MUJ M.COM Solved Assignments 2025
| SESSION | MARCH 2025 |
| PROGRAM | MASTER OF COMMERCE |
| SEMESTER | 04 |
| COURSE CODE & NAME | DCM7201 ADVANCED CORPORATE ACCOUNTING |
Assignment Set – 1
Q1. Elucidate the importance of preparation of financial statements of a company. With imaginary figures provide income statement as per schedule 3 of Companies Act 2013.
Ans 1.
Importance of Preparation of Financial Statements
Legal Requirement and Statutory Compliance
Under the Companies Act, 2013, every registered company is required to prepare financial statements annually. These statements include the Balance Sheet, Profit and Loss Statement, Cash Flow Statement, and Notes to Accounts. They ensure transparency and accountability in the company’s financial dealings and act as legal documents for tax and regulatory purposes.
Facilitates Decision-Making
Financial statements serve as a critical tool for management, investors, and stakeholders.
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Q2. The following particulars relate to a company:
Total assets Rs.18,50,000
External Liabilities Rs.2,50,000
Share capital:
14% Preference shares of Rs.10 each, fully paid Rs.15,00,000
40,000 Equity shares of Rs.10 each, fully paid Rs.4,00,000
60,000 Equity shares of Rs.10 each, Rs.7.50 paid Rs.4,50,000.
Calculate the value of each category of equity shares of the company based on a deemed liquidation 10
Ans 2.
Calculation of Value of Equity Shares Based on Deemed Liquidation
In such a case, the available assets after paying off external liabilities and preference shareholders are distributed among the equity shareholders based on their paid-up value.
Step 1: Given Data
| Particulars | Amount (Rs.) |
| Total Assets | 18,50,000 |
| External Liabilities | 2,50,000 |
| Preference Share Capital (14%) | 15,00,000 |
| Equity Shares – Fully Paid (40,000 × Rs.10) | 4,00,000 |
| Equity Shares – Partly Paid (60,000 × Rs.7.5) | 4,50,000 |
Step 2: Net Assets Available for Shareholders
Q3. Mr. Prasad purchased 500 equity shares of Rs.100 each of Mega Company Ltd. for Rs.62,500 inclusive of brokerage and stamp duty. Some years later the company resolved to capitalize its profits and to issue to the holders of equity shares, one equity bonus share for every share held by them. Prior to capitalization, the share of Mega Co. Ltd. were quoted at Rs.175 per share. After the capitalization, the shares were quoted at Rs.92.50 per share. Mr. Prasad sold the bonus shares and received Rs.90 per share. Prepare the Investment Account in the books of Mr. Prasad on Average Cost Basis. 10
Ans 3.
Investment Account of Mr. Prasad on Average Cost Basis
Step 1: Given Details
| Particulars | Details |
| Type of Investment | Equity shares of Mega Co. Ltd. |
| Face Value per Share | Rs.100 |
| No. of Shares Purchased | 500 |
| Total Cost (including brokerage/stamp duty) | Rs.62,500 |
| Cost per Share | Rs.62,500 / 500 = Rs.125 |
| Bonus Issue | 1:1 (One bonus share for every existing share) |
Assignment Set – 2
Q4. Explain the meaning of Issue of Shares and elucidate the methods of issue of shares in Listed Company as per Companies Act, 2013 2+8
Ans 4.
Issue of Shares
The issue of shares refers to the process by which a company raises capital by offering ownership interests in the form of equity or preference shares to investors. These shares represent a portion of ownership in the company and entitle the shareholder to a share in profits, voting rights (in case of equity shares), and a claim on assets during winding up (after liabilities are paid). The Companies Act, 2013 governs the procedure and methods for issuing shares, especially for listed companies which must also comply with SEBI (Securities and Exchange Board of India) regulations. The share issue process helps companies mobilize
Q5. Pass necessary Journal Entries in the books of Ritika Ltd. for the redemption of 2,000 10% debentures of ₹100 each, issued at par, in the following cases:
- i) Debentures redeemed at par by conversion into 9% Preference Shares of ₹100 each.
