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Updated 12th Standard Accountancy Study Materials 2022-2023 Exams

12th Accountancy - Full Portion Five Marks Question Paper 8682895000 Jan-20 , 2020

  

12th Accountancy - Full Portion Five Marks Question Paper

Full Portion Five Marks Question Paper

12th Standard

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Accountancy

Time : 02:00:00 Hrs
Total Marks : 100
    20 x 5 = 100

  1. 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

  2. Arjun carries on grocery business and does not keep his books on double entry basis. The following particulars have been extracted from his books:

    Particulars 1-4-2018
    Rs.    		 31-3-2019
    Rs.
    Plant and machinery 20,000 20,000
    Stock 9,000 16,000
    Sundry debtors 2,000 5,300
    Sundry creditors 5,000 4,000
    Cash at bank 4,000 6,000

    Other information for the year ending 31-3-2019 showed the following

      Rs.
    Advertising 4,700
    Carriage inwards 8,000
    Cash paid to creditors 64,000
    Drawings 2,000

    Total sales during the year were Rs. 85,000. Purchases returns during the year were Rs. 2,000 and sales returns were Rs.1,000. Depreciate plant and machinery by 5%. Provide Rs. 300 for doubtful debts. Prepare trading and profit and loss account for the year ending 31st March, 2019 and a balance sheet as on the date.

  3. Mary does not keep her books under double entry system. From the following details prepare trading and profit and loss account for the year ending 31st March, 2019 and a balance sheet as on that date.

    Dr.                          Cash Book                Cr.
    Particulars Rs. Particulars Rs.
    To Balance b/d 1,20,000 By Purchases 1,50,000
    To Sales 3,60,000 By Creditors 2,50,000
    To Debtors 3,40,000 By Wages 70,000
        By Sundry expenses 1,27,000
        By Balance c/d 2,23,000
      8,20,000   8,20,000

    Other information

    Particulars 1.4.2018 31.3.2019
    Stock of goods 1,10,000 1,80,000
    Sundry Debtors 1,30,000 ?
    Sundry Creditors 1,60,000 90,000
    Furniture and fittings 80,000 80,000

    Additional information
    Credit purchases 1,80,000
    Credit sales 2,90,000
    Opening capital 2,80,000
    Depreciate furniture and fittings by 10% p.a.

  4. Compute the amount of total purchases and total sales of Mr. Amit from the following information for the year ending on March 31, 2018.

      Rs.
    Total debtors as on April 01, 2017 40,000
    Total creditors as on April 01,2017 50,000
    Bills receivable as on April 01, 2017 30,000
    Bills payable as on April 01, 2017 45,000
    Discount received 5,000
    Bad debts 2,000
    Return inwards 4,000
    Discount allowed 3,000
    Cash sales 10,000
    Cash purchases 8,000
    Total debtors as on March 31, 2018 80,000
    Cash received from debtors 1,00,000
    Cash paid to creditors 80,000
    Cash received against bills receivable 25,000
    Payment made against bills receivable 40,000
    Total creditors as on March 31, 2018 40,000
    Bills payable as on March 31, 2018 50,000
    Bills receivable as on March 31,2018 35,000

  5. Following is the receipts and payments accounts of Literacy club for the year ended 31st March 2016

    Receipts Rs. Rs. Payments Rs.
    To Balance c/d   19,550 By Salary 3,000
          By News papers 2,050
    To Subscribtions     By Electricity bill 1,000
    2014·2015 1,200   By Fixed deposit 20,000
    2015·2016 26,500   (on 1st July, 2015 @  
      500   9% per annum  
        28,200 By Books 10,600
          By Rent 6,800
    To slae old news paper   1,250 By Furniture 10,500
    To Government grants   10,000 By Balance dd 11,200
    To sale of old furniture   5,700    
    (book value Rs.7,000)        
    To interest on fixed deposits   450    
        65,150   65,150

    Additional information:
    (i) Subscription outstanding as on 31st March, 2015 were Rs. 2000 and on 31st March, 2016 Rs. 2,500.
    (ii) On 31st March, 2016 Salary outstanding was Rs. 600 and rent outstanding was Rs. 1,200.
    (iii) The club owned furniture Rs. 15,000 and books Rs. 7,000 on 1st April, 2015. Prepare income and expenditure account of the dub for the year ended 31st March 2016 and as certain capital fund on 31st March, 2015. Also prepare a balance sheet as on 31st March, 2016.

  6. How will the following appear in the final account of a club for the year 2017-2018?

    Particulars Rs
    Prize fund on 1.4.2017 50,000
    Prize fund investment on 1.4.2017 50,000
    Interest received on prize fund investment 5,000
    Prizes distributed 6,000
    Donation received for prize fund 10,000

  7. A partnership firm has decided to value its goodwill for the purpose of setting a retiring Partner. The profit of that firm for the last four years were as follows:
    2015 : Rs.20,000; 2016 : Rs.25,000; 2017; Rs.24,000 and 2018: Rs.23,000
    The business was looked after by a partner. No remuneration was paid to him. The fair remuneration of the partner valued at comes to Rs. 3,000 per annum.
    Find out the value of goodwill, if it is valued on the basis of three years purchase of the average profit of the last four years.

