Loyola College B.Com Corporate & Secretaryship April 2007 Corporate Accounting Question Paper PDF Download

LOYOLA COLLEGE (AUTONOMOUS), CHENNAI – 600 034

B.Com.

HO 07

DEGREE EXAMINATION –CORPORATE SECRETARYSHIP

FOURTH SEMESTER – APRIL 2007

BC 4500/CR 4500 – CORPORATE ACCOUNTING

 

 

Date & Time: 21/04/2007 / 9:00 – 12:00          Dept. No.                                                     Max. : 100 Marks

 

 

Section: A

Answer any ten only:                                                                                         10 x 2 = 20

 

  • What do you understand by ‘Calls in Advance”? How much interest should be paid on them?

 

  • Write short note on: Firm Underwriting

 

  • Redemption of 20,000 preference shares of Rs.100 each was carried out by utilization of reserves and by issue of 8000 Equity shares of Rs.100 each at Rs.125. How much should be credited to capital redemption reserve a/c?

 

  • Journalize in the following cases, where debenture issue price is Rs.1, 00,000. Rate of interest 8%.
    1. Issued at a discount of 10% and redeemable at par.
    2. Issued at premium of 5% and redeemable at par.
  • Distinguish between ex-interest and cum – interest.

 

  • State “True” or “False”.
    1. Pre-incorporation loss may be treated as goodwill and debited to goodwill account.
    2. Gross profit is to be divided between pre and post incorporation periods in time ratio
    3. Profit prior to incorporation are capital profits and are not available for dividend
    4. Expenses such as directors fees, discount on issue of shares, underwriting commission, interest on debentures etc., are to be charged fully to post incorporation period.
  • Define “Goodwill”.

 

  • Write short note on: Internal reconstruction.

 

  • S Ltd was taken over by R.Ltd the following position was mutually agreed upon:

S.Ltd.                R.Ltd.

No.of shares                            60,000               90,000

Face Value of share                Rs.100                 Rs.10

Net Assets                  Rs.3,60,00,000     Rs.72,00,000

Ascertain intrinsic values of the shares, ratio of exchange of shares and No of shares to be issued.

  • Who are preferential creditors?

Section – B

Answer any five only.                                                                               8 x 5 = 40

 

  • Explain in detail the requirements for the redemption of preference shares as per Section 80 of the Companies act 1956?
  • Distinguish between Merger method and Purchase method of Accounting for Amalgamation.

 

  • Explain the main factors affecting the value of goodwill of a joint stock company and also explain any one method of valuation of goodwill.

 

  • T Ltd, issued 50,000 equity shares of Rs.10 each at par. The entire issue was underwritten as follows:

 

  • 30,000 shares (firm underwriting 4,000)
  • 15,000 shares (firm underwriting 5,000)
  • 5,000 shares (firm underwriting 1.000)

Total applications including firm underwriting were for 40,000 shares. The marked applications were as follows:

  • 10,000 shares; B-7,000 shares; and C-3,000 shares.

The underwriting contract provides that credit of for unmarked applications are given to the underwriters in proportion to the shares underwritten.

Determine the liability of each underwriter and amount of commission payable to them assuming that rate to be 2% on issue price.

 

  • X Ltd. buys its own 6% debentures of the nominal value Rs.20, 000 at Rs.96 on 31st March 2005. Record the transaction in the books of X Ltd. If the quotation is (1) cum interest, and (2) ex – interest. X Ltd. pays debenture interest half-yearly on 30th June and 31st X Ltd cancels the debentures purchased on 31st March 2005. Record the entries for cancellation when debentures were purchased on (1) cum interest, and (2) ex – interest.

 

  • On 1st July2000 a Ltd., purchased the business of Mr. Remi a sole trader, taking over all the assets with the exception of book debts amounting to Rs.1,25,000 and creditors amounting to Rs.75,000. The company undertook to collect all the book debts and pay off the creditors and for this service; it has to be paid a commission of 3% on the amounts collected and 1% on amounts paid. The debtors realized Rs.1,12,000 out of which Rs.68,000 was paid to creditors in full settlement. The company was also forced to meet a contingent liability of Rs.3,000 on account of a claim against the vender for damages. The vendor received Rs.30,000, 10% debentures of Rs.100 each at 95 and the balance in cash in settlement of his account with the company. Journalize the above transactions in the books of the company.

 

  • The Balance Sheet of S Ltd., disclosed the following positions as on 31st December 2005

 

Liabilities                          Rs                    Assets                                Rs

 

Share capital:

6,000 equity shares

of Rs.100 each            3,00,000               Goodwill                        82,500

Profit &Loss A/c             37,500               Investments                 2,62,500

General Reserve           1,12,500               Stock                           3,30,000

6% Debentures             2.25,000               Debtors                       1,95,000

Creditors                      2,25,000               Cash                               30,000

9,00,000                                                   9,00,000

 

The profits for the past five years were: 1996-Rs.15,000; 1997-Rs.35,000;

1998-Rs.25,000; 1999-Rs.27,500; 2000-Rs.47,500.

 

The Market value of investments was Rs.1,65,000

 

Goodwill is to be valued at three years purchase of the average annual profits for the last five years.

 

Find out the intrinsic value of each share.

 

 

  • ABC Company Ltd., Passed resolution and got court permission for the reduction of its share capital by Rs.5,00,000 for the purposes mentioned as under:

 

  • To write off the debit balances of R&L A/c pf Rs.2,10,000

 

  • To reduce the value of Plant & Machinery by Rs.90,000 and goodwill by Rs.40,000.

 

  • To reduce the value of investments by Rs.80,000

 

The reduction was made by converting 50,000 preference shares of Rs.20 each fully paid to the same number of preference shares of  Rs.15 each fully paid and by converting 50,000 equity shares of Rs.20 each on which Rs.15 is paid up into 50,000 shares of Rs.10 each fully paid up.

 

Pass journal entries to record the share capital reduction.

 

Section – C

 

Answer any two only.                                                                         2 x 20 = 40

 

19) K Ltd went into liquidation on 31.12.2005 when their Balance Sheet read as follows:

Liabilities                                Rs.                   Assets                          Rs.

