Bcom 3rd Year Corporate Accounting Previous Year Question Paper 2017

Bcom 3rd Year Corporate Accounting Previous Year Question Paper 2017 :- All Bcom 3rd Year Student we are is presents today Bcom 3rd year Question Paper , Unsold Paper , Previous Paper, Most important Question and Practice Sets . This Question Paper is of the chaudhary charan singh university Meerut (Ccsu) but all University’s student follow us and do the practice this question paper is corporate accounting subjects.

 

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Bcom. III Examination , 2017

Commerce – 1 corporate Accounting

1. Time : 2 Hour]                                  (C- 301)                                          [M.M : 100

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1. On issue of shares at premium, the premium amount is utilized in :
   1. Issue of bonus shares
   2. Payment of dividend
   3. Redemption of debentures
   4. All of the above
2. A share of rupee 100, on this rupee 80 called up but rupee 80 paid up, on forfeiture the share capital account will be debited by :
   1. 100 rupee
   2. 80 rupee
   3. 50 rupee
   4. 20 rupee
3. X limited purchased machinery of rupee 400000. The consideration has been paid with the issue of 10% debentures of rupee 100 each at a discount of 20% debenture account will be debited by :
   1. 400000 rupee
   2. 500000 rupee
   3. 600000 rupee
   4. 320000 rupee
4. On issue of shares at premium, the premium money is received with :
   1. Allotment
   2. Application
   3. Calls
   4. All of the above
5. Security premium account is shown in balance sheet :
   1. As set side in the head loan and advances
   2. Liability side in the head reserve and surplus
   3. In current liability head
   4. In sundry expenses head
6. loss on issue of debentures is generally written- off in :
   1. 5 year
   2. 10 year
   3. 15 year
   4. Upto redemption period
7. Debentureholders   are called for the company :
   1. Creditors
   2. Debtors
   3. Owners
   4. Bankers
8. ‘own debentures’ are those debentures of the company which :
   1. are issued to promoters of company
   2. Are issued to directors of company.
   3. Are purchased by company from open market for investment purpose
   4. None of these
9. The part of share capital which can be called up on of a company is called:
   1. Authorized capital
   2. Called up capital
   3. Capital reserve
   4. Reserve capital
10. The amount of capital that is mentioned in capital clause is known as:
    1. Authorized capital
    2. Called up capital
    3. Paid up capital
    4. All of the above
11. Equity capital rupee 90,000, liability rupee 60,000, profit for the year rupee 30,000 ;
    1. Rupee  90,000
    2. rupee  1,50,000
    3. rupee  1,80,000
    4. rupee  1,20,000
12. A public company can have a minimum ………  members.
    1. Ten
    2. twenty
    3. seven
    4. fifty
13. 10,000 equity shares of rupee 10 each were issued to public at a premium rupee 2 per share applications were received for 12,000 shares amount of security premium account will be
    1. Rupee 20,000
    2. Rupee 24,000
    3. Rupee 4,000
    4. Rupee 1,600
14. Dividends are usually paid on:
    1. Authorized capital
    2. issued capital
    3. called up capital
    4. paid up capital
15. The maximum number of members in a private company is :
    1. 50
    2. 100
    3. 200
    4. Unlimited
16. As per as-14 purchase consideration will include the payments that are payable to whom:
    1. Debenture holders
    2. Shareholders
    3. Creditors
    4. All of the above
17. ‘equity stocks’ is shown in balance sheet in:
    1. Current assets
    2. Sundry expenses
    3. Share capital
    4. Unsecured loan
18. Which of the following items is note current liability ?
    1. Unpaid dividend
    2. Boll payable
    3. Bank overdraft
    4. Minority interest
19. In which head of balance sheet the provision for taxation is shown?
    1. Current liabilities and provision
    2. Reserve and surplus
    3. Secured loans
    4. Sundry expenses
20. Profit on revaluation of asets and liabilities of subsidiary company is treated as :
    1. Capital profit
    2. Revenue profit
    3. Goodwill
    4. None of these
21. Share application is:
    1. Real account
    2. Personal account
    3. Nominal account
    4. None of these
22. Discount on issue of shares account is shown at that :
    1. Debit side of p & l account
    2. Credit side of p & l account
    3. Liabilities side of balance sheet
    4. Assets side of balance sheet
23. Shareholders receive :
    1. Interest
    2. Commission
    3. Dividend
    4. Brokerage
24. Unpaid calls:
    1. Deducted from capital
    2. Added in capital
    3. Deducted from profit
    4. Added in profit
25. The balance of forfeilted shares after reissue is transferred in :
    1. Reserve fund
    2. capital reserve account
    3. General reserve account
    4. Investment fluctuation fund
26. The real amount of share capital is :
    1. Issued capital
    2. Subscribed caital
    3. Application money
    4. Paid up capital
27. Premium received on issue of shares is shown in balance sheet in the head :
    1. Share capital
    2. Reserve and surplus
    3. Current liabillties and provisions
    4. Contingent liability
28. If paid up shares rupee 100000 are issued to vendors for the consideration of net assets of rupee 120000 then the balance of rupee 20000 will be credited in :
