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12th Standard Accountancy English Medium - Revision Model Question Paper with Answer Key 2022 - 2023 Study Materials Dec-31 , 2022

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12th Standard Accountancy English Medium - Revision Model Question Paper with Answer Key 2022 - 2023

12th Standard Accountancy Revision Model Question Paper With Answer Key

12th Standard

    Reg.No. :
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Accountancy

Time : 02:30:00 Hrs
Total Marks : 90

     PART  - I 

    Note : i ) All Questions Are Compulsory.

              ii) Choose The Most Suitable  Answer From The Given Four Correct Alternatives.

    20 x 1 = 20

  1. Incomplete records are generally maintained by

    (a)

    A company

    (b)

    Government

    (c)

    Small sized sole trader business

    (d)

    Multinational enterprises

  2. Statement of affairs is a

    (a)

    Statement of income and expenditure

    (b)

    Statement of assets and liabilities

    (c)

    Summary of cash transactions

    (d)

    Summary of credit transactions

  3. Balance of receipts and payments account indicates the

    (a)

    Loss incurred during the period

    (b)

    Excess of income over expenditure of the period

    (c)

    Total cash payments during the period

    (d)

    Cash and bank balance as on the date

  4. Income and expenditure account is a

    (a)

    Nominal A/c

    (b)

    Real A/c

    (c)

    Personal A/c

    (d)

    Representative personal account

  5. In the absence of an agreement among the partners, interest on capital is

    (a)

    Not allowed

    (b)

    Allowed at bank rate

    (c)

    Allowed @ 5% per annum

    (d)

    Allowed @ 6% per annum

  6. As per the Indian Partnership Act, 1932, the rate of interest allowed on loans advanced by partners is

    (a)

    8% per annum

    (b)

    12% per annum

    (c)

    5% per annum

    (d)

    6% per annum

  7. The average rate of return of similar concerns is considered as

    (a)

    Average profit

    (b)

    Normal rate of return

    (c)

    Expected rate of return

    (d)

    None of these

  8. Which of the following is true?

    (a)

    Super profit = Total profit / number of years

    (b)

    Super profit = Weighted profit / number of years

    (c)

    Super profit = Average profit – Normal profit

    (d)

    Super profit = Average profit x Years of purchase

  9. 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 partners

  10. If the old profit sharing ratio is more than the new profit sharing ratio of a partner, the difference is called

    (a)

    Capital ratio

    (b)

    Sacrificing ratio

    (c)

    Gaining ratio

    (d)

    None of these

  11. 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

  12. If the final amount due to a retiring partner is not paid immediately, it is transferred to

    (a)

    Bank A/c

    (b)

    Retiring partner’s capital A/c

    (c)

    Retiring partner’s loan A/c

    (d)

    Other partners’ capital A/c

  13. After the forfeited shares are reissued, the balance in the forfeited shares account should be transferred to

    (a)

    General reserve account

    (b)

    Capital reserve account

    (c)

    Securities premium account

    (d)

    Surplus account

  14. The amount received over and above the par value is credited to

    (a)

    Securities premium account

    (b)

    Calls in advance account

    (c)

    Share capital account

    (d)

    Forfeited shares account

  15. 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

  16. Which of the following tools of financial statement analysis is suitable when data relating to several years are to be analysed?

    (a)

    Cash flow statement

    (b)

    Common size statement

    (c)

    Comparative statement

    (d)

    Trend analysis

  17. The mathematical expression that provides a measure of the relationship between two figures is called

    (a)

    Conclusion

    (b)

    Ratio

    (c)

    Model

    (d)

    Decision

  18. Current ratio indicates

    (a)

    Ability to meet short term obligations

    (b)

    Efficiency of management

    (c)

    Profitability

    (d)

    Long term solvency

  19. Which submenu displays groups, ledgers and voucher types in Tally?

    (a)

    Inventory vouchers

    (b)

    Accounting vouchers

    (c)

    Company Info

    (d)

    Account Info

  20. What are the predefined Ledger(s) in Tally?
    (i) Cash
    (ii) Profit & Loss A/c
    (iii) Capital A/c

    (a)

    Only (i)

    (b)

    Only (ii)

    (c)

    Both (i) and (ii)

    (d)

    Both (ii) and (iii)

    21. PART  - II

    Note : Answer Any Seven Questions and Question.No.30 is Compulsory.


    7 x 2 = 14

  21. From the following particulars ascertain profit or loss: 

      Rs.
    Capital at the beginning of the year (1st April, 2016) 2,00,000
    Capital at the end of the year (31st March, 2017) 3,50,000
    Additional capital introduced during the year 70,000
    Drawings during the year 40,000

  22. From the following details calculate the amount that will be shown as subscription in Income and Expenditure Account for the year ending 31st March, 2017.

