Total No. of Questions : 4] SEAT No.

:
P5838 [Total No. of Pages : 6
[6142]-202

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S.Y. B.Com.

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232 : CORPORATE ACCOUNTING-I

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(2019 Pattern) (CBCS) (Semester-III)

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Time : 2½ Hours] [Max. Marks : 70
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Instructions to the candidates:
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1) Question No.1 is compulsory.

2) Solve any 2 questions from remaining question. No. 2, 3, & 4.
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3) Figures to the right side indicate full marks.

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Q1) A) Fill in the blanks (Any five): [5]
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a) __________ is the part of finance cost.

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i) Interest Received
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ii) Purchases,
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iii) Interest paid

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b) AS 10 is deals with_________
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i) Accounting for Amalgamation,

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7.2

ii) Property, Plant and Equipment,

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iii) Consolidated Financial Statement
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c) Profit earned by the company after the date of incorporation is

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called_____
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i) Capital Profit,
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ii) Revenue Profit,

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iii) Gross profit

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d) Yield value depends on_________

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i) Net Worth
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ii) Net Profits

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iii) Goodwill

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 e) Under profit prior to incorporation, Director fees is allocated on the
basis of_________.
i) Time Ratio

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ii) Sales Ratio

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iii) Post-incorporation

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f) Discount on issue debenture is ______loss.

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i) Revenue
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ii) Capital
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iii) Gross
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g) Profit post incorporation is available for distribution of________

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i) Dividend

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ii) Capital
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iii) Goodwill

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B) True or False (Any Five): [5]
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a) Companies Act 2013 is not applicable to private companies.
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b) As per Companies Act 2013, financial statements of the company

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are prepared in vertical form.

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c) Preliminary expenses are directly recorded to post incorporation

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period only.
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d) Quoted shares means a shares which are listed with the stock
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exchange.
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e) Miscellaneous expenses are considered while calculating net assets.
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f) According to AS-14, Net assets method is not recommending in

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case of going concern.

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g) Extra ordinary items should not be disclosed in statement of profit

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and loss.
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C) Match the following [5]

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a) Employees Benefit Expenses i) Consolidated financial statement

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b) Sales Ratio ii) Contribution to provident fund

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7.2

c) Capitalized value iii) Provision for Taxation

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d) Short Term Provision iv) Advertisement

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e) AS 21 v) Normal Rate of Return

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 D) Write short notes (Any three) [15]
a) Factors affecting on valuation of shares
b) Pre incorporation profit and post incorporation profit.

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c) Benefits of Accounting Standards

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d) Accounting Standard-5

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e) Tangible and Intangible Assets

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Q2) Shivansh Co. Ltd., Pune was registered with an authorized capital of
Rs. 10,00,000 divided into 10,000 Eq. Shares of Rs. 100 each. The following
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is the Trail Balance of the company as on 31st March 2023. [20]

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Trial Balance
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As on 31st March 2023

Particulars Debit (Rs) Particulars Credit (Rs)

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Stock (01-04-2022) 1,20,000 Share Capital:

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Plant and Machinery 6,00,000 Issued & Subscribed
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Furniture and Fixture 3,00,000 Capital:
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Purchases 7,70,000 5,000 Eq. Shares of

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Sales Return 10,000 Rs.100 each fully paid 5,00,000

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Salary 30,000 General Reserve 1,00,000

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Wages 70,000 6% Debentures 3,00,000

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Sundry Debtors 80,000 Sundry Creditors 50,000

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Bills Receivable 40,000 Sales 12,00,000

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Cash in Hand 1,07,000 Purchase Return 20,000
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Cash at Bank 1,00,000 Bills Payable 30,000

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Bank Interest 12,000 Profit & Loss A/c

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Interest on 6% (01-04-2022) 80,000

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Debentures 18,000 Rent Received 10,000

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Audit Fees 8,000

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Rent, Rates
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and Taxes 10,000

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General Expenses 5,000

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Goodwill 10,000
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22,90,000 22,90,000
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 Additional Information:
a) Stock as on 31st March 2023 was valued at Rs.90,000.
b) Depreciation is to be charged on Plant & Machinery and Furniture &

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Fixture at 5% and 10% respectively.

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c) Outstanding Salary of Rs.5,000 and rent paid in advanced Rs.3,000.

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d) Provide 5% provision on sundry debtors for doubtful debts.

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e) Transfer of Rs.5,000 for General Reserve.

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(Note : only prepare required notes)
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You are required to prepare Balance Sheet and Statement of Profit & Loss for
the year ended 31st March 2023 as per Companies Act 2013 Schedule III
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Q3) Harsha Ltd. Mumbai was incorporated on lst August 2022 to take over the
running business of Raj Traders as a going concern from 1st April 2022.

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Following was the Statement of Profit & Loss for the year ended 31st March
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2023. [20]

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In the books of Harsha Ltd, Mumbai 23
Profit and Loss Account for the year ended 31st March 2023
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Dr Cr
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Particulars Rs. Particulars Rs.

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To Rent &Taxes 30,000 By Gross Profit 2,10,000

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To Electricity 4,800
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To Salaries 72,000
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To Commission 12,000
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To Advertisement 8,000
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To Interest on Loan 6,000

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To Discount 7,000
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To Office Expenses 15,000

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To Carriage 6,000
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To Preliminary Expenses 13,000

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To Bad debts 4,000

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To Interest on capital
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to Partner 1,000
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To Net Profit 31,200

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2,10,000 2,10,000
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 Additional information:
a) The total sales for the year ending on 31st March 2023 was Rs.18,00,000/-,
divided in to Rs.6,00,000/- for the period up to 1st August 2022 and

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Rs.12,00,000/- for the remaining period.

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b) Bad Debts were directly proportionate to the sales.

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Prepare a statement showing profit prior to and after incorporation of

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Harsha Ltd., Mumbai.
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Q4) a) Following is the Balance Sheet of Sameer Ltd., Pune on 31st March 2023.
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Liabilities Rs. Assets Rs.

Share Capital Freehold Premises 1,00,000

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20,000 Equity Shares of Machinery 1,40,000

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Rs. 10 each fully paid 2,00,000 Furniture 28,000
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Reserve & Surplus Stock in trade 40,000
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Reserve Fund 1,00,000 Debtors 88,000

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Profit & Loss A/c 32,000 Bank balance 52,000

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Current Liabilities Formation Expenses 4,000

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Creditors 90,000
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Bills Payable 30,000

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4,52,000 4,52,000
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Additional Information:
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i) Assets are valued as

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Goodwill Rs. 88,000

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Freehold premises Rs. 2,60,000

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Machinery Rs. 144,000

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Furniture Rs. 48,000

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Stock in trade Rs. 50,000

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Debtors Rs. 78,000

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 ii) The profits of the company during the last three years were as follows.
2021 - Rs. 90,000

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2022 - Rs. 98,000

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2023 - Rs. 1,00,000

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iii) It is the practice of the company to transfer 25% of profit to reserve

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fund.

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iv) The fair yield in respect of equity shares of similar type of companies
is ascertained at 10%.
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Find out the value of each Equity Share as per

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1) Intrinsic Value Method

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2) Yield Value Method

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3) Fair Value Method
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b) Shubhangi Co. Ltd. purchased a plot of land for which the following
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information has been given. [6]
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Purchase of Land : Rs.12,00,000

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Transfer of Title : Rs.1,00,000

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Other Legal Charges : Rs.50,000

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Cost of demolition of old building

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present on the land : Rs.40,000

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Sale of scrap of old building : Rs.8,000
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You are required to calculate the cost of land

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2.5
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