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1 MAY 2013 Time : Three hours Maximum : 100 marks SECTION A (10 3 = 30 marks) Answer any TEN questions each in 50 words. All questions carry equal marks. 1. Define Preference Share. ßÝ ø [QøÚ Áøµ Ö. 2. What do you understand by marked application? SÔUP mh Âsn ØÔ }º AÔÁx õx? 3. What is meant by calls in arrears? AøÇ {¾øÁ Gß uß ö õ Ò GßÚ? 4. What do you mean by under subscription? SøÓ ö õ ØÔ E x ö õ Ò GßÚ? 5. Define redeemable debenture. «ÒuS Phß zvµzvøú Áøµ Ö. 6. List out the principal methods of valuation of shares. [SPøÍ v k ö\ ² UQ øópøí mi ¼k. 7. Define Goodwill. Øö øú Áøµ Ö. 8. What is internal control? APUPõmk õk GßÓõÀ GßÚ? 9. What is an audit programme? uouøp ö\ Àz vmh GßÓõÀ GßÚ? 10. What do you understand by audit committee? uouøpu SÊ ØÔ }º AÔÁx õx? - World's number one free educational download portal

2 11. List out the items which require physical verification by the auditor. uouøp º \ õºup Ási C Øö õ Ò CÚ[PøÍ Á ø\ kzx. 12. Define Vouching. \õßóõ uø» Áøµ Ö. SECTION B (5 6 = 30 marks) Answer any FIVE questions each in 250 words. All questions carry equal marks. 13. What are the contents of a statutory report? J \mh øó AÔUøP ß EÒÍhUP[PÒ õøá? 14. Explain about the features of a debenture. J PhÜmk zvµzvß C À PøÍ ØÔ ÂÍUSP. 15. The balance sheet of M Limited as on is given below : Liabilities Assets l9% Reedamble preference shares of 100 each fully paid up 6,50,000 Sundry Assets Investments Cash at bank 9,50,000 2,75,000 67,500 Equity shares of 5 each fully paid up 2,25,000 General Reserve 1,00,000 Profit and Loss account 2,60,000 Sundry creditors 57,500 12,92,500 12,92,500 The preference shares are to be redeemed on at a 1 premium of 7 2 %. In order to facilitate redemption, the company had decided : (a) To sell investments for 2,60,000. (b) (c) (d) To finance part of redemption from company s fund. To issue sufficient equity shares at a premium of 1 per share to raise the balance of funds required. Minimum bank balance to be retained at 10,500. The investments were sold, the equity shares were fully subscribed and shares were fully redeemed. Give the journal entries. 2 - World's number one free educational download portal

3 õíßøó M {ÖÁÚzvß C {ø»u SÔ R ÇU öpõkup mkòíx. ö õö PÒ ö\õzxupò ¹. 100 v ÒÍ ÊÁx ö\¾zu mh 9% «ÒuS ßÝ ø [SPÒ ¹.5 v ÒÍ ÊÁx ö\¾zu mh \õuõµn [SPÒ 6,50,000 2,25,000 ö õxupõ 1,00,000 C»õ - mhu PnUS 2,60,000 Ø» PhÜ uõº 57,500 Ø» ö\õzxupò u¼kpò Á[Q öµõup 9,50,000 2,75,000 67,500 12,92,500 12,92, % ßø zvà AßÖ «ÒuS ßÝ ø [SPÒ 2 «m ö\ h EÒÍx. C u «m ØS EuÄ ÁøP À {ÖÁÚ RÌUPsh iäpøí GkzxÒÍx. (A) u½kpøí ¹. 2,60,000 ØS ÂØ øú ö\ Áx (B) {ÖÁÚ {v ¼ x J Svø «m ØS {v²uâ ö\ Áx (C) [S JßÔøÚ ¹.1 øú zvà öáî mk «m ØS uøá k «uz öuõøpø vµmkáx. (D) SøÓ u m\ Á[Q öuõøp õp ¹. 10,500 CøÚ øá x. u½kpò ÂØP mk ØÖ \õuõµn [SPÐUS Ê J ö Ó mk [SPÒ «mp mhx. SÔ mk väpøíu u P. 16. Compute the value of an equity share of each of the companies A and B on the basis of following information by using rate of earnings method. Company A Company B Profit after tax 10,00,000 10,00,000 12% preference capital (shares of 100 each) Equity capital (shares of 10 each) 10,00,000 20,00,000 50,00,000 40,00, World's number one free educational download portal

4 Assume that market expectation is 15% and 80% of profits are distributed. RÌPõq ÂÁµ[PÐUS Á Áõ Ãu øóø ß kzv A ØÖ B {Ö [PÒ JÆöÁõßÔØS J \õuõµn [Qß v øú PnUQkP. {Ö A {Ö B ¹. ¹. Á US ÓS»õ 10,00,000 10,00,000 12% ßÝ ø uà (JßÖ ¹. 100 v»õú [SPÒ) 10,00,000 20,00,000 \õuõµn»un (JßÖ ¹. 10 v»õú [SPÒ) 50,00,000 40,00,000 \ øu Gvº õº 15% ØÖ C»õ zvà 80% Qº uîup kpßóx GÚ AÝ õûzxu öpõòíä. 17. X Limited invited applications for 10,000 shares of 100 each at a discount of 6% payable as follows : On application : 25. On allotment : 34. On first and final calls : 35. The applications received were for 9000 shares and all of these were accepted. All moneys due were received except the first and final call on 100 shares which are forfeited. 50 shares were reissued at 90 as fully paid. Pass entries in the journal of the company. RÌUPshÁõÖ ö\¾zu h Ási X {ÖÁÚ JßÖ ¹. 100 v øh 10,000 [SPøÍ 6% ÁmhzvÀ öáî h Âsn [PøÍ Áµ ÁØÓx Âsn zvß õx ¹. 25JxURmiß õx ¹. 34, uà ØÖ CÖv AøÇ ß õx ¹ [SPÐUS Âsn [PÒ ö ØÖ AøÁ ÊÁx JxURk ö\ mhx. 100 [SPÎß uà ØÖ CÖv AøÇ uâµ ØÓ n ÊÁx ö Ó mhx AøÇ n ö\¾zu hõu A u 100 [SPÐ JÖ Ç ö\ õmk AÁØÔÀ 50 [SPÒ JßÖ ¹. 90 Ãu ö\¾zu mk Ö öáî±k ö\ mhx {ÖÁÚzvß SÔ kpîà uõßö väpøí u P. 18. State and explain the contents of an audit note book. J uouøp õmk zupzvß EÒÍhUP[PøÍ SÔ mk AÁØÔøÚ ÂÍUSP. 4 - World's number one free educational download portal

