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ROLLNO.-_-
Iinglish Nl[edium
lnterna! Examination
Scnrestcr'
DATE: 09-10- 20.14
l
TIME : 1'30 Hours
Financial Accounting CE-101 Marks : 50
Thursday
Q-1
: 201 4
(16)
under
Balnace-Sheet of Bey-Yaar Ltcf irs at 31-3-13 is as
Rs.
Liabilities
Rs.
Assets
Assets
10000 equity
fixecl
shares of Rs.100
Current
each
fully Paid
uP
10,00,000
Arr"rt*
Bank
I
8,00,000
I
4,00,000
I
3,00,000
57o redeemable Pref.
i
I
I
I
shares
of Rs.
100
I
leach Rs. 80 Paicl uP
l
p"rrt,rr.
lo
I
*t
account
lCreclitors
I z,+o,ooo
[
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15,00,000
i
15,00,000
isssuecl 1600 new equity shares of Rs' 100
redeem
eaclr at a premium of Rs. 25 pet shale with a view to
above preference shares at a premiutn of 10olo'
Th*orpory
After fulfilling necessary provisions of the companies
pref'
Act, all payments were macle except to the holders of 200
Shares:
journal entries for the above transactions
in the books of company trncl also prepare new balance sheet
after reclemption of pref. shares'
Pass necessary
OR
2
Q-l
Balnace-Sheet o1'Fauny Ltcl. as at 31-3-13 is ns
lls.
Liabilitics
'A'equity shale cirPi.
(eech
ot'nr. t0. Rt.')
per sliitre peid
uP)
'B'equity share caPi.
utrcler
Its.
.\ ssc ts
Fixed Assets
I
15,00,000
1,50,000
Current Assests
|
4,50,000
(16)
50.000
Bank
I
(each of Rs. 10, Rs.8
I
4,80,000
per share paid up)
General reserve
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|
CRR
I
Securities pretnium
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Dividend Equali. Func
P
& L account
II
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17,(x),000
17,(X),(XX)
Directors of the cornpnay resolved to issue Lronus shares as under
(1)
Bonus to make partly paid up equity shares
fully paicl
(2)
:
as
uP.
One fully paicl up equity sltare as bonus agaitrst
two equitY
shares-
'
Pass necessal'y entries in tlie books of compnay to recotd
above transactions and also prepae new balance sheet afler bonus
issue.
Q-2
(A)
(10)
Selfie Ltcl. Issuecl 2,00,000 equity shares of Rs. 10 each
at2O7o premiuln to general public' Anrount called up per
slrare was as uncler.
aPPlication
On allotment
On first call
On Finel clrli
With
,
Rs' 5
Rs' 4 (Including premi')
Rs' 2
Balltrtcc ltllloul)l
Applications were received for 3,00,000 shares' The
compllzIy rejectecl applications for 20,000 sltres and llloney was
refuuclecl. 2,00,000 shares we.re allotted on pro-rata alnol.lg
remainin-e applicatnts
auc,l
excess application money was adjusted
against money clne on etllotrnent. The company rcceived all money
except fbllowin-e.
(i)
Vijay did not pay al.lohnent anrl both call nroney on 2000
sltares.
(ii) ' Malya clid not pay both callmoney
AII
these shares were forfieted
on 1000 sha'es'
by the cotnpnay
and
re-isstted at l}Vo discount.
Pass
journal entries in the books of the
compnay
regarcling following onlY.
(l) Share forfeiture
(2) Re-issue of shares
(3) Ciosing forfeited shares account
OR
(A)
Law garden Ltcl. issuecl 2,00,000 equity shares of
Rs. 10 each at 107o discount to general public' Amount
called up per share was as under'
With application
Rs.
On allotment
Rs. 4
On first call
Rs.
On Final call
Balance amount
3
1
Applications were received for 4,60,000 shares'
The company made allotment of shares as under'
No. of applications No. of slrares allotted
40,000
Nil
60,000
60,000
80,000
2,80,000
"40,000
1,00,000
(10)
'
from pro-rata allotmetrt
Excess application molley t'eceiveci
and call' The compnay
was utilizecl towiucls sums clue orr allotment
receivecl atll amount on shares'
Pass necesary journal entries
in the books of company
regzrclin g followin-e onlY'
(1)
Closing of share application account after
allotrnent of shares'
(Z)
(B)
Receivins shares allotment money'
Wlite short note (ANY
(1)
(06)
ONE)
Privisions of Compnies Act' re-earding
Shares issued at discount'
(2)
Sweat equitY shares'
Q-3 Give answer
(A)
as directecl
(aXy
(18)
I'HREE)
Write short note (any two)
(1)
Provisions of companies Act regarcling
ReclcemPtion of Pref' shares'
(2) Types and sources of Bonus
(3) Profit Prior to incorPoration
(4) Potential equitY shares'
(B)
shares
the amount to
From the following information find out
and pass journal
be caried to CRR as per companies Act
entry for issue of new shares'
(1) 97aRed. Pref. Sl.rare caPital
(2) RedernPtion Premiutn
(3) Balances from the Bal' Sheet'
CaPital Reserve
Securities Prenrium
Getteral reserve
Divi. equalisation Fund
Rs. i0,00,000
l0Vo
Rs'
20,000
30,000
1,50,000
65,000
.5
Necessary nurnber of equity shares eaclt of Rs. 100 issuecl at
07a ciiscount
(C)
with a view to redeetl pref. shares at l}o/c premiutn.
The Circus Ltcl. ircquircs rt business ol Cortrecly bros.
on l-'l-12, it being incorporated on 1-11-i2. The tlrst
are clrarvrt Lrpto
3
1
-3- 13.
^ccount
The total suies r.vere Rs. 7,56,000, the monthly average 01-
whiclr for the tour months frorn JLrly to act.-2012 being htrlf of
that of the remaining period. The compnity eamed a unifonn
profit.
Find out time ratio and sales ratio.
(D)
'
Answer the foilowing (Any 3)
(1)
Frorn.which balances Bonus can not be given to
make partly paicl shhles fully paid?
(2)
State the maximum rate of interest on calls received
in adviince and calis in arrears as per Table 'A'.
(3)
In which latio sales rnen's salary and preliminary
expenses are divided to find profit prior to
incorporation
?
(4) if pref. Shares are to be redeerned at I)Vo prem. for
rvhich tlte proceeds of new shares is Rs. 1.00,000
and Rs. 50.000 has been carried to CRR, find out
the total hmolint of redenrption on pref. Shrres.
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