TO RAN-0261 B.Com. (Sem.-IV) (External) Examination March / April - 2019 Accountancy & Taxation (New) AuRoRa Time: 2 Hours | THE INSTITUTE OF COMMERCE [ Total Marks: 50 ¥.8.COWi.8. (HONS) c 98251 64074 O26, ; 2744054 4a: / Instructions ‘Seat No.: LILI fa culdaer Rarelatl Gadi Grradl ua aaa avid, Fill up strictly the details of # signs on your answer book Name of the Examination: = [B.Com. (Sem-IV) Name of the Subject «(Accountancy &Taxation(New) Subject Code No. [0 | 2 ][ 6 |[ 4 Student's Signature WAIL) dl aie well Dero AHA ail. 3 (1) Patseit - 31.38,60,000 (2) @ai - 31.12,60,000 (3) 3.100 ai as Aat SEAL ae, dels 31.80 ews 31.16,00,000 (4) deel aricdls Baa 3. 100 (2) A areoat 25 aed Ht 11 HlGett eibsel see vutetafl Suclaiell a1.1.3.2018e0 lov Faget at. AHA 31.40,00,000 «fl De4ysSAl Hull. arf 2017 ate 20184i cated yor UBS YALE 31.1,20,000 2A 31.1,40,000 edi. arf 2017 at 20184i Ada HIS cilia 31.60,000 B14 31.80,000 Hed ed. 3 sustrall af 2018-19 42 seura Deysalell aa allel, (3) ARi . fl deal fl yoret 5. 4 7,800 (21) SGAL de e2% 31.100 ail YR ores 7,80,000 6,800 (ot) SEAAL a2 <2s 31.100 ail eels 31.80 eU ——_5,44,000 RAN-0261 ] U1) [PT.0.]6,400 5 SGAAL a2 es 31.100 ail eels 31.50 RU —3,20,000 oud 4dl 16,44,000 AHL Stelle 2,10,000 Sera 1,46,000 20,00,000 Suclell sous BRU gl 31.1,80,500 rica B, BU Usa Li BLA FckReil €2 12% 3. Gurl Marci ueell (1) levi Masctell uealar ot (2) Guovett Hil ded Yeuise 42. M2. eet FABASe A1.31.3.2018 att lord Wy aed lA Yover 3, 14 | (a | iia 25 (1) SEAAL a4 zai 1) a dlesdlai sida (21) desl 110i Bis Bar yar MES 5.02 2,00,000 BL10edl is Bat 35 oRUS 55.2R 1,00,000 10% atl Yat RUS Dera 1,50,000 (61) Bett BAA GARE ste, Wd | 50,000 (2) Great ana 2a aio umtici Gesleti tuati - 10% at Keoiee 1,00,000 | |(3) aug zat (1) Auedl 2a Aree + Edlédl 40,000 (ot) te aur vererl Aes diaz G2 60,000 ysaatd oust BRses 30,000 (5) 251 uotell oaaraud auasdatdl Arad (af 2017-18 wz 50% 4a) 2,00,000 aa 9,30,000 RAN-0261 | [2] { Contd.(2) Betseit (1) Gara Rast (2a) sell gen Masel of lA—HSte 240,000 al 3,00,000 afiae 50,000 Alea 1,00,000 (ot) mie Bia at erst Gola gaia 10,000 (2) aa Basel (aa) ae Zsvell Gb [. «it 1,000 45.2% 1,30,000 (ot) duel eaterai dare + Aufl idlait 80,000 (5) diss aia iss 2a34ell Mascti iss as 20,000 Pe 9,30,000 | aearetell Hilecll = (1) Suetlel weidlel Bact 31.2,10,000 atisavti acl. (2) ovalleaesteel aad Bria all creas Gare seal 40% ais 8. (3) dalle o1oae Gara aitust Bua sedi 10% 94 9. (4) ated UR 10% Al eB As abet azttal Uta 3. (5) GDP Ri, at SEAAL deel ovrneoiia ARAL 31.500 8. (6) Beat ar abel ez aiE 50% A s2ARL one sal ussTaL dgrai det BeUGEL VE seal 31.30,000 ail audi ada 8. (7) eg ward Heil sell AA 30% BRses arudl Suda SEAL aeel oiraeona dell aad wa aH Rati wi BD. Greed Rord well tea useai SHA deal auovefl Gara aie, Aaa AuRoRa THE iNSTITUTE OF COMME! ha COMMERCE 18251 64074, 0261-2744054 RAN-0261 | 13] [PTO. ]w.2. fl aiid Al Fase Aerett Hsteitell Ulf Gurell BiL.a. 2018-19 Wie “Aste Frasctefl ates” att hls dene seuta auasell augtadl sel. 14 Bara Ustet 1 Hated 2 [Malt 3 | Malet 4 Utell SER deus | dane | eaauaar | rarer ma aia | HR aia | aL RL 3 i. (1) MR