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AHSEC Class 12 Question Papers: Accountancy' 2020


2020
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)         Unrecorded liabilities when paid are debited to _______ Account.
2)         Life membership Fee is a _______ receipt.
3)         A partner acts as _______ of the firm.
4)         A company is required to publish its _______ every year.
(b) Choose the correct alternative:                      1x2=2
1)         When a new partner does not bring in his share of goodwill in cash, the amount of premium is debited to:
a)         Premium Account.
b)         Cash Account.
c)          Capital Account of new partner.
d)         Capital Account of old partner.
2)         Financial statements are:
a)         Summarised reports of recorded facts.
b)         Detailed reports of recorded facts.
c)          Summarised reports of only cash transactions.
d)         None of the above.
3)         State whether the following statements are “True” or “False”:               1x2=2
a)         Subscription received in advance is an asset.
b)         Interest on debenture is payable only when a company earns profits.
2. Mention two differences between Receipts and Payments account and Income and Expenditure account.     2
3. What is Premium for Goodwill?                      2
4. Give two situations under which a partnership firm is dissolved.                   2
5. A, B and C are partners sharing profits in the ratio 3 : 2 : 1. A retires. B and C have decided to take up A’s share equally. Calculate the new ratio.                                2
6. Name any two items of current assets.                             2
7. Mention three uses of financial statement.                    3
8. What is common size statement? Mention its two uses.                  1+2=3
Or
Current Ratio is 3 : 5 : 1 and Quick Ratio 2 : 5 : 1. Inventory is Rs. 50,000. Calculate current assets and current liabilities.  3
9. Explain the super profit method of valuation of goodwill.                3
10. State three features of Not-for-profit organisation.                  3
Or
Calculate the amount of subscription to be credited to Income and Expenditure Account for the year ended 31st March, 2019.                     3
1)         Subscription received during the year ended 31st March, 2019 Rs. 2,50,000.
2)         Outstanding subscription on 1/4/2018 Rs. 50,000.
3)         Outstanding subscription on 31/03/2019 Rs. 35,000.
4)         Advance subscription on 01/04/2018 Rs. 25,000.
5)         Advance subscription on 31/03/2019 Rs. 30,000.
11. What is gaining ratio? Give two distinction between gaining ratio and sacrificing ratio.    1+2=3
Or
What are the items shown under shareholders’ fund?                   3
12. Prepare Income and Expenditure A/c from the following Receipts and Payments A/c of Ekta Club for the year 31st December, 2018:                              5
Receipts and Payments Account
Receipts
Rs.
Payments
Rs.
Cash in hand on 1/1/2018
Admission Fee
Subscriptions
Receipts from Billiard Rood
Interest on Investment
Life Membership FEE
Sale of Furniture
Miscellaneous Receipts
4,400
3,500
19,500
2,500
600
2,000
100
350
Salary
Rent
Investment
Postage
Telephone charges
Books Purchased
Outstanding Expenses
Cash in hand on 31/12/2018
6,800
8,250
3,500
1,250
750
6,000
700
5,700

32,950

32,950

Additional information:
1)         Outstanding subscription Rs. 1,000.
2)         60% of the admission fees and the whole of the life membership subscriptions are to be capitalized.
3)         Depreciation on Books Rs. 600.
Or
What is the meaning of Fund Based Accounting? Mention any three principles of Fund Based Accounting.    2+3=5
13. X Ltd. made a profit of Rs. 5,00,000 after considering the following items:                   5

Rs.
1)         Preliminary expenses written off
2)         Depreciation on fixed assets
3)         Loss on sale of machinery
4)         Provision for doubtful debts
5)         Gain on sale of Land
5,000
50,000
20,000
10,000
7,500

Position of current assets and current liabilities:

2017 (Rs.)
2018 (Rs.)
Debtors
Bills Received
Prepaid expenses
Creditors
Bills Payable
Expenses Payable
52,000
15,000
2,000
40,000
19,000
34,000
78,000
12,000
3,000
51,000
12,000
20,000

Calculate cash from operating activities.
Or
What is meant by “cash equivalents”? Mention any three objectives of preparing cash flow statement.         2+3=5
14. Calculate the values of opening and closing stock from the following information:            5
Cost of goods sold
Stock Turnover Ratio
Stock at the beginning is 1.5 time more than the stock at the end
Rs. 2,00,000
8 times

Or
What is Ratio Analysis? Mention any three uses of ratio analysis.                       2+3=5
15. Ram, Shyam and Mohan were in partnership sharing profits and losses in the ratio of 3 : 2 : 1. On 31/12/2018 Shyam retired from the firm, Balance Sheet of the firm on that date was as under:                    2+3=5
Balance Sheet
Liabilities
Rs.
Assets
Rs.
Sundry Creditors
Reserve
Bills Payable
Capital:
Ram                       20,000
Shyam                   15,000
Mohan                  12,000
5,000
6,000
2,600



47,000
Cash
Debtors                                 15,000
Less: Provision                        1,500
Stock
Furniture
Machinery
600

13,500
18,500
8,000
20,000

60,600

60,600

The terms of retirement were:
1)         Goodwill of the firm to be valued at Rs. 12,000.
2)         Machinery to be appreciated by Rs. 5,000.
3)         Furniture to be depreciated by Rs. 1,000.
4)         Provision for bad debts to be increased by Rs. 400.
Prepare Revaluation A/c and Partners’ Capital A/c.
Or
What is share? Explain different types of shares.                      2+3=5
16. What is Profit and Loss Appropriation A/c? Why is it prepared?              2+3=5
Or
Ajoy, Bijoy and Sanjay were partners in a firm sharing profits in the ratio of 3 : 2 : 1. On 31st March, 2019 their Balance Sheet was as under:                       5
Balance Sheet
Liabilities
Rs.
Assets
Rs.
Creditors
Reserve
Capital:
Ajoy                       24,000
Bijoy                       12,000
Sanjay                      8,000
4,000
6,000



