AHSEC Class 12 Accountancy Solved Question Paper 2017 - [H.S 2nd Year Accountancy Solved Question Paper 2017]

 

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AHSEC Class 12 Accountancy Solved Question Paper 2017

AHSEC ACCOUNTANCY SOLVED

QUESTION PAPERS
2017

(ACCOUNTANCY)

Full Marks: 100
Pass Marks: 30, Time: Three Hours

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

a)     Unrecorded assets when realized are credited to Realisation A/c

b)     When Partner’s Capital Accounts are fixed, their current Accounts are prepared.

c)      Partner’s Loan Account is paid before payment of partner’s capital.

d)     If a partner takes over a liability of the firm, the partner’s capital account is Credited.

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

 i.     Financial Statements are

1)     Summarized reports of recorded facts.

2)     Detailed reports of the recorded facts.

3)     Summarized reports of only cash transactions.

Ans. Summarized report of recorded facts

 ii.  Financial Statements of a company include:

1) All of Above

2)     Only Profit and Loss Account.

3)     Only Cash Flow Statement.

Ans. All of the above

(c) State whether the following statements are true or false:                      1x2=2

a)     Financial analysis is used only by the creditors.  Ans. False

b)     The deceased partner’s executor is entitled to a share of profit for the period upto his/her death.Ans. True

2. What is a Capital Fund?                                           2

Ans: A Capital Fund refers to the financial resources that a company or organization sets aside to support its long-term operations, strategic initiatives, and various financial needs. It represents the portion of a company's capital that is not intended for day-to-day operational expenses but is earmarked for more enduring purposes. Capital funds play a crucial role in providing stability and flexibility to a business.

3. Ram, Shyam and Hari are partners sharing profits in the ratio of 2:2:1. Hari retires. Ram and Shyam have decided to share future profits and losses in the ratio of 2:1. Calculate the gaining ratio.       2

Solution:

Ram : Shyam : Hari = 2 : 2 : 1 (Old Ratio)

Hari Retires; Ram : Shyam = 2 : 1 (New Ratio)

\Gaining Ratio (Ram : Shyam) = 2/3 – 2/5 : 1/3 – 2/5

= 10/15 – 6/15 : 5/15 – 6/15

\Gaining Ratio cannot be calculated.

4. Mention any two features of debentures.                                                      2

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

1. Fixed Interest Payments: Debentures typically come with a fixed rate of interest that is predetermined at the time of issuance. Holders of debentures receive regular interest payments at specified intervals, such as semi-annually or annually.

2. Creditor Status: Explanation: Debenture holders are considered creditors of the issuing company. In the event of liquidation or bankruptcy, they have a higher claim on the company's assets compared to equity shareholders. Debenture holders are entitled to be repaid their principal amount along with any accrued interest before any distribution is made to shareholders.

  . Assam Tea Ltd. decided to forfeit 1,000 shares of Rs. 20/- each for non-payment of allotment money of Rs. 5/- each and 1st and final call money of Rs. 2/- each. Give journal entry for the forfeiture of shares. 2

6. Mention any two methods of valuation of Goodwill. 2

7. What are the sources of Cash Flows as per AS-3 (Revised)? 3

Or

From the following details, calculate Current Ratio: 3

	Rs.
Sundry Debtors Stock Prepaid Expenses Sundry Creditors Bank Overdraft Interest Payable Debentures Buildings	10,000/- 8,000/- 6,000/- 8,000/- 2,000/- 2,000/- 50,000/- 1,00,000/-

8. Explain the meaning of financial statements. 3

Or

What is trend analysis? Mention its usefulness. 1+2=3

9. What is Common Size Statement? What do they show? 1+2=3

Or

Explain any one Method of Valuation of Goodwill. 3

10. State any three features of Receipts and Payments Account. 3

Or

Explain the meaning of Fund-based Accounting. 3

11. Mention any three limitations of Financial Statements. 1x3=3

12. Guwahati Sports Club has a Cash and Bank balances of Rs. 5,000/- and Rs. 10,000/- respectively on 01/04/2015. From the following details, prepare a Receipts and Payments Account for the year ended 31/03/2016: 5

