Ahsec, Class - 12, Accountancy Solved 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 fixed.
(ii) Company has a separate legal entity apart from its members.
(iii) Current ratio is the
relationship between current assets and current
liabilities.
(iv) Equity shareholders are owners of a company.
(v) At the time of dissolution
of partnership firm, assets are transferred to Realisation Account at book 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. True
(ii) Premium for goodwill is
shared in gaining ratio. True
(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
Ans:- (b)
issued 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
Ans:- (a)
6%
2.
What is meant by re-issue of forfeited shares?
2
Ans:- Re-issue of forfeited
shares: This refers to the process in which the company re-issues shares
that were previously forfeited due to non-payment of allotment or call money by
shareholders. After forfeiture, the shares can be resold, usually at a price
not lower than the amount owed on those shares. The re-issue may be at par,
premium or discount, depending on the decision of the company and the original
terms of the shares.
3.
Write any two demerits of partnership business. 2
Ans:-
Two Demerits of Partnership Business are:-
(i) Unlimited Liability: Partners have unlimited
liability, which means they are personally responsible for the debts of the
business, which may put their personal assets at risk.
(ii) Possibility of Disputes: Partnerships may lead to
conflicts between partners regarding decision-making, profit-sharing and
management, which may disrupt business operations.
4.
Mention two features of a debenture. 2
Ans:-
Two Features of Debentures are:-
(i) Fixed interest rate: Debentures usually carry a
fixed interest rate that is paid to debenture holders at regular intervals.
(ii) Secured or unsecured: Debentures may be secured
against the company's assets or unsecured depending on the terms of issue.
Or
Write the meaning of 'Cash flow
from investing activities'. 2
Ans:- Cash flow from investing
activities: It refers to the cash generated or spent by a company in
connection with its investments, including purchases and sales of physical
assets (such as property and equipment), investments in securities, and other
capital expenditures. It shows how much cash is used for investment purposes or
how much cash is generated from it during a specific period.
5.
Give two circumstances under which the fixed capitals of partners may change. 2
Ans:-
Two Circumstances under which the fixed capital of partners may change:-
(i) Admission of a new partner:
When a new
partner is admitted to the partnership, the fixed capital accounts may be
adjusted to reflect the capital contribution of the new partner.
(ii) Withdrawal of a partner: If a partner withdraws from
the partnership, their capital account will be settled, potentially leading to
a change in the fixed capital structure of the remaining partners.
Or
Why is Profit and Loss
Adjustment Account prepared? 2
Ans:- Profit and Loss
Adjustment Account: This account is prepared to distribute the profit or loss among the
partners at the end of an accounting period. It ensures that the profit or loss
is allocated in accordance with the partnership agreement, reflecting each
partner's share based on their respective profit-sharing ratio.
6.
What is meant by 'calls-in-advance'? 2
Ans:-
Calls-in-advance:
This term refers to the amount received by the company from shareholders before
the due date of the call for payment on shares. This is an advance payment for
shares that have not yet been called, and companies may pay interest on these
amounts until the actual call is made.
7.
Mention two limitations of financial statement analysis. 2
Ans:-
Two Limitations of Financial Statement Analysis are:-
(i) Historical Data: Financial statements are based
on historical data, which may not accurately predict future performance or
current financial health.
(ii) Subjectivity in accounting
policies:
Different accounting methods can lead to variations in reported figures, making
comparisons between companies less reliable.
Or
What is meant by the term 'cash
equivalents'?
Ans:- Cash equivalents: This term
refers to short-term, highly liquid investments that are easily convertible
into a known amount of cash and have an insignificant risk of change in value.
Examples include Treasury bills, money market funds, and short-term government
bonds.
8.
Write three situations when a partnership firm is compulsorily dissolved. 3
Ans:-
Circumstances of Compulsory Dissolution of Partnership Firm:
A partnership firm may be
compulsorily dissolved under the following circumstances:-
(i) Insolvency of Partners: If all the partners or all the
partners except one become insolvent, the firm must be dissolved as they are
legally incapable of entering into contracts.
(ii) Illegality of Business: If the business of the firm
becomes illegal, such as if it is engaged in unlawful activities, compulsory
dissolution is required.
(iii) Death of Partner: Death of a partner may also
lead to dissolution of the firm, especially if it has not been agreed that the
partnership will continue after such an event.
9.
Give any three items that can be shown under the heading 'Reserves and Surplus'
in a company's Balance Sheet. 3
Ans:-
Items under 'Reserves and Surplus' in the Balance Sheet of a Company:
The following items may be
shown under the head 'Reserves and Surplus' in the Balance Sheet of a Company:-
(i) General Reserve: It is a reserve created out of
profits for general purposes and is not earmarked for any specific liability.
(ii) Capital Reserve: This reserve is created out of
capital profits and is not available for distribution as dividend.
(iii) Retained Earnings: It represents the cumulative
profits which have been retained in the business instead of being distributed
as dividends to shareholders.
Or
Name any three items of current
assets. 3
Ans:- Items of Current Assets:
Three items which can be
classified as current assets are:-
(i) Cash and cash equivalents: This includes cash in hand and
bank balances.
(ii) Accounts receivable: These are amounts due to the
company by customers for goods or services delivered but not yet paid.
(iii) Inventory: This includes raw materials,
work in progress and finished goods which are held for sale in the ordinary
course of business.
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
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