Goa Board Class 12 Question Paper Mar 2018 Accontancy _New Pattern_

2018 III 08 1000 Seat No. :

Time : 2 Hours ACCOUNTANCY (New Pattern)

Subject Code

#

8

Total No. of Questions : 5 (Printed Pages : 3) Maximum Marks : 50

INSTRUCTIONS : i) Answer each question on a fresh page.
ii) Write the number of the question and sub-question clearly.
iii) All questions are compulsory.
iv) Use of calculator not allowed.
v) Figures to the right indicate full marks.

1. A) Fill in the blanks by selecting appropriate word/s : [1]
Profit on sale of an asset is debited to _____________
• Depreciation A/c
• Bank A/c
• Asset A/c
• Profit and Loss A/c
B) Write the meaning of the term ‘Depreciation’. [1]
C) Write a short note on Depletion Method of Depreciation. [3]
D) State and explain any five features of partnership. [5]

2. A) Write the meaning of ‘Balance Sheet’. [1]
B) State the accounting treatment for adjustment on prepaid Insurance in final
accounts. [1]
C) Draw a neat proforma of Profit and Loss A/c (any three items on either side). [3]

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D) Explain the following terms : [5]
i) Capital Receipts.
ii) Revenue Receipts
iii) Capital Expenditure
iv) Revenue Expenditure
v) Deferred Revenue Expenditure.
OR
Explain the following terms :
i) Life membership fees
ii) Legacy
iii) Honorarium
iv) Donation for specific purpose
v) Entrance fees.

3. A) Fill in the blanks by selecting appropriate word/s : [1]
In case of admission of a partner, General Reserve appearing in the Balance
Sheet is transferred to old Partners’ capital account in ____________
• Sacrifice Ratio
• Gain Ratio
• Old Ratio
• New Ratio
B) Write the meaning of the term ‘Goodwill’. [1]
C) Draw a neat proforma of ‘Revaluation Account’. (any three items on
either side) [3]
D) Explain the following terms : [5]
i) Authorised capital
ii) Issued capital
iii) Called up capital
iv) Subscribed capital
v) Reserve capital
OR
Draw a neat proforma of vertical form of Balance Sheet. (any ten points)

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4. A) Name the account to which deceased partner’s capital balance is transferred. [1]
B) The firm earned net Profits/Losses during the last four years as follows :
Year Profits/Losses Rs.
2012 Profit 80,500
2013 Profit 95,200
2014 Loss 60,000
2015 Profit 1,20,300
Find the value of Goodwill on the basis of two years purchase price of the
average profit of the last four years. [2]
C) Explain the mode of settlement of the account of a deceased partner. (any
two points) [2]
D) Sakshi, Meenakshi and Sonakshi were partners sharing Profits and Losses
in the ratio of 4 : 3 : 3.
Sonakshi retires from the firm and the new ratio between Sakshi and Meenakshi
is agreed upon as 3 : 2.
Find the Gain Ratio of Sakshi and Meenakshi. [2]
E) State the circumstances leading to the dissolution of a partnership firm by
order of court. (any six points) [3]

5. A) What is meant by the term ‘Debenture’ ? [1]
B) Distinguish between Retirement and Death of a partner. (any two points of
distinction) [2]
C) Write a short note on ‘Realisation Account’. [2]
D) Explain any two features of a company. [2]
E) State any six features of Receipts and Payments Account. [3]

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