AHSEC| CLASS 12| ACCOUNTANCY| QUESTION PAPER - 2022| H.S. 2ND YEAR
2022
ACCOUNTANCY
Full Marks: 100
Pass Marks: 30
Time: Three hours
The figures in the margin indicate
full marks for the questions.
1. (a) Fill in the blanks with appropriate word/words: (any four)
(i) Income and
Expenditure Account is prepared on _________basis. 1
(ii) Liability of
a partner is ________. 1
(iii) Annual
Report is issued by a company to its_________. 1
(iv) Liquid
ratio is the relationship between_______ and current liabilities. 1
(v) Equity
shareholders are __________of a company.
1
(b) Choose
the correct alternative:
(i) When a new
partner is admitted - 1
(a) Consent of
all the partners is required.
(b) Consent of
majority of the partners is required.
(c) Consent of
any one partner is required.
(ii) Balance of shares
forfeited account after re-issue is transferred to – 1
(a) Reserve Fund
(b) Profit and
Loss Account
(c) Capital
Reserve
(c) State
whether the following statements are “True” or “False” : (any two)
(i) Outstanding
subscription is an asset. 1
(ii) A Preference
Shareholder gets interest at a fixed rate.
1
(iii) Company’s
shares are generally transferable.
1
(iv) Life membership
fee is a capital receipt. 1
2. Mention two features of a not-for-profit
organisation. 2
3. What is Profit and Loss Appropriation Account? 2
4. What is the meaning of Cash Flow from Financing
Activities? 2
5. Mention any two features of a debenture. 2
6. Mention any two rights of a partner. 2
7. A and B are partners sharing profit and losses in the
ratio 3:2 C is admitted into the partnership. A surrendered 1/3rd of
his share and B surrendered 1/4th of his share in favour of C. Determine
the new profit-sharing ratio. 3
Or
Write three
distinctions between Fixed Capital Account and Fluctuating Capital Account.
8. Explain three uses of financial statement. 3
9. Mention any three objectives of preparing Comparative
Statement. 3
Or
A company’s
stock is Rs. 2,00,000. Total liquid assets are Rs. 8,00,000 and quick ratio is
2:1. Calculate current ratio.
10. Explain the following terms: 3
(i) Capital Fund
(ii) Life
Membership Fee
(iii) Entrance
Fee
Or
Write three
features of Fund Based Accounting.
Or
Calculate the
amount of stationery consumed to be shown in the Income and Expenditure A/c for
the year ended 31st December, 2020-
|
|
01-01-2020 |
31-12-2020 |
|
Creditors for
stationery |
4,000 |
6,200 |
|
Stock of
stationery |
5,400 |
5,000 |
During the year
2020 payment made for stationery was Rs. 40,000.
11. Write three differences between Realisation Account and
Revaluation Account. 3
Or
Write any three
uses of Cash Flow Statement.
12. Prepare Income and Expenditure Account from the following
Receipts and Payments Account and other details of Surya Club for the year
ended 31st December, 2019:
5
Receipts and Payment
Account
|
Receipt |
Rs. (Dr.) |
Payments |
Rs. (Cr.) |
|
To Balance b/d: Cash-in-hand To Subscriptions 2018 – 900 2019 – 19,000 2020 – 1,000 To Sale of
newspaper To Life
Membership Fee To Donation To Donation
for Building To Interest To Maintenance
Grant To Sale of
Furniture |
10,000 20,900 100 5,000 6,000 8,000 200 2,000 1,000 |
By Salaries By Honorarium By Travelling
Expenses By Telephone
Charges By Investment By Construction
of Building By Rent By Postage By Balance
c/d: Cash-in-hand |
12,000 3,000 2,000 5,000 10,000 7,000 2,000 1,000 11,200 |
|
53,200 |
53,200 |
Other details:
(i) Outstanding
Salaries – Rs. 1,000
(ii) Subscription
outstanding – Rs. 2,000
(iii)
Subscription for 2019 received in 2018 – Rs.200
Or
Write five
distinctions between Receipts and Payments Account and Income and Expenditure
Account. 5
13. Explain the method of calculating “Cash flows from
Operating Activities” under direct method.
