AHSEC| CLASS 12| ACCOUNTANCY| SOLVED 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 an
accrual basis. 1
(ii)
Liability of a partner is unlimited. 1
(iii) Annual
Report is issued by a company to its Shareholder. 1
(iv) Liquid
ratio is the relationship between Liquid Assets
and current liabilities. 1
(v) Equity
shareholders are members 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.
Ans:- (a) Consent of all the partners 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
Ans:- (c) Capital Reserve
(c) State
whether the following statements are “True” or “False”: (any two)
(i)
Outstanding subscription is an asset.
1 True.
(ii) A
Preference Shareholder gets interest at a fixed rate. 1 False.
(iii)
Company’s shares are generally transferable. 1
True.
(iv) Life
membership fee is a capital receipt.
1 True.
2. Mention two features of a not-for-profit
organisation. 2
Ans:- The main two characteristics of non-profit
organizations are:
(i) Main
objective is service: Such organizations are set up to provide service to a
specific group or public at large either free of cost or at nominal rates and
not to earn profit.
(ii) Separate
entity: The non-profit organization is treated as a separate entity from
its members.
3. What is Profit and Loss Appropriation Account? 2
Ans:- In partnership, the profit is divided among the
partners in a fixed profit sharing ratio, as stated in the partnership deed,
after making necessary adjustments such as interest on capital, drawings and
loans to partners, salaries, commission, etc. These transactions should not be
mixed with other normal business transactions as they are appropriation of
profit in the sense that if they are not distributed in the form of salary,
interest, commission etc., they are distributed as profit.
4. What is the meaning of Cash Flow from Financing
Activities? 2
Ans:- Cash flow from financing activity measures the
movement of cash between a firm and its owners, investors and creditors. This
report shows the net inflow of funds used to run the company including debt
equity and dividends.
5. Mention any two features of a debenture. 2
Ans:- Two Features of debentures:
(i) Acknowledge.
(ii) Holder are creditors.
6. Mention any two rights of a partner. 2
Ans:- Two rights of partners:
(i) The partners
are entitled to have access to the books of accounts of the firm and to take
copies of the same.
(ii) Every
partner has a right to participate in the conduct and management of the
business.
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.
Ans:- The
differences between fixed and fluctuating capital are:
|
Basis |
Fixed
capital account |
Fluctuating
capital account |
|
Change in capital |
Except in exceptional circumstances, the balance in capital accounts usually
remains unchanged during the life of the business. |
When capital fluctuates, the balance in the capital accounts changes
from time to time. |
|
Number of accounts |
When capital is fixed, each partner has two accounts, the capital
account and the current account. |
When capital fluctuates, each partner has only one account, namely,
the capital account. |
|
Recording of transactions |
When capital is fixed, the transactions relating to withdrawals,
interest on capital, etc., are not made in the capital account but are
recorded in a separate current account. |
In this case all the transactions relating to the partners are done
directly in the capital itself. |
8. Explain three uses of financial statement. 3
Ans:- Three Uses of Financial Statements:
(i)
Determining the financial position of the business: The most important use
of financial statements is to provide information about the financial position
of the business at a given date. This information is used by various
stakeholders to take important decisions regarding the business.
(ii) To
obtain credit: Financial statements present the picture of the business to
the potential lenders and this information can be used by them to provide
additional credit for business expansion or to restrict credit so that recovery
starts Could
(iii) Helps
investors in taking decisions: Financial statements contain all the
necessary information required by the potential investors to determine how much
they want to invest in the business. It is also helpful in taking a decision
regarding the per share price that investors want to invest in. A good
financial statement is the key to getting investments.
9. Mention any three objectives of preparing Comparative
Statement. 3
Ans:- Three objectives of preparing comparative
statement:
(i) Better
understanding: Simple and comparative presentation of data makes the
message of financial statements easily understandable to the management.
(ii) Indirect
Tendency: The comparative statements give information about the change that
affects the financial statements and performance of the firm. It is the
indicator of trend which helps the management to predict the future.
(iii) Focus
on Strength and Weakness: It focuses on the strengths and weaknesses of the
enterprise and draws the attention of the management to take remedial measures
for the weak areas.
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.
Ans:- Quick ratio = LA/CL
2 = 8,00,000/CL
CL = 4,00,000
Current Assets =
4,00,000+2,00,000=6,00,000
10. Explain the following terms: 3
(i) Capital
Fund
Ans:- In
the case of non-trading organization, the term capital fund is used instead of
capital. It is sometimes called General Fund or Consolidated Fund or Corpus
Fund. It is the excess of assets over liabilities on a particular data.
(ii) Life
Membership Fee
Ans:- It
is a receipt of capital nature as the members will not be required to pay
annual fee, so it should be added to the capital fund or shown separately on
the liabilities side of the balance sheet.
(iii)
Entrance Fee
Ans:- In
the absence of any specific direction; Entry fee can be treated as revenue
receipt and thus shown on the credit side of the Income and Expenditure
Account. However, if any direction is given to treat it as capital gain then it
should be shown on the liability side of the Balance Sheet of the current year.
Or
Write three
features of Fund Based Accounting.
Ans:- Fund
based accounting has three features:
(i) Opening
of a separate fund account: When a donation is received for a specific
purpose, a separate fund account is created in the name of the specific purpose
such as building fund, prize fund, etc. Such fund account is shown on the
liabilities side. side of the balance sheet.
(ii) Income
received on investment of specific fund: If the money of the fund is
invested, the income received from the investment of such fund is credited to
that fund account and not to the Income and Expenditure Account.
(iii) New
donation relating to a specific fund: Any new donation or receipt on such a
specific fund should be deposited in that fund.
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.
Ans:-
Stationary consumed to be shown in
Income and Expenditure A/c
|
Particulars |
Amounts |
|
Opening
stationary Add:
Payment made for stationary Less:
Closing stationary Less:
Opening Creditor Add:
Closing creditor |
5,400 40,000 |
|
45,400 5,000 |
|
|
40,400 4,000 |
|
|
36,400 6,200 |
|
|
42,600 |
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