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Updated 12th Standard Accountancy Study Materials 2022-2023 Exams

12th Standard English Medium Accountancy Reduced Syllabus Public Exam Model Question Paper - 2021 Question Bank Software Feb-27 , 2021

12th Standard English Medium Accountancy Reduced Syllabus Public Exam Model Question Paper - 2021

12th Standard English Medium Accountancy Reduced Syllabus Public Exam Model Question Paper - 2021

12th Standard English Medium Accountancy Reduced Syllabus Public Exam Model Question Paper - 2021

12th Standard

    Reg.No. :
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Accountancy

Time : 02:45:00 Hrs
Total Marks : 90

    Part I

    Answer all the questions.

    Choose the most suitable answer from the given four alternatives and write the option code with the corresponding answer.

    20 x 1 = 20

  1. Which of the following items relating to bills payable is transferred to total creditors account?

    (a)

    Opening balance of bills payable

    (b)

    Closing balance of bills payable

    (c)

    Bills payable accepted during the year

    (d)

    Cash paid for bills payable

  2. A method wherein omitted information is determined in the first place and by using this information net income or net loss is ascertained is known as __________

    (a)

    Nominal method

    (b)

    Cash method

    (c)

    Conversion method

    (d)

    Net profit method

  3. Which of the following should not be recorded in the income and expenditure account?

    (a)

    Sale of old news papers

    (b)

    Loss on sale of asset

    (c)

    Honorarium paid to the secretary

    (d)

    Sale proceeds of furniture

  4. _______Items will be recorded in the balance sheet

    (a)

    Revenue

    (b)

    Capital

    (c)

    Expense

    (d)

    None of these

  5. Profit after interest on drawings, interest on capital and remuneration is Rs. 10,500. Geetha, a partner, is entitled to receive commission @ 5% on profits after charging such commission. Find out commission.

    (a)

    Rs. 50

    (b)

    Rs. 150

    (c)

    Rs. 550

    (d)

    Rs. 500

  6. Match List I with List II and Select the Correct Answer using the Codes given below

    List I List II
    (i) Partnership Act 1. 2013
    (ii) Agreement 2. 50
    (iii) Indian companies Act 3. Oral or written
    (iv) Maximum Number 4. 1932
    (a)
    (i) (ii) (iii) (iv)
    2 3 1 4
    (b)
    (i) (ii) (iii) (iv)
    1 2 3 4
    (c)
    (i) (ii) (iii) (iv)
    4 3 1 2
    (d)
    (i) (ii) (iii) (iv)
    3 4 2 1

  7. The total capitalised value of a business is Rs. 1,00,000; assets are Rs. 1,50,000 and liabilities are Rs. 80,000. The value of goodwill as per the capitalisation method will be

    (a)

    Rs. 40,000

    (b)

    Rs. 70,000

    (c)

    Rs. 1,00,000

    (d)

    Rs. 30,000

  8. Net asset value method is based on the assumption that the company is__________.

    (a)

    a going concern

    (b)

    going to be liquidated

    (c)

    both 'a' and 'b'

    (d)

    none of the above

  9. On revaluation, the increase in the value of assets leads to 

    (a)

    Gain

    (b)

    Loss

    (c)

    Expense

    (d)

    None of these

  10. In partnership accounting, capital accounts are prepared under following method __________

    (a)

    Fluctuating

    (b)

    Fixed

    (c)

    Both (a) & (b)

    (d)

    None of these

  11. On revaluation, the increase in liabilities leads to

    (a)

    Gain

    (b)

    Loss

    (c)

    Profit

    (d)

    None of these

  12. Capital account of a retiring partner always shows balance ___________

    (a)

    Credit

    (b)

    Debit

    (c)

    Asset

    (d)

    Liability

  13. If a share of Rs.10 on which Rs.8 has been paid up is forfeited. Minimum reissue price is

    (a)

    Rs.10 per share

    (b)

    Rs.8 per share

    (c)

    Rs.5 per share

    (d)

    Rs.2 per share

  14. Share application and allotment account is a _____________

    (a)

    Personal A/c

    (b)

    Real A/c

    (c)

    Nominal A/c

    (d)

    None of these

  15. Balance sheet provides information about the financial position of a business concern

    (a)

    Over a period of time

    (b)

    As on a particular date

    (c)

    For a period of time

    (d)

    For the accounting period

  16. _____________ comparison is comparison of one firm with other firm or firms in the industry.

