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12th Standard English Medium Accountancy Subject Book Back 2 Mark Questions with Solution Part - II Question Bank Software Jun-03 , 2021

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12th Standard English Medium Accountancy Subject Book Back 2 Mark Questions with Solution Part - II

12th Standard English Medium Accountancy Subject Book Back 2 Mark Questions with Solution Part - II

12th Standard

    Reg.No. :
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Accountancy

Time : 00:30:00 Hrs
Total Marks : 20

    Part I

    10 x 2 = 20

  1. Find out credit sales from the following information:

      Rs.
    Debtors on 1st January 2018 40,000
    Cash received from debtors 1,00,000
    Discount allowed 5,000
    Sales returns 2,000
    Debtors on 31st December 2018 Debtors on 31st December 2018

  2. How the following items will appear in the final accounts of a club for the year ending 31st March, 2019?

    Dr. Receipts and Payments Account for the year ended 31st March, 2019 Cr.
    Receipts Rs. Rs. Payments Rs.
    To Subscription        
    2017-2018 5,000      
    2018-2019 48,000      
    2019-2020 3,000 56,000    
             

    There are 300 members in the club each paying an annual subscription of Rs. 200 per annum. Subscription still outstanding for the year 2017- 2018 is Rs.1,000.

  3. Murali and Sethu are partners in a firm. Murali is to get a commission of 10% of net profit before charging any commission. Sethu is to get a commission of 10% on net profit after charging all commission. Net profit for the year ended 31st March 2019 before charging any commission was Rs. 1,10,000. Find the amount of commission due to Murali and Sethu.

  4. 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

  5. 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.

  6. Kumar, Kesavan and Manohar are partners sharing profits and losses in the ratio of 1/2, 1/3 and 1/6 respectively. Manohar retires and his share is taken up by Kumar and Kesavan equally. Find out the new profit sharing ratio and gaining ratio.

  7. What is a share?

  8. From the following particulars, prepare comparative income statement of Mary Co. Ltd.

    Particulars 2015-16
    Rs.    		 2016-17
    Rs.
    Revenue from operations 4,00,000 5,00,000
    Operating expenses 2,00,000 1,80,000
    Income tax (% of the profit before tax) 20 50

  9. What is meant by accounting ratios?

  10. What is Accounting Information System (AIS)?

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