    1. Goodwill account
    2. Capital reserve account
    3. Vendor’s account
    4. Profit-loss account
29. A ltd. Purchased a machinery in rupee 180000 he is paying its payment by issue of shares of rupee 100 each at a discount of 10% . How many shares will b3e issued by him in consideration of it ?
    1. 1800
    2. 2000
    3. 2500
    4. 3000
30. If equity share of rupee 100 is issued at rupee 120, its is called :
    1. Issue at per
    2. Issue at premium
    3. Issue at discount
    4. None of these
31. Discount on issue of shares a/c is written- off from :
    1. Capital profits
    2. Revenue profits
    3. Share premium
    4. Capital profits and share premium accounts
32. On a share of rupee 100, rupee 80 called up but rupee 50 paid up, on forfeiture the share capital account will be debited with :
    1. Rupee 80
    2. Rupee 100
    3. Rupee 50
    4. Rupee 30
33. Debenture is a part of :
    1. Share capital
    2. Loan
    3. Owner capital
    4. Supplier capital
34. Interest on debenture is :
    1. 12%
    2. 20%
    3. Certain rate
    4. 6%
35. Issue of debentures at premium for a company is :
    1. Capital receipt
    2. Profit
    3. Asset
    4. Trading profit
36. Debenture is :
    1. Certificate of loan
    2. Certificate of cash
    3. Certificate of credit
    4. Certificate of capital
37. Generally debentures are :
    1. Secured
    2. Partly secured
    3. Unsecured
    4. None of these
38. Loss on issue of debenture a/c  is :
    1. A liability
    2. An asset
    3. An expenses
    4. A gain
39. Premium onredemption of debenture a/c is :
    1. Asset
    2. Liability
    3. Expense
    4. Revenue
40. Debenture of rupee 425000 are issued against the purchase of assets of rupee 450000 is this case rupee 25000 will be supposed to be :
    1. Capital reserve
    2. Goodwill
    3. Profit
    4. Loss
41. If debentures of rupee 1000 pruchased for rupee 920 by the company, the difference of rupee 80 will be assumed to be :
    1. Loss on redemption ofr debenture
    2. Profit on redemption of debenture
    3. Goodwill
    4. None of these
42. Calls paid in advance account is shown separately at the :
    1. Debit side of p/l  a/c
    2. Creditr side of p/l a/c
    3. Assets side of balance sheet
    4. Liability side balance sheet
43. Advance income- tax is shows in :
    1. debit side of profit and loss account
    2. credit side of profit and loss account
    3. assets side of balance sheet
    4. liability side of balance sheet
44. Workmen compensation fund is a :
    1. Provision
    2. Surplus
    3. Current liability
    4. Loan
45. The consideration of debenture is :
    1. Profit
    2. Dividend
    3. Interest
    4. Capital receipts
46. Divedend is paid from :
    1. Share premium account
    2. Capital redemption reserve account
    3. Preincorporation profits
    4. Current year’s profits
47. For payment of dividend, can be used:
    1. Capital reserve account
    2. Share forfeiture account
    3. Security premium account
    4. Reserve fund account
48. Profit before incorporation is transferred in :
    1. General reserve account
    2. Profit loss approptiation account
    3. Capital reserve account
    4. All of the above
49. Shere premium is determined by :
    1. Company law board
    2. Company it self
    3. Government
    4. Sebi
50. When two or more companies go into liquidation and a new company is formed to take over their business, this activity is known as :
    1. Absorption
    2. Amalgamation
    3. Internal reconstruction
    4. None of these
51. The main object of amalgamation is:
    1. To bring economy in expenses
    2. To facilitate distribution
    3. To eliminate competition
    4. All of the above
52. Accounting standard relating to accounting for amalgamation is :
    1. As-2
    2. As-10
    3. As-12
    4. As-14
53. The meaning of absorption is :
    1. To absorb another company by an existing company
    2. To make new company by liquidation of two companies
    3. To reform economic situation by existing company
    4. To purchase another company by a company
54. In amalgamation in the nature of purchase in purchasers books the assets and liabilities will be shown on:
    1. Book value
    2. Market value
    3. On revaluated value
    4. On written down value
55. In case of amalgamation in the nature of merger the purchase consideration will be equal to :
    1. The capital of transferser company
    2. Net assets of transferer company
    3. Total assets
    4. Reserve
56. When one company goes in liquidation and a new company is formed to take over the buysienss of the company, which goes in liquidation, this is called:
    1. Absorption
    2. Amalgamation
    3. ]external reconstruction
    4. Internal reconstruction
57. In internal reconstruction :
    1. No company goes into liquidation
    2. Only one company goes into liquidation
    3. Two or more companies are liquidated
    4. One or more companies go into liquidation
58. Goodwill is :
    1. Current asset
    2. Fixed asset
    3. Intangible asset
    4. Artificial asset
59. The one method of valuation of goodwill is :
    1. Net profit method
    2. Superprofit method
    3. Operating method
    4. Capital reserve method
60. The formula of normal profit is :
    1. Average prifit  * normal rate/100
