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Model 5 Mark Creative Questions (New Syllabus 2020)

12th Standard EM

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Accountancy

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

    Part A

    9 x 5 = 45
  1. From the following details, find out credit purchases:

    Particulars Rs.
    Opening sundry creditors 75,000
    Closing sundry creditors 90,000
    Cash paid to sundry creditors 22,500
    Discount received 15,000
    Purchase returns 7,500
  2. From the following Receipts and Payments Account of Trichy, Rotary dub, prepare Income and Expenditure Account for the year ended 31.03.2019

    Receipts Rs Paymenta Rs
    To Opening Balance   By Furniture Purchased 10,000
    Cash in hand 11,000 By Rent 2,800
    To Sale of old newspaper 3,600 By Postage 1,700
    To Member's Subscription 31,000 By General expenses 4,350
    To Locker rent 8,000 By Printing and stationery 45,000
    To Interest on investments 1,250 By Audit fees 5,000
    To Sale of furniture 5,000 By Closing balance  
        Cash in hand 3,000
  3. Durga and Preethi entered into a partnership agreement on 1st April 2018, Durga contributing Rs.50,000 and Preethi Rs.60,000 as capital. The agreement provided that:
    (a) Profits and losses to be shared in the ratio 3:2 as between Durga and Preethi.
    (b) Partners to be entitled to interest on capital @ 5% p.a.
    (c) Interest on drawings to be charged Durga Rs.600 Velan Rs.900
    (d) Durga to receive a salary Rs.10,000 for the year and
    (e) Preethi to receive a commission of Rs.4,000 During the year, the firm made a profit of Rs.40,000 before adjustment of interest, salary and commission prepare the profit and loss appropriation account.

  4. From the following information, calculate the value of goodwill based on 3 years purchase of Super profit
    (i) Capital employed: 1,00,000
    (ii) Normal rate of return: 10%
    (iii)Average profit of the business: 42,000

  5. Sheela and Neela were sharing profits in the ratio of 4:3. Kamala was admitted with 1/5th share in profits of business. Calculated the New profit Ratio and the sacrificing ratio.

  6. Priya, Latha, and Kalai are partners sharing profits and losses in the ratio of 3:2:1 respectively. Priya died on 31st December, 2018 Final amount due to her showed a credit balance of Rs.1,20,000. Pass journal entries if
    (a) The amount due is paid off immediately,·
    (b) The amount due is not paid immediately,
    (c) Rs.80,000 is paid and the balance in future.

  7. Das Ltd. offered 50,000 equity shares of Rs.10 each to the public payable as follows: On application Rs.4; on allotment Rs.3; on first call Rs.1 and on second and final call Rs.2.
    Applications were received for 1,00,000 shares. All the applicants were allotted 1 share for every two shares applied. Excess application money was used for amount due on allotment and call. Pass necessary journal entries.

  8. From the following particulars of Vijay Ltd, prepare common size income statement for the year ended 31st March 2017 and 31st March 2018

  9. From the following figures obtained from Sun Ltd; calculate the trade payables turnover ratio and credit payment period (in days).

    Particulars Rs.
    Credit purchases during 2018 - 2019 1,00,000
    Trade creditors as on 1.4.2018 20,000
    Trade creditors as on 31.3.2019 10,000
    Bills payable as on 1.4.2018 4,000
    Bills payable as on 31.3.2019 6,000

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