auseefl 3,60,000| 560,000} 8,00,000| _7,60,000 (2) saute ong 3,80,000| 5,40,000| 7,60,000| _8,40,000 (3) avecoll aug 4,60,000| 6,00,000| 8,40,000| _8,00,000 (4) vider HNaLUIA Hg 3,96,000| 6,90,000 : = (zoe Hid itil Bread) (5) Aste well 2eutedl a 24 1a - - (6) al st ysda oy. a2 12,000} 24,000} 30,000 10,000 (7) siigeitel sda 44. AL 10,000} 36,000 - - (8) Hate vel 20,000 130,000 | 40,000 _ | 20,000 (9) otiastt yt vated al | 2013-14 [2010-11 [2011-12 |2006-07 (10) glget eatoy 200,000 _|3,00,000 | 4,00,000 |3,00,000 Alef wield 2d afl ada auseell af 2018-19 AZ Wied seUA Has 1Vil. , 14 (1) Ait At.01.01.2017 at Zerell 20,000-1000-30,000 ait Asai eilszlai stat. (2) daa yo wired 10% avi laa ae aa 3. (0? A so% 2H Frghrat aut We agai 2a 8). (3) tle Bis Heil UHR (HLA-2018 atl Haat Ho YAIR Peel). (4) Aah He dilfsea soni 15% Avi gil aula 8. (qo war art Hlaael eeaiet DUAR) HIS Wet Bedi ov atoll 2a 8. (5) dda Gust arti earetet Asie Bras Bill B, 3 7 Sucllei ez lee 31.10,000 ai oustell ld ed, (6) daa 31.1,50,000 «fl Gace auatuel eras Holl ed. (7) Sul ae atett oudell coflell arate fle 31.25,000 ell ysavll rari aul el. ud det ue abi 8. RAN-0261 ] [4] [ Contd.(8) (9) (10) (11) (12) (13) W.3. (8) (9) (10) (11) (12) (13) agaidlet witeal € HEA H1.1000 Avi ws yeu 8. afl aael vboiis FPA 31.20,000 of flee aiGar Mai Heed ed. aaa 22 WEA 31.500 of Bgl ed HA, Sud ater asda coflell late, sila 31.10,000. alls 11% att €2 Hie ilFAse2 gsui vHt ad eulov 31.22,000. 31.300 at can A2tel yall wR sa 8. maa alordla wmciaeni Re sal 8. aswell af 2018-19 afl elaell Gard uaell wird seura vias titi, 14 Aleit cL.1.1.2011 «tt Zev 14,000-1000-20,000-2000-36,000 «tt aisati adisdlai vse. dlaadl eed yu wire 30%. eile 31.50,000, weiliora oe 22 WleA 31.2,000. alee ciel 2 ULEA 31.1,800. ALL OUT HE Rrarer e124] 31.8,400 2A Bis ots A dRea ced 318,600. Hier Mises oui dail HO UU 15% gil aU B. Suefl we deal ov gail au d. ale wlAses gsHi 15% AVI ovat ade aulls earsy 31.15,000. Adlsa cee es Ulead 31.1000. pillar any ermad we Sond, aie2 31.25,000 Sudflar ysoi, gorat Aid ciseel ABA 2A (retell 2444 31.20,120 Sudlad asd 8. Jue et2t AHA 2aatatell aaetet ULL sari Duell eel. of BAL Sue ea ALA 315,000 Ag 448 8, Suefl2r daa 31.2,41,900 afl Bred glare wor yg ube 8. DAL Haat BAL dMetl UAUHIAll <2 AIGA 312,000 sutd ava 3. all orl exaaer lett 312,400 ysAa 9. AuRoRa RAN-0261 | [5] [PT.O.]Q1.@) G Gi) (iii) (iv) (i) (iii) ascii aval, (204 a avr) 2 Wd BI Bal 42 ati Wasi Wailea, seal vitett sot. Hello ed DIAL aR asi Ged, SRS BIA MA -FS Teste, Aeati Youista Baz seal URowil, English Version From the following information find out the preference capital. @) Assets ~ Rs. 38,60,000 Liabilities ~ Rs. 12,60,000 Equity shares of Rs. 100 each paid up Rs. 80 per share- Rs. 16,00,000 The intrinsic value of equity is Rs. 100. Mr. Ajit retired from a private company on 1-3-2018 after a service of 3 25 years and 11 months. He received Rs. 40,00,000 as gratuity. During the calendar year 2017 and 2018 his average monthly basic salary was Rs. 1,20,000 and Rs. 1,40,000. During the calendar year 2017 and 2018, he received bonus of Rs 60,000 and Rs. 80,000 per month. Find