    2. Actual average profit  * rate/100
    3. Average capital employed  * normal rate /100
    4. Superprofit  * normal /100
61. Profit of m ltd. For the last four years respectively are : , Rupee 303000,rupee40000 rupee 50000 and rupee 60000 Average capital employed is rupee 380000. Normal rate of return is 10% p.a. Value goodwill by capitalization method will be :
    1. Rupee 60000
    2. Rupee  70000
    3. Rupee 80000
    4. Rupee 100000
62. The profits of last four years of ashok and alok are rupee 12000 , rupee 18000 , rupee 20000 and rupee 10000 . The value of goodwill based on three years purchase of average profits of last four years will be :
    1. Rupee 60000
    2. Rupee 50000
    3. Rupee  45000
    4. Rupee 40000
63. A company earned a profit of rupee 1500000 the average capital employed was rupee 5000000 of company. Normal rate of return was 15% . If goodwill is valued on the basis of 3 years purchase of super profit, then the value of goodwill be :
    1. Rupee 1000000
    2. Rupee  1500000
    3. Rupee 2000000
    4. Rupee 2250000
64. Which of the following is not a concurrent liability ?
    1. Debentures
    2. long term loan
    3. Bank overdraft
    4. Deferred payment liabilities
65. A company earned profits of rupee 80000 , rupee 100000, rupee 120000 and 160000 during 2013, 2014, 2015 and 2016 respectively. The company has capital investment of rupee 500000. A fair rate of return on investment is 15% per annul. The value of goodwill of the company based on three year’s purchase of average super profits of last four years will be :
    1. 100000
    2. 120000
    3. 140000
    4. 160000
66. From the following information , value of goodwill be according to capitalization method will be :
    • Actual net profit                               rupee 80,000
    • Normal                                               10%
    • Total assets of the firm                    rupee 12,00,000
    • Liabities                                              rupee 6,00,000
      1. Rupee  200000
      2. Rupee  300000
      3. Rupee  400000
      4. Rupee  500000
67. Average capital employed of a ltd. Is rupee 6,00,000. Profit of this company during the last three years respectively are : rupee 70,000, rupee 90,000 and rupee 92,000. The present value of rupee 0.282012 annuity for 4 year at 5% per annum return is rupee 1. Normal rate of return is 12% per annum. Value of goodwill by annuity method will be :
    1. Rupee 21276
    2. Rupee  42552
    3. Rupee  64500
    4. Rupee 70612
68. Profit of b limited for the last 4 years respectively are rupee 30,000, rupee 50,000 rupee 60,000 and rupee 80,000. Average capital employed in the business is rupee 4,00,000. Fair ra te of return is 10% it is expected that the company will be able to maintain its superprofits for the next four years. Value of goodwill according to annuity method will be : {the present value of an annuity of one rupee for 4 year @ 10% is rupee 2.50.}
    1. Rupee  67,500
    2. Rupee 18,750
    3. Rupee  20,525
    4. Rupee 40,675
69. The meaning of face value of shares is :
    1. Market value
    2. Value based on assets
    3. Value written in memorandum of association
    4. Value written in articles of association
70. The intrinsic value of shares os calculates by :
    1. On the basis of net assets
    2. On the basis of profits
    3. On the basis of market value
    4. Determined by speculators
71. The valuation of shares is essential on :
    1. Reconstruction of company
    2. Amalgamation
    3. Absorption
    4. All of the above
72. In intrinsic value method the following assets is included :
    1. Preliminary expenses
    2. Patent
    3. Discount on debentures
    4. Goodwill
73. Deductible liability for getting net assets is :
    1. General reserve
    2. Borrowed capital
    3. Preference capital
    4. Equity capital
74. Under net asset method the value of assets should be taken on :
    1. Book value
    2. Written down value
    3. Revaluated value
    4. Face value
75. Privision for doubtful debts is adjusted at the time of calculating net assets :
    1. Is added in debtors
    2. Is debucted from debtors
    3. Is deducted from profits
    4. No accounting entry is made
76. The formula for getting net  assets will be :
    1. Total assets- total liability
    2. Total assets- external liabilities
    3. Realizable value of assets – externbal liabilities
    4. Book value of assets – current external liabilities
77. Given : fixed assets rupee 3,00,000, current assets rupee 1,50,000, current liabilities rupee 50,000, debentures rupee 1,50,000, reserve rupee 20,000. net assets will be :
    1. rupee 4,00,000
    2. rupee 2,50,000
    3. rupee 3,00,000
    4. rupee 2,30,000
78. Given : share capital rupee 2,00,000, reserve rupee 50,000, profit & loss account rupee 20,000 plant and machinery  rupee 20,000 , goodwill rupee 12,000. The valuation of plant and machinery was made rupee 18000 and valuation of goodwill was made rupee 15,000.  Net assets will be :
    1. Rupee 2,71,000
    2. Rupee 2,70,000
    3. Rupee 2,68,000
    4. Rupee 2,73,000
79. The method of valuation of shares is :
    1. Goodwill valuation method
    2. Yield  valuation method
    3. Profit valuation method
    4. All of the above
80. The valuation value of shares in comparision of face value of shares is :
    1. More
    2. Less
