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12th Standard English Medium Accountancy Reduced Syllabus Two mark Important Questions with Answer key - 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 particulars, prepare bills receivable account and compute the bills received from the debtors

    Particulars Rs
    Opening bills receivable 20,000
    Closing bills receivable 30,000
    Cash received for bills receivable 60,000
    Bills receivable dishonoured 5,000
  3. From the following particulars ascertain profit or loss:

    Particulars Rs.
    Capital at the beginning of the year (1st April, 2018) 5,00,000
    Capital at the end of the year (31st March, 2019) 8,50,000
    Additional capital introduced during the year 1,20,000
    Drawings during the year 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. From the following Receipts and Payment Account of Ooty Recreation Club, prepare Income
    and Expenditure Account for the year ended 31.03.2018

    Receipts Rs. Payments Rs.
    To Opening balance   By Sports materials purchased 10,000
    Cash in hand 5,000 By Stationery paid 7,000
    To Rent received 10,000 By Computer purchased 25,000
    To Sale of investments 8,000 By Salaries 20,000
    To Subscription received 54,000 By Closing balance  
        Cash in hand 15,000
      77,000   77,000
  6. 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
  7. Write a short note on life membership fees.

  8. From the following particulars, show how the item ‘subscription’ will appear in the Income and Expenditure Account for the year ended 31-12-2018? Subscription received in 2018 is Rs50,000 which includes Rs.5,000 for 2017 and Rs.7,000 for 2019. Subscription outstanding for the year 2018 is Rs 6,000. Subscription of Rs.4,000 was received in advance for 2018 in the year 2017.

  9. Chennai tennis club had Match fund showing credit balance of Rs.24,000 on 1st April, 2018.Receipt to the fund during the year  was Rs 26,000. Match expenses incurred during the yearwas Rs.33,000. How these items will appear in the final accounts of the club for the year ended 31st March, 2019?

  10. What are the features of not-for-profit organizations?

  11. Write a note on Donations

  12. Income and expenditure account of a not-for-profit organization is akin to profit and loss account ofa business concern. Explain the statement.

  13. Antony and Akbar were partners who share profits and losses in the ratio of 3:2. Balance in their capital account on 1st January 2018 was Antony Rs.60,000 and Akbar Rs.40,000. On 1st April 2018 Antony introduced additional capital of Rs.10,000. Akbar introduced additional capital of Rs.5,000 during the year. Calculate interest on capital at 6% p.a. for the year ending 31st December 2018.

  14. Rajan is a partner who withdrew Rs.30,000 during the year 2018. Interest on drawings is charged at 10% per annum. Calculate interest on drawings on 31st December, 2018.

  15. What is the journal entry to be passed for providing interest on capital to a partner?

  16. 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. 

  17. Kevin and Francis are partners. Kevin draws Rs.5,000 at the end of each quarter. Interest on drawings is chargeable at 6% p.a. Calculate interest on drawings for the year ending 31st March 2019 using average period.

  18. Suresh and Ramesh are partners in a firm with capitals of Rs.3,00,000 and Rs.4,00,000 respectively. The do not have a partnership deed. Ramesh wants to share the profits in the ratio of capitals. State with reason whether the claim is valid

  19. 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?

  20. From the following information, find out the value of goodwill by capitalisation method:
    (a) Average profit = Rs.60,000
    (b) Normal rate of return = 10%
    (c) Capital employed = Rs.4,50,000

  21. What is super profit?

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

  23. Anbu and Raju are partners, sharing profits in the ratio of 3:2. Akshai is admitted as a partner. The new profit sharing ratio among Anbu, Raju and Akshai is 5:3:2. Find out the sacrificing ratio.

  24. Prasanth and Nisha are partners sharing profits and losses in the ratio of 3:2. They admit Ramya as a new partner. Prasanth surrenders 2/5 of his share and Nisha surrenders 2/5 of her share in favour of Ramya. Calculate the new profit sharing ratio and sacrificing ratio.

  25. Ashok and Mumtaj were partners in a firm sharing profits and losses in the ratio of 5:1. They have decided to admit Tharun into the firm for 2/9 share of profits. The goodwill of the firm on the date of admission was valued at Rs.27,000. Tharun is not able to bring in cash for his share of goodwill. Pass necessary journal entries for goodwill on the assumption that the fluctuating capital system is followed.

