WBCS Exam Main Optional question Paper on Commerce & Accountancy (Paper - I) - 2013

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W.B.C.S. EXAMINATION - 2013 (Optional Paper)

COMMERCE AND ACCOUNTANCY - PAPER I

Time Allowed : 3 Hours                                Full Marks : 100

If the questions attempted are in excess of the prescribed number, only the questions attempted first, up to the prescribed number shall be valued and the remaining ones ignored.

Group-A.

1.  (a) What do you mean by 'Accounting period concept' ?

     (b) How should inventories be valued as per Accounting Stand­ard 2 ?

     (c) Name the assets which are not dealt with under AS-6         5 + 10 + 5 = 20

2.  (a) What are 'Contingent assets' and 'Contingent liabilities' ?
     (b) From the following information relating to 'Swamiji Sangha', prepare the blance sheet as on 1.1.2012 and 31.12.2012.

     (i) Assets and Liabilities as on 1.1.2012 :

        Club ground Rs. 1,00,000, Sports equipment Rs. 60,000, Furniture Rs. 14,000, Arrear subscription Rs. 2,000, Credi­tors for stationery Rs. 2,000. 

     (ii) Receipts and Payments A/c for the year ended 3i.12.2012.

Receipts

Rs.

Payment

Rs.

To Balance b/f

10,000

By Printing and Stationery

6,000

To Subscription

 

By Salaries

22,000

2011

1.800

By Advertising

4,000

2012

36,000

By Insurance

3,000

2013

1,000

By Furniture       ,

4,000

To Sale of old

 

 

 

Newspapers

600

By Investment

36,000

To Rent

4,400

 

 

To Entrance fees

24,000

By Balance c/f

2,800

 

77,800

 

77,800

 

Income and Expenditure A/cs for the year ended 31.12.2012

 

ExpenditureRs.IncomeRs.

To Salaries

24,000

By Subscription38,000

„ Printing & Stationery

5,600

By Entrance fees20,000

„ Audit fees

1,000

By Rent4,800

„ Advertising

4,000

By Sale of old newspapers600

„ Insurance

2,400

  

„ Depreciation on :

 

  

Sports Equipment

12,000

  

Furniture

1,600

  

„ Excess of income

 

  

over expenditure

12,800

  
 63,400 63,400
 5 + 5 + 10 = 20

 

Group-B

3.  (a) What are the uses of Share Premium Account ?

     (b) Following is the Balance Sheet of Perfect Limited as on 31.3.2013

Liabilities

Rs. (in crores)

Assets

Rs. (in crores)

Authorised Capital

250

Fixed Assets

300

Issued and subscribed capital,

 

Investment

240

10% Redeemable prefrerce share of Rs. 10 each : 150

 

Current Assets

590

Equity shares of Rs. 10 each fully paid 100

250

 

 

Capital Reserve

100

 

 

Revenue Reserve

500

 

 

Current liabilities and provisions

280

 

 

 

1130

 

1130

   The company bought back two crore equity shares of Rs. 10 each at Rs. 25 per share on 1.4.2013 out of free reserve. The preference shares were also redeemed on that date. Show the necessary Journal entries and the balance sheet after the said transactions.     4+10+6=20

4.  The balance Sheets of H. Ltd. and its subsidiary S. Ltd. on 31.12.2012 were as follows :

liabilities

H. Ltd (Rs.)S. Ltd (Rs.)AssetsH. Ltd. (Rs.)S. Ltd (Rs.)

Equity Shares  of Rs. 100 each

20,0008,00,000Land & Building at cost6,30,0003,20,000
General Reserve2,00,0001,00,000Machinery
Less Depreciation at 10%
5,40,000           2,70.000
   6,000 shares in S. Lid.9,00,000-
Profit & Loss A/c :     
Balance on 1.1.1280,00060.000Stock4.40.0003,00,000
Profit for 20124,00,0001,60.000Debtors3,10,0001,80.000
Creditors3,00,0003,40,000Cash & Bank1.70,0003,90,000
 29,80,00014,60,000 29,80,00014,60,000
      
   H. Ltd. acquired 6,000 shares in S. Ltd. on 1st July 2012. On that date Land & Building and Machinery were valued at Rs. 3,00,000 and Rs. 3,85,000 respectively, effects of which is yet to be given. Sundry Debtors of H. Ltd. included Rs. 20,000 due from S. Ltd., whereas Sundry Creditors of S. Ltd included Rs. 15,000 due to H. Ltd. Prepare a consolidated Balance Sheet as on 31.12.2012.               20

 

Group-C

5.  (a) Define 'Cost Centre' and 'Cost Unit'.

