AHSEC| CLASS 12| ACCOUNTANCY| SOLVED 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.
1. (a) Fill in the blanks with appropriate word/words: 1x4=4
(i) Unrecorded
liabilities when paid are debited to Realisation
Account.
(ii) Life
Membership Fee is a Capital receipt.
(iii) A
partner acts are Agent of the firm.
(iv) A company
is required to publish its prospectus
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
(c) Capital
Account of new partner
(d) Capital
Account of old partner.
Ans:- (c) Capital Account of new partner
(ii)
Financial statements are:
(a) Summarised
reports of recorded facts
(b) Detailed
reports of recorded facts
(c) Summarised
reports of only cash transactions
(d) None of
the above
Ans:- (a) Summarised reports of recorded facts
(c) State
whether the following statements are “True” or “False”: 1x2=2
(i)
Subscription received in advance is an asset.
Ans:- False
(ii) Interest
on debenture is payable only when a company earns profits.
Ans:- False
2. Mention two differences between Receipts and Payments
account and Income and Expenditure account.
2
Ans:- Difference between Receipt and Payment Account and
Income and Expenditure Account:
|
Receipt and Payment
Account |
Income and Expenditure
Account |
|
(i) It is a summary
of cash transactions of a particular period. |
It is
equivalent to the profit and loss account of a non-trading concern |
|
(ii) It
includes both capital and revenue items and does not differentiate between
them. |
It records
only revenue items. |
3. What is Premium for Goodwill? 2
Ans:- Premium of goodwill refers to the amount that
is paid by the beneficiary to compensate the sacrificer.
4. Give two situations under which a partnership firm is
dissolve. 2
Ans:- There are two situations in which a partnership
firm can be dissolved:
(i) Dissolution
of a partnership firm by agreement among all the partners under section 40.
(ii) Compulsory
dissolution of the firm under section 40.
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
Ans:- A retires and his share 3/6 taken by B and C
equally
B’s new share =
2/6 + ½ of 3/6 = 7/12
C’s new share =
1/6 + ½ of 3/6 = 5/12
New profit-sharing
ratio between B and C = 7:5
6. Name any two items of current assets. 2
Ans:- Two items of current asset –
(a) Inventory.
(b) Trade
receivable.
7. Mention three uses of financial statement. 3
Ans:- There are
three uses of financial statement:
(a)
Assessment of Management's Efficiency: The shareholders assess the
management's efficiency by studying the profitability, financial position and
stability of the business.
(b) Safety
Analysis: The potential investor uses the information to assess the safety
of investment and the earning potential of the business.
(c) Credit
Analysis: Trade creditors and providers of short-term loans assess the
liquidity position of the business.
8. What is common size statement? Mention its two uses.
1+2=3
Ans:- Common size statements are statements that
indicate the relationship of various items of a financial statement with some
common item as a percentage of the common item.
Uses the
Common Size Income Statement
It helps the
business owner to understand the following points
(i) Whether
showing increase or decrease in respect of profit realized sales.
(ii) The
percentage change in the cost of goods sold during the accounting period.
Or
Current Ratio
is 3 : 5: 1 and Quick Ratio 2.5 : 1. Inventory is Rs. 50,000. Calculate current
asset and current liabilities. 3
Ans:- Let
Current liability be x
Current assets
be 3.5x
Liquid assets
be 2.5x
Current assets
– Current liability = Stock
3.5x – 2.5x =
50,000
X = 50,000
Current
liability be 50,000
Current assets
3.5 x 50,000 = 1,75,000
9. Explain the super profit method of valuation of
goodwill. 3
Ans:- In this method, goodwill is calculated on the
basis of surplus profit earned by a firm as compared to the average profit
earned by other firms. A business that has no anticipated additional earnings
will have no goodwill. Excess profit is called super profit.
10. State three features of Not-for-profit
organisation. 3
Ans:- The features of a non-profit organization are:
(i) Purpose:
Its purpose is to provide service to a person or group or to work for a cause
without any profit or expectation of profit.
(ii)
Ownership: The organization is established as a trust or charitable
society. Therefore, it does not have any individual or group of individuals as
its owner but it belongs to the society.
(iii)
Objectives: This organization does not work for the purpose of earning
profit, but its objective is to serve the society. However, the profit they
earn is used to upgrade the organization and its operating process and is not
distributed among its members.
Or
Calculate the
amount of subscription to be credited to Income and Expenditure Account for the
year ended 31st March, 2019. 3
(i) Subscription
received during the year ended 31st 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.
Ans:- Calculation for amount of subscription income for
the year ended 31 March 2019.
|
Particular |
Amount |
|
Subscription
received during 2019 Less: subscription
outstanding on 01-04-2018 Add:
subscription outstanding on 31-03-2019 Add:
received in advance on 01-04-2018 Less:
subscription received in advance on 31-03-2019 |
2,50,000 50,000 |
|
2,00,000 35,000 |
|
|
2,35,000 25,000 |
|
|
2,55,000 30,000 |
|
|
2,25,000 |
***
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