Tamilnadu Board Accountancy State Board (Tamilnadu) for 12th Standard (English Medium) Question paper & Study Materials

Stateboard 12th Standard Accountancy Subject Public Question Paper - March 2022 updated Previous Year Question Papers - by QB Admin View & Read

Stateboard 12th Standard Accountancy Subject Public Question Paper - March 2022 updated Previous Year Question Papers - by QB Admin View & Read

Stateboard 12th Standard Accountancy Subject English Medium Public Answer Key- March 2022 updated Previous Year Question Papers - by QB Admin View & Read

Stateboard 12th Standard Accountancy Subject English Medium Public Answer Key - March 2022 updated Previous Year Question Papers - by QB Admin View & Read

12th Standard English Medium Accountancy Subject Ratio Analysis Creative 3 Mark Questions with Solution Part - I updated Creative Questions - by Question Bank Software View & Read

  • 1)

    What is functional classifications of rational analysis? and types of functional classification.

  • 2)

    Write a short note on
    (i) Proprietary ratio
    (ii) Capital gearing ratio

  • 3)

    What is Credit payment period?

  • 4)

    The current assets of Maxell Ltd. are Rs.10,00,000 and its current liabilities are Rs.4,00,000. Find its current ratio. It is satisfactory? What value is exhibited by the company on maintaining such a ratio?

  • 5)

    Sai Ltd had a current ratio of 3.5:1 and quick ratio of 2:1. If the excess of current assets over quick assets as represented by inventory is Rs.1,50,000. calculate current assets and current liabilities. Which value can be associated with the business having such current ratio and quick ratio?

12th Standard English Medium Accountancy Subject Ratio Analysis Creative 3 Mark Questions with Solution Part - II updated Creative Questions - by Question Bank Software View & Read

  • 1)

    Explain the traditional classifications of ratio analysis.

  • 2)

    Write a note an Long-term solvency ratios.

  • 3)

    What do you mean by debt collection period?

  • 4)

    Write a short note on
    (i) Gross profit ratio
    (ii) Net profit ratio

  • 5)

    Write the values which can be associated with a company which carries ratio analysis on its financial statements.

12th Standard English Medium Accountancy Subject Accounts From Incomplete Records Creative 5 Mark Questions with Solution Part - I updated Creative Questions - by Question Bank Software View & Read

  • 1)

    Calculate the missing information:

    Particulars Rs.
    Closing capital 32,000
    Drawings 4,800
    Additional capital 8,000
    Profit made during the year 9,600
  • 2)

    From the following find out credit sales.

    Particulars Rs.
    Opening sundry debtors 50,000
    Cash received from sundry debtors 80,000
    Discount allowed to sundry debtors 2,000
    Sales returns 5,000
    Closing sundry debtors 75,000
  • 3)

    From the following details, find out credit purchases:

    Particulars Rs.
    Opening sundry creditors 75,000
    Closing sundry creditors 90,000
    Cash paid to sundry creditors 22,500
    Discount received 15,000
    Purchase returns 7,500
  • 4)

    M/s Saniya sport equipment does not keep proper records. From the following information, find out profit or loss and also prepare balance sheet for the year ended 31st December 2017.

    Particulars 31.12.2016
           Rs.
    31.12.2017
            Rs.
    Cash in hand 6,000 24,000
    Bank overdraft 30,000 -
    Stock 50,000 80,000
    Sundry creditors 26,000 40,000
    Sundry debtors 60,000 1,40,000
    Bills payable 6,000 12,000
    Furniture 40,000 60,000
    Bills receivable 8,000 28,000
    Machinery 50,000 1,00,000
    Investment 30,000 80,000

    Drawings Rs. 10,000 per month for personal use, additional capital introduced during the year Rs. 2,00,000. A bad debts Rs. 2,000 and a provision of 5% it to be made on debtors. Outstanding salary 2,400, prepaid insurance Rs. 700, depreciation charged on furniture @ 10% per annum.

  • 5)

    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

12th Standard English Medium Accountancy Subject Accounts From Incomplete Records Creative 5 Mark Questions with Solution Part - II updated Creative Questions - by Question Bank Software View & Read

  • 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)

    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. 

  • 3)

    From the following details, find out credit purchases:

    Particulars Rs.
    Opening sundry creditors 75,000
    Closing sundry creditors 90,000
    Cash paid to sundry creditors 22,500
    Discount received 15,000
    Purchase returns 7,500
  • 4)

    Compute the amount of total purchases and total sales of Mr. Amit from the following information for the year ending on March 31, 2018.

      Rs.
    Total debtors as on April 01, 2017 40,000
    Total creditors as on April 01,2017 50,000
    Bills receivable as on April 01, 2017 30,000
    Bills payable as on April 01, 2017 45,000
    Discount received 5,000
    Bad debts 2,000
    Return inwards 4,000
    Discount allowed 3,000
    Cash sales 10,000
    Cash purchases 8,000
    Total debtors as on March 31, 2018 80,000
    Cash received from debtors 1,00,000
    Cash paid to creditors 80,000
    Cash received against bills receivable 25,000
    Payment made against bills receivable 40,000
    Total creditors as on March 31, 2018 40,000
    Bills payable as on March 31, 2018 50,000
    Bills receivable as on March 31,2018 35,000
  • 5)

    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

12th Standard English Medium Accountancy Subject Accounts From Incomplete Records Book Back 1 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software View & Read

  • 1)

    Incomplete records are generally maintained by

  • 2)

    Opening statement of affairs is usually prepared to find out the

  • 3)

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

  • 4)

    Which one of the following statements is not true in relation to incomplete records?

  • 5)

    When capital in the beginning is Rs. 10,000, drawings during the year is Rs. 6,000, profit made during the year is Rs. 2,000 and the additional capital introduced is 3,000, find out the amount of capital at the end

12th Standard English Medium Accountancy Subject Accounts From Incomplete Records Book Back 1 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software View & Read

  • 1)

    Statement of affairs is a

  • 2)

    The excess of assets over liabilities is

  • 3)

    The amount of credit sales can be computed from

  • 4)

    What is the amount of capital of the proprietor, if his assets are Rs. 85,000 and liabilities are Rs. 21,000?

  • 5)

    Opening balance of debtors: Rs. 30,000, cash received: Rs. 1,00,000, credit sales: Rs. 90,000; closing balance of debtors is

12th Standard English Medium Accountancy Subject Accounts of Not-For-Profit Organisation Book Back 1 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software View & Read

  • 1)

    Receipts and payments account records receipts and payments of

  • 2)

    Income and expenditure account is a

  • 3)

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

  • 4)

    Legacy is a

  • 5)

    There are 500 members in a club each paying Rs. 100 as annual subscription. Subscription due but not received for the current year is Rs. 200; Subscription received in advance is Rs. 300.Find out the amount of subscription to be shown in the income and expenditure account

12th Standard English Medium Accountancy Subject Accounts of Not-For-Profit Organisation Book Back 1 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software View & Read

  • 1)

    Receipts and payments account is a

  • 2)

    Balance of receipts and payments account indicates the

  • 3)

    Income and Expenditure Account is prepared to find out

  • 4)

    Subscription due but not received for the current year is

  • 5)

    Donations received for a specific purpose is

12th Standard English Medium Accountancy Subject Accounts of Partnership Firms-Fundamentals Book Back 1 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software View & Read

  • 1)

    In the absence of a partnership deed, profits of the firm will be shared by the partners in 

  • 2)

    As per the Indian Partnership Act, 1932, the rate of interest allowed on loans advanced by partners is

  • 3)

    When fixed capital method is adopted by a partnership firm, which of the following items will appear in capital account?

  • 4)

    Which of the following is the incorrect pair?

  • 5)

    Pick the odd one out

12th Standard English Medium Accountancy Subject Accounts of Partnership Firms-Fundamentals Book Back 1 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software View & Read

  • 1)

    In the absence of an agreement among the partners, interest on capital is

  • 2)

    Which of the following is shown in Profit and loss appropriation account?

  • 3)

    When a partner withdraws regularly a fixed sum of money at the middle of every month, period for which interest is to be calculated on the drawings on an average is 

  • 4)

    In the absence of an agreement, partners are entitled to 

  • 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.

12th Standard English Medium Accountancy Subject Goodwill In Partnership Accounts Book Back 1 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software View & Read

  • 1)

    Which of the following statements is true?

  • 2)

    Super profit is the difference between

  • 3)

    When the average profit is Rs. 25,000 and the normal profit is Rs. 15,000, super profit is __________

  • 4)

    Book profit of 2017 is Rs. 35,000; non-recurring income included in the profit is Rs. 1,000 and abnormal loss charged in the year 2017 was Rs. 2,000, then the adjusted profit is __________

  • 5)

    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

12th Standard English Medium Accountancy Subject Goodwill In Partnership Accounts Book Back 1 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software View & Read

  • 1)

    Super profit is the difference between

  • 2)

    The average rate of return of similar concerns is considered as

  • 3)

    Which of the following is true?

  • 4)

    Identify the incorrect pair

  • 5)

    When the average profit is Rs. 25,000 and the normal profit is Rs. 15,000, super profit is __________

12th Standard English Medium Accountancy Subject Admission of a Partner Book Back 1 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software View & Read

  • 1)

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

  • 2)

    If the old profit sharing ratio is more than the new profit sharing ratio of a partner, the difference is called

  • 3)

    Which of the following statements is not true in relation to admission of a part _________.

  • 4)

    Select the odd one out

  • 5)

    Balaji and Kamalesh are partners sharing profits and losses in the ratio of 2:1. They admit Yogesh into partnership. The new profit sharing ratio between Balaji, Kamalesh and Yogesh is agreed to 3:1:1. Find the sacrificing ratio between Balaji and Kamalesh.

12th Standard English Medium Accountancy Subject Admission of a Partner Book Back 1 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software View & Read

  • 1)

    Revaluation A/c is a

  • 2)

    The profit or loss on revaluation of assets and liabilities is transferred to the capital account of 

  • 3)

    At the time of admission, the goodwill brought by the new partner may be credited to the capital accounts of

  • 4)

    Match List I with List II and select the correct answer using the codes given below:

    List I List II
    (i) Sacrificing ratio 1. Investment fluctuation fund
    (ii) Old profit sharing ratio 2. Accumulated profit
    (iii) Revaluation Account 3. Goodwill
    (iv) Capital Account 4. Unrecorded liability
  • 5)

    James and Kamal are sharing profits and losses in the ratio of 5:3. They admit Sunil as a partner giving him 1/5 share of profits. Find out the sacrificing ratio.

12th Standard English Medium Accountancy Subject Retirement and Death of a Partner Book Back 1 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software View & Read

  • 1)

    A partner retires from the partnership firm on 30th June. He is liable for all the acts of the firm up to the

  • 2)

    On retirement of a partner, general reserve is transferred to the

  • 3)

    At the time of retirement of a partner, determination of gaining ratio is required

  • 4)

    ‘ A’ was a partner in a partnership firm. He died on 31st March 2019. The final amount due to him is Rs. 25,000 which is not paid immediately. It will be transferred to

  • 5)

    A, B and C are partners sharing profits in the ratio of 4:2:3. C retires. The new profit sharing ratio between A and B will be

12th Standard English Medium Accountancy Subject Retirement and Death of a Partner Book Back 1 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software View & Read

  • 1)

    On retirement of a partner from a partnership firm, accumulated profits and losses are distributed to the partners in the

  • 2)

    On revaluation, the increase in liabilities leads to

  • 3)

    If the final amount due to a retiring partner is not paid immediately, it is transferred to

  • 4)

    A, B and C are partners sharing profits in the ratio of 2:2:1. On retirement of B, goodwill of the firm was valued as Rs. 30,000. Find the contribution of A and C to compensate B:

  • 5)

    X, Y and Z were partners sharing profits and losses equally. X died on 1st April 2019. Find out the share of X in the profit of 2019 based on the profit of 2018 which showed Rs. 36,000.

12th Standard English Medium Accountancy Subject Company Accounts Book Back 1 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software View & Read

  • 1)

    That part of share capital which can be called up only on the winding up of a company is called:

  • 2)

    After the forfeited shares are reissued, the balance in the forfeited shares account should be transferred to

  • 3)

    Which of the following statement is false?

  • 4)

    Match the pair and identify the correct option

    (1) Under subscription (i) Amount prepaid for calls
    (2) Over subscription (ii) Subscription above the offered shares
    (3) Calls in arrear (iii) Subscription below the offered shares
    (4) Calls in advance (iv) Amount unpaid on calls
  • 5)

    Supreme Ltd. forfeited 100 shares of Rs.10 each for non-payment of final call of Rs.2 per share. All these shares were re-issued at Rs.9 per share. What amount will be transferred to capital reserve account?

12th Standard English Medium Accountancy Subject Company Accounts Book Back 1 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software View & Read

  • 1)

    A preference share is one
    (i) which carries preferential right with respect to payment of dividend at fixed rate
    (ii) which carries preferential right with respect to repayment of capital on winding up

  • 2)

    At the time of forfeiture, share capital account is debited with

  • 3)

    The amount received over and above the par value is credited to

  • 4)

    When shares are issued for purchase of assets, the amount should be credited to

  • 5)

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

12th Standard English Medium Accountancy Subject Financial Statement Analysis Book Back 1 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software View & Read

  • 1)

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

  • 2)

    The financial statements do not exhibit

  • 3)

    The term ‘fund’ refers to

  • 4)

    A limited company’s sales has increased from Rs.1,25,000 to Rs.1,50,000. How does this appear in comparative income statement?

  • 5)

    Expenses for a business for the first year were Rs. 80,000. In the second year, it was increased to Rs. 88,000. What is the trend percentage in the second year?

12th Standard English Medium Accountancy Subject Financial Statement Analysis Book Back 1 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software View & Read

  • 1)

    Which of the following statements is not true?

  • 2)

    Which of the following tools of financial statement analysis is suitable when data relating to several years are to be analysed?

  • 3)

    Which of the following is not a tool of financial statement analysis?

  • 4)

    Which of the following statements is not true?

  • 5)

    In a common-size balance sheet, if the percentage of non-current assets is 75, what would be the percentage of current assets?

12th Standard English Medium Accountancy Subject Ratio Analysis Book Back 1 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software View & Read

  • 1)

    To test the liquidity of a concern, which of the following ratios are useful?
    (i) Quick ratio
    (ii) Net profit ratio
    (iii) Debt-equity ratio
    (iv) Current ratio
    Select the correct answer using the codes given below:

  • 2)

    Proportion of share holder's funds to total assets is called

  • 3)

    Which one of the following is not correctly matched?

  • 4)

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

  • 5)

    Cost of revenue from operations Rs. 3,00,000; Inventory in the beginning of the year Rs. 60,000; Inventory at the close of the year Rs. 40,000. Inventory turnover ratio is

12th Standard English Medium Accountancy Subject Ratio Analysis Book Back 1 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software View & Read

  • 1)

    The mathematical expression that provides a measure of the relationship between two figures is called

  • 2)

    Current ratio indicates

  • 3)

    Current assets excluding inventory and prepaid expenses is called

  • 4)

    Debt equity ratio is a measure of

  • 5)

    Match List I with List II and select the correct answer using the codes given below:

    List I List II
    (i) Current ratio 1. Liquidity
    (ii) Net profit ratio 2. Efficiency
    (iii) Debt-equity ratio 3. Long term solvency
    (iv) Inventory turnover ratio 4. Profitability

12th Standard English Medium Accountancy Subject Computerized Accounting System - Tally Book Back 1 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software View & Read

  • 1)

    Which is not the default group in Tally?

  • 2)

    Salary account comes under which of the following head?

  • 3)

    Rs. 25,000 withdrawn from bank for office use. In which voucher type, this transaction will be recorded

  • 4)

    In which voucher type credit purchase of furniture is recorded in Tally

  • 5)

    Which of the following options is used to view Trial Balance from Gateway of Tally?

12th Standard English Medium Accountancy Subject Computerized Accounting System - Tally Book Back 1 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software View & Read

  • 1)

    Accounting report prepared according to the requirements of the user is

  • 2)

    Function key F11 is used for

  • 3)

    Which submenu displays groups, ledgers and voucher types in Tally?

  • 4)

    What are the predefined Ledger(s) in Tally?
    (i) Cash
    (ii) Profit & Loss A/c
    (iii) Capital A/c

  • 5)

    Contra voucher is used for

12th Standard English Medium Accountancy Subject Accounts From Incomplete Records Book Back 2 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software View & Read

  • 1)

    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
  • 2)

    State the accounts generally maintained by small sized sole trader when double entry accounting system is not followed.

  • 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 details, calculate credit purchases

    Particulars Rs.
    Opening creditors 1,70,000
    Purchase returns 20,000
    Cash paid to creditors 4,50,000
    Closing creditors 1,90,000

12th Standard English Medium Accountancy Subject Accounts From Incomplete Records Book Back 2 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software View & Read

  • 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)

    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
  • 3)

    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
  • 4)

    What is meant by incomplete records?

  • 5)

    What is a statement of affairs?

12th Standard English Medium Accountancy Subject Accounts of Not-For-Profit Organisation Book Back 2 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software View & Read

  • 1)

    Write a short note on life membership fees.

  • 2)

    Give four examples for revenue receipts of not–for–profit organisation.

  • 3)

    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.

  • 4)

    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
  • 5)

    Compute capital fund of Salem Sports Club as on 1.4.2019.

    Particulars Rs. Particulars Rs.
    Sports equipment 30,000 Prize fund 10,000
    Computer 25,000 Prize fund investments 10,000
    Subscription outstanding for 2018-19 5,000 Cash in hand 7,000
    Subscription received in advance for
    2019-20
    8,000 Cash at bank 21,000

12th Standard English Medium Accountancy Subject Accounts of Not-For-Profit Organisation Book Back 2 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software View & Read

  • 1)

    State the meaning of not–for–profit organisation

  • 2)

    What is legacy?

  • 3)

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

  • 4)

    How will the following items appear in the final accounts of a club for the year ending 31st March 2017? Received subscription of Rs. 40,000 during the year 2016-17. This includes subscription of Rs. 5,000 for 2015 - 16 and Rs. 3,000 for the year 2017-18. Subscription of 1,000 is still outstanding for the year 2016 - 17.

  • 5)

    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 Rs.50,000 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.

12th Standard English Medium Accountancy Subject Accounts of Partnership Firms-Fundamentals Book Back 2 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software View & Read

  • 1)

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

  • 2)

    Mannan and Ramesh share profits and losses in the ratio of 3:2 and their capital on 1st April, 2018 was Mannan Rs. 1,50,000 and Ramesh Rs. 1,00,000 respectively and their current accounts show a credit balance of Rs. 25,000 and Rs. 20,000 respectively. Calculate interest on capital at 6% p.a. for the year ending 31st March, 2019 and show the journal entries.

  • 3)

    Santhosh 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.
    February 1 2,000
    May 1 10,000
    July 1 4,000
    October 1 6,000

    Calculate the amount of interest on drawing.

  • 4)

    Mathew is a partner who withdrew Rs.20,000 during the year 2018. Interest on drawings is charged at 10% per annum. Calculate interest on drawings on 31st December 2018.

  • 5)

    Ram and Shyam were partners. Ram withdrew Rs. 18,000 at the beginning of each half year. Interest on drawings is chargeable @ 10% p.a. Calculate interest on the drawings for the year ending 31st December 2018 using average period.

12th Standard English Medium Accountancy Subject Accounts of Partnership Firms-Fundamentals Book Back 2 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software View & Read

  • 1)

    Mannan and Ramesh share profits and losses in the ratio of 3:1. The capital on 1st April 2017 was Rs. 80,000 for Mannan and Rs. 60,000 for Ramesh and their current accounts show a credit balance of Rs. 10,000 and Rs. 5,000 respectively. Calculate interest on capital at 5% p.a. for the year ending 31st March 2018 and show the journal entries.

  • 2)

    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.

  • 3)

    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.

  • 4)

    Vennila and Eswari are partners. Vennila draws Rs.5,000 at the beginning of each half year. Interest on drawings is chargeable at 4% p.a. Calculate interest on drawings for the year ending 31st December 2018 using average period.

  • 5)

    Define partnership.

12th Standard English Medium Accountancy Subject Accounts of Not-For-Profit Organisation Creative 5 Mark Questions with Solution Part - I updated Creative Questions - by Question Bank Software View & Read

  • 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)

    From the following extract of Receipt and Payment Account and the additional information given below, compute the amount of income from subscriptions and show as how they would appear in the Income and Expenditure Account for the year ending March 31st, 2015 and Balance sheet.

    Dr Receipt and Payment Account for the year ending March 31, 2015 Cr
    Receipts Rs Payments Rs
    Subscription:      
    2013-14     7,000      
    2014-15   30,000      
    2015-16     5,000   42,000      

    Additional Information:
    (i) Subscriptions outstanding March 31, 2014 Rs. 8,500
    (ii) Total subscriptions outstanding March 31, 2015 Rs. 18,500
    (iii) Subscriptions received in advance as Rs. 4,000 on March 31, 2014.

  • 3)

    Following is the receipts and payments accounts of Literacy club 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 club 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.

  • 4)

    From the following Receipts and Payments Account of Trichy, Rotary club, prepare Income and Expenditure Account for the year ended 31.03.2019

    Receipts Rs Paymenta Rs
    To Opening Balance   By Furniture Purchased 10,000
    Cash in hand 11,000 By Rent 2,800
    To Sale of old newspaper 3,600 By Postage 1,700
    To Member's Subscription 31,000 By General expenses 4,350
    To Locker rent 8,000 By Printing and stationery 45,000
    To Interest on investments 1,250 By Audit fees 5,000
    To Sale of furniture 5,000 By Closing balance  
        Cash in hand 3,000
  • 5)

    How will the following appear in the final account of a club for the year 2017-2018?

    Particulars Rs
    Prize fund on 1.4.2017 50,000
    Prize fund investment on 1.4.2017 50,000
    Interest received on prize fund investment 5,000
    Prizes distributed 6,000
    Donation received for prize fund 10,000

12th Standard English Medium Accountancy Subject Goodwill In Partnership Accounts Book Back 2 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software View & Read

  • 1)

    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

  • 2)

    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.

  • 3)

    What is goodwill?

  • 4)

    What is super profit?

  • 5)

    State any two circumstances under which goodwill of a partnership firm is valued.

12th Standard English Medium Accountancy Subject Accounts of Not-For-Profit Organisation Creative 5 Mark Questions with Solution Part - II updated Creative Questions - by Question Bank Software View & Read

  • 1)

    From the following Receipt and Payment Account for the year ending 31st March 2015 of crickets club. Prepare Income and Expenditure Account for the same period:

    Dr Receipt and Payment Account for the year ending March 31, 2015 Cr
    Receipts Rs Payments Rs
    To Balance c/d 25,000 By Purchase of furniture (1.7.14) 5,000
    Bank 25,000 By Salaries 2,000
    To Subscriptions   By Electricity charges 600
    2014   1,500   By Postage and stationery 150
    2015  10,000   By Purchase of books 2,500
    2016    500 12,000 By Entertainment expenses 900
    To Donation 2,000 papers (1.7.14 8000
    To Hall rent 300 By Miscellaneous expenses 600
    To Interest on bank deposits 450 By Balance c/d  
    To Entrance fees 1,000 Cash 300
        Bank 20,400
      40,750   40,750

    The following additional information is available:
    (i) Salaries outstanding Rs. 1,500
    (ii) Entertainment expenses outstanding Rs. 500
    (Hi) Bank interest receivable Rs. 150
    (iv) Subscription accrued Rs. 400
    (v) 50 percent of entrance fees is to capitalised
    (vi) Furniture is to be depreciated at 10percent per annum

  • 2)

    From the following balances prepare a balance sheet as on 31st1March 2016.

    Rs
    Cash in hand 12,000
    Cash at bank 8,000
    Books 16,000
    Billiard Table 24,000
    Furniture 30,000
    Investment 30,000
    Prepaid expenses 20,000
    Building 1,00,000
    Outstanding expenses 40,000
    Subscription received in advance 24,000
    Subscription accrued 20,000
    Surplus (Income over  
    expenditure) 20,000
  • 3)

    Following is the receipts and payments accounts of Literacy club 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 club 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.

  • 4)

    From the following particulars of Chennai educational society, prepare Receipts and Payments Z account for the year ended 31st December, 2018

    Particulars Rs Particulars Rs
    Opening balance as on 1.1.2018 20,000 Lockers rent received 12,000
    Investments made 80,000 Sale of furniture 5,000
    Honorarium paid 3,000 General expenses 7,000
    Donation received 80,000 Postage 1,000
    Audit fees paid 2,000 Subscription receive 10,000
  • 5)

    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

12th Standard English Medium Accountancy Subject Accounts of Partnership Firms-Fundamentals Creative 5 Mark Questions with Solution Part - I updated Creative Questions - by Question Bank Software View & Read

  • 1)

    Write up the capital and current accounts of the partners, Kannagi and vasugi from the following details.

    Particulars Kannagi Rs. Vasugi Rs.
    Capital on 1.4.2018 1,00,000 60,000
    Current Alc on 1.4.2018 3,000(Dr) 2,000(Cr)
    Drawing during 2018-19 8,000 5,000
    Interest on capital 5,000 3,000
    Interest in drawings 240 150
    Share of profit 2018-19 12,000 10,000
    Partner's salary 4,000 -
  • 2)

    Mala,Kala and Ratna share profits and losses in the ratio of 3: 2:1. The capital on 1st April 2017 was Rs.90,000 for Mala, 75,000 for Kala and Rs.60,000 for Ratna and their current accounts show a credit balance of Rs.15,000,10,000 and Rs.5000 respectively. Calculate interest on capital at 5% p.a for the year ending 31st march 2018 and show the journal entries.

  • 3)

    Anusha and Barathi contribute Rs.2,00,000 and Rs.1,00,000 respectively as capital. Their respective share of profit is 3:2 and the profit before interest on capital for the year is Rs.27,000. Compute the amount of interest on capital in each of the following situations:
    (i) If the partnership deed is silent as to the interest on capital
    (ii) If interest on capital @ 3% is allowed as per the partnership deed
    (iii) If the partnership deed allows interest on capital @ 5% p.a.

  • 4)

    Kala is a partner in a partnership firm. As per partnership deed, interest on drawings is charged at 12% p.a. During the year ended 31stDecember 2018. She drew as follows.

    Date Rs.
    March 1 12,000
    June 1 8,000
    September 1 10,000
    December 1 4,000

    Calculate the amount of interest on drawings by using produce method

  • 5)

    From the following balance sheets of Subha and Sudha who share profits and losses equally. Calculate interest on capital at 6% p.a for the year ending 31st December 2017.

    Balance sheet as.on 31st December 2017
    Liabilities Rs. Assets Rs.
    Capital accounts:   Fixed assets 60,000
    Subha 30,000 Current assets 20,000
    Sudha 40,000    
    P&L App A/C 10,000    
           
    P&L App A/C 80,000   80,000
           

    Drawing of Shubha and Sudha during the year were Rs.5,000 and Rs.7,000 respectively profit earned during the year was Rs.30,000.

12th Standard English Medium Accountancy Subject Accounts of Partnership Firms-Fundamentals Creative 5 Mark Questions with Solution Part - II updated Creative Questions - by Question Bank Software View & Read

  • 1)

    From the following information, prepare capital accounts of partners Manoj and Seran, when their capitals are fluctuating

    Particulars Manoj
    Rs.
    Seran
    Rs.
    Capital on 1st January 2018 ( Cr. balance) 1,00,000 87,500
    Drawings during 2018 20,000 17,500
    Interest on drawings 500 250
    Share of profit for 2018 10,500 8,250
    Interest on capital 6,000 5,250
    Salary 9,000 Nil
    Commission Nil 1250
  • 2)

    From the following balance sheets of Subha and Sudha who share profits and losses equally. Calculate interest on capital at 6% p.a for the year ending 31st December 2017.

    Balance sheet as.on 31st December 2017
    Liabilities Rs. Assets Rs.
    Capital accounts:   Fixed assets 60,000
    Subha 30,000 Current assets 20,000
    Sudha 40,000    
    P&L App A/C 10,000    
           
      80,000   80,000
           

    Drawing of Shubha and Sudha during the year were Rs.5,000 and Rs.7,000 respectively profit earned during the year was Rs.30,000.

  • 3)

    Anusha and Barathi contribute Rs.2,00,000 and Rs.1,00,000 respectively as capital. Their respective share of profit is 3:2 and the profit before interest on capital for the year is Rs.27,000. Compute the amount of interest on capital in each of the following situations:
    (i) If the partnership deed is silent as to the interest on capital
    (ii) If interest on capital @ 3% is allowed as per the partnership deed
    (iii) If the partnership deed allows interest on capital @ 5% p.a.

  • 4)

    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

  • 5)

    Durga and Preethi entered into a partnership agreement on 1st April 2018, Durga contributing Rs.50,000 and Preethi Rs.60,000 as capital. The agreement provided that:
    (a) Profits and losses to be shared in the ratio 3:2 as between Durga and Preethi.
    (b) Partners to be entitled to interest on capital @ 5% p.a.
    (c) Interest on drawings to be charged Durga Rs.600 Velan Rs.900
    (d) Durga to receive a salary Rs.10,000 for the year and
    (e) Preethi to receive a commission of Rs.4,000 During the year, the firm made a profit of Rs.40,000 before adjustment of interest, salary and commission prepare the profit and loss appropriation account.

12th Standard English Medium Accountancy Subject Goodwill In Partnership Accounts Book Back 2 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software View & Read

  • 1)

    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

  • 2)

    From the following information, calculate the value of goodwill on the basis of 3 years purchase of average profits of last four years.

    Year Result Amount
    Rs.
    2015 Profit 5,000
    2016 Profit 8,000
    2017 Loss 3,000
    2018 Profit 6,000
  • 3)

    What is acquired goodwill?

  • 4)

    What is super profit?

  • 5)

    What is normal rate of return?

12th Standard English Medium Accountancy Subject Goodwill In Partnership Accounts Creative 5 Mark Questions with Solution Part - I updated Creative Questions - by Question Bank Software View & Read

  • 1)

    A partnership firm has decided to value its goodwill for the purpose of setting a retiring Partner. The profit of that firm for the last four years were as follows:
    2015 : Rs.20,000; 2016 : Rs.25,000; 2017; Rs.24,000 and 2018: Rs.23,000
    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. 3,000 per annum.
    Find out the value of goodwill, if it is valued on the basis of three years purchase of the average profit of the last four years.

  • 2)

    For the purpose of admitting a new partner, a firm has decided to value its good will at 3 years purchase of the average profit of the last 4 years using weighted average method profits of the past 4 years and the respective weights are as follows.

    Year 2015 2016 2017 2018
    Profit 40,000 44,000 48,000 56,000
    Weight 1 2 3 4

    Compute the value of goodwill

  • 3)

    From the following information, calculate the value of goodwill based on 3 years purchase of Super profit
    (i) Capital employed: 1,00,000
    (ii) Normal rate of return: 10%
    (iii)Average profit of the business: 42,000

  • 4)

    Calculate the value of goodwill at 5 years purchase of super profit from the following information
    (a) Capital employed: Rs. 60,000
    (b) Normal rate of profit: 20%
    (c) Net profit for 5 years
    2014:Rs.1,00,000, 2015: Rs.50,000 2016: Rs.70,000; 2017: Rs.54,000 and 2018: Rs. 10,000
    (d) Fair remuneration to the partners 3,600 per annum

  • 5)

    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. 5,60,000

12th Standard English Medium Accountancy Subject Goodwill In Partnership Accounts Creative 5 Mark Questions with Solution Part - II updated Creative Questions - by Question Bank Software View & Read

  • 1)

    The profit and losses of a firm for the last four years were as follows:
    2015: Rs.20,000; 2016; Rs. 25,000;
    2017; Rs.3,000(loss) 2018; Rs.18,000
    You are required to calculate the amount of goodwill on the basis of 5 years purchase of average profit of the last 4 years.

  • 2)

    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. 23,000 Rs.22,000 and Rs. 25,000 respectively.
    (b) A non-recurring income of Rs. 2,500 is included in the profits of the year 2016.
    (c) The closing stock of the year 2017 was overvalued by Rs. 5,000.

  • 3)

    From the following information, calculate the value of goodwill based on 3 years purchase of Super profit
    (i) Capital employed: 1,00,000
    (ii) Normal rate of return: 10%
    (iii)Average profit of the business: 42,000

  • 4)

    Calculate the value of goodwill at 5 years purchase of super profit from the following information
    (a) Capital employed: Rs. 60,000
    (b) Normal rate of profit: 20%
    (c) Net profit for 5 years
    2014:Rs.1,00,000, 2015: Rs.50,000 2016: Rs.70,000; 2017: Rs.54,000 and 2018: Rs. 10,000
    (d) Fair remuneration to the partners 3,600 per annum

  • 5)

    From the following information, compute the value of goodwill as per annuity method:
    (a) Capital employed: Rs.1,00,000
    (b) Normal rate of return: 15%
    (c) Profit of the years 2016, 2017 and 2018 were Rs.6,000, Rs.8,000 and Rs.20,000 respectively
    (d) The present value of annuity of n for 3 years at 10% is 2.4868

12th Standard English Medium Accountancy Subject Admission of a Partner Creative 5 Mark Questions with Solution Part - I updated Creative Questions - by Question Bank Software View & Read

  • 1)

    Sheela and Neela were sharing profits in the ratio of 4:3. Kamala was admitted with 1/5th share in profits of business. Calculated the New profit Ratio and the sacrificing ratio.

  • 2)

    Eswari and Ranikumari are partners sharing profits and losses in the ratio of 7:5. They agree to admit Chitra into partnership. Eswari surrenders \(\frac{1}{7}\) th of her share and Ranikumari \(\frac{1}{5}\) th of her share in the favour of Chitrao Calculate the New profit ratio and the sacrificing ratio.

  • 3)

    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 accumulate loss
    Rs. 1,40,000 on the asset side of the balance sheet. Give the journal entry to transfer the accumulated loss on admission.

  • 4)

    Ragu and Sam are partners in a firm sharing profits and losses in the ratio of 3:2. Their balance sheet as on 31st March, 2017 is as follows:

    Liabilities Rs. Rs. Assets Rs. Rs.
    Capital Account:     Machinery   30,000
    Ragu 40,000   Furniture   10,000
    Sam 30,000 70,000 Stock   10,000
    Sundry creditors   30,000 Debtors 21,000  
          Less: Provision for
    doubtful debts
    1,000 20,000
          Bank   30,000
        1,00,000     1,00,000

    Prakash is admitted on 1.4.2017 subject is the following conditions:
    (a) He has to bring a capital of Rs. 24,000
    (b) Machinery is valued at Rs.4,000
    (c) Furniture to be depreciated by Rs.3,000
    (d) Provision for doubtful debts should be increased to Rs. 3,000
    (e) Unrecorded trade receivables of Rs.1,000 would be brought into books now.
    Pass necessary journal entries and prepare revaluation account and capital account of partners after admission.

  • 5)

    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.

12th Standard English Medium Accountancy Subject Admission of a Partner Book Back 2 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software View & Read

  • 1)

    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.

  • 2)

    Prema and Chandra share profits in the ratio of 5:3. Hema is admitted as a partner. Prema surrendered 1/8 of her share and Chandra surrendered 1/8 of her share in favour of Hema. Calculate the new profit sharing ratio and sacrificing ratio.

  • 3)

    Selvam and Senthil are partners sharing profit in the ratio of 2:3. Siva is admitted into the firm with 1/5 share of profit. Siva acquires equally from Selvam and Senthil. Calculate the new profit sharing ratio and sacrificing ratio.

  • 4)

    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.

  • 5)

    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.

12th Standard English Medium Accountancy Subject Admission of a Partner Creative 5 Mark Questions with Solution Part - II updated Creative Questions - by Question Bank Software View & Read

  • 1)

    Sridevi and Santhiya were partners sharing profit and loss in the ratio of 3:2. They decided to admit Fathima into the partnership and revalue their assets and liabilities as indicated here under:
    (a) To bring into record investment of Rs. 18,000 which had not so far been recorded in the books of the firm.
    (b) To depreciate stock, furniture and machinery by, Rs.18,000, Rs.6,000 and Rs.30,000 respectively.
    (c) To provide for workmen's compensation of Rs.24,000
    Pass the necessary journal entries and show the revaluation account.

  • 2)

    Kokila and Mala were sharing profits in the ratio of 4:3. Chandra was admitted in the business as a partner with \(\frac{3}{7}\)th share in the profits of the firm which she takes \(\frac{2}{7}\) th from Kokila and \(\frac{1}{7}\) th from Mala. Find out New profit Ratio and the sacrificing ratio.

  • 3)

    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 accumulate loss
    Rs. 1,40,000 on the asset side of the balance sheet. Give the journal entry to transfer the accumulated loss on admission.

  • 4)

    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

  • 5)

    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.

12th Standard English Medium Accountancy Subject Admission of a Partner Book Back 2 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software View & Read

  • 1)

    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.

  • 2)

    Hari and Saleem are partners sharing profits and losses in the ratio of 5:3. They admit Joel for 1/8 share, which he acquires entirely from Hari. Find out the new profit sharing ratio and sacrificing ratio.

