Himachal Pradesh Accountancy Model Question Paper : Plus Two / 12th Std / +2 www.hpeducationboard.nic.in

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Document Described : Accountancy Question Paper, Himachal Pradesh Question Paper

Himachal Pradesh Board of School Education
MODEL QUESTION PAPERS
Plus Two Examination March 2009
ACCOUNTANCY
Time Allowed : 3 Hrs. Max. Marks 65

General Instructions :-
1. Question paper is divided into two parts. Part-A and Part-B. Part-A carries 50 marks and Part-B carries 15 marks.
2. All questions are compulsory.
3. Marks are indicated against each question.
4. Answer should be brief and according to marks allotted.

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Part-A :
(Accounting for not for Profit Organisations, Partnership and Company Accounts)
Q1.What is Partnership Deed ?
Q2. Mr. Gupta is a partner in a firm. He drew regularly Rs. 1200 at the end of every month for the six months ending 30 June 2005. Calculate interest on drawing at 15% p.a. 2
Q3. Give two distinctions between Share and Debentures.
Q4. State the four characteristics of debenture.
Q5. What do you mean by Pro-rata Allotment ?
Q6. What is Gaining Ratio ? How it is calculated ?
Q7. How does the Income and Expenditure account differ from a Profit & Loss Account? (31)
Q8. P and S are partners sharing profits and losses in the ratio of 3 :2. Their books showed goodwill at Rs. 20,000. R is admitted with 1/5th share which he acquires equally from P and S. R brings Rs. 20,000 as his capital and Rs. 10,000 as his share of goodwill. Profit at the end of the year were the amount of Rs. 1,00,000. You are required to give journal entries. 3
Q9. What do you understand by Minimum Subscription and forfeiture of share ?
Q10. What is Sinking Fund and why it is prepared ?
Q11. A company issued Rs. 10,000 10% Debentures on 1st Jan. 1997. Interest on these debentures is payable on 31st March and 30th September each year. Pass necessary journal for 1997 assuming that Income Tax is deducted @ 25% on interest and that accounts are closed on 30th September. 4
Q12. From the following Receipts and Payments A/c of a club and from the information supplied, Prepare Income and Expenditure A/c for the year ended 31st Dec. 2000.
To Balance bid 250 By Salaries 1,200
To Subscription By Gen. Expenses 300
1999 250 By Electric Charges 200
2000 1,000 By Books 100
2001 200 By News Papers 400
To Sale of old furniture By Postage 50
(costing 100) 60 By furniture 250
To rent received for the
use of hall 740 By Balance clos 500
Entertainment 400
To sale of Newspaper 100
3,000 3,000
Information:
(a) The club has 50 members each paying annual subscription of Rs. 25.
Subscription outstanding on 31st Dec. 1999 were Rs. 300.
(b) On 31st Dec. 2000 salaries outstanding amount to Rs. 100. Salaries paid included Rs. 100 for the year 1999.
(c) On 1-1-2000 the club owned land and building valued at Rs. 10,000, furniture Rs. 600 and books for Rs. 500. 5
OR
What is Receipt and Payment account ? What are its characteristics(32)
Q13. X and Y share profits in the proportion of 3:1. The balance sheet of the firm as on 31st Dec. 1998 was as follows:
Liabilities Rs. Assets Rs.
Sundry Creditors 41,500 Cash at Bank 23,500
Capital BIR 3,000
X 30,000 Debtors 16,000
Y 16,000 46,000 Stock 20,000
Land & Building 25,000
87,500 87,500
On 1st January, 1999 Z was admitted into partnership on the following terms :
(i) That Z will pay Rs. 10,000 as his share of capital.
(ii) That Z will pay Rs. 5,000 for goodwill.
(iii) That the stock be reduced by 10%.
(iv) A provision at the rate of 5% be created both for bad and doubtful debts and the BIR.
(v) That the value of the land and building be appreciated by 20%. Prepare revaluation A/c and capital A/c.
OR
What is goodwill ? Why does a new partner pay for it ? How is its value
determined? 5
Q14. X Co. Ltd,. issued 10,000 shares of Rs. 10 each at Re. 1 Premium. The amount payable are as follows:
Rs. on application 3
on allotment 5 (including premium)
on first call 2
on final call 2
Ajay who was holding 100 shares, did not pay his allotment and first call money. His shares were forfeited and Sanjay who was holding 200 shares did not pay first call money and his shares were subsequently forfeited. The share were forfeited after the first call is over and reissued to Mr. Gupta for Rs. 2,500 fully paid. Prepare the necessary Journal Entries. 5
Q15. C, D and E were partners sharing profits in the ratio of 1/2, 1/3 and 1/6 respectively.
The Balance Sheet of C, D and E as on 31st Dec. 1998 are as follows:
Liabilities Amount Assets Amount
Sundry Creditors 19,000 Cash at Bank 2,500
B/P 5,000 Debtor 16,000
Less: Reserve for
Doubtful debts 500 15,500
Reserve Fund 12,000 Stock 25,000
Capital A/c Motor vans 8,000
C 40,000 Plant & Machinery 35,000
D 30,000 Factory Building 45,000
E 25,000 95,000
1,31,000 1,31,000
D retires on that subject to the following adjustments.
(i) Goodwill of the firm to be valued at Rs. 18000 and is to be written off later on.
(ii) Plant to be depreciated by 10% and Motor vans by 15%.
(iii) Stock to be appreciated by 20% and building by 10%.
(iv) The Reserve for doubtful debts to be increased by Rs. 1950.
Prepare Revaluation A/c, Capital A/c and Balance Sheet of the firm after CLS retirements.
OR
Explain in detail the adjustments of A/cs on the retirement and death of Partner. 7

Part-B : (Analysis of Financial Statements)
Q16. Under the headings will you show the following items in the Balance sheet of a Joint Stock Company.
(i) Stock
(ii) Cash A/c
(iii) Trade Marks
(iv) Bills Receivable
(v) Debentures 2
Q17. Define the objectives of financial analysis.
Q18. What is the meaning and two objectives of trend analysis ?
Q19. What are the limitations of Cash Flow Statement ?
Q20. From the following information calculate :
(a) Current Ratio
(b) Liquid Ratio
(c) Operating Ratio
Items Rs. Rs.
Current Assets 70,000 Operating Expenses 40,000
Current Liabilities 35,000 Sales 1,20,000
Stock 30,00 Cost of goods sold 60,000
Q21. From the following information prepare a Cash Flow Statement.
Opening Cash Balance 20,000
Closing Cash Balance 24,000
Decrease in Debtors 10,000
Increase in Creditors 14,000
Sale of Fixed Assets 40,000
Redemption of Debentures 1,00,000
Net Profit for the year 40,000 4

[Unregistered]

Mr. Gupta is a partner in a firm. He drew regularly Rs. 1200 at the end of every month for the six months ending 30 June 2005. Calculate interest on drawing at 15% p.a. 2