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12th Standard English Medium Accountancy Reduced Syllabus Creative Five mark Question with Answer key - 2021(Public Exam )

12th Standard

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Accountancy

Time : 02:30:00 Hrs
Total Marks : 125

    Part A

    25 x 5 = 125
  1. Calculate the missing information:

    Particulars Rs.
    Closing capital 32,000
    Drawings 4,800
    Additional capital 8,000
    Profit made during the year 9,600
  2. Compute the amount of total purchases and total sales of Mr. Amit from the following information for the year ending on March 31, 2018.

      Rs.
    Total debtors as on April 01, 2017 40,000
    Total creditors as on April 01,2017 50,000
    Bills receivable as on April 01, 2017 30,000
    Bills payable as on April 01, 2017 45,000
    Discount received 5,000
    Bad debts 2,000
    Return inwards 4,000
    Discount allowed 3,000
    Cash sales 10,000
    Cash purchases 8,000
    Total debtors as on March 31, 2018 80,000
    Cash received from debtors 1,00,000
    Cash paid to creditors 80,000
    Cash received against bills receivable 25,000
    Payment made against bills receivable 40,000
    Total creditors as on March 31, 2018 40,000
    Bills payable as on March 31, 2018 50,000
    Bills receivable as on March 31,2018 35,000
  3. From the following details of vijay who maintains incomplete records, prepare trading and profit and loss account for the year ended 31st March 2018 and a Balance sheet as on the date.

    Particulars As on 1.4.2017
              Rs.
    As on 31.3.2018
              Rs.
    Sundry Creditors 37,500 43,750
    Furniture 2,500 2,500
    Cash 6,250 10,000
    Sundry debtors 62,500 87,500
    Stock 25,000 12,500

     Other details:

      Rs.
    Drawings 10,000
    Discount received 3,750
    Discount allowed 2,500
    Cash received from sundry debtors 1,35,000
    Cash paid to creditors 1,12,500
    Sales returns 3,750
    Purchase returns 1,250
    Sundry expenses paid 8,750
  4. From the following Receipt and Payment Account for the year ending 31thMarch 2015 of crickets club. Prepare Income and Expenditure Account for the same period:

    Dr Receipt and Payment Account for the year ending March 31, 2015 Cr
    Receipts Rs Payments Rs
    To Balance c/d 25,000 By Purchase of furniture (1.7.14) 5,000
    Bank 25,000 By Salaries 2,000
    To Subscriptions   By Electricity charges 600
    2014   1,500   By Postage and stationery 150
    2015  10,000   By Purchase of books 2,500
    2016    500 12,000 By Entertainment expenses 900
    To Donation 2,000 papers (1.7.14 8000
    To Hall rent 300 By Miscellaneous expenses 600
    To Interest on bank deposits 450 By Balance c/d  
    To Entrance fees 1,000 Cash 300
        Bank 20,400
      40,750   40,750

    The following additional information is available:
    (i) Salaries outstanding Rs.1,500
    (ii) Entertainment expenses outstanding Rs.500
    (Hi) Bank interest receivable Rs.150
    (iv) Subscription accrued Rs.400
    (v) 50 percent of entrance fees is to capitalised
    (vi) Furniture is to be depreciated at 10percent per annum

  5. From the following extract of Receipt and Payment Account and the additional information given below, compute the amount of income from subscriptions and show as how they would appear in the Income and Expenditure Account for the year ending March 31st, 2015 and Balance sheet.

    Dr Receipt and Payment Account for the year ending March 31, 2015 Cr
    Receipts Rs Payments Rs
    Subscription:      
    2013-14   7,000      
    2014-15   30,000      
    2015-16    5,000 42,000    

    Additional Information:
    (i) Subscriptions outstanding March 31, 2014 Rs. 8,500
    (ii) Total subscriptions outstanding March 31, 2015 Rs. 18,500
    (iii) Subscriptions received in advance as Rs. 4,000 on March 31, 2014.

