Term II Model Question Paper

12th Standard EM

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Accountancy

Time : 02:30:00 Hrs
Total Marks : 90
    20 x 1 = 20
  1. Opening balance of debtors: Rs 30,000, cash received:Rs 1,00,000, credit sales: Rs90,000;
    closing balance of debtors is

    (a)

    Rs.30,000

    (b)

    Rs.1,30,000

    (c)

    Rs.40,000

    (d)

    Rs.20,000

  2. Receipts and payments account is a

    (a)

    Nominal A/c

    (b)

    Real A/c

    (c)

    Personal A/c

    (d)

    Representative personal account

  3. Income and Expenditure Account is prepared to find out

    (a)

    Profit or loss

    (b)

    Cash and bank balance

    (c)

    Surplus or deficit

    (d)

    Financial position

  4. Legacy is a

    (a)

    Revenue expenditure

    (b)

    Capital expenditure

    (c)

    Revenue receipt

    (d)

    Capital receipt

  5. In the absence of a partnership deed, profits of the firm will be shared by the partners in

    (a)

    Equal ratio

    (b)

    Capital ratio

    (c)

    Both (a) and (b)

    (d)

    None of these

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

    (a)

    Salary

    (b)

    Commission

    (c)

    Interest on loan

    (d)

    Interest on capital

  7. The average rate of return of similar concerns is considered as

    (a)

    Average profit

    (b)

    Normal rate of return

    (c)

    Expected rate of return

    (d)

    None of these

  8. Revaluation A/c is a

    (a)

    Real A/c

    (b)

    Nominal A/c

    (c)

    Personal A/c

    (d)

    Impersonal A/c

  9. The profit or loss on revaluation of assets and liabilities is transferred to the capital account of

    (a)

    The old partners

    (b)

    The new partner

    (c)

    All the partners

    (d)

    The Sacrificing partne

  10. Select the odd one out

    (a)

    Revaluation profit

    (b)

    Accumulated loss

    (c)

    Goodwill brought by new partner

    (d)

    Investment fluctuation fund

  11. On retirement of a partner from a partnership firm, accumulated profits and losses are distributed to the partners in the

    (a)

    New profit sharing ratio

    (b)

    Old profit sharing ratio

    (c)

    Gaining ratio

    (d)

    Sacrificing ratio

  12. On revaluation, the increase in liabilities leads to

    (a)

    Gain

    (b)

    Loss

    (c)

    Profit

    (d)

    None of these

  13. At the time of forfeiture, share capital account is debited with

    (a)

    Face value

    (b)

    Nominal value

    (c)

    Paid up amount

    (d)

    Called up amount

  14. 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

  15. Balance sheet provides information about the financial position of a business concern

    (a)

    Over a period of time

    (b)

    As on a particular date

    (c)

    For a period of time

    (d)

    For the accounting period

  16. The term ‘fund’ refers to

    (a)

    Current liabilities

    (b)

    Working capital

    (c)

    Fixed assets

    (d)

    Non-current assets

  17. The mathematical expression that provides a measure of the relationship between two figures is called

    (a)

    Conclusion

    (b)

    Ratio

    (c)

    Model

    (d)

    Decision

  18. Cost of revenue from operations Rs. 3,00,000; Inventory in the beginning of the year Rs. 60,000; Inventory at the close of the year Rs. 40,000. Inventory turnover ratio is

    (a)

    2 times

    (b)

    3 times

    (c)

    6 times

    (d)

    8 times

  19. Function key F11 is used for

    (a)

    Company Features

    (b)

    Accounting vouchers

    (c)

    Company Configuration

    (d)

    None of these

  20. Which of the following options is used to view Trial Balance from Gateway of Tally?

    (a)

    Gateway of Tally -> Reports -> Trial Balance

    (b)

    Gateway of Tally -> Trial Balance

    (c)

    Gateway of Tally -> Reports -> Display -> Trial Balance

    (d)

    None of these

  21. 7 x 2 = 14
  22. From the following particulars ascertain profit or loss: 

      Rs.
    Capital at the beginning of the year (1st April, 2016) 2,00,000
    Capital at the end of the year (31st March, 2017) 3,50,000
    Additional capital introduced during the year 70,000
    Drawings during the year 40,000
  23. Give four examples for capital receipts of not–for–profit organisation.

  24. What is goodwill?

  25. Bharath Ltd. issued 1,00,000 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.5 per share
    On allotment Rs.3 per share
    On first and final call Rs.2 per share

    Application money was received for 1,20,000 shares. Excess application money was refunded immediately. Pass journal entries to record the above.

  26. From the following particulars, prepare comparative income statement of Abdul Co. Ltd.

    Particulars 2015-16
    Rs.
    2016-17
    Rs.
    Revenue from operations 3,00,000 3,60,000
    Other income 1,00,000 60,000
    Expenses 2,00,000 1,80,000
    Income tax 30% 30%
  27. What are financial statements?

