Term 1 Model Question Paper

12th Standard EM

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Accountancy

Time : 02:00:00 Hrs
Total Marks : 60
    9 x 1 = 9
  1. What is the amount of capital of the proprietor, if his assets are ` 85,000 and liabilities are `21,000?

    (a)

    Rs.85,000

    (b)

    Rs.1,06,000

    (c)

    Rs.21,000

    (d)

    Rs.64,000

  2. _____ is suitable only for sole traders and partnership firms.

    (a)

    Double entry system

    (b)

    Single entry system

    (c)

    Both (a) and (b)

    (d)

    None of these

  3. Statement of assets & liabilities prepared under double entry system is called:

    (a)

    Balance sheet

    (b)

    Profit & Loss Statement

    (c)

    Statement of affairs

    (d)

    Income Statement

  4. Legacy is a

    (a)

    Revenue expenditure

    (b)

    Capital expenditure

    (c)

    Revenue receipt

    (d)

    Capital receipt

  5. Which of the following is shown in Profit and loss appropriation account?

    (a)

    Office expenses

    (b)

    Salary of staff

    (c)

    Partners’ salary

    (d)

    Interest on bank loan

  6. In the absence of an agreement, partners are entitled to

    (a)

    Salary

    (b)

    Commission

    (c)

    Interest on loan

    (d)

    Interest on capital

  7. On revaluation, the increase in the value of assets leads to

    (a)

    Gain

    (b)

    Loss

    (c)

    Expense

    (d)

    None of these

  8. On revaluation, the increase in liabilities leads to

    (a)

    Gain

    (b)

    Loss

    (c)

    Profit

    (d)

    None of these

  9. When shares are issued for purchase of assets, the amount should be credited to

    (a)

    Vendor’s A/c

    (b)

    Sundry assets A/c

    (c)

    Share capital A/c

    (d)

    Bank A/c

  10. 9 x 2 = 18
  11. Following are the balances of Shanthi as on 31st December 2018.

    Particulars Rs Particulars Rs
    Bills receivable 6,000 Sundry creditors 25,000
    Bills payable 4,000 Stock 45,000
    Machinery 60,000 Debtors 70,000
    Furniture 10,000 Cash 4,000
  12. What is a statement of affairs?

  13. What is legacy?

  14. Velan is a partner who withdrew Rs.20,000 on 1st April 2018. Interest on drawings is charged at 10% per annum. Calculate interest on drawings on 31st December 2018 and pass journal entries by assuming fluctuating capital method.

  15. Define partnership.

  16. Hameed and Govind are partners sharing profits and losses in the ratio of 5:3. They admit John as a partner. John acquires his share 1/5 from Hameed and 1/5 from Govind. Find out the new profit sharing ratio and sacrificing ratio.

  17. Praveena and Dhanya are partners sharing profits in the ratio of 7:3. They admit Malini into the firm. The new ratio among Praveena, Dhanya and Malini is 5:2:3. Calculate the sacrificing ratio.

  18. Raja, Roja and Pooja are partners sharing profits in the ratio of 4:5:3. Roja retires from the firm. Calculate the new profit sharing ratio and gaining ratio.

  19. What is a share?

  20. 6 x 3 = 18
  21. From the following details, calculate the capital as on 31st December 2018:

      Rs
    Capital as on 1st January, 2018 27,500
    Goods taken for the personal use of the proprietor 5,000
    Profit for the year 10,000
  22. State the differences between double entry system and incomplete records.