  • 3)

    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.

  • 4)

    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.

  • 5)

    Mahesh and Dhanush are partners sharing profits and losses in the ratio of 2:1. Arun is admitted for 1/4 share which he acquired equally from both Mahesh and Dhanush. Calculate the new profit sharing ratio and sacrificing ratio.

12th Standard English Medium Accountancy Subject Retirement and Death of a Partner Creative 5 Mark Questions with Solution Part - I updated Creative Questions - by Question Bank Software View & Read

  • 1)

    Kalai, Iothi and Mala are partners sharing profits and losses in the ratio of 113, 113 and 116 respectively.
    Mala retires and her share is taken up by Kalai and [othi equally. Find out the new profit sharing ratio and gaining ratio

  • 2)

    Mukil, Mohit and Sonu are partners sharing profit in the ratio 3:2: 1. Mukil retires from the partnership.
    In order to settle his claim, the following revaluation of assets and liabilities was agreed upon:
    (i) The value of Machinery is increased by Rs. 25,000.
    (ii) The value of Investment-is-increased by Rs 2,000.
    (ill) A Provision for outstanding bill standing in the books at Rs.1,000 is now not required.
    (iv) The value of Land and Building is decreased by Rs.12,000.
    Give journal entries and prepare Revaluation account

  • 3)

    Surya, Ramesh and Rajesh are partners sharing profits is the ratio of 5:3:2. Ramesh decided to retire. Goodwill of the firm is to be valued at Rs.40,000. Give journal entries if
    (a) There is no goodwill in the books of the firm,
    (b) the goodwill appears at Rs.30,000
    (c) the goodwill appears at Rs. 50,000

  • 4)

    A, B, and C are partners in affirm sharing profits and losses equally. Their balance sheet as on 31st 1March 2018 is as follows

    Liabilities Rs Rs Assets Rs Rs
    Capital accounts     Office equipment   70,000
    A 80,000   Machinery   1,40,00
    B 60,000   Sundry debtors 52,000  
    C 1,00,000 2,40,000 Less: Provision for doubtful debts 2,000 50,000
    Sundry creditors   1,20,000      
          Stock   60,000
          Cash at bank   40,000
               
        3,60,000     3,60,000
               

    'C' Retired on 31st March 2018 Subject to the following conditions
    (i) Machinery is valued at Rs.1,30,000
    (ii) Value of office equipment is brought down by Rs. 2,000
    (iii) Provision for doubtful debts should be increased to Rs.3,000
    (iv) Investment of Rs..25,000 not recorded in the books is to be recorded now. Pass necessary journal entries and prepare revaluation account and capital account of partners

  • 5)

    On 1.1.2019, Pandiyan died and on his death the following arrangements are made:
    (i) Stock to be depreciated by 10 %
    (ii) Land is to be apprecia!.e4. by Rs.11,000
    (iii) To provide 3,000 for bad debts
    (iv) The final amount due to Pandiyan was not paid
    Prepare revaluation account, partner's capital account and the balance sheet of the firm after death

12th Standard English Medium Accountancy Subject Retirement and Death of a Partner Book Back 2 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software View & Read

  • 1)

    What is the purpose of calculating gaining ratio?

  • 2)

    Dheena, Surya and Janaki are partners sharing profits and losses in the ratio of 5:3:2. On 31.3.2018, Dheena retired. On the date of retirement, the books of the firm showed a reserve fund of Rs. 50,000. Pass journal entry to transfer the reserve fund.

  • 3)

    Kayal, Mala and Neela are partners sharing profits in the ratio of 2:2:1. Kayal retires and the new profit sharing ratio between Nila and Neela is 3:2. Calculate the gaining ratio.

  • 4)

    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

  • 5)

    Mani, Gani and Soni are partners sharing the profits and losses in the ratio of 4:5:6. Mani retires from the firm. Calculate the new profit sharing ratio and gaining ratio.

12th Standard English Medium Accountancy Subject Retirement and Death of a Partner Creative 5 Mark Questions with Solution Part - II updated Creative Questions - by Question Bank Software View & Read

  • 1)

    Sun, Moon and Jupiter are partners sharing profits and losses in the ratio of 5:3:2. Jupiter retires and the share is taken by Sun and Moon in the ratio of 3:2. Find out the new profit sharing ratio and gaining ratio

  • 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.

  • 3)

    Thangamuthu, Anaimuthu and Vairamuthu are partners sharing profit and loss in the ratio of 3:3:2.
    Thangamuthu wanted to retire on 1st June 2018, the firms books showed a general reserve of Rs.40,000. Pass entry.

  • 4)

    Selvam, Saravanan and Santhosh were partners of a firm sharing profits and losses in the ratio of 3: 2 : 1. Set out below was their balance sheet as on 31't December 2018.

    Liabilities Rs. Rs. Assets Rs.
    Bills payable   15,000 Cash in hand 3,000
    Sundry creditors   25,000 Cash at bank 35,000
    Capital Accounts     Bill receivable 11,000
    Selvam 80,000   Book debts 18,000
    Sarvanan 50,000   Stock 36,000
    Santhosh 40,000 1,70,000 Furniture 7,000
    Profit and Loss A/c   30,000 Plant & Machinery 50,000
          Buildings 80,000
        2,40,000   2,40,000

    Selvam retired from the partnership on 1st January 2019 on the following terms:
    (i) Goodwill of the firm was to be valued at Rs.30,000
    (ii) Assets are to be valued as under stock Rs.30,000 plant and machinery Rs.40,000; Buildings Rs.1,00,000
    (iii) A provision for doubtful debts be created at Rs.1,000
    (iv) Rs.21,500 was to be paid to Selvam immediately and the balance was transferred to his loan account.
    Show revaluation account, capital accounts, bank account and the balance sheet of the reconstituted Partnership.

  • 5)

    Shankar, Saleem and Pandian are partners, sharing profits in the ratio of 3:2:1. Their balance sheet as an  31st December 2018 is as under

12th Standard English Medium Accountancy Subject Retirement and Death of a Partner Book Back 2 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software View & Read

  • 1)

    What is gaining ratio?

  • 2)

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

  • 3)

    Rosi, Rathi and Rani are partners of a firm sharing profits and losses equally. Rathi retired from the partnership on 1.1.2018. On that date, their balance sheet showed accumulated loss of Rs. 45,000 on the asset side of the balance sheet. Give the journal entry to distribute the accumulated loss.

  • 4)

    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

  • 5)

    Navin, Ravi and Kumar are partners sharing profits in the ratio of 1/2, 1/4 and 1/4 respectively. Kumar retires and his share is taken up by Navin and Ravi equally. Calculate the new profit sharing ratio and gaining ratio.

12th Standard English Medium Accountancy Subject Company Accounts Creative 5 Mark Questions with Solution Part - I updated Creative Questions - by Question Bank Software View & Read

  • 1)

    Vinod company Ltd issued 40,000 preference shares of Rs.10 each at premium of Rs.3. Give journal entry.

  • 2)

    Thai Ltd. issued 50,000 equity shares of Rs.10 each, payable Rs.5 on application, Rs.2 on allotment, first call and n on final call. All the shares are subscribed and amount was duly received. Pass Journal entries.

  • 3)

    Sindhu was holding 20 equity shares of Rs.10 each on which he paid Rs.2 on application but could not pay Rs.3 on allotment and Rs.1on first call. Directors forfeited the shares after the first call. Give journal entry for recording the forfeiture of shares.

  • 4)

    Y company issued 10,000 equity shares of Rs.10 each payable as under:
    On application     Rs.2
    On first call          Rs.2
    On allotment       Rs.4
    On final call         Rs.2
    Applications were received for 30,000 shares. Applications for 10,000 shares were rejected and allotment was made proportionately towards remaining applications. The directors made both the calls and the all the amount were received except the final call on 600 shares which were subsequently forfeited. Later 400 forfeited shares were reissued as fully paid by receiving Rs.7 per share. Give journal entries.

  • 5)

    Alpha Company issues 10,000 equity shares Rs.10 each payable fully on application.
    Pass journal entry if the shares are issued
    (i) at par
    (ii) at a premium of Rs.2 per share.

12th Standard English Medium Accountancy Subject Company Accounts Book Back 2 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software View & Read

  • 1)

    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.

  • 2)

    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.

  • 3)

    What is a share?

  • 4)

    What is meant by calls in arrear?

  • 5)

    Why are the shares forfeited?

12th Standard English Medium Accountancy Subject Company Accounts Creative 5 Mark Questions with Solution Part - II updated Creative Questions - by Question Bank Software View & Read

  • 1)

    Preeti Ltd. invited applications for 5,000 shares of Rs.10 each payable as follows:
    Rs.3 on Application,
    Rs.2 on Allotment,
    Rs.2 on First call and
    Rs.3 on Final call.
    All these shares were subscribed and paid for. Pass journal entries.

  • 2)

    Das Ltd. offered 50,000 equity shares of Rs.10 each to the public payable as follows: On application Rs.4; on allotment Rs.3; on first call Rs.1 and on second and final call Rs.2.
    Applications were received for 1,00,000 shares. All the applicants were allotted 1 share for every two shares applied. Excess application money was used for amount due on allotment and call. Pass necessary journal entries.

  • 3)

    Max Ltd. offered Rs.10,000 equity shares Rs.10 each to the public payable as follows:
    On application Rs.4; on allotment Rs.3; on first call Rs.2 and on second and final call Rs.1. Applications were received for Rs.20,000 shares. All the applicants were allotted 1 share for every two shares applied. Excess application money was used for amount due on allotment and call. Pass necessary journal entries.

  • 4)

    Ashok Ltd. forfeited 150 equity shares of Rs.10 each for non payment of final call of Rs.4 per share. Of these 100 shares were reissued @ Rs.9 per share. Pass journal entries for forfeiture and reissue.

  • 5)

    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.

12th Standard English Medium Accountancy Subject Company Accounts Book Back 2 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software View & Read

  • 1)

    Khan Ltd. issued 50,000 shares of  Rs.10 each to the public payable Rs.4 on application, Rs.4 on allotment and Rs.2 on first and final call. Applications were received for 65,000 shares. The directors decided to allot 50,000 shares on pro rata basis and surplus application money was utilised for allotment. Pass journal entries assuming that the amounts due were received.

  • 2)

    Jeyam Tyres issued 15,000 ordinary shares of  Rs.10 each payable as follows:
    Rs.3 on application; Rs.5 on allotment; Rs.2 on first and final call. All money were duly received except one shareholder holding 100 shares failed to pay the call money. Pass the necessary journal entries for call (using calls in arrear account).

  • 3)

    What is over-subscription?

  • 4)

    Write a short note on securities premium account.

  • 5)

    Aruna Mills Ltd. with a registered capital of Rs.5,00,000 in equity shares of Rs.10 each, issued 20,000 of such shares payable as follows; Rs. 4 per share on application,Rs.4 per share on allotment and Rs.2 per share on first and final call. The issue was duly subscribed. All the money payable was duly received. But on allotment, one shareholder paid the entire balance on his holding of 300 shares. Give journal entries to record the above.

12th Standard English Medium Accountancy Subject Financial Statement Analysis Creative 5 Mark Questions with Solution Part - I updated Creative Questions - by Question Bank Software View & Read

  • 1)

    From the following particulars, prepare comparative income statement of Sivakami co Ltd

    Particulars 2016-17
    Rs.
    2017-2018
    Rs.
    Revenue from operations 4,00,000 5,00,000
    other income 1,00,000 80,000
    Expenses 3,00,000 2,40,000
  • 2)

    From the following balance sheet of Gupta ltd, prepare comparative balance sheet as on 31st March 2017 and 31st March 2018.

    Particulars 31st March 2017 31st March 2018
    Rs. Rs.
    I. Equity and liabilities    
    shareholder's fund 2,00,000 5,20,000
    Non-current liabilities 1,00,000 1,20,000
    Current liabilities 50,000 60,000
    Total 3,50,000 7,00,000
    II. Assets    
    Non-current assets 2,00,000 4,00,000
    Current assets 1,50,000 3,00,000
    Total 3,50,000 7,00,000
  • 3)

    From the following particulars of Vijay Ltd, prepare common size income statement for the year ended 31st March 2017 and 31st March 2018

  • 4)

    Prepare common-size statement of financial position of Raheem Ltd as on 31st March 2016 and 31st March 2018.

    Particulars 31st March 2016 31st March 2017
    Rs. Rs.
    I. Equity and liabilities    
    l. Shareholders fund    
    a. Share capital 5,00,000 6,00,000
    b. Reserve and surplus 4,00,000 3,60,000
    2. Non-current liabilities    
    Long-term borrowings 8,00,000 2,40,000
    3. Current liabilities    
    Trade payables 30,000 -
    Total 20,00,000 12,00,000
    II. Assets    
    l. Non-current assets    
    a. Fixed assets 10,00,000 6,00,000
    b. Non-current investments 5,00,000 2,40,000
    2. Current assets    
    Inventories 3,00,000 1,20,000
    Cash and cash equipments 2,00,000 2,40,000
    Total 20,00,000 12,00,000
  • 5)

    From the following information, calculate trade percentages for Malar Ltd

    Particulars Rs. In lakhs
    2015-16 2016-17 2017-18
    Revenue from operations 100 120 160
    Other income 20 24 20
    Expenses 20 14 40
    Income tax 30% 30% 30%

12th Standard English Medium Accountancy Subject Financial Statement Analysis Book Back 2 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software View & Read

  • 1)

    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
  • 2)

    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
  • 3)

    From the following particulars, prepare comparative balance sheet of Malar Ltd as on 31st March 2016 and 31st March 2017.

    Particulars 31st March 2016 31st March 2017
      RS. Rs.
    I EQUITY AND LIABILITIES    
    1. Shareholders’ fund    
    a) Share capital 2,00,000 2,50,000
    b) Reserves and surplus 50,000 50,000
    2. Non-current liabilities    
    Long-term borrowings 30,000 60,000
    3. Current liabilities    
    Trade payables 20,000 60,000
    Total 3,00,000 4,20,000
    II ASSETS    
    1. Non-current assets    
    a) Fixed assets 1,00,000 1,50,000
    b) Non - current investments 50,000 75,000
    2. Current assets    
    Inventories 75,000 1,50,000
    Cash and cash equivalents 75,000 45,000
    Total 3,00,000 4,20,000
  • 4)

    List the tools of financial statement analysis.

  • 5)

    When is trend analysis preferred to other tools?

12th Standard English Medium Accountancy Subject Ratio Analysis Creative 5 Mark Questions with Solution Part - I updated Creative Questions - by Question Bank Software View & Read

  • 1)

    Calculate the current ratio from the following information.

    Particulars Rs. Particulars Rs.
    Current investments 15,000 Trade creditors 36,000
    Inventories 29,000 Bills payable 10,000
    Cash and cash equivalents 5,000 Expenses payable 8,000
    Trade receivables 5,000    
  • 2)

    From the following trading activities of Jamal 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 10,000
    II. Other Income  
    Income from investments 100
    III. Total revenue (I +II) 10,100
    IV. Expenses:  
    Purchases of Stock-in -trade 8,500
    Changes in inventories -500
    Finance costs 150
    Other expenses (Administration and selling) 1,200
    Total expenses 7,850
    V. Profit before tax (III - IV) 800
  • 3)

    Calculate quick ratio of Babu construction Ltd., from, the information given below

    Particulars Rs.
    Total current liabilities 2,00,000
    Total current assets 4,00,000
    Inventories 70,000
    Prepaid expenses 30,000
  • 4)

    From the following Balance Sheet of Ambika Ltd. as on 31.03.2017 calculate
    (i) Debt-equity ratio
    (ii) Proprietary ratio
    (iii) Capital gearing ratio

    Balance sheet of Ambika Ltd. as on 31.3.2017
    Particulars Amount Rs.
    I. EQUITY AND LIABILITIES  
    1. Shareholders' funds  
    (a) Share capital  
    Equity share capital 3,00,000
    8% Preference share capital 4,00,000
    (b) Reserves and surplus 3,00,000
    2. Non-current liabilities  
    Long term borrowings (9% Debentures) 8,00,000
    3. Current liabilities  
    Short -term borrowings from banks 50,000
    Trade payables 1,50,000
    Total 20,00,000
    II. ASSETS  
    1. Non-current assets  
    Fixed assets 15,00,000
    2. Current assets  
    (a) Inventories 2,40,000
    (b) Trade receivables 2,00,000
    (c) Cash and cash equivalents 55,000
    (d) Other current assets  
    Expenses paid in advance 5,000
    Total 20,00,000
  • 5)

    From the following figures obtained from Sun Ltd; calculate the trade payables turnover ratio and credit payment period (in days).

    Particulars Rs.
    Credit purchases during 2018 - 2019 1,00,000
    Trade creditors as on 1.4.2018 20,000
    Trade creditors as on 31.3.2019 10,000
    Bills payable as on 1.4.2018 4,000
    Bills payable as on 31.3.2019 6,000

12th Standard English Medium Accountancy Subject Financial Statement Analysis Book Back 2 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software View & Read

  • 1)

    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%
  • 2)

    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
  • 3)

    What are financial statements?

  • 4)

    List the tools of financial statement analysis.

  • 5)

    What is working capital?

12th Standard English Medium Accountancy Subject Ratio Analysis Book Back 2 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software View & Read

  • 1)

    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
  • 2)

    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

  • 3)

    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
  • 4)

    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
  • 5)

    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

12th Standard English Medium Accountancy Subject Ratio Analysis Creative 5 Mark Questions with Solution Part - II updated Creative Questions - by Question Bank Software View & Read

  • 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)

    Calculate (i) Inventory turnover ratio (ii) Trade receivables turnover ratio (iii) Trade payables turnover ratio and (iv) Fixed assets turnover ratio from the following information obtained from Dolphin Ltd.

    Particulars As on 31st March 2017 Rs. As on 31st March 2018 Rs.
    Inventory 70,000 50,000
    Trade receivables 40,000 30,000
    Trade payables 20,000 25,000
    Fixed assets 2,75,000 2,50,000

    Additional information:
    (i) Revenue from operations for the year              Rs.5,25,000
    (ii) Purchases for the year                                  Rs.2,25,000
    (iii) Cost of revenue from operations                    Rs.3,00,000    
    Assume that sales and purchases are for credit

  • 3)

    Calculate quick ratio of Babu construction Ltd., from, the information given below

    Particulars Rs.
    Total current liabilities 2,00,000
    Total current assets 4,00,000
    Inventories 70,000
    Prepaid expenses 30,000
  • 4)

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

    Balance sheet of Luckman Ltd. as on 31.3.2018
    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
  • 5)

    From the following figures obtained from Sun Ltd; calculate the trade payables turnover ratio and credit payment period (in days).

    Particulars Rs.
    Credit purchases during 2018 - 2019 1,00,000
    Trade creditors as on 1.4.2018 20,000
    Trade creditors as on 31.3.2019 10,000
    Bills payable as on 1.4.2018 4,000
    Bills payable as on 31.3.2019 6,000

12th Standard English Medium Accountancy Subject Ratio Analysis Book Back 2 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software View & Read

  • 1)

    What is meant by accounting ratios?

  • 2)

    What is quick ratio?

  • 3)

    What is meant by debt equity ratio?

  • 4)

    State any two limitations of ratio analysis.

  • 5)

    Calculate current ratio from the following information:

    Particulars Rs. Particulars Rs.
    Current investments 80,000 Trade creditors 1,60,000
    Inventories 1,60,000 Bills payable 1,00,000
    Trade receivables 4,00,000 Expenses payable 1,40,000
    Cash and cash equivalents 1,20,000    
    Prepaid expenses 40,000    

12th Standard English Medium Accountancy Subject Computerized Accounting System - Tally Book Back 2 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software View & Read

  • 1)

    What is automated accounting system?

  • 2)

    What are accounting reports?

  • 3)

    State any five accounting reports.

  • 4)

    What is Accounting Information System (AIS)?

  • 5)

    What is a group in Tally ERP 9?

12th Standard English Medium Accountancy Subject Computerized Accounting System - Tally Book Back 2 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software View & Read

  • 1)

    What is automated accounting system?

  • 2)

    What are accounting reports?

  • 3)

    State any five accounting reports.

  • 4)

    What is Accounting Information System (AIS)?

  • 5)

    What is a group in Tally ERP 9?

12th Standard English Medium Accountancy Subject Accounts From Incomplete Records Book Back 3 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software View & Read

  • 1)

    From the following details, calculate the missing figure

    Particulars Rs.
    Closing capital as on 31.3.2018 80,000
    Additional capital introduced during the year 30,000
    Drawings during the year 15,000
    Opening capital on 01.4.2017 ?
    Loss for the year ending 31.3.2018 25,000
  • 2)

    From the following details, calculate the missing figure:

    Particulars Rs.
    Capital as on 1st April, 2018 40,000
    Capital as on 31st March, 2019 50,000
    Additional capital introduced during the year 7,000
    Profit for the year 8,000
    Drawings during the year ?
  • 3)

    On 1st April 2018 Subha started her business with a capital of Rs. 1,20,000. She did not maintain proper book of accounts. Following particulars are available from her books as on 31.3.2019.

    Particulars Rs. Particulars Rs.
    Bank overdraft 50,000 Stock-in-trade 1,60,000
    Debtors 1,80,000 Creditors 90,000
    Bills receivable 70,000 Bills payable 2,40,000
    Computer 30,000 Cash in hand 60,000
    Machinery 3,00,000    

    During the year she withdrew Rs. 30,000 for her personal use. She introduced further capital of Rs. 40,000 during the year. Calculate her profit or loss.

  • 4)

    From the following details find out total sales made during the year

    Particulars Rs.
    Debtors on 1st January 2018 1,30,000
    Cash received from debtors during the year 4,20,000
    Sales returns 35,000
    Bad debts 15,000
    Debtors on 31st December 2018 2,00,000
    Cash Sales 4,60,000
  • 5)

    From the following particulars calculate total purchases

    Particulars Rs. Particulars Rs.
    Sundry creditors on 1st January, 2018 30,000 Purchases returns 15,000
    Bills payable on 1st January, 2018 25,000 Cash purchases 2,25,000
    Paid cash to creditors 1,20,000 Creditors on 31st December, 2018 25,000
    Paid for bills payable 30,000 Bills payable on 31st December, 2018 20,000

12th Standard English Medium Accountancy Subject Creative 1 Mark Questions with Solution Part - I updated Creative Questions - by Question Bank Software View & Read

  • 1)

    Credit purchase is obtained from _______

  • 2)

    Rs. 10,000 received as to annual membership subscription. Out of this Rs. 2,000 is pertaining to the previous accounting period whereas Rs. 1000 is receivable at the end of the current accounting period. Calculate the amount of subscription that will be shown in the income and expenditure account for this accounting.

  • 3)

    Amount invested by partners in the partnership business is called __________

  • 4)

    Goodwill acquired by making payment in cash or kind is called __________

  • 5)

    When an unrecorded liabilities is brought into books, is results in

12th Standard English Medium Accountancy Subject Accounts From Incomplete Records Book Back 3 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software View & Read

  • 1)

    From the following details, calculate the missing figure

      Rs.
    Closing capital as on 31.3.2019 1,90,000
    Additional capital introduced during the year 50,000
    Drawings during the year 30,000
    Opening capital on 1.4.2018 ?
    Loss for the year ending 31.3.2019 40,000
  • 2)

    From the following details, calculate the missing figure:

      Rs
    Capital as on 1st April, 2017 2,50,000
    Capital as on 31st March, 2018 2,75,000
    Additional capital introduced during the year 30,000
    Profit for the year 15,000
    Drawings during the year ?
  • 3)

    David does not keep proper books of accounts. Following details are given from his records

    Particulars 1.4.2018
    Rs.
    31.3.2019
    Rs.
    Cash 43,000 29,000
    Stock of goods 1,20,000 1,30,000
    Sundry debtors 84,000 1,10,000
    Sundry creditors 1,05,000 1,02,000
    Loan 25,000 20,000
    Business premises 2,50,000 2,50,000
    Furniture 33,000 45,000

    During the year he introduced further capital of Rs. 45,000 and withdrew Rs. 2,500 per month from the business for his personal use. Prepare statement of profit or loss with the above information.

  • 4)

    From the following particulars calculate total purchases

    Particulars Rs
    Sundry creditors on 1st April, 2017 75,000
    Bills payable on 1st April, 2017 60,000
    Paid cash to creditors 3,70,000
    Paid for bills payable 1,00,000
    Purchases returns 15,000
    Cash purchases 3,20,000
    Creditors on 31st March, 2018 50,000
    Bills payable on 31st March, 2018 80,000
  • 5)

    What are the limitations of incomplete records?

12th Standard English Medium Accountancy Subject Accounts of Not-For-Profit Organisation Book Back 3 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software View & Read

  • 1)

    How annual subscription is dealt with in the final accounts of not–for–profit organisation?

  • 2)

    From the information given below, prepare Receipts and Payments account of Kurunji Sports Club for the year ended 31st December, 2018.

    Particulars Rs. Particulars Rs.
    Cash in hand (1.1.2018 4,000 Paid for printing charges 2,500
    Salaries paid 3,000 Lockers rent received 1,000
    Life membership fees received 10,000 Tournament receipts 14,000
    Subscription received 15,000 Tournament expenses 10,500
    Rent received 2,000 Investments purchased 25,000

    (Hint: Wages yet to be paid is a non cash item. Hence, it is excluded in receipts and payments account) 

  • 3)

    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 10,000      
    2018-2019 50,000      
    2019-2020 5,000 65,000    
             

    There are 200 members in the club each paying an annual subscription of Rs. 400 per annum. Subscription still outstanding for the year 2017- 2018 is Rs. 2,000.

  • 4)

    How will the following appear in the final accounts of Marthandam Women Cultural Association?

      Rs
    Stock of sports materials on 1.4.2018 16,000
    Sports materials purchased during the year 84,000
    Stock of sports materials on 31.3.2019 10,000
  • 5)

    How will the following appear in the final accounts of Karaikudi sports club for the year ending 31st March, 2019?

    Particulars Rs.
    Tournament fund on 1st April 2018 90,000
    Tournament fund investment on 1st April 2018 90,000
    Interest received on tournament fund investment 9,000
    Donation to tournament fund 10,000
    Tournament expenses 60,000

12th Standard English Medium Accountancy Subject Creative 1 Mark Questions with Solution Part - II updated Creative Questions - by Question Bank Software View & Read

  • 1)

    Calculate the amount of net income or loss if the capital has been increased by Rs. 1,000 during this accounting period drawings Rs. 5,000 and Rs. 1,000 fresh capital was introduced in the business _______

  • 2)

    _______Items will be recorded in the balance sheet

  • 3)

    ___________ is a document in writing that contains the terms of the agreement among the partners.

  • 4)

    Average profit is 19,167 and normal profit is 10,000 the super profit is_________.

  • 5)

    ________ is computed at the time of admission of a new partner.

12th Standard English Medium Accountancy Subject Accounts of Not-For-Profit Organisation Book Back 3 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software View & Read

  • 1)

    From the following particulars of Trichy Educational Society, prepare Receipts and Payments account for the year ended 31st December, 2018

    Particulars Rs. Particulars Rs.
    Opening cash balance as on 1.1.2018 20,000 Locker rent received 12,000
    Investments made 80,000 Sale of furniture 5,000
    Honorarium paid 3,000 General expenses 7,000
    Donation received 80,000 Postage 1,000
    Audit fees paid 2,000 Subscription received 10,000
  • 2)

    How will the following items appear in the final accounts of a club for the year ending 31st March 2017? A club received subscription of Rs. 25,000 during the year 2016-17. This includes subscription of Rs. 2,000 for 2015-16 and Rs. 1,500 for the year 2017-18. Subscription of Rs. 500 is still outstanding for the year 2016-17.

  • 3)

    Compute capital fund of Karur Social Club as on 31.03.2018

    Particulars as on 31.03.2018 Rs.
    Furniture 50,000
    Buildings 40,000
    Subscription outstanding for 2017-18 10,000
    Subscription received in advance for 2018-19 5,000
    Loan borrowed 10,000
    Investments 20,000
    Cash in hand 4,000
    Cash at bank 6,000
  • 4)

    State the differences between Receipts and Payments Account and Income and Expenditure Account

  • 5)

    How the following items are dealt with in the final accounts of not–for–profit organisation?
    a) Sale of sports materials
    b) Life membership fees
    c) Tournament fund

12th Standard English Medium Accountancy Subject Creative 2 Mark Questions with Solution Part - I updated Creative Questions - by Question Bank Software View & Read

  • 1)

    Can a limited company maintain its accounts under single entry system?

  • 2)

    Explain the steps in preparations of receipts and payments account.

  • 3)

    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

  • 4)

    What is meant by number of years purchase at the time of valuation of goodwill?

  • 5)

    What is meant by admission of a partner?

12th Standard English Medium Accountancy Subject Accounts of Partnership Firms-Fundamentals Book Back 3 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software View & Read

  • 1)

    State any six contents of a partnership deed.

  • 2)

    Write a brief note on the applications of the provisions of the Indian Partnership Act, 1932 in the absence of partnership deed.

  • 3)

    Akash, Bala, Chandru and Daniel are partners in a firm. There is no partnership deed. How will you deal with the following?
    (i) Akash has contributed maximum capital. He demands interest on capital at 10% per annum.
    (ii) Bala has withdrawn Rs. 3,000 per month. Other partners ask Bala to pay interest on drawings @ 8% per annum to the firm. But, Bala did not agree to it.
    (iii) Akash demands the profit to be shared in the capital ratio. But, others do not agree.
    (iv) Daniel demands salary at the rate of Rs. 10,000 per month as he spends full time for the business.
    (v) Loan advanced by Chandru to the firm is Rs. 50,000. He demands interest on loan @ 12% per annum.

  • 4)

    The capital account of Begum and Fatima on 1st January, 2018 showed a balance of Rs. 50,000 and Rs. 40,000 respectively. On 1st October, 2018, Begum introduced an additional capital of Rs. 10,000 and on 1st May, 2018 Fatima introduced an additional capital of Rs. 9,000. Calculate interest on capital at 4% p.a. for the year ending 31st December, 2018.

  • 5)

    From the following balance sheets of Subha and Sudha who share profits and losses in 2 : 3, calculate interest on capital at 5% p.a. for the year ending 31st December, 20

    Balance sheet as on 31st December, 2018
    Liabilities Rs. Rs. Assets Rs.
    Capital accounts     Fixed assets 70,000
    Subha 40,000   Current assets 60,000
    Sudha 60,000 1,00,000    
    Current liabilities   30,000    
        1,30,000   1,30,000

    Drawings of Subha and Sudha during the year were Rs. 8,000 and Rs. 10,000 respectively. Profit earned during the year was Rs. 30,000

12th Standard English Medium Accountancy Subject Creative 2 Mark Questions with Solution Part - II updated Creative Questions - by Question Bank Software View & Read

  • 1)

    What are the possible reasons for keeping incomplete records?

  • 2)

    Every receipt and Payments, whether capital or revenue and irrespective of the period is recorded in receipts and payments accounts why? Give reason.

  • 3)

    Salary or commission paid to a partner is debited to profit and loss appropriation account and not to profit and loss account. Why?

  • 4)

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

  • 5)

    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.

12th Standard English Medium Accountancy Subject Accounts of Partnership Firms-Fundamentals Book Back 3 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software View & Read

  • 1)

    From the following balance sheets of Subha and Sudha who share profits and losses equally, calculate interest on capital at 6% p.a. for the year ending 31st December 2017.

    Balance sheet as on 31st December 2017
    Liabilities Rs. Assets Rs.
    Capital accounts:   Fixed assets 30,000
    Subha 15,000 Current assets 20,000
    Sudha 20,000    
      15,000    
      50,000   50,000

    Drawings of Subha and Sudha during the year were Rs. 2,500 and Rs. 3,500 respectively. Profit earned during the year was Rs. 15,000.

  • 2)

    A and B contribute Rs. 4,00,000 and Rs. 2,00,000 respectively as capital. Their respective share of profit is 3:2 and the profit before interest on capital for the year is Rs. 27,000. Compute the amount of interest on capital in each of the following situations:
    (i) if the partnership deed is silent as to the interest on capital
    (ii) if interest on capital @ 3% is allowed as per the partnership deed
    (iii) if the partnership deed allows interest on capital @ 5% p.a.

  • 3)

    Arul is a partner in a partnership firm. As per the partnership deed, interest on drawings is charged at 12% p.a. During the year ended 31st December 2018 he drew as follows:

    Date Rs.
    March 1 3,000
    June 1 3,000
    September 1 3,000
    December 1 3,000

    Calculate the amount of interest on drawings. 

  • 4)

    John is a partner in a firm. He withdraws Rs.1,000 p.m. regularly. Interest on drawings is charged @ 5% p.a. Calculate the interest on drawings using average period, if he draws
    (i) at the beginning of every month
    (ii) in the middle of every month
    (iii) at the end of every month

  • 5)

    Arulappan and Nallasamy are partners in a firm sharing profits and losses in the ratio of 4:1. On 1st January 2018, their capitals were Rs. 20,000 and Rs. 10,000 respectively. The partnership deed specifies the following:
    (a) Interest on capital is to be allowed at 5% per annum.
    (b) Interest on drawings charged to Arulappan and Nallasamy are Rs. 200 and Rs. 300 respectively.
    (c) The net profit of the firm before considering interest on capital and interest on drawings amounted to Rs. 18,000.
    Give necessary journal entries and prepare Profit and loss appropriation account for the year ending 31st December 2018. Assume that the capitals are fluctuating.

12th Standard English Medium Accountancy Subject Creative 3 Mark Questions with Solution Part - I updated Creative Questions - by Question Bank Software View & Read

  • 1)

    Radhika started a small bakery for providing healthy and good quality bakery product at reasonable prices on 1st January, 2019 with a capital of Rs. 1,80,000. She appointed a ten year old boy as a sweeper. She withdrew Rs. 60,000 for household expenses. She introduced Rs. 20,000as fresh capital. Her position of assets and liabilities as at 31st December, 2019 stood as follows.

      Rs.
    Cash in hand 70,000
    Stock 80,000
    Bills receivable 1,00,000
    Debtors 1,50,000
    Creditors 60,000
    Bills payable 10,000
  • 2)

    Yuvan foundation is formed to educate and to provide jobs to unemployed women. Identify the values involved.

  • 3)

    Explain the procedure for preparation of final accounts of a partnership firm.

  • 4)

    What is the need for valuation of goodwill?

  • 5)

    Explains the divisions of share capital.

12th Standard English Medium Accountancy Subject Goodwill In Partnership Accounts Book Back 3 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software View & Read

  • 1)

    From the following information relating to a partnership firm, find out the value of its goodwill based on 3 years purchase of average profits of the last 4 years:
    (a) Profits of the years 2015, 2016, 2017 and 2018 are Rs. 10,000, Rs. 12,500, Rs. 12,000 and Rs. 11,500 respectively.
    (b) The business was looked after by a partner and his fair remuneration amounts to Rs. 1,500 per year. This amount was not considered in the calculation of the above profits.

  • 2)

    The following particulars are available in respect of the business carried on by a partnership firm:
    (i) Profits earned: 2016: Rs. 25,000; 2017: Rs. 23,000 and 2018: Rs. 26,000.
    (ii) Profit of 2016 includes a non-recurring income of Rs. 2,500.
    (iii) Profit of 2017 is reduced by Rs. 3,500 due to stock destroyed by fire.
    (iv) The stock was not insured. But, it is decided to insure the stock in future. The insurance premium is estimated to be Rs. 250 per annum.
    You are required to calculate the value of goodwill of the firm on the basis of 2 years purchase of average profits of the last three years.

  • 3)

    How is goodwill calculated under the super profits method?

  • 4)

    Compute average profit from the following information.
    2016: Rs. 8,000; 2017: Rs. 10,000; 2018: Rs. 9,000

  • 5)

    Find out the value of goodwill at three years purchase of weighted average profit of last four year.

    Year Profit
    Rs.
    Weight
    2015 10,000 1
    2016 12,000 2
    2017 16,000 3
    2018 18,000 4

    Purchase of super profit method.

12th Standard English Medium Accountancy Subject Creative 3 Mark Questions with Solution Part - II updated Creative Questions - by Question Bank Software View & Read

  • 1)

    Which values are affected, when accounts are maintained on single entry system basis.

  • 2)

    Youth of India sports club decided to donate Rs. 50,000 and spread awareness among the people of nearby societies about cleanliness in the country under the programme "Bharat Abhiyan". Identify the values highlighted.

  • 3)

    What is Fluctuating capital method?

  • 4)

    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.

  • 5)

    Explain the classification of goodwill.

12th Standard English Medium Accountancy Subject Goodwill In Partnership Accounts Book Back 3 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software View & Read

  • 1)

    The profits and losses of a firm for the last four years were as follows:
    2015: Rs. 15,000; 2016: Rs. 17,000; 2017: Rs. 6,000 (Loss); 2018: Rs. 14,000
    You are required to calculate the amount of goodwill on the basis of 5 years purchase of average profits of the last 4 years.

