262 Roll No. LB AB... Time allowed : 3 hours Maximum marks + 100 Total munber of questions + 8 Toral number of printed pages : 8 NOTE : All working notes should be shown distinctly 1 @ Write @ iy Gi) (iv) ow 12011/CACMA, PART — A (Answer Question No.} which is compulsory and any two of the rest from this part.) the most appropriate answer from the given options in respect of the following As per section 77A(4) of the Companies Act, 1956 from the date of passing the speciat resolution, every buy-back should be completed within — (a) 12 Months (b) 3 Months (© 6 Months (9 Months, Profit prior to incorporation is transferred to — (a) General reserve {b) Capital reserve (©) Profit and toss account (a) None of the above. Dividends are usually paid on — (a) Paid-up capital (b) Authorised capital (©) Called up capital (a) Subscribed capital Sinking fund for the redemption of debentures is an instance of — lay Reserve (b) Provision fe) Reserve fund (2) Reserves and surplus At the time of issuance, shares can be underwritten by — (a) Only one underwriter (b) At least 2 or more persons jointly (©) Any number of underwriters (@) None of the above (E uk euch) Pro 2262/4 BUGLE bE262 a: (b) Re-write the following sentences after filling-in the blank spaces with appropriate wond(s)/figure(s) : (@ Preliminary expenses being of capital nature may be written-off against i) Companies declaring, distributing or paying dividends are liable to pay tax on the same at prescribed rate which is known as (ii) An intangible asset should be on disposal or when no future economic benefits are expected from its use and subsequent disposal (iv) The value of the right is the difference between and the of the share, () The fair value of a share is the average of the value of the share obtained by the —_______ method and method (mark each) (c) State, with reasons in brief, whether the following statements are true or false (@ According to section 80 of the Companies Act, 1956. the redemption of preference shares by a company shall be taken as reducing the amount of its authorised share capital i) A profit and loss account is a point statement whereas a balance shect is a period statement (ii) Internally generated goodwill should not be recognised as an asset (i) A company can enforve its lien by forfeiting the shares. 6) A limited company can retain excess application money as calls-in-advance even if there is no provision in the articles of association (2 marks each) (a) isting between any two the following (“Bonus shares’ and “rights shares Gi) “Interim dividend” and “final dividend’ Giiy latutory books" and ‘statistical books’ (3 marks each L201CACMA, Cond262 a () Following are the balance sheets of H Ltd. and $ Ltd. as at 31* December, 2010 Liabitities H ld. S Lid. (2) (@) Equity share of €100 each fully paid 5,00,000 2,00,000 General reserve 1,00,000 = Profit and loss account 80,000 = 149 Debentures - Creditors 75,000 000 ers Fixed assets 3,50,000 150,000 Stock 90,000 40,000 Debtors 60,000 30.000 14% Debemtures in S Ltd. (at par) 60,000 - Equity shares in $ Ltd. @ %80 per share 4,20,000 Bank 75,000 25,000 Profit and loss account = 1,00,000 755,000 3,435,000 H Ltd. acquited 1,500 shares in $ Ltd. on 1* May, 2010. The profit and loss account of S Ltd, showed a debit balance of €1,50,000 on 1” January, 2010, During March, 2010, goods costing 6,000 were destroyed by fire. against which the insurance company pid $2,000 only to S Lid. Creditors of $ Ltd. include €20,000 for goods supplied by H Ltd. on which H Led. made a profit of 82,000. Half of the goods were sold out of this. An item of plant (included in fixed assets) of $ Ltd. had book value of 815,000. It was to be revalued at %20,000 on 1” January, 2010 (ignore depreciation), Prepare consolidated balance sheet as on 31 December, 2010. (9 marks) 3. (a) Write short notes on any two of the following : (@ Purchase of own debentures in the market by a company (ii) Tax on distributed profit Gi) Lien on shares. (3 marks each) 1/201 1/]CACMA PTO. 262/2