Accountancy (2016) | Class 12 (Second Year) | AHSEC | Assam Higher Secondary – Previous Year Question Paper

Accountancy (2016) | Class 12 (Second Year) | AHSEC | Assam Higher Secondary – Previous Year Question Paper

2016
Full Marks: 100
Time: Three Hours

The figures in the margin indicate full marks for the questions.

1. (a) Fill in the blanks with appropriate word: 1×4=4
a) In the absence of Partnership Deed, a Partner who advances money to the firm beyond the amount of his / her capital is entitled to get interest thereon at the rate of _____ % per annum as per Partnership Act, 1932.
b) The members of a Partnership business are collectively known as _____.
c) The amount due to the retiring partner is transferred to his / her _____ Account in case it is not paid immediately.
d) In case of fixed capital, a partner’s Capital Account always shows a _____ balance.
(b) Choose the correct alternative: 1×2=2
i. Financial Statements of a company include:
1) Balance Sheet.
2) Profit and Loss Account.
3) Cash flow Statement.
4) All of the above.
ii. Profit and Loss Account is also known as _____ statement.
(c) State whether the following statements are true or false: 1×2=2

a) Interest on Partner’s capital is debited to Partner’s Capital Account.
b) Debenture holders are creditors of the company.

  1. State the meaning of Not-for-Profit organization.                        2
  2. A and B are partners sharing profits in the ratio 3: 2. C is admitted as a new partner for 1/5thshare in the future profits. Calculate the new profit sharing ratio.                                    2
  3. Mention any two distinctions between shares and debentures.           2
  4. A Ltd. forfeited 500 shares of Rs. 10/- each, Rs. 8/- paid, for non-payment of final call of Rs. 2/- each. Give Journal entry of forfeiture of share.                    2
  5. A and B are partners in a firm sharing profits in the ratio of 3: 2. Their capitals as on April, 1, 2014 were Rs. 2, 00,000/- and Rs. 1, 80,000/- respectively. On October 1, 2014, A introduced an additional capital of Rs. 50,000 and on January, 1, 2015, B introduced Rs. 70,000/-. Interest on capital is allowed at 10% p.a. Calculate interest on capital for both the partners for the year ending March, 31, 2015.                                      2
  6. Explain any three objectives of preparing a Cash Flow statement. ¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬† 1×3=3

Or

From the following details, calculate Current Ratio and Liquid Ratio:                                         3

Machinery

8% Debenture

Bank Overdraft

Sundry Creditors

Prepaid Expenses

Stock

Sundry Debtors

1,00,000/-

80,000/-

20,000/-

76,000/-

4,000/-

80,000/-

1,00,000/-

  1. Mention any three items that can be shown under the heading ‚ÄúReserves & Surplus‚ÄĚ in a company‚Äôs Balance Sheet. 1×3=3

Or

Give three objectives of financial statement analysis.¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬† 1×3=3

  1. What is meant by Comparative Statements? What do they show?                       1+2=3

Or

Explain the Capitalization method of valuation of Goodwill.

  1. Mention any three distinctions between Fund-based Accounting and Non-fund based Accounting. ¬†¬†1×3=3

Or

Mention three features of a non-trading organization.

  1. Mention any three limitations of Financial Statements. ¬†¬†¬†¬†¬†¬†¬†¬†¬† 1×3=3
  2. From the following Receipts and Payments Account for the year ended 31stDecember, 2015 and other details of the Sankardev Club, prepare an Income and Expenditure Account for the year ended 31stDecember, 2015:      5
ReceiptsRs.PaymentsRs.
Cash in hand on 1.1.15

Subscriptions:

2014=900

2015=20,000

2016=2,000

Sale of Newspapers

Life Membership Fees

Donation

Donation for Buildings

Interest

Maintenance Grant

12,000

22,900

100

5,000

6,000

8,000

200

3,000

Salaries

Honorarium

Travelling Expenses

Sport Expenses

Investments

Construction of Buildings

Rent

Scholarship

Cash in hand on 31-12-15

14,000

3,000

2,000

5,000

10,000

7,000

2,000

1,000

13,200

57,20057,200

Additional Information:

a)      Outstanding Subscription Rs. 2,500/-

b)      Outstanding Salaries Rs. 1,000/-

c)       Subscription for 2015 Rs. 400/- received in 2014.

