AHSEC HS 2nd Year Question Paper 2023 Accountancy

ASSAM BOARD
QUESTION
PAPER
2023

Download PDF

Tolal nunmber of pages- 16

33T ACOU

2023

ACCOUNTANCY

Full Marks : 80

Pass Marks 24

Time Three hours

The figures in the margin indicate full marks
for the questions.

1x4 = 4
Q. No. 1 (a)
1x2 2
1 (b)
1 (c 1x2 2

2x6 12
Q. Nos. 2-7 carry 2 marks each
3x4 12
Q. Nos. 8-11 carry 3 marks each

Q. Nos. 12-15 carry 6 marks each 6x4 =24

Q Nos. 16-18 carry 8 marks each 8x3 24
Total = 80

Contd.

1. (a) Fill in the blanks with appropriate word/words (any four) 1x4=4

(i) Equity shareholders are of the company.

ii) Receipts and Payments account is a summary of
transactions.

(ii) Maximum number of members in a partnership business is

In the absence of any agreement, at the time of retirement of
(iv)
partner goodwill is to be adjusted in . ratio.

Profit and Loss Account is also known as . statement.
(o)

(b) State whether the following statements are True or False: 1x2-2

(i) A company has a separate legal entity different from its
members.

(ii) Quick Assets = Current Assets Inventory Prepaid Expenses.

33T ACOU [21

1x2-2
Choose the correct alternative:
(c)

be called up only on the
The portion of the capital which
can
i)
(i)
winding up of company is called:
the

(a) Authorised capital

(b) Uncalled capital

(c) Reserve capital

(d) Issued capital

is a :
(ii) Donation received for a specific purpose

(a) Capital Receipt

(b) Revenue Receipt

(c) Asset

(d) Liability

33T ACOU 13 Contd.

2 What is a Registered Debenture ? 2

OR/ R
What is Data validation' ?

'Data validation' aIA ?

What is Goodwill of a business ? 2

What is meant by Cash Flow from Operating Activities 2

A and B are partners sharing profits and losses in the ratio of 5 :3. C is
admitted as a new partner for t h share, which he acquires % th from A
and , t h from B. Calculate the new profit sharing ratio. 2

A B TS a ÕoTTiITT 5 :3 o TG-(TT5 7T

OR/T
Mention fwo rights of a partner. 2

66. Write two limitations of ratio analysis. 2

OR/ 7R7
Mention two limitations of financial statements. 2

33T ACOU 141

OR/RAT
What is sequential code? 2
Sequential t ?

77What is the meaning of Cash Flow from Investing Activities ? 2

OR/IRA
What is meant by the term 'Cash Equivalents' ? 2

OR/ RT
Write a note on 'Queries'. 2

Write any three essential features of partnership.

OR/ RT
Write three distinctions between 'Profit and Loss Account' and 'Profit and
Loss Appropriation Account'.

9. Give any three differences between equity shares and preference shares.
3

OR/RT
Explain the following terms 3

(i) Calls-in-arrears

(ii) Calls-in-advance

33T ACOU 51 Contd.

OR/A
Mention three uses of 3
Spreadsheet.
Spreadsheet- AD 3R TR 1
10. Calculate the income from
subscription for the year 2021 from tne
Vfollowing infornmation: 3

1-1-2021 31-12-2021
(Rs.) (Rs.)
Subscription outstanding 3,000 2,000

Subscription received in advance 4,000 5,000

Subscription received during the year 2021 Rs.70,000.
2021 foorE au 6R 1A 70,000
OR/TR
Mention three objectives of preparing financial statements.

OR/T
Explain Database Management System.

Current Liabilities of a company were Rs.60,000 and its current ratio was
2:1 on 30th March, 2021. On 31st March, 2021, the company paid
Rs.20,000 to a creditor. Calculate the current ratio after the payment. 3
30 16, 2021 4 T 401 1 N 5T (CFAI 119 60,000 D 5O
T3 2:1 i131 I6, 2021 itRRE ITA 20,000 G 1G C

33T ACOU 161

OR/ 7R
Mention three differences between 'Capital account' and 'Current account'.
3

OR/7RT
Describe three features of the Spreadsheet. 3

Spreadsheet- 0aDaB) 7
12 Prepare a Comparative Income Statement from the following particulars
6

Particulars (479) 2020() 2021 ()
Gross Sales (T A) 1,20,200 1,35,800

Sales Returns (R RR) 10,400 7,600

Cost of Goods Sold (R IR) 80,000 84,000
Operating Expenses (3Pii FAA 5) 24,000 18,000
Income Tax ( ) 50% 50%

OR/R
What is meant by analysis of financial statements? Explain in brief the

tools of financial analysis. 1+5-6

OR/RAT
Give the limitations of computerised accounting system. 6

33T ACOU [71 Contd.