- ii) Debentures redeemed at a premium of 10% by conversion into equity shares issued at a premium of 25% (Face value ₹100).
iii) Debentures redeemed at a premium of 15% by conversion into equity shares issued at a discount of 10% (Face value ₹100 each). 10
Ans 5.
Journal Entries for Redemption of Debentures in the Books of Ritika Ltd.
There are three different redemption scenarios for 2,000 debentures of ₹100 each, and we need to pass the journal entries in each case.
Case i: Redemption at Par by Conversion into 9% Preference Shares (Face Value ₹100)
Given:
- 2,000 × ₹100 = ₹2,00,000 (Debentures)
- Redemption at par (no premium)
Q6. Elucidate the methods of Redemption of Debentures 10
Ans 6.
Debenture Redemption
Debentures are long-term debt instruments issued by companies to raise funds from the public or institutions. These are repayable at a fixed future date along with interest. The process of repaying the debenture amount to the debenture holders is termed as redemption of debentures. The Companies Act, 2013 provides specific guidelines for such redemption, which must also be aligned with the terms mentioned at the time of issue. Redemption
| SESSION | MARCH 2025 |
| PROGRAM | MASTER OF COMMERCE (M COM) |
| SEMESTER | IV |
| COURSE CODE & NAME | DCM7202 AUDIT & ASSURANCE |
Set – 1
Q1. Describe the term ‘Audit’. Explain the different types of auditing. 2+8
Ans 1.
Audit
The term “audit” is derived from the Latin word “audire,” which means “to hear.” In the context of accounting and finance, audit refers to the systematic examination of books of accounts, financial statements, documents, and vouchers to determine whether they present a true and fair view of the financial position and performance of an organization. An audit is conducted by a qualified independent auditor to assess the accuracy, reliability, and compliance of the financial records with applicable laws and standards. It aims to express an opinion on the fairness and correctness of the financial statements and ensures that there are
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Q2. Explain the audit procedures for obtaining audit evidence.
Ans 2.
Audit Procedures for Obtaining Audit Evidence
Audit Evidence
Audit evidence refers to the information used by an auditor to arrive at conclusions on which to base the auditor’s opinion. It is crucial to verify the authenticity and fairness of the financial statements. The auditor collects sufficient and appropriate evidence through various audit procedures. These procedures are planned and executed to support the audit objectives effectively and efficiently.
Inspection as a Procedure
Inspection involves examining records, documents, or tangible assets. This may include
Q3. List the steps involved in the process of risk assessment.
Ans 3.
Risk Assessment in Auditing
Risk assessment is a foundational aspect of modern auditing. It refers to the process by which auditors identify and evaluate the risks of material misstatements in financial statements, whether due to fraud or error. The Companies Act and Standards on Auditing mandate that auditors perform a thorough risk assessment to ensure that audit procedures are responsive to identified risks. The goal is to design audit procedures that reduce audit risk to an acceptably
Set – 2
Q4. Distinguish between internal control and internal check.
Ans 4.
Internal Control and Internal Check
In the context of auditing and organizational management, both internal control and internal check are mechanisms to ensure accuracy, accountability, and efficiency in operations. Although the terms are related and sometimes used interchangeably, they differ in scope, purpose, and application. These systems are integral to minimizing errors and fraud and ensuring reliable financial reporting.
Meaning of Internal Control
Internal control is a broad term that refers to the system of policies, procedures, and practices
Q5. Discuss the concept of an Automated Environment and its salient features 2+8 Ans 5.
Automated Environment
An automated environment in auditing and accounting refers to the use of information technology systems to perform or support accounting functions, financial transactions, and internal controls. In the modern business landscape, companies have increasingly adopted ERP (Enterprise Resource Planning) systems and other automation tools to streamline processes, reduce manual errors, and enhance reporting accuracy. The audit of such systems
Q6. Write notes on
(i ) Audit of impersonal ledger.