Issued & Subscribed                                       Land & Building         7, 50,000

Capital:                                                            Plant & Machinery   18, 75,000

15000 10% cumulative                                   Patents                                    3, 00,000

Preference shares of                                        Stock                           4, 02,500

Rs.100 each fully paid                        15, 00,000       Debtors                       8, 25,000

7500 equity shares of                                      Bank                            2, 25,000

Rs.100 each, Rs.75 paid          5, 62,500        Profit &loss a/c           8, 53,750

22500 equity shares of

Rs.100 each, Rs.60 paid         13, 50,000

15% debenture secured by

a floating charge                     7,50,000

Interest outstanding on

Debenture                               1, 12,500

Creditors                                 9, 56,250

52, 31,250                                           52, 31,250

 

Preference dividends were in arrears for 2 years and the creditors included preferential creditors of Rs.38, 000.

 

The assets realized as follows: Land and building Rs.9,00,000; Plant and machinery Rs.15,00,000; Patents Rs.2,25,000; Stock Rs.4,50,000; Debtors Rs.6,00,000.

The expenses of liquidation amounted to Rs.27, 250. The liquidator is entitled to a commission of 3% on assets realized except cash. Assuming that the final payments including those on debentures were made on 30.06.2001, show the liquidator’s final statement of account.

 

 

 

 

 

 

 

20) S Ltd issued a prospectus inviting applications for 50,000 equity shares of Rs.10

each, payable Rs.5 on application (including Rs.2 as premium), Rs.4 on allotment and the balance towards first and final call. Applications were received for 65,000 shares. Application money received on 5000 shares was refunded and allotment was made pro-rata to applicants of 60,000 shares. Money overpaid on applications including premium was adjusted on account of sums due on allotment.

 

Mr.Pradeep to whom 700 shares were allotted failed to pay the allotment money and his shares were forfeited on his subsequent failure to pay the call money.

 

All the forfeited shares were subsequently sold to Mr.Remi credited as fully paid for Rs.9 per share.

 

You are required to set out the journal entries.

 

  • M Ltd., and N Ltd., agreed to amalgamate on the basis of the following Balance sheet as on 31.03.2005

Liabilites                     M                     N           Assets                     M                N

Rs.                   Rs.                                        Rs.              Rs.

Share Capital               75,000             50,000 Goodwill               30,000       ——–

Rs.25 each

P&L A/C                       7,500               2,500 Fixed Assets         31,500      38,800

Creditors                       3,500               3,500 Stock                     15,000      12,000

Depreciation Fund      ——–                2,500 Debtors                   8,000        5,200

Bank                        1,500        2,500

86,000             58,500                                86,000      58,500

 

The assets and liabilities are to be taken over by anew company formed called P Ltd., at book values P.Ltd’s capital is Rs.2,00,000 divided into 10,000  equity shares of Rs.10 each and 10,000 9% preference shares of Rs.10 each.

 

P Ltd issued the 5000 shares of Rs.10 each to each company and the preference shares were issued for the balance of purchase price.

 

Pass journal entries in the books of P Ltd and prepare its Balance Sheet, if the amalgamation is in the nature of purchase.

 

 

 

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Loyola College B.Com Corporate & Secretaryship April 2009 Corporate Accounting Question Paper PDF Download

    LOYOLA COLLEGE (AUTONOMOUS), CHENNAI – 600 034

B.Com. DEGREE EXAMINATION – CORPORATE SECRETARYSHIP

IR 07

FOURTH SEMESTER – April 2009

BC 4500 – CORPORATE ACCOUNTING

 

 

 

Date & Time: 24/04/2009 / 9:00 – 12:00 Dept. No.                                                 Max. : 100 Marks

 

 

SECTION – A

Answer all the questions                                                         (10 x 2 = 20)

 

  1. What is forfeiture of shares?
  2. Define internal reconstruction.
  3. What is Goodwill?
  4. Who is a liquidator?
  5. What is firm underwriting?
  6. Explain cum-interest quotation.
  7. State any two purposes of issuing debentures.
  8. What do you mean by marked applications?
  9. X Ltd was incorporated on 1st May 1998 acquired a business on Jan 1,1988.The

accounts were closed on Sep 30,1998.  Find out time ratio.

10.State the equation to determine the number of fresh issue of shares at the time of

redemption of preference shares.

 

SECTION – B

Answer any five                                                                      (5 x 8 = 40)

 

  1. Discuss the important provisions of Sec 80 of the Companies Act 1956,relating to issue and

redemption of Redeemable Preference shares.

12.What is break-up value of shares? State the factors to be considered in valuing the assets and

liabilities for break-up value.

  1. A company issued shares of Rs.10 each at 10% premium payable Rs.2 on application; Rs.3 on

allotment including premium; Rs.2 on first call and Rs.4 on final call; ‘A’ who has holding 50

shares failed to pay his allotment and first call and his shares were forfeited. ‘B’ who has holding

30 shares did not pay his first call and his shares were also forfeited. Give journal entries for

forfeiture of shares.

  1. A Company issued 40,000 shares of Rs.100 each for public subscription. The issue was

underwritten as follows:

P- 25% ;  Q- 30%;   and R- 25%

The company received a total number of 28,000 applications of which marked applications were

as follows:

P- 8,000 Shares;  Q- 6,000 Shares and R- 8,000 Shares.

Determine the liability of each of the underwriters.

  1. A Company has, as its capital 1,00,000, ‘A’ equity shares of Re.1 each, fully paid, 1,00,000 ‘B’

equity shares of Re.1 each, 75 paise paid up and 1,00,000 ‘C’ equity share of Re.1 each,50 paise

paid up.  The normal average net profit less tax, of the company is estimated to be Rs.36,000 and

the estimated rate of capitalization is 8%.  Calculate the value of each class of share.

  1. Lee Ltd., employs a manager who is entitled to a salary of Rs.10,000 per month and in addition, to

a commission of  2% of the net profit of the company before such salary or commission.  The

profit & Loss Account for the company’s financial year ending 31st March 1998 is as follows:

    Rs.     Rs.
To Staff Salaries & Bonus 8,35,000 By Gross Profit b/d 30,50,000

 

 

To General expenses 3,15,000 By Unpaid dividend      60,000
To Depreciation 2,75,000 By Subsidy from the State Government   1,25,000
To Income tax 4,25,000 By Profit on sale Machinery & Plant (difference between price realized and WDV- Cost Rs. 7,50,000 Realised Rs. 8,00,000) 2,00,000
To Manager’s salary 1,20,000
To Commission to the manager (on account )    25,000
To Ex-gratia payment to an employee     20,000
To Charitable Donations     50,000
To Balance c/d 13,70,000
34,35,000 34,35,000

 

Depreciation includes Rs.75,000 development rebate on new machinery installed during the year.  Calculate the commission payable to the manager.