5
Or
Calculate cash
from operating activities from the following information:
|
|
2019 (Rs.) |
2020 (Rs.) |
|
Profit and Loss
A/c. Debtors Bills Receivable General Reserve Salary Outstanding Wages Prepaid Goodwill Cash and Bank
Balance |
60,000 87,000 62,000 2,02,000 30,000 5,000 80,000 40,000 |
65,000 50,000 1,03,000 2,37,000 12,000 7,000 70,000 30,000 |
14. What is Ratio Analysis? Mention any three limitations of
ratio analysis. 2+3=5
Or
Briefly explain
the meaning and significance of any two of the following ratios – 2.5x2=5
(i) Debt-Equity
Ratio
(ii) Gross Profit
Ratio
(iii) Quick Ratio
(iv) Stock
Turnover Ratio
Or
Cost of Goods
Sold – Rs. 3,00,000
Stock Turnover
Ratio – 6 times
Find out the
value of Opening Stock, if Opening Stock is Rs. 10,000 less than the Closing
Stock. 5
15. From the following Income Statement, prepare Common
Size Income Statement and give your comments: 5
|
Particulars |
2018 (Rs.) |
2019 (Rs.) |
Particulars |
2018 (Rs.) |
2019 (Rs.) |
|
To Cost of
Goods Sold To Gross
Profit c/d To Office
Expenses To Distribution
Expenses To Net Profit
c/d |
95,000 25,000 |
1,05,000 40,000 |
By Net Sales By Gross
Profit b/d By Gross Profit
b/d |
1,20,000 |
1,45,000 |
|
1,20,000 |
1,45,000 |
1,20,000 |
1,45,000 |
||
|
2,000 3,000 20,000 |
8,000 5,000 27,000 |
25,000 |
40,000 |
||
|
25,000 |
40,000 |
25,000 |
40,000 |
Or
Give the new
format of the Balance Sheet of a company (main headings only) as per the
requirements of the revised Schedule-VI of the Companies Act.
Or
Give five points
of distinctions between under-subscription and over-subscription.
16. A, B and C were in partnership sharing profits and
losses in the ratio of 3:2:1. On 1st January, 2020, B retired from
the firm. On that date their Balance Sheet was as follows: 2+3=5
Balance Sheet
|
Liabilities |
(Rs.) |
Assets |
(Rs.) |
|
Creditors Capital: A : 30,000 B : 20,000 C : 20,000 |
27,180 70,000 |
Cash Debtors Stock Building Profit and
Loss A/c |
9,400 16,000 23,380 46,000 2,400 |
|
97,180 |
97,180 |
The terms of
the retirement were:
(i) Building is
to be appreciated by Rs. 14,000.
(ii) Provision
for doubtful debts is to be made at 5% on the debtors.
(iii) The goodwill
of the firm is to be valued at Rs. 36,000.
(iv) No cash is
to be paid to B immediately and balance of his capital account is to be
transferred to his loan account.
Prepare
Revaluation Account and Partners’ Capital Account.
Or
Write the uses
of securities premium amount.
17. P, Q and R were in partnership sharing profit and
losses in the ratio of 4:3:3. On 31st March, 2020 their Balance
Sheet was as follows: 5
Balance Sheet
|
Liabilities |
(Rs.) |
Assets |
(Rs.) |
|
Creditor Reserve Capital Accounts: P : 1,05,000 Q : 85,000 R : 80,000 |
87,000 33,000 2,70,000 |
Fixed Assets Stock and
Debtors Cash |
2,90,000 85,000 15,000 |
|
3,90,000 |
3,90,000 |
‘Q’ died on
30.06.2020. Under the partnership agreement the executors of a deceased partner
were entitled to:
(a) Amount
standing to the credit of deceased partner’s capital account.
(b) Interest on
capital @12% p.a.
(c) His share of
goodwill. The goodwill of the firm on Q’s death was valued at Rs. 2,70,000.
(d) Share of
profit from the closing of the last financial year to the date of death on the
basis of last year’s profits.
The profit of the
firms for the year ended 31.03.2020 was Rs. 2,40,000.
Prepare Q’s
capital account on the date of his death.
Or
Distinguish
between Profit and Loss account and Profit and Loss Appropriation account. 5
18. What is Realisation Account? Write three cases where a
partnership firm may be dissolved by a court. 2+3=5
Or
Amal and
Bimal are two partners in a firm. They share profits as 3:2. Following is their
Balance Sheet as on 31st March, 2021 on which date the firm is dissolved:
Balance Sheet
|
Liabilities |
(Rs.) |
Assets |
(Rs.) |
|
Creditors Reserve Capital: Amal : 20,000 Bimal : 15,000 |
20,000 5,000 35,000 |
Fixed Assets Stock Debtors Cash Profit &
Loss A/c |
30,000 10,000 15,000 3,000 2,000 |
|
60,000 |
60,000 |
Fixed Assets are
realised at Rs. 28,000. Stock at Rs. 8,000 and Debtors at Rs. 13,000. Expenses
on realisation are Rs. 1,500. Creditors are paid at a discount of 10%.