(ii) Statutory Report. 5+5
Ans 6.
(i) Audit of Impersonal Ledger
The impersonal ledger, also known as the general ledger, is a part of the accounting system that contains all nominal and real accounts. This includes income, expenses, assets, and liabilities, excluding personal accounts of customers and suppliers. The audit of the impersonal ledger is crucial for verifying the overall accuracy and integrity of the financial statements. It provides the foundational data for preparing the Profit and Loss Account and Balance Sheet.
The auditor begins by examining the opening balances to ensure they match with the closing
| SESSION | MARCH 2025 |
| PROGRAM | MASTER OF COMMERCE (M COM) |
| SEMESTER | IV |
| COURSE CODE & NAME | DCM7203 RISK MANAGEMENT |
Set – 1
Q1. Explain the process of Risk Management.
A Explain Risk Identification, Risk Assessment and Risk Prioritization. 5
B Write Risk Mitigation, Risk Monitoring, Risk Communication and Documentation 5
Ans 1.
Risk Management Process
Risk management is a systematic approach to identifying, assessing, and managing potential threats or uncertainties that may adversely affect an organization’s objectives. The process is integral to strategic planning and organizational resilience. A well-structured risk management framework enables organizations to anticipate potential threats, allocate resources effectively, and sustain long-term performance. The key steps in this process include risk identification, risk assessment, risk prioritization, mitigation, monitoring,
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Q2. Illustrate the challenges of implementing ERM in organizations
A Outline the cultural and organizational change and lack of integration and coordination 5
B Briefly explain the complexity and scalability, Resource constraints and Data information management
Ans 2.
ERM Implementation Challenges
Enterprise Risk Management (ERM) is a holistic approach to identifying, assessing, and responding to risks across the entire organization. Although ERM offers long-term strategic benefits, implementing it effectively presents numerous challenges. These challenges often stem from cultural resistance, organizational complexities, lack of coordination, and limited resources. For ERM to succeed, organizations must address both internal and external obstacles that hinder integration and scalability.
- Cultural and Organizational Change, Lack of Integration and Coordination
Cultural and Organizational Resistance
One of the primary challenges in implementing ERM is resistance to change within the organization’s culture. Employees and managers may be reluctant to adopt new risk
Q3. Describe the relevance of ERM to all stakeholders
A Briefly explain the relevance of ERM to Executives and Management, Board of Directors, Shareholders and Investors 5
B Outline the relevance of ERM to Employees, Customers and Suppliers, Regulators and Compliance Authorities and Community and Society 5
Ans 3.
Stakeholder Relevance of ERM
Enterprise Risk Management (ERM) is not only a tool for risk mitigation but also a strategic enabler that adds value to all stakeholders of an organization. From internal decision-makers to external partners, ERM helps align organizational risks with stakeholder interests. It improves transparency, accountability, and resilience, which are crucial for long-term business sustainability. This section explores how ERM supports executives, board members,
Set – 2
Q4. Explain the concept of Value at Risk (VaR) in risk management.
A Briefly explain the Parametric VaR 5
B Briefly explain Historical VaR and Monte Carlo VaR 5
Ans 4.
Value at Risk (VaR)
Value at Risk (VaR) is a quantitative risk management tool used to measure and control the level of financial risk within a firm or investment portfolio over a specific time frame. It provides a probabilistic estimate of the potential loss that could occur due to market movements. VaR answers the question: “What is the worst expected loss over a given time period at a specific confidence level?” For instance, a 1-day VaR of ₹1 million at 95%
Q5. Explain COBIT ERM Model
A Write the meaning of COBIT ERM 5
B Outline the fundamental ideas for creating a COBIT ERM framework 5
Ans 5.
