AHSEC| CLASS 12| ACCOUNTANCY| QUESTION PAPER - 2018| H.S. 2ND YEAR
2018
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 interest due to the retiring partner is transferred to his ________account
in case it is not paid immediately.
(ii)
A partner acts as ________of the firm.
(iii)
In case of fixed capital, a partner's capital account always shows a
_________balance.
(iv)
Unrecorded assets when realised are credited to ________Account.
(b) Choose the correct alternative: 1x2=2
(i) Balance Sheet shows:
(1) Financial position of company
(2) Profit and Loss of a company
(3) Cash flow of a company
(4) All of the above
(ii) Financial statements are:
(1) Detailed reports of the recorded facts.
(2) Detailed reports of the cash transaction only.
(3) Summarised reports of recorded facts.
(4) Summarised reports of the financial institutions only.
(c) State whether the following statements are true or false: 1x2=2
(i)
Interest on Partner's Capital is credited to Partners' Drawings Account.
(ii)
Life membership fee is a Revenue receipt.
2. State any two features of a
not-for-profit organisation. 2
3. What is a Common Size Statement? 2
4. Mention any two distinctions between
shares and debentures. 2
5. What do you mean by Forfeiture of
shares? 2
6. What do you mean by Comparative
statement? 2
7. Explain the meaning of Cash Flow from
Financing Activities. 3
Or
From the following information, calculate Stock Turnover Ratio: 3
Sales:
Rs. 4,00,000/-
Average
Stock = Rs. 55,000/-
Gross
Loss Ratio = 10%
8. Mention any three objectives of
financial statement analysis. 3
Or
Briefly explain the nature of financial statements. 3
9. Mention any three limitations of
financial statements. 3
Or
Explain the meaning of Ratio Analysis. 3
10. Mention any three distinctions between
Fund-based. Accounting and Non-fund-based Accounting. 3
Or
What do you mean by Income and Expenditure Account? 3
11. Amar and Bahadur are partners of a firm
sharing profits in the ratio of 3:2. They admit Mery as a new partner for 1/4th
share in the future profits. The new profit-sharing ratio between Amar and
Bahadur is agreed to be 2:1. Calculate their sacrificing ratio. 3
Or
Ranjana, Sadhana and Kamona are partners sharing profits in the
ratio of 4:3:2. Ranjana retires and Sadhana and Kamona agree to share future
profits in the ratio of 5:3. Calculate the gaining ratio. 3
12. From the following Receipts and
Payments Account for the year ended 31st March, 2017 and other details of
KAZIRANGA SPORTS CLUB, prepare an Income and Expenditure Account for the year
ended 31st March, 2017: 5
Receipt
and Payments Account
|
Receipts |
Amount (Rs.) |
Payments |
Amount (Rs.) |
|
Cash in hand on 1.4.16 Subscriptions: 2015-16: 1,000/- 2016-17: 30,000/- 2017-18:
2,000/- Donation Interest Donation for Buildings Life Membership Fees |
10,000 33,000 7,000 3,000 10,000 7,000 |
Salaries Honorarium Sports Expenses Rent Travelling Expenses Purchase of Furniture Cash in hand on 31.03.2017 |
8,000 5,000 2,000 3,000 2,000 35,000 15,000 |
|
|
70,000 |
|
70,000 |
Additional Information:
(i)
Outstanding Salaries = 2,000/-
(ii)
Prepare Rent = 1,000/-
Or
Explain the steps in preparation of Income and Expenditure Account.
5
13. Charles Ltd. made a profit of Rs.
1,00,000/- after charging depreciation of Rs. 20,000/- on assets and a transfer
to general reserve of Rs. 30,000. The goodwill written off was Rs. 7,000/- and
gain on sale of machinery was Rs. 3,000/-. Other information available to you
(charges in the value of current assets and current liabilities) are: debtors
showed an increase of Rs. 6,000/-; creditors an increase of Rs. 10,000/-
prepaid expenses an increase of Rs. 200/-; bills receivable a decrease of Rs.
3,000/-; bills payable a decrease of Rs. 4,000/- and outstanding expenses a
decrease of Rs. 2,000/-.
Ascertain cash flow from operating activities. 5
Or
Explain the terms: 2.5+2.5=5
(i)
Cash equivalents
(ii)
Cash flows
14. Mention any five objectives of Ratio
Analysis. 5
Or
Calculate current assets of a company from the following
information: 5
Stock
turnover ratio = 4 times
Stock
at the end is Rs. 20,000/- more than the stock at the beginning.
Sales
Rs. 3,00,000/- and gross profit ratio is 20% of Sales.
Current
liabilities = Rs. 40,000/-
Quick
ratio = 0.75
15. Shyam, Gagan and Ram are partners
sharing profits in the ration of 2:2:1. On 31st March, 2017, their Balance
Sheet was as follows: 2.5+2.5=5
|
Liabilities |
Amount (Rs.) |
Assets |
Amount (Rs.) |
|
Sundry Creditors Reserve Capital: Shyam: 20,000/- Gagan: 10,000/- Ram:
10,000/- |
50,000 10,000 40,000 |
Cash Debtors Stock Machinery Buildings |
5,000 20,000 25,000 20,000 30,000 |
|
|
1,00,000 |
|
1,00,000 |
Gangan retired on that date and Shyam and Ram agreed to share future
profits in the ratio 5:3.
Stock, Machinery and Buildings were revalued at Rs. 20,000/-, Rs.
15,000/- and Rs. 45,000/- respectively.
Prepared Revaluation Account and Partners' Capital Account.
