2018
ACCOUNTANCY
Full Marks :
100
Pass Marks :
30
Time : Three
hours
1.(a) Fill in the blanks with appropriate word/words: 1x4=4
1) The interest
due to the retiring partner is transferred to his _____ account in case it is not
paid immediately.
2) A partner
acts as _____ of the firm.
3) In case of
fixed capital, a partner’s capital account always shows a _____ balance.
4) Unrecorded
assets when realised are credited to ______ Account.(b) Choose the
correct alternative: 1x2=2
i. Balance
Sheet shows:
1) Financial
position of a company.
2) Profit and
Loss of a company.
3) Cash flow of
a company.
4) All of the
above.
ii. Financial
statements are:
1) Detailed
reports of the recorded facts.
2) Detailed
reports of the cash transactions only.
3) Summarised
reports of recorded facts.
4) Summarised
reports of the financial institutions only.
(c) State
whether the following statements are true or false: 1x2=2
i) Interest on
Partner’s Capital is credited to Partner’s Drawings Account.
ii) Life
membership fee is a Revenue receipt.
2. State any two features of a not-for-profit
organization. 2
3. What is a Common Size Statement? 2
4. Mention any two distinctions between shares and
debentures. 2
5. What do you mean by Forfeiture of shares? 2
6. What do you mean by Comparative statement? 2
7. Explain the meaning of Cash Flow from Financial
Activities. 3
Or
From the following information, calculate Stock
Turnover Ratio: 3
8. Mention any three objectives of financial statement
analysis. 3
Or
Briefly explain the nature of financial statements. 3
9. Mention any three limitations of financial
statements. 3
Or
Explain the meaning of Ratio Analysis. 3
10. Mention any three distinctions between Fund-based
Accounting and Non-Fund-based Accounting. 3
Or
What do you mean by Income and Expenditure Account? 3
11. Amar and Bahadur are partners of a firm sharing
profits in the ratio of 3:2. They admit Mery as a new partner for 1/4th
share in the future profits. The new profit sharing ratio between Amar and
Bahadur is agreed to be 2:1. Calculate their sacrificing ratio.
3
Or
Ranjana, Sadhana and Kamona are partners sharing
profits in the ratio of 4:3:2. Ranjana retires and Sadhana and Kamona agree to
share future profits in the ratio of 5:3. Calculate the gaining ratio. 3
12. From the following Receipts and Payments Account
for the year ended 31st March, 2017 and other details of KAZIRANGA
SPORTS CLUB, prepare an Income Expenditure Account for the year ended 31st
March, 2017. 5
Additional Information:
a) Outstanding Salaries= 2,000/-
b) Prepaid Rent= 1,000/-
Or
Explain the steps in preparation of Income and
Expenditure Account. 5
13. Charles Ltd. made a profit of Rs. 1,00,000/- after
charging depreciation of ₹20,000 on assets and a transfer to general reserve of
₹30,000. The goodwill written off was ₹7,000/- and gain on sale of machinery
was ₹3,000/-. Other information available to you (change in the value of
current assets and current liabilities) are: debtors showed an increase of
₹6,000/-; creditors an increase of ₹10,000/-; prepaid expenses an increase of
₹200/-; bills receivable a decrease of ₹3,000/-; bills payable a decrease of ₹4,000/-
And outstanding expenses a decrease of ₹2,000/-.
Ascertain cash flow from operating activities.
Or
Explain the terms: 5
1) Cash equivalents.
2) Cash flows.
14. Mention any five objectives of Ratio Analysis. 5
Or
Calculate current assets of a company from the following
information: 5
15. Shyam, Gagan and Ram are partners sharing profits in the
ratio of 2:2:1. On 31st March, 2017, their Balance Sheet was as
follows:
Gagan retired on that date and Shyam and Ram agreed to share
future profits in the ratio 5:3. Stock, Machinery and Buildings were revalued
at ₹20,000/-, ₹15,000/- and ₹45,000/- respectively, Prepare Revaluation Account
and Partner’s Capital Account. 5
Or
Prepare the new format of the Balance Sheet of a company with
the major headings only. 5
16. Mohit, Shohan and Rahul were partners sharing profits in the
ratio of 2:2:1. Their Balance Sheet as on 31st March, 2017 was as
follows:
Shohan died on June 30, 2017. It was agreed between the
remaining partners and his executors that:
1) Goodwill will be valued at ₹50,000.
2) Interest on capital be provided at 10% p.a.
3) Profit for the year 2017-18 be taken as having accrued at the
same rate as that of the previous year which was ₹40,000/-.
4) The amount due to Shohan shall be transferred to his
Executor’s Loan Account.
Prepare Shohan Capital Account as on the date of his death. 5
Or
What is Partnership Deed? Mention any three distinctions between
Fixed and Fluctuating Capital Accounts of a partners. 2+3=5
17. Sonu and Ashu were partners sharing profits in the ratio of
3:1. Their Balance Sheet as on 31st March, 2017 was as follows:
The firm was dissolved on the above date. The assets were
realised at ₹50,000/-. Creditors were paid at a discount of 20%. Sonu agreed to
pay off the Loan. Realisation expenses were ₹2,000/-.
Prepare Realisation Account, Bank Account and Partners Capital
Account. 5
Or
What do you mean by Dissolution of a Partnership?
State three grounds for Dissolution of Partnership. 2+3=5
18. Explain the terms ‘Over-subscription’ and
‘Under-subscription’ Shares. 2+3=5
19. Following is the Trial Balance of Ram and Shyam as
on 31st March, 2017:
Prepare a
Profit & Loss A/c and the Profit & Loss Appropriation A/c of the firm
for the year ended31st March, 2017 and a Balance Sheet as on that date, after
taking into consideration the following additional information: 8
i. Outstanding Salaries ₹3,000/-
ii. Ram will get a Commission of ₹10,000/- for the
year.
20. Honda Ltd. issued 10,000 equity shares of 100 each
payable as follows:
₹20/- on application
₹30/- on allotment
₹20/- on first call
₹30/- on second and final call
10,000 shares were applied for the allotted. All money
due was received with the exception of both the calls on 300 shares held by
Supriya. These shares were forfeited. Give necessary journal entries. 8
Or
Write short notes on: 2x4=8
1) Re-issue of forfeited shares.
2) Calls in Arrears.
3) Calls in Advance.
4) Reserve Capital.
21. XLtd. Issued 5,000, 16% debentures of ₹100/- each
at a discount of 5% repayable after 5 years at a premium of 5%. You are
required to pass journal entries and show the “Loss on Issue of Debentures
Account” over the period of five years. 8
Or
What is meant
by a debenture? Explain the different types of debentures. 2+6=8
22. A and B are partners sharing profits in the ratio
of 3:2. Their Balance Sheet as on 31st March, 2017 was as follows:
C was admitted as new partner on the following terms
and conditions:
1) C will bring ₹15,000/- for capital and ₹5,000 for
his share of Goodwill for 1/6th share in the future profits.
2) The value of stock to be reduced by ₹2,000/- and
that of machinery be increased by ₹8,000/-
3) The value of furniture to be fixed at ₹9,000/-
Pass journal
entries in the books of the firm and prepare the Balance Sheet of the new firm.
8
Or
Give journal entries on dissolution of a Partnership
firm in respect of the following: 1x8=8
a) For transfer of assets.
b) For sale of assets.
c) If any partner takes over any asset.
d) For payment of Realisation Expenses.
f) For realization of unrecorded assets.
g) For transfer of the balance of General Reserve
Account.
h) For payment of Partners’ Loan.
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