H.S. 2nd year
2016
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 : 1x4=4
(i) In the
absence of Partnership Deed, a Partner who advances money to the firm beyond
the amount of his / her capital is entitled to get interest thereon at the rate
of _______ % per annum as per
Partnership Act, 1932.
(ii) The
members of a Partnership business are collectively known as _________ .
(iii) The
amount due to the retiring partner is transferred to his / her _______ Account
in case it is not paid immediately.
(iv) In case
of fixed capital, a partner’s Capital Account always shows a _______
balance.
(b) Choose
the correct alternative : 1x2=2
(i) Financial Statements of a company include :
(1) Balance
Sheet
(2) Profit
and Loss Account
(3) Cash
flow Statement
(4) All of
the above
(ii) Profit
and Loss Account is also known as ______ statement.
(c) State
whether the following statements are true or false : 1x2=2
(i) Interest
on Partner’s Capital is debited to Partner’s Capital Account.
(ii) Debentures
holders are creditors of the Company.
2. State the
meaning of Not-for-Profit Organization. 2
3. A and B
are partners sharing profits in the ratio 3:2. C is admitted as a new partner
for 1/5th share in the future profits. Calculate the new profit
sharing ratio. 2
4. Mention
any two distinctions between shares and debentures. 2
5. A Ltd.
forfeited 500 shares of ₹10/- each, ₹8/- paid, for non-payment of final call of
₹2/- each.
Give journal
entry of forfeiture of share. 2
6. A and B
are partners in a firm sharing profits in the ratio of 3:2. Their capitals as
on April 1, 2014, were ₹2,00,000/- and ₹1,80,000/- respectively. On October 1,
2014, A introduced an additional capital of ₹50,000/- and on January 1, 2015, B
introduced ₹70,000/-. Interest on capital is allowed at 10% p.a. Calculate
interest on capital for both the partners for the year ending March 31, 2015. 2
7. Explain
any three objectives of preparing a Cash Flow statement. 1x3=3
Or
From the
following details, calculate Current Ratio and Liquid Ratio : 3
Machinery 1,00,000/-
8% Debenture 80,000/-
Bank Overdraft 20,000/-
Sundry Creditors 76,000/-
Prepaid Expenses 4,000/-
Stock 80,000/-
Sundry Debtors 1,00,000/-
8. Mention
any three items that can be shown under the heading “Reserves & Surplus” in
a company’s Balance Sheet. 1x3=3
Or
Give three
objectives of financial statement analysis. 1x3=3
9. What is
meant by Comparative Statements? What do they show? 1+2=3
Or
Explain the
Capitalization method of valuation of Goodwill. 3
10. Mention
any three distinctions between Fund-based Accounting and Non-fund based
Accounting. 1x3=3
Or
Mention
three features of a non-trading organization.
1x3=3
11. Mention
any three limitations of Financial Statements. 1x3=3
12. From the
following Receipts and Payments Account for the year ended 31st
December, 2015 and other details of the Sankardev Club, prepare an Income and
Expenditure Account for the year ended 31st December, 2015 : 5
Additional
Information :
(i) Outstanding
Subscription ₹2,500/-
(ii) Outstanding
Salaries ₹1,000/-
(iii) Subscription
for 2015 ₹400/- received in 2014.
Or
Mention any
five distinctions between Receipts and Payments Account and Income and
Expenditure Account. 5
13. From the
following details, calculate cash from Investing and Financing Activities : 5
During the
year, machinery costing ₹15,000/- was sold at a loss of ₹3,000.
Depreciation
on machinery charges during the year amounted to ₹9,000.
Or
Explain any
five advantages of Cash Flow Statement. 1x5=5
14. From the
following details, calculate Gross profit and Sales : 2½ x 2 = 5
Average
Stock= ₹60,000/-
Stock
Turnover ratio=6 times
Selling
Price is 20% above cost
Or
Name any
five ratios used for analyzing the liquidity position of a Firm. 1x5=5
15. Partha,
Pranoy and Prasanna are partners sharing profits and losses in the ratio of
3:2:1. On 31st March, 2015, their Balance Sheet stood as follows :
Pranoy
retires on that date under the following terms :
(i) The
Goodwill of the firm is valued at ₹36000/-.
(ii) Plant
and Machinery is to be depreciated by 10%.
