AHSEC Class 12 Accountancy Question Paper 2022

AHSEC Class 12 Accountancy Question Papers 2022
ACCOUNTANCY
Full Marks: 100
Pass Marks: 30
Time: Three Hours

1. (a) Fill in the blanks with appropriate word/words: (any four)

(1)  Income and Expenditure account is prepared on _______ basis.           1

(2)  Liability of a partner is _______.         1

(3)  Annual Report is issued by a company to its _______.               1

(4)  Liquid ratio is the relationship between _______ and current liabilities.  1

(5)  Equity shareholders are _______ of a company.           1

(b) Choose the correct alternative:

(1) When a new partner is admitted –                    1

(a)  Consent of all the partners is required.

(b) Consent of majority of the partners is required.

(c)  Consent of any one partner is required.

(2) Balance of shares forfeited account after re-issue is transferred to –      1

(a)  Reserve Fund.

(b) Profit and Loss Account.

(c)  Capital Reserve.

(3) State whether the following statements are “True” or “False”: (any two)         

(a)  Outstanding subscription is an asset.                 1

(b) A Preference Shareholders gets interest at a fixed rate.            1

(c)  Company’s shares are generally transferable. 1

(d) Life membership fee is a capital receipt.          1

2. Mention two features of a not-for-profit organisation.   2

3. What is Profit and Loss Appropriation Account?             2

4. What is the meaning of Cash Flow from Financing Activities?   2

5. Mention any two features of a debenture.       2

6. Mention any two rights of a partner. 2

7. A and B are partners sharing profits and losses in the ratio 3 : 2. C is admitted into the partnership. A surrendered 1/3^rd of his share and B surrendered 1/4^th of his share in favour of C. Determine the new profit sharing ratio.             3

Or

Write three distinctions between Fixed Capital Account and Fluctuating Capital Account.

8. Explain three uses of financial statement.   3

9. Mention any three objectives of preparing Comparative Statement.        3

Or

A company’s stock is Rs. 2,00,000. Total liquid assets are Rs. 8,00,000 and quick ratio is 2 : 1. Calculate current ratio.

10. Explain the following terms:          3

(1)  Capital Fund.

(2)  Life Membership Fee.

(3)  Entrance Fee.

Or

Write three features of Fund Based Accounting.

Or

Calculate the amount of stationery consumed to be shown in the Income and Expenditure A/c for the year ended 31^st December, 2020:

	01-01-2020	31-12-2020
Creditors for stationery Stock of stationery	4,000 5,400	6,200 5,000

During the year 2020 payment made for stationery was Rs. 40,000.

11. Write three differences between Realisation Account and Revaluation Account.  3

Or

Write any three uses of Cash Flow Statement.

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ALSO READ: AHSEC CLASS 12 ACCOUNTANCY QUESTION PAPERS

1. AHSEC CLASS 12 ACCOUNTANCY QUESTION PAPER 2012

2. AHSEC CLASS 12 ACCOUNTANCY QUESTION PAPER 2013

3. AHSEC CLASS 12 ACCOUNTANCY QUESTION PAPER 2014

4. AHSEC CLASS 12 ACCOUNTANCY QUESTION PAPER 2015

5. AHSEC CLASS 12 ACCOUNTANCY QUESTION PAPER 2016

6. AHSEC CLASS 12 ACCOUNTANCY QUESTION PAPER 2017

7. AHSEC CLASS 12 ACCOUNTANCY QUESTION PAPER 2018

8. AHSEC CLASS 12 ACCOUNTANCY QUESTION PAPER 2019

9. AHSEC CLASS 12 ACCOUNTANCY QUESTION PAPER 2020

10. AHSEC CLASS 12 ACCOUNTANCY QUESTION PAPER 2022

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12. Prepare Income and Expenditure Account from the following Receipts and Payments Account and other details of Surya Club for the year ended 31^st December, 2019:         5

Receipts and Payments Account

Receipt	Rs.	Payments	Rs.
To Balance b/d: Cash-in-hand To Subscriptions 2018                           900 2019                      19,000 2020                        1,000 To Sale of newspaper To Life Membership Fee To Donation To Donation for Building To Interest To Maintenance Grant To Sale of Furniture	10,000       20,900 100 5,000 6,000 8,000 200 2,000 1,000	By Salaries By Honorarium By Travelling Expenses By Telephone Charges By Investment By Construction of Building By Rent By Postage By Balance c/d: Cash-in-hand	12,000 3,000 2,000 5,000 10,000 7,000 2,000 1,000   11,200
	53,200		53,200

Other details:

(1)       Outstanding Salaries Rs. 1,000.

(2)       Subscription Outstanding Rs. 2,000.

