University Of Pune Question Paper
M.Com. (Semester – II) Examination, 2013
ADVANCED ACCOUNTING AND TAXATION
(Special Paper – III)
Specialised Areas in Accounting
(Group – A) (2008 Pattern)
Time : 3 Hours Max. Marks :100
Instructions : I) All questions are compulsory.
II) Figures to the right indicate full marks.
III) Use of pocket calculator is allowed.
1. What do you mean by Service Tax ? Explain objectives and procedure for
payment of service tax as per Service Tax Act. 20
OR
Write short notes (any four) : 20
a) Value Added Tax (VAT)
b) Advance Payment of Income Tax
c) Hospital Accounting
d) Demerger
e) Mutual Funds
f) Excise Duty.
2. The following is the Trial Balance of Sudarshan Construction Company,
Mumbai, engaged on the execution of Contract No. 101, for the year
ended 31st Dec., 2012 20
Rs. Rs.
Contractees Account – Amt. Received – 3,00,000
Building 1,60,000 –
Creditors – 72,000
Bank Balance 35,000 –
Capital Account – 5,00,000
Materials 2,00,000 –
Wages 1,80,000 –
Expenses 47,000 –
Plant 2,50,000 –
Total 8,72,000 8,72,000
Seat
No.
[4370] – 204 -2-
The work on Contract No.101 was commenced on 1st Jan., 2012, Material
costing Rs. 1,70,000/- were sent to the site of the contract but those of
Rs. 6,000/- were destroyed in an accident. Wages of Rs.1,80,000/- were paid
during the year, plant costing Rs. 50,000/- was used on the contract all through
the year, plant with a cost of Rs. 2,00,000/- was used from 1st January to 30th
Sept., and was then returned to the stores. Materials of cost of Rs. 4,000/- were
at site on 31st December, 2012.
The contract was for Rs. 6,00,000/- and the contractee pays 75% of the work
certified. Work certified was 80% of the total contract work at the end of 2012.
Uncertified work was estimated at Rs. 15,000/- on 31st Dec., 2012.
Expenses are charged to the contract at 25% of wages. Plant is to be depreciated
at 10% for the entire year.
Prepare Contract No. 101 Account for the year 2012 and make out the Balance
Sheet as on 31st Dec., 2012 in the books of company.
3. Following is the Balance Sheet of Gajanan Ltd. as on 31st March, 2013. 20
Liabilities Amt. Rs. Assets Amt. Rs.
Share Capital : Goodwill 4,00,000
20,000 equity shares of Land and Building 15,60,000
Rs. 100/ each fully paid. 20,00,000 Plant and machinery 14,00,000
Reserve fund 5,00,000 Patent rights 3,50,000
Sinking fund 1,00,000 Stock 2,00,000
-3- [4370] – 204
Workmen’s Accident Sundry Debtors 4,00,000
Compensation fund Investments against
(Estimated Liab. Rs. 9,000/-) 50,000 sinking fund 1,00,000
Employees profit sharing fund 1,00,000 Cash at Bank 30,000
Staff provident fund 1,50,000
Sundry creditors 1,40,000
A’s Debentures 4,00,000
B’s Debentures 10,00,000
Total 44,40,000 Total 44,40,000
Laxmi Ltd, absorbed Gajanan Ltd. on the date of its above Balance Sheet, the
consideration being
a) The taking over of the liabilities.
b) The payment of cost of absorption (as part of purchase consideration) not
exceeding Rs. 8,000/-.
c) The repayment of ‘B’ Debentures at a premium of 5% in cash.
d) The discharge of A’s Debentures at a premium of 10% by the issue of 6%
debentures in Laxmi Ltd. at par.
e) A payment of Rs. 15/- per share in cash.
f) Allotment of one 7% preference share of Rs. 100/- each fully paid and five
equity shares of Rs. 100/- each fully paid for every four equity shares in
Gajanan Ltd. The actual cost of absorption came to Rs. 10,000/-. Stock of
Gajanan Ltd. includes goods value at Rs. 56,000/- purchased from Laxmi Ltd.
which company invoices goods at cost plus 3 162 %. The creditors include
Rs. 80,000/- due by Gajanan Ltd. to Laxmi Ltd. The directors of Laxmi Ltd.
decided to create provision of 5% on Sundry Debtors against doubtful debts.