    (a)

    Intra firm

    (b)

    Inter firm

    (c)

    Both 'a' and 'b'

    (d)

    None of these

  17. Current liabilities Rs. 40,000; Current assets Rs. 1,00,000 ; Inventory Rs. 20,000. Quick ratio is

    (a)

    1:1

    (b)

    2.5:1

    (c)

    2:1

    (d)

    1:2

  18. _____ means the firm's ability to meet its liabilities in the long run.

    (a)

    Long term solvency

    (b)

    Short term solvency

    (c)

    Profitability

    (d)

    None of these

  19. Function key F11 is used for

    (a)

    Company Features

    (b)

    Accounting vouchers

    (c)

    Company Configuration

    (d)

    None of these

  20. All transactions related to receipt either in cash or through bank are recorded using ____________

    (a)

    payment voucher

    (b)

    contra voucher

    (c)

    receipt voucher

    (d)

    sales voucher

    21. Part II

    Answer any 7 of the questions. Question no.30 is Compulsory.

    7 x 2 = 14

  21. What are the possible reasons for keeping incomplete records?

  22. How will the following items appear in the final accounts of a sports club?

    Particulars Rs.
    Stock of sports materials (01.04.2018) 3,000
    Sports materials purchased during current year 9,000
    Sale of old sport materials during current year 500
    Stock of sports materials (31.03.2019) 4,000

  23. If the partner's capital accounts are fixed, where will you record the following items?
    (a) Salary payable to a partner
    (b) Drawings made by a partner

  24. What is normal rate of return?

  25. The value of Plant and machinery increased by 10%. State whether revaluation account will be debited or credited.

  26. Raja, Roja and Pooja are partners sharing profits in the ratio of 4:5:3. Roja retires from the firm. Calculate the new profit sharing ratio and gaining ratio.

  27. Thai Ltd. issued 1,00,000 equity shares of Rs. 10 each, payable Rs. 5 on application, Rs. 2 on allotment Rs. 2 on first call and Rs. 1 on final call. All the shares are subscribed and amount was duly received. Pass journal entries.

  28. Write a short note on
    i) Intra-firm comparison
    ii) Inter-firm comparison

  29. Following is the balance sheet of Magesh Ltd. as on 31st March, 2019:

    Particulars Rs.
    I EQUITY AND LIABILITIES  
    1. Shareholders’ funds  
      Equity share capital 2,00,000
    2. Non-current liabilities  
      Long term borrowings 50,000
    3. Current liabilities  
      (a) Short-term borrowings 17,000
      (b) Trade payables 25,000
      (c) Other current liabilities  
         Expenses payable 3,000
      (d) Short-term provisions 5,000
    Total 3,00,000
    II ASSETS Rs.
    1. Non-current assets  
    Fixed assets  
      (a) Tangible assets 1,50,000
      (b) Trade receivables 70,000
      (c) Cash and cash equivalents 30,000
      (d) Other current assets  
         Prepaid expenses 5,000
    Total 3,00,000

    Calculate:
    (i) Current ratio
    (ii) Quick ratio

  30. What is Accounting Information System (AIS)?

    31. Part III

    Answer any 7 of the questions. Question no.33 is Compulsory.

    7 x 3 = 21

  31. From the following particulars of Tamil Educational Society, prepare Receipts and Payments account for the year ended 31st March, 2019.

    Particulars Rs. Particulars Rs.
    Opening cash balance as on 1.4.2018 18,000 Building purchased 2,10,000
    Rent paid 6,000 Staff salary 55,000
    Scholarship given 15,200 Subscription received 2,65,000
    Entrance fees received 18,500    

  32. 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.

  33. 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.

