Accountancy (2018) | Class 12 (Second Year) | AHSEC | Assam Higher Secondary – Previous Year Question Paper

Accountancy (2018) | Class 12 (Second Year) | AHSEC | Assam Higher Secondary – Previous Year Question Paper

 2018
ACCOUNTANCY
Full Marks: 100
Pass Marks: 30
Time: Three hours
The figures in the margin indicate full marks for the questions.

1. (a) Fill in the blanks with appropriate word/words: 1×4=4
1) The interest due to the retiring partner is transferred to his _____ account in case it is not paid immediately.
2) A partner acts as _____ of the firm.
3) In case of fixed capital, a partner’s capital account always shows a _____ balance.
4) Unrecorded assets when realised are credited to _____ Account.
(b) Choose the correct alternative: 1×2=2
i. Balance Sheet shows:
1) Financial position of a company.
2) Profit and Loss of a company.
3) Cash flow of a company.
4) All of the above.
ii. Financial statements are:
1) Detailed reports of the recorded facts.
2) Detailed reports of the cash transactions only.
3) Summarised reports of recorded facts.
4) Summarised reports of the financial institutions only.
(c) State whether the following statements are true or false: 1×2=2
1) Interest on Partner’s Capital is credited to Partner’s Drawings Account.
2) Life membership fee is a Revenue receipt.

  1. State any two features of a not-for-profit organisation. 2
  2. What is a Common Size Statement? 2
  3. Mention any two distinctions between shares and debentures. 2
  4. What do you mean by Forfeiture of shares?                                                   2
  5. What do you mean by Comparative statement?                                           2
  6. Explain the meaning of Cash Flow from Financial Activities.    3

Or

From the following information, calculate Stock Turnover Ratio:                                                3

Sales

Average Stock

Gross Loss Ratio

4,00,000/-

55,000

10%

  1. Mention any three objectives of financial statement analysis. 3

Or

Briefly explain the nature of financial statements. 3

  1. Mention any three limitations of financial statements.  3

Or

Explain the meaning of Ratio Analysis.                                                    3

  1. Mention any three distinctions between Fund-based Accounting and Non-Fund-based Accounting.                                 3

Or

What do you mean by Income and Expenditure Account?                            3

  1. Amar and Bahadur are partners of a firm sharing profits in the ratio of 3 : 2. They admit Mery as a new partner for ¼th share in the future profits. The new profit sharing ratio between Amar and Bahadur is agreed to be 2 : 1. Calculate their sacrificing ratio.                                                 3

Or

Ranjana, Sadhana and Kamona are partners sharing profits in the ratio of 4 : 3: 2. Ranjana retires and Sadhana and Kamona agree to share future profits in the ratio of 5 : 3. Calculate the gaining ratio.         3

  1. From the following Receipts and Payments Account for the year ended 31stMarch, 2017 and other details of KAZIRANGA SPORTS CLUB, prepare an Income Expenditure Account for the year ended 31stMarch, 2017.

Receipts and Payments Account

ReceiptsRs.PaymentsRs.
Cash in hand on 01.04.16

Subscriptions:

2015-16:                 1,000

2016-17:               30,000

2017-18:                 2,000

Donation

Interest

Donation for Buildings

Life Membership Fees

10,000

33,000

7,000

3,000

10,000

7,000

Salaries

Honorarium

Sports Expenses

Rent

Travelling Expenses

Purchase of Furniture

Cash in hand on 31.3.17

8,000

5,000

2,000

3,000

2,000

35,000

15,000

70,00070,000

Additional Information:

a) Outstanding Salaries = 2,000/-
b) Prepaid Rent = 1,000/-
Or
Explain the steps in preparation of Income and Expenditure Account. 5
13. Charles Ltd. made a profit of Rs. 1,00,000/- after charging depreciation of Rs. 20,000 on assets and a transfer to general reserve of Rs. 30,000/-. The goodwill written off was Rs. 7,000/- and gain on sale of machinery was Rs. 3,000/-. Other information available to you (change in the value of current assets and current liabilities) are: debtors showed an increase of Rs. 6,000/-; creditors an increase of Rs. 10,000/-; prepaid expenses an increase of Rs. 200/-; bills receivable a decrease of Rs. 3,000/-; bills payable a decrease of Rs. 4,000/- and outstanding expenses a decrease of Rs. 2,000/-. Ascertain cash flow from operating activities.
Or
Explain the terms: 2 ½ + 2 ½
1) Cash equivalents.
2) Cash flows.
14. Mention any five objectives of Ratio Analysis. 5
Or
Calculate current assets of a company from the following information: 5

Stock turnover ratio = 4 times

Stock at the end is Rs. 20,000/- more than the stock at the beginning.

Sales Rs. 3,00,000/- and gross profit ratio is 20% of Sales.

