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12th Standard Accountancy English Medium - Important 5 Mark Question Paper and Answer Key 2022 - 2023 Study Materials Dec-31 , 2022

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12th Standard Accountancy English Medium - Important 5 Mark Question Paper and Answer Key 2022 - 2023

12th Standard Accountancy Important 5 Mark Questions

12th Standard

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Accountancy

Time : 01:30:00 Hrs
Total Marks : 150

    Answer all the following Questions.

    30 x 5 = 150

  1. From the following details you are required to calculate credit sales and credit purchases by preparing total debtors account, total creditors account, bills receivable account and bills payable account.

    Particulars Opening
    Rs.    		 Closing
    Rs.
    Debtors 60,000 55,000
    Bills receivable 5,000 1,000
    Creditors 25,000 28,000
    Bills payable 2,000 3,000
    Other information    
    Cash received from debtors   1,30,000
    Discount allowed to customers   5,500
    Cash paid to creditors   70,000
    Discount allowed by suppliers   3,500
    Payments against bill payable   7,000
    Cash received for bills receivable   14,000
    Bills receivable dishonoured   1,200
    Bad debts   3,500

  2. From the following details of Abdul who maintains incomplete records, prepare Trading and Profit and Loss account for the year ended 31st March, 2018 and a Balance Sheet as on the date.

    Particulars 1.4.2017
    Rs.    		 31.3.2018
    Rs.
    Stock 1,00,000 50,000
    Sundry debtors 2,50,000 3,50,000
    Cash 25,000 40,000
    Furniture 10,000 10,000
    Sundry creditors 1,50,000 1,75,000
    Other details:
      Rs.   Rs.
    Drawings 40,000 Cash received from debtors 5,35,000
    Discount received 20,000 Sundry expenses 30,000
    Discount allowed 25,000 Capital as on 1.4.2017 2,35,000
    Cash paid to creditors 4,50,000    

  3. Bharathi does not maintain her books of accounts under double entry system. From the following details prepare trading and profit and loss account for the year ending 31st March, 2019 and a balance sheet as on that date.

    Dr.     Cash Book       Cr.
    Receipts Rs. Payments Rs.
    To balance b/d 32,000 By Purchases A/c 56,000
    To Sales A/c 1,60,000 By Creditors A/c 80,000
    To Debtors A/c 1,20,000 By General expenses A/c 24,000
        By Wages A/c 10,000
        By Balance c/d 1,42,000
      3,12,000   3,12,000

    Other Information:

    Particulars 1.4.2018
    Rs.    		 31.3.2019
    Rs.
    Stock of goods 40,000 60,000
    Debtors 38,000 ?
    Creditors 58,000 52,000
    Machinery 1,70,000 1,70,000
    Additional information:  Rs
    (i) Credit purchases 74,000
    (ii) Credit sales 1,40,000
    (iii) Opening capital 2,22,000
    (iv) Depreciate machinery by 10% p.a.  

  4. From the following particulars of Poompuhar Literary Association, prepare Receipts and Payments account for the year ended 31st March, 2019.

    Particulars Rs. Particulars Rs.
    Opening cash in hand as on 1.4.2018 5,000 Subscriptions received 20,000
    Bank overdraft as on 1.4.2018 4,000 Repairs and renewals 2,500
    Printing and stationery 1,500 Conveyance paid 2,750
    Interest paid 3,250 Books purchased 10,000
    Sale of investments 1,000 Insurance premium paid 4,000
    Purchase of refreshments 1,500 Sundry receipts 750
    Outstanding salary 2,000 Government grants received 6,000
    Endowment fund receipts 2,000 Sale of refreshments 1,500
    Lighting charges 1,300 Depreciation on buildings 2,000
        Cash at bank on 31.03.2019 2,000

  5. From the following particulars of Vellore Recreation Club, prepare Receipts and Payments account for the year ended 31st March, 2017.

