Principles of accounting guess paper 2nd year 2023

 2nd year ICom part 2 principles of accounting guess paper 2023 is given here in pdf for all Punjab board. 12th class accounting important questions 2023 are given here. The students of commerce Icom part 2 are given this accounting problem solved download in pdf.

2nd year accounting guess paper 2023 Punjab board

The important chapter-wise questions are given. 2nd year accounting problems from every chapter are also given. You can download these notes in pdf. 12th class principles of accounting guess paper 2023 is given in pdf.

Also see these 2nd year guess paper 2023 if you are giving exams.

These notes have been prepared in pdf and eashy to download. The pdf file is also given while giving you the detailed guess paper of accounting for class 12.

12th class principles of accounting guess paper 2023

Here are the most important questions and problems from every chapter:

Chapter 1 (Accounts from incomplete records)

1. Define single entry system and double entry system.
2. Define statement of affairs.
3. Write three defects/demerits/disadvantages of sinle entry system.
4. What is increase net worth method of single entry system?
5. Differentiate between statement of affairs and balance sheet.

Important Numerical:

1. Illustration No. 1, 2, 5, 6, 7, 13

2. Problem No. 2, 5, 7, 8, 9, 16, 17

Chapter 2 (Non-Profit making organizations)

1. What is meant by non-profit making OR non-trading organizations
2. What is meant by non-trading concerns?
3. What is the purpose of non-profit making organization?
4. What is receipt and payment account
5. What is balance sheet? What does it contain?
6. What is life-membership fee?
7. What is legacy?
8. Define donation and specific donation.
9. Define subscription and special subscription.
10. What is admission fee or entrance fee?
11. What is honorarium?

Important Numerical:

1. Illustration No. 5, 7, 8
2. Problem No. 5, 6, 8, 10, 11

Chapter No. 3 (Consignment account)

1. What is the difference between consignment inward and consignment outward?
2. Define an account sale.
3. Write down the formula of adjusted per unit cost in case of normal loss in consignment.
4. Define consignment account. Why is it prepared?
5. Define consignee and consignor.
6. Define commission, overriding commission, and Del-credere commission.
7. Write down any three differences between account sale and consignment.
8. Define per-forma invoice.
9. What is meant by account sale?
10. Define normal and abnormal loss.
11. Define direct expenses and indirect expenses.
12. Calculate the value of unsold stock in consignment from the following particulars:

Unsold cases 200 @ Rs 75 each, expenses paid by consignor Rs 550, unloading expenses paid by consignee Rs 200; total cases sent on consignment 600. (15,250)

13. Calculate the values of adjusted per unit cost in case of normal loss from the following particulars:

(a) Original cost of good consigned Rs 3,00,000
(b) Direct expenses 5,000
(c) Total units of goods 1,000
(d) Unit sold 20

Answer 311.224

Important Numerical:

1. Illustration No. 2, 3, 5, 6
2. Problem No. 5, 6, 8, 11, 12, 15, 16, 17

Chapter 4 (Depreciation)

1. Define depreciation
2. What are the causes of internal and external reasons?
3. Define wear and tear, depletion, amortization and obsolescence.
4. Define scrap value, residual value, breakup value, and write down the formula of depreciation when scrap value is given.
5. Define provision and reserve.
6. Write down any three differences between provision and reserve.
7. What are the basic factors determining amount of rate of depreciation on fixed asset.
8. Define general reserve, capital reserve, and specific reserve.

Important Numerical:

1. Illustration No. 3, 5
2. Problem No. 8, 9, 12, 13, 14

Chapter 5 (Company account)

1. Define underwriting commission.
2. To whom underwriting commission is paid and why?
3. What is a memorandum of association and article of association?
4. Write the six names of various kinds of debentures issued by the company.
5. Define unlimited company.
6. What is meant by the perpetual existence of a joint-stock company?
7. Define underwriter and promoter.
8. What do you know about the common seal of a joint-stock company?
9. Define subscribed, authorized and paid-up capital.
10. Define primary/preliminary organization cost.
11. Define convertible debenture and non-convertible debenture.

Important Numerical:

1. Illustration No. 4, 5, 7, 17, 18
2. Problem No. 6, 8, 11, 12, 13, 15

Chapter 6 (Partnership)

1. Define partnership.
2. How partnerships are formed?
3. Define partnership agreement/deed.
4. What is the profit and loss appropriation account?
5. Differentiate between fixed capital and fluctuation capital.
6. Write any three rules applicable in absence of a partnership agreement.

Admission, retirement and dissolution of the partnership

1. What is a revaluation account? When revaluation account is prepared?
2. Why does the necessity of the valuation of goodwill raise?
3. Define goodwill and sacrifice ratio.
4. Define capitalization method of goodwill and write its formula.
5. What is average profit method for valuation of goodwill?
6. Write any three accounting problems on retirement of partner.
7. Pass the journal entry in case of retirement when goodwill raised at full value.
8. Define gaining ratio.
9. Define Garner VS Murray rules.
10. Define realization account. When realization account is prepared?
11. Define dissolution of firm and Dissolution of partnership.
12. Name three methods of valuation of goodwill.
13. What is surrender value?
14. What is memorandum of association?
15. Differentiate between limited company and unlimited company.

Important Numerical:

Profit distribution:

1. Illustration No. 2, 4

2. Problem No. 4, 5, 6

Admission of Partner:

1. Illustration No. 10, 11

2. Problem No. 7, 8, 10, 12, 13, 14

Retirement and death of partner

1. Illustration No. 3, 5

2. Problem No. 6, 7, 8,

Dissolution of Firm

1. Illustration No. 6, 7

7. Problem No. 6, 8, 10, 12, 13

2nd year accounting guess paper 2023

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1. 2nd year principles of accounting keybook pdf

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