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12th Standard English Medium Accountancy Reduced Syllabus Five mark Important Questions - 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. Bharathi does not maintain her books of accounts under double entry system. From the following details prepare trading and profit and loss account for the year ending 31st March, 2019 and a balance sheet as on that date.

    Dr.     Cash Book       Cr.
    Receipts Rs. Payments Rs.
    To balance b/d 32,000 By Purchases A/c 56,000
    To Sales A/c 1,60,000 By Creditors A/c 80,000
    To Debtors A/c 1,20,000 By General expenses A/c 24,000
        By Wages A/c 10,000
        By Balance c/d 1,42,000
      3,12,000   3,12,000
    Particulars 1.4.2018
    Rs.
    31.3.2019
    Rs.
    Stock of goods 40,000 60,000
    Debtors 38,000 ?
    Creditors 58,000 52,000
    Machinery 1,70,000 1,70,000

    Additional information: 
    (i) Credit purchases 74,000
    (ii) Credit sales 1,40,000
    (iii) Opening capital 2,22,000
    (iv) Depreciate machinery by 10% p.a.

  2. From the following details of Rakesh, prepare Trading and Profit and Loss account for the year ended 31st March, 2019 and a Balance Sheet as on that date.

    Particulars 31.3.2018
    Rs.
    31.3.2019
    Rs.
    Stock of goods 2,20,000 1,60,000
    Debtors 5,30,000 6,40,000
    Cash at bank 60,000 10,000
    Machinery 80,000 80,000
    Sundry creditors 3,70,000 4,20,000

    Other details:

    Particulars Rs. Particulars Rs.
    Rent paid 1,20,000 Cash received from debtors 12,50,000
    Discount received 35,000 Drawings 1,00,000
    Discount allowed 25,000 Cash sales 20,000
    Cash paid to creditors 11,00,000 Capital as on 1.4.2018 5,20,000
  3. M/s Saniya sport equipment does not keep proper records. From the following information, find out profit or loss and also prepare balance sheet for the year ended 31st December 2017.

    Particulars 31.12.2016
           Rs.
    31.12.2017
            Rs.
    Cash in hand 6,000 24,000
    Bank overdraft 30,000 -
    Stock 50,000 80,000
    Sundry creditors 26,000 40,000
    Sundry debtors 60,000 1,40,000
    Bills payable 6,000 12,000
    Furniture 40,000 60,000
    Bills receivable 8,000 28,000
    Machinery 50,000 1,00,000
    Investment 30,000 80,000

    Drawings Rs.10,000 per month for personal use, additional capital introduced during the year Rs.2,00,000. A bad debts Rs.2,000 and a provision of 5% it to be made on debtors. Outstanding salary 2,400, prepaid insurance Rs.700, depreciation charged on furniture @10% per annum.

  4. From the following particulars of Poompuhar Literary Association, prepare Receipts and
    Payments account for the year ended 31st March, 2019.
     

    Particulars Rs. Particulars Rs.
    Opening cash in hand as on 1.4.2018 5,000 Subscriptions received 20,000
    Bank overdraft as on 1.4.2018 4,000 Repairs and renewals 2,500
    Printing and stationery 1,500 Conveyance paid 2,750
    Interest paid 3,250 Books purchased 10,000
    Sale of investments 1,000 Insurance premium paid 4,000
    Purchase of refreshments 1,500 Sundry receipts 750
    Outstanding salary 2,000 Government grants received 6,000
    Endowment fund receipts 2,000 Sale of refreshments 1,500
    Lighting charges 1,300 Depreciation on buildings 2,000
        Cash at bank on 31.03.2019 2,000
  5. From the following Receipts and Payments account of Coimbatore Cricket Club for the year ending 31st March 2016, prepare income and expenditure account for the year ending 31st March, 2016 and a balance sheet as on that date.

