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12th Standard Accountancy English Medium Model 5 Mark Book Back Questions (New Syllabus 2020) Question Bank Software Sep-29 , 2020

12th Standard Accountancy English Medium Model 5 Mark Book Back Questions (New Syllabus 2020)

12th Standard Accountancy English Medium Model 5 Mark Book Back Questions (New Syllabus 2020)

Model 5 Mark Book Back Questions (New Syllabus 2020)

12th Standard

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Accountancy

Time : 01:00:00 Hrs
Total Marks : 60

    Part A

    12 x 5 = 60

  1. Ananth does not keep his books under double entry system. Find the profit or loss made by him for the year ending 31st March, 2019.

    Particulars 31.3.2018
    Rs.    		 31.3.2019
    Rs.
    Cash at Bank 5,000 (Dr.) 60,000 (Cr.)
    Cash in hand 3,000 4,500
    Stock of goods 35,000 45,000
    Sundry Debtors 1,00,000 90,000
    Plant and Machinery 80,000 80,000
    Land and Buildings 1,40,000 1,40,000
    Sundry Creditors 1,70,000 1,30,000

    Ananth had withdrawn Rs. 60,000 for his personal use. He had introduced Rs. 17,000 as capital for expansion of his business. Create a provision of 5% on debtors. Plant and machinery is to be depreciated at 10%.

  2. Following is the Receipts and Payments Account of Salem Recreation Club for the year ended 31st March, 2019
    In the books of Salem Recreation Club Receipts and Payments Account for the year ended 31st March, 2019

    Dr.                                                                                              Cr.
    Receipts Rs. Rs. Payments Rs.
    To Balance b/d:     By Furniture 15,000
    Cash in hand   9,000 By Stationery 2,400
    To Subscriptions     By Investment 12,500
    2018 – 2019 12,500   By Postage 1,000
    2019 – 2020 400 12,900 By Balance c/d:  
    To Proceeds from entertainment   12,000 Cash in hand 3,500
    To Sundry receipts   500    
        34,400   34,400

    Additional information:

    (i) There are 450 members each paying annual subscription of Rs. 30.
    (ii) Stock of stationery on 31st March, 2018 Rs. 300 and on March 31, 2019 Rs. 500.
    (iii) Capital fund as on 1st April 2018 was Rs. 9,300.
    Prepare income and expenditure account for the year ended 31st March, 2019 and the balance sheet as on that date.

  3. From the following information, prepare capital accounts of partners Rooban and Deri, when their capitals are fixed.

    Particulars

    Rooban

    Rs.

    		 Deri
    Rs.
    Capital on 1st April, 201 70,000 50,000
    Current account on 1st April, 2018 (Cr.) 25,000 15,000
    Additional capital introduced 18,000 16,000
    Drawings during 2018 – 2019 10,000 6,000
    Interest on drawings 500 300
    Share of profit for 2018 – 2019 35,000 25,800
    Interest on capital 3,500 2,500
    Salary Nil 18,000
    Commission 12,000 Nil

  4. Find out the value of goodwill by capitalising super profits:
    (a) Normal Rate of Return 10%
    (b) Profits for the last four years are Rs. 30,000, Rs. 40,000, Rs. 50,000 and Rs. 45,000.
    (c) A non-recurring income of Rs. 3,000 is included in the above mentioned profit of Rs. 30,000.
    (d) Average capital employed is Rs. 3,00,000.

  5. Rajan and Selva are partners sharing profits and losses in the ratio of 3:1. Their balance sheet as on 31st March 2017 is as under:

    Liabilities Rs. Rs. Assets Rs.
    Capital accounts:     Building 25,000
    Rajan 30,000   Furniture 1,000
    Selva 16,000 46,000 Stock 20,000
    General reserve   4,000 Debtors 16,000
    Creditors   37,500 Bills receivable 3,000
          Cash at bank 12,500
          Profit and loss account 10,000
        87,500   87,500

     On 1.4.2017, they admit Ganesan as a new partner on the following arrangements:
    (i) Ganesan brings Rs. 10,000 as capital for 1/5 share of profit.
    (ii) Stock and furniture is to be reduced by 10%, a reserve of 5% on debtors for doubtful debts is to be created.
    (iii) Appreciate buildings by 20%.
    Prepare revaluation account, partner's capital account and the balance sheet of the firm after admission.