17.State the conditions to be satisfied for amalgamation in the nature of merger.

18.The following is the balance sheet of unibex Ltd as on 31st Dec 1991.

        Liabilities     Rs.             Assets     Rs.
Paid up capital 7,000 equity shares of Rs.100 each  7,00,000 Goodwill   1,40,000
10% Debentures  4,00,000 Land & Building   4,00,000
Creditors  2,00,000 Plant & Machinery   4,40,000
Bank overdraft  2,50,000 Stock   1,30,000
Bills payable     50,000 Debtors      80,000
Bills receivable   1,70,000
Preliminary expenses      40,000
Profit & Loss a/c   2,00,000
16,00,000 16,00,000

The directors decided to reduce the equity share capital to Rs.2,80,000 and all the fictitious and intangible assets were to be wiped off.  It was decided to write down plant & machinery by Rs.40,000.  Give journal entries to record the effect of the above scheme of reductions of share capital and prepare the balance sheet after the reconstruction has been carried out.

 

SECTION – C

Answer any TWO                                                                   (2 x 20 = 40)

 

  1. The balance sheet of ABC Ltd on 31.12.1990 stood as follows:
       Liabilities     Rs.             Assets      Rs.
Equity Shares of Rs.100 each   5,00,000 Fixed Assets   8,00,000
9% redeemable preference shares of Rs.100 each   3,00,000 Investments   1,00,000
Securities Premium      50,000 Bank Balance   2,00,000
Capital reserves   1,00,000 Other Current assets   5,00,000
P&L A/C   2,00,000
10% Debentures   3,00,000
Creditors   1,50,000
16,00,000 16,00,000

Both the redeemable preference shares and debentures were due for redemption on 1.1.91. The company arranged for the following:

  • It issued 2,000 equity shares of Rs.100 at a premium of 10%
  • It sold the investment for Rs.90,000
  • It arranged a bank overdraft to the extent necessary.

The redemptions were carried out.  Give entries for redemption of preference shares and

debentures and balance sheet after redemption.

  1. Moon and Star Ltd. Is a company with an authorized capital of Rs.5,00,000 divided in to 5,000

equity shares of Rs.100 each on 31.12.2003. of which 2,500 shares were fully called up.  The

following are the balances extracted from the ledger as on 31.12.2003.

Trial balance of Moon & Star Ltd.

Debit Rs. Credit
Opening stock   50,000 Sales   3,25,000
Purchases 2,00,000 Discount received        3,150
Wages   70,000 Profit & Loss A/c        6,220
Discount allowed     4,200 Creditors      35,200
Insurance (up to 31.3.04)     6,720 Reserves      25,000
Salaries    18,500 Loan from managing director     15,700
Rent    6,000 Share capital   2,50,000
General expenses      8,950
Printing     2,400
Advertisements     3,800
Bonus    10,500
Debtors    38,700
Plant 1,80,500
Furniture   17,100
Bank   34,700
Bad debts     3,200
Calls-in-arrears    5,000
6,60,270 6,60270

 

You are required to prepare profit & Loss Account for the year ended 31.12.2003 and a balance sheet as on that date.  The following further information is given:

  • Closing stock was valued at Rs.1,91,500
  • Depreciation on plant at 15% and on furniture at 10% should be provided.
  • A tax provision of Rs.8,000 is considered necessary.
  • The directors declared an interim dividend on 15.8.03 for 6 months ending june 30, 2003 at 6%.

 

  1. Madhur Ltd went in to voluntary liquidation on 31.12.1983. Madhur Ltd’s Balance Sheet as on

31.12.1989 was as follows:

         Liabilities     Rs.          Assets       Rs.
5,000 equity shares of Rs.100 each, Rs.75 per share paid up 3,75,000 Land & Building 1,50,000
5,000 equity shares of Rs.100 each,Rs 50 per share paid up 2,50,000 Plant & Machinery 5,50,000
2,000, 10% preference shares of Rs.100 each 2,00,000 Patents     70,000
5% debentures 3,00,000 Debtors   2,35,000
Interest outstanding on debentures    15,000 Cash at bank      30,000
Creditors 2,60,000 Profit & Loss A/c  2,35,000
Stock  1,30,000
14,00,000 14,00,000

Dividends on preference shared are in arrears for two years.  The arrears of preference dividend payable on liquidation as per the articles of the company.

Creditors include preferential creditors Rs.15,000 and a mortgage loan for Rs.1,20,000 secured by a mortgage on Land & Buildings.

The assets realized as under:

Land &Buildings Rs.2,30,000; Plant & Machinery Rs.4,50,000; patents Rs.45,000; Debtors Rs.2,00,000 and stock Rs.1,15,000.

The expenses of liquidation amounted to Rs 13,500.  The liquidator is entitled to remuneration of 3% on all assets realized (except cash at bank) and 2% on amount distributed to unsecured creditors (except preferential creditors).

All payments were made on 30th june 1984.

Prepare the liquidator’s final statement of account.

 

 

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Loyola College B.Com April 2008 Corporate Accounting Question Paper PDF Download

LOYOLA COLLEGE (AUTONOMOUS), CHENNAI – 600 034

B.Com. DEGREE EXAMINATION – COMMERCE

RO 15

 

FOURTH SEMESTER – APRIL 2008

CO 4500 – CORPORATE ACCOUNTING

 

 

 

Date : 26/04/2008                Dept. No.                                        Max. : 100 Marks

Time : 9:00 – 12:00

                                                              

PART A          (Answer all the questions)                      (10 x 2 = 20)

                       

  1. What is under subscription?
  2. What is meant by marked forms in under writing?
  3. How do you apportion the following expenses while ascertaining profits prior to incorporation:  salary, gross profit, director’s fee, debenture interest.
  4. Briefly explain calls in arrears.
  5. Give an imaginary profit and loss appropriation account of a limited company.
  6. A company issued 500 8% debentures of Rs 100 each at a discount of 5% redeemable at a premium of 10%. Pass journal entry.
  7. What is interim dividend?
  8. Write a note on capital reduction.
  9. B Ltd. Has 60000 equity shares of Rs.100 each, Rs.80 per share called up. The company decided to pay off Rs.20 per share of the paid up capital and at the same time to reduce the Rs.100 share to Rs 60 share fully paid up by canceling the unpaid amount. Give journal entries.
  10. From the following information calculate the minimum fresh issue of shares. Redeemable Preference shares Rs.4,00,000, premium on redemption 10%. Divisible profits available Rs 80,000. Fresh issue of equity shares of Rs. 10 each is to be made at 25% premium.

