Sunday, April 16, 2017

Corporate Accounting Solved Question Papers - May' 2014

2014 (May) – Semester Exam
The figures in the margin indicate full marks for the questions.
1. (a) State whether the following statements are “True” or “False” 1x2=2
  1. Loss on issue of Debenture Account is an asset. False, It is capital loss
  2. Reduction of Capital is a unlawful except when sanctioned by the Court. True
(b) Fill in the blanks : 1x3=3
  1. Preference Shares can be redeemed if they are Fully Paid Up.
  2. The portion of the authorized capital which can be called up only on the liquidation of the company is called Reserve capital.
  3. Dividend declared between two annual general meetings of company is knows as Interim Dividend.
(c) Write the correct answer : 1x3=3
  1. Consolidated Financial Statements are prepared as per Accounting Standard
  1. 19
  2. 21
  3. 23
  1. Under Section 95 of the Companies Act, 1956 a company shall give notice of the alteration of its share capital to the Registrar within _____ days of doing so.
  1. 15
  2. 25
  3. 30
  1. Share Forfeited Account is Shown on the liabilities side of the Balance Sheet.
  1. by adding to the paid-up capital
  2. under the head Reserves & Surplus
  3. Under the head Current Liabilities and Provisions

2. Write short notes of any four of the following: 4x4=16
a) Sinking Fund: Sinking fund is a fund into which a company sets aside money over time, in order to retire its preferred stockbonds or debentures. Such fund is created mainly for some specific purposes which are:
  1. To redeem or repay long term liabilities.  For example: debentures, long term loans etc.
  2. To replace wasting assets. For example: mines etc.
  3. To replace an asset of depreciable nature. For example fixed assets.
Creation of Sinking fund for redemption of debentures:
For redemption of debentures or other long term liabilities, a fixed amount is kept aside yearly as sinking fund for the specific purpose and the same amount is invested in securities etc.  for a specific period so that the sufficient amount is available at the time of redemption of long term liabilities. The amount to be set aside can be determined with the help of Sinking fund table. The amount kept aside should not be debited to Profit and loss account but to Profit and loss appropriation account because the same is an allocation of profit not expenditure.
b) Buyback of Shares: Buy-back means the repurchase of its own shares by the company. When a company has substantial cash resources, it may like to buy its own shares from the market, particularly when the prevailing rate of its shares in the market is much lower that the book or what the company perceives to be its true value. This is known as buy back of shares. Buy back procedure thus enables a company to go back to the holders of its shares and offers to purchase from them the shares they hold. The shares thus bought back have to be cancelled.
Objectives of Buy Back: Shares may be bought back by the company on account of one or more of the following reasons:
  1. To increase promoters holding
  2. Increase earning per share
  3. Rationalise the capital structure by writing off capital not represented by available assets.
  4. Support share value
  5. To takeover bid
  6. To pay surplus cash not required by business
  7. Infact the best strategy to maintain the share price in a bear run is to buy back the shares from the open market at a premium over the prevailing market price.
c) Open Market Operation: Open market operations means deliberate and direct buying and selling of securities and bills in the market by the Central Bank. The open market operations of the RBI are mostly confined to government securities. In order to increase money supply in the market, the RBI purchases securities in the open market. On the other hand, in order to contract credit, the RBI starts selling the securities in the open market.
d) Capital Reserve: Capital Reserve: It is that part of reserves which is create out of capital profits and normally not available for distribution as dividend. Features of capital reserve:
It is that part of the reserves which is not free for distribution as dividend.
It is created out of capital profits.
Capital Reserve is mandatory to be created in case of profit on reissue of forfeited shares.
Capital Reserve is to be shown in liability side of the balance sheet of the company under the heading of ’Reserve and Surplus.’
Capital Reserve is used to write off capital losses and to issue bonus shares to shareholder.