  6. Ramesh, Ravi and Akash are partners who share profits and losses in their capital ratio. Their balance sheet as on 31.12.2017 is as follows:

    Balance Sheet as on 31st December, 2017
    Liabilities Rs. Rs. Asset Rs. Rs.
    Capital accounts:     Plant and machinery   45,000
    Ramesh 30,000   Stock   22,000
    Ravi 30,000   Debtors   15,000
    Akash 20,000 80,000 Cash at bank   10,000
    General reserve   8,000 Cash in hand   4,000
    Creditors   8,000      
        96,000     96,000

    Akash died on 31.3.2018. On the death of Akash, the following adjustments are made:
    (i) Plant and machinery is to be valued at Rs. 54,000
    (ii) Stock is to be depreciated by Rs. 1,000
    (iii) Goodwill of the firm is valued at Rs. 24,000
    (iv) Share of profit of Akash is to be calculated from the closing of the last financial year to the date of death on the basis of the average of the three completed years’ profit before death. Profit for 2015, 2016 and 2017 were Rs. 66,000, Rs. 60,000 and Rs. 66,000 respectively.
    Prepare the necessary ledger accounts and the balance sheet immediately after the death of Akash.

  7. Divya Ltd. allotted 10,000 equity shares of Rs.10 each at a premium of Rs.2 per share to applicants of 14,000 shares on a pro rata basis. The excess application money will be adjusted towards allotment money. The amount payable was Rs.2 on application, Rs.5 on allotment (including premium of Rs.2 each) and Rs.3 on first call and Rs.2 on final call. Vikas, a shareholder failed to pay the first call and final call on his 300 shares. All the shares were forfeited and out of them 200 shares were reissued @ Rs.9 per share. Pass the necessary journal entries.

  8. From the following particulars, prepare comparative income statement of Arul Ltd.

    Particulars 2015-16
    Rs.    		 2016-17
    Rs.
    Revenue from operations 50,000 60,000
    Other income 10,000 30,000
    Expenses 40,000 50,000

  9. Prepare common-size statement of financial position for the following particulars of Yasmin Ltd. and Sakthi Ltd.

    Particulars Yasmin Ltd. Sakthi Ltd.
      Rs. Rs.
    I EQUITY AND LIABILITIES    
    1. Shareholders’ Fund 2,00,000 3,00,000
    a) Share capital 3,00,000 60,000
    2. Non-current liabilities    
    Long-term borrowings 1,50,000 1,80,000
    3. Current liabilities    
    Trade payables 1,00,000 60,000
    Total 5,00,000 6,00,000
    II ASSETS    
    1. Non-current assets    
    a) Fixed assets 2,00,000 3,00,000
    b) Non - current investments 50,000 1,20,000
    2. Current assets    
    Inventories 2,00,000 90,000
    Cash and cash equivalents 50,000 90,000
    Total 5,00,000 6,00,000

  10. From the following information calculate debt equity ratio.

    Balance Sheet (Extract) as on 31st March, 2019
    Particulars Amount
    Rs.
    I. EQUITY AND LIABILITIES  
    1. Shareholders' funds  
    (a) Share capital  
    Equity share capital 6,00,000
    (b) Reserves and surplus 2,00,000
    2. Non-current liabilities  
    Long-term borrowings (Debentures) 6,00,000
    3. Current liabilities  
    (a) Trade payables 1,60,000
    (b) Other current liabilities  
    Outstanding expenses 40,000
    Total 16,00,000

  11. Following is the statement of profit and loss of Padma Ltd. for the year ended 31st March, 2018. Calculate the operating cost ratio.

    Statement of Profit and Loss
    Particulars Note No. Amount Rs.
    I. Revenue from operations   15,00,000
    II. Other Income   40,000
    III. Total revenue (I+II)   15,40,000
    IV. Expenses:    
    Purchases of Stock-in-trade   8,60,000
    Changes in inventories   40,000
    Employee benefits expense (Salaries)   1,60,000
    Other expenses 1 1,70,000
    Total expenses   12,30,000
    V. Profit before tax (III-IV)   3,10,000

    Notes to Accounts

    Particulars Amount Rs.
    1. Other expenses  
    Office and administrative expenses 50,000
    Selling and distribution expenses 90,000
    Loss on sale of furniture 30,000
      1,70,000

  12. 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.

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