AHSEC Class 12 Accountancy Question Paper 2023 - [ H.S 2nd Year Accountancy Question Paper 2023 ]

In this post we have Shared AHSEC Class 12 Accountancy Question paper 2023 [ AHSEC HS 2nd Year Accountancy Question Paper 2023 ], Which can be very beneficial for your upcoming exam preparation. So read this post from top to bottom and get familiar with the question asked in AHSEC HS Class 12 Accountancy Question paper 2023.

2023

ACCOUNTANCY

Full Marks: 80

Pass Marks: 24

Time: Three hours

1. (a) Fill in the blanks with appropriate word/ words: (any four) 1x4=4

(i) Equity shareholders are _______of the company.

(ii) Receipts and Payments account is a summary of _________transactions.

(iii) Maximum number of members in a partnership business is ________.

(iv) In the absence of any agreement at the time of retirement of partner goodwill is to be adjusted in ______ratio.

(v) Profit and Loss Account is also known as _______statement.

(b) State whether the following statements are True or False: 1x2=2

(i) A company has a separate legal entity different from its members.

(ii) Quick Assets = Current Assets – Inventory – Prepaid Expenses.

(c) Choose the correct alternative: 1x2=2

(i) The portion of the capital which can be called up only on the winding up of the company is called:

(a) Authorised capital

(b) Uncalled capital

(c) Reserve capital

(d) Issued capital

(ii) Donation received for a specific purpose is a:

(a) Capital Receipt

(b) Revenue Receipt

(c) Asset

(d) Liability

2. What is a Registered Debenture? 2

Or

What is ‘Data validation’?

3. What is Goodwill of a business? 2

4. What is meant by Cash Flow from Operation Activities? 2

5. A and B are partners sharing profits and losses in the ratio of 5:3. C is admitted as a new partner for ½th  share, which he acquires 1/6th from A and 1/12th from B. Calculate the new profit sharing ratio. 2

Or

Mention two rights of a partner. 2

6. Write two limitations of ratio analysis. 2

Or

Mention two limitations of financial statements. 2

Or

What is sequential code? 2

7. What is the meaning of Cash Flow from Investing Activities? 2

Or

What is meant by the term ‘Cash Equivalents’? 2

Or

Write a note on ‘Queries’. 2

8. Write any three essential features of partnership. 3

Or

Write three distinctions between ‘Profit and Loss Account’ and ‘Profit and Loss Appropriation Account’.

9. Give any three differences between equity shares and preference shares. 3

Or

Explain the following terms: 3

(i) Calls-in-arrears

(ii) Calls-in-advance

Or

Describe three uses of the Spreadsheet. 3

10. Calculate the income from subscription for the year 20 21 from the following information:

	1-1-2021	31-12-2021
Subscription outstanding Subscription received in advance	3,000 4,000	2,000 5,000

Subscription received during the year 2021 - Rs. 70,000.

Or

Mention three objectives of preparing financial statements.

Or

Explain Database Management System

1. Current Liabilities of a company were Rs.60,000 and its current ratio was 2: 1 on 30th March, 2021. On 31st March, 2021, the company paid Rs. 20,000 to a creditor. Calculate the current ratio after the payment. 3

Or

Mention three differences between ‘Capital account’ and ‘Current account’. 3

or

Describe the three features of spreadsheet.

12. Prepare a Comparative Income Statement from the following particulars: 6

Particulars	2020 Rs.	2021 Rs.
Gross Sales Sales Returns Cost of Goods Sold Operating Expenses Income Tax	1,20,200 10,400 80,000 24,000 50%	1,35,800 7,600 84,000 18,000 50%

Or

What is meant by analysis of financial statements? Explain in brief the tools of financial statements? Explain in brief the tools of financial analysis. 1+5=6

Or

Give the limitations of computerised accounting system. 6

13. What is meant by issue of debentures as Collateral Security? Mention four differences between shares and debentures. 2+4=6

Or

Explain the objectives of Database Management System (DBMS)? 6

Or

Give Journal entries for issue and redemption of debentures under the following situations: 2x3=6

(a) 1,000 12% debentures of Rs. 100 each, issued at premium of 5% and redeemable at par.

(b) 2,000, 12% debentures of Rs. 100 each, issued at 5% discount and redeemable at a premium of 5%.

(c) 3,000, 12% debentures of Rs. 100 each, issued at par and redeemable at a premium of 5%.

14. A, B and C were in partnership sharing profits and losses equally. On 31st December, 2021 their Balance Sheet was as follows: 6

Balance Sheet

Liabilities	Amount (Rs.)	Assets	Amount (Rs.)
Capital A = 10,000 B = 5,000 C = 5,000 Reserve Fund Creditors	20,000 3,300 2,000	Plant and Machinery Stock Sundry Debtors Cash at Bank Cash in hand	10,000 4,000 6,000 5,000 300
25,300	25,300

The firm took a joint life policy for Rs. 9,000 payable on the first death.

C died on 31st March, 2022. Under the partnership agreement the executors of a deceased partner were entitled to:

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

(ii) His share of goodwill on the basis of twice the average of the past three years’ profits.

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

(iv) Interest on capital @ 5% p.a.