  23. From the following Receipts and Payment Account of Trichy Recreation Club, prepare Income and Expenditure Account for the year ended 31.03.2018.d

    Receipts Rs. Payments Rs.
    To Opening balance   By Furniture purchased 10,000
    Cash in hand 11,000 By Rent 2,800
    To Dividend received 27,600 By Secretary's honorarium 15,000
    To Sale of old newspaper 3,000 By Postage 1,700
    To Members’ subscription 31,000 By General expenses 4,350
    To Locker rent 8,000 By Printing and Stationery 45,000
    To Interest on investments 1,250 By Audit fees 5,000
    To Sale of furniture 5,000 By Closing balance  
    (Book value Rs. 4,400)   Cash in hand 3,000
      86,850   86,850
  24. From the following balance sheets of Brindha and Praveena who share profits and losses in
    the ratio of 3:4, calculate interest on capital at 6% p.a. for the year ending 31st December 2017.

    Balance sheet as on 31st December 2017
    Liabilities Rs. Assets Rs.
    Capital accoun   Sundry assets 80,000
    Brindha 30,000    
    Praveena 40,000    
    Profit and loss appropriation A/c 10,000    
      80,000   80,000

     On 1st July 2017, Brindha introduced an additional capital of Rs.6,000 and on 1st October 2017, Praveena introduced Rs.10,000. Drawings of Brindha and Praveena during the year were Rs.5,000 and Rs.7,000 respectively. Profit earned during the year was Rs.31,000.

  25. State the features of partnership.

  26. For the purpose of admitting a new partner, a firm has decided to value its goodwill at 3 years purchase of the average profit of the last 4 years using weighted average method. Profits of the past 4 years and the respective weights are as follows:

    Particulars 2015 2016 2017 2018
    Profit (Rs.) 20,000 22,000 24,000 28,000
    Weight 1 2 3 4

    Compute the value of goodwill.

  27. 3 x 5 = 15
  28. From the following details you are required to calculate credit sales and credit purchases by preparing total debtors account, total creditors account, bills receivable account and bills payable account.

    Particulars Opening
    Rs.
    Closing
    Rs.
    Debtors 60,000 55,000
    Bills receivable 5,000 1,000
    Creditors 25,000 28,000
    Bills payable 2,000 3,000
    Other information    
    Cash received from debtors   1,30,000
    Discount allowed to customers   5,500
    Cash paid to creditors   70,000
    Discount allowed by suppliers   3,500
    Payments against bill payable   7,000
    Cash received for bills receivable   14,000
    Bills receivable dishonoured   1,200
    Bad debts   3,500
  29. From the following Receipts and Payments Account of Friends Football club, for the year ending 31st March, 2017, prepare Income and Expenditure Account for the year ending 31st March, 2017 and the Balance sheet as on that date.
    In the books of Friends Football Club

    Dr. Receipts and Payments Account for the year ended 31st March, 2017 Cr.
    Receipts Rs. Rs. Payments Rs. Rs.
    To Balance b/d     By Furniture   7,000
    Cash 1,000   By Sports materials purchased   800
    Bank 10,000 11,000 By Special dinner expenses   1,500
    To Subscriptions   5,000 By Electricity charges   900
    To Legacies   6,000 By Balance c/d    
    To Collection for special     Cash in hand 1,800  
    dinner   2,000 Cash at bank 12,000 13,800
        24,000     24,000

    Additional information:
    (i) The club had furniture of Rs.12,000 on 1st April 2016. Ignore depreciation on furniture.
    (ii) Subscription outstanding for 2016-2017 Rs. 600.
    (iii) Stock of sports materials on 31.03.2017 Rs.100.
    (iv) Capital fund as on 1st April 2016 was Rs. 23,000.

  30. Bragathish and Naresh are partners who maintain their capital accounts under fixed capital method. From the following particulars, prepare capital accounts of partners.
     

    Particulars Bragathish
    Rs.

    Naresh
    Rs.

    Capital on 1st April 2018 4,00,000 6,00,000
    Current account on 1st April 2018 20,000(Cr.) 15,000(Dr.)
    Additional capital introduced during the 50,000 Nil
    Drawings made during the year 45,000 60,000
    Interest on drawings 2,000 3,000
    Share of profit for the year 80,000 1,20,000
    Interest on capital 20,000 30,000
    Commission 17,000 Nil
    Salary Nil 38,000

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