e) Minority Interest: When some of the shares in the subsidiary are held by outside shareholders they will be entitled to a proportionate share in the assets and liabilities of that company. The share of the outsider in the subsidiary is called minority interest.
Amount of minority interest is calculated by adding subsidiary company’s share in pre-acquisition profit, post-acquisition profit and in share capital of the company. Preference share capital to the extent of not purchased by holding company is also added with minority interest. In the consolidated balance sheet all the assets and liabilities of the subsidiary   are consolidated with assets and liabilities of the holding company and the minority interest representing the interest of the outsider in the subsidiary is shown as a liability.
f) Debt Capital: According to Sec. 2 (30) of the companies Act, 2013, debentures include “debenture stock, bonds and any other securities of a company evidencing a debt, whether constituting a charge on the assets of the company or not.” Debentures are debt instruments issued by a joint stock company. Amounts collected by way of debentures form part of the loan capital of a company. This capital is also called debt capital. They are repayable after a fixed period. Debenture holders get interest on their debentures. They are creditors of the company. They do not get dividend. Only shareholders get dividend.

3. (a) PMS Ltd. Has an authorised capital of Rs. 15,00,000 in 15000 Equity Shares of Rs. 100 each. The company issued 10000 shares at a premium of Rs. 20 per share payable us under:
Particulars
Rs.
On Application (including premium)
40
On Allotment
40
On First Call
20
On Final Call
20





Applications were received for 15000 shares and allotment was made as follows :
(i) Regret letters were issued to the applicants for 3000 shares and money refunded.
(ii) Full allotment was made to the applicants for 6000 shares
(iii) The rest of the shares were allotted to the applicants for next 6000 shares on pro-rata basis, the excess application money being adjusted against amount due on allotment.
All money due were received except one shareholder named A to whom 100 shares were allotted on pro-rata basis, failed to pay his allotment money. His subsequent failures to pay the first call, his shares were forfeited. Another shareholder named B to whom 200 shares were allotted failed to pay both the calls and his shares were forfeited after the final call. Out of the above forfeited shares, 200 shares (including 50 shares of A) were reissued at Rs. 90 each as fully paid.  Pass necessary Journal Entries in the books of the company.       14
Or
(b) Discuss the SEBI guidelines (prior to Companies Act, 2013) regarding issue and forfeiture of shares. 14
Ans:
4. (a) Ram Ltd. And Krishna Ltd. decided to amalgamate and a new company named Ramakrishna Ltd. is formed to take over both the Companies as on 31st March, 2013. The following are the Balance Sheets of companies as on that date :
Liabilities
Ram Ltd.
Krishna Ltd.
Assets
Ram Ltd.
Krishna Ltd.
Share capital of Rs.10 fully paid-up
5,00,000
3,00,000
Goodwill
1,00,000
80,000
Reserve Fund
2,00,000
1,50,000
Land & Building
2,50,000
1,90,000
Profit & Loss A/c
 30,000
  50,000
Plant & Machinery
2, 00,000
2,55,000
Dividend Equalization Fund
__
1,00,000
Patents &Trade Mark
__
   52,500
Workmen Compensation Fund
20,000
__
Stock
2, 00,000
1,50,000
Bank Overdraft
__
  50,000
Sundry Debtors
  90,000
  40,000
Sundry Creditors
90,000
1,10,000
Bills Receivable
__
 20,000
Bills Payable
50,000
  30,000
Cash at Bank
  50,000
  2,500

8,90,000
  7,90,000

 8,90,000
7,90,000
Show how the amount payable to each company is arrived at and prepare the amalgamated Balance Sheet of Ramakrishna Ltd.  assuming amalgamation is done in the nature of purchase. 8+6=14
Journal Entries
Particulars
L/F
Amount
Amount
Business Purchase A/c                                                                                      Dr.
To Liquidator of Ram Ltd.
To Liquidator of Krishna Ltd.