    In the books of Coimbatore Cricket Club Receipts and Payments Account for the year ending 31st March, 2016
    Receipts Rs. Payments Rs.
    To Balance b/d:   By Maintenance 5,000
    Cash at bank 8,000 By Furniture 15,000
    To Subscriptions 11,000 By Tournament expenses 1,400
    To Sale of old bats and balls 100 By Secretary’s honorarium 4,500
    To Subscription for tournament 2,000 By Bats and balls 7,400
    To Legacies 20,000 By Balance c/d:  
        Cash at bank 7,800
      41,100   41,100

    Additional information:
    On 1st April, 2015 the club had stock of balls and bats Rs.3,000 and an advance subscription of Rs. 500. Surplus on account of tournament should be kept in reserve for permanent pavilion.Subscription due on 31.03.2016 was Rs.2,000. Stock of bats and balls on 31.3.2016 was Rs.1,000.

  6. Mayiladuthurai Recreation Club gives you the following details. Prepare Receipts and Payments and income and expenditure  account for the year ended 31st March, 2019.

    Particulars Rs. Particulars Rs.
    Opening cash balance 15,000 Salary of watchman 12,000
    Opening bank balance 25,000 Club annual day expenses 15,000
    Donations received 48,000 Lighting charges 16,500
    Sale of old equipment 26,000 Entertainment expenses 13,500
    Refreshment charges 13,000 Billiards table purchased 5,000
    Club annual day collections 18,000 Expenses of charity show 3,000
    Construction of tennis court 7,000 Sale of investments 12,000
    Receipts from charity show 4,000 Closing cash balance 12,000
    Rent paid 1,000    
  7. Following is the Receipts and Payments account of Neyveli Science Club for the year ended 31st December, 2018

    Dr. Receipts and Payments Account for the year ended 31st December, 2018 Cr
    Receipts Rs. Payments Rs. Rs.
    To Balance b/d   By Balance b/d    
    Cash in hand 2,400 Bank overdraft   1,000
    To Subscription 8,700 By Postage expenses   200
    To Life membership fees 5,000 By Science equipments    
    To Exhibition fund receipts 7,000 purchased   10,000
    To Sale of science   By Laboratory expenses   2,400
    equipments (Book value Rs.5,000) 6,000 By Audit fees   3,600
    To Miscellaneous income 500 By General charges   1,800
        By Exhibition expenses   5,000
        By Balance c/d    
        Cash in hand 200  
        Cash at bank 400 600
        Cash at bank 400 600
      29,600     29,600

    Additional information:
    (i) Opening capital fund Rs6,400
    (ii) Subscription includes Rs.600 for the year 2019
    (iii) Science equipment as on 1.1.2018 Rs.5,000
    (iv) Surplus on account of exhibition should be kept in reserve for new auditorium.
    Prepare income and expenditure account for the year ended 31st December, 2018 and the balance sheet as on that date

  8. Following is the Receipts and payments account of Virudhunagar Volleyball Association for the year ended 31st December, 2018

    Dr. Receipts and Payments Account for the year ended 31st December, 2018 Cr.
    Receipts Rs. Rs. Payments Rs. Rs.
    To balance b/d     By Match expenses   25,000
    Cash in hand   5,000 By Upkeep of pavilion   17,000
    To Subscription     By Secretary’s honorarium   18,000
    2017 10,000   By Bats and balls purchased   22,000
    2018 55,000   By Grass seeds   2,000
    2019 5,000 70,000 By Fixed deposit   58,000
    To Donations   40,000 By Sundry expenses    
    To Match fund receipts   30,000 By Balance c/d    
    To Interest on fixed deposit   8,000 Cash in hand 7,000  
    To Miscellaneous receipts   5,000 Cash at bank 6,000 13,000
        1,58,000     1,58,000

    Additional information:
    (i) On 1.1.2018, the association owned investments Rs. 10,000, premises and grounds
    Rs.40,000, stock of bats and balls Rs. 5,000.
    (ii) Subscription Rs. 5,000 related to 2017 is still due.
    (iii) Subscription due for the year 2018,Rs.6,000.
    Prepare income and expenditure account for the year ended 31st December, 2018 and the
    balance sheet as on that date

  9. 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

  10. 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.

  11. Richard and Rizwan started a business on 1st January 2018 with capitals of Rs.3,00,000 and Rs.2,00,000 respectively.
    According to the Partnership Deed
    (a) Interest on capital is to be provided @ 6% p.a.
    (b) Rizwan is to get salary of Rs.50,000 per annum.
    (c) Richard is to get 10% commission on profit (after interest on capital and salary to Rizwan) after charging such commission.
    (d) Profit-sharing ratio between the two partners is 3:2.
    During the year, the firm earned a profit of Rs.3,00,000.
    Prepare profit and loss appropriation account. The firm closes its accounts on 31st December every year.

