AHSEC| CLASS 12| ACCOUNTANCY| QUESTION PAPER - 2015| H.S. 2ND YEAR
2015
ACCOUNTANCY
Full Marks: 100
Pass Marks: 30
Time: Three hours
The figures in the margin indicate full marks for the questions.
1. (a) Fill in the blanks with appropriate word: 1x4=4
(i) If a partner
takes over a liability of firms, the partner’s capital account is _______.
(ii) A partner
acts as an ________for the firm.
(iii) When Partners’
Capital Account are fixed, then their ________ Accounts are prepared.
(iv) ________is
the extra earning capacity of a firm.
(b) Choose
the correct alternative: 1x2=2
(i) In the
event of death of a partner, the amount of general reserve is transferred to
the Partners’ Capital account in:
(1) New Profit-sharing
ratio
(2) Old Profit-sharing
ratio
(3) Capital
ratio
(4) None of the
above
(ii) Balance
Sheet shows:
(1) Financial Position
of a Company
(2) Profit or
Loss of a Company
(3) Cash flow of
a Company
(4) None of the
above
(c) State
whether the following statements are true or false: 1x2=2
(i) The deceased
partner’s executor is entitled to a share of Profit for the period upto his/
her death.
(ii) A Preference
shareholder gets interest at a fixed rate.
2. State any two features of a Not-for-Profit organization.
2
3. A, B and C are partners sharing profits in the ratio of
2:2:1. C retires. A and B 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. Mention any two methods of valuation of goodwill. 2
6. X Ltd. decided to forfeit 1,000 shares of Rs. 10/- each
for non-payment of allotment money for Rs. 4/- each and 1st and
final call money of Rs. 3/- each. Give journal entry for the forfeiture of
shares. 2
7. X, Y and Z are partners sharing profits in the ratio of
3:2:1. It is now agreed that they will share the future profit equally. Goodwill
of the firm is valued at Rs. 60,000/- and the same does not appear in the
books. Pass necessary journal entries. 3
8. Briefly explain any three objectives of analysis of
financial statements.
Or
From the following
calculate Current Ratio: 3
Sundry Debtors –
Rs. 50,000/-
Stock – Rs.
40,000/-
Prepaid Expenses
– Rs. 2,000/-
Sundry Creditors
– Rs. 38,000/-
Bank Overdraft –
Rs. 10,000/-
Dividend
payable – Rs. 10,000/-
10% Debenture –
Rs. 40,000/-
Machinery – Rs.
50,000/-
9. What do you mean by Forfeiture of Shares? Discuss the
procedure of forfeiture of shares. 3
10. What is meant by Common Size Statements? Mention any two
uses of Common Size Statements. 3
Or
Give any three
distinctions between sacrificing ratio and gaining ratio. 3
11. Mention any three objectives of Receipts and Payment Account.
3
12. Give the new format of the Balance Sheet of a Company
(main heading only) as per the requirement of schedule VI of the Companies Act,
1956.
Or
Distinguish
between a Company’s Balance Sheet and a Balance Sheet of a Partnership Firm. 5
13. Assam Cricket Club has a Cash and Bank Balances of
Rs. 1,600/- and Rs. 20,000/- respectively on 01-04-2013. From the following
details, prepare a Receipts and Payments Account for the year ended 31-03-2014: 5
Donation
received – Rs. 18,000/-
Entrance fee
received – Rs. 6,000/-
Donation
received for Building – Rs. 90,000/-
Furniture
purchased – Rs. 18,000/-
Salary paid in
advance – Rs. 2,000/-
Repair to
Building – Rs. 1,500/-
Wages paid –
Rs. 6,000/-
Outstanding
Salaries – Rs. 1,500/-
Depreciation on
furniture – Rs. 2,000/-
Maintenance
Grant – Rs. 900/-
Subscription received:
For 2012-13 –
Rs. 8,000/-
For 2013-14 –
Rs. 25,000/-
For 2014-15 –
Rs. 1,000/-
Life Membership Fees
– Rs. 4,000/-
Balance of Bank
on 31-03-14 – Rs. 1,35,000/-
14. X Ltd made a profit of Rs. 5,00,000/- after
considering the following items:
Goodwill written
off – Rs. 5,000/-
Depreciation on
Fixed Assets – Rs. 50,000/-
Loss on Sale of
Machinery – Rs. 20,000/-
Provision for
doubtful debt – Rs. 10,000/-
Gain on Sale of
Land – Rs. 7,500/-
Additional information:
|
Particulars |
31-3-2014 |
31-3-2013 |
|
Bills Receivable Prepaid Expenses Bills Payable Expenses Payable |
78,000 3,000 51,000 20,000 |
52,000 2,000 40,000 34,000 |
Calculate
Cash from Operating Activities for the year ended 31st March, 2014.