  • 2)

    The following particulars are available in respect of a business carried on by a partnership firm:
    (a) Profits earned: 2016: Rs. 30,000; 2017: Rs. 29,000 and 2018: Rs. 32,000.
    (b) Profit of 2016 includes a non-recurring income of Rs. 3,000.
    (c) Profit of 2017 is reduced by Rs. 2,000 due to stock destroyed by fire.
    (d) The stock is not insured. But, it is decided to insure the stock in future. The insurance premium is estimated at Rs. 5,600 per annum.
    You are required to calculate the value of goodwill on the basis of 2 years purchase of average profits of the last three years.

  • 3)

    From the following information, calculate the value of goodwill based on 3 years purchase of super profit
    (i) Capital employed: Rs. 2,00,000
    (ii) Normal rate of return: 15%
    (iii) Average profit of the business: Rs. 42,000

  • 4)

    From the following information relating to a partnership firm, find out the value of its goodwill based on 3 years purchase of average profits of the last 4 years:
    (a) Profits of the years 2015, 2016, 2017 and 2018 are Rs. 10,000, Rs. 12,500, Rs. 12,000 and Rs. 11,500 respectively.
    (b) The business was looked after by a partner and his fair remuneration amounts to Rs. 1,500 per year. This amount was not considered in the calculation of the above profits.

  • 5)

    The following particulars are available in respect of the business carried on by a partnership firm:
    (i) Profits earned: 2016: Rs. 25,000; 2017: Rs. 23,000 and 2018: Rs. 26,000.
    (ii) Profit of 2016 includes a non-recurring income of Rs. 2,500.
    (iii) Profit of 2017 is reduced by Rs. 3,500 due to stock destroyed by fire.
    (iv) The stock was not insured. But, it is decided to insure the stock in future. The insurance premium is estimated to be Rs. 250 per annum.
    You are required to calculate the value of goodwill of the firm on the basis of 2 years purchase of average profits of the last three years.

12th Standard English Medium Accountancy Subject Creative 5 Mark Questions with Solution Part - I updated Creative Questions - by Question Bank Software View & Read

  • 1)

    Calculate the missing information:

    Particulars Rs.
    Closing capital 32,000
    Drawings 4,800
    Additional capital 8,000
    Profit made during the year 9,600
  • 2)

    From the following Receipt and Payment Account for the year ending 31st March 2015 of crickets club. Prepare Income and Expenditure Account for the same period:

    Dr Receipt and Payment Account for the year ending March 31, 2015 Cr
    Receipts Rs Payments Rs
    To Balance c/d 25,000 By Purchase of furniture (1.7.14) 5,000
    Bank 25,000 By Salaries 2,000
    To Subscriptions   By Electricity charges 600
    2014   1,500   By Postage and stationery 150
    2015  10,000   By Purchase of books 2,500
    2016    500 12,000 By Entertainment expenses 900
    To Donation 2,000 papers (1.7.14 8000
    To Hall rent 300 By Miscellaneous expenses 600
    To Interest on bank deposits 450 By Balance c/d  
    To Entrance fees 1,000 Cash 300
        Bank 20,400
      40,750   40,750

    The following additional information is available:
    (i) Salaries outstanding Rs. 1,500
    (ii) Entertainment expenses outstanding Rs. 500
    (Hi) Bank interest receivable Rs. 150
    (iv) Subscription accrued Rs. 400
    (v) 50 percent of entrance fees is to capitalised
    (vi) Furniture is to be depreciated at 10percent per annum

  • 3)

    From the following information, prepare capital accounts of partners Manoj and Seran, when their capitals are fluctuating

    Particulars Manoj
    Rs.
    Seran
    Rs.
    Capital on 1st January 2018 ( Cr. balance) 1,00,000 87,500
    Drawings during 2018 20,000 17,500
    Interest on drawings 500 250
    Share of profit for 2018 10,500 8,250
    Interest on capital 6,000 5,250
    Salary 9,000 Nil
    Commission Nil 1250
  • 4)

    A partnership firm has decided to value its goodwill for the purpose of setting a retiring Partner. The profit of that firm for the last four years were as follows:
    2015 : Rs.20,000; 2016 : Rs.25,000; 2017; Rs.24,000 and 2018: Rs.23,000
    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. 3,000 per annum.
    Find out the value of goodwill, if it is valued on the basis of three years purchase of the average profit of the last four years.

  • 5)

    Sheela and Neela were sharing profits in the ratio of 4:3. Kamala was admitted with 1/5th share in profits of business. Calculated the New profit Ratio and the sacrificing ratio.

12th Standard English Medium Accountancy Subject Admission of a Partner Book Back 3 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software View & Read

  • 1)

    Seenu and Siva are partners sharing profits and losses in the ratio of 5:3. In the view of Kowsalya admission, they decided
    (a) To increase the value of building by Rs. 40,000.
    (b) To bring into record investments at Rs. 10,000, which have not so far been brought in to account.
    (c) To decrease the value of machinery by Rs. 14,000 and furniture by Rs. 12,000.
    (d) To write off sundry creditors by Rs. 16,000.
    Pass journal entries and prepare revaluation account

  • 2)

    Deepak, Senthil and Santhosh are partners sharing profits and losses equally. They admit Jerald into partnership for 1/3 share in future profits. The goodwill of the firm is valued at Rs.45,000 and Jerald brought cash for his share of goodwill. The existing partners withdraw half of the amount of their share of goodwill. Pass necessary journal entries for adjusting goodwill on the assumption that the fluctuating capital method is followed.

  • 3)

    Malathi and Shobana are partners sharing profits and losses in the ratio of 5:4. They admit Jayasri into partnership for 1/3 share of profit. Jayasri pays cash Rs. 6,000 towards her share of goodwill. The new ratio is 3:2:1. Pass necessary journal entry for adjusting goodwill on the assumption that the fixed capital method is followed.

  • 4)

    Anu and Arul were partners in a firm sharing profits and losses in the ratio of 4:1. They have decided to admit Mano into the firm for 2/5 share of profits. The goodwill of the firm on the date of admission was valued at Rs.25,000. Mano is not able to bring in cash for his share of goodwill. Pass necessary journal entry for goodwill on the assumption that the fluctuating capital method is followed.

  • 5)

    Varun and Barath are partners sharing profits and losses 5:4. They admit Dhamu into partnership. The new profit sharing ratio is agreed at 1:1:1. Dhamu’s share of goodwill is valued at Rs. 15,000 of which he pays Rs .10,000 in cash. Pass necessary journal entries for adjustment of goodwill on the assumption that the fluctuating capital method is followed.

12th Standard English Medium Accountancy Subject Creative 5 Mark Questions with Solution Part - II updated Creative Questions - by Question Bank Software View & Read

  • 1)

    Compute the amount of total purchases and total sales of Mr. Amit from the following information for the year ending on March 31, 2018.

      Rs.
    Total debtors as on April 01, 2017 40,000
    Total creditors as on April 01,2017 50,000
    Bills receivable as on April 01, 2017 30,000
    Bills payable as on April 01, 2017 45,000
    Discount received 5,000
    Bad debts 2,000
    Return inwards 4,000
    Discount allowed 3,000
    Cash sales 10,000
    Cash purchases 8,000
    Total debtors as on March 31, 2018 80,000
    Cash received from debtors 1,00,000
    Cash paid to creditors 80,000
    Cash received against bills receivable 25,000
    Payment made against bills receivable 40,000
    Total creditors as on March 31, 2018 40,000
    Bills payable as on March 31, 2018 50,000
    Bills receivable as on March 31,2018 35,000
  • 2)

    Following is the receipts and payments accounts of Literacy club 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 club 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.

  • 3)

    From the following balance sheets of Subha and Sudha who share profits and losses equally. Calculate interest on capital at 6% p.a for the year ending 31st December 2017.

    Balance sheet as.on 31st December 2017
    Liabilities Rs. Assets Rs.
    Capital accounts:   Fixed assets 60,000
    Subha 30,000 Current assets 20,000
    Sudha 40,000    
    P&L App A/C 10,000    
           
    P&L App A/C 80,000   80,000
           

    Drawing of Shubha and Sudha during the year were Rs.5,000 and Rs.7,000 respectively profit earned during the year was Rs.30,000.

  • 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. 5,60,000

  • 5)

    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.

12th Standard English Medium Accountancy Subject Admission of a Partner Book Back 3 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software View & Read

  • 1)

    Rathna Kumar and Arockia Das are partners in a firm sharing profits and losses in the ratio of 3:2. Their balance sheet as on 31st March, 2017 is as follows:

    Liabilities Rs. Rs. Assets Rs.
    Capital accounts:     Buildings 30,000
    Rathna Kumar 30,000   Plant 60,000
    Arockia Das 50,000 80,000 Furniture 20,000
    Profit and loss appropriation A/c   20,000 Debtors 10,000
    General reserve   5,000 Stock 15,000
    Workmen compensation fund   15,000 Cash at bank 15,000
    Sundry creditors   30,000    
        1,50,000   1,50,000

    David was admitted into the partnership on 1.4.2017. Pass journal entry to distribute the accumulated profits and reserve on admission.

  • 2)

    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.

  • 3)

    Sriram and Raj are partners sharing profits and losses in the ratio of 2:1. Nelson joins as a partner on 1st April 2017. The following adjustments are to be made:
    (i) Increase the value of stock by Rs. 5,000
    (ii) Bring into record investment of Rs. 7,000 which had not been recorded in the books of the firm.
    (iii) Reduce the value of office equipment by Rs. 10,000
    (iv) A provision would also be made for outstanding wages for Rs. 9,500.
    Give journal entries and prepare revaluation account.

  • 4)

    Amudha and Bhuvana are partners who share profits and losses in the ratio of 5:3. Chithra joins the firm on 1st January, 2019 for 3/8 share of profits and brings in cash for her share of goodwill of Rs. 8,000. Pass necessary journal entry for adjusting goodwill on the assumption that the fluctuating capital method is followed and the partners withdraw the entire amount of their share of goodwill.

  • 5)

    Arun, Babu and Charles are partners sharing profits and losses equally. They admit Durai into partnership for 1/4 share in future profits. The goodwill of the firm is valued at Rs. 36,000 and Durai brought cash for his share of goodwill. The existing partners withdraw half of the amount of their share of goodwill. Pass necessary journal entries on the assumption that the fluctuating capital method is followed.

12th Standard English Medium Accountancy Subject Retirement and Death of a Partner Book Back 3 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software View & Read

  • 1)

    What are the ways in which the final amount due to an outgoing partner can be settled?

  • 2)

    Roja, Neela and Kanaga are partners sharing profits and losses in the ratio of 4:3:3. On 1st April 2017, Roja retires and on retirement, the following adjustments are agreed upon.
    (i) Increase the value of building by Rs. 30,000.
    (ii) Depreciate stock by Rs. 5,000 and furniture by Rs. 12,000.
    (iii) Provide an outstanding liability of Rs. 1,000
    Pass journal entries and prepare revaluation account.

  • 3)

    Rajan, Suman and Jegan were partners in a firm sharing profits and losses in the ratio of 4:3:2. Suman retired from partnership. The goodwill of the firm on the date of retirement was valued at Rs. 45,000. Pass necessary journal entries for goodwill on the assumption that the fluctuating capital method is followed.

  • 4)

    Rani, Jaya and Rathi are partners sharing profits and losses in the ratio of 2 : 2 : 1. On 31.3.2018, Rathi retired from the partnership. Profit of the preceding years is as follows: 2014: 10,000; 2015: Rs. 20,000; 2016: Rs.18,000 and 2017: Rs. 32,000 Find out the share of profit of Rathi for the year 2018 till the date of retirement if
    (a) Profit is to be distributed on the basis of the previous year’s profit
    (b) Profit is to be distributed on the basis of the average profit of the past 4 years
    Also pass necessary journal entries by assuming partners capitals are fluctuating.

  • 5)

    Janani, Janaki and Jamuna are partners sharing profits and losses in the ratio of 3:3:1 respectively. Janaki died on 31st December, 2017. Final amount due to her showed a credit balance of Rs. 1,40,000. Pass journal entries if,
    (a) The amount due is paid off immediately.
    (b) The amount due is not paid immediately.
    (c) Rs. 75, 000 is paid and the balance in future.

12th Standard English Medium Accountancy Subject Retirement and Death of a Partner Book Back 3 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software View & Read

  • 1)

    Ramya, Sara and Thara are partners sharing profits and losses in the ratio of 5:3:2. On 1st April 2018, Thara retires and on retirement, the following adjustments are agreed upon:
    (i) Increase the value of premises by Rs. 40,000.
    (ii) Depreciate stock by Rs. 3,000 and machinery by Rs. 6,500.
    (iii) Provide an outstanding liability of Rs. 500
    Pass journal entries and prepare revaluation account.

  • 2)

    Justina, Navi and Rithika are partners sharing profits and losses equally. On 31.3.2019, Rithika retired from the partnership firm. Profits of the preceding years is as follows:
    2016: Rs. 5,000; 2017: Rs. 10,000 and 2018: Rs. 30,000
    Find out the share of profit of Ritika for the year 2019 till the date of retirement if
    (a) Profit is to be distributed on the basis of the previous year’s profit
    (b) Profit is to be distributed on the basis of the average profit of the past 3 years
    Also pass necessary journal entries by assuming that partners’ capitals are fluctuating. Accountancy

  • 3)

    Rathna, Baskar and Ibrahim are partners sharing profits and losses in the ratio of 2:3:4 respectively. Rathna died on 31st December, 2018. Final amount due to her showed a credit balance of Rs. 1,00,000. Pass journal entries if,
    (a) The amount due is paid off immediately by cheque.
    (b) The amount due is not paid immediately.
    (c) Rs. 60,000 is paid immediately by cheque.

  • 4)

    Distinguish between sacrificing ratio and gaining ratio.

  • 5)

    Akash, Mugesh and Sanjay are partners in a firm sharing profits and losses in the ratio of 3:2:1. Their balance sheet as on 31st March, 2017 is as follows:

    Liabilities Rs. Rs. Asset Rs.
    Capital accounts:     Buildings 1,10,000
    Akash 40,000   Vehicle 30,000
    Mugesh 60,000   Stock in trade 26,000
    Sanjay 30,000 1,50,000 Debtors 25,000
    Profit and loss appropriation A/c   12,000 Cash in hand 15,000
    General reserve   24,000    
    Workmen compensation fund   18,000    
    Bills payable   2,000    
        2,06,000   2,06,000

    Pass journal entry to transfer accumlatetd Profit and prepare the capital account of the partners

12th Standard English Medium Accountancy Subject Company Accounts Book Back 3 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software View & Read

  • 1)

    Maruthu Ltd. forfeited 150 equity shares of  Rs.10 each for non payment of final call of Rs.4 per share. Of these 100 shares were reissued @ Rs.9 per share. Pass journal entries for forfeiture and reissue.

  • 2)

    Jenifer Ltd. issued 10,000 equity shares of Rs.10 each at par payable on application Rs.3 per share, on allotment Rs.3 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 100 shares held by Subbu, who failed to pay the second and final call. His shares were forfeited and reissued to Hema at Rs.7 per share. Journalise the above transactions.

  • 3)

    State the differences between preference shares and equity shares.

  • 4)

    What is reissue of forfeited shares?

  • 5)

    What is meant by issue of shares for consideration other than cash?

12th Standard English Medium Accountancy Subject Company Accounts Book Back 3 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software View & Read

  • 1)

    Muthu was holding 20 equity shares of Rs.10 each on which he paid Rs.2 on application but could not pay Rs.3 on allotment and Rs.1 on first call. Directors forfeited the shares after the first call. Give journal entry for recording the forfeiture of shares.

  • 2)

    Maruthu Ltd. forfeited 150 equity shares of  Rs.10 each for non payment of final call of Rs.4 per share. Of these 100 shares were reissued @ Rs.9 per share. Pass journal entries for forfeiture and reissue.

  • 3)

    Jenifer Ltd. issued 10,000 equity shares of Rs.10 each at par payable on application Rs.3 per share, on allotment Rs.3 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 100 shares held by Subbu, who failed to pay the second and final call. His shares were forfeited and reissued to Hema at Rs.7 per share. Journalise the above transactions.

  • 4)

    State the differences between preference shares and equity shares.

  • 5)

    What is reissue of forfeited shares?

12th Standard English Medium Accountancy Subject Financial Statement Analysis Book Back 3 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software View & Read

  • 1)

    From the following particulars of Mani Ltd an Kani Ltd prepare a common-size income statement for the year ended 31st March, 2019

    Particulars Mani Ltd Kani Ltd
      Rs. Rs.
    Revenue from operations 2,00,000 2,50,000
    Other income 30,000 25,000
    Expenses 1,10,000 1,25,000
  • 2)

    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
  • 3)

    ‘Financial statements are prepared based on the past data’. Explain how this is a limitation.

  • 4)

    Briefly explain any three limitations of financial statements

  • 5)

    Explain the procedure for preparing common-size statement

12th Standard English Medium Accountancy Subject Financial Statement Analysis Book Back 3 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software View & Read

  • 1)

    From the following particulars of Kumar Ltd, prepare a common-size income statement for the year ended 31st March, 2018.

    Particulars 2017-18
      Rs.
    Revenue from operations 5,00,000
    Other income 20,000
    Expenses 3,00,000
  • 2)

    From the following particulars of Siva Ltd, prepare common size income statement for the years ended 31st March, 2016 and 31st March, 2017.

    Particulars 2015-16 2016-17
      Rs. Rs.
    Revenue from operations 2,00,000 3,00,000
    Other income 25,000 75,000
    Expenses 2,50,000 1,50,000
    Income tax % 40 40
  • 3)

    Prepare common-size balance sheet of Sharmila Ltd. and Sangeetha Ltd. as on 31st March, 2019.

    Particulars Sharmila Ltd Sangeetha Ltd
      Rs. Rs.
    I EQUITY AND LIABILITIES    
    Shareholders’ funds 5,00,000 11,00,000
    Non-current liabilities 4,00,00 7,00,000
    Current liabilities 1,00,000 2,00,000
    Total 10,00,000 20,00,000
    II ASSETS    
    Non-current assets 6,50,000 18,00,000
    Current assets 3,50,000 2,00,000
    Total 10,00,000 20,00,000
  • 4)

    Write a short note on cash flow analysis.

  • 5)

    Explain the steps involved in preparing comparative statement

12th Standard English Medium Accountancy Subject Ratio Analysis Book Back 3 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software View & Read

  • 1)

    How is operating profit ascertained?

  • 2)

    Bring out the limitations of ratio analysis.

  • 3)

    From the given information calculate the inventory turnover ratio and inventory conversion period (in months) of Sania Ltd.

    Particulars Rs.
    Revenue from operations 1,90,000
    Inventory at the beginning of the year 40,000
    Inventory at the end of the year 20,000
    Purchases made during the year 90,000
    Carriage inwards 10,000
  • 4)

    From the following figures obtained from Kalpana Ltd, calculate the trade payables turnover ratio and credit payment period (in days).

    Particulars Rs.
    Credit purchases during 2018 – 2019 1,00,000
    Trade creditors as on 1.4.2018 20,000
    Trade creditors as on 31.3.2019 10,000
    Bills payable as on 1.4.2018 4,000
    Bills payable as on 31.3.2019 6,000
  • 5)

    Calculate
    (i) Inventory turnover ratio
    (ii) Trade receivable turnover ratio
    (iii) Trade payable turnover ratio and
    (iv) Fixed assets turnover ratio from the following information obtained from Delphi Ltd.

    Particulars As on
    31st March, 2018
    Rs.
    As on
    31st March, 2019
    Rs.
    Inventory 1,40,000 1,00,000
    Trade receivables 80,000 60,000
    Trade payables 40,000 50,000
    Fixed assets 5,50,000 5,00,000

    Additional information:
    (i) Revenue from operations for the year Rs.10,50,000
    (ii) Purchases for the year Rs.4,50,000
    (iii) Cost of revenue from operations Rs.6,00,000.
    Assume that sales and purchases are for credit.

12th Standard English Medium Accountancy Subject Ratio Analysis Book Back 3 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software View & Read

  • 1)

    What is inventory conversion period? How is it calculated?

  • 2)

    State any three advantages of ratio analysis.

  • 3)

    From the following Balance Sheet of Arunan Ltd. as on 31.03.2019 calculate
    (i) Debt-equity ratio
    (ii) Proprietary ratio and
    (iii) Capital gearing ratio.

    Balance Sheet of Arunan Ltd. as on 31.03.2019
    Particulars Rs.
    I EQUITY AND LIABILITIES  
    1. Shareholders' funds  
      (a) Share capital  
        Equity share capital 1,50,000
        8% Preference share capital 2,00,000
      (b) Reserves and surplus 1,50,000
    2. Non current liabilities  
        Long term borrowings (9% Debentures) 4,00,000
    3. Current liabilities  
        Short-term borrowings from banks 25,000
        Trade payables 75,000
    Total 10,00,000
    II ASSETS  
    1. Non-current assets  
      Fixed assets 7,50,000
    2. Current assets  
      (a) Inventories 1,20,000
      (b) Trade receivables 1,00,000
      (c) Cash and cash equivalents 27,500
      (d) Other current assets  
        Expenses paid in advance 2,500
    Total 10,00,000
  • 4)

    The credit revenue from operations of Harini Ltd. amounted to Rs.9,60,000. Its debtors and bills receivable at the end of the accounting period amounted to Rs.1,00,000 and Rs.60,000 respectively. Calculate trade receivable turnover ratio and also collection period in months.

  • 5)

    From the following information of Ashika Ltd., calculate fixed assets turnover ratio:
    (i) Revenue from operations during the year were Rs.60,00,000.
    (ii) Fixed assets at the end of the year was Rs.6,00,000.

12th Standard English Medium Accountancy Subject Computerized Accounting System - Tally Book Back 3 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software View & Read

  • 1)

    Write a brief note on accounting vouchers.

  • 2)

    What are the pre-defined ledgers available in Tally.ERP 9?

  • 3)

    Mention the commonly used voucher types in Tally.ERP 9.

  • 4)

    Explain how to view profit and loss statement in Tally.ERP 9.

  • 5)

    Explain any five applications of computerised accounting system.

12th Standard English Medium Accountancy Subject Computerized Accounting System - Tally Book Back 3 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software View & Read

  • 1)

    Write a brief note on accounting vouchers.

  • 2)

    What are the pre-defined ledgers available in Tally.ERP 9?

  • 3)

    Mention the commonly used voucher types in Tally.ERP 9.

  • 4)

    Explain how to view profit and loss statement in Tally.ERP 9.

  • 5)

    Explain any five applications of computerised accounting system.

12th Standard English Medium Accountancy Subject Accounts From Incomplete Records Book Back 5 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software View & Read

  • 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

    Other Information:

    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:  Rs
    (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)

    Pandian does not keep his books under double entry system. From the following information prepare trading and profit and loss account 

      1-1-2018
    Rs.
    31-12-2018
    Rs.
    Furniture 30,000 30,000
    Cash in hand 10,000 17,000
    Debtors 40,000 60,000
    Stock 28,000 11,000
    Bills receivable 12,000 35,100
    Bank loan 25,000 25,000
    Creditors 15,000 16,000
      Rs.   Rs.
    Cash sales 11,200 Credit sales 88,800
    Cash purchases 4,250 Credit purchases 35,750
    Carriage on purchases 3,000 Carriage on sales 700
    Commission received 600 Interest on bank loan 2,500
    Drawings 8,000 Additional capital 14,000
    Salaries 8,900 Office rent 2,400

    Adjustments:
    Write off depreciation of 5% on furniture. Create a provision of 1% on debtors for doubtful debts.

  • 3)

    From the following details you are required to calculate credit sales and credit purchases by preparing total debtors account, total creditors account, bills receivable account and bills payable account

    Particulars Rs. Particulars Rs.
    Balances as on 1st April 2018   Balances as on 31st March 2019  
    Sundry debtors 2,40,000 Sundry debtors 2,20,000
    Bills receivable 30,000 Sundry creditors 1,50,000
    Sundry creditors 1,20,000 Bills receivable 8,000
    Bills payable 10,000 Bills payable 20,000
    Other information Rs.    
    Cash received from debtors 6,00,000 Payments against bill payable 30,000
    Discount allowed to customers 25,000 Cash received for bills receivable 60,000
    Cash paid to creditors 3,20,000 Bills receivable dishonoured 4,000
    Discount allowed by suppliers 10,000 Bad debts 16,000
  • 4)

    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.

  • 5)

    Selvam does not keep his books under double entry system. From the following information prepare trading and Profit and loss A/c and Balance Sheet as on 31-12-2018

    Particulars 1-1-2018
    Rs.
    31-12-2018
    Rs.
    Machinery 60,000 60,000
    Cash at bank 25,000 33,000
    Sundry debtors 70,000 1,00,000
    Stock 45,000 22,000
    Bills receivable 20,000 38,000
    Bank loan 45,000 45,000
    Sundry creditors 25,000 21,000

     

    Particulars Rs. Particulars Rs.
    Cash sales 20,000 Credit sales 1,80,000
    Cash purchases 8,000 Credit purchases 52,000
    Wages 6,000 Salaries 23,500
    Advertisement 7,000 Interest on bank loan 4,500
    Drawings 60,000 Additional capital 21,000

    Adjustments:
    Write off depreciation of 10% on machinery. Create a reserve of 1% on debtors for doubtful debts.

12th Standard English Medium Accountancy Subject Accounts From Incomplete Records Book Back 5 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software View & Read

  • 1)

    Ahmed does not keep proper books of accounts. Find the profit or loss made by him for the year ending 31st March, 2018.

    Particulars 1.4.2017
    Rs
    31.3.2018
    Rs
    Bank balance 14,000 (Cr.) 18,000 (Dr.)
    Cash in hand 800 1,500
    Stock 12,000 16,000
    Debtors 34,000 30,000
    Plant 80,000 80,000
    80,000 40,000 40,000
    Creditors 60,000 72,000

    Ahmed had withdrawn Rs. 40,000 for his personal use. He had introduced Rs.16,000 as capital for expansion of his business. A provision of 5% on debtors is to be made. Plant is to be depreciated at 10%.

  • 2)

    From the following details of Abdul 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 1.4.2017
    Rs.
    31.3.2018
    Rs.
    Stock 1,00,000 50,000
    Sundry debtors 2,50,000 3,50,000
    Cash 25,000 40,000
    Furniture 10,000 10,000
    Sundry creditors 1,50,000 1,75,000
    Other details:
      Rs.   Rs.
    Drawings 40,000 Cash received from debtors 5,35,000
    Discount received 20,000 Sundry expenses 30,000
    Discount allowed 25,000 Capital as on 1.4.2017 2,35,000
    Cash paid to creditors 4,50,000    
  • 3)

    Arjun carries on grocery business and does not keep his books on double entry basis. The following particulars have been extracted from his books:

    Particulars 1-4-2018
    Rs.
    31-3-2019
    Rs.
    Plant and machinery 20,000 20,000
    Stock 9,000 16,000
    Sundry debtors 2,000 5,300
    Sundry creditors 5,000 4,000
    Cash at bank 4,000 6,000

    Other information for the year ending 31-3-2019 showed the following

      Rs.
    Advertising 4,700
    Carriage inwards 8,000
    Cash paid to creditors 64,000
    Drawings 2,000

    Total sales during the year were Rs. 85,000. Purchases returns during the year were Rs. 2,000 and sales returns were Rs.1,000. Depreciate plant and machinery by 5%. Provide Rs. 300 for doubtful debts. Prepare trading and profit and loss account for the year ending 31st March, 2019 and a balance sheet as on the date.

  • 4)

    Ananth does not keep his books under double entry system. Find the profit or loss made by him for the year ending 31st March, 2019.

    Particulars 31.3.2018
    Rs.
    31.3.2019
    Rs.
    Cash at Bank 5,000 (Dr.) 60,000 (Cr.)
    Cash in hand 3,000 4,500
    Stock of goods 35,000 45,000
    Sundry Debtors 1,00,000 90,000
    Plant and Machinery 80,000 80,000
    Land and Buildings 1,40,000 1,40,000
    Sundry Creditors 1,70,000 1,30,000

    Ananth had withdrawn Rs. 60,000 for his personal use. He had introduced Rs. 17,000 as capital for expansion of his business. Create a provision of 5% on debtors. Plant and machinery is to be depreciated at 10%.

  • 5)

    From the following details of Rakesh, prepare Trading and Profit and Loss account for the year ended 31st March, 2019 and a Balance Sheet as on that date.

    Particulars 31.3.2018
    Rs.
    31.3.2019
    Rs.
    Stock of goods 2,20,000 1,60,000
    Debtors 5,30,000 6,40,000
    Cash at bank 60,000 10,000
    Machinery 80,000 80,000
    Sundry creditors 3,70,000 4,20,000

    Other details:

    Particulars Rs. Particulars Rs.
    Rent paid 1,20,000 Cash received from debtors 12,50,000
    Discount received 35,000 Drawings 1,00,000
    Discount allowed 25,000 Cash sales 20,000
    Cash paid to creditors 11,00,000 Capital as on 1.4.2018 5,20,000

12th Standard English Medium Accountancy Subject Accounts of Not-For-Profit Organisation Book Back 5 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software View & Read

  • 1)

    Mayiladuthurai Recreation Club gives you the following details. Prepare Receipts and Payments account for the year ended 31st March, 2019.

    Particulars Rs. Particulars Rs.
    Opening cash balance 15,000 Salary of watchman 12,000
    Opening bank balance 25,000 Club annual day expenses 15,000
    Donations received 48,000 Lighting charges 16,500
    Sale of old equipment 26,000 Entertainment expenses 13,500
    Refreshment charges 13,000 Billiards table purchased 5,000
    Club annual day collections 18,000 Expenses of charity show 3,000
    Construction of tennis court 7,000 Sale of investments 12,000
    Receipts from charity show 4,000 Closing cash balance 12,000
    Rent paid 1,000    
  • 2)

    From the following receipts and payments account of Tenkasi Thiruvalluvar Manram, prepare income and expenditure account for the year ended 31st March, 2019.

    Receipts Rs. Payments Rs.
    To Balance b/d   By Salaries 20,000
    Cash in hand 14,000 By Rent 24,000
    To Interest received 5,000 By Travelling expenses 2,000
    To Subscription 55,000 By Printing and stationery 6,000
    To Legacies 48,000 By Investments made 50,000
    To Entrance fees 7,000 By Sports equipment purchased 33,000
    To Sale of furniture 16,000 By Balance c/d  
    (Book value: Rs.7,000)   Cash in hand 10,000
      1,45,000   1,45,000
  • 3)

    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 date.

    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 Rs. 30,000.
    (ii) Opening stock of sports material Rs. 3,000 and closing stock of sports material Rs. 5,000.

  • 4)

    Following is the Receipts and Payments account of Neyveli Science Club for the year ended 31st December, 2018

    Dr. Receipts and Payments Account for the year ended 31st December, 2018 Cr
    Receipts Rs. Payments Rs. Rs.
    To Balance b/d   By Balance b/d    
    Cash in hand 2,400 Bank overdraft   1,000
    To Subscription 8,700 By Postage expenses   200
    To Life membership fees 5,000 By Science equipments    
    To Exhibition fund receipts 7,000 purchased   10,000
    To Sale of science   By Laboratory expenses   2,400
    equipments (Book value Rs.5,000) 6,000 By Audit fees   3,600
    To Miscellaneous income 500 By General charges   1,800
        By Exhibition expenses   5,000
        By Balance c/d    
        Cash in hand 200  
        Cash at bank 400 600
        Cash at bank 400 600
      29,600     29,600

    Additional information:
    (i) Opening capital fund Rs. 6,400
    (ii) Subscription includes Rs. 600 for the year 2019
    (iii) Science equipment as on 1.1.2018 Rs. 5,000
    (iv) Surplus on account of exhibition should be kept in reserve for new auditorium.
    Prepare income and expenditure account for the year ended 31st December, 2018 and the balance sheet as on that date

  • 5)

    Following is the Receipts and payments account of Virudhunagar Volleyball Association for the year ended 31st December, 2018

    Dr. Receipts and Payments Account for the year ended 31st December, 2018 Cr.
    Receipts Rs. Rs. Payments Rs. Rs.
    To balance b/d     By Match expenses   25,000
    Cash in hand   5,000 By Upkeep of pavilion   17,000
    To Subscription     By Secretary’s honorarium   18,000
    2017 10,000   By Bats and balls purchased   22,000
    2018 55,000   By Grass seeds   2,000
    2019 5,000 70,000 By Fixed deposit   58,000
    To Donations   40,000 By Sundry expenses    
    To Match fund receipts   30,000 By Balance c/d    
    To Interest on fixed deposit   8,000 Cash in hand 7,000  
    To Miscellaneous receipts   5,000 Cash at bank 6,000 13,000
        1,58,000     1,58,000

    Additional information:
    (i) On 1.1.2018, the association owned investments Rs. 10,000, premises and grounds Rs. 40,000, stock of bats and balls Rs. 5,000.
    (ii) Subscription Rs. 5,000 related to 2017 is still due.
    (iii) Subscription due for the year 2018,Rs. 6,000.
    Prepare income and expenditure account for the year ended 31st December, 2018 and the balance sheet as on that date

12th Standard English Medium Accountancy Subject Accounts of Not-For-Profit Organisation Book Back 5 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software View & Read

  • 1)

    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
  • 2)

    From the following Receipts and Payments Account of Friends Football club, for the year ending 31st March, 2017, prepare Income and Expenditure Account for the year ending 31st March, 2017 and the Balance sheet as on that date.
    In the books of Friends Football Club

    Dr. Receipts and Payments Account for the year ended 31st March, 2017 Cr.
    Receipts Rs. Rs. Payments Rs. Rs.
    To Balance b/d     By Furniture     7,000
    Cash 1,000   By Sports materials purchased   800
    Bank 10,000 11,000 By Special dinner expenses   1,500
    To Subscriptions   5,000 By Electricity charges   900
    To Legacies   6,000 By Balance c/d    
    To Collection for special     Cash in hand 1,800  
    dinner   2,000 Cash at bank 12,000 13,800
        24,000     24,000

    Additional information:
    (i) The club had furniture of Rs. 12,000 on 1st April 2016. Ignore depreciation on furniture.
    (ii) Subscription outstanding for 2016 - 2017 Rs. 600.
    (iii) Stock of sports materials on 31.03.2017 Rs. 100.
    (iv) Capital fund as on 1st April 2016 was Rs. 23,000.

  • 3)

    From the following Receipts and Payments account of Coimbatore Cricket Club for the year ending 31st March 2016, prepare income and expenditure account for the year ending 31st March, 2016 and a balance sheet as on that date.

    In the books of Coimbatore Cricket Club Receipts and Payments Account for the year ending 31st March, 2016
    Receipts Rs. Payments Rs.
    To Balance b/d:   By Maintenance 5,000
    Cash at bank 8,000 By Furniture 15,000
    To Subscriptions 11,000 By Tournament expenses 1,400
    To Sale of old bats and balls 100 By Secretary’s honorarium 4,500
    To Subscription for tournament 2,000 By Bats and balls 7,400
    To Legacies 20,000 By Balance c/d:  
        Cash at bank 7,800
      41,100   41,100

    Additional information:
    On 1st April, 2015 the club had stock of balls and bats Rs. 3,000 and an advance subscription of Rs. 500. Surplus on account of tournament should be kept in reserve for permanent pavilion.Subscription due on 31.03.2016 was Rs. 2,000. Stock of bats and balls on 31.3.2016 was Rs. 1,000.

  • 4)

    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.

  • 5)

    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    

12th Standard English Medium Accountancy Subject Accounts of Partnership Firms-Fundamentals Book Back 5 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software View & Read

  • 1)

    Bragathish and Naresh are partners who maintain their capital accounts under fixed capital method. From the following particulars, prepare capital accounts of partners.

    Particulars Bragathish
    Rs.

    Naresh
    Rs.

    Capital on 1st April 2018 4,00,000 6,00,000
    Current account on 1st April 2018 20,000(Cr.) 15,000(Dr.)
    Additional capital introduced during the 50,000 Nil
    Drawings made during the year 45,000 60,000
    Interest on drawings 2,000 3,000
    Share of profit for the year 80,000 1,20,000
    Interest on capital 20,000 30,000
    Commission 17,000 Nil
    Salary Nil 38,000
  • 2)

    Durai and Velan entered into a partnership agreement on 1st April 2018, Durai contributing Rs. 25,000 and Velan Rs. 30,000 as capital. The agreement provided that:
    (a) Profits and losses to be shared in the ratio 2:3 as between Durai and Velan.
    (b) Partners to be entitled to interest on capital @ 5% p.a.
    (c) Interest on drawings to be charged Durai: Rs. 300 Velan: Rs. 450
    (d) Durai to receive a salary of Rs. 5,000 for the year, and
    (e) Velan to receive a commission of Rs. 2,000
    During the year, the firm made a profit of Rs. 20,000 before adjustment of interest, salary and commission. Prepare the Profit and loss appropriation account.

  • 3)

    From the following information, prepare capital accounts of partners Rooban and Deri, when their capitals are fixed.

    Particulars

    Rooban

    Rs.

