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12th Standard English Medium Accountancy Reduced Syllabus Two mark Important Questions - 2021(Public Exam )

12th Standard

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Accountancy

Time : 02:00:00 Hrs
Total Marks : 100

    PArt A

    50 x 2 = 100
  1. From the following particulars ascertain profit or loss: 

      Rs.
    Capital at the beginning of the year (1st April, 2016) 2,00,000
    Capital at the end of the year (31st March, 2017) 3,50,000
    Additional capital introduced during the year 70,000
    Drawings during the year 40,000
  2. From the following details find out total sales made during the year.

      Rs
    Debtors on 1st April 2018 50,000
    Cash received from debtors during the year 1,50,000
    Returns inward 15,000
    Bad debts 5,000
    Debtors on 31st March 2019 70,000
    Cash Sales 1,40,000
  3. From the following details, calculate credit purchases

    Particulars Rs
    Creditors on 1st April, 2018 50,000
    Returns outward 6,000
    Cash paid to creditors 1,60,000
    Creditors on 31st March, 2019 70,000
  4. Find out credit sales from the following information:

    Particulars Rs.
    Debtors on 1st April, 2018 1,00,000
    Cash received from debtors 2,30,000
    Discount allowed 5,000
    Returns inward 25,000
    Debtors on 31st March 2019 1,20,000
  5. Why is statement of affairs prepared under single entry system not referred to as balance sheet?

  6. From the following details calculate the amount that will be shown as subscription in Income
    and Expenditure Account for the year ending 31st March, 2017.

    Subscription received for Rs.
    2015-16 7,500
    2016-17 60,000
    2017-18 1,500
      69,000

    Subscription outstanding for the year 2016-17 is Rs. 2,400. Subscription for 2016-17 received in 2015-16 was Rs.1,000

     

  7. State the meaning of not–for–profit organisation

  8. Give four examples for capital receipts of not–for–profit organisation.

  9. Compute income from subscription for the year 2018 from the following particulars relating to a club

    Particulars 1.1.2018
    Rs.
    31.12.2018
    Rs.
    Outstanding subscription 3,000 5,000
    Subscription received in advance 4,000 7,000

    Subscription received during the year 2018: Rs.45,000.

  10. Show how the following items appear in the income and expenditure account of Sirkazhi
    Singers Association?

      Rs.
    Stock of stationery on 1.4.2018 2,600
    Purchase of stationery during the year 6,500
    Stock of stationery on 31.3.2018 2,200
  11. Write a note on Donations

  12. Distinguish between income and expenditure account and profit and loss account

  13. The capital account of Arivazhagan and Srinivasan on 1st January 2017 showed a balance of
    Rs.15,000 and Rs.10,000 respectively. On 1st July 2017, Arivazhagan introduced an additional capital of  Rs.5,000 and on 1st September 2017 Srinivasan introduced an additional capital of Rs.10,000. Calculate interest on capital at 6% p.a. for the year ending 31st December 2017.

  14. What is a partnership deed?

  15. Kumar is a partner in a partnership firm. As per the partnership deed, interest on drawings is charged at 6% per annum. During the year ended 31st December, 2018 he withdrew as follows:

    Date Rs.
    March 1 4,000
    June 1 4,000
    September 1 4,000
    December 1 4,000

    Calculate the amount of interest on drawings. 

  16. What is partner's current Account?

  17. Interest on partner's capital and interest on drawings are recorded through profit and loss appropriation account instead of profit and loss account. Why?

  18. An accountant of the firm has debited interest on partner's loan to the profit and loss appropriation account and credited to the partner's capital account. Is he correct?

  19. A partnership firm has decided to value its goodwill for the purpose of settling a retiring partner. The profits of that firm for the last four years were as follows:
    2015: Rs.40,000; 2016: Rs.50,000; 2017: Rs.48,000 and 2018: Rs.46,000
    The business was looked after by a partner. No remuneration was paid to him. The fair remuneration of the partner valued at comes to Rs.6,000 per annum.
    Find out the value of goodwill, if it is valued on the basis of three years purchase of the average profits of the last four years

  20. The following are the profits of a firm in the last five years:
    2014: Rs.10,000; 2015: Rs.11,000; 2016: Rs.12,000; 2017: Rs.13,000 and 2018: Rs.14,000
    Calculate the value of goodwill at 2 years purchase of average profit of five years.

  21. How does the factor's 'quality of product' affect the goodwill of a firm?

  22. 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 accumulated loss of Rs. 70,000 on the asset side of the balance sheet. Give the journal entry to transfer the accumulated loss on admission.

