2025
ACCOUNTANCY
(For New Course Students)
Full Marks: 80
Pass Marks: 24
Time: Three hours
The figures in the margin indicate full marks for the questions.
1. (a) Fill in the blanks with appropriate word/ words: (any four) 1x4=4
(i) New Ratio – Old Ratio = __________.
(ii) Closing Stock is valued at cost or market price whichever is ________.
(iii) _________statement is also known as Profit and Loss Account.
(iv) ________is the extra earning capacity of a partnership firm.
(v) Balance Sheet shows financial ________of an enterprise.
(b) State whether the following statements are ‘True’ or ‘False’: 1x2=2
(i) Company is an artificial person.
(ii) Debt-Equity ratio is a kind of liquidity ratios.
(c) Choose the correct alternative: 1x2=2
(i) When a new partner is admitted, the increase in the value of assets is debited to:
(a) Profit and Loss Account
(b) Assets Account
(c) Capital account of old partners
(d) None of the above
(ii) As per Companies Act, 2013, the maximum rate of interest on calls-in-arrears is:
(a) 11%
(b) 10%
(c) 6%
(d) 12%
2. Name two types of shares which a company can issue. 2
3. Mention any two items which are recorded on the debit side of Profit and Loss Appropriation Account. 2
4. Which is Partner’s Current Account? 2
Or
What is meant by guarantee of profit to a partner?
5. What is paid-up capital of a company? 2
Or
What is meant by computerised accounting system?
6. Give two limitations of financial statement analysis. 2
Or
What is data verification?
7. Write two features of cash flow statement. 2
Or
Write two uses of electronic spreadsheet.
8. A, B and C are partners sharing profits in the ratio of 2: 2: 1 respectively. They admit D as a new partner for 1/6th share in the profits. Calculate the sacrificing ratio. 3
Or
Explain the super profit method of valuation of goodwill.
9. Write three uses of financial statement analysis. 3
Or
Seru Ltd. has a liquid ratio of 2: 1. The values of inventory, prepaid expenses and current liabilities are Rs. 50,000, Rs. 10,000 and Rs. 2,00,000 respectively. Find out the value of current assets.
Or
Mention the steps for creating graphs using Excel.
10. What is buyback of shares? 3
Or
Give three examples of cash inflow from operating activities.
Or
Write in brief about Accounting Information System (AIS).
11. Write three distinctions between Revaluation Account and Realisation Account. 3
Or
Why a retiring partner is entitled to a share of goodwill of the firm?
12. Prepare a Comparative Income Statement from the following particulars of BP Ltd. 6
Or
Explain the nature of financial statements.
Or
Discuss the features of Database Management System.
13. What is meant by debenture? Explain the types of debentures. 1+5=6
Or
Give journal entries in the books of MB Ltd. for issue and redemption of debentures under the following situations: 2x3=6
(a) Rs. 4,50,000, 12% Debentures issued at a discount of 5% and redeemable at a premium of 5%.
(b) 10,000, 15% Debentures of Rs. 100 each issued at a premium of 10% and redeemable at par.
(c) 2,000, 8% Debentures of Rs. 100 each issued at a discount of 4% and redeemable at par.
14. Explain how the amount due to a retiring partner is ascertained. 6
Or
Babatu, Cintu and Montu were partners in a firm sharing profits and losses in the ratio of their capitals. Their Balance Sheet on 31-03-2022 was as follow:
Balance Sheet
Babatu died on 30-06-2022. Under the terms of the partnership deed, the executors of a deceased partner were entitled to:
(i) Amount standing to the credit of deceased partner’s capital account.
(ii) Interest on capital @ 5% p.a.
(iii) Share of goodwill on the basis of twice the average of past three years’ profits.
(iv) Share of profit from the closing of the last financial year to the date of death on the basis of last year’s profits.
Profits for 2019-20, 2020-21 and 2021-22 were Rs. 6,000, Rs. 8,000 and Rs. 7,000 respectively.
Prepare Babatu’s capital account on the date of his death.
15. What is meant by dissolution of partnership firm by giving notice? Mention any four situations when a partnership firm may be dissolved by the court. 2+4=6
Or
Tarun and Moni are two equal partners of a business. They decided to dissolved their firm on 31st March 2023. Their Balance Sheet on that date was as under:
Balance Sheet
(i) Fixed assets are realised at Rs. 27,600 and debtors realised at 60% of book value.
