Sunday, June 08, 2014

AHSEC Question Papers - Accountancy' 2013

2013
ACCOUNTANCY
Full Marks: 100
Pass Marks: 30
Time: Three Hours

1. (a) Fill in the blanks with appropriate word:     1x4 = 4
(i) A Receipts and Payments account is prepared on ____________ basis of accounting.
(ii) When Partner’s Capital Account is fixed, then Partner’s __________ Account is prepared.
(iii) __________ is the extra earning capacity of a business.
(iv) Unrecorded assets when realised are credited to ____________ Account.

(b) Choose the correct alternative:          1x2=2
(i) An Income and Expenditure Account reveals:
(1) Cash Position
(2) Surplus or Deficit
(3) Capital Fund
(4) None of the above

(ii) The portion of capital which can be called up only on the winding up of the company is called:
(1)    Authorised Capital
(2)    Issued capital
(3)    Uncalled capital
(4)    Reserve capital

(c) State whether the following statements are true or false:      1x2=2
(i) Discount on reissue of forfeited shares cannot exceed the amount received on forfeited shares.
(ii) Interest on Debenture is payable only when a company earns profits.

2. What is sacrificing ratio?           2
3. Give two grounds on which a court may dissolve a firm.            2
4. Name any two items that can be shown under sub head “Reserves and Surplus”.        2
5. Give two objectives of cash flow statement.                  2
6. What is joint life policy?            2
7. What are the sources of Cash Flow?   3
8. Explain average profit method of valuation of goodwill.            3
Or
What are the circumstances when a revaluation of assets and liabilities becomes necessary?      3
9. Mention the uses of Securities Premium.        3
Or
Mention three advantages of issuing debentures.           3
10. What are contingent liabilities? Mention any two items.         3
Or
What is the importance of Financial Analysis?     3
11. From the following information, calculate Current Ratio:        3
Particulars
Amount
Inventory
Debtors
Cash
Creditors
Bills receivable
Advance Tax
Bills Payable
Bank overdraft
Debentures
Accrued Interest
55000
40000
37000
48000
20000
4000
28000
4000
200000
4000

12. The Star Cricketer club had a cash balance of Rs.500 and a Bank balance of Rs.1000 on 1.4.2011. From the following details, prepare a Receipts and Payments Account for the year ended 31.03.2012:            5
Particulars
Amount
Subscription received for the year
Subscription outstanding on 31.03.12
Subscription for 2010-11 received during the current year
Life member fees received
Donation for club house received
Rent paid for the year
Advance rent paid
Sale of Furniture (book value Rs.600)
Honorarium to coach
Sports expenses
Construction of club house
Salary
Printing and Stationery
Postage and Telegram
Maintenance Grant
Depreciation during the year
Salary Outstanding on 31.03.2013
Outstanding Salary on 01.04.2011 paid during the year
Cash in hand on 31.03.2012
Stationery in hand on 31.03.2012
16000
2000
1000
5000
10000
6000
600
500
5000
8000
9000
4500
400
600
1000
1000
500
500
1400
100

13. Pari and Puja are partners sharing profits as 3:2. Their capitals are 80000 and 60000 respectively as on 01.04.2011. Net profit of the business for the year 2011-12 was Rs. 40000 before considering the following:          5
(i) Interest on Capital @ 5% p.a.
(ii) Salary to Puja Rs.6000 p.a.
(iii) Commission to Puja @ 10% of Net Profit after deducting Interest on capital and Salary but before charging such commission.Prepare a profit and Loss Appropriation Account for the year ended on 31.03.2012.

14. Rohan and Sohan are partners sharing profits and losses in the ratio of 3:2. Mohan joins the firm as a new partner for 1/4th share of future profit. Mohan brings Rs.20000 as capital and required amount of premium. The goodwill of the firm was valued at Rs. 30000. Give journal entries assuming that partner’s capitals are fixed. 5
Or
A and B are partners sharing profits and losses A – 75% and B – 25% respectively. Their Balance sheet as on 31.03.2012 is given below:      5
Liabilities
Amount
Assets

Amount
Sundry Creditors
Profit and Loss Account
Capital Accounts:
A - 30000
B – 20000
40000
10000


50000
Cash
Sundry Debtors
Less: Provisions for Bad debts
Stock
Furniture
Plant and Machinery

16000
1000
20000

15000
35000
5000
25000

100000


100000
X was admitted as a new partner on the following terms:
(i) That Plant and machinery is to be reduced by 25%.
(ii) Furniture is to be depreciated by 10%.
(iii) Bad debts amounted to Rs.1750 and are to be written off.
(iv) There was an unrecorded typewriter valued at Rs.5000.
(v) Outstanding legal charges estimated at Rs.1250.
Prepare a Revaluation Account.