                                                  

  PART B (answer any five questions only)               5 x 8 = 40

  1. What is purchase consideration? Explain the various methods of its calculation.
  2. What is Alteration of share capital? Explain the different kinds of Alteration of share capital which do not require court approval?
  3. Explain the provisions relating to redemption of redeemable preference shares.
  4. From the following particulars determine the maximum remuneration available to a full time director of a manufacturing company. The profit and loss of a company showed a net profit of Rs.4000000 after taking into account the following items.

Depreciation (including special depreciation of Rs 40,000)                               1,00,000

Provision for income tax                                                                                   2,00,000

Donation                                                                                                              50,000

Ex-gratia payment to worker                                                                                10,000

Capital profit on sale of assets                                                                                     15,000

  1. B ltd. Issued 10000 shares of Rs.100 each. The entire issue was underwritten as follows. A 50%, B 30%, and

C 20%. In addition there was firm underwriting as follows. A 1000 shares, B 750 shares, and C 500 shares. The total subscription including firm underwriting was 8000 shares and the subscription included the following marked applications. A 1500, B 2000 and C 750. Find the liability of the underwriters.

  1. The following particulars relate to a company which went into voluntary liquidation.

Preferential creditors Rs. 600, secured creditors Rs.20,000(securities realized Rs.25,000) unsecured creditors Rs.30,500. The assets realized Rs. 26,000(excluding securities) the expense of the liquidation were Rs. 252 and the liquidators remuneration was agreed at 3% on the amount realized and 1.5% on the amount paid to unsecured creditors. Show the liquidators final statement of accounts.

  1. Average capital employed in K ltd. Is Rs 35,00,000 net trading profits before tax for the last 3 years were Rs.14,75,000 Rs 14,55,000 Rs 15,25,000.  In these 3 years the M.D. was paid a salary of Rs. 10,000 pm. But now he would be paid a salary of Rs 12000 pm. Normal rate of return is 18%, rate of tax is 50%. Calculate goodwill on the basis of 3 years purchase of super profits.

 

  1. Y ltd was incorporated, on 1.7.05 to acquire a running business of Y, with effect from 1.1.05. The following was the profit and loss account of the co for the year ending 31st Dec 2005.

 

Particulars Rs. particulars Rs
To. Office expenses 1,08,000 By gross profit 4,50,000
To. formation exps 20,000
To stationary 10,000
To selling expenses 1,20,000
To directors fees 40,000
To Net profit 1,52,000
  4,50,000   4,50,000

 

Prepare a statement showing profits earned by the company in the pre and post incorporation periods. The total sales for the year took place in the ratio of 1:2 before and after incorporation respectively.

 

PART C (answer any two questions only)                            2 x 20 = 40

 

  1. M ltd and N ltd. Agreed to amalgamate on the basis of the following balance sheets as on 31.3.07.

 

Liabilities M ltd (Rs) N ltd (Rs) Assets M ltd (Rs) N ltd (Rs)
Share capital of Rs 25 each 75,000 50,000 Good will 30,000 ———
P & L a/c 7,500 2,500 Fixed assets 31,500 38,800
Creditors 3,500 3,500 Stock 15,000 12,000
Depreciation fund —— 2,500 Debtors 8,000 5,200
Bank 1,500 2,500
  86,000 58,500   86,000 58,500

 

The assets and liabilities are to be taken over by a new company formed called P ltd at book values. P ltd capital is Rs 2,00,000 divided into 10000 equity shares of Rs 10 each and 10000 9% preference shares of Rs 10 each. P ltd issued the equity shares equally to the vendor companies and preference shares were issued for any balance of purchase price. Pass journal entries in the books of P ltd and prepare its balance sheet if the amalgamation is in the nature of purchase.

 

  1. Sun  ltd issued a prospectus inviting applications for 20000 shares of Rs 10 each at a premium of Rs 2 per share payable on application Rs 2 per share, allotment Rs 5, (including premium) on first call Rs 2, and on final call Re 3 per share. Applications were received for 30000 shares and allotment was made on pro-rata to the applicants of 24000 shares, and the remaining applications being refused. Raja to whom 800 shares were allotted failed to pay the allotment money and calls money and John the holder of 1000 shares failed to pay the two calls and these shares were forfeited. All these shares were sold to Mani at Rs 8 per share fully paid. Pass journal entries in the books of Sun ltd.

 

  1. The XYZ Co. was registered with a capital of Rs 6,00,000 in equity shares of Rs. 10 each. The following is the list of balances extracted from its books on 31.3.07

 

Particulars Amount Particulars Amount
Wages 84,865 Freight 13,115
Calls in arrears 7,500 Salary 14,500
Plant and machinery 3,30,000 Directors fee 5,725
Premises 3,00,000 Bad debts 2,110
Interim dividend 37,500 Debentures 9,000
Opening Stock 75,000 capital 4,00,000
Fixtures 7,200 6% debentures 3,00,000
Sundry debtors 87,000 P & l a/c (cr) 14,500
Goodwill 25,000 Bills payable 38,000
Cash in hand 750 Sundry crs. 50,000
Bank 39,900 Sales 4,15,000
Purchases 1,85,000 General reserve 25,000
Preliminary exps 5,000 Bad debts reserve 3,500
General exps 16,835

 

Prepare trading and profit and loss account and balance sheet in proper form after making the following adjustments.

  • Depreciate plant and machinery by 10%.
  • Write off Rs 500 from preliminary expenses.
  • Provide half years debenture interest due.
  • Bad and doubtful debts reserve at 5%.
  • Stock on 31.3.07 was Rs 95,000.