  12. From the following balance sheets of Subha and Sudha who share profits and losses equally. 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 accounts:   Fixed assets 60,000
    Subha 30,000 Current assets 20,000
    Sudha 40,000    
    P&L App A/C 10,000    
           
      80,000   80,000
           

    Drawing of Shubha and Sudha during the year were Rs.5,000 and Rs.7,000 respectively profit earned during the year was Rs.30,000.

  13. From the following details, calculate the value of goodwill at 2 years purchase of super profit:
    (a) Total assets of a firm are Rs.5,00,000
    (b) The liabilities of the firm are Rs.2,00,000
    (c) Normal rate of return in this class of business is 12.5 %.
    (d) Average profit of the firm is Rs.60,000

  14. Anand and Balu are partners in a firm sharing profits and losses in the ratio of 7:3. Their
    balance sheet as on 31st March, 2018 is as follows:

    Liabilities Rs. Rs. Assets Rs.
    Capital accounts:     Land 60,000
    Anand 50,000   Stock 40,000
    Balu 30,000 80,000 Debtors 20,000
    Sundry creditors   20,000 Cash in hand 10,000
    Profit and loss A/c   30,000    
        1,30,000   1,30,000

    Chandru is admitted as a new partner on 1.4.2018 by introducing a capital of Rs.20,000 for 1/4 share in the future profit subject to the following adjustments:
    (a) Stock to be depreciated by Rs.3,000
    (b) Provision for doubtful debts to be created for Rs.2,000.
    (c) Land was to be appreciated by Rs.10,000
    Prepare revaluation account and capital account of partners after admission. 

  15. Mani, Rama and Devan are partners in a firm sharing profits and losses in the ratio of 4:3:3. Their balance sheet as on 31st March, 2019 is as follows:

    Liabilities Rs. Rs. Asset Rs.
    Capital accounts:     Buildings 80,000
    Mani 50,000   Stock 20,000
    Rama 50,000   Furniture 70,000
    Devan 50,000 1,50,000 Debtors 20,000
    Sundry creditors   20,000 Cash in hand 10,000
    Profit and loss A/c   30,000    
        2,00,000   2,00,000

    Mani retired from the partnership firm on 31.03.2019 subject to the following adjustments:
    (i) Stock to be depreciated by Rs. 5,000
    (ii) Provision for doubtful debts to be created for Rs. 1,000.
    (iii) Buildings to be appreciated by Rs. 16,000
    (iv) The final amount due to Mani is not paid immediately
    Prepare revaluation account and capital account of partners after retirement.

  16. Kannan, Rahim and John are partners in a firm sharing profit and losses in the ratio of 5:3:2. The balance sheet as on 31st December, 2017 was as follows:

    Liabilities Rs Rs Asset Rs Rs
    Capital accounts:     Buildings   90,000
    Kannan 1,00,000   Machinery   60,000
    Rahim 80,000   Debtors   30,000
    John 40,000 2,10,000 Stock   20,000
    Workmen compensation
    fund
      30,000 Cash at bank   50,000
    Creditors   20,000 Profit and loss A/c (loss)   20,000
        2,70,000     2,70,000

    John retires on 1st January 2018, subject to following conditions:
    (i) To appreciate building by 10%
    (ii) Stock to be depreciated by 5%.
    (iii) To provide Rs.1,000 for bad debts
    (iv) An unrecorded liability of Rs. 8,000 have been noticed.
    (v) The retiring partner shall be paid immediately.
    Prepare revaluation account, partners’ capital account and the balance sheet of the firm after retirement.

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

  18. Calculate trend percentages for the following particulars of Kurinji Ltd.

    Particulars Rs.in thousands
      2015-16 2016-17 2017-18
    Revenue from operations 120 132 156
    Other income 50 38 65
    Expenses 100 135 123
  19. From the following particulars, calculate the trend percentages of Babu Ltd.