Prepare Realisation
Account Partners Capital Account and Cash Account. 2+2+1=5
19. Pradeep and Pranab are partners in a firm. The Trial
Balance of the firm as on 31st March, 2020 was as under:
Trial Balance
|
Debit |
(Rs.) |
Credit |
(Rs.) |
|
Machinery Goodwill Patent Sundry Debtors Cash in hand Closing Stock Investment Depreciation on
Machinery Rent Carriage
Outward Taxes Telephone
charges Commission Drawings: Pradeep – 5,000 Pranab – 4,000 Salaries Bank Charges |
54,000 10,000 20,000 21,000 1,000 25,000 10,000 6,000 10,000 1,000 500 3,600 800 9,000 8,000 100 |
Capital: Pradeep – 50,000 Pranab – 40,000 Sundry Creditors Interest on
Investment Sundry Receipts Bills Payable Bank Overdraft Trading
Account: Gross Profit Discount |
90,000 5,000 400 200 2,000 10,000 500 71,000 900 |
|
1,80,000 |
1,80,000 |
Prepare Profit
and Loss Account, Profit and Loss Appropriation Account and the Balance Sheet of
the firm for the year ended 31st March, 2020, after considering the
following information:
(i) Write off Rs.
1,000 as Bad Debt and provide a 5% Provision on Sundry Debtors for Doubtful
Debts.
(ii) Interest on
Investment Accrued Rs. 600.
(iii) Interest on
Partner’s capital is allowed @ 5% p.a.
(iv) Create a General
Reserve by taking Rs. 5,000 out of profit.
20. (a) Write two differences between Authorised Capital and
Issued Capital of a company. 2
(b) What is
Minimum Subscription? 2
(c) What is Reserve
Capital? 2
(d) What is
Call-in-Arrear? 2
Or
Arnab Company
Ltd. Issued 10,000 equity shares of Rs. 100 each at a premium of 10% payable as
under: 8
Rs. 30 on Application
Rs. 60 on
Allotment (including premium)
Rs. 20 on call
Kamalesh holding
400 shares failed to pay the allotment and call money and Monalisha holding 700
shares failed to pay the call money.
Show the Entries
in the Cash book and Journal of the company for the above transactions.
21. Give Journal entries for issue and redemption of
Debentures in respect of the following:
8
(a) Debentures
issued at a discount and redeemable at premium.
(b) Debentures
issued at premium and redeemable at premium.
(c) Debentures
issued at par and redeemable at par.
(d) Debentures
issued at premium and redeemable at par.
Or
What are the
differences between a shareholder and a debenture holder?
Or
Explain different
methods of redemption of debentures.
22. Ram and Mohan are partners sharing profit and losses equally.
Their Balance Sheet on 1st April, 2021 was follows: 8
Balance Sheet
|
Liabilities |
(Rs.) |
Assets |
(Rs.) |
|
Sundry Creditors Capital: Ram: 40,000 Mohan : 30,000 |
15,000 70,000 |
Cash Debtors Stock Machinery Building |
5,000 16,000 12,000 22,000 30,000 |
|
85,000 |
85,000 |
They decided to
admit Sanjoy into partnership for 1/3rd share on the following
terms:
(i) Machinery and
Building were revalued at Rs. 20,000 and Rs. 42,000 respectively.
(ii) Creditors
were reduced by Rs. 2,000.
(iii) Provision for
doubtful debts on debtors is to be created at Rs. 1,000.
(iv) Sanjoy is to
bring in Rs. 40,000 as his capital and Rs. 24,000 as premium for goodwill.
Pass Journal
entries for the above information and prepare Balance Sheet of the firm after
the admission of Sanjoy.
Or
(i) Write any
three limitations of partnership business.
3
(ii) Explain
five factors affecting the goodwill of a firm.
5
Or
Distinguish between
dissolution of Partnership and dissolution of Partnership firm. 8
***
ACCOUNTANCY SOLVED PAPERS PAGE LINK - Click here
BUY E-BOOK (PDF FILE)
[TO SEE FULL SOLUTION]
(Chapter wise Notes, Exam Question Papers solved, MCQ solved) [ARTS, COMMERCE, SCIENCE]
|
DOWNLOAD PAGE LINK:-CLICK HERE |
AHSEC PAGE LINK - CLICK HERE