Assam Ahsec Class 12 Accountancy — Real Previous-Year Papers

Choose the correct alternative: The maximum amount of share capital that can be offered by a company to public is called: (a) authorized capital (b) issued capital (c) subscribed capital (d) paid-up capital

Choose the correct alternative: Working Capital is equal to: (a) Current Assets (b) Current Liabilities (c) Current Assets - Current Liabilities (d) None of the above

What is partnership deed?

Write two differences between equity shares and preference shares.

State two situations when a partnership firm is dissolved.

(OR) What is the difference between dissolution of partnership and dissolution of partnership firm?

What is meant by calls-in-arrears?

What do you mean by buy-back of shares?

Write the meaning of 'cash flow from financing activities'.

Akash and Bikash are partners in a firm sharing profits and losses equally. They admit Prakash as a new partner for 1/4th share in the future profits and losses. Calculate the new profit-sharing ratio.

(OR) Why is goodwill valued at the time of admission of a partner?

Write any three objectives of financial statement analysis.

(OR) Current ratio of a firm is 4:3 and working capital is Rs. 60,000. Calculate current assets and current liabilities.

Ganga Ltd. purchased assets from Yamuna Ltd. for Rs. 6,60,000. The purchase consideration was discharged by issue of equity shares of Rs. 10 each at a premium of 10%. Journalize the above transactions in the books of Ganga Ltd.

(OR) Write the meaning of issue of debentures as collateral security.

Distinguish between Profit Loss Account and Profit Loss Appropriation Account.

(OR) Distinguish between sacrificing ratio and gaining ratio.

Prepare a Comparative Income Statement of Jorhat Ltd. from the following particulars: Particulars | 2023 (Rs.) | 2024 (Rs.) Sales | 40,000 | 50,000 Cost of Goods Sold | 30,000 | 35,000 Wages Paid | 16,000 | 14,000 Operating Expenses | 2,500 | 3,000 Other Incomes | 2,000 | 3,000 Income Tax | 4,750 | 7,500

(OR) Explain the importance of financial statements.

Pass Journal Entries in the books of Anand Ltd. for issue of 8% debentures under the following situations: (2+1+1+2 = 6) (i) 1,000 Debentures of Rs. 100 each issued at 10% premium, repayable after 5 years at 10% premium. (ii) 2,000 Debentures of Rs. 100 each issued at a discount of 10%, repayable after 5 years at par. (iii) 1,500 Debentures of Rs. 100 each issued at par, repayable after 5 years at 10% premium. (iv) 2,500 Debentures of Rs. 100 each issued at a discount of 10%, repayable after 5 years at 10% premium.

(OR) Explain the various methods of redemption of debentures.

Anurag, Birag and Chirag were partners sharing profits and losses in the ratio of 3 : 2 : 1. Their Balance Sheet as on 31-03-2024 was as follows: Liabilities | Rs. | Assets | Rs. Creditors | 30,000 | Cash at Bank | 10,000 General Reserve | 12,000 | Debtors 40,000 (-) Provision 2,000 | 38,000 Capital: Anurag 50,000; Birag 40,000; Chirag 30,000 | 1,20,000 | Stock | 30,000 | | Furniture | 20,000 | | Machinery | 64,000 Total | 1,62,000 | Total | 1,62,000 Birag retires from the firm on 01-04-24 on the following terms: (i) Goodwill of the firm is valued at Rs. 24,000. (ii) Machinery is to be depreciated by 10% and Furniture by 20%. (iii) Provision for Doubtful Debt is to be increased by Rs. 1,000. (iv) Birag's Capital is to be transferred to his Loan Account. (v) The new profit-sharing ratio between Anurag and Chirag will be 3 : 2. Pass Journal Entries relating to the above transactions.

(OR) Explain how the amount due to a deceased partner is ascertained.

