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12th Standard Accountancy Important 3 Mark Questions

12th Standard

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Accountancy

Time : 01:30:00 Hrs
Total Marks : 90

    Answer all the following Questions.

    30 x 3 = 90
  1. Following are the balances of Shanthi as on 31st December 2018.  

    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

    Prepare a statement of affairs as on 31st December 2018 and calculate capital as at that date. 

  2. From the following details find out total sales made during the year.

      Rs
    Debtors on 1st April 2018 50,000
    Cash received from debtors during the year 1,50,000
    Returns inward 15,000
    Bad debts 5,000
    Debtors on 31st March 2019 70,000
    Cash Sales 1,40,000
  3. State the procedure for calculating profit or loss through statement of affairs.

  4. 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
  5. 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.

  6. From the following particulars, show how the item ‘subscription’ will appear in the Income and Expenditure Account for the year ended 31-12-2018?
    Subscription received in 2018 is Rs.16,000 which includes Rs. 3,000 for 2017 and Rs. 5,000 for 2019.
    Subscription outstanding for the year 2018 is Rs. 4,000. Subscription of Rs.2,000 was received in advance for 2018 in the year 2017.

  7. A and B contribute Rs. 4,00,000 and Rs. 2,00,000 respectively as capital. Their respective share of profit is 3:2 and the profit before interest on capital for the year is Rs. 27,000. Compute the amount of interest on capital in each of the following situations:
    (i) if the partnership deed is silent as to the interest on capital
    (ii) if interest on capital @ 3% is allowed as per the partnership deed
    (iii) if the partnership deed allows interest on capital @ 5% p.a.

  8. Arun 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.

  9. John is a partner in a firm. He withdraws Rs.1,000 p.m. regularly. Interest on drawings is charged @ 5% p.a. Calculate the interest on drawings using average period, if he draws
    (i) at the beginning of every month
    (ii) in the middle of every month
    (iii) at the end of every month

  10. From the following information relating to Arul enterprises, calculate the value of goodwill on the basis of 2 years purchase of the average profits of 3 years.
    (a) Profits for the years ending 31st December 2016, 2017 and 2018 were Rs. 46,000, Rs. 44,000 and Rs. 50,000 respectively.
    (b) A non-recurring income of Rs. 5,000 is included in the profits of the year 2016.
    (c) The closing stock of the year 2017 was overvalued by Rs. 10,000.

  11. 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.

  12. 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.

  13. Anu and Arul were partners in a firm sharing profits and losses in the ratio of 4:1. They have decided to admit Mano into the firm for 2/5 share of profits. The goodwill of the firm on the date of admission was valued at Rs.25,000. Mano is not able to bring in cash for his share of goodwill. Pass necessary journal entry for goodwill on the assumption that the fluctuating capital method is followed.

  14. Varun and Barath are partners sharing profits and losses 5:4. They admit Dhamu into partnership. The new profit sharing ratio is agreed at 1:1:1. Dhamu’s share of goodwill is valued at Rs. 15,000 of which he pays Rs .10,000 in cash. Pass necessary journal entries for adjustment of goodwill on the assumption that the fluctuating capital method is followed.

  15. Justina, Navi and Rithika are partners sharing profits and losses equally. On 31.3.2019, Rithika retired from the partnership firm. Profits of the preceding years is as follows:
    2016: Rs. 5,000; 2017: Rs. 10,000 and 2018: Rs. 30,000
    Find out the share of profit of Ritika for the year 2019 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 3 years
    Also pass necessary journal entries by assuming that partners’ capitals are fluctuating. Accountancy

  16. Kavitha, Kumudha and Lalitha are partners sharing profits and losses in the ratio of 5 : 3 : 3 respectively. Kumudha retires from the firm on 31st December, 2018. On the date of retirement, her capital account shows a credit balance of Rs. 2,00,000. Pass journal entries if:
    i) The amount due is paid off immediately by cheque.
    ii) The amount due is not paid immediately.
    iii) Rs. 70,000 is paid immediately by cheque

  17. Maruthu Ltd. forfeited 150 equity shares of  Rs.10 each for non payment of final call of Rs.4 per share. Of these 100 shares were reissued @ Rs.9 per share. Pass journal entries for forfeiture and reissue.

  18. 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.

  19. Calculate trend percentages for the following particulars of Kurinji Ltd.

    Particulars Rs.in thousands
      2015-16 2016-17 2017-18
    Revenue from operations 120 132 156
    Other income 50 38 65
    Expenses 100 135 123
  20. 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%
  21. From the following Balance Sheet of Sundaram Ltd. calculate proprietary ratio:

    Balance Sheet of Sundaram Ltd. as on 31.3.2019
    Particulars Amount
    Rs.
    I. EQUITY AND LIABILITIES  
    1. Shareholders' funds  
    (a) Share capital  
    (i) Equity share capital 2,50,000
    (ii) Preference share capital 1,50,000
    (b) Reserves and surplus 50,000
    2. Non-current liabilities  
    Long-term borrowings -
    3. Current liabilities  
    Trade payables 1,50,000
    Total 6,00,000
    II ASSETS  
    1. Non-current assets  
    (a) Fixed assets 4,60,000
    (b) Non-current investments 1,00,000
    2. Current assets  
    Cash and Cash equivalents 40,000
    Total 6,00,000
  22. From the given information calculate the inventory turnover ratio and inventory conversion period (in months) of Devi Ltd.

    Particulars Rs
    Revenue from operations 12,00,000
    Inventory at the beginning of the year 1,70,000
    Inventory at the end of the year 1,30,000
    Purchases made during the year 6,90,000
    Carriage inwards 20,000
  23. What are the pre-defined ledgers available in Tally.ERP 9?

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

  25. Explain how to view profit and loss statement in Tally.ERP 9.

  26. Abdul Ltd. issues 50,000 shares of Rs.10 each payable fully on application. Pass journal entries if shares are issued
    (i) at par
    (ii) at a premium of
    (iii) 3 per share.

  27. Write a short note on
    (i) Rights issue
    (ii) Bonus issue

  28. From the following information, find out the value of goodwill by capitalisation method:
    (i) Average profit Rs. 20,000
    (ii) Normal rate of return 10%
    (iii) Capital employed Rs. 1,50,000

  29. Find out the value of goodwill at three years purchase of weighted average profit of last four year.

    Year Profit
    Rs.
    Weight
    2015 10,000 1
    2016 12,000 2
    2017 16,000 3
    2018 18,000 4

    Purchase of super profit method.

  30. A and B are partners showing profits ratio of 3: 2 'C' admit into partnership. C paying for premium Rs. 10,000 and for capital Rs. 1,00,000. No Goodwill a/c appears in the books. New profit sharing ratio 2:2:1 Pass journal entries.

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