H.S. 2nd Year
2015
ACCOUNTANCY
Full Marks : 100
Pass Marks : 30
Time : Three hours
Figure in the margin indicates 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 ______.
(ii) A partner acts as an _____ for the firm.
(iii) When Partners’ Capital Accounts are
fixed, then their ______ Accounts are prepared.
(iv) ______ 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 Partners’ Capital accounts in :
(1) New
Profit sharing ratio
(2) Old
Profit sharing ratio
(3) Capital
ratio
(4) None
of the above
(ii) Balance Sheet shows :
(1) Financial
Position of a Company
(2) Profit
or Loss of a Company
(3) Cash
flow of a Company
(4) None
of the above
(c)
State whether the following statements are true or false : 1x2= 2
(i) The deceased partner’s executor is
entitled to a share of Profit for the period upto his / her death.
(ii) A preference shareholder gets interest at
a fixed rate.
2. State any two features of a Not-for Profit
organization. 2
3. A, B and C are partners 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
4. Mention any two features of
debentures. 2
5. Mention any two methods of valuation of
goodwill. 2
6. X Ltd. decided to forfeit 1,000 shares of ₹
10/- each for non-payment of allotment money for ₹ 4/- each and 1st
and final call money of ₹ 3/- each. Give journal entry for the forfeiture of
shares. 2
7. X, Y and Z are partners sharing profits in
the ratio of 3:2:1. It is now agreed that they will share the future profits
equally. Goodwill of the firm is valued at ₹ 60,000/- and the same does not
appear in the books. Pass necessary journal entries. 3
8. Briefly explain any three objectives of
analysis of financial statements. 3
Or
From the following, calculate current Ratio : 3
₹
Sundry Debtors 50,000/-
Stock 40,000/-
Prepaid Expenses 2,000/-
Sundry Creditors 38,000/-
Bank Overdraft 10,000/-
Dividend payable 10,000/-
10% Debentures 40,000/-
Machinery 50,000/-
9. What do you mean by Forfeiture of shares?
Discuss the procedure of forfeiture of shares. 3
10. What is meant by Common Size Statement?
Mention any two uses of Common Size Statements. 3
Or
Give any three distinctions between sacrificing
ratio and gaining ratio. 3
11. Mention any three objectives of Receipts
and Payment Account. 3
12. Give the new format of the Balance Sheet
of a Company (main heading only) as per the requirement of schedule VI of the
Companies Act, 1956. 5
Or
Distinguish between a Company’s Balance Sheet
and a Balance Sheet of a partnership Firm. 5
13. Assam Cricket Club has a Cash and Bank
Balances of ₹1,600/- and ₹20,000/- respectively on 01-04-2013. From the
following details, prepare a Receipts and Payments Account for the year ended
31-03-2014 : 5
Subscription Received:
For 2012-12 8,000/-
For 2013-14 25,000/-
For 2014-15 1,000/-
Life Membership Fees 4,000/-
Balance of Bank on 31-07-14 135000/-
14. X Ltd. made a profit of ₹5,00,000/- after
considering the following items :
Calculate Cash from Operating Activities for
the year ended 31st March, 2014. 5
Or
What is Cash Flow statement? Briefly explain
any four objectives of preparing a Cash Flow statement. 1+4= 5
15. From the given information, calculate the
stock Turnover Ratio : 5
Sales ₹
4,00,000/-
Gross Profit Ratio 25%
Opening Stock was 1/3rd of the
value of the Closing Stock.
Closing Stock was 30% of Sales.
Or
How are the accounts settled between partners
on the dissolution of a Partnership Firm? 5
16. The Balance Sheet of A, B and C who were
sharing profits in proportion to their capitals stood as follows on 31st
March, 2014 :
B retired on the above date on the following
terms and conditions :
(i) That stock be depreciated by 6%.
(ii) That a provision for Doubtful Debt be
created @5% on Debtors.
(iii) That Land and Buildings be appreciated
by 20%.
(iv) That the Goodwill of the entire firm be
fixed at ₹ 10,800/- and B’s share goodwill be adjusted into the accounts of A
and C who are going to share future profits in the ratio of 5:3. (No Goodwill
account is to be raised).
Pass the necessary journal entries in the
books of the firm. 5
Or
Explain the issue of Shares at par, at a
discount and at a premium. 5
17. A, B, and C were partners in a firm
sharing profits in the ratio of 5:3:2. On 31st March 2013, their
Balance Sheet was as follows :
A died on 1st October, 2013. It was
agreed between his executors and the remaining partners that :
(ii) Machinery and Building be valued at
₹28,000/- and ₹25,000/- respectively.
(iii) Profit for the year 2013-14 be taken as
having accrued at the same rate as that of the previous year.
(iv) Interest on capital be provided at 10%
p.a.
(v) The amount due to A shall be transferred
to his executor’s Loan Account.
Prepare A’s Capital Account as on the date of
his death. 5
18. A and B are partners sharing Profits in
the ratio of 3:2. Their Balance Sheet as on 31.03.2014 was as follows :
The firm is dissolved on the above date.
Assets are realised at ₹13,500/-. Dissolution expenses came to ₹250. Give
journal entries to close the books of the firm. 5
19. Preety and Jyoti are partners in a firm
sharing profits in the ratio of 3:2. The Trial Balance of the firm as on
31-03-2014 was as follows :-
Prepare the Profit and Loss A/c
and the Profit and Loss Appropriation A/c of the firm for the year ended on
31-03-14 and a Balance Sheet as on that date after considering the following
adjustments: 8
(i) Machinery is to be
depreciated by 10%.
(ii) Provision for bad debt is to
be increased by ₹200/-.
(iii) Preety was to receive,
salary @ ₹300/- per month.
(iv) Interest on Capital is
allowed@ 5% p.a.
Or
Distinguish between dissolution of Partnership
and dissolution Partnership firm. 8
20. X
Ltd. issued 2,000 shares of ₹100/- each at a premium of ₹20 payable as follows:
₹30/- on Application
₹50/- on Allotment (including securities
premium ₹20/-)
₹40/- on First Call & Final Call.
All the shares were duly subscribed for,
called up and paid up, except Miss Nitu who holding 300 shares failed to pay
First & Final call money. Show entries in the Cash Book and Journal of the
company for the above transactions. 8
21. Give journal entries in respect of the
following : 8
(i) Debentures issued at par, redeemable at a
premium.
(ii) Debentures issued at a premium,
redeemable at par.
(iii) Debentures issued at a discount,
redeemable at par.
(iv) Debentures issued at a discount,
redeemable at par.
Or
What is meant by Redemption of Debentures?
Discuss briefly any three methods of Redemption of Debentures. 2+6=8
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 :
Hari was admitted as a new partner on the
following conditions :
(i) That Hari will bring ₹40,000/- for his
capital and ₹ 20,000/- for the premium for Goodwill.
(ii) That Hari will get 1/3rd share in future profit.
(iii) That the value of stock is be reduced by
₹7,000/-.
(iv) That the value of Plant and Machinery is
to be depreciated by 20%.
(v) Furniture is to be reduced by 10%.
(vi) Bad debts amounted to ₹2000/- and are to
be written off.
(vii) There was an unrecorded computer valued
at ₹10,000 and the same is to be brought into books now.
Prepare a Prevaluation Account, Partners’ Capital Account and the
reconstituted Balance Sheet after Hari’s admission. 3+2+3=8
Or
Who are the users of financial statement?
Explain the informations they require
from financial statements. 3+5=8
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