    Deri
    Rs.
    Capital on 1st April, 201 70,000 50,000
    Current account on 1st April, 2018 (Cr.) 25,000 15,000
    Additional capital introduced 18,000 16,000
    Drawings during 2018 – 2019 10,000 6,000
    Interest on drawings 500 300
    Share of profit for 2018 – 2019 35,000 25,800
    Interest on capital 3,500 2,500
    Salary Nil 18,000
    Commission 12,000 Nil
  • 4)

    From the following information, prepare capital accounts of partners Padmini and Padma, when their capitals are fluctuating.

    Particulars Padmini
    Rs.
    Padma
    Rs.
    Capital on 1st January 2018 (Cr. balance) 5,00,000 4,00,000
    Drawings during 2018 70,000 40,000
    Interest on drawings 2,000 1,000
    Share of profit for 2018 52,000 40,000
    Interest on capital 30,000 24,000
    Salary 45,000 Nil
    Commission Nil 21,000
  • 5)

    Antony and Ranjith started a business on 1st April 2018 with capitals of Rs. 4,00,000 and Rs. 3,00,000 respectively. According to the Partnership Deed, Antony is to get salary of Rs. 90,000 per annum, Ranjith is to get 25% commission on profit after allowing salary to Antony and interest on capital @ 5% p.a. but after charging such commission. Profit-sharing ratio between the two partners is 1:1. During the year, the firm earned a profit of Rs. 3,65,000.
    Prepare profit and loss appropriation account. The firm closes its accounts on 31st March every year.

12th Standard English Medium Accountancy Subject Accounts of Partnership Firms-Fundamentals Book Back 5 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software View & Read

  • 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
  • 3)

    Richard and Rizwan started a business on 1st January 2018 with capitals of Rs. 3,00,000 and Rs. 2,00,000 respectively. According to the Partnership Deed
    (a) Interest on capital is to be provided @ 6% p.a.
    (b) Rizwan is to get salary of Rs. 50,000 per annum.
    (c) Richard is to get 10% commission on profit (after interest on capital and salary to Rizwan) after charging such commission.
    (d) Profit-sharing ratio between the two partners is 3:2.
    During the year, the firm earned a profit of Rs. 3,00,000.
    Prepare profit and loss appropriation account. The firm closes its accounts on 31st December every year.

  • 4)

    Arun and Selvam are partners who maintain their capital accounts under fixed capital method. From the following particulars, prepare capital accounts of partner

    Particulars Arun
    Rs.
    Selvam
    Rs.
    Capital on 1st January, 2018 2,20,000 1,50,000
    Current account on 1st January, 2018 4,250(Dr.) 10,000(Cr.)
    Additional capital introduced during the year Nil 70,000
    Withdrew for personal use 10,000 20,000
    Interest on drawings 750 600
    Share of profit for 2018 22,000 15,000
    Interest on capital 1,100 750
    Commission 6,900 Nil
    Salary Nil 6,850
  • 5)

    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.

12th Standard English Medium Accountancy Subject Goodwill In Partnership Accounts Book Back 5 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software View & Read

  • 1)

    From the following details, calculate the value of goodwill at 2 years purchase of super profit:
    (a) Total assets of a firm are Rs. 5,00,000
    (b) The liabilities of the firm are Rs. 2,00,000
    (c) Normal rate of return in this class of business is 12.5 %.
    (d) Average profit of the firm is Rs. 60,000

  • 2)

    A partnership firm earned net profits during the last three years as follows:
    2016 : Rs. 20,000; 2017 : Rs. 17,000 and 2018 : Rs. 23,000
    The capital investment of the firm throughout the above mentioned period has been Rs. 80,000. Having regard to the risk involved, 15% is considered to be a fair return on capital employed in the business. Calculate the value of goodwill on the basis of 2 years purchase of super profit.

  • 3)

    From the following information, calculate the value of goodwill under annuity method:

    (i) Average profit Rs. 14,000
    (ii) Normal Profit Rs. 4,000
    (iii) Normal rate of return 15%
    (iv) Years of purchase of goodwill 5

    Present value of Rs. 1 for 5 years at 15% per annum as per the annuity table is 3.352.

  • 4)

    Find out the value of goodwill by capitalising super profits:
    (a) Normal Rate of Return 10%
    (b) Profits for the last four years are Rs. 30,000, Rs. 40,000, Rs. 50,000 and Rs. 45,000.
    (c) A non-recurring income of Rs. 3,000 is included in the above mentioned profit of Rs. 30,000.
    (d) Average capital employed is Rs. 3,00,000.

  • 5)

    From the following information, find out the value of goodwill by capitalisation method:
    (i) Average profit Rs. 20,000
    (ii) Normal rate of return 10%
    (iii) Capital employed Rs. 1,50,000

12th Standard English Medium Accountancy Subject Goodwill In Partnership Accounts Book Back 5 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software View & Read

  • 1)

    From the following information, compute the value of goodwill as per annuity method:
    (a) Capital employed: Rs. 50,000
    (b) Normal rate of return: 10%
    (c) Profits of the years 2016, 2017 and 2018 were Rs. 13,000, Rs. 15,000 and Rs. 17,000 respectively.
    (d) The present value of annuity of Rs. 1 for 3 years at 10% is Rs. 2.4868.

  • 2)

    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

  • 3)

    From the following details, calculate the value of goodwill at 2 years purchase of super profit:
    (a) Total assets of a firm are Rs. 5,00,000
    (b) The liabilities of the firm are Rs. 2,00,000
    (c) Normal rate of return in this class of business is 12.5 %.
    (d) Average profit of the firm is Rs. 60,000

  • 4)

    Find out the value of goodwill by capitalising super profits:
    (a) Normal Rate of Return 10%
    (b) Profits for the last four years are Rs. 30,000, Rs. 40,000, Rs. 50,000 and Rs. 45,000.
    (c) A non-recurring income of Rs. 3,000 is included in the above mentioned profit of Rs. 30,000.
    (d) Average capital employed is Rs. 3,00,000.

  • 5)

    From the following information, find out the value of goodwill by capitalisation method:
    (i) Average profit Rs. 20,000
    (ii) Normal rate of return 10%
    (iii) Capital employed Rs. 1,50,000

12th Standard English Medium Accountancy Subject Admission of a Partner Book Back 5 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software View & Read

  • 1)

    The balance sheet of Rekha and Mary on 31st March 2018 is as follows:

    Liabilities Rs. Rs. Assets Rs.
    Capital accounts     Buildings 50,000
    Rekha 50,000   Stock 8,000
    Mary 30,000 80,000 Sundry debtors 60,000
    General reserve   40,000 Cash at bank 32,000
    Workmen compensation fund   10,000    
    Sundry creditors   20,000    
        1,50,000   1,50,000

    They share the profits and losses in the ratio of 3:1. They agreed to admit Kavitha into the partnership firm for 1/4 share of profit which she gets entirely from Rekha.
    Following are the conditions:
    (i) Kavitha has to bring Rs. 20,000 as capital. Her share of goodwill is valued at 4,000. She could not bring cash towards goodwill.
    (ii) Depreciate buildings by 10%
    (iii) Stock to be revalued at Rs. 6,000
    (iv) Create provision for doubtful debts at 5% on debtors
    Prepare necessary ledger accounts and the balance sheet after admission.

  • 2)

    Veena and Pearl are partners in a firm sharing profits and losses in the ratio of 2:1. Their balance sheet as on 31st March, 2018 is as follows:

    Liabilities Rs. Rs. Assets Rs.
    Capital accounts     Buildings 60,000
    Veena 60,000   Machinery 30,000
    Pearl 40,000 1,00,000 Debtors 20,000
    General reserve   30,000 Stock 10,000
    Workmen compensation fund   10,000 Cash at bank 30,000
    Sundry creditors   10,000    
        1,50,000   1,50,000

    Deri is admitted on 1.4.2018 subject to the following conditions:
    (a) The new profit sharing ratio among Veena, Pearl and Deri is 5 : 3 : 2.
    (b) Deri has to bring a capital of Rs. 30,000
    (c) Stock to be depreciated by 20%
    (d) Anticipated claim on workmen compensation fund is Rs. 1,000
    (e) Unrecorded investment of Rs. 11,000 has to be brought into books
    (f) The goodwill of the firm is valued at Rs. 30,000 and Deri brought cash for his share of goodwill.
    The existing partners withdraw the entire amount brought by Deri towards goodwill.
    Prepare the necessary ledger accounts and balance sheet after admission.

  • 3)

    Amal and Vimal are partners in a firm sharing profits and losses in the ratio of 7:5. Their balance sheet as on 31st March, 2019, is as follows:

    Liabilities Rs. Rs. Assets Rs.
    Capital accounts:     Land 80,000
    Amal 70,000   Furniture 20,000
    Vimal 50,000 1,20,000 Stock 25,000
    Sundry creditors   30,000 Debtors 30,000
    Profit and loss A/c   24,000 Bank 19,000
        1,74,000   1,74,000

    Nirmal is admitted as a new partner on 1.4.2018 by introducing a capital of Rs.30,000 for 1/3 share in the future profit subject to the following adjustments.
    (a) Stock to be depreciated by Rs. 5,000
    (b) Provision for doubtful debts to be created for Rs. 3,000
    (c) Land to be appreciated by Rs. 20,000
    Prepare revaluation account and capital account of partners after admission.

  • 4)

    Sundar and Suresh are partners sharing profits in the ratio of 3:2. Their balance sheet as on 1st January, 2017 was as follows:

    Liabilities Rs. Rs. Assets Rs.
    Capital accounts:     Buildings 40,000
    Sundar 30,000   Furniture 13,000
    Suresh 20,000 50,000 Stock 25,000
    Creditors   50,000 Debtors 15,000
    General reserve   10,000 Bills receivable 14,000
    Workmen compensation fund   15,000 Bank 18,000
        1,25,000   1,25,000

    They decided to admit Sugumar into partnership for 1/4 share in the profits on the following terms:
    (a) Sugumar has to bring in Rs. 30,000 as capital. His share of goodwill is valued at Rs. 5,000. He could not bring cash towards goodwill.
    (b) That the stock be valued at Rs. 20, 000.
    (c) That the furniture be depreciated by Rs. 2,000.
    (d) That the value of building be depreciated by 20%.
    Prepare necessary ledger accounts and the balance sheet after admission

  • 5)

    Anbu and Shankar are partners in a business sharing profits and losses in the ratio of 3:2. The balance sheet of the partners on 31.03.2018 is as follows:

    Liabilities Rs. Rs. Assets Rs.
    Capital accounts:     Computer 40,000
    Anbu 4,00,000   Motor car 1,60,000
    Shankar 3,00,000 7,00,000 Stock 4,00,000
    Profit and loss   1,20,000 Debtors 3,60,000
    Creditors   1,20,000 Bank 40,000
    Workmen compensation fund   60,000    
        10,00,000   10,00,000

    Rajesh is admitted for 1/5 share on the following terms:
    (i) Goodwill of the firm is valued at Rs. 75,000 and Rajesh brought cash for his share of goodwill.
    (ii) Rajesh is to bring Rs. 1,50,000 as his capital.
    (iii) Motor car is valued at Rs. 2,00,000; stock at Rs. 3,80,000 and debtors at Rs. 3,50,000.
    (iv) Anticipated claim on workmen compensation fund is Rs. 10,000
    (v) Unrecorded investment of Rs. 5,000 has to be brought into account.
    Prepare revaluation account, capital accounts and balance sheet after Rajesh’s admission. 

12th Standard English Medium Accountancy Subject Admission of a Partner Book Back 5 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software View & Read

  • 1)

    Raghu and Sam are partners in a firm sharing profits and losses in the ratio of 3:2. Their balance sheet as on 31st March, 2017 is as follows:

    Liabilities Rs. Rs. Assets Rs. Rs.
    Capital accounts:     Machinery   30,000
    Raghu 40,000   Furniture   10,000
    Sam 30,000 70,000 Stock   10,000
    Sundry creditors   30,000 Debtors 21,000  
          Less: Provision for    
          doubtful debts 1,000 20,000
          Bank   30,000
        1,00,000     1,00,000

    Prakash is admitted on 1.4.2017 subject to the following conditions:
    (a) He has to bring a capital of Rs. 10,000
    (b) Machinery is valued at Rs. 24,000
    (c) Furniture to be depreciated by Rs. 3,000
    (d) Provision for doubtful debts should be increased to Rs. 3,000
    (e) Unrecorded trade receivables of  Rs. 1,000 would be brought into books now
    Pass necessary journal entries and prepare revaluation account and capital account of partners after admission.

  • 2)

    Vetri and Ranjit are partners, sharing profits in the ratio of 3:2. Their balance sheet as on 31st December 2017 is as under:

    Liabilities Rs. Rs. Assets Rs.
    Capital accounts:     Furniture 25,000
    Vetri 30,000   Stock 20,000
    Ranjit 20,000 50,000 Debtors 10,000
    Reserve fund   5,000 Cash in hand 35,000
    Sundry creditors   45,000 Profit and loss A/c (loss) 10,000
        1,00,000   1,00,000

    On 1.1.2018, they admit Suriya into their firm as a partner on the following arrangements.
    (i) Suriya brings Rs. 10,000 as capital for 1/4 share of profit.
    (ii) Stock to be depreciated by 10%
    (iii) Debtors to be revalued at Rs. 7,500.
    (iv) Furniture to be revalued at  Rs. 40,000.
    (v) There is an outstanding wages of Rs. 4,500 not yet recorded.
    Prepare revaluation account, partners’ capital account and the balance sheet of the firm after admission.

  • 3)

    Ameer and Raja are partners sharing profits in the ratio of 3:2. Their balance sheet is shown as under on 31.12.2018.

    Liabilities Rs. Rs. Assets Rs.
    Capital accounts:     Machinery 60,000
    Ameer 80,000   Furniture 40,000
    Raja 70,000 1,50,000 Debtors 30,000
    Reserve fund   15,000 Stock 10,000
    Creditors   35,000 Prepaid insurance 40,000
          Cash at bank 20,000
        2,00,000   2,00,000

    Rohit is admitted as a new partner who introduces a capital of Rs. 30,000 for his 1/5 share in future profits. He brings Rs. 10,000 for his share of goodwill.
    Following revaluations are made:
    (i) Stock is to be appreciated to Rs. 14,000
    (ii) Furniture is to be depreciated by 5%
    (iii) Machinery is to be revalued at Rs. 80,000
    Prepare the necessary ledger accounts and the balance sheet after the admission.

  • 4)

    Sai and Shankar are partners, sharing profits and losses in the ratio of 5:3. The firm’s balance sheet as on 31st December, 2017, was as follows:

    Liabilities Rs. Rs. Assets Rs. Rs.
    Capital accounts:     Building   34,000
    Sai 48,000   Furniture   6,000
    Shankar 40,000 88,000 Investment   20,000
    Creditors   37,000 Debtors 40,000  
    Outstanding wages   8,000 Less: Provision for
    bad debts
    3,000 37,000
          Bills receivable   12,000
          Stock   16,000
          Bank   8,000
        1,33,000     1,33,000

    On 31st December, 2017 Shanmugam was admitted into the partnership for 1/4 share of profit with Rs. 12,000 as capital subject to the following adjustments.
    (a) Furniture is to be revalued at Rs. 5,000 and building is to be revalued at Rs. 50,000.
    (c) Provision for doubtful debts is to be increased to Rs. 5,500
    (d) An unrecorded investment of Rs. 6,000 is to be brought into account
    (e) An unrecorded liability Rs. 2,500 has to be recorded now.
    Pass journal entries and prepare Revaluation Account and capital account of partners after admission.

  • 5)

    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 46,000 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, partner's capital account and the balance sheet of the firm after admission.

12th Standard English Medium Accountancy Subject Retirement and Death of a Partner Book Back 5 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software View & Read

  • 1)

    John, James and Raja are partners in a firm sharing profits and losses equally. Their balance sheet as on 31st March, 2019 is as follows:
    Raja retired on 31st March, 2019 subject to the following conditions:
    (i) Machinery is valued at Rs. 1,30,000
    (ii) Value of office equipment is brought down by Rs. 2,000
    (iii) Provision for doubtful debts should be increased to Rs. 3,000
    (iv) Investment of Rs. 25,000 not recorded in the books is to be recorded now
    Pass necessary journal entries and prepare revaluation account.

  • 2)

    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.

  • 3)

    Muthu, Murali and Manoj are partners in a firm and sharing profits and losses in the ratio 3 : 1 : 2. Their balance sheet as on 31st December, 2018 is given below:

    Liabilities Rs. Rs. Asset Rs. Rs.
    Capital accounts:     Machinery   45,000
    Muthu 20,000   Furniture   5,000
    Murali 25,000   Debtors   30,000
    Manoj 20,000 65,000 Stock   20,000
    General reserve   6,000      
    Creditors   29,000      
        1,00,000     1,00,000

    Manoj retires on 31st December, 2018 subject to the following conditions:
    (i) Muthu and Murali will share profits and losses in the ratio of 3 : 2
    (ii) Assets are to be revalued as follows:
    Machinery Rs. 43,000, stock Rs. 27,000, debtors Rs. 28,000.
    (iii) Goodwill of the firm is valued at Rs. 30,000
    (iv) The final amount due to Manoj is not paid immediately
    Prepare necessary ledger accounts and the balance sheet immediately after the retirement of Manoj.

  • 4)

    Ramesh, Ravi and Akash are partners who share profits and losses in their capital ratio. Their balance sheet as on 31.12.2017 is as follows:

    Balance Sheet as on 31st December, 2017
    Liabilities Rs. Rs. Asset Rs. Rs.
    Capital accounts:     Plant and machinery   45,000
    Ramesh 30,000   Stock   22,000
    Ravi 30,000   Debtors   15,000
    Akash 20,000 80,000 Cash at bank   10,000
    General reserve   8,000 Cash in hand   4,000
    Creditors   8,000      
        96,000     96,000

    Akash died on 31.3.2018. On the death of Akash, the following adjustments are made:
    (i) Plant and machinery is to be valued at Rs. 54,000
    (ii) Stock is to be depreciated by Rs. 1,000
    (iii) Goodwill of the firm is valued at Rs. 24,000
    (iv) Share of profit of Akash is to be calculated from the closing of the last financial year to the date of death on the basis of the average of the three completed years’ profit before death. Profit for 2015, 2016 and 2017 were Rs. 66,000, Rs. 60,000 and Rs. 66,000 respectively.
    Prepare the necessary ledger accounts and the balance sheet immediately after the death of Akash.

  • 5)

    Manju, Charu and Lavanya are partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. Their balance sheet as on 31st March, 2018 is as follows:

    Liabilities Rs Rs Asset Rs Rs
    Capital accounts:     Buildings   1,00,000
    Manju 70,000   Furniture   80,000
    Charu 70,000   Stock   60,000
    Lavanya 70,000 2,10,000 Debtors   40,000
    Sundry creditors   40,000 Bills receivable   50,000
    Profit and loss A/c   50,000 Cash at bank   20,000
        3,00,000     3,00,000

    Manju retired from the partnership firm on 31.03.2018 subject to the following adjustments:
    (i) Stock to be depreciated by Rs. 10,000
    (ii) Provision for doubtful debts to be created for Rs. 3,000.
    (iii) Buildings to be appreciated by Rs. 28,000
    Prepare revaluation account and capital accounts of partners after retirement

12th Standard English Medium Accountancy Subject Retirement and Death of a Partner Book Back 5 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software View & Read

  • 1)

    Sundar, Vivek and Pandian are partners, sharing profits in the ratio of 3:2:1. Their balance sheet as on 31st December, 2018 is as under:

    Balance Sheet as on 31st December, 2018
    Liabilities Rs. Rs. Asset Rs.
    Capital accounts:     Land 80,000
    Sundar 50,000   Stock 20,000
    Vivek 40,000   Debtors 30,000
    Pandian 10,000 1,00,000 Cash at bank 14,000
    General reserve   36,000 Profit and loss A/c (loss) 6,000
    Sundry creditors   14,000    
        1,50,000   1,50,000

    On 1.1.2019, Pandian died and on his death the following arrangements are made:
    (i) Stock to be depreciated by 10%
    (ii) Land is to be appreciated by Rs. 11,000
    (iii) Reduce the value of debtors by Rs. 3,000
    (iv) The final amount due to Pandian was not paid
    Prepare revaluation account, partners’ capital account and the balance sheet of the firm after death.

  • 2)

    Chandru, Vishal and Ramanan are partners in a firm sharing profits and losses equally. Their balance sheet as on 31st March, 2018 is as follows:

    Liabilities Rs Rs Asset Rs Rs
    Capital accounts:     Furniture   60,000
    Chandru 60,000   Machinery   1,20,000
    Vishal 70,000   Sundry debtors 33,000  
    Ramanan 70,000 2,00,000 Less: Provision for doubtful debts 3,000 30,000
    Bills payable   80,000 Bills receivable   50,000
          Cash at bank   20,000
        2,80,000     2,80,000

    Ramanan retired on 31st March 2019 subject to the following conditions:
    (i) Machinery is valued at Rs. 1,50,000
    (ii) Value of furniture brought down by Rs. 10,000
    (iii) Provision for doubtful debts should be increased to Rs. 5,000
    (iv) Investment of Rs. 30,000 not recorded in the books is to be recorded now.
    Pass necessary journal entries and prepare revaluation account.

  • 3)

    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.

  • 4)

    Rajesh, Sathish and Mathan are partners sharing profits and losses in the ratio of 3 : 2 : 1 respectively. Their balance sheet as on 31.3.2017 is given below

    Liabilities Rs Rs Asset Rs Rs
    Capital accounts:     Premises   4,00,000
    Rajesh 4,00,000   Machinery   4,20,000
    Sathish 3,00,000   Debtors   1,60,000
    Mathan 2,50,000 9,50,000 Stock   3,00,000
    General reserve   1,20,000 Cash at bank   20,000
    Creditors   50,000      
    Bills payable   1,80,000      
        13,00,000     13,00,000

    Mathan retires on 31st March, 2017 subject to the following conditions:
    (i) Rajsh and Sathish will share profits and losses in the ratio of 3:2
    (ii) Assets are to be revalued as follows:
    Machinery  Rs. 3,90,000, Stock Rs. 2,90,000, Debtors Rs. 1,52,000.
    (iii) Goodwill of the firm is valued at Rs. 1,20,000
    Prepare necessary ledger accounts and the balance sheet immediately after the retirement of Mathan.

  • 5)

    Vijayan, Sudhan and Suman are partners who share profits and losses in their capital ratio. Their balance sheet as on 31.12.2018 is as follows Balance Sheet as on 31.12.2018

    Liabilities

    Rs. Rs. Asset Rs.
    Capital accounts:     Building 80,000
    Vijayan 70,000   Stock 45,000
    Sudhan 50,000   Debtors 25,000
    Suman 30,000 1,50,000 Cash at bank 20,000
    General reserve   18,000 Cash in hand 15,000
    creditors   17,000    
        1,85,000   1,85,000

    Suman died on 31.3.2019. On the death of Suman, the following adjustments are made:
    (i) Building is to be valued at Rs. 1,00,000
    (ii) Stock to be depreciated by Rs. 5,000
    (iii) Goodwill of the firm is valued at Rs. 36,000
    (iv) Share of profit from the closing of the last financial year to the date of death on the
    basis of the average of the three completed years’
    profit before death. Profit for 2016, 2017 and 2018 were Rs. 40,000, Rs. 50,000 and Rs. 30,000 respectively.
    Prepare the necessary ledger accounts and the balance sheet immediately after the death of Suman.

12th Standard English Medium Accountancy Subject Company Accounts Book Back 5 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software View & Read

  • 1)

    Keerthiga Company issued shares of 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) Mohan who holds 50 shares failed to pay the second and final call and his shares were forfeited.
    (ii) Mohan who holds 50 shares failed to pay the allotment money, first call and second and final call money and his shares were forfeited.
    (iii) Mohan who holds 50 shares failed to pay the allotment money and first call and his shares were forfeited after the first call.

  • 2)

    Thangam Ltd. issued 50,000 shares of Rs.10 each at a premium of Rs.2 per share payable as follows:

    On application Rs.5
    On allotment Rs.5 (including premium)
    On first and final call  Rs.2

    Issue was fully subscribed and the amounts due were received except Priya to whom 500 shares were allotted who failed to pay the allotment money and fist and final call money. Her shares were forfeited. All the forfeited shares were reissued to Devi at Rs.8 per share. Pass journal entries.

  • 3)

    Rajan Ltd. purchased machinery of Rs.6,00,000 from Jagan Traders. It issued equity shares of Rs.10 each fully paid in satisfaction of their claim. What entries will be made if such issue is made:
    (a) at par and
    (b) at a premium of 50%.

  • 4)

    Sampath company issued 25,000 shares at Rs.10 per share payable Rs.3 on application, Rs.4 on allotment, Rs.3 on first and final call. The public subscribed for 24,000 shares. The directors allotted all the 24,000 shares and received the money duly. Pass necessary journal entries.

  • 5)

    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.

12th Standard English Medium Accountancy Subject Company Accounts Book Back 5 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software View & Read

  • 1)

    Shero Health Care Ltd. invited applications for 3,00,000 equity shares of Rs.10 each at a premium of Rs.2 per share payable as follows:
    Rs.3 on application
    Rs.5 (including premium) on allotment
    Rs.4 on first and final call
    There was over subscription and applications were received for 4,00,000 shares and the excess applications were rejected by the directors. All the money due were received. Pass the journal entries.

  • 2)

    Divya Ltd. allotted 10,000 equity shares of Rs.10 each at a premium of Rs.2 per share to applicants of 14,000 shares on a pro rata basis. The excess application money will be adjusted towards allotment money. The amount payable was Rs.2 on application, Rs.5 on allotment (including premium of Rs.2 each) and Rs.3 on first call and Rs.2 on final call. Vikas, a shareholder failed to pay the first call and final call on his 300 shares. All the shares were forfeited and out of them 200 shares were reissued @ Rs.9 per share. Pass the necessary journal entries.

  • 3)

    Sara Company issues 10,000 equity shares of Rs.10 each payable fully on application. Pass journal entries if the shares are issued
    (i) at par
    (ii) at a premium of Rs.2 per share.

  • 4)

    Progress Ltd. issued 50,000 ordinary shares of  Rs.10 each, payable Rs.2 on application, Rs.4 on allotment, Rs.2 on first call and Rs.2 on final call. All the shares are subscribed and amount was duly received. Pass journal entries.

  • 5)

    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.

12th Standard English Medium Accountancy Subject Financial Statement Analysis Book Back 5 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software View & Read

  • 1)

    Prepare common-size income statement for the following particulars of Sam Ltd.

    Particulars 2015-16
    Rs.
    2016-17
    Rs.
    Revenue from operations 4,00,000 5,00,000
    Other income 80,000 50,000
    Expenses 2,40,000 2,50,000
    Income tax 30% 30%
  • 2)

    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
  • 3)

    From the following particulars, calculate the trend percentages of Kala Ltd.

    Particulars Rs.in thousands
      2015-16 2016-17 2017-18
    Revenue from operations 400 500 600
    Other income 100 150 200
    Expenses 200 290 350
  • 4)

    From the following particulars, calculate the trend percentages of Kumar Ltd

    Particulars Rs.in thousands
      2015-16 2016-17 2017-18
    Revenue from operations 300 270 150
    Other income 50 80 60
    Expenses 250 200 125
    Income tax % 40 40 40
  • 5)

    From the following particulars, calculate the trend percentages of Babu Ltd.

    Particulars Rs.in thousands
      Year 1 Year 2 Year 3
    I EQUITY AND LIABILITIES      
    1. Shareholders’ Fund 100 127 106
    b) Reserves and surplus 30 30 45
    2. Non-current liabilities      
    Long-term borrowings 70 77 84
    3. Current liabilities      
    Trade payables 20 30 40
    Total 220 264 275
    II ASSETS      
    1. Non-current assets      
    a) Fixed assets 100 118 103
    b) Non current investments 40 50 60
    2. Current assets      
    Inventories 60 66 72
    Cash and cash equivalents 20 20 40
      20 30 40
    Total 220 264 275

12th Standard English Medium Accountancy Subject Financial Statement Analysis Book Back 5 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software View & Read

  • 1)

    Prepare common-size statement of financial position of Saleem Ltd as on 31st March, 2017 and 31st March, 2018.

    Particulars 31st March2017 31st March 2018
      Rs. Rs.
    I EQUITY AND LIABILITIES    
    1. Shareholders’ fund    
    a) Share capital 5,00,000 6,00,000
    b) Reserves and surplus 4,00,000 3,60,000
    2. Non-current liabilities    
    Long-term borrowings 8,00,000 2,40,000
    3. Current liabilities    
    Trade payables 3,00,000  
    Total 20,00,000 12,00,000
    II ASSETS    
    1. Non-current assets    
    a) Fixed assets 10,00,000 6,00,000
    b) Non – current investments 5,00,000 2,40,000
    2. Current assets    
    Inventories 3,00,000 1,20,000
    Cash and cash equivalents 2,00,000 2,40,000
    Total 20,00,000 12,00,000
  • 2)

    From the following information, calculate trend percentages for Mullai Ltd

    Particulars Rs.in lakhs
      2015-16 2016-17 2017-18
    Revenue from operations 100 120 160
    Other income 20 24 20
    Expenses 20 14 40
    Income tax 30% 30% 30%
  • 3)

    Calculate trend percentages for the following particulars of Palai Ltd

    Particulars Rs.in lakhs
      Year 1 Year 2 Year 3
    I EQUITY AND LIABILITIES      
    Shareholders’ fund 250 275 300
    Non-current liabilities 100 125 100
    Current liabilities 50 40 80
    Total 400 440 480
    II ASSETS      
    Non-current assets 300 360 390
    Current assets 100 80 90
    Total 400 440 480
  • 4)

    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
  • 5)

    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

12th Standard English Medium Accountancy Subject Ratio Analysis Book Back 5 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software View & Read

  • 1)

    Following is the statement of profit and loss of Maria Ltd. for the year ended 31st March, 2018. Calculate the operating cost ratio.

    Statement of Profit and Loss
    Particulars Note No. Amount
    Rs.
    I. Revenue from operations   8,00,000
    II. Other Income   20,000
    III. Total revenue (I +II)   8,20,000
    IV. Expenses:    
    Purchases of stock-in-trade   4,50,000
    Changes in inventories   -40,000
    Employee benefits expenses 1 22,000
    Other expenses 2 68,000
    Total expenses   5,00,000
    V. Profit before tax (III-IV)   3,20,000
    Notes to Accounts
    Particulars Amount
    Rs.
    1. Employee benefits expenses  
    Wages (direct) 10,000
    Salaries 12,000
    Total 22,000
    2. Other expenses 20,000
    Selling and distribution expenses 28,000
    Loss on sale of fixed asset 20,000
    Total 68,000
  • 2)

    Calculate quick ratio: Total current liabilities Rs. 2,40,000; Total current assets Rs. 4,50,000; Inventories Rs. 70,000; Prepaid expenses Rs. 20,000.

  • 3)

    From the following information calculate debt equity ratio.

    Balance Sheet (Extract) as on 31st March, 2019
    Particulars Amount
    Rs.
    I. EQUITY AND LIABILITIES  
    1. Shareholders' funds  
    (a) Share capital  
    Equity share capital 6,00,000
    (b) Reserves and surplus 2,00,000
    2. Non-current liabilities  
    Long-term borrowings (Debentures) 6,00,000
    3. Current liabilities  
    (a) Trade payables 1,60,000
    (b) Other current liabilities  
    Outstanding expenses 40,000
    Total 16,00,000
  • 4)

    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 4,00,000
    5% Preference share capital 1,00,000
    (b) Reserves and surplus  
    General reserve 2,50,000
    Surplus 1,50,000
    2. Non-current liabilities  
    Long-term borrowings (6% Debentures) 3,00,000
    3. Current liabilities  
    (a) Trade payables 1,20,000
    Provision for tax 30,000
    Total 13,50,000
  • 5)

    From the given information calculate the inventory turnover ratio and inventory conversion period (in months) of Devi Ltd.

    Particulars Rs
    Revenue from operations 12,00,000
    Inventory at the beginning of the year 1,70,000
    Inventory at the end of the year 1,30,000
    Purchases made during the year 6,90,000
    Carriage inwards 20,000

12th Standard English Medium Accountancy Subject Ratio Analysis Book Back 5 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software View & Read

  • 1)

    Calculate the current ratio from the following information.

    Particulars Rs. Particulars Rs.
    Current investments 40,000 Fixed assets 5,00,000
    Inventories 2,00,000 Trade creditors 80,000
    Trade debtors 1,20,000 Bills payable 50,000
    Bills receivable 80,000 Expenses payable 20,000
    Cash and cash equivalents 10,000 Non-current liability 3,00,000
  • 2)

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

    Particulars Rs.
    I EQUITY AND LIABILITIES  
    1. Shareholders’ funds  
    Equity share capital 4,00,000
    2. Non-current liabilities 2,00,000
    Long term borrowings  
    3. Current liabilities  
    (a) Short-term borrowings 50,000
    (b) Trade payables 3,10,000
    (c) Other current liabilities  
    Expenses payable 15,000
    (d) Short-term provisions 25,000
    Total 10,00,000
    II ASSETS  
    1. Non-current assets  
    (a) Fixed assets 4,00,000
    Tangible assets  
    2. Current assets  
    (a) Inventories 1,60,000
    (b) Trade debtors 3,20,000
    (c) Cash and cash equivalents 80,000
    (d) Other current assets  
    Prepaid expenses 40,000
    Total 10,00,000

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

  • 3)

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

    Balance Sheet of Sundaram Ltd. as on 31.3.2019
    Particulars Amount
    Rs.
    I. EQUITY AND LIABILITIES  
    1. Shareholders' funds  
    (a) Share capital  
    (i) Equity share capital 2,50,000
    (ii) Preference share capital 1,50,000
    (b) Reserves and surplus 50,000
    2. Non-current liabilities  
    Long-term borrowings -
    3. Current liabilities  
    Trade payables 1,50,000
    Total 6,00,000
    II ASSETS  
    1. Non-current assets  
    (a) Fixed assets 4,60,000
    (b) Non-current investments 1,00,000
    2. Current assets  
    Cash and Cash equivalents 40,000
    Total 6,00,000
  • 4)

    From the following Balance Sheet of James Ltd. as on 31.03.2019 calculate
    (i) Debt-equity ratio
    (ii) Proprietary ratio
    (iii) Capital gearing ratio

    Balance Sheet of Sundaram Ltd. as on 31.3.2019
    Particulars Amount
    Rs.
    I. EQUITY AND LIABILITIES  
    1. Shareholders' funds  
    (a) Share capital  
    Equity share capital 2,50,000
    6% Preference share capital 2,00,000
    (b) Reserves and surplus 1,50,000
    2. Non-current liabilities  
    Long-term borrowings (8% Debentures) 3,00,000
    3. Current liabilities  
    Short-term borrowings from banks 2,00,000
    Trade payables 1,00,000
    Total 12,00,000
    II ASSETS  
    1. Non-current assets  
    Fixed assets 8,00,000
    2. Current assets  
    (a) Inventories 1,20,000
    (b) Trade receivables 2,65,000
    (c) Cash and Cash equivalents 10,000
    (d) Other current assets  
    Expenses paid in advance 5,000
    Total 12,00,000
  • 5)

    The credit revenue from operations of Velavan Ltd, amounted to Rs. 10,00,000. Its debtors and bills receivables at the end of the accounting period amounted to Rs. 1,10,000 and Rs. 1,40,000 respectively. Calculate trade receivables turnover ratio and also collection period in months.

12th Standard English Medium Accountancy Subject Book Back 1 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software View & Read

  • 1)

    Incomplete records are generally maintained by

  • 2)

    Legacy is a

  • 3)

    When a partner withdraws regularly a fixed sum of money at the middle of every month, period for which interest is to be calculated on the drawings on an average is 

  • 4)

    Book profit of 2017 is Rs. 35,000; non-recurring income included in the profit is Rs. 1,000 and abnormal loss charged in the year 2017 was Rs. 2,000, then the adjusted profit is __________

  • 5)

    Which of the following statements is not true in relation to admission of a part _________.

12th Standard English Medium Accountancy Subject Book Back 1 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software View & Read

  • 1)

    The amount of credit sales can be computed from

  • 2)

    Donations received for a specific purpose is

  • 3)

    In the absence of an agreement, partners are entitled to 

  • 4)

    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

  • 5)

    Which of the following statements is not true in relation to admission of a part _________.

12th Standard English Medium Accountancy Subject Book Back 2 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software View & Read

  • 1)

    Following are the balances of Shanthi as on 31st December 2018.  

    Particulars Rs Particulars Rs
    Bills receivable 6,000 Sundry creditors 25,000
    Bills payable 4,000 Stock 45,000
    Machinery 60,000 Debtors 70,000
    Furniture 10,000 Cash 4,000

    Prepare a statement of affairs as on 31st December 2018 and calculate capital as at that date. 

  • 2)

    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

  • 3)

    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.

  • 4)

    What is normal rate of return?

  • 5)

    Suresh and Dinesh are partners sharing profits in the ratio of 3:2. They admit Ramesh as a new partner. Suresh surrenders 1/5 of his share in favour of Ramesh. Dinesh surrenders 2/5 of his share in favour of Ramesh. Calculate the new profit sharing ratio and sacrificing ratio.

