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Sunday, December 09, 2018

AHSEC Class 12 Question Papers: Accountancy' 2018


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:                                      1x4=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:                                          1x2=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:                                  1x2=2
1)      Interest on Partner’s Capital is credited to Partner’s Drawings Account.
2)      Life membership fee is a Revenue receipt.
2. State any two features of a not-for-profit organisation.                                            2
3. What is a Common Size Statement?                                                                                   2
4. Mention any two distinctions between shares and debentures.                           2
5. What do you mean by Forfeiture of shares?                                                   2
6. What do you mean by Comparative statement?                                           2
7. 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%
8. Mention any three objectives of financial statement analysis.                                                3
Or
Briefly explain the nature of financial statements.                                                            3
9. Mention any three limitations of financial statements.                                              3
Or
Explain the meaning of Ratio Analysis.                                                    3
10. 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
11. 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
12. From the following Receipts and Payments Account for the year ended 31st March, 2017 and other details of KAZIRANGA SPORTS CLUB, prepare an Income Expenditure Account for the year ended 31st March, 2017.
Receipts and Payments Account
Receipts
Rs.
Payments
Rs.
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

70,000

70,000
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
15. Shyam, Gagan and Ram are partners sharing profits in the ratio of 2 : 2 : 1. On 31st March, 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

1,00,000

1,00,000
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
16. Mohit, Shohan and Rahul were partners sharing profits in the ratio of 2 : 2 : 1. Their Balance Sheet as on 31st March, 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

1,00,000

1,00,000
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

1,30,000

1,30,000
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
18. 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
19. Following is the Trial Balance of RAM and SHYAM as on 31st March, 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

1,62,000

1,62,000
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
                     i.            Outstanding Salaries Rs. 3,000/-
                   ii.            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:                                     2x4=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

70,000

70,000
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:            1x8=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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