  34. Rajesh and Ramesh are partners sharing profits in the ratio 3:2. Raman is admitted as a new partner and the new profit sharing ratio is decided as 5:3:2. The following revaluations are made. Pass journal entries and prepare revaluation account.
    (a) The value of building is increased by Rs. 15,000.
    (b) The value of the machinery is decreased by Rs. 4,000.
    (c) Provision for doubtful debt is made for Rs. 1,000.

  35. 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.

  36. What are the characteristics of a company?

  37. Prepare common-size balance sheet of Maria Ltd. as on 31st March, 2018.

    Particulars 31st March 2018
      Rs.
    I EQUITY AND LIABILITIES  
    Shareholders’ funds 4,00,000
    Non-current liabilities 3,20,000
    Current liabilities 80,000
    Total 8,00,000
    II ASSETS  
    Non-current assets 6,00,000
    Current assets 2,00,000
    Total 8,00,000

  38. State any three advantages of ratio analysis.

  39. Explain the traditional classifications of ratio analysis.

  40. Write a brief note on accounting vouchers.

    41. Part IV

    Answer all the questions.

    7 x 5 = 35

    1. What shall be the profits of the concern if:

      Particulars Rs.
      Opening capital 1,60,000
      Closing capital 1,80,000
      Drawings 36,000
      Additional capital 10,000

    2. From the information given below, prepare Receipts and Payments account of Madurai Mother Theresa Mahalir Mandram for the year ended 31st December, 2018

      Particulars Rs. Particulars Rs.
      Cash balance as on 1.1.2018 2,000 Fire Insurance premium paid 1,500
      Bank balance as on 1.1.2018 3,000 Subscription received 8,500
      Sale of old newspapers 500 Furniture purchased 6,000
      Stationery purchased 6,000 Purchase of newspapers 700
      Audit fees paid 2,000 Depreciation on furniture 900
      Entrance fees received 3,000 Cash balance as on 31.12.2018 2,500
      Sundry charges 6,000 Conveyance paid 1,000
      Scholarships given 2,000 Sale of furniture 4,000
      Interest on investments 2,000    

    1. From the Receipt and Payment Account given below, prepare the Income and Expenditure Account of clean Delhi club for the year ended March 31, 2017

      Dr Receipt and Payment Account for the year ending March 31st, 2017 Cr
      Receipts Rs Payments Rs
      To Balance b/d   By Salary 1,500
      Cash in hand 3200 By Rent 800
      To Subscriptions 22,500 By Electricity 3,500
      To Entrance fees 1,250 By Taxes 1,700
      To Donations 2,500 By Printing stationery 380
      To Rent of hall 750 By Sundry expenses 920
      To Sale of investment 3,000 By Books purchased 7,500
          By Fixed deposit with bank 5,000
          (on31-3-2014)  
          By Balance c/d  
          Cash in hand 400  
          Cash at bank 1,500 1,900
        33,200   33,200

    2. How will the following items appear in the final accounts of sports club.

      Particulars Rs
      Stock of sports materials (1.4.2019) 3,000
      Sports materials purchased during  
      current year 9,000
      Sale of old sports materials during  
      current year 500
      Stock of sports materials (31.3 .20 19) 4,000

    1. 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

    2. From the following information, prepare capital accounts of partners Mannan and Sevagan, when their capitals are fluctuating.

      Particulars Mannan Rs. Sevagan Rs.
      Capital on 1st January 2018 (Cr. balance) 2,00,000 1,75,000
      Drawings during 2018 40,000 35,000
      Interest on drawings 1,000 500
      Share of profit for 2018 21,000 16,500
      Interest on capital 12,000 10,500
      Salary 18,000 Nil
      Commission Nil 2,500

    1. From the following information, compute the value of goodwill by capitalising super profit:
      (a) Capital employed is Rs. 4,00,000
      (b) Normal rate of return is 10%
      (c) Profit for 2016: Rs. 62,000; 2017: Rs. 61,000 and 2018: Rs. 63,000

    2. Lakshmi and Saraswathi are partners of a firm sharing profits and losses in proportion to capital. Trial Balance sheet as on 31st March 2019 is as under