12th Standard English Medium Accountancy Subject Book Back 2 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software View & Read

  • 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.

12th Standard English Medium Accountancy Subject Book Back 3 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software View & Read

  • 1)

    David does not keep proper books of accounts. Following details are given from his records

    Particulars 1.4.2018
    Rs.
    31.3.2019
    Rs.
    Cash 43,000 29,000
    Stock of goods 1,20,000 1,30,000
    Sundry debtors 84,000 1,10,000
    Sundry creditors 1,05,000 1,02,000
    Loan 25,000 20,000
    Business premises 2,50,000 2,50,000
    Furniture 33,000 45,000

    During the year he introduced further capital of Rs. 45,000 and withdrew Rs. 2,500 per month from the business for his personal use. Prepare statement of profit or loss with the above information.

  • 2)

    From the following details calculate the printing and stationery to be debited to Income and Expenditure Account for the year ending 31st March, 2018 and also show how it will appear in the Balance Sheet as on 31st March, 2018.

    Particulars Amt(Rs.)
    Amount paid for stationery during 2017- 2018 Rs.1,500
    Stock of stationery on 1st April, 2017 Rs.300
    Stock of stationery on 31st March, 2018 Rs.200
  • 3)

    Arul is a partner in a partnership firm. As per the partnership deed, interest on drawings is charged at 12% p.a. During the year ended 31st December 2018 he drew as follows:

    Date Rs.
    March 1 3,000
    June 1 3,000
    September 1 3,000
    December 1 3,000

    Calculate the amount of interest on drawings. 

  • 4)

    Calculate the value of goodwill at 5 years purchase of super profit from the following information:
    (a) Capital employed: Rs. 1,20,000
    (b) Normal rate of profit: 20%
    (c) Net profit for 5 years:
    2014: Rs. 30,000; 2015: Rs. 32,000; 2016: Rs. 35,000; 2017: Rs. 37,000 and 2018: Rs. 40,000
    (d) Fair remuneration to the partners Rs. 2,800 per annum.

  • 5)

    Anjali and Nithya are partners of a firm sharing profits and losses in the ratio of 5:3. They admit Pramila on 1.1.2018. On that date, their balance sheet showed accumulated loss of Rs. 40,000 on the asset side of the balance sheet. Give the journal entry to transfer the accumulated loss on admission.

12th Standard English Medium Accountancy Subject Book Back 3 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software View & Read

  • 1)

    What are the features of incomplete records?

  • 2)

    How annual subscription is dealt with in the final accounts of not–for–profit organisation?

  • 3)

    A and B contribute Rs. 4,00,000 and Rs. 2,00,000 respectively as capital. Their respective share of profit is 3:2 and the profit before interest on capital for the year is Rs. 27,000. Compute the amount of interest on capital in each of the following situations:
    (i) if the partnership deed is silent as to the interest on capital
    (ii) if interest on capital @ 3% is allowed as per the partnership deed
    (iii) if the partnership deed allows interest on capital @ 5% p.a.

  • 4)

    From the following information relating to Sridevi enterprises, calculate the value of goodwill on the basis of 4 years purchase of the average profits of 3 years.
    (a) Profits for the years ending 31st December 2016, 2017 and 2018 were Rs. 1,75,000, Rs. 1,50,000 and Rs. 2,00,000 respectively.
    (b) A non-recurring income of Rs. 45,000 is included in the profits of the year 2016.
    (c) The closing stock of the year 2017 was overvalued by Rs. 30,000.

  • 5)

    Anjali and Nithya are partners of a firm sharing profits and losses in the ratio of 5:3. They admit Pramila on 1.1.2018. On that date, their balance sheet showed accumulated loss of Rs. 40,000 on the asset side of the balance sheet. Give the journal entry to transfer the accumulated loss on admission.

12th Standard English Medium Accountancy Subject Book Back 5 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software View & Read

  • 1)

    Arjun carries on grocery business and does not keep his books on double entry basis. The following particulars have been extracted from his books:

    Particulars 1-4-2018
    Rs.
    31-3-2019
    Rs.
    Plant and machinery 20,000 20,000
    Stock 9,000 16,000
    Sundry debtors 2,000 5,300
    Sundry creditors 5,000 4,000
    Cash at bank 4,000 6,000

    Other information for the year ending 31-3-2019 showed the following

      Rs.
    Advertising 4,700
    Carriage inwards 8,000
    Cash paid to creditors 64,000
    Drawings 2,000

    Total sales during the year were Rs. 85,000. Purchases returns during the year were Rs. 2,000 and sales returns were Rs.1,000. Depreciate plant and machinery by 5%. Provide Rs. 300 for doubtful debts. Prepare trading and profit and loss account for the year ending 31st March, 2019 and a balance sheet as on the date.

  • 2)

    From the following particulars of Vellore Recreation Club, prepare Receipts and Payments account for the year ended 31st March, 2017.

    Particulars Rs. Particulars Rs.
    Opening cash balance as on 1.4.2016 3,000 Receipts from entertainment 20,000
    Opening bank balance as on 1.4.2016 12,000 Admission fees received 1,000
    Furniture purchased 11,000 Municipal taxes 22,000
    Sports equipment purchased 11,000 Expenses of charity show 2,000
    Donation received for pavilion 8,000 Billiards table purchased 15,000
    Sale of old tennis balls 1,500 Construction of new tennis court 18,000
    Newspapers bought 500 Receipts from charity show 2,500
    Travelling expenses 4,500 Closing balance of cash in hand 8,000
  • 3)

    Durai and Velan entered into a partnership agreement on 1st April 2018, Durai contributing Rs. 25,000 and Velan Rs. 30,000 as capital. The agreement provided that:
    (a) Profits and losses to be shared in the ratio 2:3 as between Durai and Velan.
    (b) Partners to be entitled to interest on capital @ 5% p.a.
    (c) Interest on drawings to be charged Durai: Rs. 300 Velan: Rs. 450
    (d) Durai to receive a salary of Rs. 5,000 for the year, and
    (e) Velan to receive a commission of Rs. 2,000
    During the year, the firm made a profit of Rs. 20,000 before adjustment of interest, salary and commission. Prepare the Profit and loss appropriation account.

  • 4)

    A partnership firm earned net profits during the last three years as follows:
    2016 : Rs. 20,000; 2017 : Rs. 17,000 and 2018 : Rs. 23,000
    The capital investment of the firm throughout the above mentioned period has been Rs. 80,000. Having regard to the risk involved, 15% is considered to be a fair return on capital employed in the business. Calculate the value of goodwill on the basis of 2 years purchase of super profit.

  • 5)

    Sai and Shankar are partners, sharing profits and losses in the ratio of 5:3. The firm’s balance sheet as on 31st December, 2017, was as follows:

    Liabilities Rs. Rs. Assets Rs. Rs.
    Capital accounts:     Building   34,000
    Sai 48,000   Furniture   6,000
    Shankar 40,000 88,000 Investment   20,000
    Creditors   37,000 Debtors 40,000  
    Outstanding wages   8,000 Less: Provision for
    bad debts
    3,000 37,000
          Bills receivable   12,000
          Stock   16,000
          Bank   8,000
        1,33,000     1,33,000

    On 31st December, 2017 Shanmugam was admitted into the partnership for 1/4 share of profit with Rs. 12,000 as capital subject to the following adjustments.
    (a) Furniture is to be revalued at Rs. 5,000 and building is to be revalued at Rs. 50,000.
    (c) Provision for doubtful debts is to be increased to Rs. 5,500
    (d) An unrecorded investment of Rs. 6,000 is to be brought into account
    (e) An unrecorded liability Rs. 2,500 has to be recorded now.
    Pass journal entries and prepare Revaluation Account and capital account of partners after admission.

12th Standard English Medium Accountancy Subject Accounts From Incomplete Records Creative 1 Mark Questions with Solution Part - I updated Creative Questions - by Question Bank Software View & Read

  • 1)

    _____ is an unscientific and unsystematic way of recording transactions.

  • 2)

    _____ is a statement showing the balances of assets and liabilities on a particular date.

  • 3)

    A statement of affairs resembles a _____

  • 4)

    In _____ system, only personal and cash accounts are opened.

  • 5)

    _____ maintains only personal and cash accounts.

12th Standard English Medium Accountancy Subject Book Back 5 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software View & Read

  • 1)

    From the following details of Abdul 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 1.4.2017
    Rs.
    31.3.2018
    Rs.
    Stock 1,00,000 50,000
    Sundry debtors 2,50,000 3,50,000
    Cash 25,000 40,000
    Furniture 10,000 10,000
    Sundry creditors 1,50,000 1,75,000
    Other details:
      Rs.   Rs.
    Drawings 40,000 Cash received from debtors 5,35,000
    Discount received 20,000 Sundry expenses 30,000
    Discount allowed 25,000 Capital as on 1.4.2017 2,35,000
    Cash paid to creditors 4,50,000    
  • 2)

    From the following particulars of Chennai Sports Club, prepare Receipts and Payments account for the year ended 31st March, 2018.

    Particulars Rs. Particulars Rs. Rs.
    Opening cash balance as on 1.4.2017 10,000 Subscriptions received    
    Opening bank balance as on 1.4.2017 15,000 2016 – 2017 4,500  
    Interest paid 5,000 2017 – 2018 65,000  
    Depreciation 7,000 2018 – 2019 5,000 74,500
    Upkeep of grounds 22,500 Tournament expenses   12,500
    Life membership fees received 5,500 Tournament fund receipts   15,000
    Bats and balls purchased 13,000 Closing balance of cash
    (31.3.2018)
      5,000
  • 3)

    Mayiladuthurai Recreation Club gives you the following details. Prepare Receipts and Payments account for the year ended 31st March, 2019.

    Particulars Rs. Particulars Rs.
    Opening cash balance 15,000 Salary of watchman 12,000
    Opening bank balance 25,000 Club annual day expenses 15,000
    Donations received 48,000 Lighting charges 16,500
    Sale of old equipment 26,000 Entertainment expenses 13,500
    Refreshment charges 13,000 Billiards table purchased 5,000
    Club annual day collections 18,000 Expenses of charity show 3,000
    Construction of tennis court 7,000 Sale of investments 12,000
    Receipts from charity show 4,000 Closing cash balance 12,000
    Rent paid 1,000    
  • 4)

    Bragathish and Naresh are partners who maintain their capital accounts under fixed capital method. From the following particulars, prepare capital accounts of partners.

    Particulars Bragathish
    Rs.

    Naresh
    Rs.

    Capital on 1st April 2018 4,00,000 6,00,000
    Current account on 1st April 2018 20,000(Cr.) 15,000(Dr.)
    Additional capital introduced during the 50,000 Nil
    Drawings made during the year 45,000 60,000
    Interest on drawings 2,000 3,000
    Share of profit for the year 80,000 1,20,000
    Interest on capital 20,000 30,000
    Commission 17,000 Nil
    Salary Nil 38,000
  • 5)

    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

12th Standard English Medium Accountancy Subject Accounts From Incomplete Records Creative 1 Mark Questions with Solution Part - II updated Creative Questions - by Question Bank Software View & Read

  • 1)

    Which of the following equation(s) is (are) true

  • 2)

    A firm's total sales is Rs. 80,000 and its credit sales id Rs. 60,000 then its cash sales is _________

  • 3)

    Creditors on 1.1.2014 is Rs. 1,21,000 and on 31.12.2014 Rs. 1,30,000. Cash paid to creditors during the year is Rs. 2,09,000. Then the credit purchase during the year is ____________

  • 4)

    Companies cannot keep books on single entry system because of ______________

  • 5)

    Capital at the end - net profit + drawings = 

12th Standard English Medium Accountancy Subject Accounts of Not-For-Profit Organisation Creative 1 Mark Questions with Solution Part - I updated Creative Questions - by Question Bank Software View & Read

  • 1)

    The amount or property received by a non - profit organization as stated by the will of a decreased person is commonly referred to as ___________

  • 2)

    Some organisations are established for the purpose of rending services to the public without __________

  • 3)

    If the donation is received without any specific condition, then it is a __________

  • 4)

    Which of the following is generally considered as a non profit organisation?

  • 5)

    Non- profit organizations prepare all of the following accounts except the __________

12th Standard English Medium Accountancy Subject Accounts of Not-For-Profit Organisation Creative 1 Mark Questions with Solution Part - II updated Creative Questions - by Question Bank Software View & Read

  • 1)

    Receipts and Payment accounts is a_________ account in nature.

  • 2)

    _______Items will be recorded in the balance sheet

  • 3)

    A gift made to a not-for-profit organization by a will, is called________

  • 4)

    _______is the remuneration paid to a person who is not a regular employee of the organization

  • 5)

    _______is prepared to find out the surplus or deficit pertaining to a particular year.

12th Standard English Medium Accountancy Subject Accounts of Partnership Firms-Fundamentals Creative 1 Mark Questions with Solution Part - I updated Creative Questions - by Question Bank Software View & Read

  • 1)

    Product method can be used in all situations as an alternative to ____________

  • 2)

    In a partnership business, agreement is ___________

  • 3)

    Current accounts for partners will be opened under, ____________

  • 4)

    Under fixed capital method salary payable to a partner is recorded ____________

  • 5)

    Amount is drawn regularly at the middle of every month during the year. Interest calculated for ___________

12th Standard English Medium Accountancy Subject Accounts of Partnership Firms-Fundamentals Creative 1 Mark Questions with Solution Part - II updated Creative Questions - by Question Bank Software View & Read

  • 1)

    ___________ intervals refers to withdrawal made monthly, quarterly, half-yearly, once in 2 months and once in 4 months.

  • 2)

    ______________ is a type of partnership in which the liability of the partners is limited to the entent of their capital contribution.

  • 3)

    Under ____________ capital arrangement, current accounts will not be maintained.

  • 4)

    The debit balance of the current account, will be shown in the ____________ side of the balance sheet.

  • 5)

    Interest on partner's capital is allowed, only when the _______________ specifically provides for i

12th Standard English Medium Accountancy Subject Goodwill In Partnership Accounts Creative 1 Mark Questions with Solution Part - I updated Creative Questions - by Question Bank Software View & Read

  • 1)

    Goodwill helps in earning more profit and attracts more _________

  • 2)

    Goodwill acquired by making payment in cash or kind is called __________

  • 3)

    Self- generated goodwill should not be shown in the ______________

  • 4)

    Goodwill is to be valued when ____________

  • 5)

    Super profit is ___________

12th Standard English Medium Accountancy Subject Goodwill In Partnership Accounts Creative 1 Mark Questions with Solution Part - II updated Creative Questions - by Question Bank Software View & Read

  • 1)

    ________ method, goodwill is the excess of capitalised value of average profit of the business over the actual capital employed in the business.

  • 2)

    Goodwill is _________.

  • 3)

    Capital employed at the end the year is Rs. 74,20,000 profit earned Rs. 20,000. Average capital employed is__________.

  • 4)

    Goodwill has _________Value

  • 5)

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

12th Standard English Medium Accountancy Subject Admission of a Partner Creative 1 Mark Questions with Solution Part - I updated Creative Questions - by Question Bank Software View & Read

  • 1)

    When the value of an asset increases, it results in

  • 2)

    The revaluation profit or loss is transferred to the old partner's capital accounts, in their __________

  • 3)

    In order to maintain fair dealings, at the time of admission, it is necessary to revalue assets and liabilities of the firm to their _______

  • 4)

    The old partners share all the accumulated profits and reserve in their ___________

  • 5)

    In admission undistributed profit or loss is transferred to _________

12th Standard English Medium Accountancy Subject Admission of a Partner Creative 1 Mark Questions with Solution Part - II updated Creative Questions - by Question Bank Software View & Read

  • 1)

    Sumit and Ravi started a business by investing Rs. 85000 and 15000 respectively. In what ratio the profit earned after 2 years be divided between Sumit and Ravi respectively.

  • 2)

    Total proprietorship of the business is increased ______________

  • 3)

    A partner who is newly admitted to the firm with the consent of all the parties is called _________

  • 4)

    When a new partner is admitted under bonus method capital method of the firm increase by __________

  • 5)

    Introduction of a new partner due to _________

12th Standard English Medium Accountancy Subject Retirement and Death of a Partner Creative 1 Mark Questions with Solution Part - I updated Creative Questions - by Question Bank Software View & Read

  • 1)

    At the time of retirement of a partner, calculation of new profit ratio is __________

  • 2)

    If the goodwill account is raised for 50,000, the amount is debited to ____________

  • 3)

    When the values of liabilities increases, it results in _____________

  • 4)

    The section related to the retirement of partner in Indian partnership Act is _____________

  • 5)

    O, P, and Q are partners sharing the profits in the ratio of 3:2: 1. If P retires the new profit ratio for O and Q will b ______________

12th Standard English Medium Accountancy Subject Retirement and Death of a Partner Creative 1 Mark Questions with Solution Part - II updated Creative Questions - by Question Bank Software View & Read

  • 1)

    Kayal, Mala and Neela are partners sharing profits in the ratio of 2:2:1. Kayal retires and the new profit sharing ratio between nila and neela is 3:2. Calculate the gaining ratio.

  • 2)

    Goodwill may be ________ if all the partners are agreed, that it should not remain in the books

  • 3)

    When a partner withdraws his capital from the partnership firm, it is called _______of a partner

  • 4)

    All the accounts are settled among partners and creditors at the time of ________ of a business

  • 5)

    ________ of partner will be paid off, before the settlement of partner’s capital.

12th Standard English Medium Accountancy Subject Company Accounts Creative 1 Mark Questions with Solution Part - I updated Creative Questions - by Question Bank Software View & Read

  • 1)

    Company is a voluntary association of persons which has separate ___________

  • 2)

    The capital of a company is divided into small units of ________

  • 3)

    Equity shares are also known as

  • 4)

    Paid up capital is that part of called up capital which has been actually paid by the ____________

  • 5)

    Issue of equity shares to the existing share holders of the company through a letter of offer is known as ____________

12th Standard English Medium Accountancy Subject Company Accounts Creative 1 Mark Questions with Solution Part - II updated Creative Questions - by Question Bank Software View & Read

  • 1)

    When share issued are 10,000 but applied shares are 8,000 then it is a case of :

  • 2)

    In case of private placement of shares to raise the amount of capital, a company:

  • 3)

    Shareholder are the __________________

  • 4)

    A company is allowed by law to sell 2,00,000 shares at Rs.2 each. Three-quarters(3/4) of these shares were bought by the public. What is the issued share capital?

  • 5)

    When a shareholder fails to pay the amount due on allotment or on calls, the amount remaining unpaid is known ________

12th Standard English Medium Accountancy Subject Financial Statement Analysis Creative 1 Mark Questions with Solution Part - I updated Creative Questions - by Question Bank Software View & Read

  • 1)

    Different tools are used for analysing the _____________

  • 2)

    When figure relating to several years are considered for the purpose of analysis, the analysis is called ______________

  • 3)

    Preparation of common size statements and computation of ratios are examples of __________

  • 4)

    Which of the following are techniques, tools or methods of analysis and interpretation of financial statements?

  • 5)

    The term 'Financial statement' covers __________

12th Standard English Medium Accountancy Subject Financial Statement Analysis Creative 1 Mark Questions with Solution Part - II updated Creative Questions - by Question Bank Software View & Read

  • 1)

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

  • 2)

    The _______________ statements can be compared with those of previous years.

  • 3)

    _______________ refers to the study of movement of figures over a period.

  • 4)

    ___________ analysis is useful in judging the credit worthiness financial planning and preparation of budgets.

  • 5)

    Comparison of financial statenients highlights the trend of the ____________ of the business.

12th Standard English Medium Accountancy Subject Ratio Analysis Creative 1 Mark Questions with Solution Part - I updated Creative Questions - by Question Bank Software View & Read

  • 1)

    Which ratio indicates the efficiency of utilisation of fixed assets?

  • 2)

    All activity ratios are expressed in terms of _________

  • 3)

    Shareholder funds includes __________

  • 4)

    Cost of goods sold is Rs.4,00,000 and average stock is Rs.8,00,00. Stock turnover ratio will be ___________

  • 5)

    Liquidity ratios are also called as _____________

12th Standard English Medium Accountancy Subject Ratio Analysis Creative 1 Mark Questions with Solution Part - II updated Creative Questions - by Question Bank Software View & Read

  • 1)

    ____________ ratio is modified form of liquid ratio.

  • 2)

    Gross profit can be ascertained by deducting cost of goods sold from ________________

  • 3)

    When total sales is Rs.2,00,000, cash sales is Rs.65,000, then credit sales will be Rs _______________

  • 4)

    Solvency ratios are expressed in terms of ________________

  • 5)

    Shareholders funds includes ________________

12th Standard English Medium Accountancy Subject Computerized Accounting System - Tally Creative 1 Mark Questions with Solution Part - I updated Creative Questions - by Question Bank Software View & Read

  • 1)

    Accounting reports can be classified into _________ types.

  • 2)

    _______________ collects financial data, processes them and provides information to the various users.

  • 3)

    __________ is used by various types of trade and industries.

  • 4)

    Which is the short cut key used for closing Tally?

  • 5)

    ___________ is a document which contains details of transactions.

12th Standard English Medium Accountancy Subject Computerized Accounting System - Tally Creative 1 Mark Questions with Solution Part - II updated Creative Questions - by Question Bank Software View & Read

  • 1)

    In 2009, Tally Solutions introduced the software ___________

  • 2)

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

  • 3)

    In payment voucher, cash or bank account is credited and other ledger account is ___________

  • 4)

    Automated accounting is an approach to maintain up-to-date accounting records with the aid of ___________

  • 5)

    Single entry mode is applicable for _________

12th Standard English Medium Accountancy Subject Accounts of Not-For-Profit Organisation Creative 2 Mark Questions with Solution Part - I updated Creative Questions - by Question Bank Software View & Read

  • 1)

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

  • 2)

    Explain the steps in preparations of receipts and payments account.

  • 3)

    Write a note on Donations

  • 4)

    Can the balance in receipts and payments account be treated as income of the period? If it shows credit balance  what does it mean?

  • 5)

    Distinguish between income and expenditure account and profit and loss account

12th Standard English Medium Accountancy Subject Accounts of Partnership Firms-Fundamentals Creative 2 Mark Questions with Solution Part - I updated Creative Questions - by Question Bank Software View & Read

  • 1)

    What is drawing?

  • 2)

    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

  • 3)

    A and B are partners in a firm without a partnership deed. A is an active partner and claims a salary of Rs. 18,000 per month. State with reasons whether the claim is valid or not

  • 4)

    How is interest on drawings calculated, if the drawings are made at regular intervals as on the first day of each month?

  • 5)

    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?

12th Standard English Medium Accountancy Subject Accounts of Partnership Firms-Fundamentals Creative 2 Mark Questions with Solution Part - II updated Creative Questions - by Question Bank Software View & Read

  • 1)

    What is partner's current Account?

  • 2)

    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

  • 3)

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

  • 4)

    Salary or commission paid to a partner is debited to profit and loss appropriation account and not to profit and loss account. Why?

  • 5)

    State where the following items shall appear in case the capital contributed by partners remain fixed
    i) Interest on capital
    ii) Withdrawal of capital
    iii) Fresh capital introduced
    iv) Drawings
    v) Share of profit by a partner

12th Standard English Medium Accountancy Subject Goodwill In Partnership Accounts Creative 2 Mark Questions with Solution Part - I updated Creative Questions - by Question Bank Software View & Read

  • 1)

    What is Annuity?

  • 2)

    What is meant by number of years purchase at the time of valuation of goodwill?

  • 3)

    Why is goodwill considered as an intangible asset but not a fictitious assets?

  • 4)

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

  • 5)

    How does the 'market situation' affect the value of goodwill of a firm?

12th Standard English Medium Accountancy Subject Admission of a Partner Creative 2 Mark Questions with Solution Part - I updated Creative Questions - by Question Bank Software View & Read

  • 1)

    What is meant by admission of a partner?

  • 2)

    Who is an incoming partner?

  • 3)

    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.

  • 4)

    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.

  • 5)

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

12th Standard English Medium Accountancy Subject Retirement and Death of a Partner Creative 2 Mark Questions with Solution Part - I updated Creative Questions - by Question Bank Software View & Read

  • 1)

    What is New profit sharing ratio?

  • 2)

    Who is an outgoing partner?

  • 3)

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

  • 4)

    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. 

  • 5)

    For which share of goodwill, a partner is entitled at the time of his retirement?

12th Standard English Medium Accountancy Subject Financial Statement Analysis Creative 2 Mark Questions with Solution Part - I updated Creative Questions - by Question Bank Software View & Read

  • 1)

    What is trend analysis?

  • 2)

    What is funds flow analysis?

  • 3)

    What do you mean by financial statement analysis?

  • 4)

    Both horizontal and vertical analysis are complementary in nature. Do you agree?

  • 5)

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

12th Standard English Medium Accountancy Subject Ratio Analysis Creative 2 Mark Questions with Solution Part - I updated Creative Questions - by Question Bank Software View & Read

  • 1)

    What is Liquidity ratios?

  • 2)

    What is turnover ratios?

  • 3)

    Quick ratio of a company is 1.5: 1.State giving reason, whether the ratio will improve, decline or not change on payment of divided by the company.

  • 4)

    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.

  • 5)

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

12th Standard English Medium Accountancy Subject Ratio Analysis Creative 2 Mark Questions with Solution Part - II updated Creative Questions - by Question Bank Software View & Read

  • 1)

    Definition of ratio analysis.

  • 2)

    What is current ratio?

  • 3)

    What does high total assets to debt ratio indicates?

  • 4)

    How does ratio analysis become less effective due to does ratio changes?

  • 5)

    Why should the inventory turnover ratio be more important when analysing a grocery store than an insurance company?

12th Standard English Medium Accountancy Subject Computerized Accounting System - Tally Creative 2 Mark Questions with Solution Part - I updated Creative Questions - by Question Bank Software View & Read

  • 1)

    What is computerised accounting system?

  • 2)

    What are the steps involved in designing accounting reports?

  • 3)

    What is MIS?

  • 4)

    Identify the value, violate by the employee of company? Who uses office computer for chatting on social networking sities?

  • 5)

    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.

12th Standard English Medium Accountancy Subject Goodwill In Partnership Accounts Creative 3 Mark Questions with Solution Part - I updated Creative Questions - by Question Bank Software View & Read

  • 1)

    What is the nature of goodwill?

  • 2)

    What is the need for valuation of goodwill?

  • 3)

    Explain the classification of goodwill.

  • 4)

    How is goodwill calculated under the weighted average profit method?

  • 5)

    Kalyan and Dilip are partners in a firm dealing in stationery items. The firm is well managed and enjoys the advantage of being cost effective. It buys stationery items at reasonable cost from Dilip's relative who is manufacture of stationery items. The firm's sale outlet is situated near a school. As a result, the firm is donating 10% of is profits to the nearby school for the education of the students of below poverty line. State any two factors affecting the value of goodwill of the firm. Also identify any two values which the firm is trying to propagate.

12th Standard English Medium Accountancy Subject Financial Statement Analysis Creative 3 Mark Questions with Solution Part - I updated Creative Questions - by Question Bank Software View & Read

  • 1)

    What are the features of financial statements?

  • 2)

    What are the significance of financial statements?

  • 3)

    What are the objectives of financial statement analysis?

  • 4)

    Briefly explain any three limitations of financial statement analysis. S. A

  • 5)

    Write a short note on
    a) Comparative statement
    b) Common-size statement

12th Standard English Medium Accountancy Subject Creative 5 Mark Questions with Solution Part - II - by Question Bank Software View & Read

  • 1)

    Compute the amount of total purchases and total sales of Mr. Amit from the following information for the year ending on March 31, 2018.

      Rs.
    Total debtors as on April 01, 2017 40,000
    Total creditors as on April 01,2017 50,000
    Bills receivable as on April 01, 2017 30,000
    Bills payable as on April 01, 2017 45,000
    Discount received 5,000
    Bad debts 2,000
    Return inwards 4,000
    Discount allowed 3,000
    Cash sales 10,000
    Cash purchases 8,000
    Total debtors as on March 31, 2018 80,000
    Cash received from debtors 1,00,000
    Cash paid to creditors 80,000
    Cash received against bills receivable 25,000
    Payment made against bills receivable 40,000
    Total creditors as on March 31, 2018 40,000
    Bills payable as on March 31, 2018 50,000
    Bills receivable as on March 31,2018 35,000
  • 2)

    Following is the receipts and payments accounts of Literacy club 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 club 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.

  • 3)

    From the following balance sheets of Subha and Sudha who share profits and losses equally. Calculate interest on capital at 6% p.a for the year ending 31st December 2017.

    Balance sheet as.on 31st December 2017
    Liabilities Rs. Assets Rs.
    Capital accounts:   Fixed assets 60,000
    Subha 30,000 Current assets 20,000
    Sudha 40,000    
    P&L App A/C 10,000    
           
    P&L App A/C 80,000   80,000
           

    Drawing of Shubha and Sudha during the year were Rs.5,000 and Rs.7,000 respectively profit earned during the year was Rs.30,000.

  • 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. 5,60,000

  • 5)

    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.

12th Standard English Medium Accountancy Subject Creative 5 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

    Calculate the missing information:

    Particulars Rs.
    Closing capital 32,000
    Drawings 4,800
    Additional capital 8,000
    Profit made during the year 9,600
  • 2)

    From the following Receipt and Payment Account for the year ending 31st March 2015 of crickets club. Prepare Income and Expenditure Account for the same period:

    Dr Receipt and Payment Account for the year ending March 31, 2015 Cr
    Receipts Rs Payments Rs
    To Balance c/d 25,000 By Purchase of furniture (1.7.14) 5,000
    Bank 25,000 By Salaries 2,000
    To Subscriptions   By Electricity charges 600
    2014   1,500   By Postage and stationery 150
    2015  10,000   By Purchase of books 2,500
    2016    500 12,000 By Entertainment expenses 900
    To Donation 2,000 papers (1.7.14 8000
    To Hall rent 300 By Miscellaneous expenses 600
    To Interest on bank deposits 450 By Balance c/d  
    To Entrance fees 1,000 Cash 300
        Bank 20,400
      40,750   40,750

    The following additional information is available:
    (i) Salaries outstanding Rs. 1,500
    (ii) Entertainment expenses outstanding Rs. 500
    (Hi) Bank interest receivable Rs. 150
    (iv) Subscription accrued Rs. 400
    (v) 50 percent of entrance fees is to capitalised
    (vi) Furniture is to be depreciated at 10percent per annum

  • 3)

    From the following information, prepare capital accounts of partners Manoj and Seran, when their capitals are fluctuating

    Particulars Manoj
    Rs.
    Seran
    Rs.
    Capital on 1st January 2018 ( Cr. balance) 1,00,000 87,500
    Drawings during 2018 20,000 17,500
    Interest on drawings 500 250
    Share of profit for 2018 10,500 8,250
    Interest on capital 6,000 5,250
    Salary 9,000 Nil
    Commission Nil 1250
  • 4)

    A partnership firm has decided to value its goodwill for the purpose of setting a retiring Partner. The profit of that firm for the last four years were as follows:
    2015 : Rs.20,000; 2016 : Rs.25,000; 2017; Rs.24,000 and 2018: Rs.23,000
    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. 3,000 per annum.
    Find out the value of goodwill, if it is valued on the basis of three years purchase of the average profit of the last four years.

  • 5)

    Sheela and Neela were sharing profits in the ratio of 4:3. Kamala was admitted with 1/5th share in profits of business. Calculated the New profit Ratio and the sacrificing ratio.

12th Standard English Medium Accountancy Subject Creative 3 Mark Questions with Solution Part - II - by Question Bank Software View & Read

  • 1)

    Which values are affected, when accounts are maintained on single entry system basis.

  • 2)

    Youth of India sports club decided to donate Rs. 50,000 and spread awareness among the people of nearby societies about cleanliness in the country under the programme "Bharat Abhiyan". Identify the values highlighted.

  • 3)

    What is Fluctuating capital method?

  • 4)

    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.

  • 5)

    Explain the classification of goodwill.

12th Standard English Medium Accountancy Subject Creative 3 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

    Radhika started a small bakery for providing healthy and good quality bakery product at reasonable prices on 1st January, 2019 with a capital of Rs. 1,80,000. She appointed a ten year old boy as a sweeper. She withdrew Rs. 60,000 for household expenses. She introduced Rs. 20,000as fresh capital. Her position of assets and liabilities as at 31st December, 2019 stood as follows.

      Rs.
    Cash in hand 70,000
    Stock 80,000
    Bills receivable 1,00,000
    Debtors 1,50,000
    Creditors 60,000
    Bills payable 10,000
  • 2)

    Yuvan foundation is formed to educate and to provide jobs to unemployed women. Identify the values involved.

  • 3)

    Explain the procedure for preparation of final accounts of a partnership firm.

  • 4)

    What is the need for valuation of goodwill?

  • 5)

    Explains the divisions of share capital.

12th Standard English Medium Accountancy Subject Creative 2 Mark Questions with Solution Part - II - by Question Bank Software View & Read

  • 1)

    What are the possible reasons for keeping incomplete records?

  • 2)

    Every receipt and Payments, whether capital or revenue and irrespective of the period is recorded in receipts and payments accounts why? Give reason.

  • 3)

    Salary or commission paid to a partner is debited to profit and loss appropriation account and not to profit and loss account. Why?

  • 4)

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

  • 5)

    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.

12th Standard English Medium Accountancy Subject Creative 2 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

    Can a limited company maintain its accounts under single entry system?

  • 2)

    Explain the steps in preparations of receipts and payments account.

  • 3)

    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

  • 4)

    What is meant by number of years purchase at the time of valuation of goodwill?

  • 5)

    What is meant by admission of a partner?

12th Standard English Medium Accountancy Subject Creative 1 Mark Questions with Solution Part - II - by Question Bank Software View & Read

  • 1)

    Calculate the amount of net income or loss if the capital has been increased by Rs. 1,000 during this accounting period drawings Rs. 5,000 and Rs. 1,000 fresh capital was introduced in the business _______

  • 2)

    _______Items will be recorded in the balance sheet

  • 3)

    ___________ is a document in writing that contains the terms of the agreement among the partners.

  • 4)

    Average profit is 19,167 and normal profit is 10,000 the super profit is_________.

  • 5)

    ________ is computed at the time of admission of a new partner.

12th Standard English Medium Accountancy Subject Creative 1 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

    Credit purchase is obtained from _______

  • 2)

    Rs. 10,000 received as to annual membership subscription. Out of this Rs. 2,000 is pertaining to the previous accounting period whereas Rs. 1000 is receivable at the end of the current accounting period. Calculate the amount of subscription that will be shown in the income and expenditure account for this accounting.

  • 3)

    Amount invested by partners in the partnership business is called __________

  • 4)

    Goodwill acquired by making payment in cash or kind is called __________

  • 5)

    When an unrecorded liabilities is brought into books, is results in

12th Standard English Medium Accountancy Subject Ratio Analysis Creative 5 Mark Questions with Solution Part - II - by Question Bank Software View & Read

  • 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)

    Calculate (i) Inventory turnover ratio (ii) Trade receivables turnover ratio (iii) Trade payables turnover ratio and (iv) Fixed assets turnover ratio from the following information obtained from Dolphin Ltd.

    Particulars As on 31st March 2017 Rs. As on 31st March 2018 Rs.
    Inventory 70,000 50,000
    Trade receivables 40,000 30,000
    Trade payables 20,000 25,000
    Fixed assets 2,75,000 2,50,000

    Additional information:
    (i) Revenue from operations for the year              Rs.5,25,000
    (ii) Purchases for the year                                  Rs.2,25,000
    (iii) Cost of revenue from operations                    Rs.3,00,000    
    Assume that sales and purchases are for credit

  • 3)

    Calculate quick ratio of Babu construction Ltd., from, the information given below

    Particulars Rs.
    Total current liabilities 2,00,000
    Total current assets 4,00,000
    Inventories 70,000
    Prepaid expenses 30,000
  • 4)

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

    Balance sheet of Luckman Ltd. as on 31.3.2018
    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
  • 5)

    From the following figures obtained from Sun Ltd; calculate the trade payables turnover ratio and credit payment period (in days).

    Particulars Rs.
    Credit purchases during 2018 - 2019 1,00,000
    Trade creditors as on 1.4.2018 20,000
    Trade creditors as on 31.3.2019 10,000
    Bills payable as on 1.4.2018 4,000
    Bills payable as on 31.3.2019 6,000

12th Standard English Medium Accountancy Subject Ratio Analysis Creative 5 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

    Calculate the current ratio from the following information.

