AHSEC| CLASS 12| ACCOUNTANCY| QUESTION PAPER - 2019| H.S. 2ND YEAR
2019
ACCOUNTANCY
Full Marks: 100
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: 1x4=4
(i)
The liability of every shareholder of a company is ________. 1
(ii)
Outstanding Subscription is shown on the ________side of the Balance Sheet. 1
(iii)
If a partner takes over a liability of the firm, that partner's capital account
is _________. 1
(iv)
Current ratio is the relationship between _______assets and current
liabilities. 1
(b) Choose
the correct alternative: 1x2=2
(i) Annual Report is issued by a company to its: 1
(1) Directors
(2) Auditors
(3) Shareholders
(4) Management
(ii) Financial statements of a company include: 1
(1) Only Cash Flow Statement
(2) Only Profit and Loss Account
(3) Only Balance Sheet
(4) All of the above
(c) State whether the following statements are "True" or
"False": 1x2=2
(i) The deceased partner is entitled to a share of profit for the
period upto his death. 1
(ii) Profit or Loss on revaluation of assets and liabilities is
distributed among old partners in sacrificing ratio. 1
2. Give two distinctions between a
not-for-profit organisation and a trading organisation. 2
3. A and B are two partners sharing profit
and losses in the ratio of 3:2. C is admitted as new partner for 3/10th share
which he acquires 2/10th from A and 1/10th from B. Calculate new profit-sharing
ratio. 2
Or
Give two conditions under which a partnership firm is dissolved.
4. Mention any two features of a debenture.
2
5. What is the meaning of Cash Flow from
Investing Activities? 2
6. What is meant by "super
profit" in relation to valuation of goodwill? 2
7. Mention three objectives of preparing
financial statements. 3
8. Calculate liquid ratio from the
following information: 3
Stock = Rs. 50,000/-
Debtors = Rs. 80,000/-
Bills Receivable = Rs. 10,000/-
Advance Tax = Rs. 4,000/-
Cash = Rs. 30,000/-
Creditors = Rs. 60,000/-
Bills Payable = Rs. 40,000/-
Machinery = Rs. 50,000/-
Bank Overdraft = Rs. 4,000/-
Debentures = Rs. 70,000/-
Or
What is Comparative Statement? Mention two objectives of preparing
Comparative Statement. 1+2=3
9. What are contingent liabilities? Mention
any two items. 1+2=3
Or
Explain the average profit method of valuation of goodwill. 3
10. Calculate amount of medicines
consumed to be shown in the Income and Expenditure A/c for the year ended
31-12-2018: 3
|
|
1-1-2018 (Rs.) |
31-12-2018 (Rs.) |
|
Stock of Medicines |
3,000 |
500 |
|
Creditors for Medicines |
2,000 |
1,300 |
Amount paid for medicines during 2018 was
Rs. 10,800/-
Or
Mention any three distinctions between Receipts and Payments A/c and
Income and Expenditure A/c. 3
11. Mention any three limitations of
Financial Statements. 3
Or
Write three objectives of preparing Realisation Account. 3
12. North East Club had a Cash balance
of Rs. 20,000/- and Bank balance of Rs. 35,000/- respectively on 01/04/2017.