44,000
Building
Machinery
Stock
Debtors
Cash at Bank

20,000
16,000
5,100
6,000
6,900

54,000

54,000

Ajoy died on 30/09/2019. Under the partnership agreement the executors of a deceased partner were entitled to:
a)         Amount standing to the credit of Partners’ Capital account.
b)         Interest on Capital @ 12% p.a.
c)          Share of goodwill on the basis of 4 years purchase of last 3 years average profits.
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.
e)         Profit for the last three years were:
Year
Profit
2016-17
2017-18
2018-19
8,000 /-
12,000 /-
7,000 /-

Prepare Ajoy’s Capital A/c on the date of his death.
17. What is dissolution of partnership? How does it differ from dissolution of firm?     2+3=5
Or
Dipali and Rajshri were partners in a firm sharing profits and losses in the ratio of 3 : 2. They decided to dissolve their firm on 31st December, 2019, when their Balance Sheet was as under:  5
Balance Sheet
Liabilities
Rs.
Assets
Rs.
Capital:
Dipali                       18,400
Rajshri                     10,600
Sundry Creditors


29,000
2,000
Land
Investments
Sundry Debtors
Stock
Cash at Bank

16,000
4,000
2,000
3,000
6,000

31,000

31,000

Investments are sold at Rs. 3,800. Other assets realised as follows:
a)         Land Rs. 28,000, Sundry Debtors Rs. 1,800, Stock Rs. 2,800.
b)         Creditors agreed to accept 5% less. Expenses of realisation amounted to Rs. 400.
Prepare Realisation A/c, Partners’ Capital A/c and Bank A/c.
18. Explain the following terms: (any two)                            2 ½ + 2 ½ = 5
1)         Calls-in-advance.
2)         Under Subscription.
3)         Pro-rata allotment of shares.
Or
Prepare a common size Income Statement from the following information:                   5

(Rs.)
Sales
Cost of Goods Sold
Operating Expenses
Depreciation
Income from Investment
Income Tax
5,00,000
3,78,000
62,500
22,000
70,000
32,500

19. Nanu and Manu are partners of a firm. The Trial Balance of the firm as on 31st March, 2019 was as under:       8
Trial Balance
Debit 
Rs.
Credit
Rs.
Plant and Machinery
Goodwill
Sundry Debtors
Closing Stock
Salaries
Depreciation on Plant and Machinery
Stationery
Insurance
Cash in hand
Investment
Drawings:
Nanu             4,000
Manu            2,000
50,000
5,000
31,000
20,000
7,000
5,000
1,000
2,000
1,000
10,000


6,000
Capital:
Nanu          40,000
Manu         30,000
Sundry Creditors
Commission
Sundry Receipts
Outstanding wages
Interest on Investment
Trading A/c:
Gross Profit
Bank Loan



70,000
10,000
3,000
200
600
200

50,000
4,000

1,38,000

1,38,000

Prepare Profit and Loss A/c, Profit and Loss Appropriation A/c, and the Balance Sheet of the firm for the year ended 31st March, 2019, after considering the following information:
1)         Write off of Rs. 1,000 as bad debt and provide 5% provision for doubtful debts on remaining debts.
2)         Commission received in advance Rs. 500.
3)         Transfer 10% of Net Profit to General Reserve.
4)         Allow Interest on Capital @ 5% p.a.
20. Bijoya Ltd. issued 2,000 shares of Rs. 100 each at par, payable as follows:                        8
On Application
On Allotment
On First Call
On Final Call
Rs. 30
Rs. 30
Rs. 20
Rs. 20

All the shares were duly subscribed for, call-up and paid-up, except the following:
a)         Arnab holding 100 shares failed to pay first call and final call money.
b)         Ayushi holding 60 shares failed to pay the final money.
All the above shares were forfeited after final call.
Give journal entries in the books of the company to record the above transactions.
Or
a)         Mention three differences between shares and debentures.                           3
b)         Mention three uses of securities premium.                               3
c)          What is Authorised Capital of a company?                  2
21. Give journal entries in the books of PM Ltd. relating to issue of debentures under the following conditions:    2+3+3=8
a)         120, 8% Debentures of Rs. 1,000 each issued at a discount of 5% and redeemable at par.
b)         150, 8% Debentures of Rs. 1,000 each issued at 5% discount and redeemable at 10% premium.
c)          200, 7% Debentures of Rs. 100 each, issued at a premium of 5% and redeemable at 10% premium.
Or
Explain different methods of redemption of debentures.                     8
22. Jugal and Govind are partners in a firm sharing profits and losses in the ratio 2 : 1. Their Balance Sheet as on 1st June, 2019 was as under:                          8
Balance Sheet
Liabilities
Rs.
Assets
Rs.
Capital:
Jugal                      30,000
Govind                   24,000
Reserve
Sundry Creditors
Bills Payable


54,000
6,000
12,000
3,000
Goodwill
Sundry Assets
Cash at Bank

12,000
57,000
6,000

75,000

75,000

On the date Khirod was admitted as a new partner. He paid Rs. 30,000 towards his capital but unable to pay anything for goodwill in cash. It was agreed that goodwill will be valued at Rs. 21,000. The new profit sharing ratio among Jugal, Govind and Khirod was agreed at 3 : 2 : 1 respectively.
Pass Journal Entries to record the above transactions and show the Balance Sheet of the new firm.
Or
1)         Mention any three features of partnership business.                           3
2)         Mention five distinctions between “Fixed” and ‘Fluctuating” Capital.                             5

***

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