	Rs.
Entrance fees received Donation received Donation received for Building Computer purchased Salary paid Repair to Building Rent received Wages paid Outstanding salaries Depreciation on Furniture Maintenance Grant received Subscription received Life Membership Fees received Cash in hand on 31/03/2016	8,000/- 10,000/- 10,000/- 12,000/- 5,000/- 6,000/- 5,000/- 3,000/- 2,800/- 13,000/- 8,000/- 10,000/- 10,000/- 40,000/-

Or

Mention any five distinctions between Receipts and Payments Account and Income and Expenditure Account.    5

13. From the following information, ascertain “Cash Flow from Investing Activities”:     5

	Rs.
Land and Buildings purchased during the year Additional furniture purchased during the year Investments purchased Investments sold Loss on Sale of Investments Plant and Machinery sold during the year Dividend received Interest received Sale of land Profit on Sale of land	2,00,000/- 50,000/- 50,000/- 1,00,000/- 5,000/- 40,000/- 15,000/- 20,000/- 3,00,000/- 1,50,000/-

Or

Explain the meaning of Cash Flow Statement. Mention any three objectives of Cash Flow Statement.         2+3=5

14. From the following information, calculate (i) Current Assets (ii) Current Liabilities and (iii) Quick Ratio.    5

Working Capital = Rs. 40,000/-

Current Ratio = 2:1

Stock = Rs. 30,000/-

Or

What do you mean by Activity Ratios? Explain the method of calculating any one of Activity Ratios. 2 ½ +2 ½=5

15. The Balance Sheet of Ram, Shyam and Hari who were sharing profits in proportion to their capital stood as follows on 31st March, 2016:

Balance Sheet

Liabilities	(Rs.)	Assets	(Rs.)
Sundry Creditors Capital Account: Ram:              20,000/- Shyam:          20,000/- Hari:               10,000/-	10,000 50,000	Cash at Bank Sundry Debtors Stock Investments Buildings	5,000 6,000 9,000 10,000 30,000
	60,000		60,000

Shyam retired on the above date on the following terms and conditions:

1. That stock be depreciated by Rs. 1,000/-

2. That Building be appreciated by 20%.

Pass the necessary journal entries and prepare the opening Balance Sheet of the new firm. 5

Or

Explain the issue of shares at par, at a discount and at a premium.

16. A, B and C were partners in a firm sharing profits in the ratio of 3:2:1. Their Balance Sheet as on 31/03/16 was as follows:

Liabilities	(Rs.)	Assets	(Rs.)
Sundry Creditors Capital Account: A:       =       20,000/- B:       =       10,000/- C:       =       20,000/-	4,000 50,000	Buildings Machinery Stock Debtors Cash at Bank	20,000 16,000 4,000 15,000 5,000
	60,000		60,000

A died on 30/09/2016. Under the agreement, the executors of the deceased partner were entitled to:

1. Amount outstanding to the credit of partner’s capital account.

2. Interest on capital at 12% per annum.

3. Share of goodwill on the basis of four year’s purchase of the average profit of last three years.

4. Share of profit from closing of the last financial year to the date of death on the basis of last year’s profit.

5. Profits for the last three years were:

Year	Profits
2013-14 2014-15 2015-16	8,000/- 12,000/- 7,000/-

Prepare A’s capital Account on the date of his death. 5

Or

How would you compute the amount due to a retiring partner or the executors of a deceased partner? 5

17. Akash and Bikash are partners sharing profits in the ratio of 3:2. Their Balance Sheet as on 31/03/2016 was as follows:

Balance Sheet

Liabilities	(Rs.)	Assets	(Rs.)
Capital: Akash =   12,000/- Bikash =    8,000/- General Reserve Sundry Creditors	20,000 10,000 10,000	Sundry Assets	40,000
	40,000		40,000

The firm is dissolved on the above date. Assets are realized at Rs. 60,000/- Dissolution expenses came to Rs. 2,000/- 5

Or

Explain any five distinctions between Revaluation Account and Realisation Account. 5

18. What do you mean by preliminary expenses? Mention the items which are usually included in the list of preliminary expenses. 2+3=5

Or

Give the new format of the Balance Sheet of a company (main headings only) as per the requirements of the revised Schedule-VI of the Companies Act. 5