You are required to :
1) Prepare
a) Realisation Account
b) Laxmi Ltd. A/c
c) Shareholders A/c
in the books of Gajanan Ltd. and
2) Pass Journal Entries in the books of Laxmi Ltd.
4. Following is the Trial Balance of Hotel Sagar, Pune, as on 31st Dec., 2012. You
are required to prepare the Profit and Loss Account for the year ended on
31-12-2012, and the Balance Sheet as on that date :
Trial Balance as on 31st Dec., 2012 20
Debit Balance Rs. Credit Balance Rs.
Stock 25,000 Capital 6,00,000
Sundry Debtors 25,000 Room charges 2,85,000
Cash in Hand 50,000 Food and Beverages 2,15,000
Kitchen appliances 60,000 Discount Received 5,000
Salary and Wages 50,000 Sundry Creditors 15,000
Utensils 1,10,000 Sundry Receipts 94,000
Purchases 1,75,000 Bank Interest 10,000
Repairs and Renewals 4,000
Telephone Bills 7,000
Furniture 1,75,000
[4370] – 204 -4-
Printing and stationery 10,000
Power and Fuel 15,000
Advertisement 15,000
Drawings 25,000
Bad Debts 5,000
Buildings 1,70,000
Rates 3,000
Motor Car 2,00,000
Investments 1,00,000
Total 12,24,000 Total 12,24,000
Prepare the Final Accounts after considering the adjustments given below :
Adjustments :
1) A sum of Rs. 10,000/- representing room charges, Rs. 7,500/-, Food and
Beverages Rs. 2,500/- to be charged to proprietor of the hotel.
2) A Depreciation is to be provided on
Building @ 10%
Motor car @ 15%
Furniture @ 5% and
Kitchen appliances @ 20%.
3) Salaries and wages are outstanding Rs. 2,000/-.
4) The purchase of Rs. 5,000/- remained unrecorded.
5) Utensils of Rs. 5,000/- are to be written off.
-5- [4370] – 204
5. From the following Trial Balance and necessary information of Abhinav Education
Society as at 31st December, 2012, prepare an Income and Expenditure Account
and Balance Sheet as on that date : 20
Trial Balance
Name of the Account Debit Bal. Credit Bal.
Building 5,00,000 –
Furniture and fittings 2,00,000 –
Purchases of furniture on 1/7/2012 25,000 –
Library Books 50,000 –
Sundry Debtors and Creditors 25,000 20,000
Investments 1,00,000 –
Admission fees – 2,00,000
Exam. fees – 50,000
Certificate fees – 10,000
Subscriptions of journals 5,000 –
Printing and stationery 10,000 –
Rent of Society Hall 25,000
Examination expenses 10,000 –
Expenses of prizes awarded 25,000 –
Interest on investments – 10,000
Sundry Receipts – 15,000
[4370] – 204 -6-
Staff salaries and wages 3,00,000 –
Taxes 25,000 –
Donations (to be capitalised) – 1,50,000
General Expenses 15,000 –
Capital Fund – 4,50,000
Subscriptions – 3,00,000
Govt. Grants – 1,00,000
Cash at Bank 30,000 –
Cash in Hand 10,000 –
Total 13,30,000 13,30,000
Additional information :
1) Subscription due Rs. 75,000/-
2) Subscription received in advance Rs. 25,000/-
3) Rent of society’s hall Rs. 10,000/- is yet to be received
4) Interest on investments due but not received yet Rs. 15,000/-
5) Provide depreciation on Building @ 10%, Furniture and Fitting @ 15% and
Library books @ 20%.
