ASSEB| CLASS 12| ACCOUNTANCY| QUESTION PAPER - 2025| H.S. 2ND YEAR
2025
ACCOUNTANCY
(For New Course Students)
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) New Ratio –
Old Ratio = __________.
(ii) Closing
Stock is valued at cost or market price whichever is ________.
(iii) _________statement
is also known as Profit and Loss Account.
(iv) ________is
the extra earning capacity of a partnership firm.
(v) Balance Sheet
shows financial ________of an enterprise.
(b) State
whether the following statements are ‘True’ or ‘False’: 1x2=2
(i) Company is
an artificial person.
(ii) Debt-Equity
ratio is a kind of liquidity ratios.
(c) Choose the
correct alternative: 1x2=2
(i) When a
new partner is admitted, the increase in the value of assets is debited to:
(a) Profit and
Loss Account
(b) Assets Account
(c) Capital
account of old partners
(d) None of
the above
(ii) As per
Companies Act, 2013, the maximum rate of interest on calls-in-arrears is:
(a) 11%
(b) 10%
(c) 6%
(d) 12%
2. Name two types of shares which a company can issue. 2
3. Mention any two items which are recorded on the debit
side of Profit and Loss Appropriation Account. 2
4. Which is Partner’s Current Account? 2
Or
What is meant by
guarantee of profit to a partner?
5. What is paid-up capital of a company? 2
Or
What is meant by
computerised accounting system?
6. Give two limitations of financial statement analysis. 2
Or
What is data
verification?
7. Write two features of cash flow statement. 2
Or
Write two uses
of electronic spreadsheet.
8. A, B and C are partners sharing profits in the ratio of
2: 2: 1 respectively. They admit D as a new partner for 1/6th share
in the profits. Calculate the sacrificing ratio. 3
Or
Explain the
super profit method of valuation of goodwill.
9. Write three uses of financial statement analysis. 3
Or
Seru Ltd. has a
liquid ratio of 2: 1. The values of inventory, prepaid expenses and current
liabilities are Rs. 50,000, Rs. 10,000 and Rs. 2,00,000 respectively. Find out
the value of current assets.
Or
Mention the
steps for creating graphs using Excel.
10. What is buyback of shares? 3
Or
Give three
examples of cash inflow from operating activities.
Or
Write in brief
about Accounting Information System (AIS).
11. Write three distinctions between Revaluation Account and
Realisation Account. 3
Or
Why a retiring
partner is entitled to a share of goodwill of the firm?
12. Prepare a Comparative Income Statement from the
following particulars of BP Ltd. 6
|
Particulars |
2022 |
2023 |
|
Sales Cost of Goods
Sold Indirect
Expenses Rate of Income
Tax |
4,00,000 60% of Sales 5% of Sales 50% of Net Profit |
6,00,000 60% of Sales 5% of Sales 50% of Net Profit |
Or
Explain the
nature of financial statements.
Or
Discuss the
features of Database Management System.
13. What is meant by debenture? Explain the types of
debentures. 1+5=6
Or
Give journal
entries in the books of MB Ltd. for issue and redemption of debentures under
the following situations: 2x3=6
(a) Rs. 4,50,000,
12% Debentures issued at a discount of 5% and redeemable at a premium of 5%.
(b) 10,000, 15%
Debentures of Rs. 100 each issued at a premium of 10% and redeemable at par.
(c) 2,000, 8% Debentures
of Rs. 100 each issued at a discount of 4% and redeemable at par.
14. Explain how the amount due to a retiring partner is
ascertained. 6
Or
Babatu, Cintu
and Montu were partners in a firm sharing profits and losses in the ratio of
their capitals. Their Balance Sheet on 31-03-2022 was as follow:
Balance Sheet
|
Liabilities |
Amount (Rs.) |
Assets |
Amount (Rs.) |
|
Creditors Reserve Fund Capital: Babatu=
10,000 Cintu= 5,000 Montu= 5,000 |
3,000 3,200 20,000 |
Furniture Stock Debtors Bill
Receivable Cash |
8,000 6,000 6,000 |
|
|
26,200 |
|
26,200 |
Babatu died on
30-06-2022. Under the terms of the partnership deed, the executors of a
deceased partner were entitled to:
(i) Amount
standing to the credit of deceased partner’s capital account.
(ii) Interest on
capital @ 5% p.a.
(iii) Share of
goodwill on the basis of twice the average of past three years’ profits.
(iv) Share of
profit from the closing of the last financial year to the date of death on the
basis of last year’s profits.
Profits for
2019-20, 2020-21 and 2021-22 were Rs. 6,000, Rs. 8,000 and Rs. 7,000
respectively.
Prepare Babatu’s
capital account on the date of his death.
