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2024-25
PRE-FINAL EXAMINATION
H.S. Final Year
ACCOUNTANCY

Full Marks : 80
Time:Three hours
The figures in the margin indicate fullmarks for the questions.
(a) Fill in the blanks with appropriate word/words: (any four) 1x4=4

In the absence of partnership agreement, the profit are shared in ratio.

Debentureholders are of the company.

(ii) Working Capital is the relationship between and current liabilities.

(iv) The liability of members of a company is generally.

() Interest on Partner's loan is to be credited to his account

(b) State whether the following statements are true or false: lx2=2

() A company is regarded as an artificial person created by law.

partners in old ratio.
(ii Profit on revaluation of assets and liabilities is shared by old

(c) Choose the corect alternative: lx2=2

Financial Statements of a
company include:

Only Cash Flow Statement(AsRR eAT)

()
RE)
2) Only Profit and Loss Account (FA) S16-(OR
(3) Only Balance Sheet (C Gyg
(4) All of the above (6 (OQLFOI)
goodwill in cash, the amount
wvill be
(it) When a new partner brings bis share of
shared by old partners is
:

Sacrificing ratio (CjSTATS)

(2) New ratio (agä r5)

(3 Old ratio (í qTS)

(4) Gaining ratio (19S)

(1)
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What do you mean by forfeiture of shares ?

3.
Mention two features of Partnership Business.

. Mention two advantages of issuing dcbentures.

ORJARRI
What is the meaning of Cash Flow from Financing Activitics. 2

A and B are partners sharing profits and losses in the ratio of 3:1. They agrccd to admit
C as a new partner for thshare in 6

Snare future profit. Calculate the sacrificing ratio.

A S
B Va

ORARSI
Mention two rights of a partncr.

What is 'share' ofa company ? 2

7. Mention two objectives of financial statenent analysis.

2

ORME
What are the sources of Cash Flow ? 2

8. Give three rcasons for dissolution of partnership firm. 3

9 Mention three uses of financal statemet. 3

OR

Mention any three items of fixed assets. 3

10 From the following information, calculate the value

of Goodwill by applying
capitalization of Super Profit method. 3

Actual avcrage profit ( 5

T6) Rs. 4,500
Normal rate of return (rerfee v ER) 10%
Value of Assets (f64) Rs. 50,000
Value of Laabilty (M4 )
Rs. 22500
OR/te
Mention threc stuations when valuation of goodwill becomes necessay,

ORAR

(2)
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Mention threc uses of Spreadsheet. 3

Spreadsheet 4 febi KE4NI
From thc following details, Calculate Current Ratio and Liquid Ratio
:
3

Machinery (a-nfe)
8% Debenture (8%
4)

Bank Overdraft (C4G Y'STatG)

Sundary Creditors (RA MSTR)
Prepzid Expenses (n SrS K5)
Stock (g U)
Sundary Debtors (af GRRR)
ORAR
3
Mention three uses of common size statement.

ORAT
3
Write three features of computerised accounting system ?

following information
61

12 Preparea Common Size Iocome Statements of from the

Particulars 2023 2024

(R) (Rs) (Rs)
Sales (F) 5,00,000 6,00,000
40% af Sales S0% of Sales
Cost of Goods Sold
(Rt 40%) ( S0%)
10% of grass profit 20% of gross profit
Administrative Expenses
(à gER 20%)
()
40% 40%%
Income Tax («15)
ORRET
any four limitations of
What do you undcrstand by Financial Statement ? Mention
Financial Statement 2+4=6

ORARI
Discuss. the steps in installation of compulerized accounting system. 6

13 What is mcant by a debenture ? Explain the different types of debentures. 2+4-6

ORJAE
Explain the concepts of "Sequential code' and 'Data entry
*Sequential code' *
"Data entry' DAI
ORAR
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Give Journal Entrics in respect of the following: 6

Ram issues 600, 10% debentures of Rs, 100 cach at par, redecmable at the cnd ol
S years at premium
of 5%.

(i) Robim issues 700, 12% debentures of Rs, 100 cach at a discount of 5%.
Tedeemable at the end ofS years at par.

(iii) Jadu isscs 8), I1% debentures of Rs. 100 cach at a discount of 59%.
redecmable at the cid ofS years at a premium of 5%.

4 FTom the given mtormation, calculate the stock Turnover Ratio: 6

Sales () Rs. 2,00,000/

Gtuss Prvfit Ratio (3 rs
TE) 20%
Opening Stock was I/3 of the value of the Closing Stock

Closing Stock was 30% of Sales (ateg enf fu yu 30%)

OR/AR
What are the causes of retirement of a partner from a Partnership firm ? 6

OR/ATE
P.Q and R were partners a
in firm sharing profits in the ratio of 5:3:2. On 31st March,
2024, their Balance Sheet was as follows: 6

Balance Sheet (GqI)

Labilities (or) Rs Assets (fa) Rs.
Creditors (6aT) 7,000 Building (631) 20,000
Reserved Fund (afreà) 10,000 Machinery (zrf ) 30,000
Capital (y) Stock and Debtors !8,000
(6 4)
P=30.090
O-25.000
70,000'Cash at Bank (TO WAT) I3,000
R=15,00Q Patents (GecGG) 6,900
87,00n B7,000
P
icd on June 30, 2024. It was agrecd betwecn his cxecutors and thc remaininy
partners that s
Ma:
30 2024 'erre PH
R,
1fevts H4 ffEt
(4
 Account.
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Amount standing to the credit of Partncr's Capital

at 12% p.A.
Interest on capital be provided
(i)
was valucd
The goodwill of the irm on P's death
(i) lis share of yoodwill.
at Rs. 37,500.
year to the date of death
from tbe closing of the last fiancial
(iv) Share of proft
on the basis of last year's profits.

year cndcd 31.3.2024 was Rs. 20,000.

