Chseodisha Class 12 Accountancy — Real Previous-Year Papers

Under straight-line method of depreciation, the amount of annual depreciation (a) increases every year (b) decreases every year (c) remains constant every year (d) increases some year and then decreases

In accounts from incomplete records system, capital at the end of the accounting period is ascertained by preparing (a) Capital Account (b) Cash Account (c) Statement of Affairs (d) Sundry Debtors Account

When assets are revalued, any increase in the value of assets is debited to (a) Revaluation Account (b) Asset Account (c) Profit and Loss Account (d) Profit and Loss Appropriation Account

A and B sharing profits and losses in the ratio of 3 : 2, admit C. The new ratio among A, B and C is 4 : 3 : 3. Sacrificing ratio of A and B is (a) 3 : 2 (b) 4 : 3 (c) 1 : 1 (d) 2 : 1

Calls-in-arrear of a company is (a) an asset (b) a liability (c) an expense (d) an income

Express in 1 word/term: The amount which is due from a customer but cannot be recovered.

Express in 1 word/term: The amount received by a 'not for profit organization' as per the will of the deceased person.

Express in 1 word/term: In case of admission of a partner, the ratio in which the amount brought in by the new partner for goodwill is shared by the old partners.

Answer within 1 sentence: Define 'partnership'.

Answer within 1 sentence: What do you mean by equity share?

Answer within 1 sentence: What is meant by superprofit?

Correct the underlined portion of the following sentence: As per the Companies Act, 2013, the maximum rate of interest paid on call-in-advance is ₅_.

Correct the underlined portion of the following sentence: Mine is a current_ asset.

Correct the underlined portion of the following sentence: Provision for discount on debtors shows a debit_ balance.

Fill in the blank: An expenditure incurred on white washing a new factory building is a ___ expenditure.

Fill in the blank: Endowment fund is shown on the ___ side of the Balance Sheet.

Fill in the blank: Under single entry system, opening capital is deducted from ___ capital to find out profit or loss.

How do you recognize a capital expenditure?

Why is the Trading and Profit Loss Account called income statement?

Differentiate between current asset and fixed asset.

How is abnormal loss treated in final account if claim is partly admitted by insurance company?

What is flactuating capital?

State the treatment of specific donation in accounts.

What is meant by pro-rata allotment of shares?

Write any two features of preference shares.

What is secured debenture?

State any two differences between straight-line method and written down value method of depreciation.

What are capital reserves?

What is forfeiture of shares?

State any two differences between share and debenture.

What are the causes of depreciation?

State the features of a 'not for profit organization'.

What Journal Entries are passed for forfeiture and reissue of forfeited shares?

Pass the Journal Entries for goodwill brought in cash by a new partner on admission.

How to prepare Revaluation Account?

What do you mean by single-entry system of accounting?

Distinguish between Receipts and Payments Account and Income and Expenditure Account.

Explain the average profit method and super-profit method of valuation of goodwill.

Manoj purchased a machinery for ₹99,000 and spent ₹1,000 for its transportation on 1st January, 2020. He writes off depreciation @10% on diminishing balance method and closes his books of accounts on 31st December every year. He added another machinery for ₹50,000 on 1st July, 2022. Write up the Machinery Account and Depreciation Account up to 31st December, 2023.

Utkal Textiles Ltd. issued 20000 equity shares of ₹10 each payble as ₹2 on application, ₹6 on allotment (including premium of ₹3), ₹3 on 1st call and ₹2 on 2nd and final call. Applications were received for 25000 shares, which were allotted on pro-rata basis. All the calls were made and amounts duly received except that one shareholder holding 100 shares failed to pay both calls money. Pass the Journal Entries for the above transactions.

From the following particulars of Bimal, prepare Trading and Profit Loss Account for the year ended 31st December, 2023 and Balance Sheet on that date: | Particulars | ₹ | | --- | --- | | Sundry Debtors | 5,20,000 | | Cash in hand | 23,900 | | Motorcar | 2,20,000 | | Salaries | 84,200 | | Sales | 29,20,000 | | Motorcar expenses | 61,100 | | Insurance premium | 24,000 | | Creditors | 2,20,000 | | Furniture | 35,000 | | Purchases | 14,56,000 | | Sales return | 26,000 | | Opening Stock | 1,14,000 | | Rent, rates and taxes | 36,000 | | Cash at bank | 62,000 | | Wages | 2,30,000 | | Machinery | 2,40,000 | | General expenses | 26,800 | | Carriage outward | 16,300 | | Capital | 3,00,000 | | Carriage inward | 20,400 | | Fuel and power | 2,00,000 | | Drawings | 80,000 | | Provision for doubtful debts | 35,700 | The following additional information is to be considered: (i) Closing stock as on 31.12.2023 was valued ₹3,50,000 (ii) Goods worth ₹20,000 were distributed as free samples (iii) Outstanding salary ₹28,000 (iv) Prepaid insurance premium ₹6,000 (v) Create reserve for doubtful debt at 5% on Sundry debtors (vi) Depreciate machinery and furniture by 10% and motorcar by 20%