AHSEC| CLASS 12| ACCOUNTANCY| QUESTION PAPER - 2017| H.S. 2ND YEAR
2017
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)
Unrecorded assets when realised are credited to ________Account.
(ii)
When Partners' Capital Accounts are fixed, their ________Accounts are prepared.
(iii)
Partner's Loan Account is paid before payment of ________.
(iv)
If a partner takes over a liability of the firm, the partner's capital account
is _______.
(b) Choose the correct alternative: 1x2=2
(i) Financial Statements are
(1) Summarized reports of recorded facts
(2) Detailed reports of the recorded facts
(3) Summarized reports of only cash transactions
(4) None of the above
(ii) Financial Statements of a company include:
(1) Only Balance Sheet
(2) Only Profit and Loss Account
(3) Only Cash Flow Statement
(4) All of the above
(c) State whether the following statements are true or false: 1x2=2
(i) Financial analysis is used only by the creditors.
(ii) The decreased partner's executor is entitled to a share of
profit for the period upto his/her death.
2. What is a Capital Fund? 2
3. Ram, Shyam and Hari are partners sharing
profits in the ratio of 2:2:1. Hari retires. Ram and Shyam have decided to
share future profits and losses in the ratio of 2:1. Calculate the gaining ratio.
2
4. Mention any two features of debentures.
2
5. Assam Tea Ltd. decided to forfeit 1,000
shares of Rs. 20/- each for non-payment of allotment money of Rs. 5/- each and
1st and final call money of Rs. 2/- each. Give journal entry for the forfeiture
of shares.
6. Mention any two methods of valuation of
Goodwill. 2
7. What are the sources of Cash Flows as
per AS-3 (Revised)? 3
Or
From the following details, calculate Current Ratio: 3
Sundry
Debtors - 1,00,000/-
Stock
- 8,000/-
Prepaid
Expenses - 6,000/-
Sundry
Creditors - 8,000/-
Bank
Overdraft - 2,000/-
Interest
Payable - 2,000/-
Debentures
- 50,000/-
Buildings
- 1,00,000/-
8. Explain the meaning of financial
statements. 3
Or
What is trend analysis? Mention its usefulness. 1+2=3
9. What is Common Size Statement? What do
they show? 1+2=3
Or
Explain any one Method of Valuation of Goodwill. 3
10. State any three features of Receipts
and Payments Account.
Or
Explain the meaning of Fund-based Accounting. 3
11. Mention any three limitations of
Financial Statements. 1x3=3
12. Guwahati Sports Club has a Cash and
Bank Balances of Rs. 5,000/- and Rs. 10,000/- respectively on 01/04/2015. From
the following details, prepare a Receipts and payments Account for the year
ended 31/03/2016: 5
Entrance fees received - 8,000/-
Donation received - 10,000/-
Donation received for Building - 10,000/-
Computer purchased - 12,000/-
Salary paid - 5,000/-
Repair to building - 6,000/-
Rent received - 5,000/-
Wages paid - 3,000/-
Outstanding salaries - 2,800/-
Depreciation on Furniture -13,000/-
Maintenance Grant received - 8,000/-
Subscription received - 10,000/-
Life Membership Fees received - 10,000/-
Cash in hand on 31/03/16
Or
Mention any five distinctions between Receipts and Payments Account
and Income and Expenditure Account. 5
13. From the following information,
ascertain "Cash Flow from Investing Activities": 5
Land
and Buildings purchased during the year - Rs. 2,00,000/-
Additional
furniture purchased during the year - Rs. 50,000/-
Investments
purchased - Rs. 50,000/-
Investments
sold - Rs. 1,00,000/-
Loss
on Sale of Investments - Rs. 5,000/-
Plant
and Machinery sold during the year - 40,000/-
Dividend
received - 15,000/-
Interest
received - Rs. 20,000/-
Sale
of land - Rs. 3,00,000/-
Profit
on Sale of land - Rs. 1,50,000/-
Or
Explain the meaning of Cash Flow Statement. Mention any three
objectives of Cash Flow Statement. 2+3=5
14. From the following information,
calculate (i) Current Assets (ii) Current Liabilities and (iii) Quick Ratio. 5
Working
Capital = Rs. 40,000/-
Current
Ratio = 2:1
Stock
= Rs. 30,000/-
Or
What
do you mean by Activity Ratios? Explain the method of calculating any one of
Activity Ratios. 2.5+2.5=5
15. The Balance Sheet of Ram, Shyam and
Hari who were sharing profits in proportion to their capital stood as follows
on 31st March, 2016:
Balance Sheet
|
Liabilities |
Amount (Rs.) |
Assets |
Amount (Rs.) |
|
Sundry Creditors Capital Account: Ram: 20,000/- Shyam: 20,000/- Hari:
10,000/- |
10,000 50,000 |
Cash at Bank Sundry Debtors Stock Investments Buildings |
5,000 6,000 9,000 10,000 30,000 |
|
|
60,000 |
|
60,000 |
Shyam retired on the above date on the following terms and
conditions:
(i)
That stock be depreciation by Rs. 1,000/-
(ii)
That Buildings be appreciated by 20%
Pass the necessary journal entries and prepare the opening Balance
Sheet of the new firm. 5
Or
Explain the issue of shares at par, at a discount and at a premium.
