Answer any TEN questions.
All questions carry equal marks.
What is human resource accounting?
LD~~ GlJGTT
Bi~~UJ~
GTro!DlT~ GTro~?
Define - accounti~g standards.
Bi~8;.$lUJ~
~ryrfuBiGlr- GlJ6IDryUJW.
What is meant by 'Annuity'?
~~®~
Q~IT6IDBiGTro!DlT~ GTro~?
,
I
What is additional reserve?
~®~~
5.
BiITULj GTrofDlT~ GTro6GT?
What is "Rebate on bills discounted"?
GlJLLLb Q8'WUJUULL
6.
LDIT!bW8L®
t.D~IT6GT
~Glr~uLq..
GTrofDlT~jGTro~?
What do you understand by contingent liabilities?
,®Bi~8'lTrylTQUITWULjBiGlr u!bnSl ~6'lS1rr~nSlGlJ§I UJIT§J?
7.
What is meant by absorption?
FfrrUU6IDLDULj GTrofDlT~ GTro~?
8.
How purchase consideration is determined?
QBiITGlrc!:p~~ LDWUUJ6ID~ GTQJGlJITW~rrLDIT~8;6>uu®.$l!D§I?
9.
Write a note on "Contributory".
'urfu8i~~~ro'
10.
u!bnSl ®nSluLj GT@§I8i,
Who are preferential creditors?
QP6&r@lfil~LD BiLdp;a~ITI'rBiGlr
11.
What is creditors voluntary winding up?
8iLdp;a~lTrr
12.
UJITGlJrr?
~6&r 6'lS1®UU8;8i~Q)ULj
What is meant by cash credit?
GrylT8;8i8iLro GTro!DlT~ GTro6GT?
GT6&r!DIT~GTro~?
PART B - (5 x 5 = 25 marks)
Answer any FIVE questions.
All questions carry equal marks.
13.
What are the limitations of human resource accounting?
LD~~6lJ6TT a;~8;$lUJbIS16irr ®~lDurr(9a;ro
14.
State the objectives of accounting standards.
a;~8;£uSlUJ""
15.
UJrr~6lJ?
~1J~~m CJDrr8;a;rfua;~6TTQ~fil6lS\.
The life fund of a life insurance company on 31.3.2002 showed a
balance of Rs. 54,00,000. However, the following items were not
taken into account while preparing the revenue Alc for 2011-12.
~.
(a)
(b)
(c)
(d)
(e)
Interest and dividends accrued on investments
Income-tax deduced at source on the above'
Reinsurance claims recoverable
Commission due on reinsurance premium paid
Bonus in reduction of premiums
20,000
6,000
7,000
10,000
3,000
~® ~lLlro a;rrL.lISt.:.(9 )£lW6lJ~Lb, 31.3.2012 ~6ifW ~!b@l~LUJ
~lLlro
)£l~ ®. 54,00,000 @®uu!brra;
a;rraioTt.Sl~~~. 2011-12 ~aioT@8;a;rr~
6lJ®6lJrrliJ a;~8;® ~lUrrfil8;®Lb Curr~ £wa;rrWLb ~a;6B6i.>a;~6TT GT@~~8;
Qa;rrro6TT6lS\""~Q). .
I
e!!j.
16.
(~)
0:Pfb~® 6lJL...llt-LDW[pltb urliJBirrfbITUJtb
(~)
aLD WBi6liol"L6lJ w!& OJ
(@)
LDlPf8;rrLJL5Q;laBiITIJQ> WL...BiUUL...L~
(R')
(2...)
LDlPfBiITUDQ;l0:P~~LDtb
ffiJ @liD rr~
6,000
7,000 .
6lJ tfl t5lllt-~fbtb
Q8'~~~UJ~Q>
Qtl~6m"LDtb @j~!D8;BiLJUL...L~Q>
20,000
fblJa6lJ6liol"llt-UJ fblJ®
10,000
3,000
Q€l.J@jLD~
The Trial balance of the Nedungadi Bank Ltd. as on 30th
June ~012 shows the following balances.