Gayatri, Harshita and Isha were partners sharing profits and losses in the ratio of 5 : 4 : 3. Their Balance Sheet as on 31-03-24 was as follows: Liabilities | Rs. | Assets | Rs. Creditors | 20,000 | Cash at Bank | 20,000 Bills Payable | 10,000 | Debtors | 40,000 Capital: Gayatri 70,000; Harshita 50,000; Isha 40,000 | 1,60,000 | Stock | 30,000 | | Furniture | 25,000 | | Machinery | 30,000 | | Building | 45,000 Total | 1,90,000 | Total | 1,90,000 They decided to dissolve the firm on the above date with the following transactions: (i) Debtors realized Rs. 38,000. (ii) Stock was sold for Rs. 27,000. (iii) Machinery realized Rs. 29,000. (iv) Furniture was taken over by Harshita for Rs. 23,000. (v) Creditors were paid off at a discount of Rs. 1,000. (vi) Bills payable was settled at Rs. 500 less. (vii) Dissolution expenses amounted to Rs. 1,000, paid by Gayatri on behalf of the firm. Close the books of the firm by preparing a Realization Account, Partners' Capital Accounts and Bank Account.

(OR) What is realisation account? How is it prepared? How does it differ from revaluation account?

Vijay Ltd. issued 4,000 equity shares of Rs. 100 each at par, payable as follows: On application - Rs. 30 On allotment - Rs. 30 On first call - Rs. 20 On final call - Rs. 20 The shares were fully subscribed. All money was called up and received except: (i) First call and final call money from Rima, holding 100 shares. (ii) Final call money from Sima, holding 50 shares. All these shares were forfeited and reissued as fully paid-up at a 10% discount. Pass necessary Journal Entries in the books of Vijay Ltd.

(OR) Write the meaning of the following: (a) Capital reserve (b) Calls in advance (c) Forfeiture of shares (d) Pro rata allotment of shares

Bandita and Dixita were partners sharing profits and losses in the ratio of 4 : 3. Their Balance Sheet as on 31-03-24 was as follows: Liabilities | Rs. | Assets | Rs. Creditors | 30,000 | Cash at Bank | 10,000 Bills Payable | 15,000 | Debtors | 30,000 Capital: Bandita 70,000; Dixita 50,000 | 1,20,000 | Stock | 30,000 | | Furniture | 25,000 | | Machinery | 70,000 Total | 1,65,000 | Total | 1,65,000 Chitra is admitted into the partnership on 01-04-2024 on the following terms: (i) Chitra will bring Rs. 50,000 as Capital and Rs. 10,000 as premium for Goodwill. (ii) The new profit-sharing ratio will be 5 : 3 : 2 for Bandita, Dixita and Chitra. (iii) Stock to be revalued at Rs. 27,000 and Machinery to be depreciated by 10%. (iv) A Provision for Doubtful Debt is to be created at 5% on Debtors. (v) Creditors are overvalued by Rs. 2,000. Prepare the following: (a) Revaluation Account (b) Partners' Capital Accounts (c) New Balance Sheet after Chitra's admission

(OR) (a) Write any four duties of a partner. (4) (b) Distinguish between Fixed Capital Account and Fluctuating Capital Account. (4)

Arup and Swarup were partners in a firm sharing profits and losses in the ratio of 3 : 2. The Trial Balance of the firm as on 31-03-24 was as follows: Debit | Rs. | Credit | Rs. Machinery | 35,000 | Capital: Arup 50,000; Swarup 30,000 | 80,000 Salaries | 15,850 | Trading A/c (Gross Profit) | 80,200 Freight on Sales | 2,140 | Creditors | 31,560 Building | 54,000 | Bank Loan | 21,000 Goodwill | 15,000 | Sundry Receipts | 1,000 Furniture | 10,000 | Commission | 1,000 Sundry Debtors | 48,200 | Outstanding Wages | 200 Bad Debts | 1,400 | Provision for Doubtful Debts | 1,000 Cash at Bank | 1,200 | | Investment | 10,000 | | Cash in Hand | 170 | | Stock | 10,000 | | Drawings: Arup 5,000; Swarup 3,000 | 8,000 | | Advertisement | 5,000 | | Total | 2,15,960 | Total | 2,15,960 Prepare Profit Loss Account and Profit Loss Appropriation Account of the firm for the year ended 31-03-24 and a Balance Sheet as at that date after taking into consideration of the following adjustments: (i) Outstanding Salary: Rs. 1,000 (ii) Prepaid Advertisement: Rs. 500 (iii) Depreciate Machinery by 10% p.a. (iv) Commission received in advance: Rs. 200 (v) Provision for Doubtful Debts @ 5% on Sundry Debtors (vi) Allow interest on partners' capital @ 5% p.a.