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AHSEC ACCOUNTANCY SOLVED QUESTION PAPER20122012202122021202022012
(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 Revenue nature.
(ii) On admission, unrecorded assets brought into account are credited to revaluation account.
(iii) A company can issue shares at a discount only if at least one 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 debited.
(B) Choose the correct alternative: 1x2=2
(i) Subscription received in advance is treated as:
(c) A liability
(ii) Profit on revaluation of assets and liabilities is shared by the old partners in:
(c) Old 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. True
(ii) Discount on reissue of forfeited shares cannot exceed the amount received on forfeited shares. True
Q.2: Give the adjustment entry required for recording interest on capital when Capital Account is maintained under Fixed Capital method. (2)
Ans: Interest on Capital Account Dr.
To Capital A/c
Q.3: What is meant by ‘Gaining Ratio ‘on retirement of a partner? (2)
Ans. Gaining Ratio: The "Gaining Ratio" on the retirement of a partner refers to the revised profit-sharing ratio among the remaining partners after the outgoing partner's share is redistributed among them. It reflects how the profits and losses will be allocated among the remaining partners in the future.
Q4: What is meant by ‘Loss on issue of debenture’? (2)
Ans. The term "Loss on issue of debenture" refers to a situation where a company issues debentures (a type of long-term debt instrument) at a price lower than their face value. The loss occurs because the company is not able to raise the entire face value of the debentures from the investors. The difference between the face value and the issue price represents the loss on the issue of debentures. This loss is generally considered a financial cost for the company.
Q.5: What are the types of Financial Statements Analysis? (2)
Ans: Types of financial Statement analysis:
a) External analysis: This analysis is performed by outside parties such as trade creditors, investors, suppliers of long term debt etc.
b) Internal analysis: This analysis is performed by the corporate finance and accounting department and is more detailed than external analysis.
c) Horizontal analysis: This analysis compares the financial statements viz., profit and loss accounts and balance sheet of previous year along with the current year.
d) Vertical analysis: This analysis converts each element of the information into a percentage of the total amount of statement so as to establish relationship with other components of the same statement.
e) Trend analysis: This analysis compares ratios of different components of the financial statements related to different period to those of a base year.
Q.6: What do you mean by Ratio Analysis? (2)
Ans. According to Myers, “Ratio analysis of financial statements is a study of relationship among various financial factors in a business as disclosed by a single set of statements and a study of trend of these factors as shown in a series of statements."
Ratio analysis is a technique used in financial analysis to evaluate the financial performance and condition of a business by examining the relationships between various items in its financial statements. It involves calculating and interpreting different financial ratios, which are numerical indicators derived from the company's financial statements.
Q.7: Mention three Features of Receipts and Payments Accounts. (3)
Ans. Following are the main features of Receipts and Payments Account:
a) It is compiled at the conclusion of the fiscal year, encompassing entries derived from the cash book.
b) It serves as a consolidated overview of all monetary dealings throughout the year, categorized under different headings.
c) It meticulously documents every cash transaction that transpired within the relevant year, without regard to the specific time frame in which they occurred.
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.
Q.15: 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%.
Solution:
Journal Entries
In the books of A Ltd.
Journal Entries
In the books of B Ltd.
Journal Entries
In the books of C Ltd.
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)
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
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)
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
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)
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Also Read : Accountancy Chapter wise Complete Solution and Important Questions Answers
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AHSEC Board Class 12 Accountancy Question Paper Solution 2012
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