Sunday, June 08, 2014

AHSEC Question Papers - Accountancy' 2012

2012
ACCOUNTANCY
Full Marks: 100
Pass Marks: 30
Time: Three Hours

Q.1: (A) Fill in the blanks with appropriate word:               1x4=4
(i) Income and Expenditure Account records transactions of --------------- nature.
(ii) On admission, unrecorded assets brought into account are credited to ------------- account.
(iii) A company can issue shares at a discount only if at least ------------ year has elapsed since the company became entitled to commence the business.
(iv) If a partner takes over an asset, such partner’s capital accounts is --------------

(B) Choose the correct alternative:                          1x2=2
(i) Subscription received in advance is treated as: 
(a) An income
(b) An asset
(c) A liability
(d) Capital
(ii) Profit on revaluation of assets and liabilities is shared by the old partners in:

(a) Sacrificing ratio
(b) New ratio
(c) Old ratio
(d) Gaining ratio

(C) State whether the following statements are true or false.              1x2=2
(i) Dissolution of firm and dissolution of partnership are two distinct legal concepts.
(ii) Discount on reissue of forfeited shares cannot exceed the amount received on forfeited shares.

Q2: Give the adjustment entry required for recording interest on capital when Capital Account is maintained under Fixed Capital method.      (2)

Q3: What is meant by ‘Gaining Ratio ‘on retirement of a partner?          (2)

Q4: What is meant by ‘Loss on issue of debenture’?      (2)

Q5: What are the types of Financial Statements Analysis?     (2)

Q6: What do you mean by Ratio Analysis?    (2)

Q7: Mention three Features of Receipts and Payments Accounts.     (3)

Q8: Mention three situations when valuation of goodwill becomes necessary.     (3)

Q9: Write three points of distinction between Shares and debenture.     (3)

Q10: Give three characteristics of an ideal financial statement.     (3)

Q11: Give three objectives of Ratio Analysis.     (3)

Q12: From the following information, ascertain the amount of subscription to be credited to the Income and Expenditure Account for the year 2012.      (5)
(i) Subscription received during the year Rs 11,750 (including Rs 1000 for 2011 and Rs 500 for 2013)
(ii) Subscription received in 2011 for 2012 Rs 700
(iii) Subscription outstanding on 31st December 2012 Rs 900

OR

Give five points of Distinction Existing between Receipt and Payments Accounts and Income and Expenditure Account.     (5)

Q13: A and B are partners sharing profits in the ratio of 5:4. They admit C in the firm for 1/4th Share of profit. C takes 3/16th from B. C brings in Rs 25,000 as capital and Rs 8,000 as premium for goodwill. The partners withdraw 40% of their respective share of premium. Pass the necessary Journal entries on C’s admission.     (5)    

OR

What is super profit? What are the steps to be followed for valuation of goodwill under super profit method? 1+4=5

Q14: Can a company issue shares at a premium? If so, state the purpose for which the share premium account can be utilised?     (5)

OR

Distinguish between Equity share and Preference shares giving five points of differences.

Q15: Show by means of Journal entries how you will record the following issue:       (5)
(a) A. Ltd. Issues 6,000, 10% debenture of Rs 100 each at a discount of 5%, redeemable at the end of 5 year at par.  
(b) B. Ltd. issue 7,000, 11% debenture of Rs 100 each at par, redeemable at the end of 5 year at a premium of 5%.
(c) X. Ltd. issue 8,000, 12% debenture of Rs 100 each at a discount of 5%, redeemable at the end of 5 year at premium of 5%.