    Particulars Rs. Particulars Rs.
    Current investments 15,000 Trade creditors 36,000
    Inventories 29,000 Bills payable 10,000
    Cash and cash equivalents 5,000 Expenses payable 8,000
    Trade receivables 5,000    
  • 2)

    From the following trading activities of Jamal 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 10,000
    II. Other Income  
    Income from investments 100
    III. Total revenue (I +II) 10,100
    IV. Expenses:  
    Purchases of Stock-in -trade 8,500
    Changes in inventories -500
    Finance costs 150
    Other expenses (Administration and selling) 1,200
    Total expenses 7,850
    V. Profit before tax (III - IV) 800
  • 3)

    Calculate quick ratio of Babu construction Ltd., from, the information given below

    Particulars Rs.
    Total current liabilities 2,00,000
    Total current assets 4,00,000
    Inventories 70,000
    Prepaid expenses 30,000
  • 4)

    From the following Balance Sheet of Ambika Ltd. as on 31.03.2017 calculate
    (i) Debt-equity ratio
    (ii) Proprietary ratio
    (iii) Capital gearing ratio

    Balance sheet of Ambika Ltd. as on 31.3.2017
    Particulars Amount Rs.
    I. EQUITY AND LIABILITIES  
    1. Shareholders' funds  
    (a) Share capital  
    Equity share capital 3,00,000
    8% Preference share capital 4,00,000
    (b) Reserves and surplus 3,00,000
    2. Non-current liabilities  
    Long term borrowings (9% Debentures) 8,00,000
    3. Current liabilities  
    Short -term borrowings from banks 50,000
    Trade payables 1,50,000
    Total 20,00,000
    II. ASSETS  
    1. Non-current assets  
    Fixed assets 15,00,000
    2. Current assets  
    (a) Inventories 2,40,000
    (b) Trade receivables 2,00,000
    (c) Cash and cash equivalents 55,000
    (d) Other current assets  
    Expenses paid in advance 5,000
    Total 20,00,000
  • 5)

    From the following figures obtained from Sun Ltd; calculate the trade payables turnover ratio and credit payment period (in days).

    Particulars Rs.
    Credit purchases during 2018 - 2019 1,00,000
    Trade creditors as on 1.4.2018 20,000
    Trade creditors as on 31.3.2019 10,000
    Bills payable as on 1.4.2018 4,000
    Bills payable as on 31.3.2019 6,000

12th Standard English Medium Accountancy Subject Financial Statement Analysis Creative 5 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

    From the following particulars, prepare comparative income statement of Sivakami co Ltd

    Particulars 2016-17
    Rs.
    2017-2018
    Rs.
    Revenue from operations 4,00,000 5,00,000
    other income 1,00,000 80,000
    Expenses 3,00,000 2,40,000
  • 2)

    From the following balance sheet of Gupta ltd, prepare comparative balance sheet as on 31st March 2017 and 31st March 2018.

    Particulars 31st March 2017 31st March 2018
    Rs. Rs.
    I. Equity and liabilities    
    shareholder's fund 2,00,000 5,20,000
    Non-current liabilities 1,00,000 1,20,000
    Current liabilities 50,000 60,000
    Total 3,50,000 7,00,000
    II. Assets    
    Non-current assets 2,00,000 4,00,000
    Current assets 1,50,000 3,00,000
    Total 3,50,000 7,00,000
  • 3)

    From the following particulars of Vijay Ltd, prepare common size income statement for the year ended 31st March 2017 and 31st March 2018

  • 4)

    Prepare common-size statement of financial position of Raheem Ltd as on 31st March 2016 and 31st March 2018.

    Particulars 31st March 2016 31st March 2017
    Rs. Rs.
    I. Equity and liabilities    
    l. Shareholders fund    
    a. Share capital 5,00,000 6,00,000
    b. Reserve and surplus 4,00,000 3,60,000
    2. Non-current liabilities    
    Long-term borrowings 8,00,000 2,40,000
    3. Current liabilities    
    Trade payables 30,000 -
    Total 20,00,000 12,00,000
    II. Assets    
    l. Non-current assets    
    a. Fixed assets 10,00,000 6,00,000
    b. Non-current investments 5,00,000 2,40,000
    2. Current assets    
    Inventories 3,00,000 1,20,000
    Cash and cash equipments 2,00,000 2,40,000
    Total 20,00,000 12,00,000
  • 5)

    From the following information, calculate trade percentages for Malar Ltd

    Particulars Rs. In lakhs
    2015-16 2016-17 2017-18
    Revenue from operations 100 120 160
    Other income 20 24 20
    Expenses 20 14 40
    Income tax 30% 30% 30%

12th Standard English Medium Accountancy Subject Company Accounts Creative 5 Mark Questions with Solution Part - II - by Question Bank Software View & Read

  • 1)

    Preeti Ltd. invited applications for 5,000 shares of Rs.10 each payable as follows:
    Rs.3 on Application,
    Rs.2 on Allotment,
    Rs.2 on First call and
    Rs.3 on Final call.
    All these shares were subscribed and paid for. Pass journal entries.

  • 2)

    Das Ltd. offered 50,000 equity shares of Rs.10 each to the public payable as follows: On application Rs.4; on allotment Rs.3; on first call Rs.1 and on second and final call Rs.2.
    Applications were received for 1,00,000 shares. All the applicants were allotted 1 share for every two shares applied. Excess application money was used for amount due on allotment and call. Pass necessary journal entries.

  • 3)

    Max Ltd. offered Rs.10,000 equity shares Rs.10 each to the public payable as follows:
    On application Rs.4; on allotment Rs.3; on first call Rs.2 and on second and final call Rs.1. Applications were received for Rs.20,000 shares. All the applicants were allotted 1 share for every two shares applied. Excess application money was used for amount due on allotment and call. Pass necessary journal entries.

  • 4)

    Ashok Ltd. forfeited 150 equity shares of Rs.10 each for non payment of final call of Rs.4 per share. Of these 100 shares were reissued @ Rs.9 per share. Pass journal entries for forfeiture and reissue.

  • 5)

    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.

12th Standard English Medium Accountancy Subject Company Accounts Creative 5 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

    Vinod company Ltd issued 40,000 preference shares of Rs.10 each at premium of Rs.3. Give journal entry.

  • 2)

    Thai Ltd. issued 50,000 equity shares of Rs.10 each, payable Rs.5 on application, Rs.2 on allotment, first call and n on final call. All the shares are subscribed and amount was duly received. Pass Journal entries.

  • 3)

    Sindhu was holding 20 equity shares of Rs.10 each on which he paid Rs.2 on application but could not pay Rs.3 on allotment and Rs.1on first call. Directors forfeited the shares after the first call. Give journal entry for recording the forfeiture of shares.

  • 4)

    Y company issued 10,000 equity shares of Rs.10 each payable as under:
    On application     Rs.2
    On first call          Rs.2
    On allotment       Rs.4
    On final call         Rs.2
    Applications were received for 30,000 shares. Applications for 10,000 shares were rejected and allotment was made proportionately towards remaining applications. The directors made both the calls and the all the amount were received except the final call on 600 shares which were subsequently forfeited. Later 400 forfeited shares were reissued as fully paid by receiving Rs.7 per share. Give journal entries.

  • 5)

    Alpha Company issues 10,000 equity shares Rs.10 each payable fully on application.
    Pass journal entry if the shares are issued
    (i) at par
    (ii) at a premium of Rs.2 per share.

12th Standard English Medium Accountancy Subject Retirement and Death of a Partner Creative 5 Mark Questions with Solution Part - II - by Question Bank Software View & Read

  • 1)

    Sun, Moon and Jupiter are partners sharing profits and losses in the ratio of 5:3:2. Jupiter retires and the share is taken by Sun and Moon in the ratio of 3:2. Find out the new profit sharing ratio and gaining ratio

  • 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.

  • 3)

    Thangamuthu, Anaimuthu and Vairamuthu are partners sharing profit and loss in the ratio of 3:3:2.
    Thangamuthu wanted to retire on 1st June 2018, the firms books showed a general reserve of Rs.40,000. Pass entry.

  • 4)

    Selvam, Saravanan and Santhosh were partners of a firm sharing profits and losses in the ratio of 3: 2 : 1. Set out below was their balance sheet as on 31't December 2018.

    Liabilities Rs. Rs. Assets Rs.
    Bills payable   15,000 Cash in hand 3,000
    Sundry creditors   25,000 Cash at bank 35,000
    Capital Accounts     Bill receivable 11,000
    Selvam 80,000   Book debts 18,000
    Sarvanan 50,000   Stock 36,000
    Santhosh 40,000 1,70,000 Furniture 7,000
    Profit and Loss A/c   30,000 Plant & Machinery 50,000
          Buildings 80,000
        2,40,000   2,40,000

    Selvam retired from the partnership on 1st January 2019 on the following terms:
    (i) Goodwill of the firm was to be valued at Rs.30,000
    (ii) Assets are to be valued as under stock Rs.30,000 plant and machinery Rs.40,000; Buildings Rs.1,00,000
    (iii) A provision for doubtful debts be created at Rs.1,000
    (iv) Rs.21,500 was to be paid to Selvam immediately and the balance was transferred to his loan account.
    Show revaluation account, capital accounts, bank account and the balance sheet of the reconstituted Partnership.

  • 5)

    Shankar, Saleem and Pandian are partners, sharing profits in the ratio of 3:2:1. Their balance sheet as an  31st December 2018 is as under

12th Standard English Medium Accountancy Subject Retirement and Death of a Partner Creative 5 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

    Kalai, Iothi and Mala are partners sharing profits and losses in the ratio of 113, 113 and 116 respectively.
    Mala retires and her share is taken up by Kalai and [othi equally. Find out the new profit sharing ratio and gaining ratio

  • 2)

    Mukil, Mohit and Sonu are partners sharing profit in the ratio 3:2: 1. Mukil retires from the partnership.
    In order to settle his claim, the following revaluation of assets and liabilities was agreed upon:
    (i) The value of Machinery is increased by Rs. 25,000.
    (ii) The value of Investment-is-increased by Rs 2,000.
    (ill) A Provision for outstanding bill standing in the books at Rs.1,000 is now not required.
    (iv) The value of Land and Building is decreased by Rs.12,000.
    Give journal entries and prepare Revaluation account

  • 3)

    Surya, Ramesh and Rajesh are partners sharing profits is the ratio of 5:3:2. Ramesh decided to retire. Goodwill of the firm is to be valued at Rs.40,000. Give journal entries if
    (a) There is no goodwill in the books of the firm,
    (b) the goodwill appears at Rs.30,000
    (c) the goodwill appears at Rs. 50,000

  • 4)

    A, B, and C are partners in affirm sharing profits and losses equally. Their balance sheet as on 31st 1March 2018 is as follows

    Liabilities Rs Rs Assets Rs Rs
    Capital accounts     Office equipment   70,000
    A 80,000   Machinery   1,40,00
    B 60,000   Sundry debtors 52,000  
    C 1,00,000 2,40,000 Less: Provision for doubtful debts 2,000 50,000
    Sundry creditors   1,20,000      
          Stock   60,000
          Cash at bank   40,000
               
        3,60,000     3,60,000
               

    'C' Retired on 31st March 2018 Subject to the following conditions
    (i) Machinery is valued at Rs.1,30,000
    (ii) Value of office equipment is brought down by Rs. 2,000
    (iii) Provision for doubtful debts should be increased to Rs.3,000
    (iv) Investment of Rs..25,000 not recorded in the books is to be recorded now. Pass necessary journal entries and prepare revaluation account and capital account of partners

  • 5)

    On 1.1.2019, Pandiyan died and on his death the following arrangements are made:
    (i) Stock to be depreciated by 10 %
    (ii) Land is to be apprecia!.e4. by Rs.11,000
    (iii) To provide 3,000 for bad debts
    (iv) The final amount due to Pandiyan was not paid
    Prepare revaluation account, partner's capital account and the balance sheet of the firm after death

12th Standard English Medium Accountancy Subject Admission of a Partner Creative 5 Mark Questions with Solution Part - II - by Question Bank Software View & Read

  • 1)

    Sridevi and Santhiya were partners sharing profit and loss in the ratio of 3:2. They decided to admit Fathima into the partnership and revalue their assets and liabilities as indicated here under:
    (a) To bring into record investment of Rs. 18,000 which had not so far been recorded in the books of the firm.
    (b) To depreciate stock, furniture and machinery by, Rs.18,000, Rs.6,000 and Rs.30,000 respectively.
    (c) To provide for workmen's compensation of Rs.24,000
    Pass the necessary journal entries and show the revaluation account.

  • 2)

    Kokila and Mala were sharing profits in the ratio of 4:3. Chandra was admitted in the business as a partner with \(\frac{3}{7}\)th share in the profits of the firm which she takes \(\frac{2}{7}\) th from Kokila and \(\frac{1}{7}\) th from Mala. Find out New profit Ratio and the sacrificing ratio.

  • 3)

    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 accumulate loss
    Rs. 1,40,000 on the asset side of the balance sheet. Give the journal entry to transfer the accumulated loss on admission.

  • 4)

    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

  • 5)

    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.

12th Standard English Medium Accountancy Subject Admission of a Partner Creative 5 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

    Sheela and Neela were sharing profits in the ratio of 4:3. Kamala was admitted with 1/5th share in profits of business. Calculated the New profit Ratio and the sacrificing ratio.

  • 2)

    Eswari and Ranikumari are partners sharing profits and losses in the ratio of 7:5. They agree to admit Chitra into partnership. Eswari surrenders \(\frac{1}{7}\) th of her share and Ranikumari \(\frac{1}{5}\) th of her share in the favour of Chitrao Calculate the New profit ratio and the sacrificing ratio.

  • 3)

    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 accumulate loss
    Rs. 1,40,000 on the asset side of the balance sheet. Give the journal entry to transfer the accumulated loss on admission.

  • 4)

    Ragu and Sam are partners in a firm sharing profits and losses in the ratio of 3:2. Their balance sheet as on 31st March, 2017 is as follows:

    Liabilities Rs. Rs. Assets Rs. Rs.
    Capital Account:     Machinery   30,000
    Ragu 40,000   Furniture   10,000
    Sam 30,000 70,000 Stock   10,000
    Sundry creditors   30,000 Debtors 21,000  
          Less: Provision for
    doubtful debts
    1,000 20,000
          Bank   30,000
        1,00,000     1,00,000

    Prakash is admitted on 1.4.2017 subject is the following conditions:
    (a) He has to bring a capital of Rs. 24,000
    (b) Machinery is valued at Rs.4,000
    (c) Furniture to be depreciated by Rs.3,000
    (d) Provision for doubtful debts should be increased to Rs. 3,000
    (e) Unrecorded trade receivables of Rs.1,000 would be brought into books now.
    Pass necessary journal entries and prepare revaluation account and capital account of partners after admission.

  • 5)

    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.

12th Standard English Medium Accountancy Subject Goodwill In Partnership Accounts Creative 5 Mark Questions with Solution Part - II - by Question Bank Software View & Read

  • 1)

    The profit and losses of a firm for the last four years were as follows:
    2015: Rs.20,000; 2016; Rs. 25,000;
    2017; Rs.3,000(loss) 2018; Rs.18,000
    You are required to calculate the amount of goodwill on the basis of 5 years purchase of average profit of the last 4 years.

  • 2)

    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. 23,000 Rs.22,000 and Rs. 25,000 respectively.
    (b) A non-recurring income of Rs. 2,500 is included in the profits of the year 2016.
    (c) The closing stock of the year 2017 was overvalued by Rs. 5,000.

  • 3)

    From the following information, calculate the value of goodwill based on 3 years purchase of Super profit
    (i) Capital employed: 1,00,000
    (ii) Normal rate of return: 10%
    (iii)Average profit of the business: 42,000

  • 4)

    Calculate the value of goodwill at 5 years purchase of super profit from the following information
    (a) Capital employed: Rs. 60,000
    (b) Normal rate of profit: 20%
    (c) Net profit for 5 years
    2014:Rs.1,00,000, 2015: Rs.50,000 2016: Rs.70,000; 2017: Rs.54,000 and 2018: Rs. 10,000
    (d) Fair remuneration to the partners 3,600 per annum

  • 5)

    From the following information, compute the value of goodwill as per annuity method:
    (a) Capital employed: Rs.1,00,000
    (b) Normal rate of return: 15%
    (c) Profit of the years 2016, 2017 and 2018 were Rs.6,000, Rs.8,000 and Rs.20,000 respectively
    (d) The present value of annuity of n for 3 years at 10% is 2.4868

12th Standard English Medium Accountancy Subject Goodwill In Partnership Accounts Creative 5 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

    A partnership firm has decided to value its goodwill for the purpose of setting a retiring Partner. The profit of that firm for the last four years were as follows:
    2015 : Rs.20,000; 2016 : Rs.25,000; 2017; Rs.24,000 and 2018: Rs.23,000
    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. 3,000 per annum.
    Find out the value of goodwill, if it is valued on the basis of three years purchase of the average profit of the last four years.

  • 2)

    For the purpose of admitting a new partner, a firm has decided to value its good will at 3 years purchase of the average profit of the last 4 years using weighted average method profits of the past 4 years and the respective weights are as follows.

    Year 2015 2016 2017 2018
    Profit 40,000 44,000 48,000 56,000
    Weight 1 2 3 4

    Compute the value of goodwill

  • 3)

    From the following information, calculate the value of goodwill based on 3 years purchase of Super profit
    (i) Capital employed: 1,00,000
    (ii) Normal rate of return: 10%
    (iii)Average profit of the business: 42,000

  • 4)

    Calculate the value of goodwill at 5 years purchase of super profit from the following information
    (a) Capital employed: Rs. 60,000
    (b) Normal rate of profit: 20%
    (c) Net profit for 5 years
    2014:Rs.1,00,000, 2015: Rs.50,000 2016: Rs.70,000; 2017: Rs.54,000 and 2018: Rs. 10,000
    (d) Fair remuneration to the partners 3,600 per annum

  • 5)

    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. 5,60,000

12th Standard English Medium Accountancy Subject Accounts of Partnership Firms-Fundamentals Creative 5 Mark Questions with Solution Part - II - by Question Bank Software View & Read

  • 1)

    From the following information, prepare capital accounts of partners Manoj and Seran, when their capitals are fluctuating

    Particulars Manoj
    Rs.
    Seran
    Rs.
    Capital on 1st January 2018 ( Cr. balance) 1,00,000 87,500
    Drawings during 2018 20,000 17,500
    Interest on drawings 500 250
    Share of profit for 2018 10,500 8,250
    Interest on capital 6,000 5,250
    Salary 9,000 Nil
    Commission Nil 1250
  • 2)

    From the following balance sheets of Subha and Sudha who share profits and losses equally. Calculate interest on capital at 6% p.a for the year ending 31st December 2017.

    Balance sheet as.on 31st December 2017
    Liabilities Rs. Assets Rs.
    Capital accounts:   Fixed assets 60,000
    Subha 30,000 Current assets 20,000
    Sudha 40,000    
    P&L App A/C 10,000    
           
      80,000   80,000
           

    Drawing of Shubha and Sudha during the year were Rs.5,000 and Rs.7,000 respectively profit earned during the year was Rs.30,000.

  • 3)

    Anusha and Barathi contribute Rs.2,00,000 and Rs.1,00,000 respectively as capital. Their respective share of profit is 3:2 and the profit before interest on capital for the year is Rs.27,000. Compute the amount of interest on capital in each of the following situations:
    (i) If the partnership deed is silent as to the interest on capital
    (ii) If interest on capital @ 3% is allowed as per the partnership deed
    (iii) If the partnership deed allows interest on capital @ 5% p.a.

  • 4)

    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

  • 5)

    Durga and Preethi entered into a partnership agreement on 1st April 2018, Durga contributing Rs.50,000 and Preethi Rs.60,000 as capital. The agreement provided that:
    (a) Profits and losses to be shared in the ratio 3:2 as between Durga and Preethi.
    (b) Partners to be entitled to interest on capital @ 5% p.a.
    (c) Interest on drawings to be charged Durga Rs.600 Velan Rs.900
    (d) Durga to receive a salary Rs.10,000 for the year and
    (e) Preethi to receive a commission of Rs.4,000 During the year, the firm made a profit of Rs.40,000 before adjustment of interest, salary and commission prepare the profit and loss appropriation account.

12th Standard English Medium Accountancy Subject Accounts of Partnership Firms-Fundamentals Creative 5 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

    Write up the capital and current accounts of the partners, Kannagi and vasugi from the following details.

    Particulars Kannagi Rs. Vasugi Rs.
    Capital on 1.4.2018 1,00,000 60,000
    Current Alc on 1.4.2018 3,000(Dr) 2,000(Cr)
    Drawing during 2018-19 8,000 5,000
    Interest on capital 5,000 3,000
    Interest in drawings 240 150
    Share of profit 2018-19 12,000 10,000
    Partner's salary 4,000 -
  • 2)

    Mala,Kala and Ratna share profits and losses in the ratio of 3: 2:1. The capital on 1st April 2017 was Rs.90,000 for Mala, 75,000 for Kala and Rs.60,000 for Ratna and their current accounts show a credit balance of Rs.15,000,10,000 and Rs.5000 respectively. Calculate interest on capital at 5% p.a for the year ending 31st march 2018 and show the journal entries.

  • 3)

    Anusha and Barathi contribute Rs.2,00,000 and Rs.1,00,000 respectively as capital. Their respective share of profit is 3:2 and the profit before interest on capital for the year is Rs.27,000. Compute the amount of interest on capital in each of the following situations:
    (i) If the partnership deed is silent as to the interest on capital
    (ii) If interest on capital @ 3% is allowed as per the partnership deed
    (iii) If the partnership deed allows interest on capital @ 5% p.a.

  • 4)

    Kala is a partner in a partnership firm. As per partnership deed, interest on drawings is charged at 12% p.a. During the year ended 31stDecember 2018. She drew as follows.

    Date Rs.
    March 1 12,000
    June 1 8,000
    September 1 10,000
    December 1 4,000

    Calculate the amount of interest on drawings by using produce method

  • 5)

    From the following balance sheets of Subha and Sudha who share profits and losses equally. Calculate interest on capital at 6% p.a for the year ending 31st December 2017.

    Balance sheet as.on 31st December 2017
    Liabilities Rs. Assets Rs.
    Capital accounts:   Fixed assets 60,000
    Subha 30,000 Current assets 20,000
    Sudha 40,000    
    P&L App A/C 10,000    
           
    P&L App A/C 80,000   80,000
           

    Drawing of Shubha and Sudha during the year were Rs.5,000 and Rs.7,000 respectively profit earned during the year was Rs.30,000.

12th Standard English Medium Accountancy Subject Accounts of Not-For-Profit Organisation Creative 5 Mark Questions with Solution Part - II - by Question Bank Software View & Read

  • 1)

    From the following Receipt and Payment Account for the year ending 31st March 2015 of crickets club. Prepare Income and Expenditure Account for the same period:

    Dr Receipt and Payment Account for the year ending March 31, 2015 Cr
    Receipts Rs Payments Rs
    To Balance c/d 25,000 By Purchase of furniture (1.7.14) 5,000
    Bank 25,000 By Salaries 2,000
    To Subscriptions   By Electricity charges 600
    2014   1,500   By Postage and stationery 150
    2015  10,000   By Purchase of books 2,500
    2016    500 12,000 By Entertainment expenses 900
    To Donation 2,000 papers (1.7.14 8000
    To Hall rent 300 By Miscellaneous expenses 600
    To Interest on bank deposits 450 By Balance c/d  
    To Entrance fees 1,000 Cash 300
        Bank 20,400
      40,750   40,750

    The following additional information is available:
    (i) Salaries outstanding Rs. 1,500
    (ii) Entertainment expenses outstanding Rs. 500
    (Hi) Bank interest receivable Rs. 150
    (iv) Subscription accrued Rs. 400
    (v) 50 percent of entrance fees is to capitalised
    (vi) Furniture is to be depreciated at 10percent per annum

  • 2)

    From the following balances prepare a balance sheet as on 31st1March 2016.

    Rs
    Cash in hand 12,000
    Cash at bank 8,000
    Books 16,000
    Billiard Table 24,000
    Furniture 30,000
    Investment 30,000
    Prepaid expenses 20,000
    Building 1,00,000
    Outstanding expenses 40,000
    Subscription received in advance 24,000
    Subscription accrued 20,000
    Surplus (Income over  
    expenditure) 20,000
  • 3)

    Following is the receipts and payments accounts of Literacy club 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 club 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.

  • 4)

    From the following particulars of Chennai educational society, prepare Receipts and Payments Z account for the year ended 31st December, 2018

    Particulars Rs Particulars Rs
    Opening balance as on 1.1.2018 20,000 Lockers rent received 12,000
    Investments made 80,000 Sale of furniture 5,000
    Honorarium paid 3,000 General expenses 7,000
    Donation received 80,000 Postage 1,000
    Audit fees paid 2,000 Subscription receive 10,000
  • 5)

    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

12th Standard English Medium Accountancy Subject Accounts of Not-For-Profit Organisation Creative 5 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 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)

    From the following extract of Receipt and Payment Account and the additional information given below, compute the amount of income from subscriptions and show as how they would appear in the Income and Expenditure Account for the year ending March 31st, 2015 and Balance sheet.

    Dr Receipt and Payment Account for the year ending March 31, 2015 Cr
    Receipts Rs Payments Rs
    Subscription:      
    2013-14     7,000      
    2014-15   30,000      
    2015-16     5,000   42,000      

    Additional Information:
    (i) Subscriptions outstanding March 31, 2014 Rs. 8,500
    (ii) Total subscriptions outstanding March 31, 2015 Rs. 18,500
    (iii) Subscriptions received in advance as Rs. 4,000 on March 31, 2014.

  • 3)

    Following is the receipts and payments accounts of Literacy club 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 club 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.

  • 4)

    From the following Receipts and Payments Account of Trichy, Rotary club, prepare Income and Expenditure Account for the year ended 31.03.2019

    Receipts Rs Paymenta Rs
    To Opening Balance   By Furniture Purchased 10,000
    Cash in hand 11,000 By Rent 2,800
    To Sale of old newspaper 3,600 By Postage 1,700
    To Member's Subscription 31,000 By General expenses 4,350
    To Locker rent 8,000 By Printing and stationery 45,000
    To Interest on investments 1,250 By Audit fees 5,000
    To Sale of furniture 5,000 By Closing balance  
        Cash in hand 3,000
  • 5)

    How will the following appear in the final account of a club for the year 2017-2018?

    Particulars Rs
    Prize fund on 1.4.2017 50,000
    Prize fund investment on 1.4.2017 50,000
    Interest received on prize fund investment 5,000
    Prizes distributed 6,000
    Donation received for prize fund 10,000

12th Standard English Medium Accountancy Subject Accounts From Incomplete Records Creative 5 Mark Questions with Solution Part - II - by Question Bank Software View & Read

  • 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)

    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. 

  • 3)

    From the following details, find out credit purchases:

    Particulars Rs.
    Opening sundry creditors 75,000
    Closing sundry creditors 90,000
    Cash paid to sundry creditors 22,500
    Discount received 15,000
    Purchase returns 7,500
  • 4)

    Compute the amount of total purchases and total sales of Mr. Amit from the following information for the year ending on March 31, 2018.

      Rs.
    Total debtors as on April 01, 2017 40,000
    Total creditors as on April 01,2017 50,000
    Bills receivable as on April 01, 2017 30,000
    Bills payable as on April 01, 2017 45,000
    Discount received 5,000
    Bad debts 2,000
    Return inwards 4,000
    Discount allowed 3,000
    Cash sales 10,000
    Cash purchases 8,000
    Total debtors as on March 31, 2018 80,000
    Cash received from debtors 1,00,000
    Cash paid to creditors 80,000
    Cash received against bills receivable 25,000
    Payment made against bills receivable 40,000
    Total creditors as on March 31, 2018 40,000
    Bills payable as on March 31, 2018 50,000
    Bills receivable as on March 31,2018 35,000
  • 5)

    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

12th Standard English Medium Accountancy Subject Accounts From Incomplete Records Creative 5 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

    Calculate the missing information:

    Particulars Rs.
    Closing capital 32,000
    Drawings 4,800
    Additional capital 8,000
    Profit made during the year 9,600
  • 2)

    From the following find out credit sales.

    Particulars Rs.
    Opening sundry debtors 50,000
    Cash received from sundry debtors 80,000
    Discount allowed to sundry debtors 2,000
    Sales returns 5,000
    Closing sundry debtors 75,000
  • 3)

    From the following details, find out credit purchases:

    Particulars Rs.
    Opening sundry creditors 75,000
    Closing sundry creditors 90,000
    Cash paid to sundry creditors 22,500
    Discount received 15,000
    Purchase returns 7,500
  • 4)

    M/s Saniya sport equipment does not keep proper records. From the following information, find out profit or loss and also prepare balance sheet for the year ended 31st December 2017.

    Particulars 31.12.2016
           Rs.
    31.12.2017
            Rs.
    Cash in hand 6,000 24,000
    Bank overdraft 30,000 -
    Stock 50,000 80,000
    Sundry creditors 26,000 40,000
    Sundry debtors 60,000 1,40,000
    Bills payable 6,000 12,000
    Furniture 40,000 60,000
    Bills receivable 8,000 28,000
    Machinery 50,000 1,00,000
    Investment 30,000 80,000

    Drawings Rs. 10,000 per month for personal use, additional capital introduced during the year Rs. 2,00,000. A bad debts Rs. 2,000 and a provision of 5% it to be made on debtors. Outstanding salary 2,400, prepaid insurance Rs. 700, depreciation charged on furniture @ 10% per annum.

  • 5)

    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

12th Standard English Medium Accountancy Subject Ratio Analysis Creative 3 Mark Questions with Solution Part - II - by Question Bank Software View & Read

  • 1)

    Explain the traditional classifications of ratio analysis.

  • 2)

    Write a note an Long-term solvency ratios.

  • 3)

    What do you mean by debt collection period?

  • 4)

    Write a short note on
    (i) Gross profit ratio
    (ii) Net profit ratio

  • 5)

    Write the values which can be associated with a company which carries ratio analysis on its financial statements.

12th Standard English Medium Accountancy Subject Ratio Analysis Creative 3 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

    What is functional classifications of rational analysis? and types of functional classification.

  • 2)

    Write a short note on
    (i) Proprietary ratio
    (ii) Capital gearing ratio

  • 3)

    What is Credit payment period?

  • 4)

    The current assets of Maxell Ltd. are Rs.10,00,000 and its current liabilities are Rs.4,00,000. Find its current ratio. It is satisfactory? What value is exhibited by the company on maintaining such a ratio?

  • 5)

    Sai Ltd had a current ratio of 3.5:1 and quick ratio of 2:1. If the excess of current assets over quick assets as represented by inventory is Rs.1,50,000. calculate current assets and current liabilities. Which value can be associated with the business having such current ratio and quick ratio?

12th Standard English Medium Accountancy Subject Financial Statement Analysis Creative 3 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

    What are the features of financial statements?

  • 2)

    What are the significance of financial statements?

  • 3)

    What are the objectives of financial statement analysis?

  • 4)

    Briefly explain any three limitations of financial statement analysis. S. A

  • 5)

    Write a short note on
    a) Comparative statement
    b) Common-size statement

12th Standard English Medium Accountancy Subject Goodwill In Partnership Accounts Creative 3 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

    What is the nature of goodwill?

  • 2)

    What is the need for valuation of goodwill?

  • 3)

    Explain the classification of goodwill.

  • 4)

    How is goodwill calculated under the weighted average profit method?

  • 5)

    Kalyan and Dilip are partners in a firm dealing in stationery items. The firm is well managed and enjoys the advantage of being cost effective. It buys stationery items at reasonable cost from Dilip's relative who is manufacture of stationery items. The firm's sale outlet is situated near a school. As a result, the firm is donating 10% of is profits to the nearby school for the education of the students of below poverty line. State any two factors affecting the value of goodwill of the firm. Also identify any two values which the firm is trying to propagate.

12th Standard English Medium Accountancy Subject Computerized Accounting System - Tally Creative 2 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

    What is computerised accounting system?

  • 2)

    What are the steps involved in designing accounting reports?

  • 3)

    What is MIS?

  • 4)

    Identify the value, violate by the employee of company? Who uses office computer for chatting on social networking sities?

  • 5)

    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.

12th Standard English Medium Accountancy Subject Ratio Analysis Creative 2 Mark Questions with Solution Part - II - by Question Bank Software View & Read

  • 1)

    Definition of ratio analysis.

  • 2)

    What is current ratio?

  • 3)

    What does high total assets to debt ratio indicates?

  • 4)

    How does ratio analysis become less effective due to does ratio changes?

  • 5)

    Why should the inventory turnover ratio be more important when analysing a grocery store than an insurance company?

12th Standard English Medium Accountancy Subject Ratio Analysis Creative 2 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

    What is Liquidity ratios?

  • 2)

    What is turnover ratios?

  • 3)

    Quick ratio of a company is 1.5: 1.State giving reason, whether the ratio will improve, decline or not change on payment of divided by the company.

  • 4)

    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.

  • 5)

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

12th Standard English Medium Accountancy Subject Financial Statement Analysis Creative 2 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

    What is trend analysis?

  • 2)

    What is funds flow analysis?

  • 3)

    What do you mean by financial statement analysis?

  • 4)

    Both horizontal and vertical analysis are complementary in nature. Do you agree?

  • 5)

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

12th Standard English Medium Accountancy Subject Retirement and Death of a Partner Creative 2 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

    What is New profit sharing ratio?

  • 2)

    Who is an outgoing partner?

  • 3)

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

  • 4)

    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. 

  • 5)

    For which share of goodwill, a partner is entitled at the time of his retirement?

12th Standard English Medium Accountancy Subject Admission of a Partner Creative 2 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

    What is meant by admission of a partner?

  • 2)

    Who is an incoming partner?

  • 3)

    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.

  • 4)

    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.

  • 5)

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

12th Standard English Medium Accountancy Subject Goodwill In Partnership Accounts Creative 2 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

    What is Annuity?

  • 2)

    What is meant by number of years purchase at the time of valuation of goodwill?

  • 3)

    Why is goodwill considered as an intangible asset but not a fictitious assets?

  • 4)

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

  • 5)

    How does the 'market situation' affect the value of goodwill of a firm?

12th Standard English Medium Accountancy Subject Accounts of Partnership Firms-Fundamentals Creative 2 Mark Questions with Solution Part - II - by Question Bank Software View & Read

  • 1)

    What is partner's current Account?

  • 2)

    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

  • 3)

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

  • 4)

    Salary or commission paid to a partner is debited to profit and loss appropriation account and not to profit and loss account. Why?

  • 5)

    State where the following items shall appear in case the capital contributed by partners remain fixed
    i) Interest on capital
    ii) Withdrawal of capital
    iii) Fresh capital introduced
    iv) Drawings
    v) Share of profit by a partner

12th Standard English Medium Accountancy Subject Accounts of Partnership Firms-Fundamentals Creative 2 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

    What is drawing?

  • 2)

    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

  • 3)

    A and B are partners in a firm without a partnership deed. A is an active partner and claims a salary of Rs. 18,000 per month. State with reasons whether the claim is valid or not

  • 4)

    How is interest on drawings calculated, if the drawings are made at regular intervals as on the first day of each month?

  • 5)

    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?

12th Standard English Medium Accountancy Subject Accounts of Not-For-Profit Organisation Creative 2 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

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

  • 2)

    Explain the steps in preparations of receipts and payments account.

  • 3)

    Write a note on Donations

  • 4)

    Can the balance in receipts and payments account be treated as income of the period? If it shows credit balance  what does it mean?

  • 5)

    Distinguish between income and expenditure account and profit and loss account

12th Standard English Medium Accountancy Subject Computerized Accounting System - Tally Creative 1 Mark Questions with Solution Part - II - by Question Bank Software View & Read

  • 1)

    In 2009, Tally Solutions introduced the software ___________

  • 2)

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

  • 3)

    In payment voucher, cash or bank account is credited and other ledger account is ___________

  • 4)

    Automated accounting is an approach to maintain up-to-date accounting records with the aid of ___________

  • 5)

    Single entry mode is applicable for _________

12th Standard English Medium Accountancy Subject Computerized Accounting System - Tally Creative 1 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

    Accounting reports can be classified into _________ types.

  • 2)

    _______________ collects financial data, processes them and provides information to the various users.

  • 3)

    __________ is used by various types of trade and industries.

  • 4)

    Which is the short cut key used for closing Tally?

  • 5)

    ___________ is a document which contains details of transactions.

12th Standard English Medium Accountancy Subject Ratio Analysis Creative 1 Mark Questions with Solution Part - II - by Question Bank Software View & Read

  • 1)

    ____________ ratio is modified form of liquid ratio.

  • 2)

    Gross profit can be ascertained by deducting cost of goods sold from ________________

  • 3)

    When total sales is Rs.2,00,000, cash sales is Rs.65,000, then credit sales will be Rs _______________

  • 4)

    Solvency ratios are expressed in terms of ________________

  • 5)

    Shareholders funds includes ________________

12th Standard English Medium Accountancy Subject Ratio Analysis Creative 1 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

    Which ratio indicates the efficiency of utilisation of fixed assets?

  • 2)

    All activity ratios are expressed in terms of _________

  • 3)

    Shareholder funds includes __________

  • 4)

    Cost of goods sold is Rs.4,00,000 and average stock is Rs.8,00,00. Stock turnover ratio will be ___________

  • 5)

    Liquidity ratios are also called as _____________

12th Standard English Medium Accountancy Subject Financial Statement Analysis Creative 1 Mark Questions with Solution Part - II - by Question Bank Software View & Read

  • 1)

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

  • 2)

    The _______________ statements can be compared with those of previous years.

