AHSEC| CLASS 12| ACCOUNTANCY| QUESTION PAPER

AHSEC| CLASS 12| ACCOUNTANCY| QUESTION PAPER - 2020| H.S. 2ND YEAR

2020
ACCOUNTANCY
Full Marks: 100
Pass Marks: 30
Time: Three hours
The figures in the margin indicate full marks for the questions.

2020

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: 1x4=4

(i) Unrecorded liabilities when paid are debited to ________Account.

(ii) Life Membership Fee is a _________ receipt.

(iii) A partner acts are ________ of the firm.

(iv) A company is required to publish its ________ every year.

(b) Choose the correct alternative: 1x2=2

(i) When a new partner does not bring in his share of goodwill in cash, the amount of premium is debited to:

(a) Premium Account

(b) Cash Account

(d) Capital Account of old partner.

(ii) Financial statements are:

(a) Summarised reports of recorded facts

(b) Detailed reports of recorded facts

(d) None of the above

(c) State whether the following statements are “True” or “False”: 1x2=2

(i) Subscription received in advance is an asset.

(ii) Interest on debenture is payable only when a company earns profits.

2. Mention two differences between Receipts and Payments account and Income and Expenditure account. 2

3. What is Premium for Goodwill? 2

4. Give two situations under which a partnership firm is dissolve. 2

5. A, B and C are partners sharing profits in the ration 3 : 2 : 1. A retires. B and C have decided to take up A’s share equally. Calculate the new ration. 2

6. Name any two items of current assets. 2

7. Mention three uses of financial statement. 3

8. What is common size statement? Mention its two uses. 1+2=3

Current Ratio is 3 : 5: 1 and Quick Ratio 2.5 : 1. Inventory is Rs. 50,000. Calculate current asset and current liabilities. 3

9. Explain the super profit method of valuation of goodwill. 3

10. State three features of Not-for-profit organisation. 3

Calculate the amount of subscription to be credited to Income and Expenditure Account for the year ended 31^st March, 2019. 3

(i) Subscription received during the year ended 31^st March, 2019, Rs. 2,50,000.

(ii) Outstanding subscription on 1.4.2018 – Rs. 50,000.

(iii) Outstanding subscription on 31.03.2019 – Rs.35,000.

(iv) Advance subscription on 01.04.2018 – Rs. 25,000.

(v) Advance subscription on 31.03.2019 – Rs. 30,000.

11. What is gaining ratio? Give two distinctions between gaining ratio and sacrificing ratio. 1+2=5

What are the items shown under shareholder’s fund? 3

12. Prepare Income and Expenditure Account from the following Receipts and Payments Account of Ekta Club for the year 31^st December, 2018: 5

Receipts and Payments Account

Receipts

Amount (Rs.)

Payments

Amount (Rs.)

Cash in hand on 1.1.2018

Admission Fee

Subscriptions

Receipts from Billiard Room

Interest on Investment

Life Membership Fee

Sale of Furniture

Miscellaneous Receipts

4,400

3,500

19,500

2,500

600

2,000

100

350

Salary

Rent

Investment

Postage

Telephone charges

Book Purchased

Outstanding Expenses

Cash in hand on 31.12.18

6,800

8,250

3,500

1,250

750

6,000

700

5,700

32,950

Additional information:

(i) Outstanding subscriptions 1,000

(ii) 60% of the admission few and the whole of the life membership subscription are to calised.

(iii) Depreciation on Book 600.

What is the meaning of fund-based Accounting? Mention any three principles of Fund Based Accounting. 2+3=5

13. X Ltd. made a profit of Rs. 5,00,000 after considering the following items: 5

(i) Preliminary expenses written off – Rs. 5,000

(ii) Depreciation on fixed assets – Rs. 50,000

(iii) Loss on sale of machinery – Rs. 20,000

(iv) Provision for doubtful debts – Rs. 10,000

(v) Gain on sale of Land – Rs. 7,500

Position of current assets and current liabilities:

Particulars

2017 (Rs.)

2018 (Rs.)

Debtors

Bills Receivables

Prepaid expenses

Creditors

Bills Payable

Expenses Payable

52,000

15,000

2,000

40,000

19,000

34,000

78,000

12,000

3,000

51,000

12,000

20,000

What is meant by cash equivalents? Mention any three objectives of preparing cash flow statement. 2+3=5

14. Calculate the values of opening and closing stock from the following information:

Cost of goods sold – Rs. 2,00,000

Stock Turnover Ration – 8 times

Stock at the beginning is 1.5 times more than stock at the end.

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

15. Ram, Shyam and Mohan were partnership sharing profits and losses in the ratio of 3 : 2 : 1. On 31.12.2018 Shyam retired from the firm, Balance Sheet of the firm on the date was under: 2+3=5

Balance Sheet

Liabilities

Amount (Rs.)

Assets

Amount (Rs.)

Sundry Creditors

Reserve

Bills Payable

Capital:

Ram – 20,000

Shyam – 15,000

Mohan – 12,000

500

600

260

47,000

Cash

Debtors – 15,000

Less Provision – 1,500

Stock

Furniture

Machinery

600

13,500

18,500

8,000

20,000

64,000

60,600

The Terms of retirement were

(i) Good will of the firm to be valued at Rs. 12,000.

(ii) Machinery to be approached by Rs. 5,000.

(iii) Furniture to be depreciated by Rs. 1,000.

(iv) Provision for bad debts to be increased by Rs. 400

Prepare Revaluation Account and Partner’s Capital Account.

What is share? Explain different types of shares.

