 2017 Rs. 20,000.
Cash received from debtors between 1st April 2017 and 30th June 2017 Rs. 2,10,000.
Cash paid to creditors between 1st April 2017 and 30th June 2017 Rs. 1,25,000.
Cash sale between 1st April 2017 and 30th June 2017 Rs. 80,000.
All purchases are on credit
Debtors and creditors as on 30th June 2017 were Rs. 25,000 and Rs. 25,000 respectively.
10) Gross profit rate during 2016-2017 was 30%
11) Stock was insured for Rs. 30,000.
12) Goods salvaged Rs. 2,000.
Ascertain the amount of claim for loss of stock.
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4.

From the following information relating to Rose fish Ltd. Prepare liquidators final statement of account.
Share capital:
1000, Pref. Shares of Rs. 100 each fully paid.
40,000 Equity shares of Rs. 10 each fully paid.
30,000 Equity shares of Rs. 10 each, Rs. 8 paid.
20,000 Equity shares of Rs. 5 each, Rs. 3 paid up.
Debentures of Rs. 50,000.
Creditors:
Preferential creditors Rs. 20,000
Unsecured creditors. Rs. 70,000.
The preference dividends were in arrears for 2 years but yet not declared.
The assets realized Rs. 3,20,000.
Cast of liquidation amounted to Rs. 4,000 and the liquidators remuneration is fixed at on assets realized.
8

A limited company went into liquidation and its Balance sheet as under.
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Liabilities
Amt.
Assets
Amt.
Share capital 10,000, 10%. pref. shares of Rs. 10 each.
1,00,000
Sundry Assets.
7,00,000
20,000 equity shares of Rs. 10 each fully paid.
2,00,000
Building
1,80,000
10,000 equity shares Rs. 10 each Rs. 8 paid up.
80,000
Profit Loss A/c.
1,00,000
15% Debentures.
3,00,000
Preliminary Exp.
20,000
Creditors.
2,70,000
Pref. creditors
50,000
10,00,000
10,00,000
The liquidator realized sundry assets and building for Rs. 5,00,000 and Rs. 2,70,000 respectively. Liquidation Expenses were Rs. 5,500 and remuneration was Rs. 4,500.
Prepare final statement of account to be submitted by liquidator.
OR
GUG/W/18/830 4

The Rishal processors Ltd. went into voluntary liquidation on 31st December 2016 when their Balance sheet was as follows.
Particular
Amount
Liabilities:
5000, 10% cumulative preference shares of Rs. 100 each fully paid.
5,00,000
2500 Equity shares of Rs. 100 each, Rs. 75 paid.
1,87,500
7500 Equity shares of Rs. 100 each, Rs. 60 paid.
4,50,000
15% Debentures (secured by a floating charge)
2,50,000
Interest outstanding on Debentures.
37,500
Creditors.
3,18,750
Assets:
Land Building
2,50,000
Plant machinery
6,25,000
Patents
1,00,000
Stock
1,37,500
Sundry Debtors
2,75,000
Cash at Bank
75,000
Profit and loss A/c
2,81,250
The preference dividends were in arrears for 2 years and the creditors include the preferential creditors of Rs. 38,000.
The assets realized wear as follows:
Land and Building Rs. 3,00,000
Plant and Machinery Rs. 5,00,000
Patents Rs. 75,000
Stock Rs. 1,50,000
Sundry Debtors Rs. 2,00,000
The expenses of liquidation amounts to Rs. 27,250. The liquidator is entitled to a commission of on assets. realized except cash.
Assuming the final payment including those on debentures is made on 30th June 2017.
Show the liquidators final statement of Account.
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5.
Write short note.

Forfeiture of shares
4

Future Maintainable profit
4

Average clause
4

Function of Liquidator.
4