    3. Equal
    4. Less or more
81. The meaning of holding company is :
    1. Which is the holder of a least 50% shares of another company
    2. Which is the holder of at least 80% shares of another company
    3. Other company controls on its board of directors
    4. All of the above
82. Meaning of subsidiary company is :
    1. Which controls on another company
    2. Other company control on its board of directors
    3. Other company is holder of its 40% shares
    4. All of the above
83. Which item is shown in the profit & loss account of holding company relating to subsidiary company ?
    1. Debtors
    2. Unrealized profit
    3. Provision for losses of subsidiary company
    4. Bonus shares
84. A limited is the holder of 55% shares of b limites a limites :
    1. Has purchased b limited
    2. Has absorbed
    3. In holding company
    4. Is subsidiary company
85. Dividend received by holding company from subsidiary company which is distributed by subsidiary company from its pre-acquisition profit, will be credited in :
    1. Dividend account
    2. Profit and loss account
    3. Profit-loss appropriation account
    4. Investment in shares of subsidiary company
86. Provision for taxation made by subsidiary company is the item to be shown in consolidated balance sheet :
    1. Revenue income
    2. Minority interest
    3. Current liabilities
    4. Current assets
87. On issue of bonous shares from capital profits by subsidiary company :
    1. Cost of control will reduce
    2. Cost of control will increase
    3. Cost of control will not be effected
    4. None of these
88. In consolidated balance sheet it will not bw shown :
    1. Cash
    2. Stock
    3. Minority interest
    4. Intercompany transaction
89. It a holding company shold good costing rupee 27,000 in rupee 36,000 to its subsidiary company and on the date of preparation of consolidated balance sheet the subsidiary company has the stock of rupee 6,000 from that goods , then the unrealized profit will be :
    1. Rupee 500
    2. Rupee 1500
    3. Rupee 2000
    4. Rupee 4500
90. Minority interest of subsidiary company includes :
    1. Capital profit
    2. Revenue profit
    3. Both capital and revenue profits
    4. None of these
91. Subsidiary company issued bonus shares. Journal entry in the books of holding company will be :
    1. Cash a/c dr.
       • to bonus a/c
    2. Bank a/c  dr.
       • to investment a/c
    3. Bonus a/c  dr.
       • to subsidiary company
    4. No journal entry
92. The share of holding company in the capital and reserves of subsidiary company is rupee 3,90000 and investment in shares of subsidiary company is rupee 4,20,000 . This difference is known :
    1. Goodwill rupee  30,000
    2. Capital reserve rupee 30,000
    3. Revenue profit rupee 30,000
    4. None of these
93. The following are the balances in balance sheet of subsidiary company : Shares capital rupee 50,000, general reserve : opening balance rupee 2,000 closing balance rupee 3,000 , discount on debentures rupee 1,000 . The net value of subsidiary company will be :
    1. Rupee 50,000
    2. Rupee 52,000
    3. Rupee  51,000
    4. Rupee 53,000
94. Given : share capital : holding company rupee 10 lakh, subsidiary company rups 5,00,000 holding company valued land and building of subsidiary co. Rupee 20,000 more and plant and machinery of subsidiary co. Rupee 40,000 less. Holding co. Has invested rupee 4,00,000 in capital. The net value of subsidiary company will be :
    1. Rupee 5,00,000
    2. Rupee 5,20,000
    3. Rupee 4,80,000
    4. Rupee 4,60,000
95. H company is a holing company and s company is a subscidiary company . In stock of s co. Ltd includes such goods which has been sold by h co. Ltd. Taking 10% profit on selling price, rupee 20,000 unrealized profit will be :
    1. Rupee 2,000
    2. Rupee 1,818
    3. Rupee 2,200
    4. Rupee 2,222
96. Holding company purchased 3,000 shares from its subsidiary company at a cost of rupee 48,000 out of these shares 1,000 shares was sold at rupee 20 per shares. The profit on sale will be:
    1. Loss rupee 4,000
    2. Rupee 20,000
    3. Rupee 28,000
    4. Rupee 4,000
97. The advance of rupee 1,000 received by company is to be adjusted on i call, the journal entry will be:
    1. Bank a/c dr 1,000
       • to calls in advance a/c 1,000
    2. Calls in advance a/c 1,000
       • to share first call a/c 1,000
    3. Bank a/c dr 1,000
       • to share allotment a/c 1,000
    4. Share allotment a/c dr 1,000
       • to share first call a/c 1,000
98. On purchase of machinery at rupee 1,80,000 the company issued debentures at 10% discount. The journal entry will be :
    1. Machinery a/c dr 1,80,000
       • to bank a/c 1,80,000
    2. Machinery a/c dr 1,80,000
       • to vendor’s a/ c 1,80,000
    3. Vendor’s ac dr 1,80,000
       • to share capital a/c 1,80,000
    4. Vendor’s a/c dr 1,80,000
       • Discount on issue of
       • Shares a/c dr. 20,000
         • to share capital a/c  2,00,000
99. To shareholder of share forfeiture the notice will be served for :
    1. 10 days
    2. 60 days
    3. 14 days
    4. 15 days
100. After reissue on forfeited shares what treatment is made with forfeited share account ?
     1. Is added in capital account
     2. Is shown in head of reserve and surplus
     3. In transferred in capital reserve account
     4. None of these

