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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