his taxable gratuity for the assessment years 2018-19. Mira Ltd’s share capital is as under: Rs (4) 7,800 A equity shares of Rs 100 each, fully paid up 7,80,000 6,800 B equity shares of Rs 100 each, Rs 80 paid per share 5,44,000 6,400 C equity shares of Rs. 100 each Rs. 50 paid per share 3,20,000 Paid up capital 16,44,000 + General Reserve 2,10,000 + Creditors 1,46,000 *20,00,000 RAN-0261 ] [6] { Contd.The average estimated profit of the company after tax is Rs. 1,80,500. In such type of business, the expected rate of return is 12%, From the above details, find out the value of share. 1) As per net assets methods. 2) As per yield method, Q.2. The balance sheet Naresh Itd as on 31-3-2018 is as under (14) ()_ Equity and debt (1) Shareholder’s funds (A) Equity shares of Rs.10 each fully paid. 2,00,000 Equity shares of Rs. 10 each. Rs 5 paid up —_1,00,000 10% pref shares fully paid up 1,50,000 (B) Reserves and surplus profit and loss a/c 50,000 (2) Non- current Liabilities Long term borrowing-10% debentures 1,00,000 (3) Current liabilities (A) Trade payables Creditors + bills payable. 40,000 (B) Other current liabilities Bank overdraft 60,000 Unpaid dividends 30,000 (C) Short term provision Provision for Income- Tax (for the year 2017-18 at 50%) 2,00,000 Total 9,30,000 AuRoRa THE INST! ud OF COMM! RAN-0261 ] (7] [P.T.0. ]ay ay (A) cy Q) (A) (B) © 1) 2 3) 4) 5 6) 7 Assets: Non-current Assets: Fixed Tangible Assets Land and building 2,40,000 Machinery 3,00,000 Furniture 50,000 Vehicles 1,00,000 Other Non- Current assets. Debenture discount 10,000 Current assets: Current Investments Equity shares of GDP LTD. (1000) 1,30,000 Trade receivables Debtors+ bills receivable 80,000 Cash and cash equivalents Cash on hand 20,000 Total 9,30,000 Additional Informations: Goodwill of the company is valued at Rs. 2, 10,000. Book value of land and building is 40% less than its market price. Market price of machinery is 10% more to its book value. 1 year’s depreciation is to be calculated on vehicles at the rate of 10%. Market price of equity share of GDP ltd is Rs 500. Since last 3 years, Profit after deducting income-tax at 50% increased by Rs. 30,000 to the previous year. Company doing the same business and paying 30% dividend, the marked price of its equity share is double to the paid-up amount. Calculate the fair value of both the types of equity shares. OR RAN-0261 ] [8] [ Contd.Q.2. From the following information about the House properties owned by 14 Mr. vikas sahay, you are required to compute his taxable income under the head of house property income for A.Y. 2018.19 Particulars House. 1 | House.2 | House.3 | House. 4 | Nature of use Let out for |Let out for] Self Self | Residence | Business | Occupied | Occupied | Rs. Rs Rs Rs i 1. Municipal value 3,60,000| 5,60,000| 8,00,000| _7,60,000 2. Standard rent 3,80,000| 5,40,000| 7,60,000| _8,40,000 3. Fair rent 4,60,000| _6,00,000| 8,40,000| _8,00,000 4, Actual rent receivable | 3,96,000| 6,90,000 : z (of let out period only) 5. Vacancy period 2months —|1 month = = zu im |6. Municipal taxes paid 12,000] 24,000} 30,000} 10,000 g5s by