13,50,000

7,50,000
6,00,000
Goodwill A/c                                                                                                      Dr.
Land & Building A/c                                                                                          Dr.
Plant & Machinery A/c                                                                                     Dr.
Stock A/c                                                                                                             Dr.
Sundry Debtors A/c                                                                                           Dr.
Bills Receivable A/c                                                                                           Dr.
Cash at Bank A/c                                                                                                Dr.
To Sundry Creditors A/c
To Bills Payable A/c
To Business Purchase A/c

1,00,000
2,50,000
2,00,000
2,00,000
90,000
-
50,000







90,000
50,000
7,50,000
Goodwill A/c                                                                                                     Dr.
Land & Building A/c                                                                                         Dr.
Plant & Machinery A/c                                                                                    Dr.
Patent & Trade Marks A/c                                                                              Dr.
Stock A/c                                                                                                            Dr.
Sundry Debtors A/c                                                                                          Dr.
Bills Receivable A/c                                                                                          Dr.
Cash at Bank A/c                                                                                               Dr.
To Bank Overdraft A/c
To Sundry Creditors A/c
To Bills Payable A/c
To Purchase Consideration A/c

80,000
1,90,000
2,55,000
52,500
1,50,000
40,000
20,000
2,500








50,000
1,10,000
30,000
6,00,000
Liquidator of Ram Ltd. A/c                                                                             Dr.
Liquidator of Krishna Ltd. A/c                                                                        Dr.
To Equity Share Capital A/c

7,50,000
6,00,000


13,50,000
Balance Sheet
Particulars
Note No.
Amount
  1. Equity & Liabilities:
  1. Shareholders fund:
  1. Share Capital
  2. Reserve & Surplus:



13,50,000
-

  1. Non Current Liabilities:

  1. Current Liabilities
  1. Short term borrowing
  2. Trade Payable

-



50,000
2,80,000
Total (1 + 2 + 3)

16,80,000
  1. Assets:
  1. Non Current Assets:
  1. Fixed Assets
Tangible Fixed Assets:
Land & Building                        4,40,000
Plant & Machinery                   4,55,000
Intangible Fixed Assets:
Patent & trademarks                           52,500
Goodwill (1,00,000 + 80,000)         1,80,000
  1. Current Assets
  1. Inventories
  2. Trade receivable:
Bills Receivable                          20,000
Debtors                                    1,30,000
  1. Cash & cash equivalent






8,95,000


2,32,500

3,50,000


1,50,000
52,500
Total (1 + 2)

16,80,000

Calculation of Purchase Consideration Net Assets Method
Assets – Liabilities
Ram Ltd.
Krishna Ltd.
Assets:
Goodwill
Land & Building
Plant & Machinery
Patent & Trademarks
Stock
Sundry Debtors
Bills Receivable
Cash at Bank

