AHSEC| CLASS 12| ACCOUNTANCY| QUESTION PAPER - 2023| H.S. 2ND YEAR
2023
ACCOUNTANCY
Full Marks: 80
Pass Marks: 24
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) 1x4=4
(i) Equity
shareholders are _______of the company.
(ii) Receipts
and Payments account is a summary of _________transactions.
(iii) Maximum number
of members in a partnership business is ________.
(iv) In the
absence of any agreement at the time of retirement of partner goodwill is to be
adjusted in ______ratio.
(v) Profit and
Loss Account is also known as _______statement.
(b) State
whether the following statements are True or False: 1x2=2
(i) A company
has a separate legal entity different from its members.
(ii) Quick
Assets = Current Assets – Inventory – Prepaid Expenses.
(c) Choose
the correct alternative: 1x2=2
(i) The
portion of the capital which can be called up only on the winding up of the
company is called:
(a) Authorised
capital
(b) Uncalled
capital
(c) Reserve
capital
(d) Issued
capital
(ii) Donation
received for a specific purpose is a:
(a) Capital
Receipt
(b) Revenue
Receipt
(c) Asset
(d) Liability
2. What is a Registered Debenture? 2
Or
What is ‘Data
validation’?
3. What is Goodwill of a business? 2
4. What is meant by Cash Flow from Operation Activities? 2
5. A and B are partners sharing profits and losses in the
ratio of 5:3. C is admitted as a new partner for ½th share, which he acquires 1/6th from
A and 1/12th from B. Calculate the new profit sharing ratio. 2
Or
Mention two
rights of a partner. 2
6. Write two limitations of ratio analysis. 2
Or
Mention two
limitations of financial statements. 2
Or
What is
sequential code? 2
7. What is the meaning of Cash Flow from Investing
Activities? 2
Or
What is meant by
the term ‘Cash Equivalents’? 2
Or
Write a note on ‘Queries’.
2
8. Write any three essential features of partnership. 3
Or
Write three
distinctions between ‘Profit and Loss Account’ and ‘Profit and Loss Appropriation
Account’.
9. Give any three differences between equity shares and preference
shares. 3
Or
Explain the
following terms: 3
(i) Calls-in-arrears
(ii) Calls-in-advance
Or
Mention three
uses of Spreadsheet. 3
10. Calculate the income from subscription for the year
2021 from the following information: 3
|
|
1-1-2021 |
31-12-2021 |
|
Subscription
outstanding Subscription
received in advance |
3,000 4,000 |
2,000 5,000 |
Subscription
received during the year 2021 – Rs 70,000.
Or
Mention three
objective of preparing financial statements. 3
Or
Explain Database
Management System. 3
11. Current Liabilities of a company were Rs. 60,000 and its
current ratio was 2 : 1 on 30th March, 2021. On 31st
March, 2021, the company paid Rs. 20,000 to a creditor. Calculate the current
ratio after the payment. 3
Or
Mention three differences
between ‘Capital account’ and ‘Current account. 3
Or
Describe three features of the Spreadsheet. 3
12. Prepare a Comparative Income Statement from the
following particulars: 6
|
Particulars |
2020 Rs. |
2021 Rs. |
|
Gross Sales Sales Returns Cost of Goods
Sold Operating
Expenses Income Tax |
1,20,200 10,400 80,000 24,000 50% |
1,35,800 7,600 84,000 18,000 50% |
Or
What is meant by
analysis of financial statements? Explain in brief the tools of financial
statements? Explain in brief the tools of financial analysis. 1+5=6
Or
Give the
limitations of computerised accounting system. 6
13. What is meant by issue of debentures as Collateral Security?
Mention four differences between shares and debentures. 2+4=6
Or
Explain the
objectives of Database Management System (DBMS)? 6
Or
Give Journal
entries for issue and redemption of debentures under the following situations:
2x3=6
(a) 1,000 12%
debentures of Rs. 100 each, issued at premium of 5% and redeemable at par.
(b) 2,000, 12% debentures
of Rs. 100 each, issued at 5% discount and redeemable at a premium of 5%.
(c) 3,000, 12% debentures
of Rs. 100 each, issued at par and redeemable at a premium of 5%.
14. A, B and C were in partnership sharing profits and
losses equally. On 31st December, 2021 their Balance Sheet was as
follows: 6
Balance Sheet
|
Liabilities |
Amount (Rs.) |
Assets |
Amount (Rs.) |
|
Capital A = 10,000 B = 5,000 C = 5,000 Reserve Fund Creditors |
20,000 3,300 2,000 |
Plant and
Machinery Stock Sundry
Debtors Cash at Bank Cash in hand |
10,000 4,000 6,000 5,000 300 |
|
25,300 |
25,300 |
The firm took a joint life
policy for Rs. 9,000 payable on the first death.
C died on 31st
March, 2022. Under the partnership agreement the executors of a deceased
partner were entitled to:
(i) Amount
standing to the credit of deceased partner’s capital account.
(ii) His share
of goodwill on the basis of twice the average of the past three years’ profits.
(iii) Share of
profit from the closing of the last financial year to the date of death on the
basis of last year’s profits.
(iv) Interest
on capital @ 5% p.a.
(v) Profits
for the last three years were:
2019 = Rs. 6,000
2020 = Rs. 8,000
2021 = Rs. 7,000
Prepare C’s
capital account on the date of his death.