COBIT ERM
COBIT (Control Objectives for Information and Related Technologies) is a globally recognized framework developed by ISACA for governing and managing enterprise IT. The COBIT ERM model extends this governance into the domain of Enterprise Risk Management (ERM) by integrating IT risks into overall business risk frameworks. It ensures that risk management aligns with strategic goals, complies with regulations, and leverages technology to mitigate threats effectively. COBIT ERM emphasizes the integration of IT risk with
Q6. Describe the steps involved in implementing an ERM framework
A Explain the ERM framework of establish the context, identify risks, assess risks, evaluate risks and develop risk response strategies 5
B Explain the ERM framework of Implement risk responses, monitor and review, Communicate and Consult and Enabled ERM in the organization 5
Ans 6.
ERM Framework Implementation
Implementing an Enterprise Risk Management (ERM) framework involves establishing a structured, organization-wide approach to identifying, analyzing, responding to, and monitoring risks. A robust ERM system integrates risk awareness into decision-making processes and aligns risk appetite with strategic objectives. The implementation process includes clearly defined steps that ensure consistency, accountability, and transparency across all business units.
- Establish the Context, Identify Risks, Assess Risks, Evaluate Risks, and Develop Risk Response Strategies
Establish the Context
The first step in implementing an ERM framework is to define the internal and external environment in which the organization operates. This includes understanding the strategic
| SESSION | MARCH 2025 |
| PROGRAM | MASTER OF COMMERCE |
| SEMESTER | IV |
| COURSE CODE & NAME | DCM7204 BUSINESS ETHICS AND CORPORATE GOVERNANCE |
Set – 1
Q1. What is business ethics? Describe its nature. Is business ethics a necessity? 5+5
Ans 1.
Meaning of Business Ethics
Business ethics refers to the set of principles, values, and standards that guide behavior in the world of business. It involves applying moral standards to business situations and decisions, ensuring that actions and practices are aligned with societal expectations. Business ethics goes beyond legal compliance and seeks to promote honesty, fairness, integrity, and respect in commercial dealings. It influences both internal practices like employee relations and external aspects such as customer service and environmental responsibility.
Nature of Business Ethics
The nature of business ethics is multidimensional and encompasses various aspects of
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Q2. Discuss the importance of ethics and moral standards in detail. 10
Ans 2.
Ethics and Moral Standards
Ethics and moral standards form the foundation of civilized society and responsible behavior, particularly in business. Ethics refers to the principles of right and wrong that guide individual and group behavior, while moral standards are the specific norms derived from cultural, religious, and social influences. Together, they shape the behavior of people in both personal and professional contexts. In business, ethics and moral standards ensure fair
Q3.“Can Ethics & Profit together upshot the sustainability of business in long run’? critically examine the statement.
Ans 3.
Ethics and Profit – A Perceived Contradiction
Traditionally, profit and ethics have been viewed as opposing forces. While profit is often seen as a financial goal driven by competition and self-interest, ethics are associated with fairness, integrity, and responsibility. Many believe that in order to maximize profits, businesses might have to compromise on ethics. However, this perception is increasingly being challenged in today’s global economy where long-term sustainability depends on
Set – 2
Q4. What is corporate governance? How can ethics make corporate governance more meaningful? 10
Ans 4.
Meaning of Corporate Governance
Corporate governance refers to the system of rules, practices, and processes by which a company is directed and controlled. It defines the relationships between the company’s management, board of directors, shareholders, and other stakeholders. Corporate governance aims to balance the interests of all stakeholders and ensure transparency, accountability, and fairness in a company’s operations. The framework encompasses the mechanisms through
Q5. Explain ethical dilemmas in business.
Ans 5.
Ethical Dilemmas
An ethical dilemma occurs when a person or organization must choose between two or more morally acceptable or unacceptable courses of action, where choosing one option compromises another ethical principle. In business, ethical dilemmas arise when decisions that are beneficial to the organization conflict with moral values or societal expectations. These situations often involve complex trade-offs between profitability, legality, and ethics,
Q6. What are the merits & demerits of CSR activities for an organization? 10
Ans 6.
