#### Important 3 Mark Book Back Questions (New Syllabus) 2020

12th Standard

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Accountancy

Time : 01:00:00 Hrs
Total Marks : 81

Part A

27 x 3 = 81
1. From the following details, calculate the missing figure:

Rs
Capital as on 1st April, 2017 2,50,000
Capital as on 31st March, 2018 2,75,000
Additional capital introduced during the year 30,000
Profit for the year 15,000
Drawings during the year ?
2. From the following particulars, calculate total sales.

Particulars Rs
Debtors on 1st April 2017 1,50,000
Bills receivable on 1st April 2017 40,000
Cash received for bills receivable 90,000
Bills receivable dishonoured 10,000
Sales return 40,000
Bills receivable on 31st March, 2018 30,000
Sundry debtors on 31st March, 2018 1,30,000
Cash sales 2,00,000
(a)
Dr. Bills receivable account Cr.
Particulars Rs Particulars Rs
To Balance b/d 40,000 By Cash A/c 90,000
To Debtors A/c* 90,000 By Debtors A/c 10,000
(Bills received during the year –
balancing figure)
(Bills receivable dishonoured)
By Balance c/d 30,000
1,30,000   1,30,000

Dr. Total debtors account Cr.
Particulars Rs Particulars Rs
To Balance b/d 1,50,000 By Cash A/c 3,90,000
To Bills receivable A/c (dishonoured) 10,000 By Sales returns A/c 40,000
To Sales A/c (credit) 4,90,000 By Bills receivable A/c*
By Balance c/d 1,30,000
6,50,000   6,50,000

Total Sales = Cash Sales + Credit Sales = Rs. 2,00,000 +Rs. 4,90,000 = Rs. 6,90,000.

3. State the differences between double entry system and incomplete records.

4. Following are the balances in the books of Thomas as on 31st March 2019.

Particulars Rs. Particulars Rs.
Sundry creditors 6,00,000 Bills payable 1,20,000
Furniture 80,000 Cash in hand 20,000
Land and building 3,00,000 Bills receivable 60,000
Sundry Debtors 3,20,000 Stock 2,20,000

Prepare a statement of affairs as on 31st March 2019 and calculate capital as at that date.

5. From the following particulars of Tamil Educational Society, prepare Receipts and Payments account for the year ended 31st March, 2019.

Particulars Rs. Particulars Rs.
Opening cash balance as on 1.4.2018 18,000 Building purchased 2,10,000
Rent paid 6,000 Staff salary 55,000
Scholarship given 15,200 Subscription received 2,65,000
6. How will the following items appear in the final accounts of a club for the year ending 31st March 2017? A club received subscription of Rs. 25,000 during the year 2016-17. This includes subscription of Rs. 2,000 for 2015-16 and Rs. 1,500 for the year 2017-18. Subscription of Rs.500 is still outstanding for the year 2016-17.

7. How annual subscription is dealt with in the final accounts of not–for–profit organisation?

8. How the following items appear in the final accounts of Thoothukudi Young Pioneers Association? There are one hundred members in the association each paying Rs.25 as annual subscription. By the end of the year 10 members had not paid their subscription but four members had paid for the next year in advance.

9. From the following balance sheets of Brindha and Praveena who share profits and losses in
the ratio of 3:4, calculate interest on capital at 6% p.a. for the year ending 31st December 2017.

 Liabilities Rs. Assets Rs. Capital accoun Sundry assets 80,000 Brindha 30,000 Praveena 40,000 Profit and loss appropriation A/c 10,000 80,000 80,000

On 1st July 2017, Brindha introduced an additional capital of Rs.6,000 and on 1st October 2017, Praveena introduced Rs.10,000. Drawings of Brindha and Praveena during the year were Rs.5,000 and Rs.7,000 respectively. Profit earned during the year was Rs.31,000.

10. Anbu is a partner in a partnership firm. As per the partnership deed, interest on drawings is charged at 12% p.a. During the year ended 31st December 2018 he drew as follows:

Date Rs
March 1 6,000
June 1 4,000
September 1 5,000
December 1 2,000

Calculate the amount of interest on drawings by using product method.