(3)       Subscription for 2019 received in 2018 Rs. 200

Or

Write five distinctions between Receipts and Payments Account and Income and Expenditure Account.

13. Explain the method of calculating “Cash flows from Operating Activities” under direct method.     5

Or

Calculate cash from operating activities from the following information:

	2019 (Rs.)	2020 (Rs.)
Profit and Loss A/c Debtors Bills Receivable General Reserve Salary Outstanding Wages Prepaid Goodwill Cash and Bank Balance	60,000 87,000 62,000 2,02,000 30,000 5,000 80,000 40,000	65,000 50,000 1,03,000 2,37,000 12,000 7,000 70,000 30,000

14. What is Ratio Analysis? Mention any three limitations of ratio analysis.             2+3=5

Or

Briefly explain the meaning and significance of any two of the following ratios: 2½ x 2 = 5

(1)       Debt-Equity Ratio.

(2)       Gross Profit Ratio.

(3)       Quick Ratio.

(4)       Stock Turnover Ratio.

Or

	Rs.
Cost of Goods Sold Stock Turnover Ratio	3,00,000 6 times

Find out the value of Opening Stock, if Opening Stock is Rs. 10,000 less than the Closing Stock.    5

15. From the following Income Statement, prepare Common Size Income Statement and give your comments:         5

Particulars	2018 (Rs.)	2019 (Rs.)	Particulars	2018 (Rs.)	2019 (Rs.)
To Cost of Goods Sold To Gross Profit c/d	95,000 25,000	1,05,000 40,000	By Net Sales	1,20,000	1,45,000
	1,20,000	1,45,000		1,20,000	1,45,000
To Office Expenses To Distribution Expenses To Net Profit c/d	2,000 3,000 20,000	8,000 5,000 27,000	By Gross Profit b/d	25,000	40,000
	25,000	40,000		25,000	40,000

Or

Give the new format of the Balance Sheet of a company (main headings only) as per the requirements of the revised Schedule – VI of the Companies Act.

Or

Give five points of distinctions between under subscription and over-subscription.

16. A, B and C were in partnership sharing profits and losses in the ratio of 3: 2: 1. On 1^st January, 2020, B retired from the firm. On that date their Balance Sheet was as follows: 2+3=5

Balance Sheet

Liabilities	(Rs.)	Assets	(Rs.)
Creditors Capitals: A                               30,000 B                               20,000 C                               20,000	27,180       70,000	Cash Debtors Stock Buildings Profit and Loss A/c	9,400 16,000 23,380 46,000 2,400
	97,180		97,180

The terms of the retirement were:

(1)       Building is to be appreciated by Rs. 14,000.

(2)       Provision for doubtful debts is to be made at 5% on the debtors.

(3)       The goodwill of the firm is to be valued at Rs. 36,000.

(4)       No cash is to be paid to B immediately and balance of his capital account is to be transferred to his loan account.

Prepare Revaluation Account and Partners’ Capital Account.

Or

Write the uses of securities premium amount.

17. P, Q and R were in partnership sharing profits and losses in the ratio of 4: 3: 3. On 31^st March, 2020 their Balance Sheet was as follows:      5

Balance Sheet

Liabilities	(Rs.)	Assets	(Rs.)
Creditors Reserve Capitals: P                               1,05,000 Q                                  85,000 R                                  80,000	87,000 33,000       2,70,000	Fixed Assets Stock and Debtors Cash	2,90,000 85,000 15,000
	3,90,000		3,90,000

‘Q’ died on 30.06.2020. Under the partnership agreement the executors of a deceased partner were entitled to:

(a)       Amount standing to the credit of deceased partner’s capital account.

(b)       Interest on capital @ 12% p.a.

(c)        His share of goodwill. The goodwill of the firm on Q’s death was valued at Rs. 2,70,000.

(d)       Share of profit from the closing of the last financial year to the date of death on the basis of last year’s profits.

The profit of the firm for the year ended 31.3.2020 was Rs. 2,40,000.

Prepare Q’s capital account on the date of his death.

Or

Distinguish between Profit and Loss account and Profit and Loss Appropriation account.