     (b) Name the Cost Units used by the following industries. Paper, Petrolum, Timber, Transport, Electricity, Automobile.

     (c) In a factory 3,00,000 units of a certain material are used per year. The minimum level, maximum level and economic order quantity of the material are 16,000, 50,000 and 28,000 units respectively. Compute the turnover ratio for the mate­rial.

     (d) How are 'normal' and 'abnormal' idle-time-cost treated in cost accounting ?       '

     (e) The standard time for a job is 30 hours and graranted hourly wage is Rs. 5. Under Halsey Scheme, due to savings in time an worker gets effective wage of Rs. 6.25 per hour. How much would he earn under Rowan Scheme ?    4+3+3+4+6=20

6.  (a) What is 'Margin of Safety' ? How can it be imporved ?

    (b) From following information relating to Disha Trading Ltd. for the year ended 31.12.2012, prepare a Trading & Profit & Loss Account for the year ended 31.12.2012 and a Balance Sheet as on that date with as much detail as possible. Assume that the concern has no Bank Overdraft or long term loan. Working Capital : Rs. 84,000, Current rartio : 1.5, Liquid ratio : 1, Stock Turnover ratio : 5 times, Debtors Turnover ratio : 6 times, Fixed assets to proprietor's Fund : 70%, Gross Profit ratio : 30%, Net Profit to Share Capital : 20%, Share Capital Rs. 2,00,000.

 

Group-D

7.  (a) Who are 'Person's as per Income Tax Act, 1961 ?

     (b) Give four instances when income of an assessee becomes chargeable- to tax in the same previous year.

     (c) What conditions are to be satisfied by an individual to become 'resident and ordinarily resident' in India in a par­ticular previous year?

     (d) Mr. A. Sengupta lets out his flat at Kolkata to his friend for Rs. 4,000 per month. Similar flats in the same locality can fetch a rent of Rs. 5,000 per month. Net municipal value of the flat is Rs. 36,000 per annum. Mr. Sengupta paid munici­pal tax @ 10%. Find the annual value of the property for the assessment year 2013-14.      5+4+6+5=20

8.   Mrs. Barsha Chanda, an Indian resident, disclosed the following particulars of her income for the year ended 31.03.2013.
Basic salary from a private cpncers @ Rs. 32,000 p.m.
Dearness allowance as per terms of employment @ Rs. 4,000 p.m.
Education allowance   @ Rs. 200 p.m. for her only son.
Own contribution to Recognised Provident Fund Rs. 24,000
Interest credit to Recognised Provident Fund @ 10% Rs. 12,000
Employer pays rent of Rs. 3;200 p.m. for free furnished accomodation at Durgapur.

Cost of furniture provided Rs. 20,000. Hire charges of other furnitures paid by employer is Rs. 600 p.m.

Wages of gardeners and sweeper paid by the employer @ Rs. 1000 p.m. and Rs, 1200 p.m. respectively.

She received savings bank interest Rs. 20,000, UTI dividend Rs. 8,000 and dividend from Indian company Rs. 2735 respectively during 2012-13 F.Y.

During the year, she deposited Rs. 18,000 in public providend fund, purchase NSC VIII issue of Rs. 20,000 and paid Life Insurance premium of Rs. 10,000.

Compute total income of Mrs. Chanda for the assessment year 2013-14. Also compute her Income tax liability for the assessment year 2013-14.      15+5=20

 

Group-E

9. (a) Define any three of the following terms under the West Bengal VAT Act, 2003.

Business, Capital goods, Casual dealer, Goods,, Zero rated sale,

    (b)  'Friends Associates', a registered dealer in West Bengal, entered into following transactions during the quarter ended 30.09.2012.

 

Commodity

Unit

Rate

W.B.VAT rate    Remarks

 

Purchase :

 

 

 

 

Commodity 'X'

1,000

50

4%

 

Commodity 'y'

.   1,000

100

13.5%

 

Sales :

 

 

  

Commodity 'X'

1,000

40

 

Promotional offer

Commodity 'y'

800

150

  

Commodity 'y'

200

90

 

Sale to BPL Customers

Compute 'VAT' payable by the dealer the Tax period.    4x3+8=20

10.   What are 'Compulsory' and 'voluntary' registration under Cen­tral Sales Tax Act, 1956? Who can sign the application form for registration under CST Act, 1956 ? What is the time limit for such application ? What is the amount of fees to be paid for making such application ? How can such registration be cancelled ?    
4+4+3+2+2+5=20

***

 

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