  26. Give the journal entry for writing off existing goodwill at the time of admission of a new partner.

  27. Ananth and Suman are partners sharing profits and losses in the ratio of 3:2. They admit Saran for 1/5 share, which he acquires entirely from Ananth. Find out the new profit sharing ratio and sacrificing ratio.

  28. Govind and Gopal are partners in a firm sharing profits in the ratio of 5:4. They admit Rahim as a partner. Govind surrenders 2/9 of his share in favour of Rahim. Gopal surrenders 1/9 of his share in favour of Rahim. Calculate the new profit sharing ratio and sacrificing rat

  29. Ambika, Dharani and Padma are partners in a firm sharing profits in the ratio of 5:3:2. They admit Ramya for 25% profit. Calculate the new profit sharing ratio and sacrificing ratio.

  30. The amount of bills payable appearing in the balance sheet is understated by. Rs.10,000 State whether the revaluation account will be debited or credited to restore the amount of bills payable to its actual value. Also give reason for your answer.

  31. Kiran, Vinoth and Vimal are partners sharing profits in the ratio of 5:3:2. Kiran retires and the
    new profit sharing ratio between Vinoth and Vimal is 2:1. Calculate the gaining ratio.

  32. Rahul, Ravi and Rohit are partners sharing profits and losses in the ratio of 5:3:2. Rohit retires
    and the share is taken by Rahul and Ravi in the ratio of 3:2. Find out the new profit sharing ratio and gaining ratio.

  33. Suresh, Senthamarai and Raj were partners in a firm sharing profits and losses in the ratio of 3:2:1. Suresh retired from partnership. The goodwill of the firm on the date of retirement was valued at Rs. 36,000. Pass necessary journal entries for goodwill on the assumption that the fluctuating capital system is followed.

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

  35. Ramu, Somu, Gopu are partners sharing profits in the ratio of 3:5:7. Gopu retires and the share is purchased by Ramu and Somu in the ratio of 3:1. Find the new profit sharing ratio and gaining ratio

  36. How can a partner retire from the firm? (Any two)

  37. Bharath Ltd. issued 1,00,000 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.5 per share
    On allotment Rs.3 per share
    On first and final call Rs.2 per share

    Application money was received for 1,20,000 shares. Excess application money was refunded immediately. Pass journal entries to record the above.

  38. What is over-subscription?

  39. Why are the shares forfeited?

  40. Definition of a Company.

  41. From the following particulars, prepare comparative income statement of Tharun Co. Ltd.

    Particulars 2016-17 2017-18
      Rs. Rs.
    Revenue from operations 2,00,000 2,50,000
    Other income 50,000 40,000
    Expenses 1,50,000 1,20,000
  42. What are financial statements?

  43. What is trend analysis?

  44. Common size statement is also known as 100 % statement. Do you agree?

  45. What is quick ratio?

  46. Calculate quick ratio of Ananth Constructions Ltd from the information given below.

    Particulars Rs.
    Total current liabilities 1,00,000
    Total current assets 2,50,000
    Inventories 50,000
    Prepaid expenses 15,000
  47. From the following information, calculate debt equity ratio:
     

    Balance sheet (Extract) as on 31.03.2018
    Particulars Rs.
    I EQUITY AND LIABILITIES  
    1. Shareholders' funds  
      (a) Share capital  
         Equity share capital 1,00,000
      (b) Reserves and surplus 60,000
    2. Non-current liabilities  
      Long-term borrowings (Debentures) 80,000
    3. Current liabilities  
      (a) Trade payables 50,000
      (b) Other current liabilities  
          Outstanding expenses 30,000
    Total 3,20,000
  48. What does high total assets to debt ratio indicates?

  49. The liquidity of a business firm is measured by its ability to satisfy its long-term obligations as they become due. Comments.

  50. A chemist as per the requirement of law makes use of computer for recording the stock of all the medicines including their manufacturing and expiry dates. What benefits he will get from computerised records also tell the values indicated in the question.

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