Corporate Accounting — DU B.Com (P) Previous Year Question Papers

1. (a) Explain the provisions of Sec 68 of Companies Act, 2013 stating the conditions for buy-back of shares. (6) (b) (c) Beauty Ltd. offered 1,00,000 equity shares of `10 each for subscription at a premium of `2 per share payable as follows : On Allotment `5 (including premium) Balance on first and final call The prospectus provided that in case of partial allotment, money received in excess on application would be adjusted towards the amounts due on allotment and call. The company received applications for 2,00,000 shares out of which 50,000 shares were rejected outrightly and other applicants were allotted shares on pro-rata basis. Given the following balances in the books of Aryan Ltd. 1,00,000 Equity Shares of `10 each 10,00,000 General Reserve 2,00,000 Ascertain the maximum number of shares the firm can buyback @20 (d) Following information of Divyam Ltd. as at 31" March 2025 is as follows : Authorised Share Capital Amount (P) 1,50,000 Equity Shares of R10 each 15,00,000 80,000 Equity Shares of 210 each, $7.50 each called up 6,00,000 Capital Redemption Reserve 1,50,000 Plant Revaluation Reserve 20,000 Securities Premium Reserve 1,50,000 Development Rebate Reserve 2,30,000 Investment Allowance Reserve 2,50,000 General Reserve 3,00,000 Sundry Assets 17,00,000 The company wanted to issue bonus shares to its shareholders at the rate of one share for every two shares held. Necessary resolutions were passed; requisite requirements were complied with. (i) Pass journal entries in the books of Divyam Ltd. (ii) Show the amended balance sheet as per Schedule III of the Companies (a) The following information is available for X Ltd. for the accounting year Particulars Amount (3) Net profit for the current year 20,00,000 Number of Equity shares outstanding 10,00,000 Interest expense for the current year 1,50,000 Tax relating to interest expense 30% Number of 10,000 15% convertible debentures of `100 each and each debenture is convertible into 8 equity shares. Calculate Basic EPS and Diluted (b) The following is the balance sheet of Ram Ltd. as at 31st March 2024 and The following information is furnished : (i) One old machinery, which has original cost of ` 30,000 was sold for 10,000. The accumulated depredation in respect of the said machinery amounts to 16,000. (ii) One new machinery was acquired for 46,000. (iii) 9% Debentures were redeemed at a discount of 4%, of their face value at the beginning of the year. (iv) The proposed dividend for 2024-25 amounting 50,000 was declared and paid in 2024-25. (v) Provision for taxation made during the current year was 30,000. (a) The following balances appeared in the books of Braj Bihari Ltd. as on 31st Additional Information : (i) Stock as on 31st March, 2025 was valued at `3,52,000 (ii) Depreciate Computer @ 15%, Furniture @ 10% and Patents @ 5% (iii) Make a provision for doubtful debts of `840. (iv) On 31st March, 2021, salaries and rent were outstanding to extent of (v) Make a provision for tax @ 40%.