      Liabilities Rs. Rs. Assets Rs. Rs.
      Sundry creditors   60,000 Bank   12,000
      Bills payable   40,000 Sundry debtors A/c   40,000
      Capital Accounts:     Stock   40,000
      Lakshmi 60,000   Plant   90,000
      Saraswathi 40,000 1,000,000 Furniture   18,000
          2,00,000     2,00,000

      They decided to admit Sulochana into the partnership with effect from 1st April, 2005 on the following terms.
      (a) Sulochana shall bring in a capital Rs. 50,000 for \(\frac{1}{5}\)th share of profits.
      (b) Goodwill is to be valued at Rs. 40,000.
      (c) Plant and furniture was to be depreciated by 5%
      (d) Provision for doubtful debts be created at 1\(\frac{1}{2}\%\) on sundry debtors.
      Show revaluation account, capital accounts, bank account and Balance sheet of the reconstituted partnership.

    1. Charles, Muthu and Sekar are partners, sharing profits in the ratio of 3 : 4 : 2. Their balance sheet as on 31st December, 2018 is as under:

      Liabilities Rs. Rs. Asset Rs.
      Capital accounts:     Furniture 20,000
      Charles 30,000   Stock 40,000
      Muthu 40,000   Debtors 30,000
      Sekar 20,000 90,000 Cash at bank 42,000
      Workmen compensation fund   27,000 Profit and loss A/c (loss)    18,000
      Sundry creditors   33,000    
          1,50,000   1,50,000

      On 1.1.2019, Charles retired from the partnership firm on the following arrangements.
      (i) Stock to be appreciated by 10%
      (ii) Furniture to be depreciated by 5%
      (iii) To provide Rs. 1,000 for bad debts
      (iv) There is an outstanding repairs of Rs. 11,000 not yet recorded
      (v) The final amount due to Charles was paid by cheque
      Prepare revaluation account, partners’ capital account and the balance sheet of the firm after retirement.

    2. Priya, Latha, and Kalai are partners sharing profits and losses in the ratio of 3:2:1 respectively. Priya died on 31st December, 2018 Final amount due to her showed a credit balance of Rs.1,20,000. Pass journal entries if
      (a) The amount due is paid off immediately,·
      (b) The amount due is not paid immediately,
      (c) Rs.80,000 is paid and the balance in future.

    1. Gaja Ltd issued 40,000 shares of Rs.10 each to the public payable Rs.2 on application, Rs.5 on allotment and Rs.3 on first and final call. Applications were received for 50,000 shares. The Directors decided to allot 40,000 shares on pro rata basis and surplus of application money was utilised for allotment. Pass journal entries assuming that the amounts due were received.

    2. From the following particulars, prepare comparative income statement of Arul Ltd.

      Particulars 2015-16
      Rs.      		 2016-17
      Rs.
      Revenue from operations 50,000 60,000
      Other income 10,000 30,000
      Expenses 40,000 50,000

    1. Following is the extract of the balance sheet of Hindustan Products Ltd., as on 31st March 2019.

      Particulars Rs.
      I. EQUITY AND LIABILITIES  
      1. Shareholders' funds  
      (a) Share capital 2,90,000
      (b) Reserves and surplus 60,000
      2. Non-current liabilities  
      Long term borrowings 40,000
      3. Current liabilities  
      (a) Trade payables 1,15,000
      (b) Other current liabilities 15,000
      Total 5,20,000

    2. Record the following transactions in Tally.
      1. Robert commenced a transport business with a capital of Rs.1,00,000
      2.  An account was opened with State Bank of India and deposited Rs. 30,000
      3. Purchased furniture by paying cash Rs. 10,000
      4. Goods purchased on credit from Mohaideen for Rs. 20,000
      5. Cash sales made for Rs. 8,000
      6. Goods purchased from Rathinam for Rs. 5,000 and money deposited in CDM
      7. Goods sold to Rony on credit for Rs. 60,000
      8. Money withdrawn from bank for office use Rs. 9,000
      9. Part payment of ` 10,000 made to Mohaideen by cheque
      10. Rony made part payment of Rs. 5,000 by cash
      11. Salaries paid to staff through ECS Rs. 6,000
      12. Wages of Rs. 3,000 paid by cash
      13. Purchased stationery from Pandian Ltd. on credit Rs. 4,000

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