AHSEC| CLASS 12| ACCOUNTANCY| SOLVED 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 owner of the company.
(ii) Receipts
and Payments account is a summary of Cash
transactions.
(iii) Maximum
number of members in a partnership business is 100.
(iv) In the
absence of any agreement at the time of retirement of partner goodwill is to be
adjusted in Gaining ratio.
(v) Profit
and Loss Account is also known as income
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. True
(ii) Quick
Assets = Current Assets – Inventory – Prepaid Expenses. False
(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
Ans:- These debentures are debentures in which all
the particulars including addresses, names and details of holdings of the
debenture holders are recorded in a register maintained by the enterprise.
Or
What is ‘Data
validation’?
Ans:- Data
validation is the practice of checking the integrity, accuracy, and structure
of data before it is used for a business operation.
3. What is Goodwill of a business? 2
Ans:- Goodwill is an intangible asset that places an
enterprise in an advantageous position due to which the enterprise is able to
earn more profits without putting in extra efforts.
4. What is meant by Cash Flow from Operation Activities?
2
Ans:- Cash flow from operating activities shows how
much money a company brings in from regular business activities, such as
manufacturing and selling goods or providing services.
5. A and B are partners sharing profits and losses in the ratio of 5:3.
C is admitted as a new partner for 1/4th
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
Ans:- There
are two main rights:
(i) Right to
share the assets of the firm.
(ii) Right to
share the future profits of the firm.
6. Write two limitations of ratio analysis. 2
Ans:- (i) Ratio analysis does not measure the human
element of a firm
(ii) Ratio
analysis can be used only for comparison with other firms of similar size and
type.
Or
Mention two
limitations of financial statements. 2
Ans:- Limitations
of Financial Statements: -
(i) Some
intangible assets are not included in the financial statements.
(ii) Financial
statements cover only a specific period.
Or
What is
sequential code? 2
Ans:- Sequential
codes are codes in which numbers or letters are arranged in consecutive order.
These types of codes are mostly applied in source documents like cheques,
invoices.
7. What is the meaning of Cash Flow from Investing
Activities? 2
Ans:- Cash flow from investing activities includes
any inflow or outflow of cash from a company's long-term investments. The cash
flow statement reports the amounts of cash and cash equivalents leaving and
entering a company. The sections of the cash flow statement are: Cash from
operating activities.
Or
What is meant
by the term ‘Cash Equivalents’? 2
Ans:- Cash
equivalents refer to the line item on the balance sheet that reports the value
of a company's assets that are cash or that can be immediately converted into
cash. Cash equivalents include bank accounts and marketable securities such as
commercial paper and short-term government bonds.
Or
Write a note
on ‘Queries’. 2
Ans:- A
query is a question or request for information expressed in a formal manner. In
computer science, a query is essentially the same thing, the only difference
being that the answer or retrieved information comes from a database.
8. Write any three essential features of partnership. 3
Ans:- Three essential features of partnership:-
(i) Agreement
between partners: It is an association of two or more persons, and the
partnership arises from an agreement or contract. The agreement (agreement)
becomes the basis of engagement between the partners. Such agreement is made in
writing. The oral agreement is absolutely valid.
(ii) Two or
more persons: For a partnership to appear, at least two (2) persons must
have a common goal. In other words, the minimum number of partners an
enterprise can have is two (2). However, there is a restriction on the maximum
number of these.
(iii) Sharing
of profits: Another important component of partnership is the agreement
between the partners to share the profits and losses of the business concern.
Or
Write three
distinctions between ‘Profit and Loss Account’ and ‘Profit and Loss
Appropriation Account’.
Ans:- Three
differences between 'Profit and Loss Account' and 'Profit and Loss
Appropriation Account':-
|
Profit
and Loss Account |
Profit
and Loss Appropriation Account |
|
(i) The account which is prepared to know the net profit or net loss
of the business is called Profit and Loss Account. (ii) First of all, profit and loss account have to be prepared. (iii) To know the net profit or net loss of the business is the main
objective of preparing this account. |
(i) The account which is prepared to distribute the profits or losses
among the partners is known as Profit and Loss Appropriation Account. (ii) After preparing Profit and Loss Account one can prepare Profit
and Loss Appropriation Account. (iii) To know the profit or loss to be divided among the partners is
the main objective of preparing this account. |
9. Give any three differences between equity shares and
preference shares. 3
Ans:- Three differences between equity shares and
preference shares:-
|
Equity
shares |
Preference
shares |
|
(i) Equity shares are ordinary shares of a company that represent
ownership of the company. (ii) In case of equity shares, the dividend rate is not fixed. The
board of directors decides the dividend rates for equity shareholders after
analyzing the performance of the company in the previous financial year. (iii) Equity shareholders are entitled to receive bonus stock from
the company. |
(i) Preference shares are those which carry preferential rights in
terms of dividend payment and repayment of capital. dividend rate (ii) Preference shareholders receive dividends at a predetermined
fixed rate on the standard share price value. bonus shares (iii) Preference shareholders are not entitled to receive bonus
shares. |
Or
Explain the
following terms: 3
(i) Calls-in-arrears
Ans:- If
some amount called in respect of a share is not paid before or on the specified
date fixed for payment, the amount not paid is called
"call-in-arrears". The company may demand amounts like allotment
money or call money.
(ii)
Calls-in-advance
Ans:- The
extra money received by the calling company is called advance call. If
authorized by its articles, a company may accept advance calls from its shareholders.
When a company receives such amount, it must deposit it into the
call-in-advance account.
Or
Mention three
uses of Spreadsheet. 3
Ans:- Three
Use of spreadsheet:-
(i)
Worksheets and Workbooks: Various tasks in commerce are done using
worksheets and workbooks. Spreadsheet software provides computerized worksheets
and workbooks. It provides an easy and efficient way of maintaining data.
(ii) Stock
Handling: Spreadsheet software can be used to handle the stock of an
organization. It provides many facilities to the commerce people to perform
complex calculations in stock management.
(iii)
Accounts Handling: Spreadsheet software is used to handle the accounting
system of an organization. Accounting systems manage the daily transactions of
an organization. Spreadsheet software is used to prepare balance sheets, trial
balances, ledgers and other information related to accounts.
(coming soon)
***
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