 

 

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Loyola College B.Com April 2009 Corporate Accounting Question Paper PDF Download

 LOYOLA COLLEGE (AUTONOMOUS), CHENNAI – 600 034

B.Com. DEGREE EXAMINATION – COMMERCE

KP 16

FOURTH SEMESTER – April 2009

CO 4500 – CORPORATE ACCOUNTING

 

 

 

Date & Time: 24/4/2009 / 9:00 – 12:00       Dept. No.                                                       Max. : 100 Marks

 

 

PART  A

 

Answer ALL questions                                                                                                   Marks: 10×2=20

Explain the following:

  1. Calls in arrears
  2. Capital redemption reserve
  3. Super profit
  4. Contingent liability
  5. Profit prior to incorporation
  6. Underwriting
  7. Liquidator’s remuneration
  8. Bonus shares
  9. Internal reconstruction.
  10. Profit and Loss appropriation account

 

PART  B

Answer ANY FIVE questions                                                                                       Marks: 5 x 8 =40

 

  1. State the provision of the Company’s Act for issuing shares at a discount.
  2. What are conditions to be satisfied for amalgamation to be treated as a “merger”.
  3. A Ltd. Issued 20000 Equity shares of Rs.10 each, which were under written by X, Y and Z as

follows.

X– 10,000 shares;  Y – 6,000 shares;  Z – 4,000 shares.

In addition there was  firm underwriting:

X –2,000 shares;  Y – 1900 shares;  Z – 3000 shares.

Total subscription including firm underwriting was 17000 shares and the forms included the following marked forms:

X – 3,480 shares;  Y– 2,000 shares;  Z – 2,520 shares.

Show the allocation of liability of the underwriters assuming that shares underwritten firm are treated as unmarked.

  1. A Ltd., was incorporated on 1.4.2008 to take over the running business of V Ltd., as from 1.1.2008. The following is the summarized profit and loss account for the year ended 30.12.2008

Rs.                                                          Rs.

Cost of sales                                                                1,80,000               Gross profit        3,00,000

Administrative expenses                                       30,000

Selling commission                                                   9,000

Goodwill written off                                               4,000

Interest paid to vendors                                       12000

(loan repaid on 1.7.08)

Debenture interest                                                 8,000

Depreciation                                                              6,000

Directors’ fees                                                          3,000

Net                Profit                                                     48,000                                               ———–

3,00,000                                               3,00,000

 

Sales after incorporation was double that before incorporation.

Calculate profit before and after incorporation.

 

  1. A Ltd issued 1000 6% debentures of Rs.100 each on 1/1/2007. Interest is payable on 30th June and 31st December.

On 1/4/2008 the Company redeemed 200 debentures at Rs.98 ex-interest and on 1/11/2008 another 100 debentures at Rs.99 cum interest.

Pass the relevant entries for the years 2007 and 2008.

 

16a. A Ltd earned an average profit of Rs.30,000 after tax. 20% of the profit was to be transferred to reserve. The capital of A Ltd consisted of 10000 equity shares of Rs.10 each and Rs.50000 12% preference shares of Rs.10 each. The normal rate of return is 10%.

Calculate the value of the equity share on yield basis.

 

16b. A Ltd earned the following profits after tax:

Year                       Profit

1998                       Rs.20000

1999                       Rs.40000

2000                       Rs.45000

The capital employed by the company was Rs.2,50,000. Normal rate of return was 10%.

Calculate the Goodwill based on 2 years purchase of super profit.

 

  1. A Ltd has 10000 8% redeemable Preference shares of Rs,10 each. The company decided to redeemthe Preference shares at 10% premium, for which purpose,
  2. a) it issued 6000 Equity shares of Rs.10 each at par
  3. b) sold investments costing Rs.20000 for Rs.25000
  4. c) issued Rs.10000 12% debentures

Assuming that the Company has sufficient accumulated profits, pass necessary journal

entries.

 

  1. The following particulars relate to a limited company, which went into voluntary

liquidation:

Preferential creditors           Rs.25000

Unsecured creditors             Rs.58000

6% debentures                       Rs.30000

The assets realized Rs.80000

The expenses of liquidation amounted to Rs.1500 and the Liquidator’s remuneration was agreed at 3% on amounts realized and 2% on amounts paid to unsecured creditors including preferential creditors.

Show the liquidator’s final statement of account.

 

 

PART  C

 

Answer ANY TWO questions                                                                            Marks: 2×20=40

 

  • The following is the Trial Balance on ABC Ltd for the year ending 31/3/2006:
Debit balances Rs. Credit balances Rs.
Land

Machinery

Debtors

Cash

Bank

Preliminary expenses

Stock (1/4/2005)

Purchases

Salaries

Office expenses

10% Govt. bonds

 

1,50,000

1,00,000

60,000

20,000

40,000

12,000

20,000

90,000

20,000

8,000

60,000

5,80,000

Equity share capital

8% Preference share capital

12% Debentures

Interest on Govt. bonds

Sales

Creditors

Unclaimed dividends

P & L A/c  (1/4/05)

2,00,000

1,00,000

50,000

6,000

2,00,000

8,000

4,000

12,000

 

 

————

5,80,000

Other information:

  1. Provide Depreciation at 10% per annum on machinery.
  2. Write off Rs.2,000 Preliminary expenses.
  3. Transfer Rs.20,000 to General Reserve.
  4. Provide Rs.25,000 for income tax.
  5. Directors propose 10% Dividend on Equity shares.
  6. Stock on 31/3/06 Rs.30,000
  7. Provide interest on Debentures for the full year.

 

Prepare Trading & Profit & Loss A/c for the year ending 31/3/2006 and a Balance sheet on that date.

 

  1. Balance sheet of Y Ltd on 31st March 2008 was as follows:
 (Rs.) Rs.)
Equity capital (Rs.10) Preference capital (Rs.10)

Reserves

9% ebentures(Rs.100)

Creditors

Statutory reserve

           3,00,000

1,00,000

1,00,000

50,000

70,000

  70,000

6,90,000

Fixed Assets

Loan to Y Ltd

Current Assets

 

 

 

          4,00,000

2,90,000

 

6,90,000

X Ltd agrees to  take over Y Ltd. on the following terms:

  1. X Ltd. will issue one equity share of Rs.10 each (at premium of Rs.4) and Rs.8 in cash for every two equity shares in Y Ltd.
  2. Preference shares of Y Ltd are to be paid in cash at a premium of 10%.
  3. Debenture holders of Y Ltd are to be discharged at a premium of 5% by the issue of 8% debentures in X Ltd.
  4. Expenses of realization Rs.5,000 is to be paid by X Ltd.

Show Realization account, X Ltd account, Preference shareholders A/c and Equity shareholders A/c in the books of Y Ltd.

Pass entries  in the books of  X Ltd for the takeover.