Mr vikas | 825 222 2 Municipal taxes paid 10,000 36,000 -| - SES (__ by Tenant Sem 80 [8 Repair and maintenance | 29,000 30,000 | 40,000 _ | 20,000 BFS 32S p® Yearofcompletion of /2013-14 —|2010-11 [2011-12 2006-07 gL= construction 5 38 10. Capitalized interest |200,000 _|3,00,000_ | 4,00,000 | 3,00,000 m Q3. From the following information calculate the taxable salary for the assessment year 2018-19 of shree manav (14) 1. He was appointed on 01-01-2017 in the scale of 20,000-1,000-30,000. 2. He has received the Dearess allowance is 10% of basic salary. (50% amount is to be considered for the retirement benefit). 3. Bonus- one month basic pay (equivalent to month of march, 2018 basic salary) 4, He contribute to recognized provident funnel at 15% (Base of basic salary and D-A) and the company also contributes the same amount. 5. He has provided free housing facility which has been taken on rent by the company at Rs, 10,000 per month. 6. He is provided facility of laptop costing Rs.1,50,000. AuRoRa RAN-0261 ] THE INSTPQUTE OF COMMERCE [P.T.0. ] LTIB.CON, (HON: FN,SNATY.7. Company reimbursed the medical treatment bill of his brother of Rs. 25,000. Who is dependent on him. 8. The monthly salary of Rs. 1,000 of a house keeper is reimbursed by the company. 9. Agift voucher of Rs. 20,000 on the occasion of his marriage anniversary. 10. He is getting telephone allowance Rs.500 per month. 11. Company pays medical insurance premium of his family of Rs. 10,000. 12. Interest credited to the recogrised provident fund at 11%, Rs 22,000. 13. His professional tax of Rs.300 is paid by employer. OR Q3. Shri jatin is a specified employee in Ahmadabad. Calculate his taxable income of salary from the following particulars for the assessment year 2018-19. 14 1. He joined in the grade of Rs. 14,000-1,000-20,000-2000-36,000 on 1-1-2011 D.A. 30% of Basic salary Bonus Rs. 50,000. Entertainment Allowance Rs.2,000 per month. Transport allowance Rs 1,800 per month. aye Py Education Allowance Rs, 8,400 for three children and hostel allowance Rs. 8,600 for one child. 7. He contributes iri recognized provident fund at 15% of basic salary. The company also contributes an equal amount. 8. Interest credited to recognised provident fund at 15% amounts to Rs. 15, 000. 9. Medical Allowance Rs. 1,000 per month. 10. The company has paid Rs. 25,000 for compensation of injuries occurred during the office hours. 11. The company has paid Rs. 20,120 for his family member’s medical treatment. 12, He has been provided a residential accommodation for that the company pays rent of Rs. 5,000 per month. The company also provides furnitures costing Rs. 241,900. The company deducts Rs. 2,000 per month from his salary. 13. He paid professional tax Rs, 2,400. AuRoRa THE INSTITUTE OF CO FY,SY.Y,8.C01 RAN-0261 | 225ifebOH} 02 [ Contd.» 2 3) 4) 5) Write short notes (any three) R Purpose of GST Returns Permanent account Number Entertainment allowance and house-rent allowance. Commuted and un-commuted pension. Factors affecting valuation of shares. AuRoRa THE INSTITUTE_OF ci FY,S.¢cTY.S.CON 93251 64074 RAN-0261 | [ll] [ 18520 ]