Or
Prepare
Income and Expenditure Account from the following Receipts and Payments Account
and other details of ‘Parizat’ club for the year ended 31st December,
2021: 6
Receipts and Payments Account
|
Receipt |
Amount (Rs.) Dr. |
Payments |
Amount (Rs.) Cr. |
|
To Cash-in-hand
on 1.1.21 To Subscriptions
received To Entrance
Fee To Donations To Donation
of Club House To Life
Membership Fee To Maintenance
Grant To Capital
Grant To Sale of
Furniture |
10,000 20,000 10,000 18,000 17,000 5,000 6,000 7,000 1,000 |
By Salaries By Rent and Taxes By Electric
Charges By Sports
Goods Purchased By Postage By Construction
of Club House By Sundry
Expenses By Payment of
Outstanding Expenses By Cash in
hand on 31.12.21 |
12,000 6,000 3,000 25,000 5,000 36,000 2,000 500 4,500 |
|
94,000 |
94,000 |
Other details:
(i) Total of
Entrance Fee and Life Membership Fee are to be capitalised.
(ii) Depreciation
on Sports Goods is Rs. 2,500.
(iii) Book value
of the furniture sold was Rs. 1,500 on the date of sale.
Or
How would you
compute the amount due to a retiring partner? 6
15. Sunu, Nanu and Nidhi are partners in a firm sharing
profits in the ratio of 2:1:1. Their Balance Sheet as on 31st March,
2021 was as under: 6
Balance Sheet
|
Liabilities |
Amount (Rs.) |
Assets |
Amount (Rs.) |
|
Creditors Capital Sunu = 80,000 Nanu = 80,000 Nidhi = 60,000 |
50,000 2,20,000 |
Land and
Building Plant and
Machinery Furniture Motor Car Debtors Cash |
80,000 56,000 30,000 54,000 48,000 2,000 |
|
2,70,000 |
2,70,000 |
The firm was
dissolved on the above date. The assets realised as follows:
Furniture – Rs.
20,000
Land and
Building – Rs. 1,00,000
Plant and
Machinery – Rs. 50,000
Motor Car – Rs.
28,000
Debtors – 50% of
Book Value
Realisation
Expenses were Rs. 2,000
Prepare Realisation
Account, Partner’s Capital Account and Cash Account to close the books of the
firm.
Or
Write the
situations when a partnership firm is dissolved by the court. 6
16. Amlan Company Limited issued 50,000 equity shares of
Rs. 10 each at a premium of Rs. 2 each, payable as under:
On Application –
Rs. 2
On Allotment –
Rs. 5
On First and
Final Call – Rs. 5
The shares
were fully subscribed, called up and paid-up except allotment and call money on
500 shares. These shares were forfeited.
Give journal entries
in the books of the company.
Or
Write short
notes on: (any four) 2x4=8
(a) Securities
Premium
(b) Over
Subscription
(c) Re-issue of
forfeited shares
(d) Unissued Capital
(e) Current asset
(f) Current asset
Or
Explain the
steps involved in Computerised Accounting System in detail. 8
17. (a) Explain the average profit method of
valuation of goodwill. 3
(b) What is
revaluation account? 2
(c) How the
adjustment of capitals is made at the time of admission of a new partner? 3
Or
Nitul and Atul are partners in a firm sharing profits in
the ratio 2:1. Pranjal is admitted into the firm as a new partner with 1/4th
share in profit. He will bring Rs. 30,000 as his capital. The Balance Sheet of
Nitul and Atul as on 31.3.2020 was as under: 8
Balance Sheet
|
Liabilities |
Amount (Rs.) |
Assets |
Amount (Rs.) |
|
Creditors Bills Payable General
Reserve Nitul’s
Capital Atul’s
Capital |
8,000 4,000 6,000 52,000 30,000 |
Cash Debtors Stock Furniture Machinery Building |
12,000 8,000 10,000 5,000 25,000 40,000 |
|
1,00,000 |
1,00,000 |
Other terms
of the agreement are as under:
(i) Pranjal will
bring in Rs. 12,000 as his share of goodwill.
(ii) Building
was valued at Rs. 45,000 and Machinery at Rs. 23,000.
(iii) A reserve
for bad debt is to be created at 6% on debtors.
Prepare Revaluation
Account, Partner’s Capital Account and the Balance Sheet of the new firm.
18. Amit and Aditya are partners in a firm sharing profits
and losses in the ratio of 3:1. The Trial Balance of the firm as on 31st
December, 2022 was as under:
Trial Balance
|
Debit |
Amount (Rs.) |
Credit |
Amount (Rs.) |
|
Machinery Salaries Carriage outward Building Furniture Debtors Bad Debts Cash at Bank Investment Cash in hand Establishment
charges Closing Stock Depreciation
on Machinery Publicity Drawings Amit – Rs. 5,000 Aditya – Rs. 3.000 Rent and
Rates |
35,000 15,850 2,140 54,000 25,000 48,200 1,400 1,200 10,000 1,170 13,000 10,000 3,500 5,000 8,000 5,500 |
Capital Amit Rs. 50,000 Aditya Rs. 30,000 Trading
Account - Gross Profit Creditors Bank Loan Discount Commission Outstanding Provision for
Doubtful Debt |
80,000 85,700 44,560 21,000 4,500 1,000 1,200 1,000 |
|
2,38,960 |
2,38,960 |
Additional
Information:
(i) Prepaid
publicity Rs. 500
(ii) Commission
received in advance Rs. 200
(iii) Provide
for doubtful debts @ 5% on Sundry debtors.
(iv) Allow
interest on partners’ capital @ 5% p.a.
From the
above Trial Balance and additional information, prepare a Profit and Loss
Account, a Profit and Loss Appropriation Account for the year ended 31st
December, 2022 and a Balance Sheet as on that date.
***
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