Sunday, June 08, 2014

AHSEC Question Papers - Accountancy' 2014

2014
Accountancy
Full Marks: 100
Pass Marks: 30
Time: Three Hours
1. (a) Fill in the blanks with appropriate word:
(i) Life membership fee is a  ____________  receipt.
(ii) Interest on Partner’s loan is to be credited to his ____________ Account.
(iii) If there is any profit on revaluation of assets and liabilities, the same will be shared by _________ partners in their ______ ratio.
(iv) The amount due to the retiring partner is transferred to his ___________ account in case it is not paid immediately.

(b) Choose the correct alternative:
(i) If the business is sold as a going concern, cash balance is also transferred to ___________ Account.
(1) Revaluation
(2) Realisation

(ii) Rate of Interest on calls in arrears charged according to Table ‘A’ is _____________.

(1) 5%
(2) 6%
(3) 7%
(4) 8%

(c) State whether the following statements are true or false:
(i) Debenture holders are the owners of the company.
(ii) Company’s shares are generally transferable.

2. What is a capital fund?              2

3. Mention any two rights of a partner.  2

4. What is hidden goodwill?         2

5. What is Reserve capital?          2

6. Give any two distinctions between shares and debentures.    2

7. Mention any six statutory books to be maintained by a company.        3

8. Explain the accounting treatment of loss on issue of debentures in the books of a company.  3

9. Give the major heads on the “Equity and Liabilities” side of a company’s Balance Sheet.            3

Or

What is trend analysis? Mention its usefulness. 3

10. How would you calculate the amount payable to the executor of a deceased partner?            3

11. Mention three situations under which a firm may be dissolved without intervention by court.                             3

Or

X Ltd. company forfeited 800 shares of Rs.10 each issued at par for non-payment of 1st call Rs.2 and final call Rs.3 each. Out of these, 500 shares are re-issued at 10% discount. Give journal entries in the books of the company.         3

12. Calculate Acid-Test Ratio from the following:                                                               5
Current Assets Rs.50000.
Current assets includes the following ----
Stock Rs.14000.
Pre-paid Expenses Rs. 1000.
Current liabilities Rs.20000. Current liabilities include Bank overdraft Rs.5000.

13. From the following information, calculate cash flow from operating activities using Direct Method:                    5
Particulars (Dr.)
Amount
Particulars (Cr.)
Amount
To Cost of goods sold
To Gross Profit c/d

To Salary
To Insurance
To Depreciation
To Income Tax
To Net Profit
130000
70000
By Sales


By Gross Profit b/d
200000
200000
200000
20000
2000
5000
8000
35000
70000

70000

70000
Additional Information:
(1)    Debtors – Opening Balance Rs.15000, Closing Balance Rs.20000.
(2)    Creditors – Opening Balance Rs.10000, Closing Balance Rs.12000.
(3)    Stock – Opening Balance Rs.7000, Closing Balance Rs.10000.
(4)    At the end of the year, outstanding salary Rs.2000, pre-paid insurance Rs.400 and Income tax outstanding Rs.1000.

14. From the following items of Receipt and Payment Account of South India Club, prepare moan Income and Expenditure Account for the year ended 31.03.2013:                5
Salaries Paid
Lighting Expenses
Stationery (Including Rs.400 for the previous year)
Subscription received (Including Rs.1000 received in advance and Rs. 750 for previous year)
Net proceeds of refreshment room
Miscellaneous Expenses
Interest paid on loan for 3 months
Rent and Rates (Including Rs.500 prepaid)
Locker’s Rent received
55000
5500
4000
44000
30000
3000
1200
4500
4900
Additional Information: On 31.3.2013, subscription in arrear was Rs. 4700 and interest on loan was outstanding for 9 months.