(v) Profits for the last three years were:

2019 = Rs. 6,000

2020 = Rs. 8,000

2021 = Rs. 7,000

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

Or

Prepare Income and Expenditure Account from the following Receipts and Payments Account and other details of ‘Parizat’ club for the year ended 31st December, 2021:      6

Receipts and Payments Account

Receipt	Amount (Rs.) Dr.	Payments	Amount (Rs.) Cr.
To Cash-in-hand on 1.1.21 To Subscriptions received To Entrance Fee To Donations To Donation of Club House To Life Membership Fee To Maintenance Grant To Capital Grant To Sale of Furniture	10,000 20,000 10,000 18,000 17,000 5,000 6,000 7,000 1,000	By Salaries By Rent and Taxes By Electric Charges By Sports Goods Purchased By Postage By Construction of Club House By Sundry Expenses By Payment of Outstanding Expenses By Cash in hand on 31.12.21	12,000 6,000 3,000 25,000 5,000 36,000 2,000 500 4,500
94,000	94,000

Other details:

(i) Total of Entrance Fee and Life Membership Fee are to be capitalised.

(ii) Depreciation on Sports Goods is Rs. 2,500.

(iii) Book value of the furniture sold was Rs. 1,500 on the date of sale.

Or

How would you compute the amount due to a retiring partner? 6

15. Sunu, Nanu and Nidhi are partners in a firm sharing profits in the ratio of 2:1:1. Their Balance Sheet as on 31st March, 2021 was as under: 6

Balance Sheet

Liabilities	Amount (Rs.)	Assets	Amount (Rs.)
Creditors Capital Sunu = 80,000 Nanu = 80,000 Nidhi = 60,000	50,000 2,20,000	Land and Building Plant and Machinery Furniture Motor Car Debtors Cash	80,000 56,000 30,000 54,000 48,000 2,000
2,70,000	2,70,000

The firm was dissolved on the above date. The assets realised as follows:

Furniture – Rs. 20,000

Land and Building – Rs. 1,00,000

Plant and Machinery – Rs. 50,000

Motor Car – Rs. 28,000

Debtors – 50% of Book Value

Realisation Expenses were Rs. 2,000

Prepare Realisation Account, Partner’s Capital Account and Cash Account to close the books of the firm.

Or

Write the situations when a partnership firm is dissolved by the court. 6

16. Amlan Company Limited issued 50,000 equity shares of Rs. 10 each at a premium of Rs. 2 each, payable as under:

On Application – Rs. 2

On Allotment – Rs. 5

On First and Final Call – Rs. 5

The shares were fully subscribed, called up and paid-up except allotment and call money on 500 shares. These shares were forfeited.

Give journal entries in the books of the company.

Or

Write short notes on: (any four) 2x4=8

(a) Securities Premium

(b) Over Subscription

(c) Re-issue of forfeited shares

(d) Unissued Capital

(e) Current asset

(f) Current asset

Or

Explain the steps involved in Computerised Accounting System in detail. 8

17. (a) Explain the average profit method of valuation of goodwill. 3

(b) What is revaluation account? 2

(c) How the adjustment of capitals is made at the time of admission of a new partner? 3

Or

Nitul and Atul are partners in a firm sharing profits in the ratio 2:1. Pranjal is admitted into the firm as a new partner with 1/4th share in profit. He will bring Rs. 30,000 as his capital. The Balance Sheet of Nitul and Atul as on 31.3.2020 was as under: 8

Balance Sheet

Liabilities	Amount (Rs.)	Assets	Amount (Rs.)
Creditors Bills Payable General Reserve Nitul’s Capital Atul’s Capital	8,000 4,000 6,000 52,000 30,000	Cash Debtors Stock Furniture Machinery Building	12,000 8,000 10,000 5,000 25,000 40,000
1,00,000	1,00,000

Other terms of the agreement are as under:

(i) Pranjal will bring in Rs. 12,000 as his share of goodwill.

(ii) Building was valued at Rs. 45,000 and Machinery at Rs. 23,000.

(iii) A reserve for bad debt is to be created at 6% on debtors.

Prepare Revaluation Account, Partner’s Capital Account and the Balance Sheet of the new firm.

18. Amit and Aditya are partners in a firm sharing profits and losses in the ratio of 3:1. The Trial Balance of the firm as on 31st December, 2022 was as under:

Trial Balance

Debit	Amount (Rs.)	Credit	Amount (Rs.)
Machinery Salaries Carriage outward Building Furniture Debtors Bad Debts Cash at Bank Investment Cash in hand Establishment charges Closing Stock Depreciation on Machinery Publicity Drawings Amit – Rs. 5,000 Aditya – Rs. 3.000 Rent and Rates	35,000 15,850 2,140 54,000 25,000 48,200 1,400 1,200 10,000 1,170 13,000 10,000 3,500 5,000 8,000 5,500	Capital Amit Rs. 50,000 Aditya Rs. 30,000 Trading Account - Gross Profit Creditors Bank Loan Discount Commission Outstanding Provision for Doubtful Debt	80,000 85,700 44,560 21,000 4,500 1,000 1,200 1,000
2,38,960	2,38,960

Additional Information:

(i) Prepaid publicity Rs. 500

(ii) Commission received in advance Rs. 200

(iii) Provide for doubtful debts @ 5% on Sundry debtors.

(iv) Allow interest on partners’ capital @ 5% p.a.

From the above Trial Balance and additional information, prepare a Profit and Loss Account, a Profit and Loss Appropriation Account for the year ended 31st December, 2022 and a Balance Sheet as on that date.

Also Read :- AHSEC Class 12 Accountancy Solved Paper 2023

About AHSEC Class 12 Accountancy Question Paper 2023

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