_____________
M.Com. (Semester – II) Examination, 2013
ADVANCED ACCOUNTING AND TAXATION
(Special Paper – III)
Specialised Areas in Accounting
(Group – A) (2008 Pattern)
Time : 3 Hours Max. Marks :100
Instructions : I) All questions are compulsory.
II) Figures to the right indicate full marks.
III) Use of pocket calculator is allowed.
1. What do you mean by Service Tax ? Explain objectives and procedure for
payment of service tax as per Service Tax Act. 20
OR
Write short notes (any four) : 20
a) Value Added Tax (VAT)
b) Advance Payment of Income Tax
c) Hospital Accounting
d) Demerger
e) Mutual Funds
f) Excise Duty.
2. The following is the Trial Balance of Sudarshan Construction Company,
Mumbai, engaged on the execution of Contract No. 101, for the year
ended 31st Dec., 2012 20
Rs. Rs.
Contractees Account – Amt. Received – 3,00,000
Building 1,60,000 –
Creditors – 72,000
Bank Balance 35,000 –
Capital Account – 5,00,000
Materials 2,00,000 –
Wages 1,80,000 –
Expenses 47,000 –
Plant 2,50,000 –
Total 8,72,000 8,72,000
Seat
No.
[4370] – 204 -2-
The work on Contract No.101 was commenced on 1st Jan., 2012, Material
costing Rs. 1,70,000/- were sent to the site of the contract but those of
Rs. 6,000/- were destroyed in an accident. Wages of Rs.1,80,000/- were paid
during the year, plant costing Rs. 50,000/- was used on the contract all through
the year, plant with a cost of Rs. 2,00,000/- was used from 1st January to 30th
Sept., and was then returned to the stores. Materials of cost of Rs. 4,000/- were
at site on 31st December, 2012.
The contract was for Rs. 6,00,000/- and the contractee pays 75% of the work
certified. Work certified was 80% of the total contract work at the end of 2012.
Uncertified work was estimated at Rs. 15,000/- on 31st Dec., 2012.
Expenses are charged to the contract at 25% of wages. Plant is to be depreciated
at 10% for the entire year.
Prepare Contract No. 101 Account for the year 2012 and make out the Balance
Sheet as on 31st Dec., 2012 in the books of company.
3. Following is the Balance Sheet of Gajanan Ltd. as on 31st March, 2013. 20
Liabilities Amt. Rs. Assets Amt. Rs.
Share Capital : Goodwill 4,00,000
20,000 equity shares of Land and Building 15,60,000
Rs. 100/ each fully paid. 20,00,000 Plant and machinery 14,00,000
Reserve fund 5,00,000 Patent rights 3,50,000
Sinking fund 1,00,000 Stock 2,00,000
-3- [4370] – 204
Workmen’s Accident Sundry Debtors 4,00,000
Compensation fund Investments against
(Estimated Liab. Rs. 9,000/-) 50,000 sinking fund 1,00,000
Employees profit sharing fund 1,00,000 Cash at Bank 30,000
Staff provident fund 1,50,000
Sundry creditors 1,40,000
A’s Debentures 4,00,000
B’s Debentures 10,00,000
Total 44,40,000 Total 44,40,000
Laxmi Ltd, absorbed Gajanan Ltd. on the date of its above Balance Sheet, the
consideration being
a) The taking over of the liabilities.
b) The payment of cost of absorption (as part of purchase consideration) not
exceeding Rs. 8,000/-.
c) The repayment of ‘B’ Debentures at a premium of 5% in cash.
d) The discharge of A’s Debentures at a premium of 10% by the issue of 6%
debentures in Laxmi Ltd. at par.
e) A payment of Rs. 15/- per share in cash.
f) Allotment of one 7% preference share of Rs. 100/- each fully paid and five
equity shares of Rs. 100/- each fully paid for every four equity shares in
Gajanan Ltd. The actual cost of absorption came to Rs. 10,000/-. Stock of
Gajanan Ltd. includes goods value at Rs. 56,000/- purchased from Laxmi Ltd.
which company invoices goods at cost plus 3 162 %. The creditors include
Rs. 80,000/- due by Gajanan Ltd. to Laxmi Ltd. The directors of Laxmi Ltd.
decided to create provision of 5% on Sundry Debtors against doubtful debts.