Rs.
Interest and discount
Rebate on bills discounted (1. 7.2011)
Fills discounted and purchased
45,40,600
4,750
3,37,400
The unexpired discount as on aO.6.2012 if') estimated to be
Rs. 5,560. Draft necessary adjusting entries and calculate the
amonnt of inter(Jst and discount to be (~reditcd to profit and loss
account.
Qp.;(b)r!iJa;rrUj6l.Jr!iJ$l~uSlQu.: ....lq-~ ~®uL.J8: ~8'lTtbQ)~ 30 ~~~
£~8;a;6IllrrL ~a;6l.JQ)Q)a;1TL...®8il!D~.
2012 ~~1!)J
@.
6l.JL...lq-LDlD
1!)JLD~ffi~u
45,40,600
lq(1.7.2011)
LDlTlD1!)J8:
BL...lq-~~ffi~ulqLDlTlD1!)J8:
BL® ~ffi~ulq-
LDlD1!)JLD
Qa;lTffiQP~~
4,750
3,37,400
30.6.2012
~~IDJ
P,fJlT~ ~ffi~ulq®. 5.560 ~~
LD~UQ®
Q8'uJlUUU®8il!D~. ~~Q)6l.JlUlT~ u~Gl..la;Q)ffi~ ~!1~ LDlD1!)JLD
~Q)rTU p.;LL
a;~8;8il~
6l.JfJGl..lQ)6l.J8;a;UU@LD 6l.JLlq-~ Q~ITQ)a; LDlDWLD~ffi~ulq~8illU6l.JlDQ)!D8; a;~8;8il®a;:
17.
S Ltd. was taken over by R Ltd. The following position was
mutually agreed upon
No. of shares
Face value of share
Net assets
SLtd
RLtd
60,000
90,000
100
10
3,60;00,000
72,00,000
Ascertain intrinsic value of shares, ratio of exchange of shares
and No. of shares to be issued.
~
lblIDl6l.J~~~~ R GSluSlQu.:. ~®~~ p.;L~~.$l!D~.£~8;a;IT~LD
lbl~Q)a;mlQ> ~®6l.J®LD ~L~ulq-8;Q)a;
GLDlDQa;rr6lllrrLlTIT.
S ~uSlQLL
ur!iJ®a;ffil~~QRrr~8;Q)a;
ur!iJ$l~ Qfla;LD~uL.J
lbla;fJQ8'rr~~8;a;ffi
S ~L
60,000
'90,000
100
3,60,00,000
10'
72,00,000
RGSlL
urru®a;ffil6UT 2...ffiGfTfTlT!1~
LD~ULt. ur!iJ®a;ffi uITlLDITlD!D~~~ ~8il~LD LDlD1!)JLD
Q 6l.Jffilu5lLU u L ~6l.JQRrrtq.lUU rru®a;ffil6UT~aRrr~8;~a;
~8illU6l.J lD~!D a;ITQRrr
a;.
18.
Lal Ltd. agreed to absorb the business to Mal Ltd. The purchase
consideration was as under:
(a)
For every 4, 10% preference shares of Rs. 10 each in
Mal Ltd 7 equity shares of Rs. 10 each in Lal Ltd. as Rs. 8
paid up.
There were 60,00010% preference shares in Mal Ltd.
(b)
For every 3 equity shares of Rs. 10 each in Mal Ltd, 8
. equity shares in Lal Ltd. as Rs. 10 paid up. There were
90,000 equity shares in Mal Ltd.
Find out purchase consideration.
Q)1T6UQ)luSlGLL:-, 101T6UQ)luSlG LL:.Jll-~ 6lS"lllJ
ITUITfJ~~~
lOJ"ID
U L.~.