Or

Mention any five distinctions between Receipts and Payments Account and Income and Expenditure Account.                 5

  1. From the following details, calculate cash from Investing and Financing Activities:                      5
Particulars1-4-201431-3-2015
Machinery at Cost

Accumulated Depreciation

Capital

Bank Loan

60,000

15,000

45,000

15,000

75,000

18,000

52,500

During the year, machinery costing Rs. 15,000/- was sold at a loss of Rs. 3,000. Depreciation on machinery charges during the year amounted to Rs. 9,000.

Or

Explain any five advantages of Cash Flow Statement. ¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬† 1×5=5

  1. From the following details, calculate Gross Profit and Sales: ¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬† 2 ¬Ĺ x2=5

Average Stock = 60,000/-

Stock Turnover Ratio = 6 times.

Selling Price is 20% above cost.

Or

Name any five ratios used for analyzing the liquidity position of a Firm.¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬† 1×5=5

  1. Partha, Pranoy and Prasanna are partners sharing profits and losses in the ratio of 3: 2: 1. On 31stMarch, 2015, their Balance Sheet stood as follows:

Balance Sheet

LiabilitiesRs.AssetsRs.
Capitals :

Partha :         80,000/-

Pranoy :        60,000/-

Prasanna :    50,000/-

General Reserve

Sundry Creditors

1,90,000

24,000

48,000

Buildings

Plant & Machinery

Inventory

Debtors

Bank

90,000

86,000

50,000

31,000

5,000

2,62,0002,62,000

Pranoy retires on that date under the following terms:

a)      The Goodwill of the firm is valued at Rs. 36,000/-

b)      Plant & Machinery is to be depreciated by 10%.

c)       Inventory and Buildings are to be appreciated by 20% and 10% respectively.

Give necessary Journal entries in the books of the firm.                                                                                5

Or

Explain the procedure of forfeiture of shares.                    5

  1. Anupam, Binoy and Chandan were partners in a firm sharing profits in the ratio of 2: 3: 5. On 31stMarch, 2014, their Balance Sheet was as follows:

Balance Sheet

Liabilities(Rs.)Assets(Rs.)
Capitals :

Anupam   =      60,000/-

Binoy        =      50,000/-

Chandan  =     30,000/-

Reserve

Creditors

Bills Payable

1,40,000

12,000

20,000

2,000

Cash at Bank

Debtors

Bills Receivable

Stock

Furniture

Machinery

16,000

30,000

8,000

20,000

60,000

40,000

TOTAL1,74,000TOTAL1,74,000

Anupam died on 1st October, 2014. It was agreed between his executors and the remaining partners that:

  1. a)      Goodwill will be valued at 3 years purchase of the average profits of the last four years which were :
YearProfit
2010-11

2011-12

2012-13

2013-14

30,000/-

40,000/-

40,000/-

40,000/-

b)      Machinery and Furniture be valued at Rs. 36,000/- and Rs. 56,000/- respectively.

c)       Profit for the year 2014-15 be taken as having accrued at the same rate as that of the previous year.

d)      Interest on capital be provided at 10% p.a.

e)      The amount due to Anupam shall be transferred to his Executor’s Loan Account.

Prepare Anupam’s Capital Account as on the date of his death.                                                                                 5

Or

What are the causes of retirement of a Partner from a Partnership firm (any five causes)¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬† 1×5=5

  1. R, M and H were in partnership sharing profits and losses in the ratio of 8: 5: 3 respectively. The firm’s balance sheet as on 31stMarch, 2015 was as under:

Balance Sheet

Liabilities(Rs.)Assets(Rs.)
Capitals :

R          =      5,000/-

M         =     2,000/-

H          =     1,000/-

Sundry Creditors

Bank Loan

8,000

2,953

5,500

Current Account :

R        =       2,195/-

M       =       1,733/-

H        =       1,520/-

Machinery

Stock

Sundry Debtors

Cash

5,448

1,050

6,059

3,572

324

TOTAL16,453TOTAL16,453

It was resolved to dissolve the partnership as on that date. The assets were realised as follows:

Machinery

Stock

Sundry Debtors

600/-

5,230/-

3,555/-

Prepare Realisation Account.                                                                                                                                                                      5

