If you're looking for the AHSEC Class 12 Accountancy question paper solution 2014, you're in Right place. We've compiled a detailed analysis of the exam paper, complete with explanations for all the questions.
If you're interested to read H.S 2nd Year Accountancy Question Paper Solution 2014, so follow the simple step read this article from top to bottom.
AHSEC Class 12 Accountancy Solved Question Paper 2014
AHSEC ACCOUNTANCY SOLVED QUESTION PAPERS
2014 (ACCOUNTANCY)
Full Marks: 100
Pass Marks: 30, Time: Three Hours
1. (a) Fill in the blanks with appropriate word:
(i) Life membership fee is a capital receipt.
(ii) Interest on Partner’s loan is to be credited to his partner’s loan Account.
(iii) If there is any profit on revaluation of assets and liabilities, the same will be shared by old partners in their old ratio.
(iv) The amount due to the retiring partner is transferred to his loan account in case it is not paid immediately.
(b) Choose the correct alternative:
(i) If the business is sold as a going concern, cash balance is also transferred to ___________ Account.
(2) Realisation
(ii) Rate of Interest on calls in arrears charged according to Table ‘A’ is _____________.
Ans. Rates of Interest on calls in arrear and calls in advance as per table ‘A’ are 10% and 12% respectively.
(c) State whether the following statements are true or false:
(i) Debenture holders are the owners of the company. Ans. False
(ii) Company’s shares are generally transferable. Ans. True.
2. What is a capital fund? 2
Ans: Capital Fund: A capital fund refers to the financial resources that a company or organization maintains to support its long-term operations, investments, and other strategic initiatives. It is essentially the money or capital set aside for specific purposes, such as expanding business operations, acquiring assets, or weathering financial challenges. Capital funds are typically distinct from operational funds and are earmarked for more extended-term needs. The sources of capital funds can include retained earnings, contributions from shareholders, and other forms of long-term financing. 3. Mention any two rights of a partner. 2
Ans; Rights of a Partner:
Two rights of a partner in a partnership can include:
- Right to Share Profits and Losses: Partners have the right to share the profits of the business based on the agreed-upon profit-sharing ratio. Similarly, they also share the losses in the same ratio unless otherwise specified in the partnership agreement.
- Right to Participate in Management: Unless otherwise agreed upon, each partner usually has the right to participate in the management and decision-making processes of the business. This right ensures that partners have a say in important matters related to the partnership.
4. What is hidden goodwill?
Ans; Hidden Goodwill:
Hidden goodwill refers to the value of goodwill that is not explicitly recorded on a company's balance sheet. In accounting, goodwill represents the intangible assets such as the reputation, brand value, and customer relationships that contribute to a company's overall value. Hidden goodwill may arise when the actual value of goodwill exceeds the amount recorded on the balance sheet, and it is not immediately apparent to external stakeholders.
5. What is Reserve capital? Ans; Reserve Capital: Reserve capital is the portion of a company's authorized capital that is not issued or subscribed by shareholders. It is the amount that the company keeps in reserve and can issue later if needed. Reserve capital provides a financial cushion to the company and can be issued to meet unexpected contingencies or to fund future expansion. It is a way for a company to maintain flexibility in managing its capital structure while ensuring that additional capital can be raised without going through the process of altering its authorized capital.
6. Give any two distinctions between shares and debentures. 2
Ans. Difference between Shares and Debentures
7. Mention any six statutory books to be maintained by a company. 3
8. Explain the accounting treatment of loss on issue of debentures in the books of a company. 3
9. Give the major heads on the “Equity and Liabilities” side of a company’s Balance Sheet. 3
Or
What is trend analysis? Mention its usefulness. 3
10. How would you calculate the amount payable to the executor of a deceased partner? 3
11. Mention three situations under which a firm may be dissolved without intervention by court. 3
Or
X Ltd. company forfeited 800 shares of Rs.10 each issued at par for non-payment of 1st call Rs.2 and final call Rs.3 each. Out of these, 500 shares are re-issued at 10% discount. Give journal entries in the books of the company. 3
12. Calculate Acid-Test Ratio from the following: 5
Current Assets Rs.50000.
Current assets includes the following ----
Stock Rs.14000.
Pre-paid Expenses Rs. 1000.
Current liabilities Rs.20000. Current liabilities include Bank overdraft Rs.5000.
13. From the following information, calculate cash flow from operating activities using Direct Method: 5
Additional Information:
(1) Debtors – Opening Balance Rs.15000, Closing Balance Rs.20000.
(2) Creditors – Opening Balance Rs.10000, Closing Balance Rs.12000.
(3) Stock – Opening Balance Rs.7000, Closing Balance Rs.10000.
(4) At the end of the year, outstanding salary Rs.2000, pre-paid insurance Rs.400 and Income tax outstanding Rs.1000.
14. From the following items of Receipt and Payment Account of South India Club, prepare moan Income and Expenditure Account for the year ended 31.03.2013: 5
Additional Information: On 31.3.2013, subscription in arrear was Rs. 4700 and interest on loan was outstanding for 9 months.
