#### Important 2 Mark Book Back Questions (New Syllabus) 2020

12th Standard

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Accountancy

Time : 01:00:00 Hrs
Total Marks : 30

Part A

15 x 2 = 30
1. 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
2. From the following Receipts and Payment Account of Ooty Recreation Club, prepare Income
and Expenditure Account for the year ended 31.03.2018

Receipts Rs. Payments Rs.
To Opening balance   By Sports materials purchased 10,000
Cash in hand 5,000 By Stationery paid 7,000
To Rent received 10,000 By Computer purchased 25,000
To Sale of investments 8,000 By Salaries 20,000
To Subscription received 54,000 By Closing balance
Cash in hand 15,000
77,000   77,000
3. Antony and Akbar were partners who share profits and losses in the ratio of 3:2. Balance in their capital account on 1st January 2018 was Antony Rs.60,000 and Akbar Rs.40,000. On 1st April 2018 Antony introduced additional capital of Rs.10,000. Akbar introduced additional capital of Rs.5,000 during the year. Calculate interest on capital at 6% p.a. for the year ending 31st December 2018.

4. From the following information, find out the value of goodwill by capitalisation method:
(a) Average profit = Rs.60,000
(b) Normal rate of return = 10%
(c) Capital employed = Rs.4,50,000

5. What is super profit?

6. Kavitha and Radha are partners of a firm sharing profits and losses in the ratio of 4:3. They admit Deepa on 1.1.2019. On that date, their balance sheet showed debit balance of profit and loss account being accumulated loss of Rs. 70,000 on the asset side of the balance sheet. Give the journal entry to transfer the accumulated loss on admission.

7. Prema and Chandra share profits in the ratio of 5:3. Hema is admitted as a partner. Prema surrendered 1/8 of her share and Chandra surrendered 1/8 of her share in favour of Hema. Calculate the new profit sharing ratio and sacrificing ratio.

8. Mary, Meena and Mariam are partners of a firm sharing profits and losses equally. Mary retired from the partnership on 1.1.2019. On that date, their balance sheet showed accumulated loss of Rs. 75,000 on the asset side of the balance sheet. Give the journal entry to distribute the accumulated loss.

9. Rosi, Rathi and Rani are partners of a firm sharing profits and losses equally. Rathi retired from the partnership on 1.1.2018. On that date, their balance sheet showed accumulated loss of Rs. 45,000 on the asset side of the balance sheet. Give the journal entry to distribute the accumulated loss.

10. Joy Company issued 10,000 equity shares at Rs.10 per share payable Rs.5 on application, Rs.3 on allotment and Rs.2 on first and final call. The public subscribed for 9,000 shares. The directors allotted all the 9,000 shares and duly received the money. Pass the necessary journal entries.

11. From the following particulars, prepare comparative income statement of Tharun Co. Ltd.

Particulars 2016-17 2017-18
Rs. Rs.
Revenue from operations 2,00,000 2,50,000
Other income 50,000 40,000
Expenses 1,50,000 1,20,000
12. From the following particulars, prepare comparative balance sheet of Malar Ltd as on 31st
March 2016 and 31st March 2017.

Particulars 31st March 2016 31st March 2017
RS. Rs.
I EQUITY AND LIABILITIES
1. Shareholders’ fund
a) Share capital 2,00,000 2,50,000
b) Reserves and surplus 50,000 50,000
2. Non-current liabilities
Long-term borrowings 30,000 60,000
3. Current liabilities
Total 3,00,000 4,20,000
II ASSETS
1. Non-current assets
a) Fixed assets 1,00,000 1,50,000
b) Non - current investments 50,000 75,000
2. Current assets
Inventories 75,000 1,50,000
Cash and cash equivalents 75,000 45,000
Total 3,00,000 4,20,000
13. What is meant by accounting ratios?

14. Calculate current ratio from the following information:

Particulars Rs. Particulars Rs.
Current investments 80,000 Trade creditors 1,60,000
Inventories 1,60,000 Bills payable 1,00,000
Trade receivables 4,00,000 Expenses payable 1,40,000
Cash and cash equivalents 1,20,000
Prepaid expenses 40,000
15. What is automated accounting system?