15. What is Partnership Deed? Mention its four principal clauses.                              5

16. Neer and Sameer are partners in a firm sharing profits in the ratio of 5:3. On 1st January 2012, their capitals were Rs.35000 and Rs.25000 respectively. On that date, they admitted Varun as a new partner for 1/5th share in the profit. Varun brought in Rs. 20000 as capital and Rs.8000 for his premium for goodwill. Pass necessary Journal Entries in the books of the firm on Varun’s admission. The new profit sharing ratio will be 3:1:1.       5

17. S,T and U were partners in a firm sharing profits in the ratio of 1:2:2. On 15.2.2013, S died and new profit sharing ratio of T and U was agreed to be 3:2. On S’s death, the goodwill of the firm was valued at Rs.60000. Calculate the gaining ratio and pass necessary Journal Entries on S’s death for treatment of goodwill without opening goodwill account.              5

Or

State the legal requirements for issuing shares at a discount.      5

18. Guwahati Engineering Limited issued 10000 6% Debentures of Rs.10 each at a discount of 5% but repayable after 5 years at a premium of 10%. Show the entries in the books of the company and also the accounting treatment of loss on issue of debentures for 5 years.                                5

19. Amal and Bimal are two partners in a firm. They share profits in the ratio of 3:2. Following is their Balance Sheet as on 31.12.2012 on which date they dissolved their partnership firm:                                 8
Balance Sheet
Liabilities
Amount
Assets
Amount
Capital:
Amal  - 20000
Bimal – 15000
Reserve Fund
Creditors


35000
5000
20000
Fixed Assets
Stock
Debtors
Cash
Profit and Loss Account
30000
10000
15000
3000
2000




Assets are realised as: Fixed Assets Rs.28000, Stock Rs.8000 and Debtors Rs.13000.
Creditors were paid at a discount of 10%. Expenses of realisation were Rs.1500.
Pass Journal Entries in the books of the firm.

20. Jugmug Limited has an authorised capital of Rs.1000000 divided into 100000 equity shares of Rs.10 each. The directors decided to issue 50000 shares to the public at a premium of 10% payable as follows:                                        8
On Application: Rs.3
On Allotment : Rs. 5 (Including Premium) and the Balance on 1st and final call.
The company received application for 60000 shares. The directors decided to reject the excess application and the money thereon was refunded. The calls were made and call money duly received. Give Journal Entries, prepare a Cash Book and a Balance Sheet in the books of the company.

21. The following is the Trial Balance of X and Y firm as on 31.3.2013:                                        8
Trial Balance
Debit
Amount
Credit
Amount
Fixed Assets
Advance Income Tax
Salaries
Taxes
Miscellaneous Expenses
Bills Receivable
Sundry Debtors
Closing Stock
Charity
Investment
Bank Balance
Drawings:
X
Y
453000
200
16000
800
1000
1800
42800
20000
1400
30000
15600

12000
8000
Reserve Fund
Outstanding Wages
Bad Debt Provision
Sundry Creditors
Capital:
X
Y
Profit from Joint Venture
Profit from Branch
Trading Account
(Gross Profit)
19000
600
1400
55600

240000
160000
1000
400
124600

602600

602600
Prepare Profit and Loss Account and Profit and Loss Appropriation Account for the year ended 31.3.2013 and a Balance Sheet as on that date after taking into consideration the following adjustments:
(i) The Partners are entitled to Interest on Capital @ 5% and they are charged interest on drawings: X – 300 and Y – 200.
(ii) Transfer 10% of the net profit to Reserve Fund.
(iii) Provide manager’s commission @5% on net profit before charging such commission.
(iv) Bad Debt reserve is to be increased to 5% on debtors.
(v) Interest on investment accrued Rs.500.

22. Swadip Petrochemicals Ltd. issued 10000 12% Debentures of Rs.100 each. Give Journal Entries for issue and redemption of debentures in the books of the company under the following situations:                         8
(i) Issued at par and redeemable after 5 years at par.
(ii) Issued at Par and redeemable after 5 years at a premium of 5%.
(iii) Issued at a premium of 5% and redeemable after 5 years at par.
(iv) Issued at a premium of 5% and redeemable after 5 years at a premium of 10%.

Or


Explain the different methods of redemption of debentures.                                     8

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