  8. Sheela and Neela were sharing profits in the ratio of 4:3. Kamala was admitted with 1/5th share in profits of business. Calculated the New profit Ratio and the sacrificing ratio.

  9. Shankar, Saleem and Pandian are partners, sharing profits in the ratio of 3:2:1. Their balance sheet as an  31st December 2018 is as under

  10. Keerthiga Company issued shares of Rs.10 each at 10% premium, payable Rs.2 on application, Rs.3 on allotment (including premium), Rs.3 on first call and Rs.3 on second and final call. Journalise the transactions relating to forfeiture of shares for the following situations:
    (i) Mohan who holds 50 shares failed to pay the second and final call and his shares were forfeited.
    (ii) Mohan who holds 50 shares failed to pay the allotment money, first call and second and final call money and his shares were forfeited.
    (iii) Mohan who holds 50 shares failed to pay the allotment money and first call and his shares were forfeited after the first call.

  11. Saranya Ltd. issued 20,000 equity shares of  Rs.10 each to the public at par. The details of the amount payable on the shares are as follows:

    On application Rs.3 per share
    On allotment Rs.4 per share
    On first and final call           Rs.3 per share

    Application money was received on 30,000 shares. Excess application money was refunded immediately. Pass journal entries to record the above.

  12. Kasthuri Ltd. had allotted 20,000 equity shares of Rs.10 each at a premium of Rs.2 each to applicants of 30,000 shares on a pro rata basis. The amount payable was Rs.3 on application, Rs.5 on allotment (including premium of Rs.2 each) and Rs.2 on first call and Rs.2 on final call. Subin, a shareholder failed to pay the first call and final call on his 500 shares. All the shares were forfeited and out of them 400 shares were reissued @ Rs.8 per share. Pass necessary journal entries.

  13. From the following particulars, prepare comparative income statement of Daniel Ltd.

    Particulars

    2015-16
    Rs.

    		 2016-17
    Rs.
    Revenue from operations 40,000 50,000
    Operating expenses 25,000 27,500
    Income tax (% of the profit before tax) 30 30

  14. From the following particulars, calculate the Trend percentages of Kavitha Ltd.

    Particulars Rs.in thousands
      2015-16 2016-17 2017-18
    Revenue from operations 100 125 150
    Other income 20 25 30
    Expenses 100 120 80
    Income tax 30% 30% 30%

  15. From the following particulars of Vijay Ltd, prepare common size income statement for the year ended 31st March 2017 and 31st March 2018

  16. Following is the statement of profit and loss of Maria Ltd. for the year ended 31st March, 2018. Calculate the operating cost ratio.

    Statement of Profit and Loss
    Particulars Note No. Amount
    Rs.
    I. Revenue from operations   8,00,000
    II. Other Income   20,000
    III. Total revenue (I +II)   8,20,000
    IV. Expenses:    
    Purchases of stock-in-trade   4,50,000
    Changes in inventories   -40,000
    Employee benefits expenses 1 22,000
    Other expenses 2 68,000
    Total expenses   5,00,000
    V. Profit before tax (III-IV)   3,20,000
    Notes to Accounts
    Particulars Amount
    Rs.
    1. Employee benefits expenses  
    Wages (direct) 10,000
    Salaries 12,000
    Total 22,000
    2. Other expenses 20,000
    Selling and distribution expenses 28,000
    Loss on sale of fixed asset 20,000
    Total 68,000

  17. Calculate gross profit ratio from the following:
    Revenue from operations Rs. 2,50,000, Cost of revenue from operations Rs. 2,10,000 and Purchases Rs. 1,80,000.

  18. Calculate gross profit ratio from the following:
    Revenue from operations Rs.1,00,000, Cost of revenue from operations Rs.80,000 and purchases Rs. 62,500

  19. From the following trading activities of Jamal Ltd. calculate
    (i) Gross profit ratio
    (ii) Net profit ratio
    (iii) Operating cost ratio
    (iv) Operating profit ratio

    Statement of Profit and Loss
    Particulars Rs.
    I. Revenue from operations 10,000
    II. Other Income  
    Income from investments 100
    III. Total revenue (I +II) 10,100
    IV. Expenses:  
    Purchases of Stock-in -trade 8,500
    Changes in inventories -500
    Finance costs 150
    Other expenses (Administration and selling) 1,200
    Total expenses 7,850
    V. Profit before tax (III - IV) 800

  20. Record the following transactions in Tally.
    1. Robert commenced a transport business with a capital of Rs.1,00,000
    2.  An account was opened with State Bank of India and deposited Rs. 30,000
    3. Purchased furniture by paying cash Rs. 10,000
    4. Goods purchased on credit from Mohaideen for Rs. 20,000
    5. Cash sales made for Rs. 8,000
    6. Goods purchased from Rathinam for Rs. 5,000 and money deposited in CDM
    7. Goods sold to Rony on credit for Rs. 60,000
    8. Money withdrawn from bank for office use Rs. 9,000
    9. Part payment of ` 10,000 made to Mohaideen by cheque
    10. Rony made part payment of Rs. 5,000 by cash
    11. Salaries paid to staff through ECS Rs. 6,000
    12. Wages of Rs. 3,000 paid by cash
    13. Purchased stationery from Pandian Ltd. on credit Rs. 4,000

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