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

12th Standard EM

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Accountancy

Time : 01:00:00 Hrs
Total Marks : 22

Part A

11 x 2 = 22
1. Following are the balances of Shanthi as on 31st December 2018.find out capital

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
2. From the following details calculate the amount that will be shown as subscription in Income
and Expenditure Account for the year ending 31st March, 2017.

2015-16 7,500
2016-17 60,000
2017-18 1,500
69,000

Subscription outstanding for the year 2016-17 is Rs. 2,400. Subscription for 2016-17 received in 2015-16 was Rs.1,000

3. How will the following items appear in the final accounts of a club for the year ending 31st March 2017? Received subscription of Rs.40,000 during the year 2016-17. This includes subscription of Rs.5,000 for 2015-16 and  3,000 for the year 2017-18. Subscription of 1,000 is still outstanding for the year 2016-17.

4. 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  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.

5. 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

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 ` 70,000 on the asset side of the balance sheet. Give the journal entry to transfer the accumulated loss on admission.

7. 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.

8. 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.

9. 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
10. What is meant by debt equity ratio?

11. State any five accounting reports.