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| SESSION | March 2024 |
| PROGRAM | Bachelor of commerce |
| SEMESTER | 04 |
| course CODE & NAME | DCM2203 Corporate Accounting |
Assignment Set – 1
- Discuss final accounts as per Companies Act 2013 and prepare the format of Balance Sheet as per Schedule 3 of the Companies Act 2013.
Ans 1.
Final Accounts as per Companies Act 2013
Final accounts under the Companies Act 2013 encompass the preparation of a company’s financial statements at the end of a fiscal year. These accounts are mandatory and must include a balance sheet, profit and loss account (statement of profit and loss), and notes to accounts. These documents provide a comprehensive overview of the company’s financial status, operational results, and cash flow details. The preparation of these financial statements is guided by the accounting standards and principles specified under Schedule III of the Companies Act, 2013, ensuring transparency, accountability, and uniformity in financial reporting across all corporate entities in
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- X Ltd. was registered with a capital of 23,00,000 in shares of Rs. 10 each. It issued a prospectus inviting applications for 23,000 shares at 40% premium payable as follows:-
On application Rs. 5 (including Rs. 1 premium)
On allotment Rs. 4 (including Rs. 1 premium)
On first call Rs. 3 (including Rs. 1 premium)
On second call Rs. 2 (including Rs. 1 premium)
Applications were received for 23,000 shares, all money was duly received. Pass the necessary journal entries.
Ans 2.
To record the journal entries for X Ltd., which issued 23,000 shares at a premium and received applications and payments accordingly, you need to consider each stage of the share issue process: application, allotment, first call, and second call. Here’s how to pass the necessary journal entries:
Journal Entries
- When the application money is received:
Debit: Bank Account (23,
- Omicron Limited issued 10,000, 10% debentures of Rs.100 each. Give Journal entries if the Debentures:
- Issued at par and redeemable at par
- Issued at a discount at 10% and redeemable at par
- Issued at a premium of 10% and redeemable at par
- Issued at and redeemable at a premium of 10%, and
- Issued at discount of 10% and redeemable at a premium of 10%
Ans 3.
To record the journal entries for Omicron Limited’s issuance of debentures under various conditions, we need to consider the accounting principles for debenture issuance, discount, and premium on redemption. Here are the entries for each scenario:
- Issued at par and redeemable at par
When debentures are issued:
Bank A/C Dr. 1,000,000
To Debentures A/C 1,000,000
(Being debentures issued at par)
When debentures are redeemed:
Debentures A/C Dr. 1,000,000
To Bank A/C 1,000,000
(Being debentures
Assignment Set – 2
- Profits earned by ABC Ltd. for the preceding three years were: Year Profit’s in Rs.
2019 150,000
2020 144,000
2021 156,000
- Profits of 2019 have been derived after adjusting Rs. 9,000 profit on sale of machinery.
- Profits of 2020 were reduced by Rs.15,000 due to an extraordinary loss on account of theft.
- Profits of 2021 include Rs. 6,000 income on investment.
- Salary of proprietor, not yet considered in calculation of profits is to be given Rs.30,000/- p.a.
- The stock of raw material was not insured previously.
Now, it is decided to insure the stock of raw material. The insurance premium is estimated to be paid in future at Rs. 1,500/p.a. You are required to calculate goodwill on the basis of three years purchase of average of last three years profits and on the basis of weighted average profit method weights 1, 2, 3 respectively
Ans 1.
To calculate goodwill based on the given data, we will follow these steps:
- Adjust the profits for extraordinary items and salaries.
- Calculate the average profit and weighted average profit.
- Calculate the goodwill based on three years’ purchase of these average profits.
Step 1: Adjust Profits
Adjusted Profits for each year:
- 2019:
Adjusted Profit=150,000−9,000=141,000 Rs
- 2020:
Adjusted Profit=144,000+
- Mr Ravi Shankar plans to make an investment of Rs.1 Lakh in a business for tenure of 5 years. The WACC of this business is 6%. The estimated cash flows are mentioned below –
Year Cash Flow Amount in Rs.
1 20,000
2 23,000
3 30,000
4 37,000
5 45,000
You are required to calculate the Present Value of the respective future cash inflows for each year and the total discounted cash inflows for five years and Net Present Value of this investment opportunity and advise Mr. Shankar on the investment decision.
Ans 1.
To calculate the Net Present Value (NPV) of the investment opportunity for Mr. Ravi Shankar, we’ll discount each cash flow back to its present value using the Weighted Average Cost of Capital (WACC) of 6%. Here’s how we’ll proceed:
- Calculate Present Value (PV) of Cash Flows:
PV = Cash Flow / (1 + r)^n
Where:
- PV is the
- Explain the meaning and objectives of internal reconstruction of a company. Also elucidate the forms of reduction of share capital
Ans 3.
Internal Reconstruction of a Company
Meaning: Internal reconstruction is a strategic process undertaken by a company to reorganize its financial structure without undergoing liquidation. This process is initiated when a company faces financial difficulties, with the aim of improving its balance sheet and reviving its financial health. Internal reconstruction involves the revaluation of assets and liabilities, reduction of share capital, alteration of shareholders’ rights, and writing off accumulated losses. Unlike external reconstruction, which may involve merging with or acquiring another company, internal reconstruction focuses on reorganizing the company’s own financial and