AHSEC| CLASS 12| ACCOUNTANCY| QUESTION PAPER - 2016| H.S. 2ND YEAR
2016
ACCOUNTANCY
Full Marks: 100
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: 1x4=4
(i) In the absence of Partnership Deed, a Partner who advances money
to the firm beyond the amount of his/her capital is entitled to get interest
thereon at the rate of _______% per annum as per Partnership Act, 1932.
(ii) The members of a Partnership business are collectively known as
______.
(iii) The amount due to the retiring partner is transferred to
his/her _______Account in case it is not paid immediate.
(iv) In cash of fixed capital, a partner's Capital Account always
shows a _________balance.
(b) Choose the correct alternative: 1x2=2
(i) Financial Statements of a company include:
(1) Balance Sheet
(2) Profit and Loss Account
(3) Cash flow Statement
(4) All of the above
(ii) Profit and Loss Account is also known as ________ statement.
(c) State whether the following statements are true or false: 1x2=2
(i) Interest on Partner's Capital is debited to Partner's Capital
Account.
(ii) Debenture holders are creditors of the company.
2. State the meaning of Not-for-Profit
Organisation. 2
3. A and B are partners sharing profits in
the ratio 3:2. C is admitted as a new partner for 1/5th share in the future
profits. Calculate the new profit-sharing ratio. 2
4. Mention any two distinctions between
shares and debentures. 2
5. A Ltd. forfeited 500 shares of Rs. 10/-
each, Rs. 8/- paid, for non-payment of final call of Rs. 2/- each. Give Journal
entry of forfeiture of share. 2
6. A and B are partners in a firm sharing
profits in the ratio of 3:2. Their capital as on April, 1, 2014 were Rs.
2,00,000/- and Rs. 1, 80,000/- respectively. On October 1, 2014, A introduced
an additional capital of Rs. 50,000 and on January, 1, 2015, B introduced Rs.
70,000/- Interest on capital is allowed at 10% p.a. Calculate interest on
capital for both the partners for the year ending March, 31, 2015. 2
7. Explain any three objectives of
preparing a Cash Flow statement. 1x3=3
Or
From the following details, calculate Current Ratio and Liquid
Ratio: 3
Machinery
- 1,00,000/-
8%
Debenture - 80,000/-
Bank
Overdraft - 20,000/-
Sundry
Creditors - 76,000/-
Prepaid
Expenses - 4,000/-
Stock
- 80,000/-
Sundry
Debtors - 1,00,000/-
8. Mention any three items that can be
shown under the heading "Reserves & Surplus" in a company's
Balance Sheet. 1x3=3
Or
Give three objectives of financial statement analysis. 1x3=3
9. What is meant by Comparative Statements?
What do they show? 1+2=3
Or
Explain the Capitalization method of valuation of Goodwill.
10. Mention any three distinctions between
Fund-based Accounting and Non-fund-based Accounting. 1x3=3
Or
Mention three features of a non-trading organization.
11. Mention any three limitations of
Financial Statements. 1x3=3
12. From the following Receipts and
Payments Account for the year ended 31st December, 2015 and other details of
the Sankardev Club, prepare an Income and Expenditure Account for the year
ended 31st December, 2015: 5
|
Receipts |
Amount (Rs.) |
Payments |
Amount (Rs.) |
|
Cash in hand on 1.1.15 Subscriptions: 2014 = 900 2015 = 20,000 2016 =
2,000 Sale of Newspapers Life Membership Fees Donation Donation for Buildings Interest Maintenance Grant |
12,000 22,900 100 5,000 6,000 8,000 200 3,000 |
Salaries Honorarium Travelling Expenses Sport Expenses Investments Construction of Buildings Rent Scholarship Cash in hand on 31-12-15 |
14,000 3,000 2,000 5,000 10,000 7,000 2,000 1,000 13,200 |
|
|
57,200 |
|
57,200 |
Additional Information:
(a) Outstanding Subscription Rs. 2,500/-
(b) Outstanding Salaries Rs. 1,000/-
(c) Subscription for 2015 Rs. 400/- received in 2014.
Or
Mention any five distinctions between Receipts and Payments Account
and Income and Expenditure Account. 5
13.