OR

What is meant by redemption of debenture? State any three methods of redemption of debenture.  (2+3=5)

Q16: Name the major headings under which the liabilities side of a company’s Balance Sheet is organised and presented.     (5)

OR

Discuss any five limitations of Financial Statements

Q17: Prepare a comparative income Statements of Sunny Ltd. with the help of the following information.   (5)
Particulars
2011 (Rs)
2012 (Rs)
Sales
Cost of Goods sold
Administrative expenses
Income Tax
6,00,000
40% of sales
20% of gross profit
50%
 8,00,000
 50% of Sales
 15% of gross profit
50%


OR

What do you understand by Financial Statement Analysis? Discuss its importance to management.                              (Any four points).      (1+4=5)

Q18: Ascertain Cash Flows from operating activities under the Direct Method from the Following data Related to the accounting year 2010 – 11     (5)
Total sales  :44,000 (Cash Rs 4,000, Credit Rs 40,000)
Cash received from customers : 35,000
Closing Account Receivables: 8,000
Cash paid to Suppliers: 42,000
Cash paid to employees: 7,000
Furniture purchased from (M/s. Decorators on credit): 9,000
Income tax paid :3,000
Donation paid: 1,000
Office expenses, total Rs 6,000, paid: 3,000

OR

What is Cash Flow Statement? Briefly explain any four objectives of preparing a Cash Flow Statement.  (1+4=5)

Q19: Choudhury and Barua are partners in a firm sharing profit and losses in the ratio 50:50 respectively. The Trial Balance of the firm as on 31st March, 2011 was as follows:
Trial Balance
Particulars
Amount
Particulars
Amount
Machinery
Furniture
Building
Debtors
General expenses
Insurance
Salaries
Bad debts
Cash in hand
Cash at bank
Stationery
10% investment
Drawings:
Choudhury 9,000
Barua         12,000
Closing stock
51,000
4,500
45,000
31,500
460
800
8,400
450
90
420
900
15,000


21,000
21,000
Capital Accounts:
Choudhury 40,000
Barua           40,000
Sundry creditor
Bank overdraft
Provision for doubtful debt
Wages outstanding
Trading Account(Gross Profit)


80,000
32,500
12,000
1,800
150
74,070


2,00,520
2,00,520


Prepare Profit and loss Account, Profit and Loss Appropriation Account for the year ended 31st March, 2011 and a Balance Sheet as at that date after taking into consideration the following.
(a) Outstanding Expenses – Salaries Rs 300, Interest on Bank overdraft Rs 225
(b) Machine worth Rs 15,000 purchased on 1st Oct, 2010.
(c) Provide depreciation on machinery and furniture @ 10% p.a. and on Building @ 21/2 % p.a.
(d) Interest on capital to be allowed @ 10% p.a.
(e) Prepaid Insurance Rs 150.
(f) Partners are entitled to salary of Rs 1,000 per annum each.

Q20: Ashok publications Ltd. issues 3,000 shares of Rs 10 each, payable as follow:                  (8)
On Application Rs 2
On Allotment Rs 3
On first call Rs 2 And the balance when required.
3,200 shares were applied for, application for 3000 was accepted by the Directors and the balance application was rejected and money returned. Allotment money was duly received and first call was received on 2950 shares. Pass journal entries in the books of the company for the above transactions.

OR

What do you mean by ‘forfeiture of share’? Discuss the procedure of forfeiture of share and re-issue of such share.

Q21: Kumar and Guarav are partners sharing profit and losses as three-fourth and one-fourth. They agreed to dissolve their firm. On the date of dissolution, they have following Balance sheet:             (8)
Liabilities
Amount
Assets
Amount
Capital Account:
Kumar 40,000
Gaurav 35,000
Creditor
Loan From Mrs.Gaurav


75,000
16,000
13,000
Land and Building
Plant and machinery
Sundry Debtors 22,000
Less reserve          2000
Bills receivable
Cash in hand     
50,000
18,000

20,000
7,500
8,500
1,04,000
1,04,000


The Assets Realised as follows:
(i) Land and Building Rs.48, 000
(ii) Sundry Debtors Rs.18, 000
(iii) Goodwill Rs.16, 500
Kumar took over plant and machinery at 5% more than the book value. Gaurav agreed to discharge his wife’s loan. Creditors are paid Rs.12, 000 in full settlement of their claim and expenses on realisation amounted to Rs.700. You are required to show Realisation Account, Cash Account and Capital Accounts of the Partners on dissolution.

