Get AHSEC Class 12 Accountancy Question Paper 2024 [HS 2nd Year Accountancy Paper 2024], Conducted by Assam Board i.e AHSEC (Assam Higher Secondary Education Council). It is a state education regulatory board under the jurisdiction of Ministry of Education, Government of Assam that is responsible to regulate, supervise and develop the system of Higher Secondary Education in the State of Assam.
An Overview of AHSEC Class 12 Accountancy Question Paper 2024
| Name of Board | AHSEC (Assam Higher Secondary Education Council) |
| Class | 12th Standard Assam Board |
| Subject | Finance |
| Mode of Exam | Offline written exam. |
| Full Marks | 80 |
| Year | 2024 |
| Category | AHSEC Preview Year question Papers |
| Official Website | https://ahsec.assam.gov.in |
AHSEC Class 12 Accountancy Question Paper 2024
2024
ACCOUNTANCY
For New Course Students
Full Marks: 80
Pass Marks: 24
Time: Three hours.
CODE: 34T ACOU
The figures in the margin indicate full marks for the questions.
1. (a). Fill in the blanks with appropriate word/words (any four) 1×4= 4
(i). Partners current accounts are prepared when the capital accounts are_ _ _ _ _ _ _ _ .
(ii). A company is a separate _ _ _ _ entity, It is a separate entity from its members.
(iii). Current ratio is the relationship between current assets and _ _ _ _ _ _ _ .
(iv). Equity Shareholders are _ _ _ _ _ of a company.
(v). At the time of dissolution of partnership firm, assets are transferred to Realisation Account at _ _ _ _ value.
(b). State whether the following statements are ‘True’ or ‘False’: 1×2=2
(i). Debentureholders do not have right to vote in the meetings of the company.
(ii).Premium for goodwill is shared in gaining Ratio.
(C) Choose the correct alternative: 1×2=2
(i). The portion of the authorised capital which is offered to the public for sale in the form of shares is called….?
(a) subscribed capital
(b) issued capital
(c) called-up capital
(d) paid-up capital
(ii) In the absence of partnership deed, the rate of interest allowed on partner’s capital is …….?
(a) 6%
(b) 5%
(c) 6.5%
(d) None of the above
Q. 2. What do you mean by re-issued of forfeited share ? 2
Q. 3. Write any two demerits of partnership business. 2
Q. 4. Mention two features of a debenture. 2
OR
Q. Write the meaning of Cash flow from investing activities’. 2
Q. 5. Give two circumstances under which the fixed capitals of partners may change. 2
OR
Q. Why is Profit and Loss Adjustment Account prepared? 2
Q. 6. What is meant by ‘calls-in-advance’ ? 2
Q. 7. Mention two limitations of financial statement Analysis. 2
OR
Q. What is meant by the term ‘cash equivalents’? 2
Q. Write three situations when a partnership firm is compulsorily dissolved. 3
Q. 9. Give any three items that can be shown under the heading ‘Reserves and Surplus’ in a company’s Balance Sheet. 3
OR
Name any three items of current assets. 3
10 Current liabilities of a company are 23,50,000. Its current ratio is 3:1 and liquid ratio is 1.75 :1
OR
Mention any three objectives of preparing a comparative statement. 3
OR
What is computerised accounting system? 3
Q. 11. A and B are partners sharing profits and losses equally. They have admitted C into the firm. A has surrendered 1/3 of his share and B has surrendered 1/6 of his share in favour of C. Ascertain the new profit sharing ratio. 3
OR
Explain in brief the ‘average profit method’ of goodwill valuation. 3
OR
Write three advantages of using graphs. 3
12. Prepare a Common Size Income Statement of Maina Ltd. from the following informations:
| Particulars | 2022 | 2023 |
| Sale | 1,05,000 | 1,10,000 |
| Sales Returns | 5,000 | 10,000 |
| Cost of Goods Sold | 70,000 | 74,800 |
| Office Expenses | 3,000 | 3,200 |
| Non-operating Incomes | 5,000 | 6,600 |
| Non-operating Expenses | 1,000 | 1,100 |
| Income Tax Rate | 50% | 50% |
OR
Explain in brief the tools of financial analysis. 6
OR
Explain the concepts of ‘data validation’ and ‘data verification’. 6
13. Give Journal entries in the books of Pakhi Ltd. for issue of debentures under the following situations: 1+1+1+1+2=6
(a) Issued 5,000, 8% debentures of ₹ 100 each at par redeemable at 5% premium after 4 years.
(b) Issued 6,000, 9% debentures of ₹100 each at 5% premium, redeemable at par after 4 years.
(e) Issued 7,000, 10% debentures of 2 100 each at 5% discount, redeemable at par after 4 years.
(d) Issued 8,000, 10% debentures of 2 100 each at 5% premium, redeemable at 10% premium after 4 years.
(e) Issued 5,000, 9% debentures of ₹ 100 each to the vendors for purchasing machinery of ₹5,00,000.