15. What is a Sinking Fund? How is it created?     5
16. A Company has issued Rs.100000, 10%Debenture at 5% discount repayable at 5% premium after 4 years. Give journal entries for issue and show the loss on issue of debentures account over 4 years.                              5

17. What are the uses and importance of financial statements?                 5
Or
What are the limitations of Financial Statement Analysis?             5

18. How would you compute the amount due to a Retiring Partner?        5

19. X, Y and Z are in a partnership sharing profits in the proportion of 5:3:2. On 31.03.2011 their Balance sheet was as under:                                8
Liabilities
Amount
Assets
Amount
Creditors
Reserve
Capital Account:
X – 35000
Y – 20000
Z – 15000
7000
10000



70000
Building
Machinery
Stock and Debtors
Patents
Cash
20000
30000
18000
6000
13000

87000

87000
X died on 01.10.2011. It was agreed between his executors and the remaining partners that:
(i) Goodwill is valued at 2 years purchase of the average profit of the previous 5 years which were:
2006 – 07:15000, 2007 – 08: 13000, 2008 – 09: 12000, 2009 – 10: 15000, 2010 – 11: 20000.
(ii) Patents are valued at Rs.8000, Machinery at Rs.28000, and Building at Rs.30000.
(iii) Profit for the year 2011 – 12 is taken as having accrued at the same rate as the previous year.
(iv) Interest on Capital is provided at 10% p.a.
(v) A sum of Rs.11500 was to be paid to his executors immediately.
Prepare X’s Capital Account and his Executor’s Account at the time of his death.

20. Karan Ltd. decided to issue 10000 shares of Rs.100 each at a discount of 10%, payable as follows:
On Application – Rs.30
On Allotment – Rs.40 (After deducting discount)
Balance on 1st and final call.
The company received 9000 applications. All the shares were duly accepted and allotted. All the calls were duly made and all call money received accordingly. Give Journal Entries and prepare a Balance Sheet.
Or
Ram, Shyam and Mohan were in partnership sharing profits and losses in the ratio of 3:2:1. On 01.01.2010 Shyam retires from the firm. On that date the Balance Sheet of the firm was as follows:                             8
Liabilities
Amount
Assets

Amount
Sundry Creditors
Reserve
Bills Payable
Capitals:
Ram –     20000
Shyam – 15000
Mohan – 12000
30000
6000
2600



47000
Cash in Hand
Investments
Debtors
Less: Provision
Stock
Furniture
Premises


15000
1500
600
25000

13500
18500
8000
20000

85600


85600
The terms of retirement were:
(i) Goodwill is to be valued at Rs.12000.
(ii) Premises to be appreciated by Rs.5000.
(iii) Furniture to be depreciated by Rs.1000.
(iv) Provision for bad debts to be increased by Rs.400.
(v) Investments were sold at book value and the amount due to Shyam was paid off.
Pass Journal Entries to record the necessary adjustments for retirement of Shyam.

21. Shiba and Dhruba are partners in a firm. The trial Balance of the firm as on 31.03.2011 was as follows:               8
Trial Balance
Debit
Amount
Credit
Amount
Machinery
Goodwill
Patents
Sundry Debtors
Cash in Hand
Closing Stock on 31.3.2011
Investments
Depreciation on Machinery
Establishments
Carriage outward
Taxes
Telephone charges
Conveyance
Drawings:
Shiba    – 5000
Dhruba – 4000
Salaries
Bank Charges
54000
10000
20000
21000
1000
25000
10000
6000
10000
1000
500
3600
800


9000
8000
100
Capital:
Shiba    – 50000
Dhruba – 40000
Sundry Creditors
Interest on Investment
Sundry Receipts
Bank overdraft
Outstanding Wages
Trading Account (Gross Profit)
Discount
Bills Payable




90000
5000
400
200
10000
500
71000
900
2000

180000

180000
Prepare a Profit and Loss Account and a Profit and Loss Appropriation Account for the year ended 31.03.2011 and also a Balance Sheet as on that date after taking into consideration the following adjustments:
(i) Write off Rs.1000 as bad debts and provide a 5% provision on sundry debtors for doubtful debts.
(ii) Interest on investments accrued Rs.600.
(iii) Interest on Partner’s Capital is allowed @ 5% p.a.
(iv) Create a General Reserve by taking Rs.5000 out of profits.

22. Fair Deal Ltd. invited applications for the issue of 2000, 10%Debentures of Rs.100 each at a discount of 10% payable Rs.30 on application on 1st May, 2010, Rs.30 on allotment (after deducting discount) on 1st June, 2010 and balance on first and final call on 1st July, 2010. All the debentures were fully subscribed. Debentures money was duly called and paid up.
Give the Journal Entries and show how the debentures and Debenture Discount will be shown in the Balance sheet of the company.            8
Or
Janata Iron Ltd. has forfeited the following shares of Rs.10 each fully called up for non-payment of allotment and call moneys.                              8
(a) 200 shares held by A who has paid Application money of Rs.2 each only.
(b) 300 shares held by B who has paid application and allotment money of Rs.2 and Rs.3 each respectively.
(c) 400 shares held by C who has paid application, allotment and first call money of Rs.2, Rs.3 and Rs.2 each respectively.

All the above forfeited shares have been re-issued at a discount of 10%. Expenses on re-issue amounted to Rs.500. Give the journal entries in the books of Janata Iron Ltd.

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