15. What is meant by dissolution of partnership firm by
giving notice? Mention any four situations when a partnership firm may be
dissolved by the court. 2+4=6
Or
Tarun and
Moni are two equal partners of a business. They decided to dissolved their firm
on 31st March 2023. Their Balance Sheet on that date was as under:
Balance Sheet
|
Liabilities |
Amount (Rs.) |
Assets |
Amount (Rs.) |
|
Sundry Creditors Loan from
Manash Capital: Tarun= 30,000 Moni= 20,000 |
20,000 5,000 50,000 |
Cash Debtors Stock Investments Fixed Assets |
2,000 20,000 25,000 5,000 23,000 |
|
|
75,000 |
|
75,000 |
(i) Fixed
assets are realised at Rs. 27,600 and debtors realised at 60% of book value.
(ii)
Investments are taken over by Tarun at book value.
(iii) Sundry
Creditors agreed to accept 15% less.
(iv) Stock are
realised at Rs. 40,000.
(v) Expenses on
realisation are Rs. 500.
(vi) An
unrecorded printer realised Rs. 500
Close the firm’s
books by preparing a Realisation Account, Partner’s Capital Accounts and Cash
Account.
16. Ayushi Ltd. issued 7,000 equity shares of Rs. 10 each
at a premium of Rs. 2 per share payable as follows: 8
On Application –
Rs. 3
On Allotment –
Rs. 5 (including premium)
On First and
Final Call – Rs. 4
Applications
were received for 11,000 shares. The excess money was refunded and the
allotment money was received in full. When the first and final call was made
the amount due was received with the exception of 200 shares. These 200 shares
were forfeited and subsequently reissued as fully paid up for a consideration
of Rs. 6 per share.
Give Journal
entries in the books of the company recording the transactions.
Or
Write short
notes on: (any four) 2x4=8
(a) Under
Subscription
(b) Capital
Reserve
(c) Pro-rata
Allotment
(d) Securities
Premium
(e) Convertible
Debenture
Or
Write the
limitations of computerised Accounting System.
17. Sikha and Sneha are partners in a firm sharing
profits in the ratio of 2:1. On 1st January, 2022, their Balance
Sheet was as under: 8
|
Liabilities |
Amount (Rs.) |
Assets |
Amount (Rs.) |
|
Bills Payable Creditors Outstanding Expenses Capitals: Sikha = 1,80,000 Sneha =
1,50,000 |
10,000 58,000 2,000 3,30,000 |
Cash in hand Cash at bank Debtors Stock Plant Building |
10,000 40,000 60,000 40,000 1,00,000 1,50,000 |
|
|
4,00,000 |
|
4,00,000 |
On the above
data, they admitted Anisha as a new partner on the following terms:
(i) Anisha will
bring Rs. 1,00,000 as her capital and Rs. 60,000 as her share of goodwill for
1/4th share in the profits.
(ii) Plant is to
be appreciated to Rs. 1,20,000 and the value of buildings is to be appreciated
by 10%.
(iii) Stock is to
be valued at Rs. 36,000.
(iv) A provision
for bad and doubtful debts is to be created at 5% of debtors.
(v) Creditors will
increase by Rs. 1,000 as an amount payable to Priyanka for goods purchased on
credit was not taken into account.
Prepare Revaluation
Account, Pass Journal Entries and prepare the Balance Sheet of the new firm.
Or
(i) Distinguish
between Fixed Capital Account and Fluctuating Capital Account. 5
(ii) How the adjustment
of capitals is made at the time of admission of a new partner? 3
18. Following is the Trial Balance of Arnab and Anvi as
on 31st March, 2023: 8
Trial Balance
|
Debit |
Amount (Rs.) |
Credit |
Amount (Rs.) |
|
Machinery Furniture Copyright Building Salary Taxes General Expenses Bills Receivable Debtors Charity Investment Bank Balance Cash in hand Drawings: Arnab Anvi Closing Stock |
3,00,000 8,000 10,000 1,35,000 16,000 800 1,000 1,800 42,800 1,400 30,000 15,000 600 12,000 8,000 20,000 |
Capital: Arnab Anvi Reserve Fund Outstanding Wages Bad Debts
Provision Bills Payable Sundry Creditors Trading
Account: Gross Profit Discount Commission |
2,40,000 1,60,000 19,000 400 1,400 42,400 13,200 1,24,600 1,000 400 |
|
|
6,02,400 |
|
6,02,400 |
Prepare
Profit and Loss Account, Profit and Loss Appropriation Account for the year
ended 31st March, 2023 and a Balance Sheet as on that date after
taking into consideration of the following adjustments:
(i) Partners are
entitled to interest on capital at 5% p.a.
(ii) Transfer 10%
of net profits to Reserve Fund.
(iii) Bad debts
provision has to be increased to 5% on Debtors.
(iv) Interest on
Investment accrued Rs. 500.
(v) Depreciate
Machinery @10%.
***
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