GffilT~ c!:p~6U1OIDJU llJGbTt5'lGbT6lJ®
1OITIDJ:
(~)
FFrr8;ffi ~L~U
llj-8;~ffi
101TQ>Q)luSlGLL:-llj-GbT,~6i.JG6lJIT® 4, 10% C!:P~@JrT1~1O UffiJ@)ffi~
e!!j. 10 65~~~ID@), Q)1T6U Q)luSlGLL:_llj-Gb"r7 8'1Oj@~Q) uffiJ@)ffi~
e!!j. 10 65~Lb, ~~6U e!!j. 8 G8'~~~UUL..L§J.
101TQ>
Q)luSlGLL.llj-6U60,000
(~)
10% C!:P~@JrT1~1OUffiJ@)ffi~ @®Ii>~§J.
101T6U Q)luSlGLL.llj-GbT ~6i.JG6lJIT®
3
8'lOj@~Q)U
uffiJ@)ffi~
e!!j. 10 65~~~ID@), Q)1T6UQ)luSlGLL.llj-GbT 8 8'lOj@~Q)U UffiJ@)ffi~
e!!j. 10 G8'~~~UUL.L§J.
101T6UQ)luSlGLL.llj-Q> 90,000
8'lOj@~Q)U
UffiJ@)ffi~@®Ii>~§J.
Gffirr~ c!:p~Q>lOIDJUllJ ~m ffirr~ ffi.
19.
A liquidator is entitled to receive remuneration @ 2% of the
assets realised and 3% on the amount distributed among the
unsecured creditors. The assets realised Rs. 70,00,000 against
which payment was made as follows:
•
I
Liquidation expenses Rs. 50,000
Preferential creditors Rs. 1,50,000 and
Secured creditors Rs. 40,00,000
Unsecured creditors Rs. 30,00,000
Calculate the total remuneration payable to the liquidator.
~®
8i~Q)uurr6TTrr8;@) G8'IT~§J 6lS"lID!D~6U2% lOIDWLb UIT§JffiITUU!D!D
8iL~li>a~IT®8;@) u$lrrp;~GTf)~~ G~rr~ffiu5l6U 3%-Lb ~~llJlOlT8i GUIDJ$l!DIT~.
G8'IT~8;a;~
6lS"lW!D
e!!j. 70,00,000 Q>£~8;8i~L6lJrrIDJ G8'~~~UUL:-L§J.
8i~Q)uL.jB: G8'Q)Ql8iro e!!j. 50,0000
c!:pGbT®lrT1~lO8iL~p;a~lTrr
t5'l~~llJ
8iL~li>a~rrrr
e!!j. 1,50,000
lOIDIDJLb
e!!j. 40,00,000
t5'l~~u5l6UQ)rr 8iL~p;a~rrrr
e!!j. 30,00,000
8i~Q)uurr6TTrr8;@) G8'~~~llJ
GLDIT~~ ~~llJ~~~
PART C -
(3 x 10
8irr~ffi.
= 30 marks)
Answer any THREE questions.
All questions carry equal marks.
20.
What is "financial reporting"? Explain its importance.
j@~ ~p518;~8iu5lllJ6U 6TGbT!Drr6U
6TGbT6m"?
~~GbT c!:p8;$lllJ~§J6lJ~~~
4
6lS"l6TT8;@).
60507IBYA4A
21.
Prepare Revenue Account of the Marine Insurance company Ltd.
as at 31at Ma~ch 2012 from the following information.
Rs. ('000)
Reserve for unexpired risk (1.4.2011)
496.6
Additional reserve (1.4.2011)
49.66
Premium less reinsurance
720
Claims outstanding
160
(1.4.2011)
Claims paid
470
. Commission
35
,
Expenses of management
54
Audit fees
10
Director sitting fees
3.4
Depreciation
5
General cp.arges
12
Outstanding claims due on 31at March 2012 was Rs. ('000) 60.
Additional reserve is to be maintained at 10% on net premiums.
£~8iIT@lJLD ~8i6U~8iGlfl6lSlQl).ffi~ LDITIT8=31, 2012-ro
lbJWLD~~Qr 6lJQl)6UlTuJ8i~8;~8i
~UJlTlfl8;8i6l..lLD.
