Term 1 Five Mark Model Questions

12th Standard EM

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Accountancy

Time : 02:00:00 Hrs
Total Marks : 50
    10 x 5 = 50
  1. Ahmed does not keep proper books of accounts. Find the profit or loss made by him for the
    year ending 31st March, 2018.

    Particulars 1.4.2017
    Rs
    31.3.2018
    Rs`
    Bank balance 14,000 (Cr.) 18,000 (Dr.)
    Cash in hand 800 1,500
    Stock 12,000 16,000
    Debtors 34,000 30,000
    Plant 80,000 80,000
    80,000 40,000 40,000
    Creditors 60,000 72,000

    Ahmed had withdrawn 40,000 for his personal use. He had introduced Rs.16,000 as capital for expansion of his business. A provision of 5% on debtors is to be made. Plant is to be depreciated at 10%.

  2. Ananth does not keep his books under double entry system. Find the profit or loss made by him for the year ending 31st March, 2019.

    Particulars 31.3.2018
    Rs.
    31.3.2019
    Rs.
    Cash at Bank 5,000 (Dr.) 60,000 (Cr.)
    Cash in hand 3,000 4,500
    Stock of goods 35,000 45,000
    Sundry Debtors 1,00,000 90,000
    Plant and Machinery 80,000 80,000
    Land and Buildings 1,40,000 1,40,000
    Sundry Creditors 1,70,000 1,30,000

    Ananth had withdrawn Rs.60,000 for his personal use. He had introduced Rs.17,000 as capital for expansion of his business. Create a provision of 5% on debtors. Plant and machinery is to be depreciated at 10%.

  3. From the following particulars of Chennai Sports Club, prepare Receipts and Payments
    account for the year ended 31st March, 2018.

    Particulars Rs. Particulars Rs. Rs.
    Opening cash balance as on 1.4.2017 10,000 Subscriptions received    
    Opening bank balance as on 1.4.2017 15,000 2016 – 2017 4,500  
    Interest paid 5,000 2017 – 2018 65,000  
    Telephone expenses 7,000 2018 – 2019 5,000 74,500
    Upkeep of grounds 22,500 Tournament expenses   12,500
    Life membership fees received 5,500 Tournament fund receipts   15,000
    Bats and balls purchased 13,000 Closing balance of cash
    (31.3.2018)
      5,000
  4. From the following Receipts and Payment account and from the information given below of Ramanathapuram Sports Club, prepare Income and Expenditure account for the year ended 31st December, 2018 and the balance sheet as on that dat

    Receipts Rs. Rs. Payments Rs. Rs.
    To Balance b/d     By Rent   11,000
    Cash in hand 5,000   By Entertainment    
    Cash at bank 10,000 15,000 expenses   11,200
    To Subscription     By Furniture   10,000
    2017 12,000   By Sports materials    
    2018 33,000   purchased   13,000
    2019 16,000 61,000 By Match expenses   12,000
    To Entrance fees   6,000 By Investments made   28,000
    To General donations   7,000 By Balance c/d    
    To Sale of old sports     Cash in hand 1,300  
    materials   1,000 Cash at bank 4,000 5,300
    To Miscellaneous          
    receipts   500      
        90,500     90,500

    Additional information:
    (i) Capital fund as on 1st January 2018 `Rs30,000.
    (ii) Opening stock of sports materialRs. 3,000 and closing stock of sports material Rs 5,000.

  5. Durai and Velan entered into a partnership agreement on 1st April 2018, Durai contributing Rs.25,000 and Velan ` 30,000 as capital. The agreement provided that:
    (a) Profits and losses to be shared in the ratio 2:3 as between Durai and Velan.
    (b) Partners to be entitled to interest on capital @ 5% p.a.
    (c) Interest on drawings to be charged Durai: Rs.300 Velan: Rs.450
    (d) Durai to receive a salary of Rs.5,000 for the year, and
    (e) Velan to receive a commission of Rs.2,000
    During the year, the firm made a profit of Rs.20,000 before adjustment of interest, salary and commission. Prepare the Profit and loss appropriation account.

  6. From the following details, calculate the value of goodwill at 2 years purchase of super profit:
    (a) Total assets of a firm are Rs.5,00,000
    (b) The liabilities of the firm are Rs.2,00,000
    (c) Normal rate of return in this class of business is 12.5 %.
    (d) Average profit of the firm is Rs.60,000

  7. Vetri and Ranjit are partners, sharing profits in the ratio of 3:2. Their balance sheet as on 31st December 2017 is as under:

    Liabilities Rs. Rs. Assets Rs.
    Capital accoun     Furniture 25,000
    Vetri 30,000   Stock 20,000
    Ranjit 20,000 50,000 Debtors 10,000
    Reserve fund   45,000 Profit and loss A/c (loss) 10,000
        1,00,000   1,00,000

    On 1.1.2018, they admit Suriya into their firm as a partner on the following arrangements.
    (i) Suriya brings Rs.10,000 as capital for 1/4 share of profit.
    (ii) Stock to be depreciated by 10%
    (iii) Debtors to be revalued at Rs.7,500.
    (iv) Furniture to be revalued at  Rs.40,000.
    (v) There is an outstanding wages of Rs.4,500 not yet recorded.
    Prepare revaluation account, partners’ capital account and the balance sheet of the firm after admission.

  8. Charles, Muthu and Sekar are partners, sharing profits in the ratio of 3:4:2. Their balance sheet as on 31st December, 2018 is as under:

    Liabilities Rs. Rs. Asset Rs.
    Capital accounts:     Furniture 20,000
    Charles 30,000   Stock 40,000
    Muthu 40,000   Debtors 30,000
    Sekar 20,000 90,000 Cash at bank 42,000
    Workmen compensation fund   27,000 Profit and loss A/c (loss) 18,000
    Sundry creditors   33,000    
        1,50,000   1,50,000

    On 1.1.2019, Charles retired from the partnership firm on the following arrangements.
    (i) Stock to be appreciated by 10%
    (ii) Furniture to be depreciated by 5%
    (iii) To provide Rs.1,000 for bad debts
    (iv) There is an outstanding repairs of Rs. 11,000 not yet recorded
    (v) The final amount due to Charles was paid by cheque
    Prepare revaluation account, partners’ capital account and the balance sheet of the firm after retirement.

     

  9. Anjali Flour Ltd. with a registered capital of Rs.4,00,000 in equity shares of Rs.10 each, issued 30,000 of such shares; payable Rs.2 per share on application, Rs.5 per share on allotment and Rs.3 share on first call. The issue was duly subscribed.
    All the money payable was duly received but on allotment, one shareholder paid the entire balance on his holding of 500 shares. Give journal entries to record the transactions.

  10. Prepare common-size statement of financial position for the following particulars of Rani Ltd.

    Particulars 31st March, 2016 31st March, 2017
      Rs. Rs.
    I EQUITY AND LIABILITIES    
    Shareholders’ Fund 5,40,000 6,00,000
    Non-current liabilities 2,70,000 2,70,000
    Current liabilities 90,000 1,50,000
    Total 9,00,000 10,00,000
    II ASSETS    
    Non-current assets 7,20,000 8,00,000
    Current assets 1,80,000 2,00,000
    Total 9,00,000 10,00,000

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