Ahsec Class 12 Accountancy Solved Question Paper - 2026| ASSEB BOARD
2026
ACCOUNTANCY
Full Marks: 80
Pass Marks: 24
Time: 3 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) Current ratio is a kind of liquidity ratio.
(ii) The goodwill that is attached to
the owner of the business is called personal
goodwill.
(iii) The premium for goodwill
brought in by the new partner is shared by existing partners in sacrificing ratio.
(iv) Balance
sheet is also known as position statement.
(v) Debenture holders are the creditors of the company.
(b) State whether the following
statements are True' or False': 1×2=2
(i) Closing stock is valued at cost
price or market price whichever is lower. True
(ii) Equity shareholders get return
on their capital in the form of interest. False
(c) Choose the correct alternative:
1×2=2
(i) The maximum amount of share
capital that can be offered by a company to public is called
(1) authorized capital
(2) issued capital
(3) subscribed capital
(4) paid-up capital
Ans:- (1)
authorized capital
(ii) Working Capital is equal to
(1) Current Assets
(2) Current Liabilities
(3) Current Assets - Current
Liabilities
(4) None of the above
Ans:- (3)
Current Assets - Current Liabilities
2. What
is partnership deed? 2
Ans:- A partnership deed is a written
legal document signed by all partners. It outlines the terms and conditions of
the partnership, such as the profit-sharing ratio, capital contribution,
interest on capital, and the rights and duties of each partner.
3. Write
two differences between equity shares and preference shares. 2
Ans:-
Difference between equity shares and preference shares:-
(i) Rate of dividend: The dividend rate on equity shares
fluctuates based on profits, whereas the dividend rate on preference shares is
fixed, and they receive dividends before equity shareholders.
(ii) Voting rights: Equity shareholders possess voting
rights and participate in the company's management, whereas preference
shareholders generally do not have voting rights, except in specific
circumstances that affect their interests.
4. State
two situations when a partnership firm is dissolved. 2
Ans:-
Circumstances under which a partnership firm is dissolved:-
(i) By the mutual consent of all
partners.
(ii) Compulsory dissolution, such as
when all partners—or all but one—become insolvent, or when the business becomes
illegal.
OR
What is the difference between
dissolution of partnership and dissolution of partnership firm? 2
Ans:- Difference between the
dissolution of partnership and the dissolution of a partnership firm:-
(i) Dissolution of partnership: This involves only the
reconstitution of the firm (due to the admission, retirement, or death of a
partner), and business operations continue.
(ii) Dissolution of a partnership
firm: This involves
the complete closure of the business; assets are sold, liabilities are settled,
and the business relationship among all partners comes to an end.
5. What
is meant by calls-in-arrears? 2
Ans:- Calls-in-arrears' refers to the
portion of called-up share capital that shareholders have failed to pay by the
due date following a call.
OR
State two features of computerized
accounting system. 2
Ans:- Features of a Computerized
Accounting System:
(i) Speed and Accuracy: It processes large volumes of
financial transactions rapidly and minimizes human errors.
(ii) Automatic Report Generation: It instantly generates reports such
as ledger accounts, trial balances, and final accounts as soon as data is
entered.
6. What
do you mean by buy-back of shares? 2
Ans:- This is a corporate process in which
a company repurchases its own shares from existing shareholders. Companies
typically do this using free reserves, the securities premium account, or
proceeds from the issuance of new shares, with the aim of reducing outstanding
share capital or increasing earnings per share (EPS).
OR
What is an Accounting Information
System? 2
Ans:- This is a systematic method or
system used by a business to collect, store, process, and report financial and
accounting data, enabling managers, regulators, and other stakeholders to use
this information for decision-making.
7. Write
the meaning of 'cash flow from financing activities'. 2
Ans:- This refers to the inflow and
outflow of cash resulting from transactions that affect an enterprise's capital
and borrowings—such as issuing equity shares, obtaining or repaying long-term
loans, and paying dividends or interest.
OR
What is an electronic spreadsheet? 2
Ans:- This is a computer application
program (such as Microsoft Excel or Google Sheets) organized as a grid of rows
and columns. It is used to store, calculate, sort, and analyze numerical data
and financial information.