8iLroa:ITIT 8iITUDL®
®. ('OOQ>
8iITQ)LD8iL8;8iIT~ .@LIT8;8iITGm"
8ilTul...l(1.4.2011)
496.6
&\.<1'~ro 8irrul...l (1.4.2011)
49.66
LDW8iITUDLkt-GU8i~~
Q8iIT®UL ~6lJookt-UJ
Qa:@)J~~UJ
QP~~LDLD
~8iITlJro
~8iITlJro
(1.4.2011)
720
160
470
8i~6l..l
35
~LDQ)ITGliM~LDQa:Q)6l..l8i~
54
~Qllfl8;~8i 8iLL~LD
10
jUJ8i®!DIT8i~
3.4
~LDIT~
~~uJ LDITGm"LD
5
QUIT~ 8iLL~LD
12
LDITIT8=
31, 2012 ~QrW Q8iIT®UL ~6U~kt-UJ a8ilTfJro (19. ('000)
c!:p~Gm"LD~~GU10% &\.®~GU 8iITUl...lUIJITLDITl8i8i
~6UGliM®LD.
60.
lbJ8i1J
From the following particulars, prepare the profit and loss Ale of
X Bank Ltd., for the year ending 31st March 2012.
Rs. ('000)
3,490
3,650
480
94
Office expen~es
1,550
Discount on bills discounted
1,940
2,240
120
180
1,280
42
Interest on savings deposit accounts
690
Postal expenses
15
Printing and statio~ery
39
Other expenses
18
Adjustments to be made:
(a)
Rebate on bills discounted 5,20,000
(b)
Provide for taxation @ 50% of the profits.
£WMIT@tD
~QlQ>8iaflaSl<!9~~.
LDITITB:31.
2012 ~~@
@tq.61S1Q>
X-QJffiJ~ aSluSlGLl.:...tq.6UrQ)ITUtDLDtDIDJtD
JDLL 8iEm'8;~8i ~LUlTrflM~tD.
®. ('000)
3,490
8iL6UrLO~IT~ QlLtq.
lfi1~Q)LUIT61lT
~QlULj
QlLLtD Q~HULUUULL LDlTtDIDJB:6L@
LO~IT~ ~Qr~utq.
(1.4.2011)
480
94
8iW1~
~~QlQ)8i
3,650
LO~IT~ QlLtq-
G8'Q)~8iQr
1,550
QlLLtD G8'uJLUUULL LDlTtDIDJB:6L@
LO~IT~ QlLLtD
1,940
QIJ'ITM 8iL6UrLO~IT~ QlLtq.
2,240
JDLULj 8i6lm"8;@)
LO~IT~ QjLtq.
120
\!!). ('000)
180
GlJITLQ}BiLDWWLO
GlJrrJBi~
1,280
aLDroGlJQ)IJU UWW tD~lTm GlJLllf-
42
iUJcS®IDrrJ~ BiLLQlMLO
~uSh.JLj Q}QluLj BiQlMcS$l~ LO~lTmQlLllf-
690
~UlTro Qc9'G\)QjBi~
15
~661@p;ro
39
LDWWLO
6T@~QUIT@m-
ifhlJ Qc9"G\)QjBi~
18
c9'rrJBiLLroBi~ Qc9'uJUJaQl~llf-UJQ}QI
23.
:
(~)
QlLLLO Qc9'uJUJUULL LDITWW8L@
(~)
iG\)lTu~thlro 50% QlrrJcSBilTm~~cS~@.
A Ltd, was absorbed by B Ltd, on 31.12.2012. On that date their
Balance Sheets were as under:
Liabilities
Equity shares
B Ltd
A Ltd
~.
~.
Assets
~~.
5,00,000 2,00,000 Fixed assets
Reserves and surplus 1,00,000
Provisions
B Ltd
A Ltd
~.