16. What is Profit and Loss Appropriation Account? Why is it prepared? 2+3=5

Ajoy, Bijoy and Sanjay were preparing in a firm sharing profits in the ratio of 3: 2: 1. On 31^st March Seminar Balance Sheet was as under: 5

Balance Sheet

Liabilities

Amount (Rs.)

Assets

Amount (Rs.)

Creditors

Reserve

Bills Payable

Capital:

Ajoy – 24,000

Bijoy – 12,000

Sanjay – 8,000

400

600

260

44,000

Building

Machinery

Stock

Debtors

Cash at Bank

20,000

16,000

5,000

6,000

6,900

54,000

Ajoy died on 30.9.2019. Under the partnership agreement the executors of a deceased partner were ended to:

(a) Amount standing to the credit of Partner’s Capital account.

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

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

(e) Profit for the last three year’s were:

Year

Profit

2016-17

2017-18

2018-19

8,000/-

12,000/-

7,000/-

Prepare Ajoy’s Capital Account on the date of his death.

17. What is dissolution of partnership? How does it differ from dissolution of firm? 2+3=5

Dipali and Rajshri were partner’s firm sharing, profits and losses in the ratio of 3:2. They decided to divide their firm on 31^st December, 2019, when their Balance Sheet was sender: 5

Balance Sheet

Liabilities

Amount (Rs.)

Assets

Amount (Rs.)

Capital:

Ajoy – 18,400

Bijoy – 10,600

Sundry Creditors

29,000

2,000

Land

Investment

Sundry Debtors

Stock

Cash at Bank

16,000

4,000

2,000

3,000

6,000

31,000

Investments are sold at Rs. 3,800 other assets realised as follows:

Land – Rs. 28,000, Sundry Debtors -Rs. 18,000, Stock – Rs. 2,800. Creditors agreed to accept 5% less. Expenses of realisation amounted to Rs. 400.

Prepare Realisation Account, Partner’s Account and Bank Account

18. Explain the following terms (any two)

(i) Calls-in-advance

(ii) Under Subscription

(iii) Pro-rata allotment of shares

Prepare a common size Income Statement from the following information: 5

Particulars

Amount (Rs.)

Sales

Cost of Goods Sold

Operating Expenses

Depreciation

Income from Investment

Income Tax

5,00,000

3,78,000

62,500

22,000

70,000

32,500

19. Nanu and Manu are partner’s of firm. The Trial Balance of the firm as on 31^st March, 2019 was under: 8

Trial Balance

Debit

Amount (Rs.)

Credit

Amount (Rs.)

Plant and Machinery

Goodwill

Sundry Debtors

Closing Stock

Salaries

Depreciation on Plant and Machinery

Stationery

Insurance

Cash in hand

Investment

Nanu – 4,000

Manu – 2,000

50,000

5,000

31,000

20,000

7,000

5,000

1,000

2,000

1,000

10,000

6,000

Capital

Nanu – 40,000

Manu – 30,000

Sundry Creditors

Commission

Sundry Receipts

Outstanding Wages

Interest on Investment

Trading Account

Gross Profit

Bank Loan

70,000

10,000

3,000

200

600

200

50,000

4,000

1,38,000

Prepare Profit and Loss Account. Profit and Loss Appropriation Account and the Balance Sheet of the firm the year ended 31^st March, 2019, after considering the following information:

(i) Write off Rs. 1,000 as bad debit and provide 5% provision for doubtful debts on remaining debts.

(ii) Commission received in advance Rs. 500.

(iii) Transfer 10% of Net Profit to General Reserve.

(iv) Allow Interest on Capital @ 5% p.a.

20. Bijoya Limited issued 2,000 shares of Rs. 100 each at per, payable as follows:

On Application – Rs. 30

On Allotment – Rs. 30

On First Call – Rs. 20

On Final Call – Rs. 20

All the shares were duly subscribed for, called-up and paid-up, except the following:

(a) Arnab holding 100 shares failed to pay first call and final call money.

(b) Ayushi holding 60 shares failed to pay the final money.

All the above shares were forfeited after final call.

Give journal entries in the books of the company to record the above transactions.

(a) Mention three differences between shares and debentures. 3

(b) Mention Three uses of securities premium. 3

21. Give journal entries in the books of PM Ltd. relating, to issue of debentures under the following conditions: 2+3+3=8

(a) 120, 8% Debentures of Rs. 1000 each issued at a discount of 5% and redeemable at per.

(b) 150, 8% Debenture of Rs. 1000 each issued at 5% discount and redeemable at 10% premium.

Explain different methods of redemption of debentures. 8

22. Jugal and Govind are partner’s in a firm sharing profits and losses in the ratio 2:1. Their Balance Sheet as on 1^st June, 2019 was as under: 8

Balance Sheet

Liabilities

Amount (Rs.)

Assets

Amount (Rs.)

Capital:

Jugal – 30,000

Govind – 24,000

Reserve

Sundry Creditors

Bills payable

54,000

6,000

12,000

3,000

Goodwill

Sundry Assets

Cash at Bank

12,000

57,000

6,000

75,000

On that date Khirod was admitted as a new partner. He paid Rs. 30,000 towards his capital but unable to pay anything for goodwill in cash. It was agreed that goodwill will be valued at Rs. 21,000. The new profit-sharing ratio among Jugal, Govind and Khirod was agreed at 3:2:1 respectively.

Pass Journal entries to record the above transactions and show the Balance Sheet of the new firm.

(i) Mention any three features of partnership business. 3

(ii) Mention five distinctions between “Fixed” and “Fluctuating” Capital. 5

***

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