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12th Standard English Medium Accountancy Reduced Syllabus Five mark Important Questions 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. 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. Mary does not keep her books 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.
    Particulars Rs. Particulars Rs.
    To Balance b/d 1,20,000 By Purchases 1,50,000
    To Sales 3,60,000 By Creditors 2,50,000
    To Debtors 3,40,000 By Wages 70,000
        By Sundry expenses 1,27,000
        By Balance c/d 2,23,000
      8,20,000   8,20,000

    Other information

    Particulars 1.4.2018 31.3.2019
    Stock of goods 1,10,000 1,80,000
    Sundry Debtors 1,30,000 ?
    Sundry Creditors 1,60,000 90,000
    Furniture and fittings 80,000 80,000

    Additional information
    Credit purchases 1,80,000
    Credit sales 2,90,000
    Opening capital 2,80,000
    Depreciate furniture and fittings by 10% p.a.

  3. Mrs. Geetha started business with Rs.1,20,000 as capital on 1.4.2018. During the year she has withdrawn at the rate of Rs.1,000 per month. She introduced Rs.20,000 as additional capital. Her position on 31.3.2019 was as follows.

    Particulars Rs.
    Bank balance 8,000
    Stock 80,000
    Sundry debtors 50,000
    Furniture 2,500
    Cash in hand 2,000
    Sundry creditors 25,000
    Expenses outstanding 1,000

    She keeps her books under single entry system, determine for profit or loss for the year 2003-04. 

  4. 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
  5. 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
  6. The following is the Receipts and Payments account of Madurai City Club for the year ending 31st March, 2018.

    Madurai City Club Dr. Receipts and Payments Account for the year ended 31st March, 2018 Cr
    Receipts Rs. Rs. Payments Rs. Rs.
    To Balance b/d:     By Upkeep of ground   16,500
    Cash 500   By Match expenses   19,000
    Bank 7,000 7,500 By Sundry expenses   11,000
    To Subscription (including          
    Rs. 4,000 for 2016-2017)    30,000 By Balance c/d:    
    To Legacies   9,000 Cash in hand 1,500  
    To Hall rent   10,000 Cash at bank 11,000 12,500
    To Receipts for match fund   22,500      
        79,000     79,000

    Additional information:
    On 1st April, 2017, the club had investment of Rs.40,000. The club also had a credit balance of Rs.30,000 in Match fund account. On 31st March, 2017 subscriptions in arrears were Rs. 4,000and the subscriptions in arrears on 31st March, 2018 were Rs.4,500. Prepare the final accounts.

  7. From the following Receipts and Payment account and from the information given below of Ramanathapuram Sports Club, prepare Income and Expenditure account for the year ended 31st December, 2018 and the balance sheet as on that dat

    Receipts Rs. Rs. Payments Rs. Rs.
    To Balance b/d     By Rent   11,000
    Cash in hand 5,000   By Entertainment    
    Cash at bank 10,000 15,000 expenses   11,200
    To Subscription     By Furniture   10,000
    2017 12,000   By Sports materials    
    2018 33,000   purchased   13,000
    2019 16,000 61,000 By Match expenses   12,000
    To Entrance fees   6,000 By Investments made   28,000
    To General donations   7,000 By Balance c/d    
    To Sale of old sports     Cash in hand 1,300  
    materials   1,000 Cash at bank 4,000 5,300
    To Miscellaneous          
    receipts   500      
        90,500     90,500

    Additional information:
    (i) Capital fund as on 1st January 2018 Rs30,000.
    (ii) Opening stock of sports materialRs. 3,000 and closing stock of sports material Rs 5,000.

  8. 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.

  9. 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
  10. Dinesh and Sugumar entered into a partnership agreement on 1st January 2018, Dinesh contributing Rs.1,50,000 and Sugumar Rs.1,20,000 as capital. The agreement provided that:
    (a) Profits and losses to be shared in the ratio 2:1 as between Dinesh and Sugumar.
    (b) Partners to be entitled to interest on capital @ 4% p.a.
    (c) Interest on drawings to be charged Dinesh: Rs.3,600 and Sugumar: Rs.2,200
    (d) Dinesh to receive a salary of Rs.60,000 for the year, and
    (e) Sugumar to receive a commission of Rs.80,000.
    During the year ended on 31st December 2018, the firm made a profit of Rs.2,20,000 before adjustment of interest, salary and commission.
    Prepare the Profit and loss appropriation account.

  11. 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

  12. 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. 