    Subscription received for Rs.
    2015-16 7,500
    2016-17 60,000
    2017-18 1,500
      69,000

    Subscription outstanding for the year 2016-17 is Rs. 2,400. Subscription for 2016-17 received in 2015-16 was Rs.1,000

  23. What is a partnership deed?

  24. The following are the profits of a firm in the last five years:
    2014: Rs. 4,000; 2015: Rs. 3,000; 2016: Rs. 5,000; 2017: Rs. 4,500 and 2018: Rs. 3,500
    Calculate the value of goodwill at 3 years purchase of average profits of five years.

  25. Rathna Kumar and Arockia Das are partners in a firm sharing profits and losses in the ratio of 3:2. Their balance sheet as on 31st March, 2017 is as follows:

    Liabilities Rs. Rs. Assets Rs.
    Capital accounts:     Buildings 30,000
    Rathna Kumar 30,000   Plant 60,000
    Arockia Das 50,000 80,000 Furniture 20,000
    Profit and loss appropriation A/c   20,000 Debtors 10,000
    General reserve   5,000 Stock 15,000
    Workmen compensation fund   15,000 Cash at bank 15,000
    Sundry creditors   30,000    
        1,50,000   1,50,000

    David was admitted into the partnership on 1.4.2017. Pass journal entry to distribute the accumulated profits and reserve on admission.

  26. Mary, Meena and Mariam are partners of a firm sharing profits and losses equally. Mary retired from the partnership on 1.1.2019. On that date, their balance sheet showed accumulated loss of Rs. 75,000 on the asset side of the balance sheet. Give the journal entry to distribute the accumulated loss.

  27. Jeyam Tyres issued 15,000 ordinary shares of  Rs.10 each payable as follows:
    Rs.3 on application; Rs.5 on allotment; Rs.2 on first and final call. All money were duly received except one shareholder holding 100 shares failed to pay the call money. Pass the necessary journal entries for call (using calls in arrear account).

  28. From the following particulars, prepare comparative income statement of Tharun Co. Ltd.

    Particulars 2016-17 2017-18
      Rs. Rs.
    Revenue from operations 2,00,000 2,50,000
    Other income 50,000 40,000
    Expenses 1,50,000 1,20,000

  29. Calculate current ratio from the following information:

    Particulars Rs. Particulars Rs.
    Current investments 80,000 Trade creditors 1,60,000
    Inventories 1,60,000 Bills payable 1,00,000
    Trade receivables 4,00,000 Expenses payable 1,40,000
    Cash and cash equivalents 1,20,000    
    Prepaid expenses 40,000    

  30. What is automated accounting system?

    31.  PART  - III

     Note : Answer Any Seven Questions and Question No.40 is Compulsory.


    7 x 3 = 21

  31. From the following details, calculate the missing figure

      Rs.
    Closing capital as on 31.3.2019 1,90,000
    Additional capital introduced during the year 50,000
    Drawings during the year 30,000
    Opening capital on 1.4.2018 ?
    Loss for the year ending 31.3.2019 40,000

  32. From the following Receipts and Payment Account of Ooty Recreation Club, prepare Income and Expenditure Account for the year ended 31.03.2018

    Receipts Rs. Payments Rs.
    To Opening balance   By Sports materials purchased 10,000
    Cash in hand 5,000 By Stationery paid 7,000
    To Rent received 10,000 By Computer purchased 25,000
    To Sale of investments 8,000 By Salaries 20,000
    To Subscription received 54,000 By Closing balance  
        Cash in hand 15,000
      77,000   77,000

  33. From the following balance sheets of Brindha and Praveena who share profits and losses in the ratio of 3:4, calculate interest on capital at 6% p.a. for the year ending 31st December 2017.

    Balance sheet as on 31st December 2017
    Liabilities Rs. Assets Rs.
    Capital accoun   Sundry assets 80,000
    Brindha 30,000    
    Praveena 40,000    
    Profit and loss appropriation A/c 10,000    
      80,000   80,000

     On 1st July 2017, Brindha introduced an additional capital of Rs. 6,000 and on 1st October 2017, Praveena introduced Rs. 10,000. Drawings of Brindha and Praveena during the year were Rs. 5,000 and Rs. 7,000 respectively. Profit earned during the year was Rs. 31,000.

  34. How is goodwill calculated under the super profits method?

  35. Rajesh and Ramesh are partners sharing profits in the ratio 3:2. Raman is admitted as a new partner and the new profit sharing ratio is decided as 5:3:2. The following revaluations are made. Pass journal entries and prepare revaluation account.
    (a) The value of building is increased by Rs. 15,000.
    (b) The value of the machinery is decreased by Rs. 4,000.
    (c) Provision for doubtful debt is made for Rs. 1,000.