OR

What do you mean by Dissolution of a Firm? Mention Difference Between dissolution of a Firm and Partnership.

Q22: X, Y and Z were partners in firm Sharing profit in 5:3:2 ratios. On 31st march, 2011 Z retired from the firm. On the date of Z’s retirement, the Balance Sheet of the Firm Was as Follows:     (8)
Balance Sheet of X, Y, Z as at 31st March 2011
Liabilities
Amount
Assets
Amount
Creditors
Bills payable
Outstanding Rent
Provision for legal claims
Capitals:
X -1,27,000
Y -90,000
Z -71,000

27,000
13,000
22,500
57,500



2,88,000
Bank
Debtor          20,000
Less Reserve      500
Stock
Furniture
Land and Building
80,000

19,500
21,000
87,500
2,00,000
4,08,000
4,08,000


On Z’s retirement it was agreed that:
(a) Land and building will be appreciated by 5% and furniture will be depreciated by 20%
(b) Provision for Doubtful debts will be made at 5% on Debtor and provision for legal claim will be made at Rs. 60,000.
(c) Goodwill of the firm was valued at Rs.60, 000
(d) Rs. 70,000 from Z’s Capital Account will be transferred to his loan account and the balance will be paid to him by cheque.
Prepare Revaluation Account, Partners Capital Accounts and Balance sheet of X and Y after Z’s Retirement.

OR


Explain the term “Reconstitution of a firm”. Mention the situations when such reconstitution of a firm takes place. (3+5=8)

Labels

Absorption Costing (1) Accountancy (4) accounting for partnership firms (3) Accounting for Share Capital (3) accounts of non trading concern (3) advanced financial accounting (13) AHSEC (92) ahsec 11 (47) ahsec 12 (60) ahsec notes (89) AHSEC Question Papers (27) Assam Slet (10) bcfm (11) bills of exchange (6) branch accounting (3) Budgetary Control (3) Budgetary Control Notes (2) business communication (29) Business Environment Notes (7) business regulatory framewrok (47) Business Statistics Notes (23) cash flow statement (5) cbse 12 (19) cbse notes (27) commerce (13) company law (23) corporate accounting (33) corporate laws (14) cost accounting (63) cost and management accounting (34) cpt (36) cpt 200 (7) cpt notes (30) dibrugarh university (942) dibrugarh university notes (531) dibrugarh university question paper (307) dibrugarh university solved papers (211) dibrugarh university syllabus (47) direct tax law (49) eco - 01 (4) ECO - 02 (2) ECO - 03 (2) ECO - 05 (6) ECO - 06 (1) ECO - 07 (1) eco - 08 (4) eco - 09 (1) ECO - 10 (2) ECO - 11 (3) ECO - 12 (7) ECO - 13 (2) ECO - 14 (4) entrepreneurship (14) fianancial accounting (3) financial accounting (48) Financial Accounting Notes (11) financial management (18) Financial statements analysis (10) funds flow statement (3) guwahati university (304) guwahati university syllabus (54) Hire Purchase (5) Human Resource Management (14) icwai (38) icwai notes (39) ignou solved assignments (57) ignou solved question papers (63) income from house property (5) income from salary (4) Income Under the head Salaries (11) information technology (10) Installment Purchase (4) issue of shares (4) kkhsou (13) M.com (63) Management Accounting Notes (25) MCQ (11) paper I (1) paper II (9) paper III (1) principle of business mangement (16) Principles of Marketing Notes (16) royalty accounts (3) sale of goods act (8) semester I (157) Semester II (148) semester III (64) semester IV (133) semester V (101) semester VI (70) slet (13) Slet Ne (10) Small Business Management (5) solved assignments (22) UGC - NET: Commerce (08) (14) UGC - NET: Commerce (08) Paper II (3) UGC - NET: Commerce (08) Paper III (14) ugcnet solved question papers (23) Variance Analysis Notes (1)