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# Question paper for h.s. 2nd year for final exam

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### Question paper for h.s. 2nd year for final exam

1. 1. Harakchand Jain High School Class –XII Accountancy Total Mark: - 100 Time:-3hr Q1: (A) Fill in the blanks with appropriate word: 1x4=4 (i) Income and Expenditure Account records transactions of --------------- nature. (ii) On admission, unrecorded assets brought into account are credited to ------------- account. (iii) A company can issue shares at a discount only if at least ------------ year has elapsed since the company became entitled to commence the business. (iv) If a partner takes over an asset, such partner’s capital accounts is -------------(B) Choose the correct alternative: 1x2=2 (i) Subscription received in advance is treated as ------(a) An income, (b) An asset, (c) A liability, (d) Capital (ii) Profit on revaluation of assets and liabilities is shared by the old partners in ----------(a) Sacrificing ratio, (b) New ratio, (c) Old ratio, (d) Gaining ratio (C) State whether the following statements are true or false. 1x2=2 (i) Dissolution of firm and dissolution of partnership are two distinct legal concepts. (ii) Discount on reissue of forfeited shares cannot exceed the amount received on forfeited shares. Q2: Give the adjustment entry required for recording interest on capital when Capital Account is maintained under Fixed Capital method. (2) Q3: What is meant by ‘Gaining Ratio ‘on retirement of a partner? Q4: What is meant by ‘Loss on issue of debenture’? (2) (2) Q5: What are the types of Financial Statements Analysis? (2) Q6: What do you mean by Ratio Analysis? (2) Q7: Mention three Features of Receipts and Payments Accounts. (3) Q8: Mention three situations when valuation of goodwill becomes necessary. Q9: Write three points of distinction between Shares and debenture. Q10: Give three characteristics of an ideal financial statement. Q11: Give three objectives of Ratio Analysis. (3) (3) (3) (3)