19. Following is the Trial Balance of ANIMA and PRATIMA as on 31st March, 2016:       8

Trial Balance

Particulars	(Rs.)	Particulars	(Rs.)
Machinery General Expenses Furniture Salaries Cash in hand Investments Cash at Bank Bad debt Sundry Debtors Buildings Publicity	50,000 5,000 10,000 20,000 5,000 12,000 8,000 2,000 40,000 50,000 8,000	Capital: ANIMA           =      60,000 PRATIMA       =      40,000 Trading Account Gross Profit Sundry Creditors Commission	1,00,000 90,000 10,000 10,000
	2,10,000		2,10,000

Prepare the Profit & Loss Account and the Profit & Loss Appropriation Account of the firm for the year ended 31st March, 2016 and a Balance Sheet as on that date after taking into consideration the following additional information: 8

1. Depreciate Machinery @ 10% per annum.

2. Partners will get interest on capital @ 10% per annum.

Solution:

Profit & Loss A/c of the firm

For the year ended on 31-3-2016

Particulars	Amount	Particulars	Amount
To General Exp. To Salaries To Bad debts To Publicity To Depreciation on Machinery To Net Profit	5,000 20,000 2,000 8,000 5,000 60,000	By Gross Profit By Commission	90,000 10,000
	1,00,000		1,00,000

Profit & Loss Appropriation A/c

For the year ended on 31-3-2016

Particulars	Amount	Particulars	Amount
To Interest on Capital Anima: 60,000 x 10/100 Pratima: 40,000 x 10/100 To Share of Profit  Anima: 50,000 x ½   = 25,000 Pratima: 50,000 x ½ = 25,000	6,000 4,000 50,000	By Net Profit	60,000
	60,000		60,000

Balance Sheet of the Reconstituted firm

As on 31-3-2016

Liabilities	Amount	Assets	Amount
Capital: Anima:                                     60,000 Add: Interest on Capital         6,000 Add: Share of Profit              25,000 Pratima:                                  40,000 Add: Interest on Capital        4,000 Add: Share of Profit             25,000 Sundry Creditors	91,000 69,000 10,000	Machinery                                50,000 Less: Depreciation                   (5,000) Furniture Cash in hand Investments Cash at Bank Sundry Debtors Buildings	45,000 10,000 5,000 12,000 8,000 40,000 50,000
	1,70,000		1,70,000

20. NE Traders Ltd. issued 5,000 shares of Rs. 20/- each at a par payable as follows:

Rs. 5/- on Application

Rs. 5/- on Allotment

Rs. 5/- on First Call

Rs. 5/- on Second and Final Call

All the shares were duly subscribed for, called up and paid up. Show the necessary entries in Cash Book and Journal of the company for the above transactions. 8

Or

Write short notes: 2x4=8

1. Minimum Subscription.

2. Authorised share Capital.

3. Reserve Capital.

4. Preference share.

21. Give the journal entries in respect of the following: 8

1. Debentures issued at par, redeemable at a premium.

2. Debentures issued at a premium, redeemable at par.

3. Debentures issued at a discount, redeemable at par.

4. Debentures issued at a discount, redeemable at premium.

Or

Explain the different methods of redemption of debentures. 8

22. Ram and Shyam are partners in a firm sharing profits and losses in the ratio of 3:1. Their Balance Sheet as on 1st April, 2016 was us under:

Balance Sheet

Liabilities	(Rs.)	Assets	(Rs.)
Sundry Creditors Reserve Capital: Ram       =     30,000/- Shyam   =     24,000/-	12,000 9,000 54,000	Cash at Bank Goodwill Sundry Assets	6,000 12,000 57,000
	75,000		75,000

On that date, Barun was admitted as a new partner. He paid Rs. 30,000/- towards his capital, but was unable to bring his share of Goodwill of Rs. 6,000/- in cash. The new profit sharing ratio was agreed to be 3:2:2.

Pass Journal entries in the books of the new firm and show the Balance Sheet of the new firm. 8

Or

What do you mean by debenture? Explain any six points of distinctions between shares and debentures.         2+6=8

-000-

Also Read : Accountancy Important Questions 

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