5 19. Explain the scope of internal control. APUPmk õmiß ö\ À GÀø»ø ÂÁ. 20. What are various methods of valuation of assets? ö\õzxupøí v k ö\ ² À ÁÖ øópò õøá? SECTION C (2 20 = 40 marks) Answer any TWO questions each in 1200 words. All questions carry equal marks. 21. On 1st April 1995, Sunshine Limited had in issue 5% debentures amounting to 3,00,000. Interest is payable half yearly on 30th June and 31st December. During the year ended 31st March, 1996, the following purchases were made in the open market. 15, June 50,000 nominal-ex.-in; cost 49,450 1, November 40,000 nominal-cum-in; cost Rs 40,250 The debentures thus purchased were not cancelled until 30th June Draw up the own debentures investment account. \ßø\ß {ÖÁÚ H µà 1, 1985 À ¹. 3,00,000zvØS 5% Phß zvµ[pøí öáî mhx. Ámi õúx Aøµ õsiøs J øó áúß 30 ØÖ i\ º 31 À ö\¾zu h Ásk. õºa 31, 1996 À iáøh² BsiÀ RÌUPsh öpõò uø» \ øu ¼ x ØöPõshx. 15 áúß ¹. 50,000 \õuõµn õp Ámiø uâºzx; Âø» ¹. 49,450 Á º 1 ¹. 40,000 \õuõµn õp Ámi²hß \º x; Âø» ¹. 40,250 öpõò uà ö\ mh Phß zvµ[pò áúß 30,1996 Áøµ µzx ö\ hâàø» ö\õ u Phß zvµ u½mku PnUQøÚ u õ UP. 22. From the following profit and loss account of ABC Limited for the year ended 31st March 1997, calculate the Managing Director s remuneration in terms of the Companies Act, Managing Director is entitled to a commission of 4% on profits available for dividend purpose assuming rate of income tax 50% on ordinary profits and 20% on capital profits. 5 - World's number one free educational download portal

6 Salaries including bonus 18,00,000 Gross profit 48,00,000 Rent, Rates and Taxes 1,00,000 Profit on sale of fixed assets 50,000 General expenses 2,50,000 Unpaid dividend 10,000 Managing Director s remuneration 40,000 Depreciation 4,00,000 Ex-gratia payment to an employee 31,000 Provision for Income Tax 5,00,000 Transfer to General Reserve 2,00,000 Development Rebate Reserve 50,000 Balance c/d 14,89,000 Total 48,60,000 Total 48,60,000 Note : Original cost of the fixed assets sold 3,50,000. Written down value of the fixed assets sold 3,20,000. Sale proceeds of the fixed assets 3,70, õºa 1997 Bskhß iáøh² ABC {ÖÁÚzvß C»õ mhu PnUQ¼ x {Ö a \mh 1956,ß i»õsø C US ß Fv zvøúu PnUQkP.»õsø C US º 4% PÈÂøÚ [Põuõ zvøs ö\¾zu EÒÍ öuõøp ¼ x ö Ó E ø ö ØÓÁº. Á õú Á õúx \õuõµn C»õ zvà 50% ØÖ»uÚ»õ zvà 20% Gß øu AÝ õûzxuöpõòíä. ¹. ¹. õúì EÒ h \ Í 18,00,000 ö õzu C»õ 48,00,000 ÁõhøP, Ãu & Á PÒ 1,00,000 {ø»a ö\õzxpøí 50,000 ÂØÓvÀ C»õ ö õx ö\»äpò 2,50,000 ö\¾zu hõu 10,000 [Põuõ»õsø C US ß Fv 40,000 u õú 4,00,000 o õí US ö\¾zv 31,000 P øn Fv Á õú Á JxUS 5,00,000 ö õxu Põ ØS õøó 2,00,000 Áͺa] Põ {v 50,000 C RÌ CÓUP mhx 14,89,000 ö õzu 48,60,000 ö õzu 48,60, World's number one free educational download portal

7 SÔ ¹. ÂØÓ {ø»a ö\õzxupîß Esø Âø» 3,50,000 ÂØÓ {ø»a ö\õzxupðus u õú GÊv x 3,20,000 ÂØP mh {ø»a ö\õzxupîß v 3,70, Discuss the advantages of an audit. J uouøp ß ßø PøÍ ØÔ ÂÁ. 24. Discuss the general procedure of valuing and verifying the stock-in-trade. Â õ õµ \µuqøú v hà ØÖ \ õºzu¾upõú ö õx øh øóø ØÔ ÂÁ. 7 - World's number one free educational download portal