1,00,000
2,50,000
2,00,000
-
2,00,000
90,000
-
50,000

80,000
1,90,000
2,55,000
52,500
1,50,000
40,000
20,000
2,500

Less: Liabilities:
Bank Overdraft
Sundry Creditors
Bills Payable
8,90,000

-
90,000
50,000
7,90,000

50,000
1,10,000
30,000
Purchase Consideration
7,50,000
6,00,000

Or
(b) (i) How is purchase consideration determined? What are the different ways of discharging the purchase consideration?   8
Ans: Purchase Consideration – Methods for calculation
Purchase Consideration refers to the consideration payable by the purchasing company to the vendor company for taking over the assets and liabilities of Vendor Company.
Accounting Standard – 14 defines the term purchase consideration as the “aggregate of the shares and other securities issued and the payment made in the form of ach or other assets by the transferee company to the shareholders of the transferor company”. Although, purchase consideration refers to total payment made by purchasing company to the shareholders of Vendor Company, its calculation could be in different methods, as explained below:
a. Lump sum method
b. Net Assets method
c. Net Payment Method
a. Lump sum Method: Under this method purchase consideration will be paid in lump sum as per the valuation of purchasing companies valuation. E.g., if it is stated that A Ltd. takes over the business of B Ltd. for Rs.15, 00,000 here the sum of the Rs.15, 00,000 is the Purchase Consideration.
b. Net Assets Method: Under this method P.C. shall be computed as follows:
Particulars
Rs.
Agreed value of assets taken over
Less: Agreed value of Liabilities taken over
XXX
XXX
Purchase Consideration
XXX
Note: i. The term “agreed value” means the amount at which the transferor company has agreed to sell and the transferee company has agreed to take over a particular assets or a liability Otherwise book value will be the agreed value.
ii. Fictitious assets (i.e., preliminary expenses, underwriting commission, discount on issue of shares, discount on issue of debentures and debit balance in P & L A/c) are not taken over.
c. Net Payment Method: Under this method P.C. should be calculated by aggregating total payments made by the purchasing company. E.g.: A Ltd. had taken over B Ltd. and for that it agreed to pay Rs.5, 00,000 in cash 4, 00,000 Equity Shares of Rs.10 each fully paid at an agreed value of Rs.15 per share then the P.C. will be ascertained as follows:
Particulars
Rs.
Cash
4,00,000 E. Shares of Rs.10 each fully paid, at Rs.15 per share
5,00,000
60,00,000
Purchase Consideration
65,00,000

(ii) Explain the treatment of reserves of amalgamation in the nature of merger and amalgamation in the nature of purchase.  6
Ans: Pooling of Interest method (Merger Method): In preparing financial statements of the transferee company, assets, liabilities and reserves of the transferor company should be recorded as existing carrying amounts and in the same form at the date of amalgamation, balance of the profit and loss account of the transferor company should be aggregated with the corresponding balance of the transferee company or transferred to general reserve if any. If at the time of amalgamation the accounting policies followed by the transferor company and transferee company are in conflict, it should be resolved, and brought in line with the policies of the transferee company. The difference between the amount recorded in share capital issued and the amount of share capital issued by the transferor company should be adjusted in reserves and surplus.
Purchase method: In purchase method accounting for amalgamation is done by applying same principles used in accounting for normal purchase of assets. Some of the rules adopted are the following. The Assets and liabilities (not reserves) of the transferor company are incorporated in the books of transferee company at the existing amounts. Alternatively, the purchase consideration should be allocated individual identified Assets and liabilities on the basis of their fair values at the date of amalgamation. Non statutory reserves of the transferor company are not included in the financial statements of the transferee company. If purchase consideration > net assets, the difference is debited to the good will account. If purchase consideration < net assets, the difference is credited to the capital reserve account. The goodwill arising on amalgamation should be amortized to income over the five useful life. However if some what a longer period is justifiable the period of amortization can be extended. Where the requirements of the relevant statute so demands, statutory reserves should be recorded in the financial statement of the transferee company.(credit statutory reserves, debit „Amalgamation adjustment account‟). When legal requirements no longer warrants maintenance of such reserve a reverse entry is passed. The Amalgamation adjustment account should be disclosed in the balance sheet under the heading „Miscellaneous Expenditure‟.
5. (a) (i) Write a note on modes of winding-up of a company.         4
(ii) XYZ Ltd. went into voluntary liquidation on 31st March, 2013. The position of the  company on that date was as follows :
Share Capital – 500 Equity shares of Rs. 10 each, Rs. 8 per share called up
40,000
Unsecured Creditors :