Or
Prepare the new format of the Balance Sheet of a company with the
major headings only. 5
16. Mohit, Shohan and Rahul were
partners sharing profits in the ratio of 2:2:1. Their Balance Sheet as on 31st
March, 2017 was as follows:
|
Liabilities |
Amount (Rs.) |
Assets |
Amount (Rs.) |
|
Capital: Mohit: 30,000/- Shohan: 20,000/- Rahul:
20,000/- General Reserve Creditors |
70,000 5,000 25,000 |
Fixed Assets Stock Sundry Debtors Cash at Bank |
60,000 10,000 20,000 10,000 |
|
|
1,00,000 |
|
1,00,000 |
Shohan died on June 30, 2017. It was agreed between the remaining
partners and his executors that:
(i)
Goodwill will be value at Rs. 50,000/-
(ii)
Interest on capital be provided at 10% p.a.
(iii)
Profit for the year 2017-18 be taken as having accrued at the same rate as that
of the previous year which was Rs. 40,000/-
(iv)
The amount due to Shohan shall be transferred to his Executors' Loan Account.
Prepare Shohan's Capital Account as on the date of his death. 5
Or
What is Partnership Deed? Mention any three distinctions between
Fixed and Fluctuating Capital Accounts of partners. 2+3=5
17. SONU and ASHU were partners sharing
profits in the ratio of 3:1. Their Balance Sheet as on 31st March, 2017 was as follows:
5
|
Liabilities |
Amount (Rs.) |
Assets |
Amount (Rs.) |
|
Creditors Loan Capital: SONU: 50,000/- ASHU:
50,000/- |
10,000 20,000 1,00,000 |
Cash at Bank Sundry Assets Profit and Loss Account |
20,000 70,000 40,000 |
|
|
1,30,000 |
|
1,30,000 |
The firm was dissolved on the above date. The assets were realised
at Rs. 50,000/-. Creditors were paid at a discount of 20%. SONU agreed to pay
off the Loan. Realisation expenses were Rs. 2,000/-.
Prepare Realisation Account, Bank Account and Partners Capital
Account.
Or
What do you mean by Dissolution of a Partnership? State three grounds
for Dissolution of Partnership. 2+3=5
18. Explain the terms ‘Over-subscription’
and ‘Under-subscription’ of Shares. 2.5+2.5=5
Or
What is a ‘Preference Share’? Mention the different types of
Preference Shares. 2+3=5
19. Following is the Trail Balance of
RAM and SHYAM as on 31st March, 2017: 8
Trial Balance
|
Particulars |
Amount (Rs.) Dr. |
Particulars |
Amount (Rs.) Cr. |
|
Plant and Machinery Freight on Sales Publicity Land and Buildings Sundry Debtors Bad debt Cash at Bank Investments Cash in hand Salaries Rent Stock Drawings: RAM = 6,000 SHYAM = 10,000 |
10,000 3,000 2,000 50,000 10,000 2,000 15,000 8,000 1,000 12,000 8,000 25,000 16,000 |
Capital Accounts: RAM = 36,000 SHYAM = 40,000 Trading Account Gross Profit Creditors Bank Loan Bills payable |
76,000 60,000 12,000 8,000 6,000 |
|
|
1,62,000 |
|
1,62,000 |
Prepare a Profit and Loss Account and the Profit and Loss
Appropriation Account of the firm for the year ended 31st March, 2017
and a Balance Sheet as on that date, after taking into consideration the
following additional information:
(i)
Outstanding Salaries Rs. 3,000/-
(ii)
Ram will get a Commission of Rs. 10,000/- for the year.
20. Hunda Limited issued 10,000 equity
shares of 100 each payable as follows:
Rs.
20/- on application
Rs.
30/- on allotment
Rs.
20/- on first call
Rs.
30/- on second and final call.
10,000
shares were applied for and allotted. All money due was received with the
exception of both the called on 300 shares held by SUPRIYA. These shares were
forfeited. Give necessary journal entries. 8
Or
Write short notes on:
(i)
Re-issue of forfeited shares
(ii)Calls
in Arrears
(iii)
Calls in Advance
(iv)
Reserve Capital
21. X Ltd. Issued 5,000, 16% debentures of
Rs. 100/- each at a discount of 5% repayable after 5 years at a premium of 5%.
You are required to pass necessary journal entries and show the ‘Loss
on Issue of Debentures Account’ over the period of five years. 8
Or
What is meant by a debenture? Explain the different types of
debentures. 2+6=8
22. A and B are partners sharing profits in
the ratio of 3:2. Their Balance Sheet as on 31st March, 2017 was as
follows:
Balance Sheet
|
Liabilities |
Amount (Rs.) |
Assets |
Amount (Rs.) |
|
Sundry Creditors Capital: A = 30,000/- B = 20,000/- |
20,000 50,000 |
Cash in hand Sundry Debtors Stock Furniture Machinery |
3,000 12,000 15,000 10,000 30,000 |
|
|
70,000 |
|
70,000 |
C was admitted as new partner on the following terms and conditions:
(i)
C will bring Rs. 15,000/- for capital and Rs. 5,000/- for his share of Goodwill
for 1/6th share in the future profits.
(ii)
The value of stock to be reduced by Rs. 2,000/- and that of Machinery be
increased by Rs. 8,000/-.
(iii)
The value of furniture to be fixed at Rs. 9,000/-
Pass journal entries in the books of the firms and prepare the
Balance Sheet of the new firm. 8
Or
Give journal entries on dissolution of a Partnership firm in respect
of the following: 1x8=8
(i)
For transfer of assets.
(ii)
For sale of assets.
(iii)
If any partner takes over any asset.
(iv)
For payment of liabilities.
(v)
For payment of Realisation Expenses.
(vi)
For realisation of unrecorded assets.
(vii)
For transfer of the balance of General Reserve Account.
(viii)
For payment of Partner’s Loan.
***
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