    Particulars Rs. Particulars Rs.
    Opening cash balance as on 1.4.2016 3,000 Receipts from entertainment 20,000
    Opening bank balance as on 1.4.2016 12,000 Admission fees received 1,000
    Furniture purchased 11,000 Municipal taxes 22,000
    Sports equipment purchased 11,000 Expenses of charity show 2,000
    Donation received for pavilion 8,000 Billiards table purchased 15,000
    Sale of old tennis balls 1,500 Construction of new tennis court 18,000
    Newspapers bought 500 Receipts from charity show 2,500
    Travelling expenses 4,500 Closing balance of cash in hand 8,000

  6. Compute capital fund of Karur Social Club as on 31.03.2018

    Particulars as on 31.03.2018 Rs.
    Furniture 50,000
    Buildings 40,000
    Subscription outstanding for 2017-18 10,000
    Subscription received in advance for 2018-19 5,000
    Loan borrowed 10,000
    Investments 20,000
    Cash in hand 4,000
    Cash at bank 6,000

  7. A, B, C and D are partners in a firm. There is no partnership deed. How will you deal with the following?
    (i) A has contributed maximum capital. He demands interest on capital at 12% per annum.
    (ii) B has withdrawn Rs.1,000 per month. Other partners ask B to pay interest on drawings @ 10% per annum to the firm. But, B does not agree to it.
    (iii) Loan advanced by C to the firm is Rs. 10,000. He demands interest on loan @ 9% per annum. A and B do not agree with this.
    (iv) D demands salary at the rate of Rs. 5,000 per month as he spends full time for the business. B and C do not agree with this.
    (v) A demands the profit to be shared in the capital ratio. But, B, C and D do not agree.

  8. Arulappan and Nallasamy are partners in a firm sharing profits and losses in the ratio of 4:1. On 1st January 2018, their capitals were Rs. 20,000 and Rs. 10,000 respectively. The partnership deed specifies the following:
    (a) Interest on capital is to be allowed at 5% per annum.
    (b) Interest on drawings charged to Arulappan and Nallasamy are Rs. 200 and Rs. 300 respectively.
    (c) The net profit of the firm before considering interest on capital and interest on drawings amounted to Rs. 18,000.
    Give necessary journal entries and prepare Profit and loss appropriation account for the year ending 31st December 2018. Assume that the capitals are fluctuating.

  9. Richard and Rizwan started a business on 1st January 2018 with capitals of Rs. 3,00,000 and Rs. 2,00,000 respectively. According to the Partnership Deed
    (a) Interest on capital is to be provided @ 6% p.a.
    (b) Rizwan is to get salary of Rs. 50,000 per annum.
    (c) Richard is to get 10% commission on profit (after interest on capital and salary to Rizwan) after charging such commission.
    (d) Profit-sharing ratio between the two partners is 3:2.
    During the year, the firm earned a profit of Rs. 3,00,000.
    Prepare profit and loss appropriation account. The firm closes its accounts on 31st December every year.

  10. From the following details, calculate the value of goodwill at 2 years purchase of super profit:
    (a) Total assets of a firm are Rs. 5,00,000
    (b) The liabilities of the firm are Rs. 2,00,000
    (c) Normal rate of return in this class of business is 12.5 %.
    (d) Average profit of the firm is Rs. 60,000

  11. From the following information, calculate the value of goodwill under annuity method:

    (i) Average profit Rs. 14,000
    (ii) Normal Profit Rs. 4,000
    (iii) Normal rate of return 15%
    (iv) Years of purchase of goodwill 5

    Present value of Rs. 1 for 5 years at 15% per annum as per the annuity table is 3.352.

  12. Vetri and Ranjit are partners, sharing profits in the ratio of 3:2. Their balance sheet as on 31st December 2017 is as under:

    Liabilities Rs. Rs. Assets Rs.
    Capital accounts:     Furniture 25,000
    Vetri 30,000   Stock 20,000
    Ranjit 20,000 50,000 Debtors 10,000
    Reserve fund   5,000 Cash in hand 35,000
    Sundry creditors   45,000 Profit and loss A/c (loss) 10,000
        1,00,000   1,00,000

    On 1.1.2018, they admit Suriya into their firm as a partner on the following arrangements.
    (i) Suriya brings Rs. 10,000 as capital for 1/4 share of profit.
    (ii) Stock to be depreciated by 10%
    (iii) Debtors to be revalued at Rs. 7,500.
    (iv) Furniture to be revalued at  Rs. 40,000.
    (v) There is an outstanding wages of Rs. 4,500 not yet recorded.
    Prepare revaluation account, partners’ capital account and the balance sheet of the firm after admission.

  13. Ameer and Raja are partners sharing profits in the ratio of 3:2. Their balance sheet is shown as under on 31.12.2018.

