AHSEC| CLASS 12| ACCOUNTANCY| QUESTION PAPER - 2023| H.S. 2ND YEAR

 

AHSEC| CLASS 12| ACCOUNTANCY| QUESTION PAPER - 2023| H.S. 2ND YEAR

2023
ACCOUNTANCY
Full Marks: 80
Pass Marks: 24
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) Equity shareholders are _______of the company.

(ii) Receipts and Payments account is a summary of _________transactions.

(iii) Maximum number of members in a partnership business is ________.

(iv) In the absence of any agreement at the time of retirement of partner goodwill is to be adjusted in ______ratio.

(v) Profit and Loss Account is also known as _______statement.

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

(i) A company has a separate legal entity different from its members.

(ii) Quick Assets = Current Assets – Inventory – Prepaid Expenses.

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

(i) The portion of the capital which can be called up only on the winding up of the company is called:

(a) Authorised capital

(b) Uncalled capital

(c) Reserve capital

(d) Issued capital

(ii) Donation received for a specific purpose is a:

(a) Capital Receipt

(b) Revenue Receipt

(c) Asset

(d) Liability

2. What is a Registered Debenture? 2

Or

What is ‘Data validation’?

3. What is Goodwill of a business? 2

4. What is meant by Cash Flow from Operation Activities? 2

5. A and B are partners sharing profits and losses in the ratio of 5:3. C is admitted as a new partner for ½th  share, which he acquires 1/6th from A and 1/12th from B. Calculate the new profit sharing ratio. 2

Or

Mention two rights of a partner. 2

6. Write two limitations of ratio analysis. 2

Or

Mention two limitations of financial statements. 2

Or

What is sequential code? 2

7. What is the meaning of Cash Flow from Investing Activities? 2

Or

What is meant by the term ‘Cash Equivalents’? 2

Or

Write a note on ‘Queries’. 2

8. Write any three essential features of partnership. 3

Or

Write three distinctions between ‘Profit and Loss Account’ and ‘Profit and Loss Appropriation Account’.

9. Give any three differences between equity shares and preference shares. 3

Or

Explain the following terms: 3

(i) Calls-in-arrears

(ii) Calls-in-advance

Or

Mention three uses of Spreadsheet. 3

10. Calculate the income from subscription for the year 2021 from the following information: 3

 

1-1-2021

31-12-2021

Subscription outstanding

Subscription received in advance

3,000

4,000

2,000

5,000

Subscription received during the year 2021 – Rs 70,000.

Or

Mention three objective of preparing financial statements. 3

Or

Explain Database Management System. 3

11. Current Liabilities of a company were Rs. 60,000 and its current ratio was 2 : 1 on 30th March, 2021. On 31st March, 2021, the company paid Rs. 20,000 to a creditor. Calculate the current ratio after the payment. 3

Or

Mention three differences between ‘Capital account’ and ‘Current account. 3

Or

Describe three features of the Spreadsheet. 3 

12. Prepare a Comparative Income Statement from the following particulars: 6

Particulars

2020 Rs.

2021 Rs.

Gross Sales

Sales Returns

Cost of Goods Sold

Operating Expenses

Income Tax

1,20,200

10,400

80,000

24,000

50%

1,35,800

7,600

84,000

18,000

50%

Or

What is meant by analysis of financial statements? Explain in brief the tools of financial statements? Explain in brief the tools of financial analysis. 1+5=6

Or

Give the limitations of computerised accounting system. 6

13. What is meant by issue of debentures as Collateral Security? Mention four differences between shares and debentures. 2+4=6

Or

Explain the objectives of Database Management System (DBMS)? 6

Or

Give Journal entries for issue and redemption of debentures under the following situations: 2x3=6

(a) 1,000 12% debentures of Rs. 100 each, issued at premium of 5% and redeemable at par.

(b) 2,000, 12% debentures of Rs. 100 each, issued at 5% discount and redeemable at a premium of 5%.

(c) 3,000, 12% debentures of Rs. 100 each, issued at par and redeemable at a premium of 5%.

14. A, B and C were in partnership sharing profits and losses equally. On 31st December, 2021 their Balance Sheet was as follows: 6

Balance Sheet

Liabilities

Amount (Rs.)

Assets

Amount (Rs.)

Capital

A = 10,000

B = 5,000

C = 5,000

Reserve Fund

Creditors

 

 

 

20,000

3,300

2,000

Plant and Machinery

Stock

Sundry Debtors

Cash at Bank

Cash in hand

10,000

4,000

6,000

5,000

300

25,300

25,300

The firm took a joint life policy for Rs. 9,000 payable on the first death.

C died on 31st March, 2022. Under the partnership agreement the executors of a deceased partner were entitled to:

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

(ii) His share of goodwill on the basis of twice the average of the past three years’ profits.

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

(iv) Interest on capital @ 5% p.a.

(v) Profits for the last three years were:

2019 = Rs. 6,000

2020 = Rs. 8,000

2021 = Rs. 7,000

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

Or

Prepare Income and Expenditure Account from the following Receipts and Payments Account and other details of ‘Parizat’ club for the year ended 31st December, 2021:      6

Receipts and Payments Account

Receipt

Amount (Rs.) Dr.

Payments

Amount (Rs.) Cr.