(ii) Investments are taken over by Tarun at book value.
(iii) Sundry Creditors agreed to accept 15% less.
(iv) Stock are realised at Rs. 40,000.
(v) Expenses on realisation are Rs. 500.
(vi) An unrecorded printer realised Rs. 500
Close the firm’s books by preparing a Realisation Account, Partner’s Capital Accounts and Cash Account.
16. Ayushi Ltd. issued 7,000 equity shares of Rs. 10 each at a premium of Rs. 2 per share payable as follows: 8
On Application – Rs. 3
On Allotment – Rs. 5 (including premium)
On First and Final Call – Rs. 4
Applications were received for 11,000 shares. The excess money was refunded and the allotment money was received in full. When the first and final call was made the amount due was received with the exception of 200 shares. These 200 shares were forfeited and subsequently reissued as fully paid up for a consideration of Rs. 6 per share.
Give Journal entries in the books of the company recording the transactions.
Or
Write short notes on: (any four) 2x4=8
(a) Under Subscription
(b) Capital Reserve
(c) Pro-rata Allotment
(d) Securities Premium
(e) Convertible Debenture
Or
Write the limitations of computerised Accounting System.
17. Sikha and Sneha are partners in a firm sharing profits in the ratio of 2:1. On 1st January, 2022, their Balance Sheet was as under: 8
On the above data, they admitted Anisha as a new partner on the following terms:
(i) Anisha will bring Rs. 1,00,000 as her capital and Rs. 60,000 as her share of goodwill for 1/4th share in the profits.
(ii) Plant is to be appreciated to Rs. 1,20,000 and the value of buildings is to be appreciated by 10%.
(iii) Stock is to be valued at Rs. 36,000.
(iv) A provision for bad and doubtful debts is to be created at 5% of debtors.
(v) Creditors will increase by Rs. 1,000 as an amount payable to Priyanka for goods purchased on credit was not taken into account.
Prepare Revaluation Account, Pass Journal Entries and prepare the Balance Sheet of the new firm.
Or
(i) Distinguish between Fixed Capital Account and Fluctuating Capital Account. 5
(ii) How the adjustment of capitals is made at the time of admission of a new partner? 3
18. Following is the Trial Balance of Arnab and Anvi as on 31st March, 2023: 8
Trial Balance
Prepare Profit and Loss Account, Profit and Loss Appropriation Account for the year ended 31st March, 2023 and a Balance Sheet as on that date after taking into consideration of the following adjustments:
(i) Partners are entitled to interest on capital at 5% p.a.
(ii) Transfer 10% of net profits to Reserve Fund.
(iii) Bad debts provision has to be increased to 5% on Debtors.
(iv) Interest on Investment accrued Rs. 500.
(v) Depreciate Machinery @10%.
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Q1: What is the full form of ASSEB?
A: ASSEB stands for the Assam State School Education Board Division-I. It conducts examinations for Class 11/12 students in Assam.
Q2: Where can I Download Assam Board HS 2nd Year Accountancy Question Paper in PDF?
A: The Accountancy paper is usually of 80 marks, and the duration of the exam is 3 hours. You can get ASSEB Class 12 Accountancy Question paper only in The Treasure Notes No. 1 Educational Website in Assam.
Q3: Is the Accountancy paper divided into sections?
A: Yes, typically the paper is divided into two main parts:
Part A: Accounting for Partnership Firms and Companies
Part B: Financial Statement Analysis or Computerized Accounting (students choose one)
Q4: Where can I get all the Previous Year ASSEB Class 12 Accountancy Questions Papers 2012 to 2025?
A: Assam Board Class 12 Students can all the PYQ's of Accountancy Class 12 only on The Treasure Notes an educational website of Assam.
Q5: How can I score well in the ASSEB Class 12 Accountancy exam?
A: Practice previous year papers, understand the concepts thoroughly, avoid rote learning, and focus on formats and calculations. Time management is key during both preparation and the actual exam.
The Class 12 ASSEB Accountancy Question paper 2025 can feel intimidating at first glance, but with smart preparation, clear concepts, and regular practice, it becomes much more manageable. Whether it's partnership accounting, company accounts, or ratio analysis, every topic is a stepping stone toward scoring high.