Current liabilities = 40,000/-

Quick ratio = 0.75

  1. Shyam, Gagan and Ram are partners sharing profits in the ratio of 2 : 2 : 1. On 31stMarch, 2017, their Balance Sheet was as follows:

Balance Sheet

Liabilities(Rs.)Assets(Rs.)
Sundry Creditors

Reserve

Capital:

Shyam:                               20,000/-

Gagan:                                10,000/-

Ram:                                    10,000/-

50,000

10,000

40,000

Cash

Debtors

Stock

Machinery

Buildings

5,000

20,000

25,000

20,000

30,000

1,00,0001,00,000

Gagan retired on that date and Shyam and Ram agreed to share future profits in the ratio 5 : 3. Stock, Machinery and Buildings were revalued at Rs. 20,000/-, Rs. 15,000/- and Rs. 45,000/- respectively. Prepare Revaluation Account and Partner’s Capital Account.                                                            2 ½ + 2 ½=5

Or

Prepare the new format of the Balance Sheet of a company with the major headings only.                          5

  1. Mohit, Shohan and Rahul were partners sharing profits in the ratio of 2 : 2 : 1. Their Balance Sheet as on 31stMarch, 2017 was as follows:

Balance Sheet

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

Mohit:                               30,000/-

Shohan:                             20,000/-

Rahul:                                 20,000/-

General Reserve

Creditors

70,000

5,000

25,000

Fixed Assets

Stock

Sundry Debtors

Cash at Bank

60,000

10,000

20,000

10,000

1,00,0001,00,000

Shohan died on June 30, 2017. It was agreed between the remaining partners and his executors that:

1) Goodwill will be valued at Rs. 50,000.
2) Interest on capital be provided at 10% p.a.
3) Profit for the year 2017-18 be taken as having accrued at the same rate as that of the previous year which was Rs. 40,000/-
4) The amount due to Sohan shall be transferred to his Executor’s Loan Account.
Prepare Shohan Capital Account as on the date of his death. 5
Or
What is Partnership Deed? Mention any three distinctions between Fixed and Fluctuating Capital Accounts of a partners. 2+3=5
17. SONU and ASHU were partners sharing profits in the ratio of 3 : 1. Their Balance Sheet as on 31st March, 2017 was as follows:
Balance Sheet

Liabilities(Rs.)Assets(Rs.)
Creditors

Loan

Capital:

SONU:                            50,000/-

ASHU:                            50,000/-

10,000

20,000

1,00,000

Cash at Bank

Sundry Assets

Profit and Loss Account

20,000

70,000

40,000

1,30,0001,30,000

The firm was dissolved on the above date. The assets were realised at Rs. 50,000/-. Creditors were paid at a discount of 20%. SONU agreed to pay off the Loan. Realisation expenses were Rs. 2,000/-. Prepare Realisation Account, Bank Account and Partners Capital Account.                                                    5

Or

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

  1. Explain the terms ‘Over-subscription’ and ‘Under-subscription’ of shares.                     2 ½ + 2 ½=5

Or

What is a ‘Preference Share’? State the different types of Preference Shares.                             2+3=5

  1. Following is the Trial Balance of RAM and SHYAM as on 31stMarch, 2017:

Trial balance

Particulars (DR)Rs.Particulars (CR)Rs.
Plant & Machinery

Freight on Sales

Publicity

Land & Buildings

Sundry Debtors

Bad debts

Cash at Bank

Investments

Cash in hand

Salaries

Rent

Stock

Drawings:

RAM                          6,000

SHYAM                    10,000

10,000

3,000

2,000

50,000

10,000

2,000

15,000

8,000

1,000

12,000

8,000

25,000

16,000

Capital Accounts:

RAM                               36,000

SHYAM                           40,000

Trading Account:

Gross Profit

Creditors

Bank Loan

Bills Payable

76,000

60,000

12,000

8,000

6,000

1,62,0001,62,000

Prepare a Profit & Loss Account and the Profit and Loss Appropriation Account of the firm for the year ended 31st March, 2017 and a Balance Sheet as on that date, after taking into consideration the following additional information:               8

  1. Outstanding Salaries Rs. 3,000/-
  2. Ram will get a Commission of Rs. 10,000/- for the year.

20. Honda Limited issued 10,000 equity shares of 100 each payable as follows:

Rs. 20/- on application

Rs. 30/- on allotment

Rs. 20/- on first call

Rs. 30/- on second and final call

10,000 shares were applied for the allotted. All money due was received with the exception of both the calls on 300 shares held by SUPRIYA. These shares were forfeited. Give necessary journal entries.                                                 8

Or

Write short notes on:                                     2×4=8

1) Re-issue of forfeited shares.
2) Calls in Arrears.
3) Calls in Advance.
4) Reserve Capital.
21. X Ltd. issued 5,000, 16% debentures of Rs. 100/- each at a discount of 5% repayable after 5 years at a premium of 5%. You are required to pass journal entries and show the “Loss on Issue of Debentures Account” over the period of five years. 8
Or
What is meant by a debenture? Explain the different types of debentures. 2+6=8
22. A and B are partners sharing profits in the ratio of 3 : 2. Their Balance Sheet as on 31st March, 2017 was as follows:
Balance Sheet

Liabilities(Rs.)Assets(Rs.)
Sundry Creditors

Capital:

A:                               30,000/-

B:                               20,000/-

20,000

50,000

Cash in hand

Sundry Debtors

Stock

Furniture

Machinery

3,000

12,000

15,000

10,000

30,000

70,00070,000

C was admitted as new partner on the following terms and conditions:.

1) C will bring Rs. 15,000/- for capital and Rs. 5,000/- for his share of Goodwill for 1/6th share in the future profits.
2) The value of stock to be reduced by Rs. 2,000/- and that of Machinery be increased by Rs. 8,000/-
3) The value of furniture to be fixed at Rs. 9,000/-
Pass journal entries in the books of the firm and prepare the Balance Sheet of the new firm. 8
Or
Give journal entries on dissolution of a Partnership firm in respect of the following: 1×8=8
a) For transfer of assets.
b) For sale of assets.
c) If any partner takes over any asset.
d) For payment of liabilities.
e) For payment of Realisation Expenses.
f) For realisation of unrecorded assets.
g) For transfer of the balance of General Reserve Account.
h) For payment of Partners’ Loan.

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