Preferential
 5,000
Non-Preferential
25,000
Secured Creditors
(secured on Plant & Machinery)
15,000
Cash in Hand
 1,000
Plant & Machinery finally realized Rs. 10,000 and other assets realized Rs. 10,000. The liquidation expenses amounted to Rs. 500 and the liquidator was entitled to a remuneration of 5% on the amount realized excepting cash in hand and 2% on the amount distributed to the unsecured creditors.        10
Or
(b) What do you mean by preferential creditors? State the rank of preferences to be followed by the liquidator while preparing his final statement of accounts. 5+9=14
6. (a) The following are the Balance Sheets of H. Ltd. and its subsidiary company S. Ltd. as on 31st March, 2013 :
Liabilities
H Ltd.
S Ltd.
Assets
H. Ltd
S. Ltd.
Share Capital : Share of Rs.10  each fully paid
6,00,000
2,00,000
Machinery
3,00,000
1,00,000
General Reserve
1,50,000
  70,000
Furniture
  70,000
  45,000
Profit & Loss a/c
  70,000
  50,000
Investment : 70% shares in S Ltd. at cost
2,60,000
__
Creditors
  90,000
  60,000
Stock
1,75,000
1,89,000
Bills payable
  20,000
  10,000
Debtors
  55,000
  30,000



Bills Receivable
  20,000
  10,000



Cash at Bank
  50,000
  10,000



Preliminary Expenses
__
    6,000

9,30,000
3,90,000

9,30,000
3,90,000
H Ltd. acquired the shares of S Ltd. on 30th June, 2012. On 1st April, 2012, S Ltd. ’s General Reserve and Profit & Loss A/c balance stood at Rs. 60,000 and Rs. 20,000 respectively. Bills Receivable of S Ltd. include bills for Rs. 8,000 accepted by H Ltd. and creditors of S Ltd. include Rs. 20,000 due to H Ltd. No part of preliminary  expenses was written off during the year ended 31st March, 2013.       14
Ans:
  1. H Ltd. = 70%
S Ltd. = 30%
  1. Profit during the year = 50,000 – 20,000 + 10,000 (Transfer to reserve) = 40,000
  2. Control Chart A:
Particulars
Total
H. Ltd
S. Ltd
  1. Pre-acquisition Profit
General Reserve
Surplus upto (1-4-12)                                                       20,000
Add: (40,000*3/12)                                                          10,000

60,000

30,000



Less: Preliminary Expenses
90,000
6,000



84,000
58,800
25,200
  1. Post-acquisition Profit
General Reserve (70,000+60,000)
Surplus (40,000*9/12)                                                      30,000          
Less: Transfer to Reserve                                                 10,000

10,000

20,000



30,000
21,000
9,000
  1. Share Capital
2,00,000
1,40,000
60,000
Minority Interest


94,200

  1. Control Chart B:
Particulars
Amount (Rs.)
Cost of Investment
Less: (i) Pre-acquisition Profit in H Ltd.
(ii) Share Capital in H Ltd.
2,60,000
58,800
1,40,000
Goodwill
61,200
  1. Control Chart C:
Particulars
Machinery
Furniture
Stock
B/R
Debtors
Cash at Bank
Creditors
B/P
H Ltd.
S Ltd.
30,000
1,90,000
70,000
45,000
1,75,000
1,89,000
20,000
10,000
55,000
30,000
50,000
10,000
90,000
60,000
20,000
10,000

Less: Mutual owing
2,20,000
1,15,000
3,64,000
30,000
8,000
85,000
20,000
60,000
1,50,000
20,000
30,000
8,000

2,20,000
1,15,000
3,64,000
22,000
65,000
60,000
1,30,000
22,000
Consolidated Balance Sheet of H Ltd. & S Ltd
Particulars
Amount (Rs.)
  1. Equity & Liabilities:
  1. Shareholder’s Fund
  1. Share Capital
  2. Reserve & Surplus
General Reserve                                                                                                                 1,50,000                              
Surplus                                                                                                                     70,000
Add: Revenue Profit                                                                                              21,000    91,000
  1. Minority Interest
  2. Non-Current Liabilities
  3. Current Liabilities:
Bills Payable
Trade Payable


6,00,000



2,41,000

94,200
NIL
22,000
1,30,000
Total (a + b + c + d)
10,87,200
  1. Assets:
  1. Non-Current Assets
  1. Fixed Assets
Tangible
Machinery
Furniture
Intangible: Goodwill
  1. Current Assets:
  1. Inventories                                 
  2. Trade Receivable
  3. Bills Receivable  
  4. Cash & Cash Equivalent




