AHSEC Class 12 Accountancy Question Paper 2024

AHSEC Class 12 Accountancy Question Papers 2024
ACCOUNTANCY
Time: Three Hours


For New Course Students

Full Marks: 80

Pass Marks: 24

For Old Course Students in lieu of Project works

Full Marks: 100

Pass Marks: 30

Those who appeared H.S. Final Exam till 2024

have been treated as Old Course students

The figures in the margin indicate full marks for the questions.

1. (a) Fill in the blanks with appropriate word/words: (any four)        1 x 4 = 4

(i) Partners current accounts are prepared when the capital accounts are _______.

(ii) Company has a separate _______ entity apart from its members.

(iii) Current ratio is the relationship between current assets and _______.

(iv) Equity shareholders are _______ of a company.

(v) At the time of dissolution of partnership firm, assets are transferred to Realisation   Account at _______ value.

(b) State whether the following statements are ‘True’ or ‘False’:             1 x 2 = 2

(i) Debenture holders do not have right to vote in the meetings of the company.

(ii) Premium for goodwill is shared in gaining ratio.

(c) Choose the correct alternative:                        1 x 2 = 2

(1) The portion of the authorised capital which is offered to the public for sale in the form of shares is called

(i) subscribed capital.

(ii) issued capital.

(iii) called-up capital.

(iv) paid-up capital.

(2) In the absence of partnership deed, the rate of interest allowed on partner’s capital is

(i) 6%.

(ii) 5%.

(iii) 6.5%.

(iv) None of the above. .

2. What is meant by re-issue of forfeited shares?           2

3. Write any two demerits of partnership business.           2

4. Mention two features of a debenture.        2

Or

    Write the meaning of ‘Cash flow from investing activities’.        2

5. Give two circumstances under which the fixed capitals of partners may change.      2

Or

Why is Profit and Loss Adjustment Account prepared?         2

6. What is meant by ‘calls-in-advance’?        2

7. Mention two limitations of financial statement analysis.            2

Or

    What is meant by the term ‘cash equivalents’?        2

8. Write three situations when a partnership firm is compulsorily dissolved.                          3

9. Give any three items that can be shown under the heading ‘Reserves and Surplus’ in a company’s Balance Sheet.    3

Or

Name any three items of current assets.         3

10. Current liabilities of a company are Rs. 3,50,000. Its current ratio is 3 : 1 and liquid ratio is 1.75 : 1. Calculate the current assets and liquid assets.         3

Or

      Mention any three objectives of preparing comparative statement.    3

Or

What is computerised accounting system?     3

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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

11. AHSEC CLASS 12 ACCOUNTANCY QUESTION PAPER 2023

12.AHSEC CLASS 12 ACCOUNTANCY QUESTION PAPER 2024

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11. A and B are partners sharing profits and losses equally. They have admitted C into the firm. A has surrendered 1/3 of his share and B has surrendered 1/6 of his share in favour of C. Ascertain the new profit sharing ratio.                 3

Or

      Explain in brief the ‘average profit method’ of goodwill valuation.        3

Or

Write three advantages of using graphs.      3

12. Prepare a Common size Income Statement of Maina Ltd. from the following informations:   6

Particulars

2022

(Rs.)

2023

(Rs.)

Sales

Sales Returns

Cost of Goods Sold

Office Expenses

Non-operating Incomes

Non-operating Expenses

Income Tax Rate

1,05,000

5,000

70,000

3,000

5,000

1,000

50%

1,10,000

10,000

74,800

3,200

6,600

1,100

50%

 

Or

Explain in brief the tools of financial analysis.    6

Or

Explain the concepts of ‘data validation’ and ‘data verification’.       6

13. Give Journal entries in the books of Pakhi Ltd. for issue of debentures under the following situations:                    1+1+1+1+2=6

(a) Issued 5,000, 8% debentures of Rs. 100 each at par redeemable at 5% premium after 4 years.

(b) Issued 6,000, 9% debentures of Rs. 100 each at 5% premium, redeemable at par after 4 years.

(c) Issued 7,000, 10% debentures of Rs. 100 each at 5% discount, redeemable at par after 4 years.

(d) Issued 8,000, 10% debentures of Rs. 100 each at 5% premium, redeemable at 10% premium after 4 years.

(e) Issued 5,000, 9% debentures of Rs. 100 each to the vendors for purchasing a machinery of Rs. 5,00,000.

Or

Give six points of distinctions between a share and a debenture.    6

Or

Explain the applications of Spreadsheet in Accounting.     6

14. Susanta, Ananta and Diganta were in partnership sharing profits and losses in the ratio of 3 : 2 : 1. On 1.1.2023, Susanta retires from the firm. On that date Balance Sheet of the firm was as follows:      6

Balance Sheet

Liabilities

Rs.

Assets

Rs.

Creditors

Reserve Fund

Capital:

Susanta = 80,000

Ananta =  60,000

Diganta = 40,000

50,000

60,000

 

 

 

1,80,000

Cast at Bank

Debtors

Stock

Furniture

Land and Building

6,000

1,50,000

30,000

24,000

80,000

 

2,90,000

 

2,90,000

 The terms of the retirement were:

(i) Goodwill of the firm were valued at Rs. 1,20,000.