    Particulars Rs.in thousands
      Year 1 Year 2 Year 3
    I EQUITY AND LIABILITIES      
    1. Shareholders’ Fund 100 127 106
    b) Reserves and surplus 30 30 45
    2. Non-current liabilities      
    Long-term borrowings 70 77 84
    3. Current liabilities      
    Trade payables 20 30 40
    Total 220 264 275
    II ASSETS      
    1. Non-current assets      
    a) Fixed assets 100 118 103
    b) Non current investments 40 50 60
    2. Current assets      
    Inventories 60 66 72
    Cash and cash equivalents 20 20 40
      20 30 40
    Total 220 264 275
  20. Calculate quick ratio: Total current liabilities Rs. 2,40,000; Total current assets Rs. 4,50,000; Inventories Rs. 70,000; Prepaid expenses Rs. 20,000.

  21. From the following information calculate capital gearing ratio:

    Balance Sheet (Extract) as on 31.03.2018
    Particulars Rs.
    I. EQUITY AND LIABILITIES  
    1. Shareholders' funds  
    (a) Share capital  
    Equity share capital 4,00,000
    5% Preference share capital 1,00,000
    (b) Reserves and surplus  
    General reserve 2,50,000
    Surplus 1,50,000
    2. Non-current liabilities  
    Long-term borrowings (6% Debentures) 3,00,000
    3. Current liabilities  
    (a) Trade payables 1,20,000
    Provision for tax 30,000
    Total 13,50,000
  22. 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 Aruna Ltd.

    Particulars As on 31st March, 2019 Rs. As on 31st March, 2019 Rs.
    Inventory 3,60,000 4,40,000
    Trade receivables 7,40,000 6,60,000
    Trade payables 1,90,000 2,30,000
    Fixed assets 6,00,000 8,00,000

    Additional information:
    (i) Revenue from operations for the year Rs. 35,00,000
    (ii) Purchases for the year Rs. 21,00,000
    (iii) Cost of revenue from operations Rs. 16,00,000.
    Assume that sales and purchases are for credit.

  23. From the following statement of profit and loss of Dericston Ltd. calculate
    (i) Gross profit ratio
    (ii) Net profit ratio

    Statement of Profit and Loss
    Particulars Rs.
    I. Revenue from operations 24,00,000
    II. Other Income:  
    Income from investment 70,000
    III. Total revenues (I+II) 24,70,000
    IV. Expenses:  
    Purchases of Stock-in-trade 18,80,000
    Changes in inventories - 80,000
    Employee benefits expense 2,90,000
    Other expenses 1,10,000
    Provision for tax 30,000
    Total expenses 22,30,000
    V. Profit for the year 2,40,000
  24. Calculate operating profit ratio under the following cases.
    Case 1: Revenue from operations Rs 10,00,000, Operating profit Rs.1,50,000.
    Case 2: Revenue from operations Rs.15,00,000, Operating cost Rs.12,00,000.
    Case 3: Revenue from operations Rs.20,00,000, Gross profit 30% on revenue from operations,
    Operating expenses Rs.4,00,000

  25. The following balance sheet has been prepared from the books of Pearl on 1-4-2018.

    Liabilities Rs. Assets Rs.
    Capital 1,60,000 Buildings 40,000
    Sundry creditors:   Furniture 20,000
    Maya A/c 20,000 Stock 10,000
        Sundry debtors  
        Peter 20,000
        Cash in hand 30,000
        Cash at bank 60,000
      1,80,000   1,80,000

    During the year the following transactions took place.
    (a) Wages paid by cash Rs. 4,000
    (b) Salaries paid by cheque Rs. 10,000
    (c) Cash purchases made for Rs. 4,000
    (d) Good purchased on credit from Yazhini Rs. 30,000
    (e) Goods sold on credit to Jothi Rs. 40,000
    (f) Payment made to Yazhini through NEFT Rs. 6,000
    (g) Cash received from Peter Rs. 10,000
    (h) Cash sales made for Rs. 4,000
    (i) Depreciate buildings at 20%
    (j) Closing stock on 31.03.2019 Rs. 9,000
    You are required to prepare trading and profit and loss account for the year ended 31-03-2019 and a balance sheet as on that date using Tally.

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