HS 2nd Year Accountancy Question Paper-2013 PDF Download
AHSEC Class 12 Accountancy Question Paper 2013 PDF Download
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| Accountancy 2013 |
AHSEC Class 12 Accountancy 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 ____________ basis of accounting.
(ii) When Partner’s Capital Account is fixed, then Partner’s __________ Account is prepared.
(iii) __________ is the extra earning capacity of a business.
(iv) Unrecorded assets when realised are credited to ____________ Account.
(b) Choose the correct alternative: 1x2=2
(i) An Income and Expenditure Account reveals:
(1) Cash Position
(2) Surplus or Deficit
(3) Capital Fund
(4) None of the above
(ii) The portion of capital which can be called up only on the winding up of the company
is called:
(1) Authorised Capital
(2) Issued capital
(3) Uncalled capital
(4) Reserve capital
(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.
(ii) Interest on Debenture is payable only when a company earns profits.
2. What is sacrificing ratio? 2
3. Give two grounds on which a court may dissolve a firm. 2
4. Name any two items that can be shown under sub head “Reserves and Surplus”. 2
5. Give two objectives of cash flow statement. 2
6. What is joint life policy? 2
7. What are the sources of Cash Flow? 3
8. Explain average profit method of valuation of goodwill. 3
Or
What are the circumstances when a revaluation of assets and liabilities becomes necessary? 3
9. Mention the uses of Securities Premium. 3
Or
Mention three advantages of issuing debentures. 3
10. What are contingent liabilities? Mention any two items. 3
Or
What is the importance of Financial Analysis? 3
11. From the following information, calculate Current Ratio: 3
| Particulars | Amount |
| Inventory Debtors Cash Creditors Bills receivable Advance Tax Bills Payable Bank overdraft Debentures Accrued Interest | 55000 40000 37000 48000 20000 4000 28000 4000 200000 4000 |
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
| Particulars | Amount |
| Subscription received for the year Subscription outstanding on 31.03.12 Subscription for 2010-11 received during the current year Life member fees received Donation for club house received Rent paid for the year Advance rent paid Sale of Furniture (book value Rs.600) Honorarium to coach Sports expenses Construction of club house Salary Printing and Stationery Postage and Telegram Maintenance Grant Depreciation during the year Salary Outstanding on 31.03.2013 Outstanding Salary on 01.04.2011 paid during the year Cash in hand on 31.03.2012 Stationery in hand on 31.03.2012 | 16000 2000 1000 5000 10000 6000 600 500 5000 8000 9000 4500 400 600 1000 1000 500 500 1400 100 |
13. Pari and Puja are partners sharing profits as 3:2. Their capitals are 80000 and 60000 respectively as on 01.04.2011. Net profit of the business for the year 2011-12 was Rs. 40000 before considering the following: 5
(i) Interest on Capital @ 5% p.a.
(ii) Salary to Puja Rs.6000 p.a.
(iii) Commission to Puja @ 10% of Net Profit after deducting Interest on capital and Salary but before charging such commission.Prepare a profit and Loss Appropriation Account for the year ended on 31.03.2012.
14. Rohan and Sohan are partners sharing profits and losses in the ratio of 3:2. Mohan joins the firm as a new partner for 1/4th share of future profit. Mohan brings Rs.20000 as capital and required amount of premium. The goodwill of the firm was valued at Rs. 30000. Give journal entries assuming that partner’s capitals are fixed. 5
Or
A and B are partners sharing profits and losses A – 75% and B – 25% respectively. Their Balance sheet as on 31.03.2012 is given below: 5
| Liabilities | Amount | Assets | Amount | |
| Sundry Creditors Profit and Loss Account Capital Accounts: A - 30000 B – 20000 | 40000 10000 50000 | Cash Sundry Debtors Less: Provisions for Bad debts Stock Furniture Plant and Machinery | 16000 1000 | 20000 15000 35000 5000 25000 |
| 100000 | 100000 |
X was admitted as a new partner on the following terms:
(i) That Plant and machinery is to be reduced by 25%.
(ii) Furniture is to be depreciated by 10%.
(iii) Bad debts amounted to Rs.1750 and are to be written off.
(iv) There was an unrecorded typewriter valued at Rs.5000.
(v) Outstanding legal charges estimated at Rs.1250.
Prepare a Revaluation Account.
