AHSEC| CLASS 12| ACCOUNTANCY| QUESTION PAPER - 2024| H.S. 2ND YEAR
2024
ACCOUNTANCY
For
New Course Students
Full
Marks: 80
Pass
Marks: 24
For
Old Course Students in lieu of Project works
Full
Marks:100
Pass
Marks: 30
[Those
who appeared H S Final Exam till 2023 have been treated as Old Course students]
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) Partners current accounts are
prepared when the capital accounts are ________.
(ii) Company has a separate ________
entity apart from its members.
(iii) Current ratio is the
relationship between current assets and________.
(iv) Equity shareholders are
________of a company.
(v) At the time of dissolution of
partnership firm, assets are transferred to Realisation Account at
________value.
(b) State whether the following
statements are 'True' or 'False': 1x2=2
(i) Debenture holders do not have
right to vote in the meeting of the company.
(ii) Premium for goodwill is shared in
gaining ratio.
(c) Choose the correct alternative:
1x2=2
(i) The portion of the authorised
capital which is offered to the public for sale in the form of shares is called
(a) subscribed capital
(b) issued capital
(c) called-up capital
(d) paid-up capital
(ii) In the absence of partnership
deed, the rate of interest allowed on partner's capital is
(a) 6%
(b) 5%
(c) 6.5%
(d) None of the above
2.
What is meant by re-issue of forfeited shares?
2
3.
Write any two demerits of partnership business. 2
4.
Mention two features of a debenture. 2
Or
Write the meaning of 'Cash flow from
investing activities'. 2
5.
Give two circumstances under which the fixed capitals of partners may change. 2
Or
Why is Profit and Loss Adjustment
Account prepared? 2
6.
What is meant by 'calls-in-advance'? 2
7.
Mention two limitations of financial statement analysis. 2
Or
What is meant by the term 'cash
equivalents'?
8.
Write three situations when a partnership firm is compulsorily dissolved. 3
9.
Give any three items that can be shown under the heading 'Reserves and Surplus'
in a company's Balance Sheet. 3
Or
Name any three items of current
assets. 3
10.
Current liabilities of a company are Rs. 3.50,000. Its current ratio is 3:1 and
liquid ratio is 1.75:1. Calculate the current assets and liquid assets. 3
Or
Mention any three objectives of
preparing comparative statement. 3
Or
What is computerised accounting
system? 3
11. A
and B are partners sharing profits and losses equally. They have admitted C
into the firm. A has surrendered 1/3 of his share and B has surrendered 1/6 of
his share in favour of C. Ascertain the new profit-sharing ratio. 3
Or
Explain in brief the 'average profit
method' of goodwill valuation. 3
Or
Write three advantages of using
graphs. 3
12.
Prepare a Common size Income Statement of Maina Ltd. from the following information’s:
6
|
Particulars |
2022 (Rs.) |
2023 (Rs.) |
|
Sales Sales
Returns Cost
of Goods Sold Office
Expenses Non-operating
Incomes Non-operating
Expenses Income
Tax Rate |
1,05,000 5,000 70,000 3,000 5,000 1,000 50% |
1,10,000 10,000 74,800 3,200 6,600 1,100 50% |
Or
Explain in brief the tools of
financial analysis. 6
Or
Explain the concepts of 'data
validation' and 'data verification'. 6
13.
Give Journal entries in the books of Pakhi Ltd. for issue of debentures under
the following situations: 1+1+1+1+2=6
(a) Issued 5,000, 8% debentures of Rs.
100 each at par redeemable at 5% premium after 4 years.
(b) Issued 6,000, 9% debentures of Rs.
100 each at 5% premium redeemable at par after 4 years.
(c) Issued 7,000, 10% debentures of
Rs. 100 each at 5% discount, redeemable at par after 4 years.
(d) Issued 8,000, 10% debentures of
Rs. 100 each at 5% premium, redeemable at 10% premium after 4 years.
(e) Issued 5,000, 9% debentures of Rs.
100 each to the vendors for purchasing a machinery of Rs. 5,00,000.
Or
Give six points of distinctions
between a share and a debenture. 6
Or
Explain the applications of
Spreadsheet in Accounting. 6
14.
Susanta, Ananta and Diganta were in partnership sharing profits and losses in
the ratio of 3:2:1. On 1.1.2023. Susanta retires from the firm. On that date
Balance Sheet of the firm was as follows: 6
Balance
Sheet
|
Liabilities |
Amount (Rs.) |
Assets |
Amount (Rs.) |
|
Creditors Reserve
Fund Capital: Susanta = 80,000 Ananta = 60,000 Diganta = 40,000 |
50,000 60,000 1,80,000 |
Cash
at Bank Debtors Stock Furniture Land
and Building |
6,000 1,50,000 30,000 24,000 80,000 |
|
|
2,90,000 |
|
2,90,000 |
The terms of the retirement were:
(i) Goodwill of the firm were valued
at Rs. 1,20,000
(ii) Land and Building to be appreciated
by Rs. 20,000
(iii) Provision for Bad Debts to be
made @ 2% on debtors
(iv) Furniture to be depreciated by
Rs. 4,000
(v) Susanta's capital is to be
transferred to his Loan Account
Give Journal entries relating to the
above transactions.
