2nd Year Principles of Accounting Guess paper 2023
accounting is a art in which summarizing, recording of ffinancial transaction are included. Accounting questions are difficult to solve. For this reason students demand for guesses which helps them in a short time diuring exams. We have prepared guess papers of accounting for 2nd year students which assuredly supports students in examinations days while preparing the exam. These guess papers are free of cost and available on our website.12th Accounting guess paper 2023 download link is below
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I.COM – II – ACCOUNTING – 2023. GUESS PAPER.
2. Write short answers.
i) What are the disadvantages of single entry system?
ii) Define straight line method of depreciation.
iii) Define consignor.
iv) Define fluctuation.
v) Define legacy.
vi) Define surplus.
vii) Define depreciation.
viii) Define abnormal loss in case of consignment.
ix) Why the necessity of valuation of good will arises?
x) Define Delecredere Commission.
3. Write short answer
i) What is the formula of sacrificing ratio?
ii) What is meant by account sale?
iii) What is special subscription?
iv) Define with example partnership
v) Define public and private company.
vi) Define straight line method of depreciation.
vii) Write three difference between single entry system and double entry system.
ix) Define Chartered Company.
x) Define income and expenditure account.
xi) Define Capital fund.
4. Amin Brothers purchase machinery for Rs. 500,000 on 1st January, 2016, Rs. 100,000 wes spent on its installation. Prepare machinery account for first 5 years if depreciation is charged at 10% p.a. by diminishing balance method.
5. A company had an authorized capital of Rs. 100,000 divided into 10000 shares @ Rs. 10 each. The company issued all the shares to public for subscription at par value. Applications for 13000 shares were received. No allotment was made to applicant for 3000 shares and their application money was refunded. Pass journal entries and show how the items will appear in company balance sheet.
6. Mr. Ali started his business with Rs. 50,000/- on 1st January 2012 and his capital on 31st December, 2012 was Rs. 80,000/- . His drawings during the year was Rs. 10,000/-. Prepare statement of profit under single entry system.
7. Stars Limited had a nominal capital of Rs. 10,00,000 divided into 10000 shares of Rs. 100 each. The company lissued 5000 shares to public for subscription. Public applied for 6000 shares.Shares were allotted for and excess application money was refunded bacm.2000 shares wrere also allotted to promoters against preliminary expenses. Pass the journal entries and prepare the balance sheet.