Time Allowed: 2 hours<\/span> General Instructions to Candidates:<\/span><\/p>\n Part – A<\/span> Answer all questions from 1 to 4, each carries 1 score. (4 \u00d7 1 = 4)<\/span><\/p>\n Question 1. Question 2. Question 3. Question 4. Answer any 2 questions from 5 to 8. Each carries \u20182\u2019 scores. (4 \u00d7 2 = 8)<\/span><\/p>\n Question 5. Question 6. Question 7. Question 8. Answer any 2 questions from 9 to 11. Each carries 3 scores. (2 \u00d7 3 = 6)<\/span><\/p>\n Question 9. Question 10. Question 11. Answer any 1 questions from 12 to 13. Each carries 4 scores. (1 \u00d7 4 = 4)<\/span><\/p>\n Question 12. Question 13. Answer all questions from 14 to 15. Each carries . 5scores. (2 \u00d7 5 = 10)<\/span><\/p>\n Question 14. Question 15.
\nCool off time: 15 Minutes<\/span>
\nMaximum Marks: 40<\/span><\/p>\n\n
\nACCOUNTING<\/span><\/p>\n
\nThe Balance Sheet of a not for profit organization does not include:
\na) Assets
\nb) Liabilities
\nc) Owner\u2019s Fund
\nd) Capital Fund
\nAnswer:
\nc) Owner\u2019s Fund<\/p>\n
\nGaining ratio is to be calculated at the time of a partner.
\na) admission
\nb) retirement
\nc) death
\nd) both (b) and (c)
\nAnswer:
\nd) both (b) and (c)<\/p>\n
\nForming a partnership deed is
\na) mandatory
\nb) not mandatory
\nc) mandatory in writing
\nd)None
\nAnswer:
\nb) not mandatory<\/p>\n
\nUnrecorded liabilities located on admission of a partner will be …………..
\na) Debited to Revaluation A\/c.
\nb) Credited to Revaluation A\/c.
\nc) Debited to Capital A\/c.
\nd) Credited to Capital A\/c.
\nAnswer:
\na) Debited to Revaluation A\/c.<\/p>\n
\nMalu, a partner withdrew \u20b9 1,000 regularly at the beginning of every month. Calculate interest on drawings @ 6% p.a.
\nAnswer:
\nTotal Amount of drawings = 1000 \u00d7 12 = 12000
\nInterest on drawing = 12,000 \u00d7 \\(\\frac{6.5}{12}\\) \u00d7 \\(\\frac{6}{100}\\)
\n= 390<\/p>\n
\nComplete the following table:
\n![\"Plus](\"https:\/\/www.aplustopper.com\/wp-content\/uploads\/2020\/12\/Plus-Two-Accountancy-AFS-Previous-Year-Question-Paper-March-2019-1.png\")
\nAnswer:
\n![\"Plus](\"https:\/\/www.aplustopper.com\/wp-content\/uploads\/2020\/12\/Plus-Two-Accountancy-AFS-Previous-Year-Question-Paper-March-2019-2.png\")
<\/p>\n
\nAscertain the amount of stationery consumed during the year ended 31st<\/sup> March 2018
\n![\"Plus](\"https:\/\/www.aplustopper.com\/wp-content\/uploads\/2020\/12\/Plus-Two-Accountancy-AFS-Previous-Year-Question-Paper-March-2019-3.png\")
\nAnswer:
\n![\"Plus](\"https:\/\/www.aplustopper.com\/wp-content\/uploads\/2020\/12\/Plus-Two-Accountancy-AFS-Previous-Year-Question-Paper-March-2019-4.png\")
<\/p>\n
\nCreditors of a firm were \u20b9 21,000, of which creditors for \u20b9 10,000 accepted stock worth \u20b9 8,000 on full settlement. Remaining creditors were paid at 10% discount. Calculate the amount payable to creditors and pass Journal Entry at the time of dissolution of firm.
\nAnswer:
\nNo entry needed for acceptance of stock worth Rs.8000 by a creditor for Rs. 10,000. So balance due to creditors is 11,000 (21,000 – 10,000). The Remaining creditors were paid at 10% discount.
\nAmount payable to creditors = 11,000 – 1,100
\n= 9,900
\nJournal entry:
\nRealisation A\/c Dr 9,900
\nTo cash A\/c 9,900<\/p>\n
\na) Fill up the following as per hint given:
\nHint: Receipts and Payment A\/c.: Cash in hand
\nIncome and Expenditure A\/c.: ………..?………….
\nb) Write any two differences between Receipts and Payments A\/c.and Income and Expenditure A\/c.
\nAnswer:
\na) Income and expenditure A\/c: Surplus or Deficit
\nb) i) Receipts and payment A\/c is a real A\/c whereas Income & expenditure A\/c is a nominal A\/c
\nReceipts and payment A\/c is a summary of cash book whereas income & expenditure A\/c is like a profit and loss A\/c.<\/p>\n
\nIn which ratio goodwill is shared in the following cases?
\ni) Amount of goodwill paid by the new partner.
\nii) Amount of goodwill paid to the outgoing partner.
\nAlso write any two differences between those ratios.
