AHSEC Class 12 Accountancy Solved Question Paper 2015 - [H.S 2nd Year Accountancy Solved Question Paper 2015]

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AHSEC Class 12 Accountancy Solved Question Paper 2015

AHSEC ACCOUNTANCY SOLVED QUESTION PAPERS
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 credited.

(ii)   A partner acts as an agent for the firm.

(iii)  When Partner’s Capital Accounts are fixed, then their current accounts.

(iv) Goodwill 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.

(ii) Balance Sheet shows:

1)     Financial Position of a Company.

2)     Profit or Loss of a Company.

3)     Cash flow of a Company.

(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. Ans. True.

(ii) A Preference shareholder gets interest at a fixed rate.                            Ans. False.

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

Ans. Characteristics of Not-for-profit organisations: Following are the main characteristics or the salient features of Not for Profit organisations:      

1. Mission-Driven Purpose:

   Not-for-profit organizations are primarily driven by a mission or purpose that benefits the public or a particular community. Unlike for-profit businesses that aim to maximize profits for shareholders, nonprofits exist to serve a specific cause or address a societal need.

2.Non-Distribution Constraint:

   Nonprofits operate under a non-distribution constraint, meaning that they are prohibited from distributing profits or surpluses to individuals or stakeholders. Instead, any financial gains generated through activities such as donations, grants, or program revenue must be used to further the organization's mission.

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

Solution:  A : B : C = 2 : 2 : 1

C to retires; A : B = 2 : 1

\Gaining Ratio = New Ratio – Old Ratio

\A: B (gaining ratio) = (2/3 – 2/5) : (1/3 : 2/5) = (2/3 – 2/5) : (1/3 : 2/5)

= (10/15 – 6/15) : (5/15 – 6/15) = (10/15 – 6/15) : (5/15 – 6/15)

4. Mention any two features of debentures.                        2

Ans. The characteristics of debentures can be summarised as follows:

1. Fixed Interest Payments: Debentures typically pay a fixed rate of interest to debenture holders at regular intervals, such as semi-annually or annually. This fixed interest rate is specified at the time of issuance and remains constant throughout the debenture's term.

2. Creditor Status: Holders of debentures are considered creditors of the issuing company. In the event of liquidation or bankruptcy, debenture holders have a higher claim on the company's assets compared to equity shareholders.

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

Ans: Methods of Valuation of Goodwill:

1)     Average profits method

2)     Weighted average profit method

1 . Average Profits Method:

   - Explanation: The Average Profits Method is a goodwill valuation approach that calculates the value based on the average profits of a business over a certain period. It typically involves taking the average of the past few years' profits.

   - Formula: Goodwill Value = \Average Annual Profit Number of Years of Purchase

   - Purpose: This method is useful when a consistent and representative picture of the business's profitability can be obtained by averaging profits over a specific period.

2. Weighted Average Profit Method:

   - Explanation: The Weighted Average Profit Method is an extension of the Average Profits Method that assigns different weights to profits of different years based on their relevance. More recent profits may be given higher weights to reflect the current business environment.

   - Formula: Goodwill Value = Weighted Sum of Profits Total Weights Number of Years of Purchase

   - Purpose: This method aims to provide a more accurate reflection of the business's current earning capacity by considering the varying importance of profits from different periods.

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:

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

Solution:

Pre-Valuation A/c

Particulars	Amount	Particulars	Amount
To Stock A/c To Plant & Machinery To Furniture To Sundry Debtors (Bad Debt)	7,000 10,000 1,000 2,000	By  Computer By Loss on Revaluation Ram:            10,000 x 3/4 = 7,500 Shyam:        10,000 x 1/4 = 2,500	10,000 10,000
	20,000		20,000

Partner’s Capital A/c

Particulars	Ram	Shyam	Hari	Particulars	Ram	Shyam	Hari
To Revaluation A/c To Balance c/d	7,500 82,500	2,500 47,500	40,000	By Balance b/d By Cash A/c By Premium for goodwill By Reserve	60,000 15,000 15,000	40,000 5,000 5,000	40,000
	90,000	50,000	40,000		90,000	50,000	40,000

Balance Sheet

As on 31.03.2014

Liabilities	Amount	Assets	Amount
Capital: Ram:                   82,500 Shyam:               47,500 Hari:                    40,000 Creditors	1,70,000 80,000	Plant & Machinery                     50,000 Less: Depreciation @ 20%       (10,000) Computer Furniture                                      10,000 Less: Depreciation @ 10%         (1,000) Stock                                             70,000 Less: Depreciation @ 10%         (7,000) Debtors Cash (55,000 + 40,000 + 20,000)	40,000 10,000 9,000 63,000 13,000 1,15,000
	2,50,000		2,50,000

Working Note:

\Hari share = 1 – 1/3 = 2/3

\Ram’s new share = 3/4 x 2/3 = 6/12

Shyam new share = 1/4 x 2/3 = 2/12

\New Ratio = 6/12 : 2/12 : 1/3

\Sacrificing Ratio = 3/4 – 3/6 : 1/4 – 1/6

=( 9/12 – 6/12) : (3/12 – 2/12)

\Ram’s share of premium for goodwill  = 20,000 x 3/4 = 15,000

Shyam’s share of premium for goodwill = 20,000 x 1/4 = 5,000

-000-

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