Corporate Social Responsibility
Corporate Social Responsibility (CSR) refers to the obligation of businesses to contribute positively to society while conducting their operations ethically and sustainably. CSR involves engaging in activities that promote environmental protection, community welfare, employee well-being, and fair trade practices. In India, the Companies Act, 2013 mandates certain eligible companies to spend a portion of their profits on CSR initiatives. While CSR is
| SESSION | MARCH 2025 |
| PROGRAM | MASTER OF COMMERCE (M COM) |
| SEMESTER | IV |
| COURSE CODE & NAME | DCM7205 INDIRECT TAXES GST |
Set – 1
Q1. Define Indirect Tax. State the silent features of GST 2+8
Ans 1.
Definition of Indirect Tax
Indirect tax refers to a type of tax that is levied on goods and services rather than directly on income or profits. It is collected by an intermediary (such as a retailer or service provider) from the person who ultimately bears the economic burden of the tax, i.e., the consumer. Examples of indirect taxes include Value Added Tax (VAT), excise duty, customs duty, and service tax. Unlike direct taxes, indirect taxes are passed on to the end user and are embedded in the price of goods or services.
Introduction to Goods and Services Tax (GST)
The Goods and Services Tax (GST) is a comprehensive indirect tax introduced in India on
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Q2. Illustrate the benefits of GST for the ultimate consumes. 10
Ans 2.
Simplification of Tax Structure
One of the most significant benefits of the Goods and Services Tax (GST) for ultimate consumers is the simplification of the indirect tax structure. Before GST, multiple taxes like excise duty, VAT, service tax, and luxury tax were levied at various stages of the supply chain, leading to confusion and inefficiency. GST has replaced these with a single, unified tax that applies across the country. For consumers, this means greater clarity in pricing and a reduction in hidden taxes.
Reduction in the Cascading Effect of Taxes
GST has effectively removed the cascading effect or tax-on-tax, which was a major
Q3. Discuss in detail about educational services of GST. 10
Ans 3.
Educational Services Under GST
Under the Goods and Services Tax (GST) regime, educational services have been given special attention due to their social and developmental importance. Education is considered a merit service and is vital for the economic and intellectual progress of society. As a result, the GST law provides various exemptions and definitions related to educational institutions and
Set – 2
Q4. Explain the procedure of registration of GST 10
Ans 4.
GST Registration
GST registration is a legal obligation for businesses whose turnover exceeds the threshold limit prescribed under the Goods and Services Tax Act. Registration allows a business to collect GST from customers, claim input tax credit, and comply with statutory requirements. The process is managed entirely online through the Goods and Services Tax Network (GSTN) portal, which has simplified and streamlined tax administration in India.
Eligibility for GST Registration
A business must register under GST if its aggregate turnover exceeds ₹40 lakhs (₹20 lakhs
Q5. Write a note on
- Import and Export Under GST
- Transaction Value of Goods under GST 5+5
Ans 5.
Imports and Exports in GST
GST has redefined the tax structure on import and export transactions to align with international trade practices. Imports are treated as inter-state supplies and are subject to Integrated GST (IGST), while exports are zero-rated under the GST regime. These provisions aim to promote ease of doing business and increase India’s competitiveness in global markets.
Import under GST
In the GST framework, imports of goods attract Basic Customs Duty (BCD) and IGST. The IGST is levied under the IGST Act and is calculated on the value of imported goods plus
Q6. Discuss the different customs duties applicable under the Customs Act. 10
Ans 6.
Customs Duties
Customs duties are levied under the Customs Act, 1962, on goods imported into or exported out of India. These duties serve both fiscal and protective purposes. While they generate revenue for the government, they also safeguard domestic industries by making imported goods more expensive. Customs duties are determined based on the classification and
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