18. What is Realisation Account? Write three cases where a partnership firm may be dissolved by a court. 2+3=5

Or

Amal and Bimal are two partners in a firm. They share profits 3: 2. Following is their Balance Sheet as on 31^st March, 2021 on which date the firm dissolved:

Balance Sheet

Liabilities	(Rs.)	Assets	(Rs.)
Creditors Reserve Capitals: Amal                                20,000 Bimal                               15,000	20,000 5,000     35,000	Fixed Assets Stock Debtors Cash Profit and Loss A/c	30,000 10,000 15,000 3,000 2,000
	60,000		60,000

Fixed Assets are realised at Rs. 28,000. Stock at Rs. 8,000 and Debtors at Rs. 13,000. Expenses on realisation are Rs. 1,500. Creditors are paid at a discount of 10%. Prepare Realisation A/c, Partners’ Capital A/c and Cash A/c. 2+2+1=5

19. Pradeep and Pranab are partners in a firm. The Trial Balance of the firm as on 31^st March, 2020 was as under:

Trial Balance

Debit	(Rs.)	Credit	(Rs.)
Machinery Goodwill Patent Sundry Debtors Cash in hand Closing Stock Investment Depreciation on Machinery Rent Carriage Outward Taxes Telephone charges Commission Drawings: Pradeep                                5,000 Pranab                                  4,000 Salaries Bank Charges	54,000 10,000 20,000 21,000 1,000 25,000 10,000 6,000 10,000 1,000 500 3,600 800     9,000 8,000 100	Capital: Pradeep                               50,000 Pranab                                 40,000 Sundry Creditors Interest on Investment Sundry Receipts Bills payable Bank Overdraft Outstanding Wages Trading Account: Gross Profit Discount	90,000 5,000 400 200 2,000 10,000 500   71,000 900
	1,80,000		1,80,000

Prepare Profit and Loss A/c, Profit and Loss Appropriation A/c and the Balance Sheet of the firm for the year ended 31^st March, 2020, after considering the following information:

(1)       Write off Rs. 1,000 as Bad Debt and provide a 5% Provision on Sundry Debtors for Doubtful Debts.

(2)       Interest on Investment Accrued Rs. 600.

(3)       Interest on Partners’ Capital is allowed @ 5% p.a.

(4)       Create a General Reserve by taking Rs. 5,000 out of profit.

20. (a) Write two differences between Authorised Capital and Issued Capital of a company. 2

(b) What is Minimum Subscription?                   2

(c) What is Reserve Capital?           2

(d) What is Call-in-Arrear?             2

Or

Arnab Company Ltd. issued 10,000 equity shares of Rs. 100 each at a premium of 10% payable as under:     8

Rs. 30 on Application

Rs. 60 on Allotment (including premium)

Rs. 20 on call

Kamalesh holding 400 shares failed to pay the allotment and call money and Monalisha holding 700 shares failed to pay the call money. Show the Entries in the Cash book and Journal of the company for the above transactions.

21. Give the Journal entries for issue and redemption of Debentures in respect of the following:     8

(a)  Debentures issued at a discount and redeemable at premium.

(b) Debentures issued at premium and redeemable at premium.

(c)  Debentures issued at par and redeemable at par.

(d) Debentures issued at premium and redeemable at par.

Or

What are the differences between a shareholder and a debenture holder?

Or

Explain different methods of redemption of debentures.

22. Ram and Mohan are partners sharing profits and losses equally. Their Balance Sheet on 1^st April, 2021 was follows:

Balance Sheet

Liabilities	(Rs.)	Assets	(Rs.)
Sundry Creditors Capitals: Ram:                                    40,000 Mohan:                               30,000	15,000     70,000	Cash Debtors Stock Machinery Building	5,000 16,000 12,000 22,000 30,000
	85,000		85,000

They decided to admit Sanjoy into partnership for 1/3^rd share on the following terms:

(1)       Machinery and Buildings were revalued at Rs. 20,000 and Rs. 42,000 respectively.

(2)       Creditors were reduced by Rs. 2,000.

(3)       Provision for doubtful debts on debtors is to be created at Rs. 1,000.

(4)       Sanjoy is to bring in Rs. 40,000 as his capital and Rs. 24,000 as premium for goodwill.

Pass journal entries for the above information and prepare Balance Sheet of the firm after the admission of Sanjoy.

Or

(1)       Write any three limitations of partnership business.                       3

(2)       Explain five factors affecting the goodwill of a firm.                         5

Or

Distinguish between dissolution of Partnership and dissolution of Partnership firm.   8

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ALSO READ (AHSEC ASSAM BOARD CLASS 12):

1. AHSEC CLASS 12 ACCOUNTANCY CHAPTERWISE NOTES

2. AHSEC CLASS 12 ACCOUNTANCY IMPORTANT QUESTION (THEORY)

3. AHSEC CLASS 12 ACCOUNTANCY IMPORTANT QUESTION BANK (PRACTICAL)

4. AHSEC CLASS 12 ACCOUNTANCY PAST EXAM PAPERS (FROM 2012 TILL DATE)

5. AHSEC CLASS 12 ACCOUNTANCY SOLVED QUESTION PAPERS (FROM 2012 TILL DATE)

6. AHSEC CLASS 12 ACCOUNTANCY CHAPTERWISE MCQS

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