  • 3)

    _______________ refers to the study of movement of figures over a period.

  • 4)

    ___________ analysis is useful in judging the credit worthiness financial planning and preparation of budgets.

  • 5)

    Comparison of financial statenients highlights the trend of the ____________ of the business.

12th Standard English Medium Accountancy Subject Financial Statement Analysis Creative 1 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

    Different tools are used for analysing the _____________

  • 2)

    When figure relating to several years are considered for the purpose of analysis, the analysis is called ______________

  • 3)

    Preparation of common size statements and computation of ratios are examples of __________

  • 4)

    Which of the following are techniques, tools or methods of analysis and interpretation of financial statements?

  • 5)

    The term 'Financial statement' covers __________

12th Standard English Medium Accountancy Subject Company Accounts Creative 1 Mark Questions with Solution Part - II - by Question Bank Software View & Read

  • 1)

    When share issued are 10,000 but applied shares are 8,000 then it is a case of :

  • 2)

    In case of private placement of shares to raise the amount of capital, a company:

  • 3)

    Shareholder are the __________________

  • 4)

    A company is allowed by law to sell 2,00,000 shares at Rs.2 each. Three-quarters(3/4) of these shares were bought by the public. What is the issued share capital?

  • 5)

    When a shareholder fails to pay the amount due on allotment or on calls, the amount remaining unpaid is known ________

12th Standard English Medium Accountancy Subject Company Accounts Creative 1 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

    Company is a voluntary association of persons which has separate ___________

  • 2)

    The capital of a company is divided into small units of ________

  • 3)

    Equity shares are also known as

  • 4)

    Paid up capital is that part of called up capital which has been actually paid by the ____________

  • 5)

    Issue of equity shares to the existing share holders of the company through a letter of offer is known as ____________

12th Standard English Medium Accountancy Subject Retirement and Death of a Partner Creative 1 Mark Questions with Solution Part - II - by Question Bank Software View & Read

  • 1)

    Kayal, Mala and Neela are partners sharing profits in the ratio of 2:2:1. Kayal retires and the new profit sharing ratio between nila and neela is 3:2. Calculate the gaining ratio.

  • 2)

    Goodwill may be ________ if all the partners are agreed, that it should not remain in the books

  • 3)

    When a partner withdraws his capital from the partnership firm, it is called _______of a partner

  • 4)

    All the accounts are settled among partners and creditors at the time of ________ of a business

  • 5)

    ________ of partner will be paid off, before the settlement of partner’s capital.

12th Standard English Medium Accountancy Subject Retirement and Death of a Partner Creative 1 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

    At the time of retirement of a partner, calculation of new profit ratio is __________

  • 2)

    If the goodwill account is raised for 50,000, the amount is debited to ____________

  • 3)

    When the values of liabilities increases, it results in _____________

  • 4)

    The section related to the retirement of partner in Indian partnership Act is _____________

  • 5)

    O, P, and Q are partners sharing the profits in the ratio of 3:2: 1. If P retires the new profit ratio for O and Q will b ______________

12th Standard English Medium Accountancy Subject Admission of a Partner Creative 1 Mark Questions with Solution Part - II - by Question Bank Software View & Read

  • 1)

    Sumit and Ravi started a business by investing Rs. 85000 and 15000 respectively. In what ratio the profit earned after 2 years be divided between Sumit and Ravi respectively.

  • 2)

    Total proprietorship of the business is increased ______________

  • 3)

    A partner who is newly admitted to the firm with the consent of all the parties is called _________

  • 4)

    When a new partner is admitted under bonus method capital method of the firm increase by __________

  • 5)

    Introduction of a new partner due to _________

12th Standard English Medium Accountancy Subject Admission of a Partner Creative 1 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

    When the value of an asset increases, it results in

  • 2)

    The revaluation profit or loss is transferred to the old partner's capital accounts, in their __________

  • 3)

    In order to maintain fair dealings, at the time of admission, it is necessary to revalue assets and liabilities of the firm to their _______

  • 4)

    The old partners share all the accumulated profits and reserve in their ___________

  • 5)

    In admission undistributed profit or loss is transferred to _________

12th Standard English Medium Accountancy Subject Goodwill In Partnership Accounts Creative 1 Mark Questions with Solution Part - II - by Question Bank Software View & Read

  • 1)

    ________ method, goodwill is the excess of capitalised value of average profit of the business over the actual capital employed in the business.

  • 2)

    Goodwill is _________.

  • 3)

    Capital employed at the end the year is Rs. 74,20,000 profit earned Rs. 20,000. Average capital employed is__________.

  • 4)

    Goodwill has _________Value

  • 5)

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

12th Standard English Medium Accountancy Subject Goodwill In Partnership Accounts Creative 1 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

    Goodwill helps in earning more profit and attracts more _________

  • 2)

    Goodwill acquired by making payment in cash or kind is called __________

  • 3)

    Self- generated goodwill should not be shown in the ______________

  • 4)

    Goodwill is to be valued when ____________

  • 5)

    Super profit is ___________

12th Standard English Medium Accountancy Subject Accounts of Partnership Firms-Fundamentals Creative 1 Mark Questions with Solution Part - II - by Question Bank Software View & Read

  • 1)

    ___________ intervals refers to withdrawal made monthly, quarterly, half-yearly, once in 2 months and once in 4 months.

  • 2)

    ______________ is a type of partnership in which the liability of the partners is limited to the entent of their capital contribution.

  • 3)

    Under ____________ capital arrangement, current accounts will not be maintained.

  • 4)

    The debit balance of the current account, will be shown in the ____________ side of the balance sheet.

  • 5)

    Interest on partner's capital is allowed, only when the _______________ specifically provides for i

12th Standard English Medium Accountancy Subject Accounts of Partnership Firms-Fundamentals Creative 1 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

    Product method can be used in all situations as an alternative to ____________

  • 2)

    In a partnership business, agreement is ___________

  • 3)

    Current accounts for partners will be opened under, ____________

  • 4)

    Under fixed capital method salary payable to a partner is recorded ____________

  • 5)

    Amount is drawn regularly at the middle of every month during the year. Interest calculated for ___________

12th Standard English Medium Accountancy Subject Accounts of Not-For-Profit Organisation Creative 1 Mark Questions with Solution Part - II - by Question Bank Software View & Read

  • 1)

    Receipts and Payment accounts is a_________ account in nature.

  • 2)

    _______Items will be recorded in the balance sheet

  • 3)

    A gift made to a not-for-profit organization by a will, is called________

  • 4)

    _______is the remuneration paid to a person who is not a regular employee of the organization

  • 5)

    _______is prepared to find out the surplus or deficit pertaining to a particular year.

12th Standard English Medium Accountancy Subject Accounts of Not-For-Profit Organisation Creative 1 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

    The amount or property received by a non - profit organization as stated by the will of a decreased person is commonly referred to as ___________

  • 2)

    Some organisations are established for the purpose of rending services to the public without __________

  • 3)

    If the donation is received without any specific condition, then it is a __________

  • 4)

    Which of the following is generally considered as a non profit organisation?

  • 5)

    Non- profit organizations prepare all of the following accounts except the __________

12th Standard English Medium Accountancy Subject Accounts From Incomplete Records Creative 1 Mark Questions with Solution Part - II - by Question Bank Software View & Read

  • 1)

    Which of the following equation(s) is (are) true

  • 2)

    A firm's total sales is Rs. 80,000 and its credit sales id Rs. 60,000 then its cash sales is _________

  • 3)

    Creditors on 1.1.2014 is Rs. 1,21,000 and on 31.12.2014 Rs. 1,30,000. Cash paid to creditors during the year is Rs. 2,09,000. Then the credit purchase during the year is ____________

  • 4)

    Companies cannot keep books on single entry system because of ______________

  • 5)

    Capital at the end - net profit + drawings = 

12th Standard English Medium Accountancy Subject Accounts From Incomplete Records Creative 1 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

    _____ is an unscientific and unsystematic way of recording transactions.

  • 2)

    _____ is a statement showing the balances of assets and liabilities on a particular date.

  • 3)

    A statement of affairs resembles a _____

  • 4)

    In _____ system, only personal and cash accounts are opened.

  • 5)

    _____ maintains only personal and cash accounts.

12th Standard English Medium Accountancy Subject Book Back 5 Mark Questions with Solution Part - II - by Question Bank Software View & Read

  • 1)

    From the following details of Abdul 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 1.4.2017
    Rs.
    31.3.2018
    Rs.
    Stock 1,00,000 50,000
    Sundry debtors 2,50,000 3,50,000
    Cash 25,000 40,000
    Furniture 10,000 10,000
    Sundry creditors 1,50,000 1,75,000
    Other details:
      Rs.   Rs.
    Drawings 40,000 Cash received from debtors 5,35,000
    Discount received 20,000 Sundry expenses 30,000
    Discount allowed 25,000 Capital as on 1.4.2017 2,35,000
    Cash paid to creditors 4,50,000    
  • 2)

    From the following particulars of Chennai Sports Club, prepare Receipts and Payments account for the year ended 31st March, 2018.

    Particulars Rs. Particulars Rs. Rs.
    Opening cash balance as on 1.4.2017 10,000 Subscriptions received    
    Opening bank balance as on 1.4.2017 15,000 2016 – 2017 4,500  
    Interest paid 5,000 2017 – 2018 65,000  
    Depreciation 7,000 2018 – 2019 5,000 74,500
    Upkeep of grounds 22,500 Tournament expenses   12,500
    Life membership fees received 5,500 Tournament fund receipts   15,000
    Bats and balls purchased 13,000 Closing balance of cash
    (31.3.2018)
      5,000
  • 3)

    Mayiladuthurai Recreation Club gives you the following details. Prepare Receipts and Payments account for the year ended 31st March, 2019.

    Particulars Rs. Particulars Rs.
    Opening cash balance 15,000 Salary of watchman 12,000
    Opening bank balance 25,000 Club annual day expenses 15,000
    Donations received 48,000 Lighting charges 16,500
    Sale of old equipment 26,000 Entertainment expenses 13,500
    Refreshment charges 13,000 Billiards table purchased 5,000
    Club annual day collections 18,000 Expenses of charity show 3,000
    Construction of tennis court 7,000 Sale of investments 12,000
    Receipts from charity show 4,000 Closing cash balance 12,000
    Rent paid 1,000    
  • 4)

    Bragathish and Naresh are partners who maintain their capital accounts under fixed capital method. From the following particulars, prepare capital accounts of partners.

    Particulars Bragathish
    Rs.

    Naresh
    Rs.

    Capital on 1st April 2018 4,00,000 6,00,000
    Current account on 1st April 2018 20,000(Cr.) 15,000(Dr.)
    Additional capital introduced during the 50,000 Nil
    Drawings made during the year 45,000 60,000
    Interest on drawings 2,000 3,000
    Share of profit for the year 80,000 1,20,000
    Interest on capital 20,000 30,000
    Commission 17,000 Nil
    Salary Nil 38,000
  • 5)

    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

12th Standard English Medium Accountancy Subject Book Back 5 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

    Arjun carries on grocery business and does not keep his books on double entry basis. The following particulars have been extracted from his books:

    Particulars 1-4-2018
    Rs.
    31-3-2019
    Rs.
    Plant and machinery 20,000 20,000
    Stock 9,000 16,000
    Sundry debtors 2,000 5,300
    Sundry creditors 5,000 4,000
    Cash at bank 4,000 6,000

    Other information for the year ending 31-3-2019 showed the following

      Rs.
    Advertising 4,700
    Carriage inwards 8,000
    Cash paid to creditors 64,000
    Drawings 2,000

    Total sales during the year were Rs. 85,000. Purchases returns during the year were Rs. 2,000 and sales returns were Rs.1,000. Depreciate plant and machinery by 5%. Provide Rs. 300 for doubtful debts. Prepare trading and profit and loss account for the year ending 31st March, 2019 and a balance sheet as on the date.

  • 2)

    From the following particulars of Vellore Recreation Club, prepare Receipts and Payments account for the year ended 31st March, 2017.

    Particulars Rs. Particulars Rs.
    Opening cash balance as on 1.4.2016 3,000 Receipts from entertainment 20,000
    Opening bank balance as on 1.4.2016 12,000 Admission fees received 1,000
    Furniture purchased 11,000 Municipal taxes 22,000
    Sports equipment purchased 11,000 Expenses of charity show 2,000
    Donation received for pavilion 8,000 Billiards table purchased 15,000
    Sale of old tennis balls 1,500 Construction of new tennis court 18,000
    Newspapers bought 500 Receipts from charity show 2,500
    Travelling expenses 4,500 Closing balance of cash in hand 8,000
  • 3)

    Durai and Velan entered into a partnership agreement on 1st April 2018, Durai contributing Rs. 25,000 and Velan Rs. 30,000 as capital. The agreement provided that:
    (a) Profits and losses to be shared in the ratio 2:3 as between Durai and Velan.
    (b) Partners to be entitled to interest on capital @ 5% p.a.
    (c) Interest on drawings to be charged Durai: Rs. 300 Velan: Rs. 450
    (d) Durai to receive a salary of Rs. 5,000 for the year, and
    (e) Velan to receive a commission of Rs. 2,000
    During the year, the firm made a profit of Rs. 20,000 before adjustment of interest, salary and commission. Prepare the Profit and loss appropriation account.

  • 4)

    A partnership firm earned net profits during the last three years as follows:
    2016 : Rs. 20,000; 2017 : Rs. 17,000 and 2018 : Rs. 23,000
    The capital investment of the firm throughout the above mentioned period has been Rs. 80,000. Having regard to the risk involved, 15% is considered to be a fair return on capital employed in the business. Calculate the value of goodwill on the basis of 2 years purchase of super profit.

  • 5)

    Sai and Shankar are partners, sharing profits and losses in the ratio of 5:3. The firm’s balance sheet as on 31st December, 2017, was as follows:

    Liabilities Rs. Rs. Assets Rs. Rs.
    Capital accounts:     Building   34,000
    Sai 48,000   Furniture   6,000
    Shankar 40,000 88,000 Investment   20,000
    Creditors   37,000 Debtors 40,000  
    Outstanding wages   8,000 Less: Provision for
    bad debts
    3,000 37,000
          Bills receivable   12,000
          Stock   16,000
          Bank   8,000
        1,33,000     1,33,000

    On 31st December, 2017 Shanmugam was admitted into the partnership for 1/4 share of profit with Rs. 12,000 as capital subject to the following adjustments.
    (a) Furniture is to be revalued at Rs. 5,000 and building is to be revalued at Rs. 50,000.
    (c) Provision for doubtful debts is to be increased to Rs. 5,500
    (d) An unrecorded investment of Rs. 6,000 is to be brought into account
    (e) An unrecorded liability Rs. 2,500 has to be recorded now.
    Pass journal entries and prepare Revaluation Account and capital account of partners after admission.

12th Standard English Medium Accountancy Subject Book Back 3 Mark Questions with Solution Part - II - by Question Bank Software View & Read

  • 1)

    What are the features of incomplete records?

  • 2)

    How annual subscription is dealt with in the final accounts of not–for–profit organisation?

  • 3)

    A and B contribute Rs. 4,00,000 and Rs. 2,00,000 respectively as capital. Their respective share of profit is 3:2 and the profit before interest on capital for the year is Rs. 27,000. Compute the amount of interest on capital in each of the following situations:
    (i) if the partnership deed is silent as to the interest on capital
    (ii) if interest on capital @ 3% is allowed as per the partnership deed
    (iii) if the partnership deed allows interest on capital @ 5% p.a.

  • 4)

    From the following information relating to Sridevi enterprises, calculate the value of goodwill on the basis of 4 years purchase of the average profits of 3 years.
    (a) Profits for the years ending 31st December 2016, 2017 and 2018 were Rs. 1,75,000, Rs. 1,50,000 and Rs. 2,00,000 respectively.
    (b) A non-recurring income of Rs. 45,000 is included in the profits of the year 2016.
    (c) The closing stock of the year 2017 was overvalued by Rs. 30,000.

  • 5)

    Anjali and Nithya are partners of a firm sharing profits and losses in the ratio of 5:3. They admit Pramila on 1.1.2018. On that date, their balance sheet showed accumulated loss of Rs. 40,000 on the asset side of the balance sheet. Give the journal entry to transfer the accumulated loss on admission.

12th Standard English Medium Accountancy Subject Book Back 3 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

    David does not keep proper books of accounts. Following details are given from his records

    Particulars 1.4.2018
    Rs.
    31.3.2019
    Rs.
    Cash 43,000 29,000
    Stock of goods 1,20,000 1,30,000
    Sundry debtors 84,000 1,10,000
    Sundry creditors 1,05,000 1,02,000
    Loan 25,000 20,000
    Business premises 2,50,000 2,50,000
    Furniture 33,000 45,000

    During the year he introduced further capital of Rs. 45,000 and withdrew Rs. 2,500 per month from the business for his personal use. Prepare statement of profit or loss with the above information.

  • 2)

    From the following details calculate the printing and stationery to be debited to Income and Expenditure Account for the year ending 31st March, 2018 and also show how it will appear in the Balance Sheet as on 31st March, 2018.

    Particulars Amt(Rs.)
    Amount paid for stationery during 2017- 2018 Rs.1,500
    Stock of stationery on 1st April, 2017 Rs.300
    Stock of stationery on 31st March, 2018 Rs.200
  • 3)

    Arul is a partner in a partnership firm. As per the partnership deed, interest on drawings is charged at 12% p.a. During the year ended 31st December 2018 he drew as follows:

    Date Rs.
    March 1 3,000
    June 1 3,000
    September 1 3,000
    December 1 3,000

    Calculate the amount of interest on drawings. 

  • 4)

    Calculate the value of goodwill at 5 years purchase of super profit from the following information:
    (a) Capital employed: Rs. 1,20,000
    (b) Normal rate of profit: 20%
    (c) Net profit for 5 years:
    2014: Rs. 30,000; 2015: Rs. 32,000; 2016: Rs. 35,000; 2017: Rs. 37,000 and 2018: Rs. 40,000
    (d) Fair remuneration to the partners Rs. 2,800 per annum.

  • 5)

    Anjali and Nithya are partners of a firm sharing profits and losses in the ratio of 5:3. They admit Pramila on 1.1.2018. On that date, their balance sheet showed accumulated loss of Rs. 40,000 on the asset side of the balance sheet. Give the journal entry to transfer the accumulated loss on admission.

12th Standard English Medium Accountancy Subject Book Back 2 Mark Questions with Solution Part - II - by Question Bank Software View & Read

  • 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.

12th Standard English Medium Accountancy Subject Book Back 2 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

    Following are the balances of Shanthi as on 31st December 2018.  

    Particulars Rs Particulars Rs
    Bills receivable 6,000 Sundry creditors 25,000
    Bills payable 4,000 Stock 45,000
    Machinery 60,000 Debtors 70,000
    Furniture 10,000 Cash 4,000

    Prepare a statement of affairs as on 31st December 2018 and calculate capital as at that date. 

  • 2)

    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

  • 3)

    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.

  • 4)

    What is normal rate of return?

  • 5)

    Suresh and Dinesh are partners sharing profits in the ratio of 3:2. They admit Ramesh as a new partner. Suresh surrenders 1/5 of his share in favour of Ramesh. Dinesh surrenders 2/5 of his share in favour of Ramesh. Calculate the new profit sharing ratio and sacrificing ratio.

12th Standard English Medium Accountancy Subject Book Back 1 Mark Questions with Solution Part - II - by Question Bank Software View & Read

  • 1)

    The amount of credit sales can be computed from

  • 2)

    Donations received for a specific purpose is

  • 3)

    In the absence of an agreement, partners are entitled to 

  • 4)

    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

  • 5)

    Which of the following statements is not true in relation to admission of a part _________.

12th Standard English Medium Accountancy Subject Book Back 1 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

    Incomplete records are generally maintained by

  • 2)

    Legacy is a

  • 3)

    When a partner withdraws regularly a fixed sum of money at the middle of every month, period for which interest is to be calculated on the drawings on an average is 

  • 4)

    Book profit of 2017 is Rs. 35,000; non-recurring income included in the profit is Rs. 1,000 and abnormal loss charged in the year 2017 was Rs. 2,000, then the adjusted profit is __________

  • 5)

    Which of the following statements is not true in relation to admission of a part _________.

12th Standard English Medium Accountancy Subject Ratio Analysis Book Back 5 Mark Questions with Solution Part - II - by Question Bank Software View & Read

  • 1)

    Calculate the current ratio from the following information.

    Particulars Rs. Particulars Rs.
    Current investments 40,000 Fixed assets 5,00,000
    Inventories 2,00,000 Trade creditors 80,000
    Trade debtors 1,20,000 Bills payable 50,000
    Bills receivable 80,000 Expenses payable 20,000
    Cash and cash equivalents 10,000 Non-current liability 3,00,000
  • 2)

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

    Particulars Rs.
    I EQUITY AND LIABILITIES  
    1. Shareholders’ funds  
    Equity share capital 4,00,000
    2. Non-current liabilities 2,00,000
    Long term borrowings  
    3. Current liabilities  
    (a) Short-term borrowings 50,000
    (b) Trade payables 3,10,000
    (c) Other current liabilities  
    Expenses payable 15,000
    (d) Short-term provisions 25,000
    Total 10,00,000
    II ASSETS  
    1. Non-current assets  
    (a) Fixed assets 4,00,000
    Tangible assets  
    2. Current assets  
    (a) Inventories 1,60,000
    (b) Trade debtors 3,20,000
    (c) Cash and cash equivalents 80,000
    (d) Other current assets  
    Prepaid expenses 40,000
    Total 10,00,000

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

  • 3)

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

    Balance Sheet of Sundaram Ltd. as on 31.3.2019
    Particulars Amount
    Rs.
    I. EQUITY AND LIABILITIES  
    1. Shareholders' funds  
    (a) Share capital  
    (i) Equity share capital 2,50,000
    (ii) Preference share capital 1,50,000
    (b) Reserves and surplus 50,000
    2. Non-current liabilities  
    Long-term borrowings -
    3. Current liabilities  
    Trade payables 1,50,000
    Total 6,00,000
    II ASSETS  
    1. Non-current assets  
    (a) Fixed assets 4,60,000
    (b) Non-current investments 1,00,000
    2. Current assets  
    Cash and Cash equivalents 40,000
    Total 6,00,000
  • 4)

    From the following Balance Sheet of James Ltd. as on 31.03.2019 calculate
    (i) Debt-equity ratio
    (ii) Proprietary ratio
    (iii) Capital gearing ratio

    Balance Sheet of Sundaram Ltd. as on 31.3.2019
    Particulars Amount
    Rs.
    I. EQUITY AND LIABILITIES  
    1. Shareholders' funds  
    (a) Share capital  
    Equity share capital 2,50,000
    6% Preference share capital 2,00,000
    (b) Reserves and surplus 1,50,000
    2. Non-current liabilities  
    Long-term borrowings (8% Debentures) 3,00,000
    3. Current liabilities  
    Short-term borrowings from banks 2,00,000
    Trade payables 1,00,000
    Total 12,00,000
    II ASSETS  
    1. Non-current assets  
    Fixed assets 8,00,000
    2. Current assets  
    (a) Inventories 1,20,000
    (b) Trade receivables 2,65,000
    (c) Cash and Cash equivalents 10,000
    (d) Other current assets  
    Expenses paid in advance 5,000
    Total 12,00,000
  • 5)

    The credit revenue from operations of Velavan Ltd, amounted to Rs. 10,00,000. Its debtors and bills receivables at the end of the accounting period amounted to Rs. 1,10,000 and Rs. 1,40,000 respectively. Calculate trade receivables turnover ratio and also collection period in months.

12th Standard English Medium Accountancy Subject Ratio Analysis Book Back 5 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

    Following is the statement of profit and loss of Maria Ltd. for the year ended 31st March, 2018. Calculate the operating cost ratio.

    Statement of Profit and Loss
    Particulars Note No. Amount
    Rs.
    I. Revenue from operations   8,00,000
    II. Other Income   20,000
    III. Total revenue (I +II)   8,20,000
    IV. Expenses:    
    Purchases of stock-in-trade   4,50,000
    Changes in inventories   -40,000
    Employee benefits expenses 1 22,000
    Other expenses 2 68,000
    Total expenses   5,00,000
    V. Profit before tax (III-IV)   3,20,000
    Notes to Accounts
    Particulars Amount
    Rs.
    1. Employee benefits expenses  
    Wages (direct) 10,000
    Salaries 12,000
    Total 22,000
    2. Other expenses 20,000
    Selling and distribution expenses 28,000
    Loss on sale of fixed asset 20,000
    Total 68,000
  • 2)

    Calculate quick ratio: Total current liabilities Rs. 2,40,000; Total current assets Rs. 4,50,000; Inventories Rs. 70,000; Prepaid expenses Rs. 20,000.

  • 3)

    From the following information calculate debt equity ratio.

    Balance Sheet (Extract) as on 31st March, 2019
    Particulars Amount
    Rs.
    I. EQUITY AND LIABILITIES  
    1. Shareholders' funds  
    (a) Share capital  
    Equity share capital 6,00,000
    (b) Reserves and surplus 2,00,000
    2. Non-current liabilities  
    Long-term borrowings (Debentures) 6,00,000
    3. Current liabilities  
    (a) Trade payables 1,60,000
    (b) Other current liabilities  
    Outstanding expenses 40,000
    Total 16,00,000
  • 4)

    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 4,00,000
    5% Preference share capital 1,00,000
    (b) Reserves and surplus  
    General reserve 2,50,000
    Surplus 1,50,000
    2. Non-current liabilities  
    Long-term borrowings (6% Debentures) 3,00,000
    3. Current liabilities  
    (a) Trade payables 1,20,000
    Provision for tax 30,000
    Total 13,50,000
  • 5)

    From the given information calculate the inventory turnover ratio and inventory conversion period (in months) of Devi Ltd.

    Particulars Rs
    Revenue from operations 12,00,000
    Inventory at the beginning of the year 1,70,000
    Inventory at the end of the year 1,30,000
    Purchases made during the year 6,90,000
    Carriage inwards 20,000

12th Standard English Medium Accountancy Subject Financial Statement Analysis Book Back 5 Mark Questions with Solution Part - II - by Question Bank Software View & Read

  • 1)

    Prepare common-size statement of financial position of Saleem Ltd as on 31st March, 2017 and 31st March, 2018.

    Particulars 31st March2017 31st March 2018
      Rs. Rs.
    I EQUITY AND LIABILITIES    
    1. Shareholders’ fund    
    a) Share capital 5,00,000 6,00,000
    b) Reserves and surplus 4,00,000 3,60,000
    2. Non-current liabilities    
    Long-term borrowings 8,00,000 2,40,000
    3. Current liabilities    
    Trade payables 3,00,000  
    Total 20,00,000 12,00,000
    II ASSETS    
    1. Non-current assets    
    a) Fixed assets 10,00,000 6,00,000
    b) Non – current investments 5,00,000 2,40,000
    2. Current assets    
    Inventories 3,00,000 1,20,000
    Cash and cash equivalents 2,00,000 2,40,000
    Total 20,00,000 12,00,000
  • 2)

    From the following information, calculate trend percentages for Mullai Ltd

    Particulars Rs.in lakhs
      2015-16 2016-17 2017-18
    Revenue from operations 100 120 160
    Other income 20 24 20
    Expenses 20 14 40
    Income tax 30% 30% 30%
  • 3)

    Calculate trend percentages for the following particulars of Palai Ltd

    Particulars Rs.in lakhs
      Year 1 Year 2 Year 3
    I EQUITY AND LIABILITIES      
    Shareholders’ fund 250 275 300
    Non-current liabilities 100 125 100
    Current liabilities 50 40 80
    Total 400 440 480
    II ASSETS      
    Non-current assets 300 360 390
    Current assets 100 80 90
    Total 400 440 480
  • 4)

    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
  • 5)

    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

12th Standard English Medium Accountancy Subject Financial Statement Analysis Book Back 5 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

    Prepare common-size income statement for the following particulars of Sam Ltd.

    Particulars 2015-16
    Rs.
    2016-17
    Rs.
    Revenue from operations 4,00,000 5,00,000
    Other income 80,000 50,000
    Expenses 2,40,000 2,50,000
    Income tax 30% 30%
  • 2)

    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
  • 3)

    From the following particulars, calculate the trend percentages of Kala Ltd.

    Particulars Rs.in thousands
      2015-16 2016-17 2017-18
    Revenue from operations 400 500 600
    Other income 100 150 200
    Expenses 200 290 350
  • 4)

    From the following particulars, calculate the trend percentages of Kumar Ltd

    Particulars Rs.in thousands
      2015-16 2016-17 2017-18
    Revenue from operations 300 270 150
    Other income 50 80 60
    Expenses 250 200 125
    Income tax % 40 40 40
  • 5)

    From the following particulars, calculate the trend percentages of Babu Ltd.

    Particulars Rs.in thousands
      Year 1 Year 2 Year 3
    I EQUITY AND LIABILITIES      
    1. Shareholders’ Fund 100 127 106
    b) Reserves and surplus 30 30 45
    2. Non-current liabilities      
    Long-term borrowings 70 77 84
    3. Current liabilities      
    Trade payables 20 30 40
    Total 220 264 275
    II ASSETS      
    1. Non-current assets      
    a) Fixed assets 100 118 103
    b) Non current investments 40 50 60
    2. Current assets      
    Inventories 60 66 72
    Cash and cash equivalents 20 20 40
      20 30 40
    Total 220 264 275

12th Standard English Medium Accountancy Subject Company Accounts Book Back 5 Mark Questions with Solution Part - II - by Question Bank Software View & Read

  • 1)

    Shero Health Care Ltd. invited applications for 3,00,000 equity shares of Rs.10 each at a premium of Rs.2 per share payable as follows:
    Rs.3 on application
    Rs.5 (including premium) on allotment
    Rs.4 on first and final call
    There was over subscription and applications were received for 4,00,000 shares and the excess applications were rejected by the directors. All the money due were received. Pass the journal entries.

  • 2)

    Divya Ltd. allotted 10,000 equity shares of Rs.10 each at a premium of Rs.2 per share to applicants of 14,000 shares on a pro rata basis. The excess application money will be adjusted towards allotment money. The amount payable was Rs.2 on application, Rs.5 on allotment (including premium of Rs.2 each) and Rs.3 on first call and Rs.2 on final call. Vikas, a shareholder failed to pay the first call and final call on his 300 shares. All the shares were forfeited and out of them 200 shares were reissued @ Rs.9 per share. Pass the necessary journal entries.

  • 3)

    Sara Company issues 10,000 equity shares of Rs.10 each payable fully on application. Pass journal entries if the shares are issued
    (i) at par
    (ii) at a premium of Rs.2 per share.

  • 4)

    Progress Ltd. issued 50,000 ordinary shares of  Rs.10 each, payable Rs.2 on application, Rs.4 on allotment, Rs.2 on first call and Rs.2 on final call. All the shares are subscribed and amount was duly received. Pass journal entries.

  • 5)

    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.

12th Standard English Medium Accountancy Subject Company Accounts Book Back 5 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

    Keerthiga Company issued shares of 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) Mohan who holds 50 shares failed to pay the second and final call and his shares were forfeited.
    (ii) Mohan who holds 50 shares failed to pay the allotment money, first call and second and final call money and his shares were forfeited.
    (iii) Mohan who holds 50 shares failed to pay the allotment money and first call and his shares were forfeited after the first call.

  • 2)

    Thangam Ltd. issued 50,000 shares of Rs.10 each at a premium of Rs.2 per share payable as follows:

    On application Rs.5
    On allotment Rs.5 (including premium)
    On first and final call  Rs.2

    Issue was fully subscribed and the amounts due were received except Priya to whom 500 shares were allotted who failed to pay the allotment money and fist and final call money. Her shares were forfeited. All the forfeited shares were reissued to Devi at Rs.8 per share. Pass journal entries.

  • 3)

    Rajan Ltd. purchased machinery of Rs.6,00,000 from Jagan Traders. It issued equity shares of Rs.10 each fully paid in satisfaction of their claim. What entries will be made if such issue is made:
    (a) at par and
    (b) at a premium of 50%.

  • 4)

    Sampath company issued 25,000 shares at Rs.10 per share payable Rs.3 on application, Rs.4 on allotment, Rs.3 on first and final call. The public subscribed for 24,000 shares. The directors allotted all the 24,000 shares and received the money duly. Pass necessary journal entries.

  • 5)

    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.

12th Standard English Medium Accountancy Subject Retirement and Death of a Partner Book Back 5 Mark Questions with Solution Part - II - by Question Bank Software View & Read

  • 1)

    Sundar, Vivek and Pandian are partners, sharing profits in the ratio of 3:2:1. Their balance sheet as on 31st December, 2018 is as under:

    Balance Sheet as on 31st December, 2018
    Liabilities Rs. Rs. Asset Rs.
    Capital accounts:     Land 80,000
    Sundar 50,000   Stock 20,000
    Vivek 40,000   Debtors 30,000
    Pandian 10,000 1,00,000 Cash at bank 14,000
    General reserve   36,000 Profit and loss A/c (loss) 6,000
    Sundry creditors   14,000    
        1,50,000   1,50,000

    On 1.1.2019, Pandian died and on his death the following arrangements are made:
    (i) Stock to be depreciated by 10%
    (ii) Land is to be appreciated by Rs. 11,000
    (iii) Reduce the value of debtors by Rs. 3,000
    (iv) The final amount due to Pandian was not paid
    Prepare revaluation account, partners’ capital account and the balance sheet of the firm after death.

  • 2)

    Chandru, Vishal and Ramanan are partners in a firm sharing profits and losses equally. Their balance sheet as on 31st March, 2018 is as follows:

    Liabilities Rs Rs Asset Rs Rs
    Capital accounts:     Furniture   60,000
    Chandru 60,000   Machinery   1,20,000
    Vishal 70,000   Sundry debtors 33,000  
    Ramanan 70,000 2,00,000 Less: Provision for doubtful debts 3,000 30,000
    Bills payable   80,000 Bills receivable   50,000
          Cash at bank   20,000
        2,80,000     2,80,000

    Ramanan retired on 31st March 2019 subject to the following conditions:
    (i) Machinery is valued at Rs. 1,50,000
    (ii) Value of furniture brought down by Rs. 10,000
    (iii) Provision for doubtful debts should be increased to Rs. 5,000
    (iv) Investment of Rs. 30,000 not recorded in the books is to be recorded now.
    Pass necessary journal entries and prepare revaluation account.

  • 3)

    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.

  • 4)

    Rajesh, Sathish and Mathan are partners sharing profits and losses in the ratio of 3 : 2 : 1 respectively. Their balance sheet as on 31.3.2017 is given below

    Liabilities Rs Rs Asset Rs Rs
    Capital accounts:     Premises   4,00,000
    Rajesh 4,00,000   Machinery   4,20,000
    Sathish 3,00,000   Debtors   1,60,000
    Mathan 2,50,000 9,50,000 Stock   3,00,000
    General reserve   1,20,000 Cash at bank   20,000
    Creditors   50,000      
    Bills payable   1,80,000      
        13,00,000     13,00,000

    Mathan retires on 31st March, 2017 subject to the following conditions:
    (i) Rajsh and Sathish will share profits and losses in the ratio of 3:2
    (ii) Assets are to be revalued as follows:
    Machinery  Rs. 3,90,000, Stock Rs. 2,90,000, Debtors Rs. 1,52,000.
    (iii) Goodwill of the firm is valued at Rs. 1,20,000
    Prepare necessary ledger accounts and the balance sheet immediately after the retirement of Mathan.

  • 5)

    Vijayan, Sudhan and Suman are partners who share profits and losses in their capital ratio. Their balance sheet as on 31.12.2018 is as follows Balance Sheet as on 31.12.2018

    Liabilities

    Rs. Rs. Asset Rs.
    Capital accounts:     Building 80,000
    Vijayan 70,000   Stock 45,000
    Sudhan 50,000   Debtors 25,000
    Suman 30,000 1,50,000 Cash at bank 20,000
    General reserve   18,000 Cash in hand 15,000
    creditors   17,000    
        1,85,000   1,85,000

    Suman died on 31.3.2019. On the death of Suman, the following adjustments are made:
    (i) Building is to be valued at Rs. 1,00,000
    (ii) Stock to be depreciated by Rs. 5,000
    (iii) Goodwill of the firm is valued at Rs. 36,000
    (iv) Share of profit from the closing of the last financial year to the date of death on the
    basis of the average of the three completed years’
    profit before death. Profit for 2016, 2017 and 2018 were Rs. 40,000, Rs. 50,000 and Rs. 30,000 respectively.
    Prepare the necessary ledger accounts and the balance sheet immediately after the death of Suman.

12th Standard English Medium Accountancy Subject Retirement and Death of a Partner Book Back 5 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

    John, James and Raja are partners in a firm sharing profits and losses equally. Their balance sheet as on 31st March, 2019 is as follows:
    Raja retired on 31st March, 2019 subject to the following conditions:
    (i) Machinery is valued at Rs. 1,30,000
    (ii) Value of office equipment is brought down by Rs. 2,000
    (iii) Provision for doubtful debts should be increased to Rs. 3,000
    (iv) Investment of Rs. 25,000 not recorded in the books is to be recorded now
    Pass necessary journal entries and prepare revaluation account.

  • 2)

    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.