5
16. A, B and C were partners in a firm
sharing profits in the ratio of 3:2:1. Their Balance Sheet as on 31/3/2016 was
as follows:
Balance Sheet
|
Liabilities |
Amount (Rs.) |
Assets |
Amount (Rs.) |
|
Creditors Reserves Capital Account: A =
20,000/- B = 10,000/- C =
20,000/- |
4,000 6,000 50,000 |
Buildings Machinery Stock Debtors Cash at Bank |
20,000 16,000 4,000 15,000 5,000 |
|
|
60,000 |
|
60,000 |
A died on 31/09/2016. Under the agreement, the executors of the
deceased partner were entitiled to:
(a)
Amount outstanding to the credit of partner's capital account.
(b)
Interest on capital at 12% per annum.
(c)
Share of goodwill on the basis of four years' purchase of the average profit of
last three years.
(d)
Share of profit from closing of the last financial year to the date of death on
the basis of last year's profit.
(e) Profits for the last three years were:
Year / Profit
2013 - 14 = 8,000/-
2014 - 15 = 12,000/-
2015 - 16 = 7,000/-
Prepare A's capital Account on the date of his death. 5
Or
How would you compute the amount due to a retiring partner or the
executors of a deceased partner? 5
17. Akash and Bikash are partners
sharing profits in the ratio of 3:2. Their Balance Sheet as on 31/03/2016 was
as follows:
Balance Sheet
|
Liabilities |
Amount (Rs.) |
Assets |
Amount (Rs.) |
|
Capital Account: Akash = 12,000/- Bikash =
8,000/- General Reserve Sundry Creditors |
20,000 10,000 10,000 |
Sundry Assets |
40,000 |
|
|
40,000 |
|
40,000 |
The firm is dissolved on the above date. Assets are realised at Rs.
60,000/- Dissolution expenses came to Rs. 2,000/-.
Give journal entries to close the books of firm. 5
Or
Explain any five distinctions between Revaluation Account and
Realisation Account. 5
18. What do you mean by preliminary
expenses? Mention the items which are usually included in the list of
preliminary expenses. 2+3=5
Or
Give the new format of the Balance Sheet of a company (main headings
only) as per the requirements of the revised Schedule-VI of the Companies Act.
5
19. Following is the Trial Balance of
ANIMA and PRATIMA as on 31st March, 2016:
Trial Balance
|
Particulars |
Amount (Rs.) |
Particulars |
Amount (Rs.) |
|
Machinery General Expenses Furniture Salaries Cash in hand Investments Cash at Bank Bad debt Sundry Debtors Buildings Publicity |
50,000 5,000 10,000 20,000 5,000 12,000 8,000 2,000 40,000 50,000 8,000 |
Capital: ANIMA - 60,000 PRATIMA -
40,000 Trading Account Gross Profit Sundry Creditors Commission |
1,00,000 90,000 10,000 10,000 |
|
|
2,10,000 |
|
2,10,000 |
Prepare the Profit & Loss Account and the Profit & Loss
Appropriation Account of the firm for the year ended 31st March, 2016 and a Balance
Sheet as on that date after taking into consideration the following additional
information: 8
(i) Depreciate Machinery @ 10% p.a.
(ii) Partners will get interest on capital @ 10% p.a.
20. NE Traders Ltd. issued 5,000 shares
of Rs. 20/- each at par payable as follows:
5/-
On Application
5/-
On Allotment
5/-
On First Call
5/-
On Second and Final Call.
All the shares were duly subscribed for, Called up and Paid up. Show
the necessary entries in Cash Book and Journal of the company for the above
transactions. 5
Or
Write short notes on: 2x4=8
(a)
Minimum Subscription
(b)
Authorized Share Capital
(c)
Reserve Capital
(d)
Preference Share
21. Give journal entries in respect of
the following: 8
(i) Debentures issued at par, redeemable at a premium.
(ii) Debentures issued at a premium, redeemable at par
(iii) Debentures issued at a discount, redeemable at par
(iv) Debentures issued at a discount, redeemable at premium.
Or
Explain the different methods of redemption of debentures. 8
22. Ram and Shyam are partners in a firm
sharing profits and losses in the ratio of 3:1. Their Balance Sheet as on 1st
April, 2016 was as under:
Balance Sheet
|
Liabilities |
Amount (Rs.) |
Assets |
Amount (Rs.) |
|
Sundry Creditors Reserve Capital Account: Akash = 12,000/- Bikash =
8,000/- |
12,000 9,000 54,000 |
Cash at Bank Goodwill Sundry Assets |
6,000 12,000 57,000 |
|
|
75,000 |
|
75,000 |
On that date, Barun was admitted as a new partner. He paid Rs.
30,000/- towards his capital, but was unable to bring his share of Goodwill of
Rs. 6,000/- in cash. The new profit-sharing ratio was agreed to be 3:2:2.
Pass journal entries in the books of the firm and show the Balance
Sheet of the new firm. 8
Or
What do you mean by debenture? Explain any six points of
distinctions between shares and debentures. 2+6=8
***
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