From the following details prepare a Receipts and Payments Account for the year
ended 31/3/2018: 5
|
Particulars |
(Rs.) |
(Rs.) |
|
Subscription Received 2016-2017 2017-2018 2018-2019 Donation for Building Entrance Fee Life Membership Fee Printing and Stationery Lighting Expenses Rent and Taxes Paid Telephone Charges Postage Salaries Insurance Interest Received Locker Rent Received Purchase of Furniture Cash in hand as on 31-03-2018 |
30,000 2,25,000 10,000 |
2,65,000 60,000 23,000 20,000 38,750 26,250 17,000 2,600 2,000 88,000 15,000 18,000 42,000 2,00,000 23,400 |
Or
Explain in brief the treatment of the following items in preparation
of Income and Expenditure Account: 5
(i)
Subscription
(ii)
Life Membership Fee
(iii)
General Donation
(iv)
Specific Donation
(v)
Legacy
13. What is Cash Flow Statement? Explain
its three limitations. 2+3=5
Or
From the following information calculate the cash from operating
activities:
|
Particulars |
2016 (Rs.) |
2017 (Rs.) |
|
Profit and Loss A/c Bills Receivable Provision for Depreciation Outstanding Wages Prepaid Insurance Goodwill Provision for Doubtful Debts Debtors Cash and Bank Balance |
3,00,000 20,000 60,000 18,000 6,000 40,000 10,000 1,20,000 30,000 |
2,50,000 18,000 80,000 15,000 9,000 32,000 14,000 80,000 25,000 |
14. A business has a current ratio of 3:1
and a quick ratio of 1:2:1. If the Working Capital is Rs. 1,80,000 calculate
current assets and stock. 5
Or
What are profitability ratios? What is the significance of gross
profit and operating profit ratio? 3+2=5
15. A, B and C were partners sharing
profits in the ratio of 3:2:1 respectively. Balance Sheet of the firm as at
31st March, 2017 stood as follows: 5
Balance Sheet
|
Liabilities |
Rs. |
Assets |
Rs. |
|
Sundry Creditors Capital: A: 20,000/- B: 7,500/- C: 12,500/- |
16,000
40,000 |
Building Debtors Stock Patent Bank |
23,000 7,000 12,000 8,000 6,000 |
|
|
56,000 |
|
56,000 |
"B" retired on the above date on the following terms:
(i)
Building to be appreciated by Rs. 8,800.
(ii)
Provision for doubtful debts be made @ 5% on debtors.
(iii)
Goodwill of the firm be valued at Rs. 9000
Pass
necessary Journal Entries.
Or
What is share forfeiture? State the procedure of forfeiture of
shares. 2+3=5
16. What is Partnership Deed? Mention its
four principal clauses. 1+4=5
Or
Following is the Balance Sheet of P, Q and R as on March 31, 2018. 5
Balance
Sheet
|
Liabilities |
Rs. |
Assets |
Rs. |
|
Sundry Creditors General Reserve Capital Accounts: P: 30,000 Q: 20,000 R: 20,000 |
16,000 16,000
70,000 |
Bills Receivable Furniture Stock Sundry Debtors Cash at Bank Cash in Hand |
16,000 22,600 20,000 22,000 18,000 3,000 |
|
|
1,02,000 |
|
1,02,000 |
Q died on June 30, 2018. Under the agreement the executors of the
deceased partner were entitled to:
(a) Amount standing to the credit of Partner's Capital A/c.
(b) Interest on Capital @ 5% p.a.
(c) Share of goodwill on the basis of twice the average of the past
three years profit.
(d) Share of profit from the closing of the last financial year to
the date of death on the basis of last year's profit (2017-18)
(e) Profits for the last three years were:
Year/ Profit
2015-16 = 12,000/-
2016-17 = 16,000/-
2017-18 = 14,000/-
Prepare Q's capital account on the date of his death.
17. Distinguish between Realisation Account
and Revaluation Account. 5
Or
A and B are partners sharing profits equally. Balance Sheet on
September 2018 was as follows: 5
Balance Sheet
|
Liabilities |
Rs. |
Assets |
Rs. |
|
Creditors Bills Payable Reserve Fund Capital: A: 30,000 B: 20,000 |
11,200 1,800 6,000
40,000 |
Sundry Assets |
59,000 |
|
|
59,000 |
|
59,000 |
The firm is dissolved on the above data. Assets are realised at Rs.
49,600. Creditors allowed a discount of 2% and Dissolution Expenses came to Rs.
544.
Give Journal Entries to close the books of the firm.
