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AHSEC ACCOUNTANCY SOLVED QUESTION PAPERS
2013 (ACCOUNTANCY)
Full Marks: 100
Pass Marks: 30, Time: Three Hours
1. (a) Fill in the blanks with appropriate word: 1x4 = 4
(i) A Receipts and Payments account is prepared on cash basis of accounting.
(ii) When Partner’s Capital Account is fixed, then Partner’s current Account is prepared.
(iii) Goodwill is the extra earning capacity of a business.
(iv) Unrecorded assets when realised are credited to realisation Account.
(b) Choose the correct alternative: 1x2=2
(i) An Income and Expenditure Account reveals:
(2) Surplus or Deficit
(ii) The portion of capital which can be called up only on the winding up of the company is called:
(c) State whether the following statements are true or false: 1x2=2
(i) Discount on reissue of forfeited shares cannot exceed the amount received on forfeited shares. True
(ii) Interest on Debenture is payable only when a company earns profits. False
2. What is sacrificing ratio? 2
Ans: Sacrificing Ratio: Sacrificing ratio refers to the adjustment in the profit-sharing ratio among partners in a business partnership when there is a change in the partnership structure. This change can result from the admission of a new partner or the retirement/withdrawal of an existing partner. The sacrificing ratio determines how the existing partners agree to share the reduction in their share of profits to accommodate the new partner or account for the departing partner.
3. Give two grounds on which a court may dissolve a firm. 2
Ans. Dissolution by Court: A court may order a partnership firm to be dissolved in the following cases:
A court may order the dissolution of a firm (partnership) on various grounds, and two common reasons include: 1. When Misconduct or Breach of Agreement. 2. When Incapacitation of a Partner. 3. When a partner becomes of unsound mind
4. When a partner becomes permanently incapable of performing his/her duties as a partner,
4. Name any two items that can be shown under sub head “Reserves and Surplus”. 2
Ans: Reserves and Surplus: Under this head the following items are shown:
a) General Reserve
b) Securities Premium (Reserve)
5. Give two objectives of cash flow statement. 2
Ans. The Cash Flow Statement serves several objectives, and two key purposes are: 1. Liquidity Assessment: The cash flow statement helps in evaluating the liquidity position of a business by providing a detailed account of the sources and uses of cash over a specific period. 2. Cash Flow Analysis for Decision-Making: Another objective of the cash flow statement is to provide valuable insights for decision-making. By categorizing cash flows into operating, investing, and financing activities, stakeholders can discern how cash is generated and utilized in different aspects of the business.
6. What is joint life policy? 2
Ans. A Joint Life Policy A joint life policy, also known as a joint life insurance policy, is a type of life insurance that covers two individuals under a single policy. This insurance policy is designed to provide a benefit payment upon the death of either one or both of the insured parties. The coverage ceases when the benefit is paid out, or in some cases, it may continue for the surviving insured if the policy is a "joint and survivor" or "second-to-die" policy. There are two primary types of joint life policies: 1. First-to-Die Joint Life Policy: 2. Second-to-Die Joint Life Policy (Survivorship Life Insurance):
12. The Star Cricketer club had a cash balance of Rs.500 and a Bank balance of Rs.1000 on 1.4.2011. From the following details, prepare a Receipts and Payments Account for the year ended 31.03.2012: 5
Solution:
Receipts & Payments Account of the Star Cricketer Club
For the year ended on 31st March, 2012
Also Read : Accountancy Important Questions Answers
| Question Paper | Solved Question Paper |
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AHSEC Board Class 12 Accountancy Question Paper Solution 2013
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