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Monday, May 18, 2015

AHSEC Class 12 Question Paper: Accountancy' 2015

2015
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:                                     1x4=4
(i)      If a partner takes over a liability of the firm, the partner’s capital account is _____.
(ii)    A partner acts as an _____ for the firm.
(iii)   When Partner’s Capital Accounts are fixed, then their _____ accounts.
(iv)  _____ is the extra earning capacity of a firm.

(b) Choose the correct alternative:                                                          1x2=2
(i) In the event of death of a partner, the amount of general reserve is transferred to the Partner’s Capital Accounts in:
1)      New Profit sharing ratio.
2)      Old Profit sharing ratio.
3)      Capital ratio.
4)      None of the above.

(ii) Balance Sheet shows:
1)      Financial Position of a Company.
2)      Profit or Loss of a Company.
3)      Cash flow of a Company.
4)      None of the above.

(c) State whether the following statements are true or false:                                               1x2=2
(i)The decreased partner’s executor is entitled to a share of Profit for the period upto his / her death.
(ii) A Preference shareholder gets interest at a fixed rate.

2. State any two features of a Not-for-profit organization.                                         2

3. A, B and C are partner sharing profits in the ratio of 2:2:1. C retires. A and B have decided to share future profits and losses in the ratio of 2: 1. Calculate the gaining ratio.                                 2

4. Mention any two features of debentures.                                  2

5. Mention any two methods of valuation of goodwill.                           2

6. X Ltd. Decided to forfeit 1,000 shares of Rs. 10/- each for non-payment of allotment money for Rs. 4/- each and 1st and final call money of Rs. 3/- each. Give journal entry for the forfeiture of shares    2

7. X, Y and Z are partners sharing profits in the ratio 3:2:1. It is now agreed that they will share the future profits equally. Goodwill of the firm is valued at Rs. 60,000/- and the same does not appear in the books. Pass necessary journal entries.                                               3

8. Briefly explain any three objectives of analysis of financial statements.                      3
Or
From the following calculate Current Ratio:
Particulars
Rs.
Sundry Debtors
Stock
Prepaid Expenses
Sundry Creditors
Bank Overdraft
Dividend payable
10% Debenture
Machinery
50,000/-
40,000/-
2,000/-
38,000/-
10,000/-
10,000/-
40,000/-
50,000/-

9. What do you mean by Forfeiture of Shares? Discuss the procedure of forfeiture of shares.     3

10. What is meant by Common Size Statements? Mention any two uses of Common Size statements. 3
Or
Give any three distinction between sacrificing ratio and gaining ratio.                  3

11. Mention any three objectives of Receipts and Payment Account.                             3

12. Given the new format of the Balance Sheet of a Company (main heading only) as per the requirement of schedule VI of the Companies Act, 1956.                                       5
Or
Distinguish between a Company’s Balance Sheet and Balance Sheet of a Partnership Firm.           5

13. Assam Cricket Club has a Cash and Bank Balances of Rs. 1,600/- and Rs. 20,000/- respectively on 01-04-2013. From the following details, prepare a Receipts and Payments Account for the year ended 31-03-2014.           5
Particulars
Rs.
Donation received
Entrance fee received
Donation received for Building
Furniture purchased
Salary paid for the year
Salary paid in advance
Repair to Building
Rent received
Wages paid
Outstanding Salaries
Depreciation of furniture
Maintenance Grant
18,000/-
6,000/-
90,000/-
18,000/-
10,500/-
2,000/-
1,500/-
1,500/-
6,000/-
1,500/-
2,000/-
900/-
Subscription received :
For 2012 – 13
For 2013 – 14
For 2014 – 15
Life Membership Fees
Balance of Bank on 31-03-14

8,000/-
25,000/-
1,000/-
4,000/-
1,35,000

14. X Ltd. Made a profit of Rs. 5, 00,000/- after considering the following items:                    5

Rs.
Goodwill written off
Depreciation on Fixed Assets
Loss on Sale of Machinery
Provision for doubtful debt
Gain on sale of land
5,000/-
50,000/-
20,000/-
10,000/-
7,500/-
Additional Information:
Particulars
31-03-2014
31-03-2013
Bills Receivable
Prepaid Expenses
Bills Payable
Expenses Payable
78,000/-
3,000/-
51,000/-
20,000/-
52,000/-
2,000/-
40,000/-
34,000/-
Calculate Cash and Operating Activities for the year ended 31st March, 2014.
Or
What is Cash Flow statement? Briefly explain any four objectives of preparing a Cash Flow statement.   1+4=5

15. From the given information, calculate the stock Turnover Ratio:                               5
Sales                                                                      =             Rs. 4, 00,000/-
Gross Profit Ratio                                             =                             25%
Opening Stock was 1/3rd of the value of the Closing stock.
Closing Stock was 30% of Sales.
Or.
How are the accounts settled between partners on the dissolution of a Partnership Firm?            5

16. The Balance Sheet of A, B and C who were sharing profits in proportion to their Capitals stood as follows on 31st March, 2014:
Balance Sheet
Liabilities
Rs.
Assets
Rs.
Sundry Creditors
Capital Accounts :
    A = 18,000/-
    B = 13,500/-
    C =   9,000/-
14,400/-



40,500/-
Cash at Bank
Sundry Debtors
Stock
Investments
Land of Building
5,500/-
4,900/-
8,000/-
11,500/-
25,000/-

54,900/-

54,900/-
B retired on the above date on the following terms and conditions:
a)      That stock be depreciated by 6%.
b)      That a provision for doubtful debts be created @ 5% on the Debtors.
c)       That Land and Buildings be appreciated by 20%.
d)      That the Goodwill of the entire firm be fixed at Rs. 10,800/- and B’s share goodwill be adjusted into the accounts of A and C who are going to share future profits in the ratio of 5: 3. (No Goodwill account is to be raised.)
Pass the necessary journal entries in the books of the firm.                                    5
Or.
Explain the issue of Shares at par, at a discount and at a premium.