    Liabilities Rs. Rs. Assets Rs.
    Capital accounts:     Machinery 60,000
    Ameer 80,000   Furniture 40,000
    Raja 70,000 1,50,000 Debtors 30,000
    Reserve fund   15,000 Stock 10,000
    Creditors   35,000 Prepaid insurance 40,000
          Cash at bank 20,000
        2,00,000   2,00,000

    Rohit is admitted as a new partner who introduces a capital of Rs. 30,000 for his 1/5 share in future profits. He brings Rs. 10,000 for his share of goodwill.
    Following revaluations are made:
    (i) Stock is to be appreciated to Rs. 14,000
    (ii) Furniture is to be depreciated by 5%
    (iii) Machinery is to be revalued at Rs. 80,000
    Prepare the necessary ledger accounts and the balance sheet after the admission.

  14. Prabu, Ragu and Siva are partners sharing profits and losses in the ratio of 3:2:1. Prabu retires from partnership on 1st April 2017. The following adjustments are to be made:
    (i) Increase the value of building by Rs. 12,000
    (ii) Reduce the value of furniture by Rs. 8,500
    (iii) A provision would also be made for outstanding salary for Rs. 6,500.
    Give journal entries and prepare revaluation account.

  15. John, James and Raja are partners in a firm sharing profits and losses equally. Their balance sheet as on 31st March, 2019 is as follows:
    Raja retired on 31st March, 2019 subject to the following conditions:
    (i) Machinery is valued at Rs. 1,30,000
    (ii) Value of office equipment is brought down by Rs. 2,000
    (iii) Provision for doubtful debts should be increased to Rs. 3,000
    (iv) Investment of Rs. 25,000 not recorded in the books is to be recorded now
    Pass necessary journal entries and prepare revaluation account.

  16. Raghu, Ravi and Ramesh are partners in a firm sharing profits and losses in the ratio of 2 : 3 : 1. Their balance sheet as on 31st March, 2019 was as follows:

    Liabilities Rs. Rs. Asset Rs. Rs.
    Capital accounts:     Buildings   60,000
    Raghu 30,000   Machinery   70,000
    Ravi 40,000   Stock   20,000
    Ramesh 20,000 90,000      
    Reserve fund   36,000 Debtors 18,000  
    Sundry creditors   33,000 Less Provision for bad debts 1,000  
        1,76,000     1,76,000

    Ramesh retires on 31.3.2019 subject to the following conditions:
    (i) Goodwill of the firm is valued at Rs. 24,000
    (ii) Machinery to be depreciated by 10%
    (iii) Buildings to be appreciated by 20%
    (iv) Stock to be appreciated by Rs. 2,000
    (v) Provision for bad debts to be raised by Rs. 1,000
    (vi) Final amount due to Ramesh is not paid immediately
    Prepare the necessary ledger accounts and show the balance sheet of the firm after retirement.

  17. Khan Ltd. issued 50,000 shares of  Rs.10 each to the public payable Rs.4 on application, Rs.4 on allotment and Rs.2 on first and final call. Applications were received for 65,000 shares. The directors decided to allot 50,000 shares on pro rata basis and surplus application money was utilised for allotment. Pass journal entries assuming that the amounts due were received.

  18. Sudha Ltd. offered 1,00,000 shares of Rs.10 each to the public payable Rs.3 on application, Rs.4 on share allotment and the balance when required. Applications for 1,40,000 shares were received on which the directors allotted as:
    Applicants for 60,000 shares - Full
    Applicants for 75,000 shares - 40,000 shares (excess money will be utilised for allotment)
    Applicants for 5,000 shares - Nil
    All the money due was received. Pass journal entries upto the receipt of allotment.

  19. Jenifer Ltd. issued 10,000 equity shares of Rs.10 each at par payable on application Rs.3 per share, on allotment Rs.3 per share, on first call Rs.2 per share and on second and final call Rs.2 per share. The issue was fully subscribed and all the amounts were duly received with the exception of 100 shares held by Subbu, who failed to pay the second and final call. His shares were forfeited and reissued to Hema at Rs.7 per share. Journalise the above transactions.