  6. Following is the receipts and payments accounts of Literacy dub for the year ended 31st March 2016

    Receipts Rs. Rs. Payments Rs.
    To Balance c/d   19,550 By Salary 3,000
          By News papers 2,050
    To Subscribtions     By Electricity bill 1,000
    2014·2015 1,200   By Fixed deposit 20,000
    2015·2016 26,500   (on 1st July, 2015 @  
      500   9% per annum  
        28,200 By Books 10,600
          By Rent 6,800
    To slae old news paper   1,250 By Furniture 10,500
    To Government grants   10,000 By Balance dd 11,200
    To sale of old furniture   5,700    
    (book value Rs.7,000)        
    To interest on fixed deposits   450    
        65,150   65,150

    Additional information:
    (i) Subscription outstanding as on 31st March, 2015 were Rs. 2000 and on 31st March, 2016 Rs.2,500.
    (ii) On 31st March, 2016 Salary outstanding was Rs. 600 and rent outstanding was Rs.1,200.
    (iii) The dub owned furniture Rs. 15,000 and books Rs 7,000 on 1st April, 2015. Prepare income and expenditure account of the dub for the year ended 31st March 2016 and as certain capital fund on 31st March, 2015. Also prepare a balance sheet as on 31st March, 2016.

  7. 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
  8. Write up the capital and current accounts of the partners, Kannagi and vasugi from the following details.

    Particulars Kannagi Rs. Vasugi Rs.
    Capital on 1.4.2018 1,00,000 60,000
    Current Alc on 1.4.2018 3,000(Dr) 2,000(Cr)
    Drawing during 2018-19 8,000 5,000
    Interest on capital 5,000 3,000
    Interest in drawings 240 150
    Share of profit 2018-19 12,000 10,000
    Partner's salary 4,000 -
  9. From the following information, prepare capital accounts of partners Manoj and Seran, when their capitals are fluctuating

    Particulars Manoj
    Rs.
    Seran
    Rs.
    Capital on 1st January 2018 ( Cr. balance) 1,00,000 87,500
    Drawings during 2018 20,000 17,500
    Interest on drawings 500 250
    Share of profit for 2018 10,500 8,250
    Interest on capital 6,000 5,250
    Salary 9,000 Nil
    Commission Nil 1250
  10. Arul is a partner in a partnership firm. As per the partnership deed, interest on drawing is charged at 6%p.a. During the year ended on 31st December 2018 he drew as follows.

    Date Rs.
    March 1 3,000
    June 1 2,000
    September 1 5,000
    December 1 4,000

    Calculate the amount of interest on drawings under any 2 methods

  11. 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.

  12. 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 201S were Rs. 23,000 Rs.22,000 and Rs. 25,000
    respectively.
    (b) A non - recurring income of Rs. 2,500 is included in the profits of the year 2016.
    (c) The closing stock of the year 2017 was overvalued by Rs. 5,000.

  13. 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

  14. From the following information, compute the value of goodwill as per annuity method:
    (a) Capital employed: Rs.1,00,000
    (b) Normal rate of return: 15%
    (c) Profit of the years 2016, 2017 and 2018 were n6,000, n8,000 and Rs. 20,000 respectively
    (d) The present value of annuity of n for 3 years at 10% is 2.4868

  15. Kavitha and Radha are partners of a firm sharing profits and losses in the ratio of 4:3. They admit Deepa on 1.1.2019. On that date, their balance sheet showed debit balance of profit and loss account being accumulate loss
    Rs. 1,40,000 on the asset side of the balance sheet. Give the journal entry to transfer the accumulated loss on admission.

  16. Valluvan and Kamban were partners sharing profits and losses as 60% tovalluvan and 40% Kamban. Their balance sheet as at 1st January, 2019 stood as under:

    Liabilities Rs. Rs. Assets Rs. Rs.
    Sundry creditors   96,000 Cash in hand   4,000
    Bills payable   34,000 Sundry debtors   56,000
    Capital Accounts:     Stock   40,000
    Valluvan 90,000   Plant and machinery   80,000
    Kamban 80,000 1,70,000 Land and Buildings   1,20,000
        3,00,000     3,00,000

    The partners agreed to admit Elangovan into the firm subject to revaluation of the following items:
    (i) Stock was to be reduced by Rs. 4,000
    (ii) Land and Buildings were to be valued at Rs. 1,60,000
    (iii) A provision of 2\(\frac{1}{2}\)% was to be created for doubtful debtors.
    (iv) A liability of  Rs.2,600 for outstanding expenses had been omitted to be recorded in the books
    Prepare the Revaluation account, capital accounts and the Balance sheet after the above adjustment

  17. Selvam, Saravanan and Santhosh were partners of a firm sharing profits and losses in the ratio of 3: 2 : 1. Set out below was their balance sheet as on 31't December 2018.

