New ! Accountancy MCQ Practise Tests

Important 5 Mark Creative Questions (New Syllabus 2020)

12th Standard

    Reg.No. :


Time : 01:00:00 Hrs
Total Marks : 45

    Part A

    9 x 5 = 45
  1. M/s Saniya sport equipment does not keep proper records. From the following information, find out profit or loss and also prepare balance sheet for the year ended 31st December 2017.

    Particulars 31.12.2016
    Cash in hand 6,000 24,000
    Bank overdraft 30,000 -
    Stock 50,000 80,000
    Sundry creditors 26,000 40,000
    Sundry debtors 60,000 1,40,000
    Bills payable 6,000 12,000
    Furniture 40,000 60,000
    Bills receivable 8,000 28,000
    Machinery 50,000 1,00,000
    Investment 30,000 80,000

    Drawings Rs.10,000 per month for personal use, additional capital introduced during the year Rs.2,00,000. A bad debts Rs.2,000 and a provision of 5% it to be made on debtors. Outstanding salary 2,400, prepaid insurance Rs.700, depreciation charged on furniture @10% per annum.

  2. How will the following items appear in the final accounts of sports club.

    Particulars Rs
    Stock of sports materials (1.4.2019) 3,000
    Sports materials purchased during  
    current year 9,000
    Sale of old sports materials during  
    current year 500
    Stock of sports materials (31.3 .20 19) 4,000
  3. Kala is a partner in a partnership firm. As per partnership deed, interest on drawings is charged at 12% p.a. During the year ended 31stDecember 2018. She drew as follows.

    Date Rs.
    March 1 12,000
    June 1 8,000
    September 1 10,000
    December 1 4,000

    Calculate the amount of interest on drawings by using produce method

  4. The profit and losses of a firm for the last four years were as follows:
    2015: Rs.20,000; 2016; Rs. 25,000;
    2017; Rs.3,000(loss) 2018; Rs.18,000
    You are required to calculate the amount of goodwill on the basis of 5 years purchase of average profit of the last 4 years.

  5. Kokila and Mala were sharing profits in the ratio of 4:3. Chandra was admitted in the business as a partner with \(\frac{3}{7}\)th share in the profits of the firm which she takes \(\frac{2}{7}\) th from Kokila and \(\frac{1}{7}\) th from Mala. Find out New profit Ratio and the sacrificing ratio.

  6. Mukil, Mohit and Sonu are partners sharing profit in the ratio 3:2: 1. Mukil retires from the partnership.
    In order to settle his claim, the following revaluation of assets and liabilities was agreed upon:
    (i) The value of Machinery is increased by Rs. 25,000.
    (ii) The value of Investment-is-increased by Rs 2,000.
    (ill) A Provision for outstanding bill standing in the books at Rs.1,000 is now not required.
    (iv) The value of Land and Building is decreased by Rs.12,000.
    Give journal entries and prepare Revaluation account

  7. Thai Ltd. issued 50,000 equity shares of Rs.10 each, payable Rs.5 on application, Rs.2 on allotment, first call and n on final call. All the shares are subscribed and amount was duly received. Pass Journal entries.

  8. Prepare common-size statement of financial position of Raheem Ltd as on 31st March 2016 and 31st March 2018.

    Particulars 31st March 2016 31st March 2017
    Rs. Rs.
    I. Equity and liabilities    
    l. Shareholders fund    
    a. Share capital 5,00,000 6,00,000
    b. Reserve and surplus 4,00,000 3,60,000
    2. Non-current liabilities    
    Long-term borrowings 8,00,000 2,40,000
    3. Current liabilities    
    Trade payables 30,000 -
    Total 20,00,000 12,00,000
    II. Assets    
    l. Non-current assets    
    a. Fixed assets 10,00,000 6,00,000
    b. Non-current investments 5,00,000 2,40,000
    2. Current assets    
    Inventories 3,00,000 1,20,000
    Cash and cash equipments 2,00,000 2,40,000
    Total 20,00,000 12,00,000
  9. From the following Balance Sheet of Ambika Ltd. as on 31.03.2017 calculate
    (i) Debt-equity ratio
    (ii) Proprietary ratio
    (iii) Capital gearing ratio

    Balance sheet of Ambika Ltd. as on 31.3.2017
    Particulars Amount Rs.
    1. Shareholders' funds  
    (a) Share capital  
    Equity share capital 3,00,000
    8% Preference share capital 4,00,000
    (b) Reserves and surplus 3,00,000
    2. Non-current liabilities  
    Long term borrowings (9% Debentures) 8,00,000
    3. Current liabilities  
    Short -term borrowings from banks 50,000
    Trade payables 1,50,000
    Total 20,00,000
    II. ASSETS  
    1. Non-current assets  
    Fixed assets 15,00,000
    2. Current assets  
    (a) Inventories 2,40,000
    (b) Trade receivables 2,00,000
    (c) Cash and cash equivalents 55,000
    (d) Other current assets  
    Expenses paid in advance 5,000
    Total 20,00,000


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