18. Discuss the process for allotment of
shares of a company in case of oversubscription. 5
Or
Prepare a Comparative Income Statement from the following
particulars: 5
|
Particulars |
2017 (Rs.) |
2018 (Rs.) |
|
Sales Cost of Goods Sold Administrative Expenses Other Income Income Tax |
4,00,000 2,00,000 40,000 20,000 60,000 |
5,00,000 3,00,000 1,00,000 30,000 70,000 |
19. Following is the Trial Balance of
Rana and Raju as on 31st March, 2018: 8
Trial
Balance
|
Particulars |
Rs. (Dr.) |
Particulars |
Rs. (Cr.) |
|
Machinery Furniture Rent Salaries Debtors Cash in Hand Cash at Bank Drawings: Rana = 4,000 Raju =
3,000 Closing Stock Commission |
10,000 20,860 19,740 9,000 40,500 16,300 45,000
7,000 12,500 5,000 |
Capital: Rana = 65,000 Raju =
40,000 Creditors Commission Bank Loan Trading Account Gross Profit |
1,05,000 18,400 300 5,000 57,200
|
|
|
1,85,900 |
|
1,85,900 |
Prepare the profit & Loss Account
and Profit & Loss Appropriation Account for the year ended 31st March, 2018
and a Balance Sheet of the Firm as on that date after taking into consideration
the following additional information:
(i)
Depreciate Machinery @ 10% p.a. and Furniture @ 20% p.a.
(ii)
Partners will get interest on Capital @ 5% p.a.
(iii)
Raju is entitled to a salary of Rs. 1,800 p.a.
(iv)
The Profit-sharing ratio between Rana and Raju was 3:2.
20. M.S. Limited issued 1,000 equity
shares of Rs. 100 each payable as follows: 8
On
Application - Rs. 25 per share
On
Allotment - Rs. 25 per share
On
First Call - Rs. 20 per share
On
Final Call - Rs. 30 per share
All the shares were duly subscribed for,
called-up and paid-up, except Mr. A holding 400 shares did not pay the final
call money.
Show the entries in the Cash Book and Journal of the company for the
above transactions.
Or
Write short notes on: 3+3+2=8
(a)
Redemption of Debentures
(b)
Loss on Issue of Debentures
(c)
Minimum Subscription
21. S.K. Ltd. issued 1,000, 12% Debentures
of Rs. 100 each.
Give journal entries for Redemption of the debentures in the books
of the company under the following conditions: 2+3+3=8
(i)
Issued at Par and Redeemable at per after 5 years.
(ii)
Issued at Par and Redeemable at a premium of 5% after 5 years.
(iii)
Issued at a Premium of 5% Redeemable at a premium of 5% after 5 years.
Or
Write short notes on: 2+2+2+2=8
(i) Authorised Share Capital
(ii) Call-in-Arrear
(iii) Pro-Rata Allotment
(iv) Preference Share.
22. Vimal and Nirmal are partners in a
firm sharing profits and losses in the ratio 3:2. Their Balance Sheet as on
31st December, 2018 was as under: 8
Balance Sheet
|
Liabilities |
Rs. |
Assets |
Rs. |
|
Sundry Creditors Capital Account: Vimal: 60,000 Nirmal:
32,000 Profit and Loss A/c |
20,000
92,000 20,000 |
Cash Debtors Machinery Stock Goodwill |
14,000 18,000 50,000 40,000 10,000 |
|
|
1,32,000 |
|
1,32,000 |
On that date Kailash was admitted as a new
partner. He paid Rs. 40,000 as his capital and Rs. 20,000 for his share of
goodwill. The new profit-sharing ratio was agreed to be 2:1:1.
Pass Journal entries in the book of the
firm and show the Balance Sheet of the new firm.
Or
What is goodwill? Mention four factors affecting the goodwill of a
firm. Mention three conditions when valuation of goodwill becomes necessary.
1+4+3=8
***
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