3,00,000 2,00,000
50,000 Investments
2,00,000 1,50,000 2,000 shares of
'B' Ltd at cost
______
r
20,000
Loans and advances 5,00,000 1,80,000
8,00,000 4,00,000
The conditions of absorption are 2 shares ofB
Ltd., of
Rs. 10 each at a premium of Rs. 2.50 per share of every 1 share
held in 'A' Ltd.
Close the book of A Ltd, and give the entries in the books of
BLtd.
31.12.2012 ~~W
A-4luSlQLL
~uSlQLllf-mlTro
i@ULj J£lQ)G\)cS®!DlULj QI@LDITW:
B QSlL
A QSlL
Q61T~8;iljm
FFrruuQ)LDcSBiUULL~.
~P>~ afhthlt6lro
QUITl!JlLJl
. jMm
~.
~.
t".
alf>irQ)LDUurf.J<¥m
5,00,000
2,00,000 )blQ)Q)UJIT~Q6IT~Mm
iljlTuy LDWl!JltD
~~Ifl
1,00,000
50,000 B QSlu5lQLLIlI-Q>
5l~8;£~
2,00,000
1,50,000 2.000 urru®iljm @~~
iljL~ LDWjpltD
@~U~tD
8,00,000
4,00,000
B QSlL
3,00,000
. A QSlL
~.
2,00,000
20,000
5,00,000
1,80,000
8,00,000
4,00,000
B;L..L6U'>G1TB;GiT.A
R'rrUU6U'>LDut5l6irr
Urf,ut1rt>@)Lb. B-G&u51QLL..
G&u51QLL..tq..GU Qurt>lD
2 UrFu@)B;GiT@. 10 ®~Lb ~®
UrFu£rt>@)
c!:p6U'>6NLDLDITB;
QJ~ffiJB; ~QJ~(blLb.
A G&uSlQLL: ..tq..~
24.
~6iJQQHT®
e!9. 2.50
.
6J~B;6U'>G1T(yltq... B-G&u51QLL..
6J(blB;mlGU U~QjB;6U'>G1T~~®B;.
The position of X Ltd, in liquidation is as follows:
1,000 6% preference shares of Rs. 100 each fully paid
1,000 equity shares of Rs. 50 each fully paid
1,000 equity shares of Rs. 40 each, Rs. 30 called up on which calls
in arrears are Rs. 4,000
Calls in advances Rs. 6,000
Preference share dividend in arrear for one year cash left after
making payments to creditors but before making any call:
Rs.1,17,000
You are required to prepare the liquidator's .final statement
account.
B;6U'>Q)Ut5lGN~UIT~
X-G&uSlGlLL..tq..~
Jbl6U'>Q)B;ffiQJ®LDITjpJ :
1~0006%C!:P~®Jfil6U'>LDurf.J@)B;ffi e!9. 100 6U~LO c!:p@QJ~ili
1.000 8'LDJbl6U'>Q)Uurf.J@)B;ffi
@.
Q8'~~~UJ~
50 6U~Lb c!:p@QJ~Lb Q8'~~~UJ~
1.000 8'LDJbl~Q)U UrFu@)B;GiT@. 40 ®~Lb.
@. 4.000
e!9. 30 ~~~~~~GU
Jbl~~QJ
~6U'>WULj c!:p~ Q8'W~~UJ~
@.
Q8'~~~UJ
t5llD@) ~~ITGb
QJ®L~~rt>@)
B;~8;@)
QB;IT~UL~GU6U'>Q):
~6U'>~ut5lrt>@)
~®P;~ QI)IT8;B;LO@. 1,17,000.
B;~Q)UUITG1Trr ~jpJ~
~~~uLj
I
6.000
C!:p~WJfil6U'>LD UrFu@) Urf.JB;IT~ITUJLb ~®
B;Ldp;~ITrT8;@)
of
~!&8;6U'>B;~UJ ~UJITfr Q8'uJB;.
Q8'~~~Lb
c!:p~