(ii) Land and Building to be appreciated by Rs. 20,000.

(iii) Provision for Bad Debts to be made @ 2% on debtors.

(iv) Furniture to be depreciated by Rs. 4,000.

(v) Susanta capital is to be transferred to his Loan Account.

   Give Journal entries relating to the above transactions.

Or

   Explain how the amount due to a decreased partner is ascertained?     6

15. Distinguish between dissolution of partnership and dissolution of firm.   6

Or

Ravi and Vicky are partners in a firm sharing profits and losses in the ratio of 3 : 2. They decided to dissolve their firm on 31st December, 2022. Their Balance Sheet on that date was as under:

Balance Sheet

Liabilities

Rs.

Assets

Rs.

Capital:

Ravi

Vicky

Creditors

Profit and Loss A/c

 

17,500

10,000

2,000

1,500

Furniture

Investment

Debtors

Stock

Cash at Bank

16,000

4,000

2,000

3,000

6,000

 

31,000

 

31,000

Ravi took over the investments at an agreed value of Rs. 3,800. Other assets were realised as follows:

Furniture = Rs. 18,000

Debtors = 90% of Book Value

Stock = Rs. 2,800

Creditors of the firm agreed to accept 5% less. Expenses of realisation amounted to Rs. 400. Close the firm’s books by     preparing a Realisation Account, Partner’s Capital Accounts and Bank Account.                    6

16. Anvi Ltd. has issued 10,000 equity shares of Rs. 10 each at a premium of Rs. 2 each payable as follows:             8

        On Application = Rs. 2

        On Allotment = Rs. 5 (including premium)

        On First and Final Call = Rs. 5

The shares have been fully subscribed, called up and paid-up except the following:

(a) Allotment and First and Final Call money on 500 shares held by Ritu, and

(b) First and Final Call money on 600 shares held by Jitu.

All these shares have been forfeited and re-issued at 10% discount as fully paid.           

Give Journal Entries in the books of the company.

Or

(a) For what purposes ‘securities premium’ can be used?                                       5

(b) Write three distinctions between equity shares and preference share.                              3

Or

What are the steps involved in installation of computerised accounting system (CAS)?                     8

17. Mihir and Karan are partners in a firm sharing profits in the ratio of 3 : 2. On April 1, 2022 their Balance Sheet was as under:                                             3+3+2=8

Balance Sheet

Liabilities

Rs.

Assets

Rs.

Sundry Creditors

Capital:

Mihir = 70,000

Karan = 60,000

85,000

 

 

1,30,000

Bank

Stock

Plant and Machinery

Building

Goodwill

Debtors                       = 24,000

Less Provision               = 1,000

10,000

22,000

40,000

1,00,000

20,000

 

23,000

 

2,15,000

 

2,15,000

On the above date, they admitted Sunil as a new partner on the following terms:-

(1) Sunil will bring Rs. 50,000 for his capital.

(2) He would get 1/5th share in the future profits.

(3) Goodwill of the firm is valued at Rs. 1,20,000.

(4) Sunil will bring necessary premium for goodwill.

Pass Journal entries to record the above transaction. Prepare Partner’s Capital Accounts and Balance Sheet of the new firm.

Or

(1) Distinguish between Profit and Loss Account and Profit and Loss Appropriation Account.    5

(2) Mention any three rights of a partner.         3

18. Biswa and Pradip are partners in a firm. The Trial Balance of the firm as on 31st December, 2022 was as under:      8

Trial Balance

Debit

Rs.

Credit

Rs.

Drawings:

Biswa =  4,000

Pradip = 3,000

Cash at Bank

Sundry Debtors

Insurance

Advertisement

Closing Stock

Cash in hand

Commission

Motor Car

Machinery

 

 

7,000

45,000

40,500

19,740

9,000

12,500

16,300

5,000

20,860

10,000

Capital:

Biswa = 65,000

Pradip = 40,000

Sundry Creditors

Bank Loan

Commission

Trading Account (Gross Profit)

 

 

1,05,000

18,400

5,000

300

57,200

 

1,85,900

 

1,85,900

Prepare Profit and Loss Account, Profit and Loss Appropriation Account and the Balance Sheet of the firm for the year ended 31st December, 2022 after considering the following information:-

(a) Partners are to share profits and losses in the proportion of 3/5 and 2/5 respectively.

(b) Write off depreciation @ 10% on Machinery and 20% on Motor Car.

(c) Create a provision of 5% on Sundry Debtors for Doubtful Debts.

(d) Partners are entitled to Interest on Capital @ 5% per annum and Pradip is entitled to a salary of Rs. 1,800 per annum.

For Old Course: (in lieu of Project Works)

19. Answer the following questions: (any four)   5 x 4 = 20

(a) Write distinctions between Fixed Capital Account and Fluctuating Capital Account.

(b) What is Ratio Analysis? Mention any three limitations of ratio analysis.

(c) Explain uses of Financial Statement.

(d) What is meant by Cash Flow Statement? Mention any three objectives of preparing cash flow statement.

(e) Explain the average profit method of valuation of goodwill. What is Revaluation Account? 

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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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