ASSEB| CLASS 12| ACCOUNTANCY| SOLVED 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 = Gaining Ratio.
(ii) Closing
Stock is valued at cost or market price whichever is lower.
(iii) Income statement is also known as Profit and
Loss Account.
(iv) Goodwill is the extra earning capacity of a
partnership firm.
(v) Balance
Sheet shows financial position of an
enterprise.
(b) State
whether the following statements are ‘True’ or ‘False’: 1x2=2
(i) Company
is an artificial person. True
(ii)
Debt-Equity ratio is a kind of liquidity ratios. False
(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
Ans:- Two types of shares that a company can issue are:-
(i) Equity
shares
(ii) Preference
shares
3. Mention any two items which are recorded on the debit
side of Profit and Loss Appropriation Account. 2
Ans:- Two items that are recorded on the debit side of
the profit and loss appropriation account are:-
(i) Interest on
capital
(ii) Salary or
commission to partners
4. Which is Partner’s Current Account? 2
Ans:- A partner's current account is an account
maintained for each partner when the partnership uses the permanent capital
method; it records periodical transactions such as withdrawals, share of
profit, interest on capital, etc. separately from their permanent capital
account.
Or
What is meant
by guarantee of profit to a partner?
Ans:- It
means that a partner is guaranteed a minimum profit by the other partners or
the firm, no matter how less the actual profit is. If there is any shortfall,
the difference is borne by the partners giving the guarantee.
5. What is paid-up capital of a company? 2
Ans:- Paid-up capital is that part of the subscribed
share capital for which payment has been received from shareholders. It
represents the actual amount paid by shareholders to the company for their
shares.
Or
What is meant
by computerised accounting system?
Ans:- A
computerised accounting system is a system that uses computers and accounting
software to record, process and store accounting data, thereby automating many
of the functions of traditional manual accounting.
6. Give two limitations of financial statement analysis.
2
Ans:- Two limitations of financial statement analysis
are:-
(i) It ignores
qualitative factors (such as management quality, brand value).
(ii) It is based
on historical data, so may not represent current or future conditions.
Or
What is data
verification?
Ans:-
Data validation refers to checking and confirming that the data entered into
the system is accurate, consistent and error-free.
7. Write two features of cash flow statement. 2
Ans:- Two characteristics of cash flow statement are:-
(i) It shows the
sources and uses of cash during a specific period.
(ii) Classifies
cash flows into operating, investing and financing activities.
Or
Write two
uses of electronic spreadsheet.
Ans:- Two
uses of electronic spreadsheets are:-
(i) Automatic
calculation of complex formulas and totals.
(ii) Preparation
and analysis of financial statements, charts and graphs.
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
Ans:- Sacrificing ratio (A, B and C, with new partner D
having 1/6 share):
Old ratio of A :
B : C = 2 : 2 : 1
D is admitted
for 1/6 share.
Sacrificing
ratio is calculated as old ratio – new ratio for each partner.
If C retains his
share (1/5), A and B sacrifice their shares equally.
Thus, sacrificing
ratio of A and B = 2 : 2 (or simplified, 1 : 1).
Or
Explain the
super profit method of valuation of goodwill.
Ans:- Super
Profit Method of Valuation of Goodwill:-
Super Profit
Method determines goodwill as the product of "super profit" and number
of years’ purchase.
Super Profit:
The excess of average (actual) profit over normal profit.
Normal Profit
= Capital Employed × (Normal Rate of Return ÷ 100)
Super Profit
= Average Estimated Profit – Normal Profit
Goodwill =
Super Profit × Number of years of purchase.
9. Write three uses of financial statement analysis. 3
Ans:- Three uses of financial statement analysis are:-
(i) Assessment
of the financial position of a business (e.g., solvency, liquidity,
profitability).
(ii) Decision
making aid for managers, investors and creditors.
(iii)
Identification of trends and variances for future planning and corrective
actions.
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.
Ans:- Value
of current assets (Seru Ltd, liquid ratio 2:1):-
Liquid ratio =
Liquid assets/ Current liabilities = 2
Liquid assets do
not include inventory or pre-paid expenses.
Let total current
assets = X
Given:
=> Inventory =
₹50,000
=> Prepaid
Expenses = ₹10,000
=> Current
Liabilities = ₹2,00,000
=> Liquid
Assets = Current Assets – Inventory – Prepaid
Hence: X −
50,000 − 10,000/ 2,00,000 = 2
=> X−60,000=4,00,000
=> X=4,00,000+60,000=₹4,60,000
The value of
current assets is ₹4,60,000.
Or
Mention the
steps for creating graphs using Excel.
Ans:- Steps
to create a graph using Excel are:-
(i) Select the
data to be graphed.
(ii) Click the
"Insert" tab.
(iii) Select
the type of chart (e.g., column, line, pie).
(iv) Customize
chart elements such as title, labels, legend as needed.
(v) Format the
chart for better presentation.
(vi)
Save/export the chart if desired.
10. What is buyback of shares? 3
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