Advanced Corporate Accounting Question Paper 2022
[Gauhati University BCOM 6th SEM Question Papers]
COMMERCE (Honours Elective)
Paper: COM-HE-6036
(Advanced Corporate Accounting)
Full Marks: 80
Time: Three hours
The figures in the margin indicate full marks for the questions.
Answer either in English or in Assamese.
In this post you wil get Advanced Corporate Accounting Question Paper 2022 for Gauhati University BCOM 6th SEM.
1. Answer the following as directed: (any ten) Â Â Â Â Â 1 x 10=10
(1) The full form of IFRS is _______.
(2) IASB stands for Indian Accounting Standard Board. (State whether the statement is true or false)
(3) Accounting Standard is mandatory for _______. (Fill in the blanks)
(4) In case of compulsory winding up liquidator is appointed by court. (State whether the statement is true or false)
(5) A contributory in winding up of a company is a creditor. (State whether the statement is true or false)
(6) As per section 17 of the Banking Regulation Act, every bank has to transfer _______% of profit to statutory reserve fund. (Fill in the blanks)
(7) Banking companies are governed by the Banking Regulation Act, _______. (Fill in the blanks)
(8) What is surrender value in life insurance?
(9) Rebate on bills discounted for a banking company is an income. (State whether the statement is true or false)
(10) Commission on reinsurance ceded is an income. (State whether the statement is true or false)
(11) Face value of the investment is always equal to the capital value. (State whether the statement is true or false)
(12) What is reinsurance?
(13) The first item in order of payment to be made by liquidator is _______. (Fill in the blanks)
(14) What is the meaning of cum-interest in Investment Accounts?
(15) Profits earned during the pre-incorporation period are transferred to _______. (Fill in the blanks)
2. Answer the following questions: (any five) Â Â Â Â Â 2 x 5=10
(a) What is Accounting Standard?
(b) What is winding up of companies?
(c) Mention two distinctions between IFRS and Ind AS.
(d) What is XBRL filling?
(e) What are non-performing assets?
(f) Who are the preferential creditors in respect of winding up of companies?
(g) Mention any two features of Investment Accounting.
(h) What is profit or loss prior to incorporation?
3. Answer the following questions as directed: (any four)Â Â Â 5 x 4=20
(a) Give an overview of Accounting Standard in India.
(b) Write a note on IASB.
(c) How is profit or loss made prior to incorporation treated in accounts?
(d) State the features of liquidator’s Final Statement of Account.
(e) Point out the features of accounts of life insurance companies.
(f) Mention the statutory books to be maintained by banking companies.
(g) Write a short note on Valuation Balance Sheet in respect of insurance companies.
(h) Explain the special features of bank book-keeping.
4. Answer the following as directed: (any four) Â Â Â Â Â Â 10 x 4=40
(a) Tiskon Ltd. went into voluntary liquidation having the following liabilities:
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|
Rs. |
|
Unsecured creditors Secured creditors Rs. 58,000 (realisable value of securities Rs. 65,000) Preferential creditors 8% Debentures Liquidation expenses The liquidator is entitled to remuneration of 3% on the assets realised and of 5% on the amount distributed to unsecured creditors. Various assets (excluding the securities held by secured creditors) realised |
85,000 15,000 18,000 200 84,000 |
Prepare Liquidator’s Final Statement of A/c showing the proportion paid to unsecured creditors.         10
(b) Discuss the scope and process of issuing IFRS in India. Â Â Â Â Â Â Â 10
(c) What is Corporate Annual Report of a company? Explain its needs and objectives. Â Â Â Â Â Â 4+6=10
(d) Write a background of convergence of Indian Accounting Standard with IFRS. Â Â Â Â Â Â Â Â Â Â 10
(e) What are different modes of winding up of a company? Describe the powers of the liquidator under compulsory winding up of companies. Â Â Â Â Â Â 3+7=10
(f) From the following information, prepare a Profit and Loss A/c of United Bank of India for the year ended on 31st March, 2022: Â Â Â Â Â 10
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Rs. |
|
Interest on loans Commission Interest on fixed deposits Discount on bills discounted (Gross) Interest on cash credits Interest on overdraft Rent and Taxes Sundry charges (Dr.) Payment to employees Interest on S/B accounts Director’s fees Locker’s rent Depreciation ATM maintenance charges Rebate on bills discounted Provision for taxation |
4,70,000 1,54,000 5,34,000 3,40,000 4,46,000 3,50,000 30,000 10,000 1,00,000 60,000 5,000 40,000 2,000 1,000 12,000 30% |
(g) From the following particulars, prepare a Fire Revenue A/c of FRJ Insurance Co. Ltd. for the year ended on 31st
March, 2022: Â Â Â 10
|
|
Rs. |
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Reserve for unexpired risk on 01/04/2021 Additional reserve on 01/04/2021 Claims paid Management expenses Premiums Interest and dividends Income Tax deducted on above Reinsurance premium Profit on sale of investments Legal charges regarding claims Reinsurance claims received Commission on direct business |
2,56,000 40,000 3,60,000 1,20,000 5,40,000 90,000 3,000 45,000 10,000 2,000 14,200 52,000 |
The company calculates its reserve for unexpired risks at 50% of the net premium each year.
(h) Consider the following information taken from the records of Das Ltd.:
(1) The company had a balance of 5% Government Bonds of Rs. 5,00,000 (Cost Rs. 4,80,000) as on 31/12/2020.
(2) Interest was receivable on April 1 and October 1 each year.
(3) The company received interest up to October 1, 2020.
(4) On July 1, 2021 the company further purchased bonds of Rs. 1,50,000 at a cost of Rs. 1,70,000.
(5) On October 15, 2021 bonds worth Rs. 1,80,000 were sold for Rs. 1,70,000.
You are required to prepare Investment A/c for the year ended on 31st December, 2021 valuing investment on
average cost basis. Ignore brokerage. Â Â Â Â Â Â Â Â Â Â 10
(i) Moon Ltd. was incorporated on July 1, 2021 to acquire a running business with effect from 1/4/2021. The accounts of the company for the year ended on 31st March, 2022 disclosed the following:
(1) There was a gross profit of Rs. 1,50,000.
(2) Sales for the year amounted to Rs. 6,00,000 of which Rs. 1,20,000 were for the first six months.
(3) Expenses debited to Profit and Loss A/c were as follows:
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|
Rs. |
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Director’s fees Bad debts Advertising (contract amount per month Rs. 500) Salaries Preliminary expenses written off Donation to political party paid by the company |
9,000 1,800 6,000 32,000 5,000 4,000 |
Prepare a statement showing the amount of profit made before and after incorporation. Â Â Â Â Â Â Â 10
(j) Explain mandatory and voluntary disclosures to be made in the Annual Report of a company. Â Â Â Â Â 10
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