From the following details, calculate cash from Investing and Financing
Activities: 5
|
Particulars |
1-4-2014 |
31-3-2015 |
|
Machinery at Cost Accumulated Depreciation Capital Bank Loan |
60,000 15,000 45,000 15,000 |
75,000 18,000 52,500 ---- |
During the year, machinery costing Rs. 15,000/- was sold at a loss
of Rs. 3,000. Depreciation on machinery charges during the year amounted to Rs.
9,000.
Or
Explain any five advantages of Cash Flow Statement. 1x5=5
14. From the following details,
calculate Gross Profit and Sales: 2.5x2.5=5
Average
Stock = 60,000/-
Stock
Turnover Ratio = 6 times.
Selling
Price is 20% above cost.
Or
Name any five-ratio used for analyzing the liquidity of a Firm.
1x5=5
15. Partha, Pranoy and Prasanna are
partners sharing profits and losses in the ratio of 3:2:1. On 31st March, 2015,
their Balance Sheet stood as follows:
Balance Sheet
|
Liabilities |
Amount (Rs.) |
Assets |
Amount (Rs.) |
|
Capitals: Partha: 80,000/- Pranoy: 60,000/- Prasanna:
50,000/- General Reserve Sundry Creditors |
1,90,000 24,000 48,000 |
Buildings Plant & Machinery Inventory Debtors Bank |
90,000 86,000 50,000 31,000 5,000 |
|
|
2,62,000 |
|
2,62,000 |
Pranoy retires on that date under the following terms:
(a)
The Goodwill of the firm is valued at Rs. 36,000/-
(b)
Plant & Machinery is to be depreciated by 10%.
(c)
Inventory and Buildings are to be appreciated by 20% and 10% respectively.
Give necessary Journal entries in the book of the firm. 5
Or
Explain the procedure of forfeiture of shares. 5
16. Anupam, Binoy and Chandan were
partners in a firm sharing profits in the ratio of 2:3:5. On 31st March, 2014,
their Balance Sheet was as follows:
Balance Sheet
|
Liabilities |
Amount (Rs.) |
Assets |
Amount (Rs.) |
|
Capitals: Anupam =
60,000/- Binoy =
50,000/- Chandan:
30,000/- Reserve Creditors Bills Payable |
1,40,000 12,000 20,000 2,000 |
cash at Bank Debtors Bills Receivable Stock Furniture Machinery |
16,000 30,000 8,000 20,000 60,000 40,000 |
|
|
1,74,000 |
|
1,74,000 |
Anupam died on 1st October, 2014. It was agreed between his
executors and the remaining partners that:
(a)
Goodwill will be valued at 3 years purchase of the average profits of the last
four years which were:
Year/ Profit
2010-11 = 30,000/-
2011-12 = 40,000/-
2012-13 = 40,000/-
2013-14 = 40,000/-
(b)
Machinery and Furniture be valued at Rs. 36,000/- and Rs. 56,000/-
respectively.
(c)
Profit for the year 2014-15 be taken as having accrued at the same rate as that
of the previous year.
(d)
Interest on capital be provided at 10% p.a.
(e)
The amount due to Anupam shall be transferred to his Executor's Loan Account.