You are required to :
1) Prepare
a) Realisation Account
b) Laxmi Ltd. A/c
c) Shareholders A/c
in the books of Gajanan Ltd. and
2) Pass Journal Entries in the books of Laxmi Ltd.
4. Following is the Trial Balance of Hotel Sagar, Pune, as on 31st Dec., 2012. You
are required to prepare the Profit and Loss Account for the year ended on
31-12-2012, and the Balance Sheet as on that date :
Trial Balance as on 31st Dec., 2012 20
Debit Balance Rs. Credit Balance Rs.
Stock 25,000 Capital 6,00,000
Sundry Debtors 25,000 Room charges 2,85,000
Cash in Hand 50,000 Food and Beverages 2,15,000
Kitchen appliances 60,000 Discount Received 5,000
Salary and Wages 50,000 Sundry Creditors 15,000
Utensils 1,10,000 Sundry Receipts 94,000
Purchases 1,75,000 Bank Interest 10,000
Repairs and Renewals 4,000
Telephone Bills 7,000
Furniture 1,75,000
[4370] – 204 -4-
Printing and stationery 10,000
Power and Fuel 15,000
Advertisement 15,000
Drawings 25,000
Bad Debts 5,000
Buildings 1,70,000
Rates 3,000
Motor Car 2,00,000
Investments 1,00,000
Total 12,24,000 Total 12,24,000
Prepare the Final Accounts after considering the adjustments given below :
Adjustments :
1) A sum of Rs. 10,000/- representing room charges, Rs. 7,500/-, Food and
Beverages Rs. 2,500/- to be charged to proprietor of the hotel.
2) A Depreciation is to be provided on
Building @ 10%
Motor car @ 15%
Furniture @ 5% and
Kitchen appliances @ 20%.
3) Salaries and wages are outstanding Rs. 2,000/-.
4) The purchase of Rs. 5,000/- remained unrecorded.
5) Utensils of Rs. 5,000/- are to be written off.
-5- [4370] – 204
5. From the following Trial Balance and necessary information of Abhinav Education
Society as at 31st December, 2012, prepare an Income and Expenditure Account
and Balance Sheet as on that date : 20
Trial Balance
Name of the Account Debit Bal. Credit Bal.
Building 5,00,000 –
Furniture and fittings 2,00,000 –
Purchases of furniture on 1/7/2012 25,000 –
Library Books 50,000 –
Sundry Debtors and Creditors 25,000 20,000
Investments 1,00,000 –
Admission fees – 2,00,000
Exam. fees – 50,000
Certificate fees – 10,000
Subscriptions of journals 5,000 –
Printing and stationery 10,000 –
Rent of Society Hall 25,000
Examination expenses 10,000 –
Expenses of prizes awarded 25,000 –
Interest on investments – 10,000
Sundry Receipts – 15,000
[4370] – 204 -6-
Staff salaries and wages 3,00,000 –
Taxes 25,000 –
Donations (to be capitalised) – 1,50,000
General Expenses 15,000 –
Capital Fund – 4,50,000
Subscriptions – 3,00,000
Govt. Grants – 1,00,000
Cash at Bank 30,000 –
Cash in Hand 10,000 –
Total 13,30,000 13,30,000
Additional information :
1) Subscription due Rs. 75,000/-
2) Subscription received in advance Rs. 25,000/-
3) Rent of society’s hall Rs. 10,000/- is yet to be received
4) Interest on investments due but not received yet Rs. 15,000/-
5) Provide depreciation on Building @ 10%, Furniture and Fitting @ 15% and
Library books @ 20%.
_____________
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