    Liabilities Rs. Rs. Assets Rs.
    Bills payable   15,000 Cash in hand 3,000
    Sundry creditors   25,000 Cash at bank 35,000
    Capital Accounts     Bill receivable 11,000
    Selvam 80,000   Book debts 18,000
    Sarvanan 50,000   Stock 36,000
    Santhosh 40,000 1,70,000 Furniture 7,000
    Profit and Loss A/c   30,000 Plant & Machinery 50,000
          Buildings 80,000
        2,40,000   2,40,000

    Selvam retired from the partnership on 1st January 2019 on the following terms:
    (i) Goodwill of the firm was to be valued at Rs. 30,000
    (ii) Assets are to be valued as under: stock Rs. 30,000 plant and machinery Rs. 40,000; Buildings Rs.1,00,000
    (iii) A provision for doubtful debts be created at Rs.1,000
    (iv) Rs.21,500 was to be paid to Selvam immediately and the balance was transferred to his loan account.
    Show revaluation account, capital accounts, bank account and the balance sheet of the
    reconstituted Partnership.

  18. On 1.1.2019, Pandiyan died and on his death the following arrangements are made:
    (i) Stock to be depreciated by 10 %
    (ii) Land is to be apprecia!.e4. by Rs.11,000
    (iii) To provide 3,000 for bad debts
    (iv) The final amount due to Pandiyan was not paid
    Prepare revaluation account, partner's capital account and the balance sheet of the firm after
    death

  19. Global Company issued shares Rs.10 each at 10% premium, payable Rs.2 on application, Rs.3 on allotment (including premium), Rs.3 on first call and Rs.3 on second and final call.
    Journalise the transactions relating to forfeiture of shares for the following situations:
    i. Muthu who holds 50 shares failed to pay the second and final call and his shares were forfeited.
    ii. Muthu who holds 50 shares failed to pay the allotment money, first call and second and final call money and his shares were forfeited.
    iii. Muthu who holds 50 shares failed to pay the allotment money and first call and his shares were forfeited after the first call.

  20. Alpha Company issues 10,000 equity shares Rs.10 each payable fully on application.
    Pass journal entry if the shares are issued
    (i) at par
    (ii) at a premium of Rs.2 per share.

  21. Prepare common-size statement of financial position of Raheem Ltd as on 31st March 2016 and 31st March 2018.

    Particulars 31st March 2016 31st March 2017
    Rs. Rs.
    I. Equity and liabilities    
    l. Shareholders fund    
    a. Share capital 5,00,000 6,00,000
    b. Reserve and surplus 4,00,000 3,60,000
    2. Non-current liabilities    
    Long-term borrowings 8,00,000 2,40,000
    3. Current liabilities    
    Trade payables 30,000 -
    Total 20,00,000 12,00,000
    II. Assets    
    l. Non-current assets    
    a. Fixed assets 10,00,000 6,00,000
    b. Non-current investments 5,00,000 2,40,000
    2. Current assets    
    Inventories 3,00,000 1,20,000
    Cash and cash equipments 2,00,000 2,40,000
    Total 20,00,000 12,00,000
  22. From the following information, calculate trade percentages for Malar Ltd

    Particulars Rs. In lakhs
    2015-16 2016-17 2017-18
    Revenue from operations 100 120 160
    Other income 20 24 20
    Expenses 20 14 40
    Income tax 30% 30% 30%
  23. Calculate (i) Inventory turnover ratio (ii) Trade receivables turnover ratio (iii) Trade payables turnover ratio and (iv) Fixed assets turnover ratio from the following information obtained from Dolphin Ltd.

    Particulars As on 31st March 2017 Rs. As on 31st March 2018 Rs.
    Inventory 70,000 50,000
    Trade receivables 40,000 30,000
    Trade payables 20,000 25,000
    Fixed assets 2,75,000 2,50,000

    Additional information:
    (i) Revenue from operations for the year              Rs.5,25,000
    (ii) Purchases for the year                                  Rs.2,25,000
    (iii) Cost of revenue from operations                    Rs.3,00,000    
    Assume that sales and purchases are for credit

  24. From the following Balance Sheet of Luckman Ltd. calculate proprietary ratio:
     

    Balance sheet of Luckman Ltd. as on 31.3.2018
    Particulars Rs.
    I. EQUITY AND LIABILITIES  
    1. Shareholders' funds  
    (a) Share capital  
    (i) Equity share capital 1,00,000
    (ii) Preference share capital 75,000
    (b) Reserves and surplus 25,000
    2. Non-current liabilities  
    Long term borrowings -
    3. Current liabilities  
    Trade payables 2,00,000
    Total 4,00,000
    II. ASSETS  
    1. Non-current assets  
    (a) Fixed assets 2,75,000
    (b) Non -current investments 50,000
    2. Current assets  
    Cash and cash equivalents 75,000
    Total 4,00,000
  25. 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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