15. What is a Sinking Fund? How is it created? 5
16. A Company has issued Rs.100000, 10%Debenture at 5% discount repayable at 5% premium after 4 years. Give journal entries for issue and show the loss on issue of debentures account over 4 years. 5
17. What are the uses and importance of financial statements? 5
Or
What are the limitations of Financial Statement Analysis? 5
18. How would you compute the amount due to a Retiring Partner? 5
19. X, Y and Z are in a partnership sharing profits in the proportion of 5:3:2. On 31.03.2011 their Balance sheet was as under: 8
| Liabilities | Amount | Assets | Amount |
| Creditors Reserve Capital Account: X – 35000 Y – 20000 Z – 15000 | 7000 10000 70000 | Building Machinery Stock and Debtors Patents Cash | 20000 30000 18000 6000 13000 |
| 87000 | 87000 |
X died on 01.10.2011. It was agreed between his executors and the remaining partners that:
(i) Goodwill is valued at 2 years purchase of the average profit of the previous 5 years which were:
2006 – 07:15000, 2007 – 08: 13000, 2008 – 09: 12000, 2009 – 10: 15000, 2010 – 11: 20000.
(ii) Patents are valued at Rs.8000, Machinery at Rs.28000, and Building at Rs.30000.
(iii) Profit for the year 2011 – 12 is taken as having accrued at the same rate as the previous year.
(iv) Interest on Capital is provided at 10% p.a.
(v) A sum of Rs.11500 was to be paid to his executors immediately.
Prepare X’s Capital Account and his Executor’s Account at the time of his death.
20. Karan Ltd. decided to issue 10000 shares of Rs.100 each at a discount of 10%, payable as follows:
On Application – Rs.30
On Allotment – Rs.40 (After deducting discount)
Balance on 1st and final call.
The company received 9000 applications. All the shares were duly accepted and allotted. All the calls were duly made and all call money received accordingly. Give Journal Entries and prepare a Balance Sheet.
Or
Ram, Shyam and Mohan were in partnership sharing profits and losses in the ratio of 3:2:1. On 01.01.2010 Shyam retires from the firm. On that date the Balance Sheet of the firm was as follows: 8
| Liabilities | Amount | Assets | Amount | |
| Sundry Creditors Reserve Bills Payable Capitals: Ram – 20000 Shyam – 15000 Mohan – 12000 | 30000 6000 2600 47000 | Cash in Hand Investments Debtors Less: Provision Stock Furniture Premises | 15000 1500 | 600 25000 13500 18500 8000 20000 |
| 85600 | 85600 |
The terms of retirement were:
(i) Goodwill is to be valued at Rs.12000.
(ii) Premises to be appreciated by Rs.5000.
(iii) Furniture to be depreciated by Rs.1000.
(iv) Provision for bad debts to be increased by Rs.400.
(v) Investments were sold at book value and the amount due to Shyam was paid off.
Pass Journal Entries to record the necessary adjustments for retirement of Shyam.
21. Shiba and Dhruba are partners in a firm. The trial Balance of the firm as on 31.03.2011 was as follows: 8
Trial Balance
| Debit | Amount | Credit | Amount |
| Machinery Goodwill Patents Sundry Debtors Cash in Hand Closing Stock on 31.3.2011 Investments Depreciation on Machinery Establishments Carriage outward Taxes Telephone charges Conveyance Drawings: Shiba – 5000 Dhruba – 4000 Salaries Bank Charges | 54000 10000 20000 21000 1000 25000 10000 6000 10000 1000 500 3600 800 9000 8000 100 | Capital: Shiba – 50000 Dhruba – 40000 Sundry Creditors Interest on Investment Sundry Receipts Bank overdraft Outstanding Wages Trading Account (Gross Profit) Discount Bills Payable | 90000 5000 400 200 10000 500 71000 900 2000 |
| 180000 | 180000 |
Prepare a Profit and Loss Account and a Profit and Loss Appropriation Account for the year ended 31.03.2011 and also a Balance Sheet as on that date after taking into consideration the following adjustments:
(i) Write off Rs.1000 as bad debts and provide a 5% provision on sundry debtors for doubtful debts.
(ii) Interest on investments accrued Rs.600.
(iii) Interest on Partner’s Capital is allowed @ 5% p.a.
(iv) Create a General Reserve by taking Rs.5000 out of profits.
22. Fair Deal Ltd. invited applications for the issue of 2000, 10%Debentures of Rs.100 each at a discount of 10% payable Rs.30 on application on 1st May, 2010, Rs.30 on allotment (after deducting discount) on 1st June, 2010 and balance on first and final call on 1st July, 2010. All the debentures were fully subscribed. Debentures money was duly called and paid up.
Give the Journal Entries and show how the debentures and Debenture Discount will be shown in the Balance sheet of the company. 8
Or
Janata Iron Ltd. has forfeited the following shares of Rs.10 each fully called up for non-payment of allotment and call moneys. 8
(a) 200 shares held by A who has paid Application money of Rs.2 each only.
(b) 300 shares held by B who has paid application and allotment money of Rs.2 and Rs.3 each respectively.
(c) 400 shares held by C who has paid application, allotment and first call money of Rs.2, Rs.3 and Rs.2 each respectively.
All the above forfeited shares have been re-issued at a discount of 10%. Expenses on re-issue amounted to Rs.500. Give the journal entries in the books of Janata Iron Ltd.
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