 

21a. The share capital of ABC Ltd., consisted of the following:

5,000 6% Preference shares of Rs.100 each and 25,000 equity shares of Rs.10 each.

The company had accumulated losses totaling Rs.1,75,000 and Goodwill to the extent of Rs.10,000. It is ascertained that Fixed Assets are overvalued by Rs.1,50,000 and current assets by Rs.50,000. The following scheme was adopted to write off the losses and reduce the assets:

  1. Each 6% preference shares of Rs.100 each is to be converted into one 7% preference shares of Rs.60 each.
  2. Equity shares to be reduced to Rs.2 each
  • The Directors to refund Rs.10,000 fees received by them.
  1. Preference dividend which is in arrears for 3 years, is to be settled by the issue of 5,000 equity shares of Rs.2 each.

Journalize.

 

21b. A Ltd. issued 10000 equity shares of Rs.10 each at a discount of 10%, payable Rs.4 on application, Rs.3 on allotment and Rs.2 on first and final call. Applications were received for 9000 shares and all were accepted. A holder of 200 shares failed to pay the allotment and the call money. His shares were forfeited and later re-issued at Rs.8 fully paid.

Journalize.

 

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Loyola College B.B.A. Business Administration April 2007 Corporate Accounting Question Paper PDF Download

LOYOLA COLLEGE (AUTONOMOUS), CHENNAI – 600 034

B.B.A.

MS 13

DEGREE EXAMINATION –BUSINESS ADMINISTRATION

FOURTH SEMESTER – APRIL 2007

BU 4500CORPORATE ACCOUNTING

 

 

Date & Time: 21/04/2007 / 9:00 – 12:00          Dept. No.                                                     Max. : 100 Marks

 

 

PART A

 

Answer ALL questions                                                                                  10 x 2 = 20 marks

 

Explain the following:

  1. Forfeiture of shares
  2. Capital redemption reserve
  3. Redemption of debentures cum interest and ex-interest
  4. Vendors suspense account
  5. Liquidators remuneration
  6. Contingent liability
  7. A Ltd., had share capital of 10,000 equity shares of Rs.10 each, Rs.40,000 in P & L and Rs.30,000 in general reserve. It is decided to issue bonus shares, in the ratio of one share for every 5 held. Pass entries.
  8. The expected profit of a company before tax @ 40% is Rs.50,000, Its capital consists of 10,000 equity shares of Rs.10 each and 10,000 8% preference shares of Rs.10 each. It is the company’s policy to transfer 20% of the profits to general reserve. If the normal rate of return is 10%, calculate the yield value per share.
  9. X Ltd., has made the following profits during the past three years: Rs.60,000, Rs.75,000 and Rs.90,000. Its assets are worth Rs.5,00,000 and liabilities Rs.2,00,000. Calculate the value of goodwill of the firm at 2 years purchase of super profits, the normal rate of return being 15%.
  10. State under which heading in the Balance sheet of the company the following items will appear:
  11. a) Loose tools (b) unclaimed dividends (c) public deposits (d) bills receivable.

 

 

PART  B

 

Answer ANY FIVE questions                                                                       5 x 8 = 40 marks

 

  1. (a) State the maximum commission payable to underwriters

 

(b) The following underwriting took place:

A – 5,000 shares;  B – 3,000 shares;  C – 2,000 shares.

In addition there was  firm underwriting:

A – 1,000 shares;  B – 500 shres;  C – 1,500 shares.

The share issue was for 10,000 shares. Total subscription including firm underwriting was 8,500 shares and the forms included the following marked forms:

A – 2,000 shares;  B – 1,000 shares;  C – 1,000 shares.

Show the allocation of liability of the underwriters assuming that shares underwritten firm are treated as unmarked.

 

  1. Distinguish between Amalgamation in the nature of purchase and merger.

 

  1. X Co. Ltd., had 10,000 equity shares of Rs.10 each fully paid and 5,000 7% redeemable preference shares of Rs.10 each fully paid, redeemable at a premium of 10%. It had a credit balance of Rs.40,000 on profit and loss account and Rs.50,000 on general reserve.

The company resolved:

  • To issue 3,000 equity shares of Rs.10 each at Rs.12 per share in order to provide part of the funds for the redemption of the preference shares.
  • To redeem the preference shares.
  • To make a bonus issue of one share for every two held by the existing equity shareholders from the general reserve. The resolutions were carried into effect.

Journalize.

 

  1. Krishna Ltd., which had Rs.5,00,000 12% debentures outstanding on 1/1/1997, made the following purchases in the open market:

1.4.1997 1,000 debentures of Rs.100 each at Rs.99 ex-interest

1.9.1997 500 debentures of Rs.100 each at Rs.97 cum interest

The debentures purchased on 1/4/97 were cancelled on 31/12/97.

Pass entries for the year 1997, assuming that the interest is payable every year on 30th June and 31st December.

 

 

  1. M Ltd., was incorporated on 1.1.94 with an authorized capital of 50,000 equity shares of Rs.10 each to take over the running business of V Ltd., as from 1.10.93. The following is the summarized profit and loss account for the year ended 30.9.94

Rs.                               Rs.

Sales – 1.10.93 to 31.12.94                         6,000

1.1.94 to 30.9.94                         19,000                         25,000

Cost of sales                                              16,000

Administrative expenses                             1,768

Selling commission                                        875

Goodwill written off                                     200

Interest paid to vendors                                 373

(loan repaid on 1.2.94)

Distribution expenses (60% variable)         1,250

Preliminary expenses written off                   330

Debenture interest                                          320

Depreciation                                                   444

Directors’ fees                                                100                         21,660

Profit                                                                                         3,340

The company deals with one type of product.

The unit cost of sales was reduced by 10% in the post incorporation period as compared to the pre-incorporation period. Apportion the net profit between pre-incorporation and post-incorporation periods showing the basis of apportionment.

 

  1. (a) What is the maximum remuneration payable to different classes of managerial personnel as per the Company’s Act?

 

(b) From the following particulars, determine the maximum remuneration available to a full time director of a manufacturing company.

The Profit & Loss Account of the company showed a net profit of Rs.40,00,000 after taking into account the following items:

Rs.

(a) Depreciation (including special depreciation of Rs.40,000)                1,00,000

(b) Provision for income tax                                                                     2,00,000

(c)   Donation to political parties                                                                 50,000

(d) Ex-gratia payment to a worker                                                               10,000

(e) Capital profit on sale of assets                                                                15,000

 

 

 

 

 

 

  1. The share capital of Z Ltd., consisted of the following: 10,000 6% Preference shares of Rs.100 each and 50,000 equity shares of Rs.10 each.