15. What is Partnership Deed? Mention its four principal clauses. 5
16. Neer and Sameer are partners in a firm sharing profits in the ratio of 5:3. On 1st January 2012, their capitals were Rs.35000 and Rs.25000 respectively. On that date, they admitted Varun as a new partner for 1/5th share in the profit. Varun brought in Rs. 20000 as capital and Rs.8000 for his premium for goodwill. Pass necessary Journal Entries in the books of the firm on Varun’s admission. The new profit sharing ratio will be 3:1:1. 5
17. S,T and U were partners in a firm sharing profits in the ratio of 1:2:2. On 15.2.2013, S died and new profit sharing ratio of T and U was agreed to be 3:2. On S’s death, the goodwill of the firm was valued at Rs.60000. Calculate the gaining ratio and pass necessary Journal Entries on S’s death for treatment of goodwill without opening goodwill account. 5
Or
State the legal requirements for issuing shares at a discount. 5
18. Guwahati Engineering Limited issued 10000 6% Debentures of Rs.10 each at a discount of 5% but repayable after 5 years at a premium of 10%. Show the entries in the books of the company and also the accounting treatment of loss on issue of debentures for 5 years. 5
Solution:
Journal Entries
In the books of Guwahati Engineering Ltd.
Loss on issue of Debentures A/c
Working Note:
Amount to be written off each year
= 15,000/5 = 3,000
19. Amal and Bimal are two partners in a firm. They share profits in the ratio of 3:2. Following is their Balance Sheet as on 31.12.2012 on which date they dissolved their partnership firm: 8
Balance Sheet
Assets are realised as: Fixed Assets Rs.28000, Stock Rs.8000 and Debtors Rs.13000.
Creditors were paid at a discount of 10%. Expenses of realisation were Rs.1500.
Pass Journal Entries in the books of the firm.
20. Jugmug Limited has an authorised capital of Rs.1000000 divided into 100000 equity shares of Rs.10 each. The directors decided to issue 50000 shares to the public at a premium of 10% payable as follows: 8
On Application: Rs.3
On Allotment : Rs. 5 (Including Premium) and the Balance on 1st and final call.
The company received application for 60000 shares. The directors decided to reject the excess application and the money thereon was refunded. The calls were made and call money duly received. Give Journal Entries, prepare a Cash Book and a Balance Sheet in the books of the company.
21. The following is the Trial Balance of X and Y firm as on 31.3.2013: 8
Trial Balance
Prepare Profit and Loss Account and Profit and Loss Appropriation Account for the year ended 31.3.2013 and a Balance Sheet as on that date after taking into consideration the following adjustments:
(i) The Partners are entitled to Interest on Capital @ 5% and they are charged interest on drawings: X – 300 and Y – 200.
(ii) Transfer 10% of the net profit to Reserve Fund.
(iii) Provide manager’s commission @5% on net profit before charging such commission.
(iv) Bad Debt reserve is to be increased to 5% on debtors.
(v) Interest on investment accrued Rs.500.
22. Swadip Petrochemicals Ltd. issued 10000 12% Debentures of Rs.100 each. Give Journal Entries for issue and redemption of debentures in the books of the company under the following situations: 8
(i) Issued at par and redeemable after 5 years at par.
(ii) Issued at Par and redeemable after 5 years at a premium of 5%.
(iii) Issued at a premium of 5% and redeemable after 5 years at par.
(iv) Issued at a premium of 5% and redeemable after 5 years at a premium of 10%.
Or
Explain the different methods of redemption of debentures. 8
-000-
- Also Read : Accountancy Important Questions
| Question Paper | Solved Question Paper |
|---|---|
2024 | 2024 |
AHSEC Board Class 12 Accountancy Question Paper Solution 2014
Those students who are preparing for the Assam Board Class 12th exam must understand the exam pattern, marking scheme and other important information.
For this reason students must refer to AHSEC Class 12 Accountancy 2014 Question Paper Solution in pdf
By referring to the Assam Board Class 12 Accountancy 2014 Question Paper Solution in pdf, students will get an opportunity to explore the various questions that were asked in the actual exam.In addition, they can use question papers to assess their preparation and work on gaps.
Assam Board Class 12 Accountancy 2014 Question Paper Solution Free PDF Download
Preparing for board exams is not just a crammed affair but it requires a lot of practice, being consistent and disciplined. Hence, we have provided the direct link of previous year question papers in PDF format here.
By reading these Assam Board Class 12 Accountancy - 2014 Question papers Solution students will be able to put effort in finding important questions and will be prepared for the annual board exam.Year-Wise Assam Board Class 12 Question Paper.
Every year, AHSEC evaluates 2nd year HS students by passing their board exams. With his help, the committee decides which students will be considered to have passed or failed in the academic year.
The difficulty level of the questions varies every year and that is why we have provided the Assam Board Class 12 Accountancy All Year Question Paper PDF here.
Benefits of using AHSEC Assam HS 2nd Year Accountancy 2014 Question Paper Solution
Assam Board Class 12th students who are keen to excel should definitely know the benefits of using AHSEC Assam HS 2nd Year Question Papers Solution Accountancy 2014
Benefits are:-
- AHSEC 12th Class Accountancy 2014 Previous Year Question Paper Solution makes a difference in preparing students for exams. Rather than covering many topics, past year papers allow students to find the right topics to focus on.
- Students who invest their time in answering previous year question papers can feel how difficult or easy their Assam Board Class 12 exam would be.
- By solving Assam Board Class 12 Accountancy - 2014 Question Paper, Assam Board Class 12th candidates can experience the real exam, build their confidence and get the satisfaction of how well they can perform.
- It also helps to know the time required to solve all the questions asked in Assam 12th Board Exam.
- Solving old questions also lets the candidates know how best they can give in the actual board exam.