  36. Kavitha, Kumudha and Lalitha are partners sharing profits and losses in the ratio of 5 : 3 : 3 respectively. Kumudha retires from the firm on 31st December, 2018. On the date of retirement, her capital account shows a credit balance of Rs. 2,00,000. Pass journal entries if:
    i) The amount due is paid off immediately by cheque.
    ii) The amount due is not paid immediately.
    iii) Rs. 70,000 is paid immediately by cheque

  37. Anu Company forfeited 200 equity shares of Rs.10 each issued at par held by Thiyagu for nonpayment of the final call of  Rs.3 per share. The shares were reissued to Laxman at Rs.6 per share. Show the journal entries for forfeiture and reissue.

  38. From the following particulars, prepare comparative income statement of Abdul Co. Ltd.

    Particulars 2015-16
    Rs.    		 2016-17
    Rs.
    Revenue from operations 3,00,000 3,60,000
    Other income 1,00,000 60,000
    Expenses 2,00,000 1,80,000
    Income tax 30% 30%

  39. Following is the statement of profit and loss of Maria 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   8,00,000
    II. Other Income   20,000
    III. Total revenue (I +II)   8,20,000
    IV. Expenses:    
    Purchases of stock-in-trade   4,50,000
    Changes in inventories   -40,000
    Employee benefits expenses 1 22,000
    Other expenses 2 68,000
    Total expenses   5,00,000
    V. Profit before tax (III-IV)   3,20,000
    Notes to Accounts
    Particulars Amount
    Rs.
    1. Employee benefits expenses  
    Wages (direct) 10,000
    Salaries 12,000
    Total 22,000
    2. Other expenses 20,000
    Selling and distribution expenses 28,000
    Loss on sale of fixed asset 20,000
    Total 68,000

  40. What are the pre-defined ledgers available in Tally.ERP 9?

    41.  PART  - IV

    Note : Answer all the Questions.


    7 x 5 = 35

    1. Ahmed does not keep proper books of accounts. Find the profit or loss made by him for the year ending 31st March, 2018.

      Particulars 1.4.2017
      Rs      		 31.3.2018
      Rs
      Bank balance 14,000 (Cr.) 18,000 (Dr.)
      Cash in hand 800 1,500
      Stock 12,000 16,000
      Debtors 34,000 30,000
      Plant 80,000 80,000
      80,000 40,000 40,000
      Creditors 60,000 72,000

      Ahmed had withdrawn Rs. 40,000 for his personal use. He had introduced Rs.16,000 as capital for expansion of his business. A provision of 5% on debtors is to be made. Plant is to be depreciated at 10%.

    2. From the following particulars of Chennai Sports Club, prepare Receipts and Payments account for the year ended 31st March, 2018.

      Particulars Rs. Particulars Rs. Rs.
      Opening cash balance as on 1.4.2017 10,000 Subscriptions received    
      Opening bank balance as on 1.4.2017 15,000 2016 – 2017 4,500  
      Interest paid 5,000 2017 – 2018 65,000  
      Depreciation 7,000 2018 – 2019 5,000 74,500
      Upkeep of grounds 22,500 Tournament expenses   12,500
      Life membership fees received 5,500 Tournament fund receipts   15,000
      Bats and balls purchased 13,000 Closing balance of cash
      (31.3.2018)      		   5,000

    1. From the following Receipts and Payments Account of Friends Football club, for the year ending 31st March, 2017, prepare Income and Expenditure Account for the year ending 31st March, 2017 and the Balance sheet as on that date.
      In the books of Friends Football Club

      Dr. Receipts and Payments Account for the year ended 31st March, 2017 Cr.
      Receipts Rs. Rs. Payments Rs. Rs.
      To Balance b/d     By Furniture     7,000
      Cash 1,000   By Sports materials purchased   800
      Bank 10,000 11,000 By Special dinner expenses   1,500
      To Subscriptions   5,000 By Electricity charges   900
      To Legacies   6,000 By Balance c/d    
      To Collection for special     Cash in hand 1,800  
      dinner   2,000 Cash at bank 12,000 13,800
          24,000     24,000

      Additional information:
      (i) The club had furniture of Rs. 12,000 on 1st April 2016. Ignore depreciation on furniture.
      (ii) Subscription outstanding for 2016 - 2017 Rs. 600.
      (iii) Stock of sports materials on 31.03.2017 Rs. 100.
      (iv) Capital fund as on 1st April 2016 was Rs. 23,000.

    2. 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.

    1. From the following information, prepare capital accounts of partners Shanthi and Sumathi, when their capitals are fixed.

      Particulars Shanthi
      Rs.