17. A, B and C were partners in a firm sharing profits in the ratio 5:3:2. On 31st March, 2013, their Balance Sheet was as follows:
Balance Sheet
Liabilities
Rs.
Assets
Rs.
Creditors
Reserves
Capital :
    A = 30,000/-
    B = 25,000/-
    C = 15,000/-
11,000/-
6,000/-



70,000/-
Buildings
Machinery
Stock
Debtors
Cash at Bank
20,000/-
30,000/-
10,000/-
19,000/-
8,000/-

87,000/-

87,000/-
A died on 1st October, 2013. It was agreed between his executors and the remaining partners that:
(i)      Goodwill to be valued at 2.5 years purchase of the average profits of the previous four years which were:
Year
Profit (Rs.)
2009 – 2010
2010 – 2011
2011 – 2012
2012 – 2013
13,000/-
12,000/-
20,000/-
15,000/-
(ii)    Machinery and Building be valued at Rs. 28,000/- and Rs. 25,000/- respectively.
(iii)   Profit for the year 2013 – 14 be taken as having accrued at the same ratio as that of the previous year.
(iv)  Interest on capital be provided at 10% p.a.
(v)    The mount due to A shall be transferred to his Executor’s Account.
Prepare A’s Capital Account as on the date of his death.                                                                                5

18. A and B are partners sharing profits in the ratio of 3:2. Their Balance Sheet as on 31.03.14 was as follows:
Balance Sheet
Liabilities
Rs.
Assets
Rs.
Capital :
    A = 10,000/-
    B =   2,000/-
General Reserve
Sundry Creditors


12,000/-
2,500/-
7,500/-
Sundry Assets
Profit & Loss A/c
17,000/-
5,000/-

22,000/-

22,000/-
The firm is dissolved on the above date. Assets are realised at Rs. 13,500/-. Dissolution expenses came to Rs. 250/-. Give journal entries to close the books of the firm.              5

19. Preety and Jyoty are partners in a firm sharing profits in the ratio of 3:2. The Trial Balance of the firm as on 31-03-2014 was as follows:-
Trial Balance
Particulars
Debit (Rs.)
Particulars
Credit (Rs.)
Debtors
Furniture
Machinery
Salaries
Insurance Premium on Machinery
Bad Debts
Cash in hand
Rent
Back charges
Carriage Outward
Depreciation on Furniture
Drawings :
    Preety
    Jyoty
10,000
10,000
31,000
13,200
1,200
200
10,400
6,000
420
1,450
1,000

4,000
2,500
Trading A/c
Bad debt recovered
Sundry receipts
Provision for bad debts
Commission
Creditors
Rent Payable
Bills Payable
Capital A/c :
    Preety
    Jyoty

41,120
600
1,000
800
250
10,000
200
2,400

20,000
15,000


91370

91,370
Prepare the Profit and Loss A/c and the Profit and Loss Appropriation A/c of the firm for the year ended on 31-03-14 and a Balance Sheet as on that date after considering the following adjustments:                                         8
(i)      Machinery is to be depreciated by 10%.
(ii)    Provision for bad debt is to be increased by Rs. 200/-.
(iii)   Preety was to receive, salary @ Rs. 300/- per month.
(iv)  Interest on Capital is allowed @ 5% p.a.

20. X Ltd. Issued 2,000 shares of Rs. 100/- each at a premium of Rs. 20 payable as follows:
Rs. 30/- on Application.
Rs. 50/- on Allotment (including securities premium Rs. 20/-)
Rs. 40/- on First Call & Final Call.
All the shares were duly subscribed for, called up and paid up, except Miss Nitu who holding 300 shares failed to pay First & Final call money. Show entries in the Cash Book and Journal of the company for the above transactions.                8

21. Give journal entries in respect of the following:                                          8
(i)      Debentures issued at par, redeemable at a premium.
(ii)    Debentures issued at a premium, redeemable at par.
(iii)   Debentures issued at a discount, redeemable at par.
(iv)  Debentures issued at a discount, redeemable at premium.
Or
What is meant by Redemption of Debentures? Discuss briefly any three methods of the Redemption of Debentures. 2+6=8

22. Ram and Shyam are partners sharing profits and losses in the ratio of 3:1. Their Balance Sheet as on 31-03-2014 is given below:
Balance Sheet
As on 31-03-2014
Liabilities
Rs.
Assets
Rs.
Capital :
Ram =     60,000
Shyam     40,000
Reserve
Sundry Creditors


1,00,000
20,000
80,000
Plant & Machinery
Furniture
Stock
Debtors
Cash at Bank
50,000
10,000
70,000
15,000
55,000

2,00,000

2,00,000
Hari was admitted as a new partner on the following conditions:-
a)      That Hari bring Rs. 40,000/- for his capital and Rs. 20,000/- for the premium.
b)      That Hari will get 1/3rd share in future profit.
c)       That the value of stock is be reduced by Rs. 7,000/-
d)      That the value of Plant and Machinery is to be depreciated by 20%.
e)      Furniture is to be reduced by 10%.
f)       Bad debts amounted to Rs. 2,000/- and are to be written off.
g)      There was an unrecorded computer valued at Rs. 10,000/- and the same is to be brought into books now.
Prepare a Pre-valuation Account, Partner’s Capital Account and the re-constituted Balance Sheet after Hari’s admission.                                                                  3+2+3=8
Or

Who are the users of financial statement? Explain the information they require from financial statements. 3+5=8

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