8. Akash
and Bikash are partners in a firm sharing profits and losses equally. They
admit Prakash as a new partner for 1/4th share in the future profits and
losses. Calculate the new profit-sharing ratio. 3
OR
Why is goodwill valued at the time of
admission of a partner? 3
Ans:- Reasons for valuing goodwill at
the time of a partner's admission:-
(i) Compensation for sacrifice: Calculating the premium amount for
goodwill that the new partner must pay to existing partners in exchange for the
sacrifice of their share in future profits.
(ii) Adjustment of capital
contribution:
Ensuring that the new partner brings an appropriate share of capital and
premium, reflecting the firm's true value and earning capacity.
(iii) Reconstitution accounting: Correctly recording, raising, or
adjusting goodwill in the books of accounts in accordance with accounting
standards upon the reconstitution of the firm.
9. Write
any three objectives of financial statement analysis. 3
Ans:-
Objectives of financial statement analysis:-
(i) Assessing profitability: Measuring the business's operational
efficiency and earning capacity over a specific period.
(ii) Evaluating financial position
and solvency:
Determining the enterprise's short-term liquidity and long-term solvency to
meet its liabilities.
(iii) Aiding decision-making: Providing reliable information to
management, investors, and creditors regarding future financial planning,
forecasting, and investment decisions.
OR
Current ratio of a firm is 4:3 and
working capital is ₹60,000. Calculate current assets and current liabilities. 3
OR
Write three differences between data
validation and data verification. 3
Ans:- Data validation and data
verification are two distinct methods used to ensure data accuracy and
reliability (data integrity) in accounting and computerized systems.
The three main differences between
them are as follows:
(i) Definition: Data validation is an automated
check performed by the computer system to ensure that the entered data complies
with predefined rules. Data verification is a process that checks whether the
entered data accurately matches the original document (source document).
(ii) Timing: Data validation occurs automatically
during data entry. Data verification is typically performed after the data has
been entered into the system.
Method: Data validation employs system
checks such as range checks, format checks, or limit checks. Data verification
utilizes manual methods, such as double-entry (typing the data twice) or
cross-checking against original documents.
10. Ganga
Ltd. purchased assets from Yamuna Ltd. for ₹6,60,000. The purchase
consideration was discharged by issue of equity shares of 10 each at a premium
of 10%. Journalize the above transactions in the books of Ganga Ltd. 3
OR
Write the meaning of issue of
debentures as collateral security. 3
Ans:- This means a company issues its
debentures to a lender (such as a bank or financial institution) as secondary
or additional security against a loan. If the company fails to repay the
principal loan amount or the interest, the lender can recover the outstanding
amount from the debentures. Interest does not accrue on these debentures unless
the loan cannot be fully recovered from the primary security.
OR
Write three limitations of
computerized accounting system. 3
Ans:- Limitations of computerized
accounting systems:-
(i) Risk of data loss: Without regular backups, financial
data can be permanently lost or corrupted due to hardware crashes, software
failures, or virus attacks.
(ii) Security vulnerabilities: Network-connected systems are
susceptible to hacking, cyber threats, and unauthorized access; therefore, they
require robust password protection and security protocols.
(iii) High initial and maintenance
costs: Significant
expenses can be incurred on hardware, software licenses, system upgrades, and
staff training, making it costly for small businesses.
11.
Distinguish between Profit & Loss Account and Profit & Loss
Appropriation Account. 3
OR
Distinguish between sacrificing ratio
and gaining ratio. 3
12.
Prepare a Comparative Income Statement of Jorhat Ltd. from the following
particulars: 6
(Buy E-Books to read complete solutions)
DOWNLOAD [PAGE LINK:-CLICK HERE]
ACCOUNTANCY SOLVED PAPERS PAGE LINK - Click here
BUY E-BOOK (PDF FILE)
[TO SEE FULL SOLUTION]
(Chapter wise Notes, Exam Question Papers solved, MCQ solved) [ARTS, COMMERCE, SCIENCE]
|
DOWNLOAD PAGE LINK:-CLICK HERE |
AHSEC PAGE LINK - CLICK HERE