11. State the differences between fixed capital method and fluctuating capital method.

12. From the following balance sheets of Subha and Sudha who share profits and losses in 2:3, calculate interest on capital at 5% p.a. for the year ending 31st December, 20

Balance sheet as on 31st December, 2018
Liabilities Rs. Rs. Assets Rs.
Capital accounts     Fixed assets 70,000
Subha 40,000   Current assets 60,000
Sudha 60,000 1,00,000
Current liabilities   30,000
1,30,000   1,30,000

Drawings of Subha and Sudha during the year were Rs.8,000 and Rs.10,000 respectively. Profit earned during the year was Rs.30,000

13. Janani, Kamali and Lakshmi are partners in a firm sharing profits and losses equally. As per the terms of the partnership deed, Kamali is allowed a monthly salary of Rs.10,000 and Lakshmi is allowed a commission of Rs.40,000 per annum for their contribution to the business of the firm. You are required to pass the necessary journal entry. Assume that their capitals are fluctuating.

14. The following particulars are available in respect of a business carried on by a partnership firm:
(a) Profits earned: 2016: Rs.30,000; 2017: Rs.29,000 and 2018: Rs.32,000.
(b) Profit of 2016 includes a non-recurring income of Rs.3,000.
(c) Profit of 2017 is reduced by Rs.2,000 due to stock destroyed by fire.
(d) The stock is not insured. But, it is decided to insure the stock in future. The insurance premium is estimated at Rs.5,600 per annum.
You are required to calculate the value of goodwill on the basis of 2 years purchase of average profits of the last three years.

15. From the following information relating to a partnership firm, find out the value of its goodwill based on 3 years purchase of average profits of the last 4 years:
(a) Profits of the years 2015, 2016, 2017 and 2018 are Rs.10,000, Rs.12,500, Rs.12,000 and Rs.11,500 respectively.
(b) The business was looked after by a partner and his fair remuneration amounts to Rs.1,500 per year. This amount was not considered in the calculation of the above profits.

16. How is the value of goodwill calculated under the capitalisation method?

17. Sriram and Raj are partners sharing profits and losses in the ratio of 2:1. Nelson joins as a partner on 1st April 2017. The following adjustments are to be made:
(i) Increase the value of stock by Rs.5,000
(ii) Bring into record investment of Rs.7,000 which had not been recorded in the books of the firm.
(iii) Reduce the value of office equipment by Rs.10,000
(iv) A provision would also be made for outstanding wages for Rs.9,500.
Give journal entries and prepare revaluation account.

18. What are the journal entries to be passed on revaluation of assets and liabilities?

19. Malathi and Shobana are partners sharing profits and losses in the ratio of 5:4. They admit Jayasri into partnership for 1/3 share of profit. Jayasri pays cash Rs.6,000 towards her share of goodwill. The new ratio is 3:2:1. Pass necessary journal entry for adjusting goodwill on the assumption that the fixed capital method is followed.

20. Ramya, Sara and Thara are partners sharing profits and losses in the ratio of 5:3:2.
On 1st April 2018, Thara retires and on retirement, the following adjustments are agreed upon:
(i) Increase the value of premises by Rs. 40,000.
(ii) Depreciate stock by Rs. 3,000 and machinery by Rs. 6,500.
(iii) Provide an outstanding liability of Rs. 500
Pass journal entries and prepare revaluation account.

21. Distinguish between sacrificing ratio and gaining ratio.

22. Rani, Jaya and Rathi are partners sharing profits and losses in the ratio of 2:2:1. On 31.3.2018, Rathi retired from the partnership. Profit of the preceding years is as follows: 2014: 10,000; 2015: Rs. 20,000; 2016:Rs.18,000 and 2017: Rs. 32,000 Find out the share of profit of Rathi for the year 2018 till the date of retirement if
(a) Profit is to be distributed on the basis of the previous year’s profit
(b) Profit is to be distributed on the basis of the average profit of the past 4 years
Also pass necessary journal entries by assuming partners capitals are fluctuating.

23. Gemini Ltd. forfeited 20 equity shares of Rs.10 each, Rs.7 called up, on which Mahesh had paid application and allotment money of Rs.5 per share. Of these 15 shares were reissued to Naresh by receiving Rs.6 per share paid up as rs.7 per share. Pass journal entries for forfeiture and reissue.

24. From the following particulars of Siva Ltd, prepare common size income statement for the
years ended 31st March, 2016 and 31st March, 2017.

Particulars 2015-16 2016-17
Rs. Rs.
Revenue from operations 2,00,000 3,00,000
Other income 25,000 75,000
Expenses 2,50,000 1,50,000
Income tax % 40 40
25. How is operating profit ascertained?

26. The credit revenue from operations of Harini Ltd. amounted to Rs.9,60,000. Its debtors and bills receivable at the end of the accounting period amounted to Rs.1,00,000 and Rs.60,000 respectively. Calculate trade receivable turnover ratio and also collection period in months.

27. Mention the commonly used voucher types in Tally.ERP 9.