AHSEC| CLASS 12| ACCOUNTANCY| QUESTION PAPER - 2022| H.S. 2ND YEAR

AHSEC| CLASS 12| ACCOUNTANCY| QUESTION 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 _________basis.      1

(ii) Liability of a partner is ________.    1

(iii) Annual Report is issued by a company to its_________.    1

(iv) Liquid ratio is the relationship between_______ and current liabilities.        1

(v) Equity shareholders are __________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.

(ii) Balance of shares forfeited account after re-issue is transferred to – 1

(a) Reserve Fund

(b) Profit and Loss Account

(c) Capital Reserve

(c) State whether the following statements are “True” or “False” : (any two)

(i) Outstanding subscription is an asset.         1

(ii) A Preference Shareholder gets interest at a fixed rate.  1

(iii) Company’s shares are generally transferable.         1

(iv) Life membership fee is a capital receipt.     1

2. Mention two features of a not-for-profit organisation.        2

3. What is Profit and Loss Appropriation Account?          2

4. What is the meaning of Cash Flow from Financing Activities?      2

5. Mention any two features of a debenture.    2

6. Mention any two rights of a partner.   2

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.

8. Explain three uses of financial statement.     3

9. Mention any three objectives of preparing Comparative Statement.      3

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.

10. Explain the following terms:              3

(i) Capital Fund

(ii) Life Membership Fee

(iii) Entrance Fee

Or

Write three features of Fund Based Accounting.

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.

11. Write three differences between Realisation Account and Revaluation Account.       3

Or

Write any three uses of Cash Flow Statement.

12. Prepare Income and Expenditure Account from the following Receipts and Payments Account and other details of Surya Club for the year ended 31st December, 2019:        5

Receipts and Payment Account

Receipt

Rs. (Dr.)

Payments

Rs. (Cr.)

To Balance b/d:

Cash-in-hand

To Subscriptions

2018 – 900

2019 – 19,000

2020 – 1,000

To Sale of newspaper

To Life Membership Fee

To Donation

To Donation for Building

To Interest

To Maintenance Grant

To Sale of Furniture

 

10,000

 

 

 

20,900

100

5,000

6,000

8,000

200

2,000

1,000

By Salaries

By Honorarium

By Travelling Expenses

By Telephone Charges

 

 

By Investment

By Construction of Building

By Rent

By Postage

By Balance c/d:

Cash-in-hand

12,000

3,000

2,000

5,000

 

 

10,000

7,000

2,000

1,000

 

11,200

53,200

53,200

Other details:

(i) Outstanding Salaries – Rs. 1,000

(ii) Subscription outstanding – Rs. 2,000

(iii) Subscription for 2019 received in 2018 – Rs.200

Or

Write five distinctions between Receipts and Payments Account and Income and Expenditure Account.      5

13. Explain the method of calculating “Cash flows from Operating Activities” under direct method.     5

Or

Calculate cash from operating activities from the following information:

 

2019 (Rs.)

2020 (Rs.)

Profit and Loss A/c.

Debtors

Bills Receivable

General Reserve

Salary Outstanding

Wages Prepaid

Goodwill

Cash and Bank Balance

60,000

87,000

62,000

2,02,000

30,000

5,000

80,000

40,000

65,000

50,000

1,03,000

2,37,000

12,000

7,000

70,000

30,000

 

14. What is Ratio Analysis? Mention any three limitations of ratio analysis.      2+3=5

Or

Briefly explain the meaning and significance of any two of the following ratios – 2.5x2=5

(i) Debt-Equity Ratio

(ii) Gross Profit Ratio

(iii) Quick Ratio

(iv) Stock Turnover Ratio

Or

Cost of Goods Sold – Rs. 3,00,000

Stock Turnover Ratio – 6 times

Find out the value of Opening Stock, if Opening Stock is Rs. 10,000 less than the Closing Stock.  5

15. From the following Income Statement, prepare Common Size Income Statement and give your comments:     5

Particulars

2018 (Rs.)

2019 (Rs.)

Particulars

2018 (Rs.)

2019 (Rs.)

To Cost of Goods Sold

To Gross Profit c/d

 

To Office Expenses

To Distribution Expenses

To Net Profit c/d

95,000

25,000

1,05,000

40,000

By Net Sales

By Gross Profit b/d

 

By Gross Profit b/d

1,20,000

1,45,000

1,20,000

1,45,000

1,20,000

1,45,000

2,000

3,000

20,000

8,000

5,000

27,000

25,000

40,000

25,000

40,000

25,000

40,000

Or

Give the new format of the Balance Sheet of a company (main headings only) as per the requirements of the revised Schedule-VI of the Companies Act.

Or

Give five points of distinctions between under-subscription and over-subscription.

16. A, B and C were in partnership sharing profits and losses in the ratio of 3:2:1. On 1st January, 2020, B retired from the firm. On that date their Balance Sheet was as follows: 2+3=5

Balance Sheet

Liabilities

(Rs.)

Assets

(Rs.)

Creditors

Capital:

A : 30,000

B : 20,000

C : 20,000

27,180

 

 

 

70,000

Cash

Debtors

Stock

Building

Profit and Loss A/c

9,400

16,000

23,380

46,000

2,400

97,180

97,180

The terms of the retirement were:

(i) Building is to be appreciated by Rs. 14,000.

(ii) Provision for doubtful debts is to be made at 5% on the debtors.

(iii) The goodwill of the firm is to be valued at Rs. 36,000.

(iv) No cash is to be paid to B immediately and balance of his capital account is to be transferred to his loan account.

Prepare Revaluation Account and Partners’ Capital Account.

Or

Write the uses of securities premium amount.