(iii) Inventory
and Buildings are to be appreciated by 20% and 10% respectively.
Give
necessary journal entries in the books of the firm. 5
Or
Explain
the procedure of forfeiture of shares. 5
16. Anupam,
Binoy and Chandan were partners in a firm sharing profits in the ratio of
2:3:5. On 31st March, 2014, their Balance Sheet was as follows ;
Anupam died on 1st October, 2014. It was agreed between
his executors and the remaining partners that :
(i) Goodwill will be valued at 3 years purchase of the average
profits of the last four years which were :
Year Profit
₹
2010-11 30,000/-
2011-12 40,000/-
2012-13 40,000/-
2013-14 40,000/-
(ii) Machinery and Furniture be valued at ₹36,000/- and ₹56,000/-
respectively.
(iii) Profit for the year 2014-15 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 Anupam shall be transferred to his
Executors’ Loan Account.
Prepare Anupam’s Capital Account as on the date of his death. 5
Or
What are the causes of retirement of a Partner from a Partnership firm
(Any five causes) 1x5=5
17. R, M and H were in partnership sharing profits and losses in
the ratio of 8:5:3 respectively. The firm’s balance sheet as on 31st
March, 2015 was as under :
It was resolved to dissolve the partnership
as on that date. The assets were realized as follows:
Machinery ₹600/-
Stock ₹5,230/-
Sundry Debtors ₹3,555/-
Prepare Realization Account. 5
Or
What do you mean by dissolution of a Partnership? State three
grounds for dissolution of Partnership. 2+3=5
18. Give the new format of the Balance Sheet of a Company (main
headings only) as per the requirements of revised Schedule-VI of the Companies
Act, 1956. 5
Or
How would you compute the amount due to a deceased Partner’s
Executors? 5
19. Following is the Trial Balance of Sudip and Pradip as on 31st
March, 2015 :
Prepare the Profit & Loss Account and the Profit & Loss
Appropriation Account of the firm for the year ended 31st March,
2015 and a Balance sheet as on that date after taking into consideration the
following additional information : 8
(i) Depreciate Plant & Machinery @ 10%
p.a.
(ii) Prepaid Publicity ₹500/-
(iii) Outstanding Salaries ₹1,150/-
(iv) Provide for doubtful debt @ 5% on Sundry
Debtors
(v) Partners will get interest on capital @
5% p.a
20. Assam Tea Ltd. has an authorized capital of ₹ 10,00,000/-
divided into ₹1,00,000 equity shares of ₹10/- each. The directors decided to
issue 50,000 shares to the public at a premium of 10% payable as follows :
On Application ₹3/-
On Allotment (including premium) ₹5/-
and the balance on 1st and final
call.
The company received applications for 60,000 shares. The directors
decided to reject the
excess applications and the money thereon was refunded. All the shares were
duly subscribed for, called up and paid up. Give Journal entries and prepare a
cash Book in the books of the company. 8
Or
Write short notes on : 2x4=8
(a) Call in Arrear
(b) Calls in Advance
(c) Preference Share
(d) Right Share
21. Tata Motors Ltd. invited applications for the issue of 3,000,
10% debentures of ₹100/- each at a discount of 10% payable ₹30/- on
application,₹30/- on allotment (after deducting discount) and the balance on
first and final call. All the debentures were subscribed and the debenture
money was duly called and paid up.
Give journal entries and show how Debentures Account will be shown
in the Balance Sheet of the Company. 8
Or
Give the accounting entries for issue of debentures under
different situations with imaginary figures. (Any four situations) 2x4=8
22. A and B two partners sharing profits and losses in the ratio
of 3:2. Their Balance Sheet as on 31st March, 2015 was as follows :
On 01-04-2015, C was admitted as a new partner for 1/4th
share in the future profits on the following conditions :
(i) C will bring ₹20,000/- as Capital and ₹6,000 as premium for goodwill.
(ii) The Land and Buildings will be revalued at ₹35,000/-.
(iii) Plant and Machinery and Furniture will be depreciated by 5%
and 10% respectively.
(iv) Stock will be reduced by ₹2,000/-
Give journal entries and prepare the Balance Sheet of the firm
after C’s admission. 6+2=8
Or
Give the Accounting entries relating to forfeiture and re-issue of
shares with imaginary figures. 8
***************