4,00,000
1,15,000
61,200

3,64,000
65,000
22,000
60,000
Total (a + b)
10,87,200

Or
(b) Give in detail the particulars which shall be disclosed in the Balance Sheet of holding company regarding its subsidiaries and also state what documents shall be attached to the Balance Sheet of holding company regarding its subsidiaries. 14
Ans: Section 212 of the Companies Act stipulates the conditions regarding the manner in which the Balance Sheet of the holding Company should be prepared. The provisions of the Section are given below:
(1) There shall be attached to the Balance Sheet of a holding company having a subsidiary or subsidiaries at the end of the financial year as at which the holding company’s Balance Sheet is made out, the following documents in respect of such subsidiary or of each such subsidiary, as the case may be:
(a) A copy of the Balance Sheet of the subsidiary;
(b) A copy of its Profit and Loss Account;
(c) A copy of the Report of its Board of Directors;
(d) A copy of the Report of its Auditors;
(e) A statement of holding company’s interest in the subsidiary;
(f) The statement referred to in sub-section (5) if any; and
(g) The report referred to in sub-section (6), if any.
(2) The Balance Sheet, profit and loss accounts and the reports of the board of directors and the auditors shall be made out in accordance with the requirements of this Act.
(i) As the end of the financial year of the subsidiary, where such financial year coincides with the financial year of the holding company;
(ii) As at the end of the financial year of the subsidiary last before that of the holding where the financial year of the subsidiary does not coincide with that of the holding company.
Where the financial year of a subsidiary is shorter in duration than that of its holding company, then financials statements of subsidiary company shall be construed for two more financial years of the subsidiary company the duration of which, in the aggregate, in not less than the duration of holding company’s financial year.
(3) The statement holding company’s interest in subsidiary company shall specify.
(a) The extent of the holding company’s interest in the subsidiary at the end of the financial year or of the last of the financial year of the subsidiary;
(b) the net aggregate amount, so far as it concerns members of the holding company and is not dealt with in the company’s accounts, of the subsidiary’s profit after deducting its losses or vice versa.
(i) For the financial year or years of the subsidiary aforesaid; and
(ii) For the previous financial years of the subsidiary since it became the holding company’s subsidiary;
(c) The net aggregate amount of the profits of the subsidiary after deducting its losses or vice versa.
(i) For the financial year of years of the subsidiary aforesaid; and
(ii) For the previous financial years of the subsidiary since it became the holding company’s subsidiary;
(4) Clauses (b) and (c) of sub-section (3) shall apply only to profits and Losses of the subsidiary which may properly be treated in the holding company’s accounts as revenue profits or losses, and the profits or losses attributable to any shares in a subsidiary for the time being held by the holding company or any other of its subsidiaries shall not (for that on any other propose) be treated as aforesaid so far as they are profits or losses for the period before the date on or as from which the shares were acquired by the company or any of its subsidiaries.
(5) Whether the financial year or years of a subsidiary do not coincide with the financial year of the holding company, a statement containing information on the following matters shall also be attached to the Balance Sheet of the holding Company:
(a) Whether there has been any, and if so, what change in the holding company’s interest in the subsidiary between the end of the financial year or of the last of the financial years of the subsidiary and the end of the holding company’s financial year;
(b) Details on any material changes which have occurred between the end of the financial year or of the last of the financial years of the subsidiary and the end of the holding company’s financial year in respect of
(i) The subsidiary’s fixed assets ;
(ii) Its investments ;
(iii) The money lent by it ;
(iv) The money borrowed by it for any purpose other than that of meeting current liabilities.
(6) If, for any reason, the Board of Directors of the holding company is unable to obtain information on any of the matter required to be specified by sub-section (4), a report in writing to that effect shall be attached to the Balance Sheet of the holding company.

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