  20. 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    
    Trade payables 20,000 60,000
    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

  21. From the following particulars of Neithal Ltd, calculate trend percentages.

    Particulars Rs.in lakhs
      2015-16 2016-17 2017-18
    Revenue from operations 150 135 90
    Other income 25 5 15
    Expenses 125 75 50
    Income tax 40% 40% 40%

  22. Calculate operating profit ratio under the following cases.
    Case 1: Revenue from operations Rs. 8,00,000, Operating profit Rs. 2,00,000.
    Case 2: Revenue from operations Rs. 20,00,000, Operating cost Rs. 14,00,000.
    Case 3: Revenue from operations Rs. 10,00,000, Gross profit 25% on revenue from operations, Operating expenses Rs. 1,00,000.

  23. From the following statement of profit and loss of Dericston Ltd. calculate
    (i) Gross profit ratio
    (ii) Net profit ratio

    Statement of Profit and Loss
    Particulars Rs.
    I. Revenue from operations 24,00,000
    II. Other Income:  
    Income from investment 70,000
    III. Total revenues (I+II) 24,70,000
    IV. Expenses:  
    Purchases of Stock-in-trade 18,80,000
    Changes in inventories - 80,000
    Employee benefits expense 2,90,000
    Other expenses 1,10,000
    Provision for tax 30,000
    Total expenses 22,30,000
    V. Profit for the year 2,40,000

  24. Write a brief note on accounting vouchers.

  25. Explain any five applications of computerised accounting system.

  26. The following balance sheet has been prepared from the books of Pearl on 1-4-2018.

    Liabilities Rs. Assets Rs.
    Capital 2,26,000 Buildings 1,00,000
    Sundry creditors:   Furniture 10,000
    Maya A/c 24,000 Stock 20,000
        Sundry debtors  
        Peter 50,000
        Cash in hand 15,000
        Cash at bank 55,000
      2,50,000   2,50,000

    During the year the following transactions took place.
    (a) Wages paid by cash Rs. 2,000
    (b) Salaries paid by cheque Rs. 5,000
    (c) Cash purchases made for Rs. 3,000
    (d) Good purchased on credit from Yazhini Rs. 15,000
    (e) Goods sold on credit to Jothi Rs. 25,000
    (f) Payment made to Yazhini through NEFT Rs. 5,000
    (g) Cash received from Peter Rs. 30,000
    (h) Cash sales made for Rs. 6,000
    (i) Depreciate buildings at 10%
    (j) Closing stock on 31.03.2019 Rs. 15,000
    You are required to prepare trading and profit and loss account for the year ended 31-03-2019 and a balance sheet as on that date using Tally.

  27. Record the following transaction in Tally.
    (a)  Kumar Commenced a business with a capital of Rs. 5,00,000
    (b)  Opened with SBI and deposited Rs. 80,000
    (c)   Purchased furniture by paying cash Rs. 20,000-
    ( d)  Goods purchased credit from Kalpana for Rs. 60,000
    (e)  Cash Sales for Rs. 20,000
    (f)   Goods purchased from Ramu for Rs. 7,000 paid by cheque
    (g)  Goods sold to Venu on credit for Rs. 80,000
    (h)  Money withdrawn from bank for office use Rs. 35,000
    (i)  Part payment of Rs. 40,000 made by Kalpana by cheque
    (j)  Arun made part payment of Rs. 20,000 by cash.
    (k) Salaries paid to staff through ECS Rs. 45,000
    (l) Carriage on purchase of Rs. 8,000 paid by cash 
    (m) Purchased computers from Maria Ltd. On Credit Rs. 50,000
    Analysis of Transactions - Passing Journal Entries, identification of Voucher Type and Group.

  28. Prepare common-size balance sheet of Sharmila Ltd. and Sangeetha Ltd. as on 31st March, 2019.

    Particulars Sharmila Ltd Sangeetha Ltd
      Rs. Rs.
    I EQUITY AND LIABILITIES    
    Shareholders’ funds 5,00,000 11,00,000
    Non-current liabilities 4,00,00 7,00,000
    Current liabilities 1,00,000 2,00,000
    Total 10,00,000 20,00,000
    II ASSETS    
    Non-current assets 6,50,000 18,00,000
    Current assets 3,50,000 2,00,000
    Total 10,00,000 20,00,000

  29. From the following data relating to the purchase of a firm, prepare trend percentages and Trend Ratios.

    Year Purchase ('00,000)
    2000 1,672
    2006 1,789
    2007 1,873
    2008 1,923
    2009 2,123
    2010 1,463

  30. 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%

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