The company had accumulated losses totaling Rs.3,50,000 and preliminary expenses not written off to the extent of Rs.20,000. It is ascertained that Fixed Assets that stood in the books at Rs.14,00,000 was over valued to the extent of Rs.4,00,000.

The following scheme was adopted to write off the losses and reduce the assets:

  1. 6% preference shares were to be converted into 7% preference shares of Rs.60 each.
  2. Equity shares to be reduced to Rs.2 each
  • The Directors to refund Rs.10,000 fees received by them.
  1. Preference dividend which is in arrears for 3 years, is to be settled by the issue of 5,000 equity shares of Rs.2 each.

Journalize.

 

  1. The following particulars related to ABC Ltd., which went into voluntary liquidation.

Preferential creditors                     Rs.25,000

Unsecured creditors                      Rs.50,000

Secured creditor                            Rs.10,000

(secured on machinery of the book value of Rs.25,000)

Machinery realized                        Rs.15,000

Other assets realized                     Rs.75,000

Expenses of liquidation                Rs.  1,500

Liquidators remuneration was agreed at 21/2% on the amount realized and 2% on the amount paid to unsecured creditors.

Prepare liquidator’s final statement of account.

 

PART C

 

Answer ANY TWO questions                                                                 2 x 20 = 40 marks

 

  1. ABC Ltd. issued a prospectus inviting applications for 2,000 shares of Rs.10 each at a premium of Rs.2 per share, payable as follows:

 

On application                   Rs.2

On allotment                     Rs.5 (including premium)

On first call                       Rs.3

On second call                  Rs.2

 

Applications were received for 3,000 shares and allotment was made pro-rata to applicants of 2,500 shares, the remaining applications being refused. Amount overpaid on application was adjusted against amount due on allotment.

 

X to whom 80 shares were allotted failed to pay allotment money and on a subsequent failure to pay the first call, his shares were forfeited.

 

Y the holder of 40 shares failed to pay the two calls and the shares were forfeited. Of the shares forfeited, 100 shares were sold at Rs.9 per share fully paid ( all the shares of X being included).

Journalize.

 

 

 

 

 

 

 

 

 

  1. The business of A Ltd., was purchased by B Ltd., on the following terms:
  2. i) A payment of cash of Rs.20 for every share in A Ltd.
  3. ii) A payment of Rs.55 in cash for every debenture in A Ltd.

iii)        The exchange of 3 shares in B Ltd., of Rs.10 each (market value of Rs.20) for every share in A Ltd.

  1. Expenses of realization Rs.5,000 to be paid by B Ltd.
  2. B Ltd., valued the buildings of A Ltd., at Rs.40,000 and machinery at Rs.15,000

The balance of sheet A Ltd.on date of purchase stood as follows:

Liabilities                                    Rs. Assets                                          Rs.
800 equity shares of

Rs.50 each                                  40,000

8% debentures of

Rs.50 each                                    6,000

Export profit reserve                      4,000

(statutory)

P & L                                              1,000

Creditors                                        4,200

——–

55,200

 

Building                                       15,000

Machinery                                   21,000

Stock                                           10,000

Debtors                                         9,000

Cash                                                200

 

 

 

———

55,200

Prepare realization account, B Ltd., account and equity shareholders’ account in the books of A Ltd. Also pass journal entries in the books of B Ltd., to record the take over.

 

  1. B Ltd. had an authorized capital of Rs.6 lakhs divided into equity shares of Rs.10 each. The following is the Trial Balance of the company as on 31.3.2006.
                                                  Rs.                                              Rs.
Calls in arrears                             7,500

Building                                   3,60,000

Machinery                               3,00,000

Interim dividend paid                   7,500

Purchases                               1,85,000

Preliminary expense                    5,000

Freight                                        18,840

Bad debts                                     2,110

8% Govt. bonds                          60,000

Stock (1.4.05)                             75,000

Debtors                                       94,200

Cash                                           25,750

Bank                                           39,900

Advance tax paid                        14,800

Wages                                        70,000

Salaries                                      31,400

Debenture interest

(up to 30.9.05)                              9,000

————-

Total                                       13,06,000

6% debentures                   3,00,000

P & L (.1.4.05)                      14,500

Creditors                               50,000

General reserve                     25,000

Share capital                      4,60,000

Bills payable                         38,000

Sales                                  4,15,000

Provision for bad debts          3,500

 

 

 

 

 

 

 

 

 

 

————–

13,06,000

 

Prepare final accounts for the year ending 31.3.06 after considering the following adjustments:

  1. 60,000 was added to machinery on 1.10.05. Depreciate machinery by 10% and building by 5%.
  2. Write off ½ of preliminary expenses.
  • Provide 5% for bad debts.
  1. Provide for income tax Rs.25,000
  2. Transfer Rs.10,000 to general reserve.
  3. Stock on 31.3.06 was Rs.1,01,000
  • Directors propose 5% final dividend on equity shares.
  • bonds were purchased on 31.3.06.

 

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Loyola College B.B.A. Business Administration April 2009 Corporate Accounting Question Paper PDF Download

     LOYOLA COLLEGE (AUTONOMOUS), CHENNAI – 600 034

B.B.A. DEGREE EXAMINATION – BUSINESS ADMINISTRATION

JQ 07

FOURTH SEMESTER – April 2009

BU 4500 – CORPORATE ACCOUNTING

 

 

 

Date & Time: 24/04/2009 / 9:00 – 12:00  Dept. No.                                                  Max. : 100 Marks

 

 

                                PART-A                                    (10 X 2 = 20 Marks)

ANSWER ALL QUESTIONS:

 

  1. What is meant by calls-in-Advance?
  2. S Ltd. issued 40,000 shares of Rs.10 each payable in full on application as per a private placement

agreement. the company received application for 40,000 shares .Applications were accepted in

full. Show journal entries in the books of S Ltd.

  1. Redemption of 20,000 preference shares of Rs.100 each was carried out by utilisation of reserves

and by issue of 8,000 equity shares of Rs.100 each at Rs.125 .How much should be credited to

capital redemption Reserve a/c?

