Quarterly Model Question Paper

12th Standard EM

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Accountancy

Time : 02:45:00 Hrs
Total Marks : 90
    20 x 1 = 20
  1. Incomplete records are generally maintained by

    (a)

    A company

    (b)

    Government

    (c)

    Small sized sole trader business

    (d)

    Multinational enterprises

  2. The amount of credit sales can be computed from

    (a)

    Total debtors account

    (b)

    Total creditors account

    (c)

    Bills receivable account 

    (d)

    Bills payable account

  3. When capital in the beginning is Rs 10,000, drawings during the year is Rs.6,000, profit
    made during the year is Rs2,000 and the additional capital introduced is ` 3,000, find out
    the amount of capital at the end

    (a)

    9,000

    (b)

    11,000

    (c)

    21,000

    (d)

    3,000

  4. Under the net worth method, the basis for ascertaining the profit is

    (a)

    the difference between the capital on two dates

    (b)

    the difference between the liabilities on two dates

    (c)

    the different between the gross assets on two dates

    (d)

    the difference between the gross profit on two dates

  5. In single entry system of accounting 

    (a)

    Duel aspects of a transaction is recorded

    (b)

    Single aspect of transaction is recorded

    (c)

    Important transaction are recorded

    (d)

    All of them

  6. Generally, depreciation on fixed assets is calculated on which balance?

    (a)

    Opening Balance

    (b)

    Closing Balance

    (c)

    Only on additional

    (d)

    Amount realized on asset sole

  7. Receipts and payments account is a

    (a)

    Nominal A/c

    (b)

    Real A/c

    (c)

    Personal A/c

    (d)

    Representative personal account

  8. Subscription due but not received for the current year is

    (a)

    An asset

    (b)

    A liability

    (c)

    An expense

    (d)

    An item to be ignored

  9. Subscription received but not yet earned is considered as a /an

    (a)

    Asset

    (b)

    Liability

    (c)

    Income

    (d)

    Expenditure

  10. As per the Indian Partnership Act, 1932, the rate of interest allowed on loans advanced by partners is

    (a)

    8% per annum

    (b)

    12% per annum

    (c)

    5% per annum

    (d)

    6% per annum

  11. Super profit is the difference between

    (a)

    Capital employed and average profit

    (b)

    Assets and liabilities

    (c)

    Average profit and normal profit

    (d)

    Current year’s profit and average profit

  12. The company earns a net profit of Rs. 24,000 with a capital of Rs. 1,20,000. The NRR is 10% under capitalisation of super profit goodwill will be

    (a)

    Rs. 70,000

    (b)

    Rs. 24,000

    (c)

    Rs. 12,000

    (d)

    Rs. 1,20,000

  13. James and Kamal are sharing profits and losses in the ratio of 5:3. They admit Sunil as a partner giving him 1/5 share of profits. Find out the sacrificing ratio.

    (a)

    1:3

    (b)

    3:1

    (c)

    5:3

    (d)

    3:5

  14. In partnership accounting, capital accounts are prepared under following method:

    (a)

    Fluctuating

    (b)

    Fixed

    (c)

    Both (a) & (b)

    (d)

    None of these

  15. A partner retires from the partnership firm on 30th June. He is liable for all the acts of the firm up to the

    (a)

    End of the current accounting period

    (b)

    End of the previous accounting period

    (c)

    Date of his retirement

    (d)

    Date of his final settlement

  16. On retirement of a partner, general reserve is transferred to the

    (a)

    Capital account of all the partners

    (b)

    Revaluation account

    (c)

    Capital account of the continuing partners

    (d)

    Memorandum revaluation account

  17. At the time of retirement / death, income sharing ratio among the remaining partners may or______change.

    (a)

    May

    (b)

    May not

    (c)

    Change

    (d)

    All of these

  18. If a share of Rs.10 on which Rs.8 has been paid up is forfeited. Minimum reissue price is

    (a)

    Rs.10 per share

    (b)

    Rs.8 per share

    (c)

    Rs.5 per share

    (d)

    Rs.2 per share

  19. Brave Ltd. Issued 60,000 shares of Rs.10 each at a discount of Re.1 per share. The application money was Rs.2, allotment money was Rs.4 and finale call was of Re.1. The amount of final call will be _______________

    (a)

    Rs.3

    (b)

    Rs.2

    (c)

    Rs.1

    (d)

    Rs.4

  20. The excess amount paid over the called up value of a share is known as _____________

    (a)

    Calls in arrear

    (b)

    Calls in advance

    (c)

    Capital Reserve

    (d)

    None of these

  21. 7 x 2 = 14
  22. 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
  23. Why is statement of affairs prepared under single entry system not referred to as balance sheet?

  24. How the following items will appear in the final accounts of a club for the year ending 31st March, 2019?

    Dr. Receipts and Payments Account for the year ended 31st March, 2019 Cr.
    Receipts Rs. Rs. Payments Rs.
    To Subscription        
    2017-2018 5,000      
    2018-2019 48,000      
    2019-2020 3,000 56,000    
             

    There are 300 members in the club each paying an annual subscription of Rs. 200 per annum. Subscription still outstanding for the year 2017- 2018 is Rs.1,000.

  25. What is legacy?

  26. What is partner's current Account?

  27. Selvam and Senthil are partners sharing profit in the ratio of 2:3. Siva is admitted into the firm with 1/5 share of profit. Siva acquires equally from Selvam and Senthil. Calculate the new profit sharing ratio and sacrificing ratio.

  28. What is over-subscription?

  29. 7 x 3 = 21
  30. How is the amount of credit sale ascertained from incomplete records?