5
Or
What is Cash
Flow statement? Briefly explain any four objectives of preparing a Cash Flow
statement. 1+4=5
15. From the given information, calculate the stock Turnover
Ratio: 5
Sales – Rs. 4,00,000/-
Gross Profit
Ratio – 25%
Opening Stock
was 1/3rd of the value of the Closing Stock.
Closing Stock
was 30% of Sales.
Or
How are the
accounts settled between partners on the dissolution of a Partnership Firm? 5
16. The Balance Sheet of A, B and C who were sharing
profits in proportion to their capitals stood as follows on 31st
March, 2014:
Balance Sheet
|
Liabilities |
Amount |
Assets |
Amount |
|
Sundry Creditors Capital
Accounts: A = 18,000/- B = 13,500/- C = 9,000/- |
14,400/- 40,500/- |
Cash at Bank Sundry Debtors Stock Investments Land of
Building |
5,500/- 4,900/- 8,000/- 11,500/- 25,000/- |
|
|
54,900/- |
|
54,900/- |
B retired on the
above date on the following term and conditions:
(i) That stock be
depreciated by 6%
(ii) That a
provision for Doubtful Debt be created @ 5% on Debtors.
(iii) That Land
and Buildings be appreciated by 20%.
(iv) That the
Goodwill of the entire firm be fixed at Rs. 10,800/- and B’s share goodwill be
adjusted into the accounts of A and C who are going to share future profits in
the ratio of 5:3. (No Goodwill account is to be raised).
Pass the
necessary journal entries in the books of the firm. 5
Or
Explain the
issue of Shares at par, at a discount and at a premium. 5
17. A, B, and C were partners in a firm sharing profits
in the ratio of 5:3:2. On 31st March, 2013, their Balance Sheet was
a follows:
Balance Sheet
|
Liabilities |
Amount |
Assets |
Amount |
|
Creditors Reserves Capital: A = 30,000/- B = 25,000/- C = 15,000/- |
11,000/- 6,000/- 70,000/- |
Building Machinery Stock Debtors Cash at Bank |
20,000/- 30,000/- 10,000/- 19,000/- 8,000/- |
|
|
87,000/- |
|
87,000/- |
A died on 1st
October, 2013. It was agreed between his executors and the remaining partners
that:
(i) Goodwill to
be valued at 2 ½ years purchase of the average profits of the previous four years
which were:
Year/ Profit
2009 – 2010 – Rs.
13,000/-
2010 – 2011 – Rs.
12,000/-
2011 – 2012 – Rs.
20,000/-
2012 – 2013 – Rs.
15,000/-
(ii) Machinery
and Building be valued at Rs. 28,000/- and Rs. 25,000/- respectively.
(iii) Profit for
the year 2013-14 be taken as having accrued at the same rate as that of the previous
year.
(iv) Interest on
capital be provided at 10% p.a.
(v) The amount
due to A shall be transferred to his Executors’ Loan Account.