  23. Hameed and Govind are partners sharing profits and losses in the ratio of 5:3. They admit John as a partner. John acquires his share 1/5 from Hameed and 1/5 from Govind. Find out the new profit sharing ratio and sacrificing ratio.

  24. Anil, Sunil and Hari are partners in a firm sharing profits in the ratio of 4:3:3. They admit Raja for 20% profit. Calculate the new profit sharing ratio and sacrificing ratio.

  25. How are accumulated profits and losses distributed among the partners at the time of admission of a new partner?

  26. Vimala and Kamala are partners, sharing profits and losses in the ratio of 4:3. Vinitha enters into the partnership and she acquires 1/14 from Vimala and 1/14 from Kamala. Find out the new profit sharing ratio and sacrificing ratio.

  27. Praveena and Dhanya are partners sharing profits in the ratio of 7:3. They admit Malini into the firm. The new ratio among Praveena, Dhanya and Malini is 5:2:3. Calculate the sacrificing ratio.

  28. On the admission of C, A and B decide to record an unrecorded asset worth Rs.10,000 State whether the revaluation account will be debited or credited.

  29. Mary, Meena and Mariam are partners of a firm sharing profits and losses equally. Mary retired from the partnership on 1.1.2019. On that date, their balance sheet showed accumulated loss of Rs. 75,000 on the asset side of the balance sheet. Give the journal entry to distribute the accumulated loss.

  30. What is the journal entry to be passed to transfer the amount due to the deceased partner to the executor of the deceased partner?

  31. Sunil, Sumathi and Sundari are partners sharing profits in the ratio of 3:3:4. Sundari retires and her share is taken up entirely by Sunil. Calculate the new profit sharing ratio and gaining ratio

  32. What is New profit sharing ratio?

  33. Name the account which is opened to credit the share of profit of the deceased partner, till the time of death to his capital account. 

  34. Raji, Mohana, Sonu were partners in a firm sharing profits in the ration of 4;3;2 Mohana retired. Her share was taken over equally by Raji and Sonu. In which ratio will be profit or loss on revaluation of assets and liabilities on the retirement of Mohana be transferred to the capital accounts of the partners.

  35. Sudha Ltd. offered 1,00,000 shares of Rs.10 each to the public payable Rs.3 on application, Rs.4 on share allotment and the balance when required. Applications for 1,40,000 shares were received on which the directors allotted as:
    Applicants for 60,000 shares - Full
    Applicants for 75,000 shares - 40,000 shares (excess money will be utilised for allotment)
    Applicants for 5,000 shares - Nil
    All the money due was received. Pass journal entries upto the receipt of allotment.

  36. What is over-subscription?

  37. What are the differences between over subscription and under subscription?

  38. From the following particulars, prepare comparative income statement of Abdul Co. Ltd.

    Particulars 2015-16
    Rs.
    2016-17
    Rs.
    Revenue from operations 3,00,000 3,60,000
    Other income 1,00,000 60,000
    Expenses 2,00,000 1,80,000
    Income tax 30% 30%
  39. From the following balance sheet of Chandra Ltd, prepare comparative balance sheet as on
    31st March 2016 and 31st March 2017.

    Particulars 31st March 2016 31st March 2017
      Rs. Rs.
    I EQUITY AND LIABILITIES    
    Shareholders’ fund 1,00,000 2,60,000
    Non-current liabilities 50,000 60,000
    Current liabilities 25,000 30,000
    Total 1,75,000 3,50,000
    II ASSETS 1,00,000 2,00,000
    Current assets 75,000 1,50,000
    Total 1,75,000 3,50,000
  40. What is working capital?

  41. What do you mean by financial statement analysis?

  42. What does return on investment ratio indicate?

  43. 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

  44. From the following Balance Sheet of Pioneer Ltd. calculate proprietary ratio:

    Balance sheet of Pioneer Ltd. as on 31.3.2019
    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
  45. 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 2,00,000
        6% Preference share capital 1,00,000
      (b) Reserves and surplus  
        General reserve 1,25,000
        Surplus 75,000
    2. Non-current liabilities  
        Long-term borrowings (8% Debentures) 2,00,000
    3. Current liabilities  
        Trade payables 1,50,000
        Provision for tax 50,000
    Total 9,00,000
  46. Definition of ratio analysis.

  47. The average age of inventory is viewed as the average length of time inventory is held by the firm or as the average number of day's sales in inventory. Explain.

  48. State any five accounting reports.

  49. What is a group in Tally.ERP 9?

  50. What is MIS?

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