  31. Which values are affected, when accounts are maintained on single entry system basis.

  32. Prakash and Supria were partners who share profits and losses in the ratio of 5:3. Balance in their capital account on 1st April, 2018 was Prakash Rs.3,00,000 and Supria Rs.2,00,000. On 1st July, 2018 Prakash introduced additional capital of Rs.60,000. Supria introduced additional capital of Rs.30,000 during the year. Calculate interest on capital at 6% p.a. for the year ending 31st March, 2019 and show the journal entries.

  33. Kalyan and Dilip are partners in a firm dealing in stationery items. The firm is well managed and enjoys the advantage of being cost effective. It buys stationery items at reasonable cost from Dilip's relative who is manufacture of stationery items. The firm's sale outlet is situated near a school. As a result, the firm is donating 10% of is profits to the nearby school for the education of the students of below poverty line. State any two factors affecting the value of goodwill of the firm. Also identify any two values which the firm is trying to propagate.

  34. Vinoth, Karthi and Pranav are partners sharing profits and losses in the ratio of 2:2:1. Pranav retires from partnership on 1st April 2018. The following adjustments are to be
    made.
    (i) Increase the value of land and building by Rs. 18,000
    (ii) Reduce the value of machinery by Rs. 15,000
    (iii) A provision would also be made for outstanding expenses for Rs. 8,000.
    Give journal entries and prepare revaluation account.

  35. Maruthu Ltd. forfeited 150 equity shares of  Rs.10 each for non payment of final call of Rs.4 per share. Of these 100 shares were reissued @ Rs.9 per share. Pass journal entries for forfeiture and reissue.

  36. What are the characteristics of a company?

  37. 7 x 5 = 35
  38. 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
  39. M/s Saniya sport equipment does not keep proper records. From the following information, find out profit or loss and also prepare balance sheet for the year ended 31st December 2017.

    Particulars 31.12.2016
           Rs.
    31.12.2017
            Rs.
    Cash in hand 6,000 24,000
    Bank overdraft 30,000 -
    Stock 50,000 80,000
    Sundry creditors 26,000 40,000
    Sundry debtors 60,000 1,40,000
    Bills payable 6,000 12,000
    Furniture 40,000 60,000
    Bills receivable 8,000 28,000
    Machinery 50,000 1,00,000
    Investment 30,000 80,000

    Drawings Rs.10,000 per month for personal use, additional capital introduced during the year Rs.2,00,000. A bad debts Rs.2,000 and a provision of 5% it to be made on debtors. Outstanding salary 2,400, prepaid insurance Rs.700, depreciation charged on furniture @10% per annum.

  40. From the following particulars of Poompuhar Literary Association, prepare Receipts and
    Payments account for the year ended 31st March, 2019.
     

    Particulars Rs. Particulars Rs.
    Opening cash in hand as on 1.4.2018 5,000 Subscriptions received 20,000
    Bank overdraft as on 1.4.2018 4,000 Repairs and renewals 2,500
    Printing and stationery 1,500 Conveyance paid 2,750
    Interest paid 3,250 Books purchased 10,000
    Sale of investments 1,000 Insurance premium paid 4,000
    Purchase of refreshments 1,500 Sundry receipts 750
    Outstanding salary 2,000 Government grants received 6,000
    Endowment fund receipts 2,000 Sale of refreshments 1,500
    Lighting charges 1,300 Depreciation on buildings 2,000
        Cash at bank on 31.03.2019 2,000
  41. From the following information, prepare capital accounts of partners Mannan and Sevagan,
    when their capitals are fluctuating.

    Particulars Mannan Rs. Sevagan Rs.
    Capital on 1st January 2018 (Cr balance) 2,00,000 1,75,000
    Drawings during 2018 40,000 35,000
    Interest on drawings 1,000 500
    Share of profit for 2018 21,000 16,500
    Interest on capital 12,000 10,500
    Salary 18,000 Nil
    Commission Nil 2,500
  42. Anusha and Barathi contribute Rs.2,00,000 and Rs.1,00,000 respectively as capital. Their respective share of profit is 3:2 and the profit before interest on capital for the year is Rs.27,000. Compute the amount of interest on capital in each of the following situations:
    (i) If the partnership deed is silent as to the interest on capital
    (ii) If interest on capital @ 3% is allowed as per the partnership deed
    (iii) If the partnership deed allows interest on capital @ 5% p.a.

  43. A, B, and C are partners in affirm sharing profits and losses equally. Their balance sheet as on 31st 1March 2018 is as follows

    Liabilities Rs Rs Assets Rs Rs
    Capital accounts     Office equipment   70,000
    A 80,000   Machinery   1,40,00
    B 60,000   Sundry debtors 52,000  
    C 1,00,000 2,40,000 Less: Provision for doubtful debts 2,000 50,000
    Sundry creditors   1,20,000      
          Stock   60,000
          Cash at bank   40,000
               
        3,60,000     3,60,000
               

    'C' Retired on 31st March 2018 Subject to the following conditions
    (i) Machinery is valued at Rs.1,30,000
    (ii) Value of office equipment is brought down by Rs. 2,000
    (iii) Provision for doubtful debts should be increased to Rs.3,000
    (iv) Investment of Rs..25,000 not recorded in the books is to be recorded now. Pass necessary journal entries and prepare revaluation account and capital account of partners

  44. Alpha Company issues 10,000 equity shares Rs.10 each payable fully on application.
    Pass journal entry if the shares are issued
    (i) at par
    (ii) at a premium of Rs.2 per share.

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