Or
Explain how the amount due to a
deceased partner is ascertained? 6
15.
Distinguish between dissolution of partnership and dissolution of firm. 6
Or
Ravi and Vicky are partners in a firm
sharing profits and losses in the ratio of 3:2. They decided to dissolve their
firm on 31st December, 2022. Their Balance Sheet on that date was as under:
Balance
Sheet
|
Liabilities |
Amount (Rs.) |
Assets |
Amount (Rs.) |
|
Capitals: Ravi Vicky Creditors Profit
and Loss A/c |
17,500 10,000 2,000 1,500 |
Furniture Investment Debtors Stock Cash
at Bank |
16,000 4,000 2,000 3,000 6,000 |
|
|
31,000 |
|
31,000 |
Ravi took over the investments at an
agreed value of Rs. 3,800. Other assets were realised as follows:
Furniture - Rs. 18,000
Debtors - 90% of Book value
Stock - Rs. 2,800
Creditors of the firm agreed to accept
5% less. Expenses of realisation amounted to Rs. 400. Close the firm's books by
preparing a Realisation Account, Partners' Capital Accounts and Bank Account. 6
16.
Anvi Ltd. has issued 10,000 equity shares of Rs. 10 each at a premium of Rs. 2
each payable as follows: 8
On Application - Rs. 2
On Allotment - Rs. 5 (including
premium)
On First and Final Call - Rs. 5
The shares have been fully subscribed,
called up and paid-up except the following:
(a) Allotment and First and Final Call
money on 500 shares held by Ritu, and
(b) First and Final Call money on 600
shares held by Jitu.
All these shares have been forfeited
and re-issued at 10% discount as fully paid.
Give Journal entries in the books of
the company.
Or
(a) For what purposes 'securities
premium' can be used? 5
(b) Write three distinctions between
equity share and preference share. 3
Or
What are the steps involved in
installation of computerised accounting system (CAS)? 8
17.
Mihir and Karan are partners in a firm sharing profits in the ratio of 3:2. On
April 1, 2022 their Balance Sheet was as under: 3+3+2=8
Balance
Sheet
|
Liabilities |
Amount (Rs.) |
Assets |
Amount (Rs.) |
|
Sundry
Creditors Capitals: Mihir = 70,000 Karan = 60,000 |
85,000 1,30,000 |
Bank Stock Plant
and Machinery Building Goodwill Debtors
- 24,000 Less:
Provision - 1,000 |
10,000 22,000 40,000 1,00,000 20,000 23,000 |
|
|
2,15,000 |
|
2,15,000 |
On the above date, they admitted Sunil
as a new partner on the following terms:
(i) Sunil will bring Rs. 50,000 for
his capital.
(ii) He would get 1/5th share in the
future profits.
(iii) Goodwill of the firm is valued
at Rs. 1,20,000.
(iv) Sunil will bring necessary
premium for goodwill.
Pass Journal entries to record the
above transaction. Prepare Partner's Capital Accounts and Balance Sheet of the
new firm.
Or
(i) Distinguish between Profit and
Loss Account and Profit and Loss Appropriation Account. 5
(ii) Mention any three rights of a
partner. 3
18.
Biswa and Pradip are partners in a firm. The Trial Balance of the firm as on
31st December, 2022 was as under: 8
Trial
Balance
|
Debit |
Amount (Rs.) |
Credit |
Amount (Rs.) |
|
Drawings: Biswa - 4,000 Pradip - 3,000 Cash
at Bank Sundry
Debtors Insurance Advertisement Closing
Stock Cash
in hand Commission Motor
Car Machinery |
7,000 45,000 40,500 19,740 9,000 12,500 16,300 5,000 20,860 10,000 |
Capital: Biswas - 65,000 Pradip - 40,000 Sundry
Creditors Bank
Loan Commission Trading
A/c (Gross Profit) |
1,05,000 18,400 5,000 300 57,200 |
|
|
1,85,900 |
|
1,85,900 |
Prepare Profit and Loss Account,
Profit and Loss Appropriation Account and the Balance Sheet of the firm for the
year ended 31st December, 2022 after considering the following information:
(a) Partners are to share profits and
losses in the proportion of 3/5 and 2/5 respectively.
(b) Write off depreciation @ 10% on
Machinery and 20% on Motor Car.
(c) Create a provision of 5% on Sundry
Debtors for Doubtful Debts.
(d) Partners are entitled to Interest
on Capital @ 5% per annum and Pradip is entitled to a salary of Rs. 1,800 per
annum.
For
Old Course: (in lieu of Project Works)
19.
Answer the following questions: (any four) 5x4=20
(a) Write distinctions between Fixed
Capital Account and Fluctuating Capital Account.
(b) What is Ratio Analysis? Mention
any three limitations of ratio analysis.
(c) Explain used of Financial
Statement.
(d) What is meant by Cash Flow
Statement? Mention any three objectives of preparing cash flow statement.
(e) Explain the average profit method
of valuation of goodwill. What is Revaluation Account?
***
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