13.hat is meant by issue of debentures as Collateral Security Mention jour
?
2+4-6
differences between shares and debentures.

OR/
? 6
Explain the objectives of Database Management System (DBMS)

OR/RT
under tne
Give Journal entries for issue and redemption of debentures
2x3-6
followingsituations:

of 5% ana
(a) 1,000 12% debentures of R100 each, issued at premium
redeemable at par.

T T7NRAT
1,000 B, 100 12% N 5%

issued at 5% discount and
(b) 2,000, 12% debentures of 100 each,
redeemable at a premium of 5%.

5% ARO
2,000 1, 100 EI 12% *1a 5% TE A

and redeemable at
(c) 3,000, 12% debentures of T100 each, issued at par
a premium of 5%.

3,000 1, 100 12% N a K 5% fRRTD

33T ACOU 18]

equally.
and losses On
14 A, B and C were in partnership sharing profits
6
31st December, 2021 their Balance Sheet was as follows

B C T5-BR A A g7 afodF A lI
A, FATU
31 fuU5, 2021 1 6 CÕG(TI -g U A 77
Balance Sheet (y3R)

Liabilities ((7) Assets ( )
Plant and Machinery 10,000
Capital (FA)
A 10,000
Stock (Ho) 4,000
B 5,000
20,000 Sundry Debtors 6,000
C 5,000
Reserve Fund 3,300 RA CAAR
Cash at Bank 5,000
Creditors (MGAIMR) 2,000
Cash in hand 300

25,300 25,300
the first death.
The firm took a joint life policy for 9,000 payable
on

C died on 31st March, 2022. Under the partnership agreement the
executors of a deceased partner were
entitled to:
a9ARPMA t 8
31 T6, 2022 URE C3 TI UIFTAT TE
deceased partner's capital account.
i) Amount standing to the credit of

His share of goodwill on the basis of twice
the average of the past
(ii)
(iu)
three years' profits.

of the last financial year to the date
(ii) Share of profit from the closing
of death on the basis of last year's profits.

(io) Interest on capital@ 5% p.a.

33T ACOU [91 Contd.

Profits for the last three years were
(o)

2019 6,000
2020 8,000
2021 7,000
the date of his death.
Prepare C's capital account on

OR/TRT
following Receipts
Income and Expenditure Account from the
Prepare for the year
Account and other details of 'Parizat' club
and Payments 6
ended 31st December, 2021
TA-45 1R511
31 T 5 , 2021 CR UEI
Ta aita AST PM UTS M

Receipts and Payments Account Cr.
(41-75 5 )
Dr.
() Payments (75)
Receipt ( 10,000 By Salaries
12,000
Cash-in-hand on 1.1.21
To
1.1.21 T 77 6,000
20,000 By Rent and Taxes
To Subscriptions received

10,000 By Electric Charges 3,000
To Entrance Fee
Rp 5

18,000 By Sports Goods Purchased 25,000
To
To Donations

Postage 5,000
Donation for Club
House 17,000 By
To
5,000 By Construction of Club House 36,000
To Life Membership Fee

6,000 By Sundry Expenses 2,000
To Maintenance Grant

500
To Capital Grant 7,000 By Payment of Outstanding Expenses

Cash in hand on 31.12.21 4,500
Sale of Furniture
1,000 By
To 31.12.21 RRG A
94,000 94,000

[ 101
33T ACOU

Other details ( T Aa) :
()Total of Entrance Fee and Life Membership Fee are to be capitalised.

(1i) Depreciation on Sports Goods is 7 2,500.

the date of sale.
value of the furniture sold w a s 71,500
on
(iii) Book

OR/ 7
6
How would you compute the amount
due to a retiring partner ?

in the ratio
Nidhi a r e partners
in a firm sharing profits
and
15 Sunu, Nanu
of 2:1:1. Their Balance Sheet as on 31st March, 2021 was as under:
6

71AA T 3
31 16, 2021 i R ÕITT GZE
Balance Sheet (U7g)
Assets (*E)
Liabilities (7I) 80,000
50,000 Land and Building
Creditors (16|R)

Plant and Machinery 56,000
Capitals (JRA) :

Furniture (5R) 30,000
Sunu ( ) 80,000
Motor Car ( 0 T9) 54,000
Nanu (3) 80,000 48,000
2,20,000 Debtors (C7IR)
Nidhi (it) 60,000 2,000
Cash (797
2,70,000
2,70,000
follows:
dissolved o n the above
date. The assets realised as
The firm was

- 7 20,000
Furniture (ISR)
- T1,00,000
Land and Building ( )
Contd.
33T ACOU [11]

Plant and Machinery (RRR7 T 7 ) - z 50,000
Motor Car (HA SIT) 28,000
Debtors (ili) 50% of Book Value (TA 50%)
Realisation Expenses were R2,000 (HFTSIMIRA 75 2,000 RI)

Prepare Realisation Account, Partner's Capital Account and Cash Account
to close the books of the firm.

