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Wednesday 4 July 2012

M.Com 1st sem SMU Summer drive : for answers contact us at assignmentssolution@gmail.com

ASSIGNMENTS M.Com General– 1st Semester Subject Name: Advanced Financial Accounting Subject code: MCC 101 Spring Drive 2012 4 credits (60 marks) (BKID: B1467) Set 1 Answer the following questions. Each question carries 10 marks. 1. What are accounting standards? State their objectives. 2. What does the draft of a proposed standard constitute? 3. State the factors that affect goodwill. 4. The capital structure of Hertz Ltd is as follows: 14%Preference shares of Rs.10 each 20,00,000 Equity shares of Rs.10 each 32,00,000 Reserves and surplus 16,00,000 10%Debentures 24,00,000 11%Loans from banks/financial institutions 28,00,000 1,20,00,000 The average annual profit before payment of tax and interest is Rs.24, 00,000.The income tax rate is assumed to be @40 per cent. Compute the value shares of the company, if the applicable price earning ratio is 9. 5. What do you understand by inter-company holdings? 6. The following is the Balance sheet of A Limited:
Liabilities Rs. Assets Rs. Share capital(Rs.10 Shares) 10,000 Fixed Assets 8,000 General reserve 5,000 Current Assets 12,000 Sundry creditors 5,000 20,000 20,000 The business is taken over by B Ltd.for a sum of Rs.30,000 to be satisfied by issue of shares of Rs.10 each.The current assets of A Ltd. include goods of the value of Rs.5,000 which were purchased by it from B Limited on which B Ltd. charged a profit of 25% on cost.The current assets of A Ltd.also include a debt of Rs.2000 due by B Ltd. to A Ltd.for goods purchased and which have now been completely sold by that company. Prepare realization account and the shareholders account in the books of A Ltd.and pass the necessary journal entries for acquisition of business in the books of B Ltd.
ASSIGNMENTS M.Com General– 1st Semester Subject Name: Advanced Financial Accounting Subject code: MCC 101 Spring Drive 2012 4 credits (60 marks) (BKID: B1467) Set 2 Answer the following questions. Each question carries 10 marks. 1. The following is the Balance Sheet of Downhill Ltd.as at 31st March,2005: Liabilities Rs. Assets Rs. 20,000 Equity shares of Rs.100 each 20,00,000 Goodwill 25,000 12% Debentures 5,00,000 Land and buildings 1,50,000 Outstanding debentures interest 1,20,000 Plant and machinery 3,00,000 Creditors 3,00,000 Furniture 80,000 Stock 2,70,000 Debtors 60,000 Cash at bank 35,000 Preliminary expenses 20,000 Profit and loss A/c 19,80,000
29,20,000 29,20,000 The following scheme of reconstruction is executed: i. Equity shares are reduced by Rs.95 per share.They are,then, consolidated into 10,000 equity shares of Rs.10 each. ii. Debentureholders agree to forego outstanding debenture interest.As a compensation 12% Debentures are converted into 14% Debentures,the amount remaining Rs.5,00,000. iii. Creditors are given the option to either accept 50% of their claim in cash in full settlement or to convert their claim into equity shares of Rs.10 each. Creditors for Rs.2,00,000 opt for shares in satisfaction of their claims. iv. To make payment to creditors opting for cash payment ant to augment working capital, the company issues 50,000 equity shares of Rs.10 each at par, the entire amount being payable along with applications. The issue was fully subscribed. v. Land and Buildings are revalued at Rs.2, 00,000 whereas Plant &Machinery is to be written down to Rs.2, 10,000.A provision amounting to Rs.5000 is to be made for doubtful debts. Pass journal entries and draft the company’s balance sheet immediately after the reconstruction. 2. Differentiate between the two types of amalgamation. 3. What are the steps required for drafting a reconstruction scheme? 4. Discuss preferential creditors ‘payments. 5. Discuss the valuation of investments. 6. LT Ltd.went into liquidation with the following liabilities. Secured creditors -Rs.40, 000(securities realized Rs.50, 000) Preferential creditors -1,200 Unsecured creditors -61,000 Liquidation expenses -500 The liquidator is entitled to a remuneration of 3% on the amount realized (including securities in the hands of secured creditors) and 1-1/2% on the amount distributed to unsecured creditors.The various assets (excluding the securities in the hands of the secured creditors) realized are Rs.52, 000. Prepare the liquidator’s statement of account showing the payment made to the unsecured creditors.

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