  28. What is quick ratio?

  29. 7 x 3 = 21
  30. From the following particulars ascertain profit or loss:

      Rs.
    Capital as on 1st April 2018 1,60,000
    Capital as on 31st March, 2019 1,50,000
    Additional capital introduced during the year 25,000
    Drawings made during the year 30,000
  31. Differentiate between statement of affairs and balance sheet.

  32. What is income and expenditure account?

  33. From the following balance sheets of Subha and Sudha who share profits and losses equally, 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 accounts:   Fixed assets 30,000
    Subha 15,000 Current assets 20,000
    Sudha 20,000    
      15,000    
      50,000   50,000

    Drawings of Subha and Sudha during the year were Rs.2,500 and Rs.3,500 respectively. Profit earned during the year was Rs.15,000.

  34. The following are the profits of a firm in the last five years:
    2014: Rs.4,000; 2015: Rs.3,000; 2016: Rs.5,000; 2017: Rs.4,500 and 2018: Rs.3,500
    Calculate the value of goodwill at 3 years purchase of average profits of five years.

  35. Anjali and Nithya are partners of a firm sharing profits and losses in the ratio of 5:3. They admit Pramila on 1.1.2018. On that date, their balance sheet showed accumulated loss of Rs.40,000 on the asset side of the balance sheet. Give the journal entry to transfer the accumulated loss on admission.

  36. Prince, Dev and Sasireka are partners in a firm sharing profits and losses in the ratio of 2:4:1. Their balance sheet as on 31st March, 2019 is as follows:
     

    Liabilities Rs. Rs. Assets Rs.
    Capital accounts     Buildings 40,000
    Prince 30,000   Plant 50,000
    Dev 50,000   Furniture 10,000
    Sasireka 20,000 1,00,000 Stock 15,000
    Profit and loss appropriation A/c   10,000 Debtors 20,000
    General reserve   15,000 Cash at bank 15,000
    Workmen compensation fund   17,000    
    Sundry creditors   8,000    
        1,50,000   1,50,000
  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. 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
  40. From the following Receipts and Payment account of Yercaud Youth Association, prepare
    Income and expenditure account for the year ended 31st March, 2019 and the balance sheet as on that date.

    Dr. Receipts and Payments Account for the year ended 31st March, 2019 Cr
    Receipts Rs. Payments Rs.
    To Balance b/d   By Salary 14,000
    Cash in hand 9,600 By Office expenses 7,200
    To Government grants   By Books purchased 15,000
    for purchase of books 10,000 By Stationery purchased 1,800
    To Subscription 24,800 By Newspaper purchased 2,100
    To Admission fees 2,000 By Prizes awarded 5,000
    To Prize fund receipts 6,000 By Balance c/d  
    To Bank interest 1,500 Cash in hand 9,900
    To Sale of newspapers 1,100    
      55,000   55,000

    Additional information:
    (i) Opening capital fund Rs.20,000.
    (ii) Stock of books on 1.4.2018 Rs.9,200.
    (iii) Subscription due but not received Rs1,700.
    (iv) Stock of stationery on 1.4.2018 Rs.1,200 and stock of stationery on 31.3.2019, Rs.2,000

  41. Amal and Vimal are partners in a firm sharing profits and losses in the ratio of 7:5. Their balance sheet as on 31st March, 2019, is as follows:

    Liabilities Rs. Rs. Assets Rs.
    Capital accounts:     Land 80,000
    Amal 70,000   Furniture 20,000
    Vimal 50,000 1,20,000 Stock 25,000
    Sundry creditors   30,000 Debtors 30,000
    Profit and loss A/c   24,000 Bank 19,000
        1,74,000   1,74,000

    Nirmal is admitted as a new partner on 1.4.2018 by introducing a capital of Rs.30,000 for 1/3 share in the future profit subject to the following adjustments.
    (a) Stock to be depreciated by Rs.5,000
    (b) Provision for doubtful debts to be created for Rs.3,000
    (c) Land to be appreciated by Rs.20,000
    Prepare revaluation account and capital account of partners after admission.

  42. John, James and Raja are partners in a firm sharing profits and losses equally. Their balance sheet as on 31st March, 2019 is as follows:
    Raja retired on 31st March, 2019 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.

  43. Divya Ltd. allotted 10,000 equity shares of Rs.10 each at a premium of Rs.2 per share to applicants of 14,000 shares on a pro rata basis. The excess application money will be adjusted towards allotment money. The amount payable was Rs.2 on application, Rs.5 on allotment (including premium of Rs.2 each) and Rs.3 on first call and Rs.2 on final call. Vikas, a shareholder failed to pay the first call and final call on his 300 shares. All the shares were forfeited and out of them 200 shares were reissued @ Rs.9 per share. Pass the necessary journal entries.

  44. From the following information, calculate trend percentages for Mullai Ltd

    Particulars Rs.in lakhs
      2015-16 2016-17 2017-18
    Revenue from operations 100 120 160
    Other income 20 24 20
    Expenses 20 14 40
    Income tax 30% 30% 30%

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