OR/R
Write the situations when a partnership firm is dissolved by the court. 6

at a
16. Amlan Company Limited issued 50,000 equity shares of 10 each
8
premium of R2 each, payable as under 3
On Application - 2

On Allotment - R5 (including premium)

On First and Final Call 75
allotment
The shares were fully subscribed, called up and paid-up except
and call money on 500 shares. These shares were forfeited.
Give journal entries in the books of the company.
Amlan &* CBCG aOA 10 T 50,000 IR aforao 2 I

- 2I

7 D -

5D (RRRA HUO)

33T ACOU [ 12]

OR/R
Write short notes on: (any four) 2x4=8

(o) Securities Premium (afoyt mkea)
(b) Over Subscription (R 7 )

(c) Re-issue of forfeited shares (ICE URT 7)

d) Unissued Capital (Y1TE T )

(e) Current asset (5e 7 )

Income Statement (T OA)
OR/RT
in detail.
Explain the steps involved in Computerised Accounting System

17. a) Explain the average profit method of valuation of goodwill.
(a)

What is revaluation account ? 2
(b)

How the adjustment of capitals is made at the time of admission
of
(c)
a new partner ? 3

33T ACOU 13 Contd.

OR/R7
Nitul and Atul are partners in a firm sharing profits in the ratio 2:1.
Pranjal is admitted into the firm as a new partner with 4th share in
profits. He will bring 30,000 as his capital. The Balance Sheet of Nitul and
Atul as on 31.3.2020 was as under:

Balance Sheet (he-)
Liabilities (T)_ Assets ( * )
Creditors (1GAM) 8,000 Cash (7m) 12,000

Bills Payable ( 7 ) 4,000 Debtors ( i ) 8,000

General Reserve (ieT ) 6,000 Stock (u) 10,000
Nitul's Capital (Fg m) 52,000 Furniture (5R) 5,000
Atul's Capital ("9 A) 30,000 Machinery (tU) 25,000
Building ( ) 40,000

1,00,000 1,00,000
Other terms of the agreement are as under

share of goodwill.
(i) Pranjal will bring in 12,000 as his

at 23,000.
(i) Building was valued at 745,000 and Machinery
45,000 7 7o 23,000 1 I RII
G
created at 6% on debtors.
(tii) A reserve for bad debt is to be

Prepare Revaluation Account, Partner's Capital Account and the Balance
Sheet of the new firm.

33T ACOU [14]

and losses in the ratio
18. Amit and Aditya are partners in a firm sharing profits
December, 2022 was as under:
or3:1. The Trial Balance of the firm as on 31st
731 i3 8
31 TUT5*, 2022 TfaaT ao)ar T farI
Trial Balance ( e faa71a)
Debit (CERD) Credit (ei
Machinery (YT) 35,00 Capital ( )
Amit 5000
Salaries (a) 15,850 80,000
Cariage outward (REsE K) 2,140 Aditya 30.000
Account (7-RI7 5 ) :
Building () 40O0 Trading
85,700
Furniture (i6) 25,000 Gross Profit (2 5IC)
-

44,560
48,200 Creditors (15
Deblors ( 21,000
Bad Debts (arkti 34) 1,400 Bank Loan (G7 *) 4,500
Cash at Bank (GRTO 7 ) 1,200 Discount (319)
1,000
Investment (RR) 10,000 Commission ( 1,200
Cash in hand (7 ToT S) 1,170 |Outstanding Wages
(R KR)
1,000
Establishment charges (2T9WRR 5)| 13,000 | Provision for Doubtul Debt
KEE) 10,00(SRE R ERI )
|Closing Stock (
Depreciation on Machinery 3,500

Publicity (25) 5,000
Drawings (RR)
Amit(0 5,000
Aditya (1)3 30 8,000
Rent and Rates (579 7 5,500
2,38,960 2,38,960
Additional Information (UotaE TRI):
2TE A5R 500 )
(i) Prepaid publicity 7500 (*2TA
<200 (T2H1e 3 i 200 )
(ii) Commission received in advance
(ii) Provide for doubtful debts @ 5% on Sundry
debtors. (( 6
6FT
(iv) Allow interest on partners' capital @ 5% p.a. (TMA TA
From the above Trial Balance and additional information, prepare a Profit
and Loss Account, a Profit and Loss Appropriation Account for the year
ended 31st December, 2022 and a Balance Sheet as on that date.

33T ACOUU [15]