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

12th Standard

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Accountancy

Time : 02:00:00 Hrs
Total Marks : 75

    Part A

    25 x 3 = 75
  1. Radhika started a small bakery for providing healthy and good quality bakery product at reasonable prices on 1st January, 2019 with a capital of Rs.1,80,000. She appointed a ten year old boy as a sweeper. She withdrew Rs.60,000 for household expenses. She introduced Rs.20,000as fresh capital. Her position of assets and liabilities as at 31st December, 2019 stood as follows.

      Rs.
    Cash in hand 70,000
    Stock 80,000
    Bills receivable 1,00,000
    Debtors 1,50,000
    Creditors 60,000
    Bills payable 10,000
  2. Which values are affected, when accounts are maintained on single entry system basis.

  3. Yuvan foundation is formed to educate and to provide jobs to unemployed women. Identify the values involved.

  4. Youth of India sports club decided to donate ~ 50,000 and spread awareness among the people of nearby societies about cleanliness in the country under the programme "Bharat Abhiyan". Identify the values highlighted.

  5. Explain the procedure for preparation of final accounts of a partnership firm.

  6. What is Fluctuating capital method?

  7. The firm of A and B earned a profit of Rs.2,75,000 during the year ending on 31st March, 2015. They have decided to donate 10% of this profit to an NGO working for senior citizens. Pass necessary journal entry for the distribution of profits. Identify the values shown by the firm in donating a part of profit of NGO.

  8. What is the nature of goodwill?

  9. What is the need for valuation of goodwill?

  10. Explain the classification of goodwill.

  11. Venu and Somu are carrying on a business of repairing electronic iterrrs. There are no other technicians for repairing electronic items in the locality. As the electric supply has a lot of fluctuations, the equipments get damaged. Therefore, both the partners themselves do the repairing work to the satisfaction of the customers. The firm donates 10% of its profits to a Charitable Hospital of the locality for the medical treatment of persons below poverty line. State the two factors affecting the goodwill of the firm discussed in the above para. Also identify any two values which the firm is trying to propagate.

  12. Kalyan and Dilip are partners in a firm dealing in stationery items. The firm is well managed and enjoys the advantage of being cost effective. It buys stationery items at reasonable cost from Dilip's relative who is manufacture of stationery items. The firm's sale outlet is situated near a school. As a result, the firm is donating 10% of is profits to the nearby school for the education of the students of below poverty line. State any two factors affecting the value of goodwill of the firm. Also identify any two values which the firm is trying to propagate.

  13. What are the characteristics of a company?

  14. Write a short note on
    (i) Public issue
    (ii) Private placement

  15. Write a short note on
    (i) Rights issue
    (ii) Bonus issue

  16. What are the features of financial statements?

  17. Briefly explain any three limitations of financial statement analysis. S. A

  18. Write a note on
    i) Horizontal analysis
    ii) Vertical analysis

  19. Explain the traditional classifications of ratio analysis.

  20. Write a note an Long-term solvency ratios.

  21. What do you mean by debt collection period?

  22. Write a short note on
    (i) Gross profit ratio
    (ii) Net profit ratio

  23. The current assets of Maxell Ltd. are Rs.10,00,000 and its current liabilities are Rs.4,00,000. Find its current ratio. It is satisfactory? What value is exhibited by the company on maintaining such a ratio?

  24. Write the values which can be associated with a company which carries ratio analysis on its financial statements.

  25. Sai Ltd had a current ratio of 3.5:1 and quick ratio of 2:1. If the excess of current assets over quick assets as represented by inventory is Rs.1,50,000. calculate current assets and current liabilities. Which value can be associated with the business having such current ratio and quick ratio?

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