CLASS 12TH Accountancy (320) SOLVED TMA In English Medium PDF SESSION 2024-25

Q 1. (a) Explain the role of an accountant in the society.
Answer - Accountants play a vital role in society by managing financial information, ensuring compliance with regulations, and preparing accurate financial reports. They provide budgeting and forecasting services, conduct audits for integrity, and offer tax planning advice. By adhering to ethical standards, accountants foster trust in financial systems, contributing to economic stability and growth for businesses and communities alike.

Q2. (b) 'Agreement of Trial Balance is not the conclusive proof of the accuracy of accounts'. Comment.
Answer - The Agreement of a trial balance indicates that total debits equal total credits, but it does not guarantee accuracy. Errors such as omitted transactions, double postings, or misclassifications can still occur without affecting the trial balance. Additionally, fraud or intentional misstatements may go undetected. Therefore, while a trial balance is useful, it cannot be considered conclusive proof of accuracy.

Q 3. (a) How do limitations of financial statements become limitation of analysis of financial statements?
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Q 4. (b) Make journal entries if 200, 9% debentures of ₹ 500 each have been
issued as:
(i) Issued at ₹ 500, redeemable at ₹ 500
(ii) Issue at ₹ 450; redeemable at ₹ 500
(iii) Issued at ₹ 550; redeemable at ₹ 500
(iv) Issued at ₹ 500; redeemable at ₹ 550
(v) Issued at ₹ 450; redeemable at ₹ 550 

Q 5. (b) Ask your parents about the date of various fixed assets purchased by them like T.V., Fridge, Motorcycle, Car etc., with its useful life and then calculate the amount of depreciation to be charged on each asset. 

Q 6. (a) Prepare a project on given topic. You know that businessman generally visit their banks to get updated position regarding their bank account. Visit any bank and enquire from the bank officer what discrepancies generally they notice in the items. They have recorded or not recorded the items or not recorded by their customers. Make a list of the discrepancies and show the effect on the bank balance.
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