Or

What do you mean by dissolution of a Partnership? State three grounds for dissolution of Partnership.       2+3=5

  1. Give the new format of the Balance Sheet of a Company (main headings only) as per the requirements of revised Schedule ‚Äď VI of the Companies Act, 1956.¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬† 5

Or

How would you compute the amount due to a deceased Partner’s Executor?                     5

  1. Following is the Trial Balance of SUDIP AND PRADIP as on 31stMarch, 2015:                                                   8
Particulars(Rs.)Particulars(Rs.)
Plant & Machinery

Publicity

Freight on sales

Buildings

Goodwill

Sundry Debtors

Bad debt

Cash at Bank

Investments

Cash in hand

Salaries

Stock

General Expenses

Drawings:

Sudip    = 5,000

Pradip  = 3,000

35,000

5,000

2,140

69,000

15,000

48,200

1,400

5,620

10,000

170

28,850

10,000

5,500

8,000

Capital Accounts :

Sudip    =  50,000

Pradip  =  30,000

Trading Account

— Gross Profit

Creditors

Bank Loan

Commission

Outstanding Freight

Provision for doubtful debt

Bills Payable

80,000

85,700

44,560

21,000

4,420

200

1,000

7,000

TOTAL2,43,880TOTAL2,43,880

Prepare the Profit & Loss Account and the Profit & Loss Appropriation Account of the firm for the year ended 31st March, 2015 and a Balance Sheet as on that date after taking into consideration the following additional information:

a)      Depreciation Plant & Machinery @ 10% p.a.

b)      Prepaid Publicity Rs. 500/-

c)       Outstanding Salaries Rs. 1,150/-

d)      Provide for doubtful debt @ 5% on Sundry Debtors.

e)      Partners will get interest on capital @ 5% p.a.

20. Assam Tea Ltd. has an authorized capital of Rs. 10, 00,000/- divided into Rs. 1, 00,000 equity shares of Rs. 10/- each. The directors decided to issue 50,000 shares to the public at a premium of 10% payable as follows:

On Application Rs. 3/-

On Allotment (including premium) Rs. 5/-

And the balance on 1st and final call.

The company received applications for 60,000 shares. The directors decided to reject the excess applications and the money thereon was refunded. All the shares were duly subscribed for, called up and paid up. Give Journal entries and prepare a Cash Book in the books of the Company.                                                                         8

Or

Write short notes on:¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬† 2×4=8

a)      Call in Arrear.

b)      Calls in Advance.

c)       Preference Share.

d)      Right Share.

21. Tata Motors Ltd. invited applications for the issue of 3,000, 10% debentures of Rs. 100/- each at a discount of 10% payable Rs. 30/- on application, Rs. 30/- on allotment (after deducting discount) and the balance on first and final call. All the debentures were subscribed and the debenture money was duly called and paid up. Give Journal entries and show how Debentures Account will be shown in the Balance Sheet of the Company.     8

Or

Give the accounting entries for issue of debentures under different situations with imaginary figures. (Any four situations)¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬† 2×4=8

  1. A and B are two partners sharing profits and losses in the ratio of 3: 2. Their Balance Sheet as on 31stMarch, 2015 was as follows:

Balance Sheet

Liabilities(Rs.)Assets(Rs.)
Capital :

A = 30,000

B = 25,000

General Reserve

Sundry Creditors

55,000

5,000

15,000

Land & Buildings

Plant & Machinery

Furniture

Stock

Debtors

Cash in Hand

30,000

20,000

10,000

5,000

8,000

2,000

TOTAL75,000TOTAL75,000

On 01-4-2015, C was admitted as a new partner for 1/4th share in the future profits on the following conditions:

a)      C will bring Rs. 20,000/- as Capital and Rs. 6,000/- as premium for goodwill.

b)      The Land & Buildings will be revalued at Rs. 35,000/-

c)       Plant & Machinery and Furniture will be depreciated by 5% and 10% respectively.

d)      Stock will be reduced by Rs. 2,000/-

Give Journal entries and prepare the Balance Sheet of the firm after C’s admission.                                         6+2=8

Or

Give the Accounting entries relating to forfeiture and re-issue of shares with imaginary figures.                                8

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