  1. Write a note on’ Rights Shares’.
  2. What are the methods of computing purchase consideration?
  3. Dinesh Ltd. earned a profit after tax of Rs.10,00,000. in 2007-08 and it wanted to pay a dividend of

18% on its capital of Rs.30,00,000.What will be  the balance left in the profit and loss a/c?

  1. What is meant by sub-division of shares?
  2. If a company is purchased for a price(i.e Rs.10,00,000. ) which is less  than the net value of the

business(i.e Rs.15,00,000) How is the difference dealt with?

  1. What is statement of affairs?
  2. From the following particulars, compute the value per equity shares under net assets method:

Total assets  at market value       :   Rs. 49,80,000.

Total outside liabilities                :   Rs. 19,00,000

2,00,000 equity shares of

Rs.10 each               :   Rs. 20,00,000.

 

PART-B                                                         (5 x 8 = 40 Marks)

 

     ANSWER ANY FIVE QUESTIONS

 

  1. Explain forfeiture and re-issue of shares.
  2. Krishna Ltd. which had Rs.50,00,000 10% Debentures outstanding made the following purchases in

the open market for immediate cancellation:

1.4.2007      1000 Debentures of Rs.100 each at Rs.99

1.9.2007      2000 Debentures of Rs.100 each at Rs.97

you are required to give the journal entries for purchase and cancellation of debentures, if the above

purchase rates are Ex- interest.

  1. X Ltd. wishes to redeem ist redeemable preference shares of Rs.2,00,000 at a premium of 20%.For

this purpose, it has been decided to make a fresh issue of Rs.100 shares at 10% premium and utilise

the profits of Rs.42,000 available for dividend. You are required to calculate the minimum fresh

issue of shares that the company has to make to the public.

  1. Explain the legal provisions regarding issue of bonus shares by the companies.
  2. Z Ltd. does not want to take over debtors and creditors of vendor. However ,it agreed to collect

from debtors and pay to creditors for a commission of 3% on amount  collected and 1% on amount

paid The debtors realised Rs.1,70,000 only out of which Rs,50,000 was paid to creditors.

Calculate the amount of commission earned and amount payable to vendor.

  1. From the following particulars relating to Z Ltd. Calculate the balance profit to be transferred to

balance sheet-

(i)   Equity share capital                    Rs. 2,00,000

(ii)  P & L a/c(credit )                        Rs    .30,000

(iii) Net profit for the current

year                    Rs.    56,800

(iv) Dividend proposed by the directors @ 12% p.a. after the  minimum transfer to General

Reserve as required by law

  1. On 30th June 2007 Ford Ltd. passed a resolution consolidating 80,000 fully paid equity shares of

Rs.10 each into 8,000 fully paid equity shares of Rs.100 each. On 30th June 2008 the company

passed another resolution converting the shares into stock. Journalise the transactions.

 

  1. From the following details ascertain unsecured creditors to be shown in statement of affairs:

Rs.

Creditors for goods                                         80,000

Bills payable                                                      8,000

Loan from bank                                              20,000

(unsecured)

Bank overdraft                                                  6,000

Loan on security of machinery                       40,000

Estimated realisable value of

machinery  32,000

Bills discounted                                         31,000 (20% expected to rank)

Contingent liabilities                                 25,000 (10% expected to rank)

 

PART C                                                   (2 x 20 = 40)

ANSWER ANY TWO QUESTIONS:

  1. Nalli & co Ltd. was registered with an authorised capital of Rs.20,00,000 divided into 20,000

shares of Rs.100 each. The company offered 12,000 shares  to the public which were payable:

Rs. 20 per share on application ;

Rs. 40 per share on  allotment and

Rs. 40 on call.

Applications for 18,000 shares were received on which the directors allotted as follows

Applications  for 10,000 shares- full

Applications for  5000 shares-2000 shares

Applications for 3000 shares-NIL

The excess application money was adjusted towards allotment. All the money due to allotment and call was fully received.

Make necessary entries in the company’s books.

  1. The Moon Co. Ltd. and the Rising star Co. Ltd. have agreed to amalgamate . A new company

Sunshine Co. Ltd. has been formed to take over the combined concerns as on 31st March 2009.

After negotiations, the assets of the two companies have been agreed at as shown in the

following balance sheets:

The Moon co.Ltd.

Liabilities                       Rs.                       Assets                                    Rs.

Issued capital                                            Land & buildings             5,00,000

1,00,000 ordinary        10,00,000              Plant & machinery            2,00,000

shares of Rs.10                                           Patents                             1,10,000

fully paid up                                               Stock                               1,50,000

Sundry creditors               80,000               Sundry debtors                1,20,000

Profit & loss a/c                50,000               Cash at bank                        50,000

————–                                                —————

TOTAL        11,30,000                                                    11,30,000

————–                                                —————

The Rising Star co Ltd

Liabilities                       Rs.                     Assets                                    Rs

Issued capital                                            Land & buildings             3,00,000

50,000 ordinary            5,00,000              Plant & machinery            2,50,000

shares of Rs.10                                          Goodwill                             50,000

each                                                  Stock                                    20,000

Sundry creditors               50,000               Sundry debtors                    20,000

Reserve fund                    50,000               Cash at bank                        10,000

Profit & loss a/c              50,000

————-                                                    ————-

TOTAL         6,50,000                                                         6,50,000

————-                                                    ————-

Show how the amount payable to each company is arrived at and prepare amalgamated balance sheet

of the new company..

 

  1. It is provided in the articles of association that at the death of a share holder his shares will be

purchased by the remaining shareholders at a price to be settled on the basis of the last balance

sheet. It is further provided that goodwill shall be valued on the basis of 3 years’ purchase

of the average annual  profits for the last 5 years . The last balance sheet is as follows:

 

Liabilities                          Rs.                        Assets                                Rs

20,000 equity shares

of Rs.10 each                      2,00,000               Goodwill                    2,00,000

General reserve                   2,00,000               Investment                 3,00,000

Workmen’s savings fund    2,00,000               (market value Rs.2,50,000)

Employees P.F                   1,00,000               Stock                          5,00,000

Creditors                             6,00,000               Bank balance                 70,000

Profit & loss a/c                  1,70,000               Debtors                       4.00,000

—————-                                        —————-

TOTAL                  14,70,000                                              14,70,000

—————                                      —————-

The profits for the last five years were :Rs.15,000 ;Rs.20,000;Rs.25,000;

Rs.30,000 & Rs.35,000.You are required to calculate  the price to be paid for each share.

 

 

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