12th Std / +2 / Plus Two Jharkhand : Accountancy Model Question Paper www.jac.nic.in

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Document Described : Accountancy Question Paper, Jharkhand Question Paper

ACCOUNTANCY
(Compulsory)
Full Marks : 80
Pass Marks : 26
Time : 3 Hours
Candidates are required to give their answers in their own words as far as practicable.
Figures in the margin indicate ful marks.

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http://jac.nic.in/pdf/model_question...tancy12_08.pdf

General Instructions :
(i) This question paper contains three Parts A, B and C.
(i) Part A is compulsory for al candidates.
(ii) Candidates can attempt only One Part of the remaining Part ?B? and C.
(iv) Al parts of questions should be attempted at one place.

Part : A
1. What do you mean by Fixed Capital andFluctuating Capital ? 4
2. Why is P/L Appropriation A/c prepared by a partnership firm ? 2
3. What is goodwil ? Name any four methods of calculating goodwil. 4
4. The average profit of a firm is Rs. 50,000.
Its assets and outside liabilities are Rs. 5,00,000 and Rs. 2,00,000 respectively. The normal rate of return is 10%. Find the value of goodwil if it is based on 2 year?s purchase of super-profit. 5
5. What is sacrifice ratio ? 2
6. How is goodwill calculated under capitali- sation of super-profit method ? 3
7. A, B, C and D are partners sharing profit in the ratio of 1: 2 : 1 : 2 respectively. C retires and A, B and D decide to share future profitequaly. Find gaining ratio. 3
8. What is Realisation A/c ? 2
9. 1000 shares of Rs. 10 each are issued to promoters for their services at a premium of Rs. 4 per share. Give Journal Entries. 2
10. What is the difference between Shares and Debentures ? 3
11. A and B are equal partners. Their Balance Sheet as on 31st December, 2007 is asfolows:
Creditors 20,000 Cash 5,000
Reserve 10,000 Sundry Debtors 20,000
Capital: Stock 15,000
A 25,000 Furniture 10,000
B 20,000 45,000
Land/Building 25,000
75,000 75,000
C is admitted into firm for 1/4 share in future profit on the folowing terms:
(a) C brings Rs. 20,000 as capital but he is unable to bring his share of goodwill Rs. 4,000 in cash. No goodwill A/c is raised.
(b) Furniture is depreciated by 10% and 5% reserve for bad debt is created.
(c) Land and building is appreciated by 20%. Prepare Revaluation A/c, Partners? Capital A/c and the opening Balance Sheet after admission of C. 10
12. A, B and C are partners sharing profit in the ratio of 2: 2 : 1 respectively. On 31st December, 2007, their Balance Sheet is as folows :
A 50,000 Stock 40,000
B 40,000
C 30,000 Furniture 10,000
1,20,000
Other fixed
Assets 60,000
1,50,000 1,50,000
The firm is dissolved on this date. A takes furniture at Rs. 6,000. Debtors realise Rs. 25,000, Stock Rs. 35,000 and other fixed assets Rs. 50,000. Creditors are paid Rs. 26,000 in ful satisfaction. An unrecorded investment of Rs. 2,000 is taken by B. Expenses of realisation amount to Rs. 1,000. Prepare Realisation A/c, Partners? Capital A/c and Cash A/c. 10
13. (a) X Ltd. purchased a building for Rs. 3,60,000 and issued shares of Rs. 10 each fully paid for it (a) at par, (b) at 20% premium and (c) at 10% discount. Pass Journal Entries. 6 X
(b) X Ltd. forfeited 1000 shares of Rs. 10 due to non-payment of final cal of Rs. 4 each. Out of these only 600 shares are
reissued at Rs. 7 each as fully paid. Give Journal Entries for forfeiture and reissue. 4

Part - B :
14. Under what headings will you show the folowing in the Balance Sheet of a Company ? 4
(a) Livestock
(b) Bils Receivable
(c) Underwriting commission
(d) Proposed dividend
15. Name any four techniques of analysis of Financial Statements. 2
16. Find interest coverage ratio: 4
Net profit after interest and tax Rs. 40,000
Rate of Income Tax 40%
10% Mortgage loan Rs. 1,00,000
10% Debenture Rs. 1,00,000
17. Give two examples of each of sources and applications of Fund. 2
18. You have the folowing Balance Sheet of X for
2006 and 2007:
Liabilities 2006 2007 Assets 2006 2007
Sundry Creditors 20,000 30,000 Cash 5,000 8,000
Outstanding Sundry Debtors 20,000 25,000
Expenses 10,000 6,000
Bank Loan 40,000 44,00
Furniture 10,000 20,000
Capital 70,000 90,000
Land and
Building 50,000 70,000
Goodwil 10,000 7,000
1,40,000 1,70,000 1,40,000 1,70,000
Mr. X has withdrawn Rs. 10,000 for his personal use in 2007. During 2007, a part of Land Costing Rs. 20,000 has been sold for
Rs. 35,000. Income tax paid in 2007 amounted to Rs. 8,000. Prepare Cash Flow Statement. 8
19. Explain with one example DML or DCL.
20. Explain the concept of relationship degree. How is it different from relationship type ? Give an example of each. 6
21. An example of Multi-group Ledger could be the assets which could be further divided as Fixed assets and Current assets. Each of these could be further divided into various types. Likewise give an example of Single group Ledger. 6
22. Develop and depict ER Model for accounting reality. 2
23. Accounting reality is to be drawn which shows the tables containing data depending upon how the tables are drawn. Queries are to be created to get informations about : 1+1+1+1=4
(a) Name of the account
(b) Whether debit or credit
(c) Amount in the account
(d) The total of the side of debit or credit.