Prepare Anupam's Capital Account as on the date of his death. 5
Or
What are the causes of retirement of a Partner from a Partnership
firm (any five causes) 1x5=5
17. R, M and H were in partnership
sharing profits and losses in the ratio of 8:5:3 respectively. The firm's
balance sheet as on 31st March, 2015 was as under:
Balance Sheet
|
Liabilities |
Amount (Rs.) |
Assets |
Amount (Rs.) |
|
Capitals: R = 5,000/- M = 2,000/- H = 1,000/- Sundry Creditors Bank Loan |
8,000 2,953 5,500 |
Current Account: R = 2,195/- M = 1,733/- H =
1,520/- Machinery Stock Sundry Debtors Cash |
5,448 1,050 6,059 3,572 324 |
|
|
16,453 |
|
16,453 |
It was resolved to dissolved the partnership as on that date. The
assets were realised as follows:
Machinery
- 600/-
Stock
- 5,230
Sundry
Debtors - 3555/-
Prepare Realisation Account. 5
Or
What do you mean by dissolution of a Partnership? State three
grounds for dissolution of Partnership. 2+3=5
18. Give the new format of the Balance
Sheet of a Company (main headings only) as per the requirements of revised
Schedule - VI of the Companies Act, 1956. 5
Or
How would you compute the amount due to a deceased Partner's
Executor? 5
19. Following is the Trial Balance of
SUDIP AND PRADIP as on 31st March 2015: 8
|
Particulars |
Amount (Rs.) |
Particulars |
Amount (Rs.) |
|
Plant & Machinery Publicity Freight on sales Buildings Goodwill Sundry Debtors Bad debt Cash in Bank Investments Cash in hand Salaries Stock General Expenses Drawings: Sudip = 5,000 Pradip =
3,000 |
35,000 5,000 2,140 69,000 15,000 48,200 1,400 5,620 10,000 170 28,850 10,000 5,500 8,000 |
Capital Accounts: Sudip = 50,000 Pradip = 30,000 Trading Account Gross Profit Creditors Bank Loan Commission Outstanding Freight Provision for doubtful debt Bills Payable |
80,000 85,700 44,560 21,000 4,420 200 1,000 7,000 |
|
TOTAL |
2,43,880 |
TOTAL |
2,43,880 |
Prepare the Profit & Loss Account and the Profit & Loss
Appropriation Account of the firm for the year ended 31st March, 2015 and a
Balance Sheet as on that date after taking into consideration the following
additional information:
(a)
Depreciation Plant & Machinery @ 10% p.a.
(b)
Prepaid Publicity Rs. 500/-
(c)
Outstanding Salaries Rs. 1,150/-
(d)
Provide for doubtful debt @ 5% on Sundry Debtors.
(e)
Partners will get interest on capital @ 5% p.a.
20. Assam Tea Ltd. has an authorized
capital of Rs. 10,00,000/- divided into Rs. 1,00,000 equity shares of Rs. 10/-
each. The directors decided to issue 50,000 shares to the public at a premium
of 10% payable as follows:
On
Application Rs. 3/-
On
Allotment (including premium) Rs. 5/-
And
the balance on 1st and final call.
The company received applications for 60,000 shares. The directors
decided to reject the excess applications and the money thereon was refunded.
All the shares were duly subscribed for, called up and paid up. Give Journal
entries and prepare a Cash Book in the books of the Company. 8
Or
Write short notes on: 2x4=8
(a)
Call in Arrear.
(b)
Calls in Advance.
(c)
Preference Share.
(d)
Right Share.
21. Tata Motors Ltd. invited applications
for the issue of 3,000, 10% debentures of Rs. 100/- each at a discount of 10%
payable Rs. 30/- on application, Rs. 30/- on allotment (after deducting
discount) and the balance on first and final call. All the debentures were
subscribed and the debenture money was duly called and paid up. Give Journal
entries and show how Debentures Account will be shown in the Balance Sheet of
the Company. 8
Or
Give the accounting entries for issue of debentures under different
situations with imaginary figures. (Any four situations) 2x4=8
22. A and B are two partners sharing
profits and losses in the ratio of 3:2. Their Balance Sheet as on 31st March,
2015 was as follows:
Balance Sheet
|
Liabilities |
Amount (Rs.) |
Assets |
Amount (Rs.) |
|
Capitals: A = 30,000/- B = 25,000/- General Reserve Sundry Creditors |
55,000 5,000 15,000 |
Land & Buildings Plant & Machinery Furniture Stock Debtors Cash in Hand |
30,000 20,000 10,000 5,000 8,000 2,000 |
|
TOTAL |
75,000 |
|
75,000 |
On 01-4-2015, C was admitted as a new partner for 1/4th share in the
future profits on the following conditions:
(a)
C will bring Rs. 20,000/- as Capital and Rs. 6,000/- as premium for goodwill.
(b)
The Land & Buildings will be revalued at Rs. 35,000/-
(c)
Plant & Machinery and Furniture will be depreciated by 5% and 10%
respectively.
(d)
Stock will be reduced by Rs. 2,000/-
Give Journal entries and prepare the Balance Sheet of the after C's
admission. 6+2=8
Or
Give the Accounting entries relating to forfeiture and re-issue of
shares with imaginary figures. 8
***
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