Saturday, June 15, 2019

AHSEC Class 12 Question Papers: Accountancy' 2019


2019
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 liability of every shareholder of a company is _____.                              1
2)            Outstanding Subscription is shown on the _____ side of the Balance Sheet.  1
3)            If a partner takes over a liability of the firm, that partner’s capital account is _____.    1
4)            Current ratio is the relationship between _____ assets and current liabilities.             1
(b) Choose the correct alternative:                                        1x2=2

1)            Annual Report is issued by a company to its:
a)      Directors.
b)      Auditors.
c)       Shareholders.
d)      Management.
2)            Financial statement of a company include:
a)      Only Cash Flow Statement.
b)      Only Profit and Loss Account.
c)       Only Balance Sheet.
d)      All of the above.
(c) State whether the following statements are ‘True’ or ‘False’:
1)            The deceased partner is entitled to a share of profit for the period upto his death.      1
2)            Profit or Loss on revaluation of assets and liabilities is distributed among old partners in sacrificing ratio.  1
2. Give two distinctions between a not-for-profit organization and a trading organization.            2
3. A and B are two partners sharing profits and losses in the ratio of 3 : 2. C admitted as a new partner for 3/10th share which he acquires 2/10th from A and 1/10th from B. Calculate new profit sharing ratio.                                   2
Or
Give two conditions under which a partnership firm is dissolved.
4. Mention any two features of a debenture.                                                              2
5. What is the meaning of Cash Flow from Investing Activities?                             2
6. What is meant by “super profit” in relation to valuation of goodwill?                  2
7. Mention three objectives of preparing financial statements.                                  3
8. Calculate liquid ratio from the following information:                                          3

(Rs.)
Stock
Debtors
Bills Receivable
Advance Tax
Cash
Creditors
Bills Payable
Machinery
Bank Overdraft
Debentures
50,000/-
80,000/-
10,000/-
4,000/-
30,000/-
60,000/-
40,000/-
50,000/-
4,000/-
70,000/-
Or
What is Comparative Statement? Mention two objectives of preparing Comparative Statement.   1+2=3
9. What are contingent liabilities? Mention any two items.                                           1+2=3
Or
Explain the average profit method of valuation of goodwill.                                     3
10. Calculate amount of medicines consumed to be shown in the Income and Expenditure A/c for the year ended 31-12-2018:                                                     3

01-01-2018
31-12-2018
Stock of Medicines
Creditors for Medicines
3,000
2,000
500
1,300
Amount paid for medicines during 2018 was Rs. 10,800/-
Or
Mention any three distinctions between Receipts and Payments A/c and Income and Expenditure A/c.                 3
11. Mention any three limitations of Financial Statements.                                           3
Or
Write three objectives of preparing Realization Account.                                              3
12. North East Club had a Cash balance of Rs. 20,000/- and Bank balance of Rs. 35,000/- respectively on 01/04/2017. From the following details prepare a Receipts and Payments A/c for the year ended 31/03/2018:                          5

(Rs.)
Subscription Received:                        (Rs.)
2016-17                                      30,000
2017-18                                   2,25,000
2018-19                                      10,000
Donation for Building
Entrance Fee
Life Membership Fee
Printing and Stationery
Lighting Expenses
Rent and Taxes Paid
Telephone Charges
Postage
Salaries
Insurance
Interest Received
Locker Rent Received
Purchase of Furniture
Cash in hand as on 31-03-2018



2,65,000
60,000
23,000
20,000
38,750
26,250
17,000
2,600
2,000
88,000
15,000
18,000
42,000
2,00,000
23,400
Or
Explain in brief the treatment of the following items in preparation of Income and Expenditure Account:              5
1)      Subscription.
2)      Life Membership Fee.
3)      General Donation.
4)      Specific Donation.
5)      Legacy.
13. What is Cash Flow Statement? Explain its three limitations.                                   2+3=5
Or
From the following information calculate the cash from operating activities:                       

2016 (Rs.)
2017 (Rs.)
Profit and Loss A/c
Bills Receivable
Provision for Depreciation
Outstanding Wages
Prepaid Insurance
Goodwill
Provision for Doubtful Debts
Debtors
Cash and Bank Balance
3,00,000
20,000
60,000
18,000
6,000
40,000
10,000
1,20,000
30,000
2,50,000
18,000
80,000
15,000
9,000
32,000
14,000
80,000
25,000
14. A business has a current ratio of 3 : 1 and a quick ratio of 1 : 2 : 1. If the Working Capital is Rs. 1,80,000, calculate current assets and stock.              5
Or
What are profitability ratios? What is the significance of gross profit and operating profit ratio?  3+2=5
15. A, B and C were partners sharing profits in the ratio of 3 : 2 : 1 respectively. Balance sheet of the firm as at 31st March, 2017 stood as follows:                                                    5
Balance Sheet
Liabilities
(Rs.)
Assets
(Rs.)
Sundry Creditors
Capital:
A                         20,000/-
B                           7,500/-
C                          12,500/-
16,000



40,000
Building
Debtors
Stock
Patent
Bank
23,000
7,000
12,000
8,000
6,000

56,000

56,000
“B” retired on the above date on the following terms:
1)            Building to be appreciated by Rs. 8,800.
2)            Provision for doubtful debts to be made @ 5% on debtors.
3)            Goodwill of the firm be valued at Rs. 9,000.
Pass necessary Journal Entries.
Or
What is share forfeiture? State the procedure of forfeiture of shares.                                    2+3=5
16. What is Partnership Deed? Mention its four principal clauses.                                              1+4=5
Or
Following is the Balance Sheet of P, Q, and R as on March 31, 2018.                                          5
Balance Sheet
Liabilities
(Rs.)
Assets
(Rs.)
Sundry Creditors
General Reserve
Capital:
P                         30,000/-
Q                         20,000/-
R                         20,000/-
16,000
16,000



