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
| Expenditure | Rs. | Income | Rs. |
To Salaries | 24,000 | By Subscription | 38,000 |
„ Printing & Stationery | 5,600 | By Entrance fees | 20,000 |
„ Audit fees | 1,000 | By Rent | 4,800 |
„ Advertising | 4,000 | By Sale of old newspapers | 600 |
„ Insurance | 2,400 | ||
„ Depreciation on : |
| ||
Sports Equipment | 12,000 | ||
Furniture | 1,600 | ||
„ Excess of income |
| ||
over expenditure | 12,800 | ||
| 63,400 | 63,400 |
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.) | Assets | H. Ltd. (Rs.) | S. Ltd (Rs.) |
Equity Shares of Rs. 100 each | 20,000 | 8,00,000 | Land & Building at cost | 6,30,000 | 3,20,000 |
| General Reserve | 2,00,000 | 1,00,000 | Machinery 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 1.1.12 | 80,000 | 60.000 | Stock | 4.40.000 | 3,00,000 |
| Profit for 2012 | 4,00,000 | 1,60.000 | Debtors | 3,10,000 | 1,80.000 |
| Creditors | 3,00,000 | 3,40,000 | Cash & Bank | 1.70,000 | 3,90,000 |
| 29,80,000 | 14,60,000 | 29,80,000 | 14,60,000 | ||
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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