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bcom-3rd-year-corporate-accounting-previous-year-question-paper-2017

ANSWER SHEET 

T = 2 & 3

01.	1	02.	2	03.	2	04.	4	05.	2	06.	4	07.	1	08.	3	09.	4	10.	1
11.	3	12.	3	13.	1	14.	4	15.	3	16.	2	17.	3	18.	4	19.	1	20.	1
21.	2	22.	4	23.	3	24.	1	25.	2	26.	4	27.	2	28.	2	29.	2	30.	2
31.	4	32.	1	33.	2	34	3	35.	1	36.	1	37.	1	38.	T	39.	2	40.	1
41.	4	42.	3	43.	3	44.	1	45.	3	46.	4	47.	4	48.	3	49.	2	50.	2
51.	4	52.	4	53.	1	54.	3	55.	1	56.	3	57.	1	58.	3	59.	2	60.	3
61.	2	62.	3	63.	4	64.	3	65.	2	66.	1	67.	2	68.	1	69.	3	70.	1
71.	4	72.	4	73.	2	74.	3	75.	2	76.	3	77.	2	78.	1	79.	2	80.	4
81.	1	82.	2	83.	3	84.	3	85.	4	86.	3	87.	3	88.	4	89.	2	90	3
91.	4	92	1	93.	2	94.	3	95.	1	96.	4	97	2	98	4	99	3	100	3

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