Prepare A’s
Capital Account as on the date of his death. 5
18. A and B are partners sharing Profits in the ratio of
3:2. Their Balance Sheet as on 31.03.14 was as follows:
Balance Sheet
|
Liabilities |
Amount |
Assets |
Amount |
|
Capital: A = 10,000/- B = 2,000/- General Reserves Sundry Creditors |
12,000/- 2,500/- 7,500/- |
Sundry Assets Profit &
Loss A/c |
17,000/- 5,000/- |
|
|
22,000/- |
|
22,000/- |
The firm is
dissolved on the above date. Assets are realised at Rs. 13,500/-. Dissolution
expenses came to Rs. 250/-. Give journal entries to close the books of the
firm. 5
19. Preety and Jyoti are partners in a firm sharing
profits in the ratio of 3:2. The Trial Balance of the firm as on 31-03-2014.
Trial Balance
|
Particulars |
Debit Amount |
Particulars |
Credit Amount |
|
Debtors Furniture Machinery Salaries Insurance
Premium on Machinery Bad debts Cash in hand Rent Bank Charges Carriage Outward Depreciation on
Furniture Drawings: Preety Joyti |
10,000 10,000 31,000 13,200 1,200 200 10,400 6,000 420 1,450 1,000 4,000 2,500 |
Trading A/c Bad debt
recovered Sundry receipts Provision for
bad debts Commission Creditors Rent Payable Bills Payable Capital A/c: Preety Joyti |
41,120 600 1,000 800 250 10,000 200 2,400 20,000 15,000 |
|
|
91,370/- |
|
91,370/- |
Prepare the
Profit and Loss A/c and the Profit and Loss Appropriation A/c of the firm for
the year ended on 31-03-14 and a Balance Sheet as on that date after
considering the following adjustments: 8
(i) Machinery
is to be depreciated by 10%
(ii) Provision
for bed debt is to be increased by Rs. 200/-
(iii) Preety
was to receive, salary @ Rs. 300/- per month.
(iv) Interest
on Capital is allowed @ 5% p.a.
Or
Distinguish
between dissolution of Partnership and dissolution of Partnership firm.
20. X Ltd. issued 2,000 shares of Rs. 100/- each at a
premium of Rs. 20 payable as follows:
Rs. 30/- on
Application
Rs. 50/- on
Allotment (including securities premium Rs. 20/-)
Rs. 40/- on First
Call & Final Call.
All the shares ware
duly subscribed for, called up and paid up, except Miss Nitu who holding 300
shares failed to pay First & Final call money. Show entries in the Cash
Book and Journal of the company for the above transaction. 8
21. Give journal entries in respect of the following:
(i) Debentures
issued at par, redeemable at a premium.
(ii) Debenture issued
at a premium, redeemable at par.
(iii) Debentures
issued at a discount, redeemable at par.
(iv) Debenture
issued at a discount, redeemable at premium.
Or
What is meant by
Redemption of Debentures? Discuss briefly any three methods of Redemption of
Debentures. 2+6=8
22. Ram and Shyam are partners sharing profits and losses
in the ratio of 3:1. Their Balance Sheet as on 31-03-2014 is given below:
Balance Sheet
As on 31-03-2014
|
Liabilities |
Amount |
Assets |
Amount |
|
Capital A/c: Ram = 60,000/- Shyam = 40,000/- Reserves Creditors |
100,000/- 20,000/- 80,000/- |
Plant &
Machinery Furniture Stock Debtors Cash at Bank |
50,000/- 10,000/- 70,000/- 15,000/- 55,000/- |
|
|
2,00,000/- |
|
2,00,000/- |
Hari was
admitted as a new partner on the following conditions:
(i) That Hari
will bring Rs. 40,000/- for his capital and Rs. 20,000/- for the premium for
Goodwill.
(ii) That Hari
will get 1/3rd share in future profit.
(iii) That the
value of stock is be reduced by Rs. 7,000/-
(iv) That the
value of Plant and Machinery is to be depreciated by 20%.
(v) Furniture is
to be reduced by 10%
(vi) Bad debts
amounted to Rs. 2,000/- and are to be written off.
(vii) There was
an unrecorded computer valued at Rs. 10,000/- and the same is to be brought into
books now.
Prepare a Prevaluation Account, Partner’s Capital Account
and the re-constituted Balance Sheet after Hari’s admission. 3+2+3=8
Or
Who are the
users of financial statement? Explain the information they require from
financial statements. 3+5=8
***
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