\nAnswer:
\ni) Sacrificing ratio ii) Gaining ratio
\nDifference between sacrificing ratio and Gaining ratio:
\ni) The ratio in which old partners give up or sacrifice their profit is called sacrifing ratio whereas The ratio in which the continuing partners share the profit of outgoing partner\u2019s profit is called gaining ratio.
\nii) Sacrificing ratio is calculated at the time of ad\u00acmission of a new partner but gaining ratio is calculated at the time of retirement or death of a partner.<\/p>\n
\nAnu, Achu and Ammu are partners sharing profits in the ratio of 5:4:3. Achu retires and is given \u20b9 8,000 as goodwill.
\na) Compute the relevant ratio in which goodwill is shared by anu and ammu.
\nb) Write the Journal Entry.
\nAnswer:
\na) Gaining ratio = New ratio – old ratio
\n![\"Plus](\"https:\/\/www.aplustopper.com\/wp-content\/uploads\/2020\/12\/Plus-Two-Accountancy-AFS-Previous-Year-Question-Paper-March-2019-5.png\")
<\/p>\n
\nA and Bare partners in a firm. During the year 2017, the firm earned a profit of \u20b9 24,000 before charging the following:
\ni) Interest on capitals @ 10% p.a. (partners capitals – A – \u20b9 30,000, B – \u20b9 25,000)
\nii) Monthly salary payable to B \u20b9 500
\niii) Interest on drawings – A \u20b9 300, B \u20b9 200.
\nPrepare Profit and Loss Appropriation A\/c.
\nAnswer:
\n![\"Plus](\"https:\/\/www.aplustopper.com\/wp-content\/uploads\/2020\/12\/Plus-Two-Accountancy-AFS-Previous-Year-Question-Paper-March-2019-6.png\")
<\/p>\n
\nJournalise the following on dissolution of a firm:
\na) Realisation expenses paid 1,500.
\nb) Investments not recorded in the books realised \u20b9 2,000
\nc) Creditors for \u20b9 10,000 agreed to accept at 5% discount.
\nd) Loss on realisation amounted to \u20b9 1,200
\nAnswer:
\n![\"Plus](\"https:\/\/www.aplustopper.com\/wp-content\/uploads\/2020\/12\/Plus-Two-Accountancy-AFS-Previous-Year-Question-Paper-March-2019-7.png\")
<\/p>\n
\nA, B and C are partners sharing profits as 2:1:2. C retires from the firm. Goodwill of the firm is based on 3 years purchase of the average profits of the last 4 years results which were \u20b9 22,000, \u20b9 28,000, \u20b9 18,000 and \u20b9 8,000 (loss) respectively.
\nCompute the value of goodwill and give Journal Entries in the following cases:
\ni) When goodwill appears in the books at \u20b9 30,000.
\nii) When goodwill appears in the books at \u20b9 50,000.
\nAnswer:
\n![\"Plus](\"https:\/\/www.aplustopper.com\/wp-content\/uploads\/2020\/12\/Plus-Two-Accountancy-AFS-Previous-Year-Question-Paper-March-2019-8.png\")
\n![\"Plus](\"https:\/\/www.aplustopper.com\/wp-content\/uploads\/2020\/12\/Plus-Two-Accountancy-AFS-Previous-Year-Question-Paper-March-2019-9.png\")
<\/p>\n
\nFollowing is the Balance Sheet of a firm where Abhi and Pranav are partners who share profit in the ratio of 3:2:
\n![\"Plus](\"https:\/\/www.aplustopper.com\/wp-content\/uploads\/2020\/12\/Plus-Two-Accountancy-AFS-Previous-Year-Question-Paper-March-2019-10.png\")
\nFollowing transactions took place on dissolution of the firm :
\ni) Debtors realized 90% of the book value.
\nii) Abhi took over furniture at \u20b9 22,000.
\niii) Creditors were paid \u20b9 17,000 in full settlement and stock realized at 10% less the book value.
\niv) Realisation expenses \u20b9 1,000 paid by Pranav.
\nPrepare Realisation Account.
\nAnswer:
\n![\"Plus](\"https:\/\/www.aplustopper.com\/wp-content\/uploads\/2020\/12\/Plus-Two-Accountancy-AFS-Previous-Year-Question-Paper-March-2019-11.png\")
<\/p>\n
![\"Plus](\"https:\/\/www.aplustopper.com\/wp-content\/uploads\/2020\/12\/Plus-Two-Accountancy-AFS-Previous-Year-Question-Paper-March-2019-12.png\")
![\"Plus](\"https:\/\/www.aplustopper.com\/wp-content\/uploads\/2020\/12\/Plus-Two-Accountancy-AFS-Previous-Year-Question-Paper-March-2019-13.png\")
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<\/p>\n![\"Plus](\"https:\/\/www.aplustopper.com\/wp-content\/uploads\/2020\/12\/Plus-Two-Accountancy-AFS-Previous-Year-Question-Paper-March-2019-15.png\")
![\"Plus](\"https:\/\/www.aplustopper.com\/wp-content\/uploads\/2020\/12\/Plus-Two-Accountancy-AFS-Previous-Year-Question-Paper-March-2019-16.png\")
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<\/p>\n