The profit of the firn for the

on the date of his death.

Prepare P's Capital Account

as 31
X and Y are partners sharing profits in the ratio of 32. Balancc Shect
15.
was as follows : 6
mber, 2021l AGT
Decemt
X W* Y
AfRe 3:2 SE TA12021 31" Decenber tA
Liabilities (4=1) Rs.
Assets (fs)
Creditors (hETA) 20.000 Cash ( A)
Reserve Fund ( ) S,000 Debtors (HA)
()
Capital Stock (1qe)
Fixed Assets )
Rs. 20,000 (T
Rs. 25.00O
Profit and Loss A/C
45,000(er6-5H )

70,000 70,000
Fixed assets realised Rs. 30,000, Stock at Rs. 9,000 and Debtors at Rs. 10,000. Creditors
wete paid at a discount of 10%. Expenses of realisation were Rs, 1,000. Pass
Journal
Entries in the books of the firm.
fe Fr A 30,000 b1, gA 9,000 b1 10,000 R
cIaT

ORE
What is Realisation Account? Write our
differences between Realisation Account
Ravaluation Account. and

16 X Ld,issue 19,000 Equity shares of

10cach pavablc as follows:
R

X Ll, & 0 415 10,000

On Appliecation (tA ) Rs. 3
ss fruRrf :
On Allotent (
RT) Rs. 4
Dalunce in two equal calls
(tŠiE0 YrRIR)
(S)
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All
the shares were
duly
S00 shaes did not pay subscribcd for, called up and paid up, except Mr Ram holding
1 and final call moncy

Sbow thc cntrics in the Cash

Book and Jounal of thc company.
8

ORJA
Explain the following terms:
(any four)
2x4=8
Calls-in Arear ()
Under Subscription
(ii)
(HT)
Pro-Rata Allotment (ra A)
(iv) Re-issue forfeited shares
(rEIG R
RR)
Prefercnce shares (eK )
Rescrve Capital (ofr)
17. (a) What is Partnership Deed ?Mention three important clauscs usually
included
Partnership Decd.

Write three distance between Fixed Capital Account and Fluctuating Capital
AccounL.

ORAR
The Balance Shect of A, B and C wbo wTe sharing profits and losses in the ratio of
2:2:1 stood as follows on 31 March, 2023 :
A, B FCAAA 2:2:1 atE E
31 u, 2023 eRN EBtAA E

Liabilities (G) Rs. Asscts () Rs

Creditors (16AR) 10,000Cash (4 A) 5,000
5,000 Debtors (A4) 6,000
Reserve Fund (frs)
Stwck (qeMU) 9.00n
Capital (A)
A Rs, 20,000 Iavestment (Au) 10,000
Buildng (oA) 30,000
Rs. 20,000
Rs. 10,000 |Goodwil () 5,000
50.000
65,000 65.000

Bretired on the above date on the following copditions:

Goodwill is revalued at Rs, 9,000/ 740

Building is revsuod at Rs. 35.00o
e35,000 Ce oTR)
(6)
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on Debtors.
Decbtors is raised to 10%
Provision against
(iii)
his loan
account.
transferred to
B's capital is to be new
(iv) Sheet of the
preparcd the opening Balance 4+4=8
necessary journal entries and
Pass the
frm.
Rd activities : 8
calculate the cash fronm operating
following information
From he 2023 (Rs-)
2022 (Rs.) 4,000
(TG-(ASHAb) S,000
Account 6.000
Profit and Loss 7,000
12,000
Fa)
Bills Receivable (t10 10,000
1500
General Reserve (fS) 2,000
600
Outstanding Reat ( 500
6.000
Prepaid Salurics (fG3) 8,000
20,000
15,000
Goodwil (T Reserve (OA GRE
)
7500
Developnent Rebate 8,000
Balance
ratio 3:2. The Trial
Debtors (NR) sharing profits in the
are partners in a irm
run
Arun
and Barun s follows
eE 32
O
AI31.03.2021 Grt
18. f
the firm ns oD
3lns
fa)
Trial Balance (s Partuculars (a) Rs.
Rs
Particulas eH) 10.000 LTrading Account
ADebtors (Ca) 31,000o0(-Rsfe
oonGross Profit
( aTS) 41,000
Machinery (af) 1,000
Salaries (
es (S)
12,000
oo Sundry feceipts (R zf) s00
ance Prenium of Machinery
2,000 PrOVISion for bad debt
Insuranc A TE)
(Gsdebts (s ) ) 300|(N ) S50
9,400Commission 300
Bad
lCash in hand (E8
)
450 Rent Payable (f)
Bank Charges ($
B)
1,450 Outstanding
Wages (R) 650
27,000
. ADOCapital(a):
Sutionery (a) 4,400 Rs. 14,000
5)
Carriage Outward (curs Anun Rs. 13,000 71,000
71,000 Barun
LoSs Appropriation Account of the
and
and Loss Account and the Profit Sbect as on hat
date afer
Prenare Proft 31.03.2024 aDd a Balace
Grn for the yer ended adjustment:
consideration tbe following
300
(7)
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() Machinery is to be depreciated by 10%.

(ii) Provision for bad debt is to be increased by Rs. 200.

(ii) Arun was to receive salary @ Rs. 300 per month.

Arun Q tf 300 bfHA II
p.a.
(v) Interest on capital is allowed @5%