To Cash-in-hand on 1.1.21

To Subscriptions received

To Entrance Fee

To Donations

To Donation of Club House

To Life Membership Fee

To Maintenance Grant

To Capital Grant

To Sale of Furniture

10,000

20,000

10,000

18,000

17,000

5,000

6,000

7,000

1,000

By Salaries

By Rent and Taxes

By Electric Charges

By Sports Goods Purchased

By Postage

By Construction of Club House

By Sundry Expenses

By Payment of Outstanding Expenses

By Cash in hand on 31.12.21

12,000

6,000

3,000

25,000

5,000

36,000

2,000

500

 

4,500

94,000

94,000

Other details:

(i) Total of Entrance Fee and Life Membership Fee are to be capitalised.

(ii) Depreciation on Sports Goods is Rs. 2,500.

(iii) Book value of the furniture sold was Rs. 1,500 on the date of sale.

Or

How would you compute the amount due to a retiring partner? 6

15. Sunu, Nanu and Nidhi are partners in a firm sharing profits in the ratio of 2:1:1. Their Balance Sheet as on 31st March, 2021 was as under: 6

Balance Sheet

Liabilities

Amount (Rs.)

Assets

Amount (Rs.)

Creditors

Capital

Sunu = 80,000

Nanu = 80,000

Nidhi = 60,000

 

50,000

 

 

 

2,20,000

Land and Building

Plant and Machinery

Furniture

Motor Car

Debtors

Cash

 

80,000

56,000

30,000

54,000

48,000

2,000

2,70,000

2,70,000

The firm was dissolved on the above date. The assets realised as follows:

Furniture – Rs. 20,000

Land and Building – Rs. 1,00,000

Plant and Machinery – Rs. 50,000

Motor Car – Rs. 28,000

Debtors – 50% of Book Value

Realisation Expenses were Rs. 2,000

Prepare Realisation Account, Partner’s Capital Account and Cash Account to close the books of the firm.

Or

Write the situations when a partnership firm is dissolved by the court. 6

16. Amlan Company Limited issued 50,000 equity shares of Rs. 10 each at a premium of Rs. 2 each, payable as under:

On Application – Rs. 2

On Allotment – Rs. 5

On First and Final Call – Rs. 5

The shares were fully subscribed, called up and paid-up except allotment and call money on 500 shares. These shares were forfeited.

Give journal entries in the books of the company.

Or

Write short notes on: (any four) 2x4=8

(a) Securities Premium

(b) Over Subscription

(c) Re-issue of forfeited shares

(d) Unissued Capital

(e) Current asset

(f) Current asset

Or

Explain the steps involved in Computerised Accounting System in detail. 8

17. (a) Explain the average profit method of valuation of goodwill. 3

(b) What is revaluation account? 2

(c) How the adjustment of capitals is made at the time of admission of a new partner? 3

Or

Nitul and Atul are partners in a firm sharing profits in the ratio 2:1. Pranjal is admitted into the firm as a new partner with 1/4th share in profit. He will bring Rs. 30,000 as his capital. The Balance Sheet of Nitul and Atul as on 31.3.2020 was as under: 8

Balance Sheet

Liabilities

Amount (Rs.)

Assets

Amount (Rs.)

Creditors

Bills Payable

General Reserve

Nitul’s Capital

Atul’s Capital

 

8,000

4,000

6,000

52,000

30,000

 

Cash

Debtors

Stock

Furniture

Machinery

Building

 

12,000

8,000

10,000

5,000

25,000

40,000

1,00,000

1,00,000

Other terms of the agreement are as under:

(i) Pranjal will bring in Rs. 12,000 as his share of goodwill.

(ii) Building was valued at Rs. 45,000 and Machinery at Rs. 23,000.

(iii) A reserve for bad debt is to be created at 6% on debtors.

Prepare Revaluation Account, Partner’s Capital Account and the Balance Sheet of the new firm.

18. Amit and Aditya are partners in a firm sharing profits and losses in the ratio of 3:1. The Trial Balance of the firm as on 31st December, 2022 was as under:

Trial Balance

Debit

Amount (Rs.)

Credit

Amount (Rs.)

Machinery

Salaries

Carriage outward

Building

Furniture

Debtors

Bad Debts

Cash at Bank

Investment

Cash in hand

Establishment charges

Closing Stock

Depreciation on Machinery

Publicity

Drawings

Amit – Rs. 5,000

Aditya – Rs. 3.000

Rent and Rates

 

35,000

15,850

2,140

54,000

25,000

48,200

1,400

1,200

10,000

1,170

13,000

10,000

3,500

5,000

 

 

8,000

5,500

Capital

Amit Rs. 50,000

Aditya Rs. 30,000

Trading Account

- Gross Profit

Creditors

Bank Loan

Discount

Commission

Outstanding

Provision for Doubtful Debt

 

 

80,000

 

85,700

44,560

21,000

4,500

1,000

1,200

1,000

2,38,960

2,38,960

Additional Information:

(i) Prepaid publicity Rs. 500

(ii) Commission received in advance Rs. 200

(iii) Provide for doubtful debts @ 5% on Sundry debtors.

(iv) Allow interest on partners’ capital @ 5% p.a.

From the above Trial Balance and additional information, prepare a Profit and Loss Account, a Profit and Loss Appropriation Account for the year ended 31st December, 2022 and a Balance Sheet as on that date.

 

***


ACCOUNTANCY SOLVED PAPERS PAGE LINK - Click here


BUY E-BOOK

(PDF FILE)

 

[TO SEE FULL SOLUTION]

 

(Chapter wise Notes, Exam Question Papers solved, MCQ solved)

[ARTS, COMMERCE, SCIENCE]

 

DOWNLOAD PAGE LINK:-CLICK HERE



AHSEC PAGE LINK CLICK HERE

(Read Syllabus/ Notes, Exam Routine, Question Papers and solved)