17. P, Q and R were in partnership sharing profit and losses in the ratio of 4:3:3. On 31st March, 2020 their Balance Sheet was as follows:         5

Balance Sheet

Liabilities

(Rs.)

Assets

(Rs.)

Creditor

Reserve

Capital Accounts:

P : 1,05,000

Q : 85,000

R : 80,000

87,000

33,000

 

 

 

2,70,000

Fixed Assets

Stock and Debtors

Cash

2,90,000

85,000

15,000

3,90,000

3,90,000

‘Q’ died on 30.06.2020. Under the partnership agreement the executors of a deceased partner were entitled to:

(a) Amount standing to the credit of deceased partner’s capital account.

(b) Interest on capital @12% p.a.

(c) His share of goodwill. The goodwill of the firm on Q’s death was valued at Rs. 2,70,000.

(d) Share of profit from the closing of the last financial year to the date of death on the basis of last year’s profits.

The profit of the firms for the year ended 31.03.2020 was Rs. 2,40,000.

Prepare Q’s capital account on the date of his death.

Or

Distinguish between Profit and Loss account and Profit and Loss Appropriation account.          5

18. What is Realisation Account? Write three cases where a partnership firm may be dissolved by a court.       2+3=5

Or

Amal and Bimal are two partners in a firm. They share profits as 3:2. Following is their Balance Sheet as on 31st March, 2021 on which date the firm is dissolved:

Balance Sheet

Liabilities

(Rs.)

Assets

(Rs.)

Creditors

Reserve

Capital:

Amal : 20,000

Bimal : 15,000

20,000

5,000

 

 

35,000

Fixed Assets

Stock

Debtors

Cash

Profit & Loss A/c

30,000

10,000

15,000

3,000

2,000

60,000

60,000

Fixed Assets are realised at Rs. 28,000. Stock at Rs. 8,000 and Debtors at Rs. 13,000. Expenses on realisation are Rs. 1,500. Creditors are paid at a discount of 10%.

Prepare Realisation Account Partners Capital Account and Cash Account.     2+2+1=5

19. Pradeep and Pranab are partners in a firm. The Trial Balance of the firm as on 31st March, 2020 was as under:

Trial Balance

Debit

(Rs.)

Credit

(Rs.)

Machinery

Goodwill

Patent

Sundry Debtors

Cash in hand

Closing Stock

Investment

Depreciation on Machinery

Rent

Carriage Outward

Taxes

Telephone charges

Commission

Drawings:

Pradeep – 5,000

Pranab – 4,000

Salaries

Bank Charges

54,000

10,000

20,000

21,000

1,000

25,000

10,000

6,000

10,000

1,000

500

3,600

800

 

 

9,000

8,000

100

Capital:

Pradeep – 50,000

Pranab – 40,000

Sundry Creditors

Interest on Investment

Sundry Receipts

Bills Payable

Bank Overdraft

Trading Account:

Gross Profit

Discount

 

 

90,000

5,000

400

200

2,000

10,000

500

71,000

900

1,80,000

1,80,000

Prepare Profit and Loss Account, Profit and Loss Appropriation Account and the Balance Sheet of the firm for the year ended 31st March, 2020, after considering the following information:

(i) Write off Rs. 1,000 as Bad Debt and provide a 5% Provision on Sundry Debtors for Doubtful Debts.

(ii) Interest on Investment Accrued Rs. 600.

(iii) Interest on Partner’s capital is allowed @ 5% p.a.

(iv) Create a General Reserve by taking Rs. 5,000 out of profit.

20. (a) Write two differences between Authorised Capital and Issued Capital of a company.      2

(b) What is Minimum Subscription?       2

(c) What is Reserve Capital?     2

(d) What is Call-in-Arrear?     2

Or

Arnab Company Ltd. Issued 10,000 equity shares of Rs. 100 each at a premium of 10% payable as under:    8

Rs. 30 on Application

Rs. 60 on Allotment (including premium)

Rs. 20 on call

Kamalesh holding 400 shares failed to pay the allotment and call money and Monalisha holding 700 shares failed to pay the call money.

Show the Entries in the Cash book and Journal of the company for the above transactions.

21. Give Journal entries for issue and redemption of Debentures in respect of the following:        8

(a) Debentures issued at a discount and redeemable at premium.

(b) Debentures issued at premium and redeemable at premium.

(c) Debentures issued at par and redeemable at par.

(d) Debentures issued at premium and redeemable at par.

Or

What are the differences between a shareholder and a debenture holder?

Or

Explain different methods of redemption of debentures.

22. Ram and Mohan are partners sharing profit and losses equally. Their Balance Sheet on 1st April, 2021 was follows:   8

Balance Sheet

Liabilities

(Rs.)

Assets

(Rs.)

Sundry Creditors

Capital:

 

Ram: 40,000

Mohan : 30,000

15,000

 

 

 

70,000

Cash

Debtors

Stock

Machinery

Building

 

5,000

16,000

12,000

22,000

30,000

85,000

85,000

They decided to admit Sanjoy into partnership for 1/3rd share on the following terms:

(i) Machinery and Building were revalued at Rs. 20,000 and Rs. 42,000 respectively.

(ii) Creditors were reduced by Rs. 2,000.

(iii) Provision for doubtful debts on debtors is to be created at Rs. 1,000.

(iv) Sanjoy is to bring in Rs. 40,000 as his capital and Rs. 24,000 as premium for goodwill.

Pass Journal entries for the above information and prepare Balance Sheet of the firm after the admission of Sanjoy.

Or

(i) Write any three limitations of partnership business.      3

(ii) Explain five factors affecting the goodwill of a firm.   5

Or

Distinguish between dissolution of Partnership and dissolution of Partnership firm.     8


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