  13. Rajan and Selva are partners sharing profits and losses in the ratio of 3:1. Their balance sheet as on 31st March 2017 is as under:

    Liabilities Rs. Rs. Assets Rs.
    Capital accounts:     Building 25,000
    Rajan 30,000   Furniture 1,000
    Selva 16,000   Stock 20,000
    General reserve   4,000 Debtors 16,000
    Creditors   37,500 Bills receivable 3,000
          Cash at bank 12,500
          Profit and loss account 10,000
        87,500   87,500

     On 1.4.2017, they admit Ganesan as a new partner on the following arrangements:
    (i) Ganesan brings Rs.10,000 as capital for 1/5 share of profit.
    (ii) Stock and furniture is to be reduced by 10%, a reserve of 5% on debtors for doubtful debts is to be created.
    (iii) Appreciate buildings by 20%.
    Prepare revaluation account, partners’ capital account and the balance sheet of the firm after admission.

  14. 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

  15. 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.

  16. Saranya Ltd. issued 20,000 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.3 per share
    On allotment Rs.4 per share
    On first and final call Rs.3 per share

    Application money was received on 30,000 shares. Excess application money was refunded immediately. Pass journal entries to record the above.

  17. Simon Ltd issued 50,000 equity shares of Rs.10 each at par payable on application Rs.1 per share, on allotment Rs.5 per share, on first call Rs.2 per share and on second and final call Rs.2 per share. The issue was fully subscribed and all the amounts were duly received with the exception of 2,000 shares held by Chezhian, who failed to pay the second and final call. His shares were forfeited and reissued to Elango at Rs.8 per share. Journalise the above transactions.

  18. 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.

  19. From the following particulars of Neithal Ltd, calculate trend percentages.

    Particulars Rs.in lakhs
      2015-16 2016-17 2017-18
    Revenue from operations 150 135 90
    Other income 25 5 15
    Expenses 125 75 50
    Income tax 40% 40% 40%
  20. From the following particulars, prepare comparative income statement of Daniel Ltd.

    Particulars

    2015-16
    Rs.

    2016-17
    Rs.
    Revenue from operations 40,000 50,000
    Operating expenses 25,000 27,500
    Income tax (% of the profit before tax 30 30
  21. Prepare common-size statement of financial position for the following particulars of Rani Ltd.

    Particulars 31st March, 2016 31st March, 2017
      Rs. Rs.
    I EQUITY AND LIABILITIES    
    Shareholders’ Fund 5,40,000 6,00,000
    Non-current liabilities 2,70,000 2,70,000
    Current liabilities 90,000 1,50,000
    Total 9,00,000 10,00,000
    II ASSETS    
    Non-current assets 7,20,000 8,00,000
    Current assets 1,80,000 2,00,000
    Total 9,00,000 10,00,000
  22. From the following particulars, calculate the trend percentages of Anu Ltd.

    Particulars Rs.in thousands
      Year 1 Year 2 Year 3
    I EQUITY AND LIABILITIES      
    Shareholders’ Fund 500 550 600
    Non-current liabilities 200 250 240
    Current liabilities 100 80 120
    Total 800 880 960
    II ASSETS      
    Non-current assets 600 720 780
    Total 800 880 960
  23. Calculate gross profit ratio from the following:
    Revenue from operations Rs. 2,50,000, Cost of revenue from operations Rs. 2,10,000 and Purchases Rs. 1,80,000.

  24. Following is the extract of balance sheet of Abdul Ltd., as on 31st March, 2019:

    Particulars Rs.
    I. EQUITY AND LIABILITIES  
    1. Shareholders' funds  
    (a) Share capital 2,00,000
    (b) Reserves and surplus 50,000
    2. Non-current liabilities  
    Long-term borrowings 1,50,000
    3. Current liabilities  
    (a) Trade payables 1,30,000
    (b) Other current liabilities 5,000
    (c) Short-term provisions 20,000
    Provision for tax 30,000
    Total 5,55,000

    Net profit before interest and tax for the year was Rs. 60,000. Calculate the return on capital employed for the year.

  25. From the following trading activities of Naveen Ltd. calculate
    (i) Gross profit ratio
    (ii) Net profit ratio
    (iii) Operating cost ratio
    (iv) Operating profit ratio

    Statement of Profit and loss
    Particulars Rs.
    I. Revenue from operations 20,000
    II. Other income:  
        Income from investments 200
    III. Total revenues (I+II) 20,200
    IV. Expenses:  
        Purchases of stock-in-trade 17,000
        Changes in inventories -1,000
        Finance costs 300
        Other expenses (administration and selling) 2,400
    Total expenses 18,700
    V. Profit before tax (III - IV) 1,500

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