OR
Q. Give six points of distinctions between a share and a debenture.
OR
Q. Explain the applications of Spreadsheet in Accounting. 6
14. Susanta, Ananta and Diganta were in partnership sharing profits and losses in the ratio of 3:2:1. On 1.1.2023. Susanta retires from the firm. On that date Balance Sheet of the firm was as follows:
Balance Sheet
| Liabilities | ₹ | Assets | ₹ |
| Creditors | 50,000 | Cash at Bank | 6,000 |
| Reserve Fund | 60,000 | Debtors | 1,50,000 |
| Capital: Susanta 80,000 Ananta 60,000 Diganta 40,000 | 1,80,000 | Stock | 30,000 |
| Furniture | 24,000 | ||
| Land and Building | 80,000 | ||
| Total | 2,90,000 | Total | 2,90,000 |
The terms of the retirement were:
(i) Goodwill of the firm were valued at 1,20,000.
(ii) Land and Building to be appreciated by 20,000.
(iii) Provision for Bad Debts to be made @ 2% on debtors.
(iv) Furniture to be depreciated by ₹4,000.
(v) Susanta’s capital is to be transferred to his Loan Account.
Give Journal entries relating to the above transactions.
OR
Explain how the amount due to a deceased partner is ascertained? 6
15. Distinguish between dissolution of partnership and dissolution of firm.
OR
Ravi and Vicky are partners in a firm sharing profits and losses in the ratio of 3:2. They decided to dissolve their firm on 31st December, 2022. Their Balance Sheet on that date was as under:
| Assets | Amounts | Liability | Amounts |
| Capitals Ravi Vicky Creditors Profit and Loss A/c | 17500 10,000 2,000 1,500 | Furniture Investment Debtors Stock Cash at Bank | 16,000 4,000 2,000 3,000 6,000 |
| 31,000 | 31,000 |
Ravi took over the investments at an agreed value of 23,800. Other assets were realised as follows:
Furniture – 218,000
Debtors 90% of Book value
Stock 22,800
Creditors of the firm agreed to accept 5% less. Expenses of realisation amounted to 2400. Close the firm’s books by preparing a Realisation Account, Partners’ Capital Accounts and Bank Account. 6
16. Anvi Ltd. has issued 10,000 equity shares of ₹10 each at a premium of 22 each payable as follows: 8
On Application – 22
On Allotment 25 (including premium)
On First and Final Call – 25
The shares have been fully subscribed, called up and paid-up except the following:
(a) Allotment and First and Final Call money on 500 shares held by Ritu, and
(b) First and Final Call money on 600 shares held by Jitu.
All these shares have been forfeited and re-issued at 10% discount as fully paid.
Give Journal entries in the books of the company.
OR
For what purposes ‘securities premium’ can be used? 5
(b) Write three distinctions between equity share and preference share.
OR
What are the steps involved in installation of computerised Accounting system (CAS)? 8
17. Mera and Karan are partner in a firm any profit in the ratio of 3:2 on April 1st 2022 their balance sheet was as under:
| Liabilities | ₹ | Assets | ₹ |
| Sundry Creditors | 85,000 | Bank | 10,000 |
| Capitals | Stock | 22,000 | |
| Mihir 70,000 | Plant and Machinery | 40,000 | |
| Karan 60,000 | 1,30,000 | Building | 20,000 |
| Goodwill | 24,000 | ||
| Debtors 24,000 | |||
| Less: Provision 1000 | |||
| Net Debtors | 23,000 | ||
| Total Liabilities | 1,30,000 | Total Assets | 1,30,000 |
On the above date, they admitted Sunil as a new partner on the following terms:
(i) Sunil will bring ₹50,000 for his capital.
(ii) He would get 1/5th share in the future profits
(iii) Goodwill of the firm is valued at ₹1,20,000.
(iv) Sunil will bring necessary premium for goodwill.
Pass Journal entries to record the above transaction. Prepare Partner’s Capital Accounts and Balance Sheet of the new firm.
OR
(i). Distinguish between Profit and Loss Account and Profit and Loss Appropriation Account. 5
(ii). Mention any three rights of a partner.3
18. Biswa and Pradip are partners in a firm. The Trial Balance of the firm as on 31st December, 2022 was as under:
Prepare Profit and Loss Account, Profit and Loss Appropriation Account and the Balance Sheet of the firm for the year ended 31st December, 2022 after considering the following information:
| Debit | ₹ | Credit | ₹ |
| Drawings: Biswas – 4000 Pradip – 3000 Cash at Bank Sundry Debtors Insurance Advertisement Closing Stock Cash in hand Commission Motor Car Machinery | 7,000 45,000 40,000 19,740 9,000 12,500 16,300 5,000 20,860 10,000 | Capital: Biswas – 65,000 Pradip – 40,000 Sundry Creditors Bank Loan Commission Trading A/c (Gross Profit) | 1,05,000 18,400 5000 300 57,200 |
| 1,85,900 | 1,85,900 |
(a) Partners are to share profits and losses in the proportion of 3/5 and 2/5 respectively.
(b) Write off depreciation @ 10% on Machinery and 20% on Motor.
(c) Create a provision of 5% on Sundry Debtors for Doubtful Debts.
(d), Partners are entitled to Interest on Capital 5% per annum and Pradip is entitled to a salary of 2 1,800 per annum.
For Old Course: fin lieu of Project Works)
19. Answer the following questions: (any four) 5×4= 20
(a) Write distinctions between, Fixed Capital Account and Fluctuating Capital Account.
(b) What is Ratio Analysis? Mention any three limitations of ratio analysis.
(c) Explain uses of Financial Statement.
(d) What is meant by Cash Flow Statement? Mention any three objectives of preparing cash flow statement.
(e) Explain the average profit method of valuation of goodwill. What is Revaluation Account?
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