      Sumathi

      Rs.
      Capital on 1st January 2 1,00,000 80,000
      Current account on 1st January 2018 (Cr.) 5,000 3,000
      Additional capital introduced on 1st June 2018 10,000 20,000
      Drawings during 2018 20,000 13,000
      Interest on drawings 500 300
      Share of profit for 20 10,000 8,000
      Interest on capital 6,300 5,400
      Salary 9,000 Nil
      Commission Nil 1,200

    2. Durai and Velan entered into a partnership agreement on 1st April 2018, Durai contributing Rs. 25,000 and Velan Rs. 30,000 as capital. The agreement provided that:
      (a) Profits and losses to be shared in the ratio 2:3 as between Durai and Velan.
      (b) Partners to be entitled to interest on capital @ 5% p.a.
      (c) Interest on drawings to be charged Durai: Rs. 300 Velan: Rs. 450
      (d) Durai to receive a salary of Rs. 5,000 for the year, and
      (e) Velan to receive a commission of Rs. 2,000
      During the year, the firm made a profit of Rs. 20,000 before adjustment of interest, salary and commission. Prepare the Profit and loss appropriation account.

    1. From the following information, calculate the value of goodwill based on 3 years purchase of super profit
      (i) Capital employed: Rs. 2,00,000
      (ii) Normal rate of return: 15%
      (iii) Average profit of the business: Rs. 42,000

    2. Calculate the value of goodwill at 5 years purchase of super profit from the following information:
      (a) Capital employed: Rs. 1,20,000
      (b) Normal rate of profit: 20%
      (c) Net profit for 5 years:
      2014: Rs. 30,000; 2015: Rs. 32,000; 2016: Rs. 35,000; 2017: Rs. 37,000 and 2018: Rs. 40,000
      (d) Fair remuneration to the partners Rs. 2,800 per annum.

    1. From the following information, compute the value of goodwill as per annuity method:
      (a) Capital employed: Rs. 50,000
      (b) Normal rate of return: 10%
      (c) Profits of the years 2016, 2017 and 2018 were Rs. 13,000, Rs. 15,000 and Rs. 17,000 respectively.
      (d) The present value of annuity of Rs. 1 for 3 years at 10% is Rs. 2.4868.

    2. Sriram and Raj are partners sharing profits and losses in the ratio of 2:1. Nelson joins as a partner on 1st April 2017. The following adjustments are to be made:
      (i) Increase the value of stock by Rs. 5,000
      (ii) Bring into record investment of Rs. 7,000 which had not been recorded in the books of the firm.
      (iii) Reduce the value of office equipment by Rs. 10,000
      (iv) A provision would also be made for outstanding wages for Rs. 9,500.
      Give journal entries and prepare revaluation account.

    1. 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.

    2. Bharath Ltd. issued 1,00,000 equity shares of  Rs. 10 each to the public at par. The details of the amount payable on the shares are as follows:

      On application Rs.5 per share
      On allotment Rs.3 per share
      On first and final call Rs.2 per share

      Application money was received for 1,20,000 shares. Excess application money was refunded immediately. Pass journal entries to record the above.

    1. From the following balance sheet of Chandra Ltd, prepare comparative balance sheet as on 31st March 2016 and 31st March 2017.

      Particulars 31st March 2016 31st March 2017
        Rs. Rs.
      I EQUITY AND LIABILITIES    
      Shareholders’ fund 1,00,000 2,60,000
      Non-current liabilities 50,000 60,000
      Current liabilities 25,000 30,000
      Total 1,75,000 3,50,000
      II ASSETS 1,00,000 2,00,000
      Current assets 75,000 1,50,000
      Total 1,75,000 3,50,000

    2. From the following Balance Sheet of James Ltd. as on 31.03.2019 calculate
      (i) Debt-equity ratio
      (ii) Proprietary ratio
      (iii) Capital gearing ratio

      Balance Sheet of Sundaram Ltd. as on 31.3.2019
      Particulars Amount
      Rs.
      I. EQUITY AND LIABILITIES  
      1. Shareholders' funds  
      (a) Share capital  
      Equity share capital 2,50,000
      6% Preference share capital 2,00,000
      (b) Reserves and surplus 1,50,000
      2. Non-current liabilities  
      Long-term borrowings (8% Debentures) 3,00,000
      3. Current liabilities  
      Short-term borrowings from banks 2,00,000
      Trade payables 1,00,000
      Total 12,00,000
      II ASSETS  
      1. Non-current assets  
      Fixed assets 8,00,000
      2. Current assets  
      (a) Inventories 1,20,000
      (b) Trade receivables 2,65,000
      (c) Cash and Cash equivalents 10,000
      (d) Other current assets  
      Expenses paid in advance 5,000
      Total 12,00,000

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