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Sample 3 Mark Book Back Questions (New Syllabus) 2020

12th Standard EM

    Reg.No. :
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Accountancy

Time : 01:00:00 Hrs
Total Marks : 66

    Part A

    22 x 3 = 66
  1. From the following particulars calculate total purchases

    Particulars Rs
    Sundry creditors on 1st April, 2017 75,000
    Bills payable on 1st April, 2017 60,000
    Paid cash to creditors 3,70,000
    Paid for bills payable 1,00,000
    Purchases returns 15,000
    Cash purchases 3,20,000
    Creditors on 31st March, 2018 50,000
    Bills payable on 31st March, 2018 80,000
  2. Following are the balances in the books of Thomas as on 31st March 2019.

    Particulars Rs. Particulars Rs.
    Sundry creditors 6,00,000 Bills payable 1,20,000
    Furniture 80,000 Cash in hand 20,000
    Land and building 3,00,000 Bills receivable 60,000
    Sundry Debtors 3,20,000 Stock 2,20,000

    Prepare a statement of affairs as on 31st March 2019 and calculate capital as at that date.

  3. From the following particulars, calculate total sales

    Particulars Rs. Particulars Rs.
    Debtors on 1st April 2018 2,50,000 Bills receivable dishonoured 15,000
    Bills receivable on 1st April 2018 60,000 Returns inward 50,000`
    Cash received from debtors 7,25,000 Bills receivable on 31st March, 2019 90,000
    Cash received for bills receivable 1,60,000 Sundry debtors on 31st March, 2019 2,40,000
    Bad debts 30,000 Cash sales 3,15,000
  4. 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
  5. How will the following appear in the final accounts of Karaikudi sports club for the year
    ending 31st March, 2019?

    Particulars Rs.
    Tournament fund on 1st April 2018 90,000
    Tournament fund investment on 1st April 2018 90,000
    Interest received on tournament fund investment 9,000
    Donation to tournament fund 10,000
    Tournament expenses 60,000
  6. 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.

  7. Anbu is a partner in a partnership firm. As per the partnership deed, interest on drawings is charged at 12% p.a. During the year ended 31st December 2018 he drew as follows:

    Date Rs
    March 1 6,000
    June 1 4,000
    September 1 5,000
    December 1 2,000

    Calculate the amount of interest on drawings by using product method. 

  8. Write a brief note on the applications of the provisions of the Indian Partnership Act, 1932 in the absence of partnership deed.

  9. Ahamad and Basheer contribute Rs.60,000 and Rs.40,000 respectively as capital. Their respective share of profit is 2:1 and the profit before interest on capital for the year is Rs.5,000. Compute the amount of interest on capital in each of the following situations:
    (i) if the partnership deed is silent as to the interest on capital
    (ii) if interest on capital @ 4% is allowed as per the partnership deed
    (iii) if the partnership deed allows interest on capital @ 6% per annum.

  10. From the following information relating to Arul enterprises, calculate the value of goodwill on the basis of 2 years purchase of the average profits of 3 years.
    (a) Profits for the years ending 31st December 2016, 2017 and 2018 were Rs.46,000, Rs.44,000 and Rs.50,000 respectively.
    (b) A non-recurring income of Rs.5,000 is included in the profits of the year 2016.
    (c) The closing stock of the year 2017 was overvalued by Rs.10,000.

  11. From the following information relating to Sridevi enterprises, calculate the value of goodwill on the basis of 4 years purchase of the average profits of 3 years.
    (a) Profits for the years ending 31st December 2016, 2017 and 2018 were Rs.1,75,000,
    Rs.1,50,000 and Rs.2,00,000 respectively.
    (b) A non-recurring income of Rs.45,000 is included in the profits of the year 2016.
    (c) The closing stock of the year 2017 was overvalued by Rs.30,000.

  12. 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.

  13. What are the adjustments required at the time of admission of a partner?

  14. Hari, Madhavan and Kesavan are partners, sharing profits and losses in the ratio of 5:3:2. As from 1st April 2017, Vanmathi is admitted into the partnership and the new profit sharing ratio is decided as 4:3:2:1. The following adjustments are to be made.
    (a) Increase the value of premises by Rs.60,000.
    (b) Depreciate stock by ` 5,000, furniture by Rs.2,000 and machinery by Rs.2,500.
    (c) Provide for an outstanding liability of Rs.500.
    Pass journal entries and prepare revaluation account. 

  15. Ramya, Sara and Thara are partners sharing profits and losses in the ratio of 5:3:2.
    On 1st April 2018, Thara retires and on retirement, the following adjustments are agreed upon:
    (i) Increase the value of premises by Rs. 40,000.
    (ii) Depreciate stock by ` 3,000 and machinery by Rs. 6,500.
    (iii) Provide an outstanding liability of Rs. 500
    Pass journal entries and prepare revaluation account.

  16. Vinoth, Karthi and Pranav are partners sharing profits and losses in the ratio of 2:2:1. Pranav retires from partnership on 1st April 2018. The following adjustments are to be
    made.
    (i) Increase the value of land and building by Rs. 18,000
    (ii) Reduce the value of machinery by Rs. 15,000
    (iii) A provision would also be made for outstanding expenses for Rs. 8,000.
    Give journal entries and prepare revaluation account.

  17. Maruthu Ltd. forfeited 150 equity shares of  Rs.10 each for non payment of final call of Rs.4 per share. Of these 100 shares were reissued @ Rs.9 per share. Pass journal entries for forfeiture and reissue.

  18. Write a brief note on calls in advance.

  19. From the following particulars of Siva Ltd, prepare common size income statement for the
    years ended 31st March, 2016 and 31st March, 2017.

    Particulars 2015-16 2016-17
      Rs. Rs.
    Revenue from operations 2,00,000 3,00,000
    Other income 25,000 75,000
    Expenses 2,50,000 1,50,000
    Income tax % 40 40
  20. How is operating profit ascertained?

  21. From the following information of Ashika Ltd., calculate fixed assets turnover ratio:
    (i) Revenue from operations during the year were Rs.60,00,000.
    (ii) Fixed assets at the end of the year was Rs.6,00,000.

  22. Explain how to view profit and loss statement in Tally.ERP 9.

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