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Model 1 Mark Book Back Questions (New Syllabus) 2020

12th Standard EM

    Reg.No. :
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Accountancy

Time : 00:15:00 Hrs
Total Marks : 17

    Part A

    17 x 1 = 17
  1. Which one of the following statements is not true in relation to incomplete records?

    (a)

    It is an unscientific method of recording transactions

    (b)

    Records are maintained only for cash and personal accounts

    (c)

    It is suitable for all types of organisations

    (d)

    Tax authorities do not accept

  2. Income and expenditure account is a

    (a)

    Nominal A/c

    (b)

    Real A/c

    (c)

    Personal A/c

    (d)

    Representative personal account

  3. There are 500 members in a club each paying Rs.100 as annual subscription. Subscription
    due but not received for the current year is Rs.200; Subscription received in advance is Rs.300.Find out the amount of subscription to be shown in the income and expenditure account

    (a)

    Rs.50,000

    (b)

    Rs.50,200

    (c)

    Rs.49,900

    (d)

    Rs.49,800

  4. When a partner withdraws regularly a fixed sum of money at the middle of every month, period for which interest is to be calculated on the drawings on an average is

    (a)

    5.5 months

    (b)

    6 months

    (c)

    12 months

    (d)

    6.5 months

  5. Profit after interest on drawings, interest on capital and remuneration is Rs.10,500. Geetha, a partner, is entitled to receive commission @ 5% on profits after charging such commission. Find out commission.

    (a)

    Rs.50

    (b)

    Rs.150

    (c)

    Rs.550

    (d)

    Rs.500

  6. Identify the incorrect pair

    (a)

    Goodwill under Average profit method - Average profit × Number of years of purchase

    (b)

    Goodwill under Super profit method - Super profit × Number of years of purchase

    (c)

    Goodwill under Annuity method - Average profit × Present value annuity factor

    (d)

    Goodwill under Weighted average profit method - Weighted average profit × Number of years of purchase

  7. Book profit of 2017 is Rs.35,000; non-recurring income included in the profit is Rs.1,000 and abnormal loss charged in the year 2017 was Rs.2,000, then the adjusted profit is

    (a)

    Rs.36,000

    (b)

    Rs.35,000

    (c)

    Rs.38,000

    (d)

    Rs.34,000

  8. The profit or loss on revaluation of assets and liabilities is transferred to the capital account of

    (a)

    The old partners

    (b)

    The new partner

    (c)

    All the partners

    (d)

    The Sacrificing partne

  9. Balaji and Kamalesh are partners sharing profits and losses in the ratio of 2:1. They admit Yogesh into partnership. The new profit sharing ratio between Balaji, Kamalesh and Yogesh is agreed to 3:1:1. Find the sacrificing ratio between Balaji and Kamalesh.

    (a)

    1:3

    (b)

    3:1

    (c)

    2:1

    (d)

    1:2

  10. At the time of retirement of a partner, determination of gaining ratio is required

    (a)

    To transfer revaluation profit or loss

    (b)

    To distribute accumulated profits and losses

    (c)

    To adjust goodwill

    (d)

    None of these

  11. X, Y and Z were partners sharing profits and losses equally. X died on 1st April 2019. Find out the share of X in the profit of 2019 based on the profit of 2018 which showed Rs. 36,000.

    (a)

    Rs. 1,000

    (b)

    Rs. 3,000

    (c)

    Rs. 12,000

    (d)

    Rs. 36,000

  12. Which of the following statement is false?

    (a)

    Issued capital can never be more than the authorised capital

    (b)

    In case of under subscription, issued capital will be less than the subscribed capital

    (c)

    Reserve capital can be called at the time of winding up

    (d)

    Paid up capital is part of called up capital

  13. Balance sheet provides information about the financial position of a business concern

    (a)

    Over a period of time

    (b)

    As on a particular date

    (c)

    For a period of time

    (d)

    For the accounting period

  14. The term ‘fund’ refers to

    (a)

    Current liabilities

    (b)

    Working capital

    (c)

    Fixed assets

    (d)

    Non-current assets

  15. Debt equity ratio is a measure of

    (a)

    Short term solvency

    (b)

    Long term solvency

    (c)

    Profitability

    (d)

    Efficiency

  16. Current liabilities Rs. 40,000; Current assets Rs. 1,00,000 ; Inventory Rs. 20,000. Quick ratio is

    (a)

    1:1

    (b)

    2.5:1

    (c)

    2:1

    (d)

    1:2

  17. Salary account comes under which of the following head?

    (a)

    Direct Incomes

    (b)

    Direct Expenses

    (c)

    Indirect Incomes

    (d)

    Indirect Expenses

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