70,000

Bills Receivable
Furniture
Stock
Sundry Debtors
Cash at Bank
Cash in Hand
16,000
22,600
20,400
22,000
18,000
3,000

1,02,000

1,02,000
Q died on June 30, 2018. Under the agreement the executors of the deceased partner were entitled to:
a)            Amount standing to the credit of Partner’s Capital A/c.
b)            Interest on Capital @ 5% p.a.
c)             Share of goodwill on the basis of twice the average of the past three years profit.
d)            Share of profit from the closing of the last financial year to the date of death on the basis of last year’s profit (2017-18)
e)            Profit for the last three years were:
Year
Profit
(Rs.)
2015 – 16
2016 – 17
2017 – 18
12,000/-
16,000/-
14,000/-
Prepare Q’s capital account on the date of his death.
17. Distinguish between Realization A/c and Revaluation A/c.                                     5
Or
A and B are partners sharing profits equally, Balance Sheet on September 2018 was as follows: 5
Balance Sheet
Liabilities
(Rs.)
Assets
(Rs.)
Sundry Creditors
Bills Payable
Reserve Fund 
Capital:
A                         20,000/-
B                         20,000/-
11,200
1,800
6,000


40,000
Sundry Assets
59,000

59,000

59,000
The firm is dissolved on the above date. Assets are realized at Rs. 49,600. Creditors allowed a discount of 2% and Dissolution Expenses came to Rs. 544.
Give Journal Entries to close the books of the firm.
18. Discuss the process for allotment of shares of a company in case of oversubscription.               5
Or
Prepare a Comparative Income Statement from the following particulars:                                            5
Particulars
2017 (Rs.)
2018 (Rs.)
Sales
Cost of Goods Sold
Administrative Expenses
Other Income
Income Tax
4,00,000
2,00,000
40,000
20,000
60,000
5,00,000
3,00,000
1,00,000
30,000
70,000
19. Following is the Trial Balance of Rana and Raju as on 31st March, 2018:                 8
Trial Balance
Particulars
(Rs.)
Particulars
(Rs.)
Machinery
Furniture
Rent
Salaries
Debtors
Cash in Hand
Cash at Bank
Drawings:
Rana       =         4,000
Raju        =         3,000
Closing Stock
Commission
10,000
20,860
19,740
9,000
40,500
16,300
45,000


7,000
12,500
5,000

Capital:
Rana              =    65,000
Raju               =    40,000
Creditors
Commission
Bank Loan
Trading Account:
Gross Profit


1,05,000
18,400
300
5,000

57,200

1,85,900

1,85,900
Prepare the Profit and Loss A/c and Profit and Loss Appropriation A/c for the year ended 31st March, 2018 and a Balance Sheet of the Firm as on that date after taking into consideration the following additional information:
1)            Depreciate Machinery @ 10% p.a. and Furniture @ 20% p.a.
2)            Partners will get interest on capital @ 5% p.a.
3)            Raju is entitled to a salary of Rs. 1,800 p.a.
4)            The Profit sharing ratio between Rana and Raju was 3 : 2.
20. M. S. Limited issued 1,000 equity shares of Rs. 100 each payable as follows:           8
On Application
On Allotment
On First Call
On Final Call
Rs. 25 per share
Rs. 25 per share
Rs. 20 per share
Rs. 30 per share
All the shares were duly subscribed for, called-up and paid-up, except Mr. A holding 400 shares did not pay the final call money. Show the entries in the Cash Book and Journal of the company for the above transactions.
Or
Write short notes on:                                     3+3+2=8
a)            Redemption of Debentures.
b)            Loss on Issue of Debentures.
c)             Minimum Subscription.
21. S. K. issued 1,000, 12% Debentures of Rs. 100 each. Give Journal entries for Redemption of debentures in the books of the company under the following conditions:                 2+3+3=8
1)      Issued at Par and Redeemable at par after 5 years.
2)      Issued at Par and Redeemable at a premium of 5% after 5 years.
3)      Issued at a Premium of 5% Redeemable at Par after 5 years.
Or
Write short notes on:                                               2+2+2+2=8
1)      Authorized Share Capital.
2)      Calls-in-Arrear.
3)      Pro-Rata Allotment.
4)      Preference Share.
22. Vimal and Nirmal are partners in a firm sharing profits and losses in the ratio 3 : 2. Their Balance Sheet as on 31st December, 2018 was as under:                                                  8
Balance Sheet
Liabilities
(Rs.)
Assets
(Rs.)
Sundry Creditors
 Capital Accounts:
Vimal          =               60,000/-
Nirmal        =               32,000/-
Profit and Loss A/c
20,000


92,000
20,000
Cash
Debtors
Machinery
Stock
Goodwill
14,000
18,000
50,000
40,000
10,000

1,32,000

1,32,000
On that date Kailash was admitted as a new partner. He paid Rs. 40,000 as his capital and Rs. 20,000 for his share of goodwill. The new profit sharing ratio was agreed to be 2 : 1 : 1.
Pass Journal Entries in the books of the firm and show the Balance Sheet of the new firm.
Or
What is goodwill? Mention four factors affecting the goodwill of a firm. Mention three conditions when valuation of goodwill becomes necessary.                                                     1+4+3=8

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