  • 3)

    Muthu, Murali and Manoj are partners in a firm and sharing profits and losses in the ratio 3 : 1 : 2. Their balance sheet as on 31st December, 2018 is given below:

    Liabilities Rs. Rs. Asset Rs. Rs.
    Capital accounts:     Machinery   45,000
    Muthu 20,000   Furniture   5,000
    Murali 25,000   Debtors   30,000
    Manoj 20,000 65,000 Stock   20,000
    General reserve   6,000      
    Creditors   29,000      
        1,00,000     1,00,000

    Manoj retires on 31st December, 2018 subject to the following conditions:
    (i) Muthu and Murali will share profits and losses in the ratio of 3 : 2
    (ii) Assets are to be revalued as follows:
    Machinery Rs. 43,000, stock Rs. 27,000, debtors Rs. 28,000.
    (iii) Goodwill of the firm is valued at Rs. 30,000
    (iv) The final amount due to Manoj is not paid immediately
    Prepare necessary ledger accounts and the balance sheet immediately after the retirement of Manoj.

  • 4)

    Ramesh, Ravi and Akash are partners who share profits and losses in their capital ratio. Their balance sheet as on 31.12.2017 is as follows:

    Balance Sheet as on 31st December, 2017
    Liabilities Rs. Rs. Asset Rs. Rs.
    Capital accounts:     Plant and machinery   45,000
    Ramesh 30,000   Stock   22,000
    Ravi 30,000   Debtors   15,000
    Akash 20,000 80,000 Cash at bank   10,000
    General reserve   8,000 Cash in hand   4,000
    Creditors   8,000      
        96,000     96,000

    Akash died on 31.3.2018. On the death of Akash, the following adjustments are made:
    (i) Plant and machinery is to be valued at Rs. 54,000
    (ii) Stock is to be depreciated by Rs. 1,000
    (iii) Goodwill of the firm is valued at Rs. 24,000
    (iv) Share of profit of Akash is to be calculated from the closing of the last financial year to the date of death on the basis of the average of the three completed years’ profit before death. Profit for 2015, 2016 and 2017 were Rs. 66,000, Rs. 60,000 and Rs. 66,000 respectively.
    Prepare the necessary ledger accounts and the balance sheet immediately after the death of Akash.

  • 5)

    Manju, Charu and Lavanya are partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. Their balance sheet as on 31st March, 2018 is as follows:

    Liabilities Rs Rs Asset Rs Rs
    Capital accounts:     Buildings   1,00,000
    Manju 70,000   Furniture   80,000
    Charu 70,000   Stock   60,000
    Lavanya 70,000 2,10,000 Debtors   40,000
    Sundry creditors   40,000 Bills receivable   50,000
    Profit and loss A/c   50,000 Cash at bank   20,000
        3,00,000     3,00,000

    Manju retired from the partnership firm on 31.03.2018 subject to the following adjustments:
    (i) Stock to be depreciated by Rs. 10,000
    (ii) Provision for doubtful debts to be created for Rs. 3,000.
    (iii) Buildings to be appreciated by Rs. 28,000
    Prepare revaluation account and capital accounts of partners after retirement

12th Standard English Medium Accountancy Subject Admission of a Partner Book Back 5 Mark Questions with Solution Part - II - by Question Bank Software View & Read

  • 1)

    Raghu and Sam are partners in a firm sharing profits and losses in the ratio of 3:2. Their balance sheet as on 31st March, 2017 is as follows:

    Liabilities Rs. Rs. Assets Rs. Rs.
    Capital accounts:     Machinery   30,000
    Raghu 40,000   Furniture   10,000
    Sam 30,000 70,000 Stock   10,000
    Sundry creditors   30,000 Debtors 21,000  
          Less: Provision for    
          doubtful debts 1,000 20,000
          Bank   30,000
        1,00,000     1,00,000

    Prakash is admitted on 1.4.2017 subject to the following conditions:
    (a) He has to bring a capital of Rs. 10,000
    (b) Machinery is valued at Rs. 24,000
    (c) Furniture to be depreciated by Rs. 3,000
    (d) Provision for doubtful debts should be increased to Rs. 3,000
    (e) Unrecorded trade receivables of  Rs. 1,000 would be brought into books now
    Pass necessary journal entries and prepare revaluation account and capital account of partners after admission.

  • 2)

    Vetri and Ranjit are partners, sharing profits in the ratio of 3:2. Their balance sheet as on 31st December 2017 is as under:

    Liabilities Rs. Rs. Assets Rs.
    Capital accounts:     Furniture 25,000
    Vetri 30,000   Stock 20,000
    Ranjit 20,000 50,000 Debtors 10,000
    Reserve fund   5,000 Cash in hand 35,000
    Sundry creditors   45,000 Profit and loss A/c (loss) 10,000
        1,00,000   1,00,000

    On 1.1.2018, they admit Suriya into their firm as a partner on the following arrangements.
    (i) Suriya brings Rs. 10,000 as capital for 1/4 share of profit.
    (ii) Stock to be depreciated by 10%
    (iii) Debtors to be revalued at Rs. 7,500.
    (iv) Furniture to be revalued at  Rs. 40,000.
    (v) There is an outstanding wages of Rs. 4,500 not yet recorded.
    Prepare revaluation account, partners’ capital account and the balance sheet of the firm after admission.

  • 3)

    Ameer and Raja are partners sharing profits in the ratio of 3:2. Their balance sheet is shown as under on 31.12.2018.

    Liabilities Rs. Rs. Assets Rs.
    Capital accounts:     Machinery 60,000
    Ameer 80,000   Furniture 40,000
    Raja 70,000 1,50,000 Debtors 30,000
    Reserve fund   15,000 Stock 10,000
    Creditors   35,000 Prepaid insurance 40,000
          Cash at bank 20,000
        2,00,000   2,00,000

    Rohit is admitted as a new partner who introduces a capital of Rs. 30,000 for his 1/5 share in future profits. He brings Rs. 10,000 for his share of goodwill.
    Following revaluations are made:
    (i) Stock is to be appreciated to Rs. 14,000
    (ii) Furniture is to be depreciated by 5%
    (iii) Machinery is to be revalued at Rs. 80,000
    Prepare the necessary ledger accounts and the balance sheet after the admission.

  • 4)

    Sai and Shankar are partners, sharing profits and losses in the ratio of 5:3. The firm’s balance sheet as on 31st December, 2017, was as follows:

    Liabilities Rs. Rs. Assets Rs. Rs.
    Capital accounts:     Building   34,000
    Sai 48,000   Furniture   6,000
    Shankar 40,000 88,000 Investment   20,000
    Creditors   37,000 Debtors 40,000  
    Outstanding wages   8,000 Less: Provision for
    bad debts
    3,000 37,000
          Bills receivable   12,000
          Stock   16,000
          Bank   8,000
        1,33,000     1,33,000

    On 31st December, 2017 Shanmugam was admitted into the partnership for 1/4 share of profit with Rs. 12,000 as capital subject to the following adjustments.
    (a) Furniture is to be revalued at Rs. 5,000 and building is to be revalued at Rs. 50,000.
    (c) Provision for doubtful debts is to be increased to Rs. 5,500
    (d) An unrecorded investment of Rs. 6,000 is to be brought into account
    (e) An unrecorded liability Rs. 2,500 has to be recorded now.
    Pass journal entries and prepare Revaluation Account and capital account of partners after admission.

  • 5)

    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 46,000 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, partner's capital account and the balance sheet of the firm after admission.

12th Standard English Medium Accountancy Subject Admission of a Partner Book Back 5 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

    The balance sheet of Rekha and Mary on 31st March 2018 is as follows:

    Liabilities Rs. Rs. Assets Rs.
    Capital accounts     Buildings 50,000
    Rekha 50,000   Stock 8,000
    Mary 30,000 80,000 Sundry debtors 60,000
    General reserve   40,000 Cash at bank 32,000
    Workmen compensation fund   10,000    
    Sundry creditors   20,000    
        1,50,000   1,50,000

    They share the profits and losses in the ratio of 3:1. They agreed to admit Kavitha into the partnership firm for 1/4 share of profit which she gets entirely from Rekha.
    Following are the conditions:
    (i) Kavitha has to bring Rs. 20,000 as capital. Her share of goodwill is valued at 4,000. She could not bring cash towards goodwill.
    (ii) Depreciate buildings by 10%
    (iii) Stock to be revalued at Rs. 6,000
    (iv) Create provision for doubtful debts at 5% on debtors
    Prepare necessary ledger accounts and the balance sheet after admission.

  • 2)

    Veena and Pearl are partners in a firm sharing profits and losses in the ratio of 2:1. Their balance sheet as on 31st March, 2018 is as follows:

    Liabilities Rs. Rs. Assets Rs.
    Capital accounts     Buildings 60,000
    Veena 60,000   Machinery 30,000
    Pearl 40,000 1,00,000 Debtors 20,000
    General reserve   30,000 Stock 10,000
    Workmen compensation fund   10,000 Cash at bank 30,000
    Sundry creditors   10,000    
        1,50,000   1,50,000

    Deri is admitted on 1.4.2018 subject to the following conditions:
    (a) The new profit sharing ratio among Veena, Pearl and Deri is 5 : 3 : 2.
    (b) Deri has to bring a capital of Rs. 30,000
    (c) Stock to be depreciated by 20%
    (d) Anticipated claim on workmen compensation fund is Rs. 1,000
    (e) Unrecorded investment of Rs. 11,000 has to be brought into books
    (f) The goodwill of the firm is valued at Rs. 30,000 and Deri brought cash for his share of goodwill.
    The existing partners withdraw the entire amount brought by Deri towards goodwill.
    Prepare the necessary ledger accounts and balance sheet after admission.

  • 3)

    Amal and Vimal are partners in a firm sharing profits and losses in the ratio of 7:5. Their balance sheet as on 31st March, 2019, is as follows:

    Liabilities Rs. Rs. Assets Rs.
    Capital accounts:     Land 80,000
    Amal 70,000   Furniture 20,000
    Vimal 50,000 1,20,000 Stock 25,000
    Sundry creditors   30,000 Debtors 30,000
    Profit and loss A/c   24,000 Bank 19,000
        1,74,000   1,74,000

    Nirmal is admitted as a new partner on 1.4.2018 by introducing a capital of Rs.30,000 for 1/3 share in the future profit subject to the following adjustments.
    (a) Stock to be depreciated by Rs. 5,000
    (b) Provision for doubtful debts to be created for Rs. 3,000
    (c) Land to be appreciated by Rs. 20,000
    Prepare revaluation account and capital account of partners after admission.

  • 4)

    Sundar and Suresh are partners sharing profits in the ratio of 3:2. Their balance sheet as on 1st January, 2017 was as follows:

    Liabilities Rs. Rs. Assets Rs.
    Capital accounts:     Buildings 40,000
    Sundar 30,000   Furniture 13,000
    Suresh 20,000 50,000 Stock 25,000
    Creditors   50,000 Debtors 15,000
    General reserve   10,000 Bills receivable 14,000
    Workmen compensation fund   15,000 Bank 18,000
        1,25,000   1,25,000

    They decided to admit Sugumar into partnership for 1/4 share in the profits on the following terms:
    (a) Sugumar has to bring in Rs. 30,000 as capital. His share of goodwill is valued at Rs. 5,000. He could not bring cash towards goodwill.
    (b) That the stock be valued at Rs. 20, 000.
    (c) That the furniture be depreciated by Rs. 2,000.
    (d) That the value of building be depreciated by 20%.
    Prepare necessary ledger accounts and the balance sheet after admission

  • 5)

    Anbu and Shankar are partners in a business sharing profits and losses in the ratio of 3:2. The balance sheet of the partners on 31.03.2018 is as follows:

    Liabilities Rs. Rs. Assets Rs.
    Capital accounts:     Computer 40,000
    Anbu 4,00,000   Motor car 1,60,000
    Shankar 3,00,000 7,00,000 Stock 4,00,000
    Profit and loss   1,20,000 Debtors 3,60,000
    Creditors   1,20,000 Bank 40,000
    Workmen compensation fund   60,000    
        10,00,000   10,00,000

    Rajesh is admitted for 1/5 share on the following terms:
    (i) Goodwill of the firm is valued at Rs. 75,000 and Rajesh brought cash for his share of goodwill.
    (ii) Rajesh is to bring Rs. 1,50,000 as his capital.
    (iii) Motor car is valued at Rs. 2,00,000; stock at Rs. 3,80,000 and debtors at Rs. 3,50,000.
    (iv) Anticipated claim on workmen compensation fund is Rs. 10,000
    (v) Unrecorded investment of Rs. 5,000 has to be brought into account.
    Prepare revaluation account, capital accounts and balance sheet after Rajesh’s admission. 

12th Standard English Medium Accountancy Subject Goodwill In Partnership Accounts Book Back 5 Mark Questions with Solution Part - II - by Question Bank Software View & Read

  • 1)

    From the following information, compute the value of goodwill as per annuity method:
    (a) Capital employed: Rs. 50,000
    (b) Normal rate of return: 10%
    (c) Profits of the years 2016, 2017 and 2018 were Rs. 13,000, Rs. 15,000 and Rs. 17,000 respectively.
    (d) The present value of annuity of Rs. 1 for 3 years at 10% is Rs. 2.4868.

  • 2)

    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

  • 3)

    From the following details, calculate the value of goodwill at 2 years purchase of super profit:
    (a) Total assets of a firm are Rs. 5,00,000
    (b) The liabilities of the firm are Rs. 2,00,000
    (c) Normal rate of return in this class of business is 12.5 %.
    (d) Average profit of the firm is Rs. 60,000

  • 4)

    Find out the value of goodwill by capitalising super profits:
    (a) Normal Rate of Return 10%
    (b) Profits for the last four years are Rs. 30,000, Rs. 40,000, Rs. 50,000 and Rs. 45,000.
    (c) A non-recurring income of Rs. 3,000 is included in the above mentioned profit of Rs. 30,000.
    (d) Average capital employed is Rs. 3,00,000.

  • 5)

    From the following information, find out the value of goodwill by capitalisation method:
    (i) Average profit Rs. 20,000
    (ii) Normal rate of return 10%
    (iii) Capital employed Rs. 1,50,000

12th Standard English Medium Accountancy Subject Goodwill In Partnership Accounts Book Back 5 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

    From the following details, calculate the value of goodwill at 2 years purchase of super profit:
    (a) Total assets of a firm are Rs. 5,00,000
    (b) The liabilities of the firm are Rs. 2,00,000
    (c) Normal rate of return in this class of business is 12.5 %.
    (d) Average profit of the firm is Rs. 60,000

  • 2)

    A partnership firm earned net profits during the last three years as follows:
    2016 : Rs. 20,000; 2017 : Rs. 17,000 and 2018 : Rs. 23,000
    The capital investment of the firm throughout the above mentioned period has been Rs. 80,000. Having regard to the risk involved, 15% is considered to be a fair return on capital employed in the business. Calculate the value of goodwill on the basis of 2 years purchase of super profit.

  • 3)

    From the following information, calculate the value of goodwill under annuity method:

    (i) Average profit Rs. 14,000
    (ii) Normal Profit Rs. 4,000
    (iii) Normal rate of return 15%
    (iv) Years of purchase of goodwill 5

    Present value of Rs. 1 for 5 years at 15% per annum as per the annuity table is 3.352.

  • 4)

    Find out the value of goodwill by capitalising super profits:
    (a) Normal Rate of Return 10%
    (b) Profits for the last four years are Rs. 30,000, Rs. 40,000, Rs. 50,000 and Rs. 45,000.
    (c) A non-recurring income of Rs. 3,000 is included in the above mentioned profit of Rs. 30,000.
    (d) Average capital employed is Rs. 3,00,000.

  • 5)

    From the following information, find out the value of goodwill by capitalisation method:
    (i) Average profit Rs. 20,000
    (ii) Normal rate of return 10%
    (iii) Capital employed Rs. 1,50,000

12th Standard English Medium Accountancy Subject Accounts of Partnership Firms-Fundamentals Book Back 5 Mark Questions with Solution Part - II - by Question Bank Software View & Read

  • 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
  • 3)

    Richard and Rizwan started a business on 1st January 2018 with capitals of Rs. 3,00,000 and Rs. 2,00,000 respectively. According to the Partnership Deed
    (a) Interest on capital is to be provided @ 6% p.a.
    (b) Rizwan is to get salary of Rs. 50,000 per annum.
    (c) Richard is to get 10% commission on profit (after interest on capital and salary to Rizwan) after charging such commission.
    (d) Profit-sharing ratio between the two partners is 3:2.
    During the year, the firm earned a profit of Rs. 3,00,000.
    Prepare profit and loss appropriation account. The firm closes its accounts on 31st December every year.

  • 4)

    Arun and Selvam are partners who maintain their capital accounts under fixed capital method. From the following particulars, prepare capital accounts of partner

    Particulars Arun
    Rs.
    Selvam
    Rs.
    Capital on 1st January, 2018 2,20,000 1,50,000
    Current account on 1st January, 2018 4,250(Dr.) 10,000(Cr.)
    Additional capital introduced during the year Nil 70,000
    Withdrew for personal use 10,000 20,000
    Interest on drawings 750 600
    Share of profit for 2018 22,000 15,000
    Interest on capital 1,100 750
    Commission 6,900 Nil
    Salary Nil 6,850
  • 5)

    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.

12th Standard English Medium Accountancy Subject Accounts of Partnership Firms-Fundamentals Book Back 5 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

    Bragathish and Naresh are partners who maintain their capital accounts under fixed capital method. From the following particulars, prepare capital accounts of partners.

    Particulars Bragathish
    Rs.

    Naresh
    Rs.

    Capital on 1st April 2018 4,00,000 6,00,000
    Current account on 1st April 2018 20,000(Cr.) 15,000(Dr.)
    Additional capital introduced during the 50,000 Nil
    Drawings made during the year 45,000 60,000
    Interest on drawings 2,000 3,000
    Share of profit for the year 80,000 1,20,000
    Interest on capital 20,000 30,000
    Commission 17,000 Nil
    Salary Nil 38,000
  • 2)

    Durai and Velan entered into a partnership agreement on 1st April 2018, Durai contributing Rs. 25,000 and Velan Rs. 30,000 as capital. The agreement provided that:
    (a) Profits and losses to be shared in the ratio 2:3 as between Durai and Velan.
    (b) Partners to be entitled to interest on capital @ 5% p.a.
    (c) Interest on drawings to be charged Durai: Rs. 300 Velan: Rs. 450
    (d) Durai to receive a salary of Rs. 5,000 for the year, and
    (e) Velan to receive a commission of Rs. 2,000
    During the year, the firm made a profit of Rs. 20,000 before adjustment of interest, salary and commission. Prepare the Profit and loss appropriation account.

  • 3)

    From the following information, prepare capital accounts of partners Rooban and Deri, when their capitals are fixed.

    Particulars

    Rooban

    Rs.

    Deri
    Rs.
    Capital on 1st April, 201 70,000 50,000
    Current account on 1st April, 2018 (Cr.) 25,000 15,000
    Additional capital introduced 18,000 16,000
    Drawings during 2018 – 2019 10,000 6,000
    Interest on drawings 500 300
    Share of profit for 2018 – 2019 35,000 25,800
    Interest on capital 3,500 2,500
    Salary Nil 18,000
    Commission 12,000 Nil
  • 4)

    From the following information, prepare capital accounts of partners Padmini and Padma, when their capitals are fluctuating.

    Particulars Padmini
    Rs.
    Padma
    Rs.
    Capital on 1st January 2018 (Cr. balance) 5,00,000 4,00,000
    Drawings during 2018 70,000 40,000
    Interest on drawings 2,000 1,000
    Share of profit for 2018 52,000 40,000
    Interest on capital 30,000 24,000
    Salary 45,000 Nil
    Commission Nil 21,000
  • 5)

    Antony and Ranjith started a business on 1st April 2018 with capitals of Rs. 4,00,000 and Rs. 3,00,000 respectively. According to the Partnership Deed, Antony is to get salary of Rs. 90,000 per annum, Ranjith is to get 25% commission on profit after allowing salary to Antony and interest on capital @ 5% p.a. but after charging such commission. Profit-sharing ratio between the two partners is 1:1. During the year, the firm earned a profit of Rs. 3,65,000.
    Prepare profit and loss appropriation account. The firm closes its accounts on 31st March every year.

12th Standard English Medium Accountancy Subject Accounts of Not-For-Profit Organisation Book Back 5 Mark Questions with Solution Part - II - by Question Bank Software View & Read

  • 1)

    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
  • 2)

    From the following Receipts and Payments Account of Friends Football club, for the year ending 31st March, 2017, prepare Income and Expenditure Account for the year ending 31st March, 2017 and the Balance sheet as on that date.
    In the books of Friends Football Club

    Dr. Receipts and Payments Account for the year ended 31st March, 2017 Cr.
    Receipts Rs. Rs. Payments Rs. Rs.
    To Balance b/d     By Furniture     7,000
    Cash 1,000   By Sports materials purchased   800
    Bank 10,000 11,000 By Special dinner expenses   1,500
    To Subscriptions   5,000 By Electricity charges   900
    To Legacies   6,000 By Balance c/d    
    To Collection for special     Cash in hand 1,800  
    dinner   2,000 Cash at bank 12,000 13,800
        24,000     24,000

    Additional information:
    (i) The club had furniture of Rs. 12,000 on 1st April 2016. Ignore depreciation on furniture.
    (ii) Subscription outstanding for 2016 - 2017 Rs. 600.
    (iii) Stock of sports materials on 31.03.2017 Rs. 100.
    (iv) Capital fund as on 1st April 2016 was Rs. 23,000.

  • 3)

    From the following Receipts and Payments account of Coimbatore Cricket Club for the year ending 31st March 2016, prepare income and expenditure account for the year ending 31st March, 2016 and a balance sheet as on that date.

    In the books of Coimbatore Cricket Club Receipts and Payments Account for the year ending 31st March, 2016
    Receipts Rs. Payments Rs.
    To Balance b/d:   By Maintenance 5,000
    Cash at bank 8,000 By Furniture 15,000
    To Subscriptions 11,000 By Tournament expenses 1,400
    To Sale of old bats and balls 100 By Secretary’s honorarium 4,500
    To Subscription for tournament 2,000 By Bats and balls 7,400
    To Legacies 20,000 By Balance c/d:  
        Cash at bank 7,800
      41,100   41,100

    Additional information:
    On 1st April, 2015 the club had stock of balls and bats Rs. 3,000 and an advance subscription of Rs. 500. Surplus on account of tournament should be kept in reserve for permanent pavilion.Subscription due on 31.03.2016 was Rs. 2,000. Stock of bats and balls on 31.3.2016 was Rs. 1,000.

  • 4)

    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.

  • 5)

    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    

12th Standard English Medium Accountancy Subject Accounts of Not-For-Profit Organisation Book Back 5 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

    Mayiladuthurai Recreation Club gives you the following details. Prepare Receipts and Payments account for the year ended 31st March, 2019.

    Particulars Rs. Particulars Rs.
    Opening cash balance 15,000 Salary of watchman 12,000
    Opening bank balance 25,000 Club annual day expenses 15,000
    Donations received 48,000 Lighting charges 16,500
    Sale of old equipment 26,000 Entertainment expenses 13,500
    Refreshment charges 13,000 Billiards table purchased 5,000
    Club annual day collections 18,000 Expenses of charity show 3,000
    Construction of tennis court 7,000 Sale of investments 12,000
    Receipts from charity show 4,000 Closing cash balance 12,000
    Rent paid 1,000    
  • 2)

    From the following receipts and payments account of Tenkasi Thiruvalluvar Manram, prepare income and expenditure account for the year ended 31st March, 2019.

    Receipts Rs. Payments Rs.
    To Balance b/d   By Salaries 20,000
    Cash in hand 14,000 By Rent 24,000
    To Interest received 5,000 By Travelling expenses 2,000
    To Subscription 55,000 By Printing and stationery 6,000
    To Legacies 48,000 By Investments made 50,000
    To Entrance fees 7,000 By Sports equipment purchased 33,000
    To Sale of furniture 16,000 By Balance c/d  
    (Book value: Rs.7,000)   Cash in hand 10,000
      1,45,000   1,45,000
  • 3)

    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 date.

    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 Rs. 30,000.
    (ii) Opening stock of sports material Rs. 3,000 and closing stock of sports material Rs. 5,000.

  • 4)

    Following is the Receipts and Payments account of Neyveli Science Club for the year ended 31st December, 2018

    Dr. Receipts and Payments Account for the year ended 31st December, 2018 Cr
    Receipts Rs. Payments Rs. Rs.
    To Balance b/d   By Balance b/d    
    Cash in hand 2,400 Bank overdraft   1,000
    To Subscription 8,700 By Postage expenses   200
    To Life membership fees 5,000 By Science equipments    
    To Exhibition fund receipts 7,000 purchased   10,000
    To Sale of science   By Laboratory expenses   2,400
    equipments (Book value Rs.5,000) 6,000 By Audit fees   3,600
    To Miscellaneous income 500 By General charges   1,800
        By Exhibition expenses   5,000
        By Balance c/d    
        Cash in hand 200  
        Cash at bank 400 600
        Cash at bank 400 600
      29,600     29,600

    Additional information:
    (i) Opening capital fund Rs. 6,400
    (ii) Subscription includes Rs. 600 for the year 2019
    (iii) Science equipment as on 1.1.2018 Rs. 5,000
    (iv) Surplus on account of exhibition should be kept in reserve for new auditorium.
    Prepare income and expenditure account for the year ended 31st December, 2018 and the balance sheet as on that date

  • 5)

    Following is the Receipts and payments account of Virudhunagar Volleyball Association for the year ended 31st December, 2018

    Dr. Receipts and Payments Account for the year ended 31st December, 2018 Cr.
    Receipts Rs. Rs. Payments Rs. Rs.
    To balance b/d     By Match expenses   25,000
    Cash in hand   5,000 By Upkeep of pavilion   17,000
    To Subscription     By Secretary’s honorarium   18,000
    2017 10,000   By Bats and balls purchased   22,000
    2018 55,000   By Grass seeds   2,000
    2019 5,000 70,000 By Fixed deposit   58,000
    To Donations   40,000 By Sundry expenses    
    To Match fund receipts   30,000 By Balance c/d    
    To Interest on fixed deposit   8,000 Cash in hand 7,000  
    To Miscellaneous receipts   5,000 Cash at bank 6,000 13,000
        1,58,000     1,58,000

    Additional information:
    (i) On 1.1.2018, the association owned investments Rs. 10,000, premises and grounds Rs. 40,000, stock of bats and balls Rs. 5,000.
    (ii) Subscription Rs. 5,000 related to 2017 is still due.
    (iii) Subscription due for the year 2018,Rs. 6,000.
    Prepare income and expenditure account for the year ended 31st December, 2018 and the balance sheet as on that date

12th Standard English Medium Accountancy Subject Accounts From Incomplete Records Book Back 5 Mark Questions with Solution Part - II - by Question Bank Software View & Read

  • 1)

    Ahmed does not keep proper books of accounts. Find the profit or loss made by him for the year ending 31st March, 2018.

    Particulars 1.4.2017
    Rs
    31.3.2018
    Rs
    Bank balance 14,000 (Cr.) 18,000 (Dr.)
    Cash in hand 800 1,500
    Stock 12,000 16,000
    Debtors 34,000 30,000
    Plant 80,000 80,000
    80,000 40,000 40,000
    Creditors 60,000 72,000

    Ahmed had withdrawn Rs. 40,000 for his personal use. He had introduced Rs.16,000 as capital for expansion of his business. A provision of 5% on debtors is to be made. Plant is to be depreciated at 10%.

  • 2)

    From the following details of Abdul 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 1.4.2017
    Rs.
    31.3.2018
    Rs.
    Stock 1,00,000 50,000
    Sundry debtors 2,50,000 3,50,000
    Cash 25,000 40,000
    Furniture 10,000 10,000
    Sundry creditors 1,50,000 1,75,000
    Other details:
      Rs.   Rs.
    Drawings 40,000 Cash received from debtors 5,35,000
    Discount received 20,000 Sundry expenses 30,000
    Discount allowed 25,000 Capital as on 1.4.2017 2,35,000
    Cash paid to creditors 4,50,000    
  • 3)

    Arjun carries on grocery business and does not keep his books on double entry basis. The following particulars have been extracted from his books:

    Particulars 1-4-2018
    Rs.
    31-3-2019
    Rs.
    Plant and machinery 20,000 20,000
    Stock 9,000 16,000
    Sundry debtors 2,000 5,300
    Sundry creditors 5,000 4,000
    Cash at bank 4,000 6,000

    Other information for the year ending 31-3-2019 showed the following

      Rs.
    Advertising 4,700
    Carriage inwards 8,000
    Cash paid to creditors 64,000
    Drawings 2,000

    Total sales during the year were Rs. 85,000. Purchases returns during the year were Rs. 2,000 and sales returns were Rs.1,000. Depreciate plant and machinery by 5%. Provide Rs. 300 for doubtful debts. Prepare trading and profit and loss account for the year ending 31st March, 2019 and a balance sheet as on the date.

  • 4)

    Ananth does not keep his books under double entry system. Find the profit or loss made by him for the year ending 31st March, 2019.

    Particulars 31.3.2018
    Rs.
    31.3.2019
    Rs.
    Cash at Bank 5,000 (Dr.) 60,000 (Cr.)
    Cash in hand 3,000 4,500
    Stock of goods 35,000 45,000
    Sundry Debtors 1,00,000 90,000
    Plant and Machinery 80,000 80,000
    Land and Buildings 1,40,000 1,40,000
    Sundry Creditors 1,70,000 1,30,000

    Ananth had withdrawn Rs. 60,000 for his personal use. He had introduced Rs. 17,000 as capital for expansion of his business. Create a provision of 5% on debtors. Plant and machinery is to be depreciated at 10%.

  • 5)

    From the following details of Rakesh, prepare Trading and Profit and Loss account for the year ended 31st March, 2019 and a Balance Sheet as on that date.

    Particulars 31.3.2018
    Rs.
    31.3.2019
    Rs.
    Stock of goods 2,20,000 1,60,000
    Debtors 5,30,000 6,40,000
    Cash at bank 60,000 10,000
    Machinery 80,000 80,000
    Sundry creditors 3,70,000 4,20,000

    Other details:

    Particulars Rs. Particulars Rs.
    Rent paid 1,20,000 Cash received from debtors 12,50,000
    Discount received 35,000 Drawings 1,00,000
    Discount allowed 25,000 Cash sales 20,000
    Cash paid to creditors 11,00,000 Capital as on 1.4.2018 5,20,000

12th Standard English Medium Accountancy Subject Accounts From Incomplete Records Book Back 5 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 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

    Other Information:

    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:  Rs
    (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)

    Pandian does not keep his books under double entry system. From the following information prepare trading and profit and loss account 

      1-1-2018
    Rs.
    31-12-2018
    Rs.
    Furniture 30,000 30,000
    Cash in hand 10,000 17,000
    Debtors 40,000 60,000
    Stock 28,000 11,000
    Bills receivable 12,000 35,100
    Bank loan 25,000 25,000
    Creditors 15,000 16,000
      Rs.   Rs.
    Cash sales 11,200 Credit sales 88,800
    Cash purchases 4,250 Credit purchases 35,750
    Carriage on purchases 3,000 Carriage on sales 700
    Commission received 600 Interest on bank loan 2,500
    Drawings 8,000 Additional capital 14,000
    Salaries 8,900 Office rent 2,400

    Adjustments:
    Write off depreciation of 5% on furniture. Create a provision of 1% on debtors for doubtful debts.

  • 3)

    From the following details you are required to calculate credit sales and credit purchases by preparing total debtors account, total creditors account, bills receivable account and bills payable account

    Particulars Rs. Particulars Rs.
    Balances as on 1st April 2018   Balances as on 31st March 2019  
    Sundry debtors 2,40,000 Sundry debtors 2,20,000
    Bills receivable 30,000 Sundry creditors 1,50,000
    Sundry creditors 1,20,000 Bills receivable 8,000
    Bills payable 10,000 Bills payable 20,000
    Other information Rs.    
    Cash received from debtors 6,00,000 Payments against bill payable 30,000
    Discount allowed to customers 25,000 Cash received for bills receivable 60,000
    Cash paid to creditors 3,20,000 Bills receivable dishonoured 4,000
    Discount allowed by suppliers 10,000 Bad debts 16,000
  • 4)

    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.

  • 5)

    Selvam does not keep his books under double entry system. From the following information prepare trading and Profit and loss A/c and Balance Sheet as on 31-12-2018

    Particulars 1-1-2018
    Rs.
    31-12-2018
    Rs.
    Machinery 60,000 60,000
    Cash at bank 25,000 33,000
    Sundry debtors 70,000 1,00,000
    Stock 45,000 22,000
    Bills receivable 20,000 38,000
    Bank loan 45,000 45,000
    Sundry creditors 25,000 21,000

     

    Particulars Rs. Particulars Rs.
    Cash sales 20,000 Credit sales 1,80,000
    Cash purchases 8,000 Credit purchases 52,000
    Wages 6,000 Salaries 23,500
    Advertisement 7,000 Interest on bank loan 4,500
    Drawings 60,000 Additional capital 21,000

    Adjustments:
    Write off depreciation of 10% on machinery. Create a reserve of 1% on debtors for doubtful debts.

12th Standard English Medium Accountancy Subject Computerized Accounting System - Tally Book Back 3 Mark Questions with Solution Part - II - by Question Bank Software View & Read

  • 1)

    Write a brief note on accounting vouchers.

  • 2)

    What are the pre-defined ledgers available in Tally.ERP 9?

  • 3)

    Mention the commonly used voucher types in Tally.ERP 9.

  • 4)

    Explain how to view profit and loss statement in Tally.ERP 9.

  • 5)

    Explain any five applications of computerised accounting system.

12th Standard English Medium Accountancy Subject Computerized Accounting System - Tally Book Back 3 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

    Write a brief note on accounting vouchers.

  • 2)

    What are the pre-defined ledgers available in Tally.ERP 9?

  • 3)

    Mention the commonly used voucher types in Tally.ERP 9.

  • 4)

    Explain how to view profit and loss statement in Tally.ERP 9.

  • 5)

    Explain any five applications of computerised accounting system.

12th Standard English Medium Accountancy Subject Ratio Analysis Book Back 3 Mark Questions with Solution Part - II - by Question Bank Software View & Read

  • 1)

    What is inventory conversion period? How is it calculated?

  • 2)

    State any three advantages of ratio analysis.

  • 3)

    From the following Balance Sheet of Arunan Ltd. as on 31.03.2019 calculate
    (i) Debt-equity ratio
    (ii) Proprietary ratio and
    (iii) Capital gearing ratio.

    Balance Sheet of Arunan Ltd. as on 31.03.2019
    Particulars Rs.
    I EQUITY AND LIABILITIES  
    1. Shareholders' funds  
      (a) Share capital  
        Equity share capital 1,50,000
        8% Preference share capital 2,00,000
      (b) Reserves and surplus 1,50,000
    2. Non current liabilities  
        Long term borrowings (9% Debentures) 4,00,000
    3. Current liabilities  
        Short-term borrowings from banks 25,000
        Trade payables 75,000
    Total 10,00,000
    II ASSETS  
    1. Non-current assets  
      Fixed assets 7,50,000
    2. Current assets  
      (a) Inventories 1,20,000
      (b) Trade receivables 1,00,000
      (c) Cash and cash equivalents 27,500
      (d) Other current assets  
        Expenses paid in advance 2,500
    Total 10,00,000
  • 4)

    The credit revenue from operations of Harini Ltd. amounted to Rs.9,60,000. Its debtors and bills receivable at the end of the accounting period amounted to Rs.1,00,000 and Rs.60,000 respectively. Calculate trade receivable turnover ratio and also collection period in months.

  • 5)

    From the following information of Ashika Ltd., calculate fixed assets turnover ratio:
    (i) Revenue from operations during the year were Rs.60,00,000.
    (ii) Fixed assets at the end of the year was Rs.6,00,000.

12th Standard English Medium Accountancy Subject Ratio Analysis Book Back 3 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

    How is operating profit ascertained?

  • 2)

    Bring out the limitations of ratio analysis.

  • 3)

    From the given information calculate the inventory turnover ratio and inventory conversion period (in months) of Sania Ltd.

    Particulars Rs.
    Revenue from operations 1,90,000
    Inventory at the beginning of the year 40,000
    Inventory at the end of the year 20,000
    Purchases made during the year 90,000
    Carriage inwards 10,000
  • 4)

    From the following figures obtained from Kalpana Ltd, calculate the trade payables turnover ratio and credit payment period (in days).

    Particulars Rs.
    Credit purchases during 2018 – 2019 1,00,000
    Trade creditors as on 1.4.2018 20,000
    Trade creditors as on 31.3.2019 10,000
    Bills payable as on 1.4.2018 4,000
    Bills payable as on 31.3.2019 6,000
  • 5)

    Calculate
    (i) Inventory turnover ratio
    (ii) Trade receivable turnover ratio
    (iii) Trade payable turnover ratio and
    (iv) Fixed assets turnover ratio from the following information obtained from Delphi Ltd.

    Particulars As on
    31st March, 2018
    Rs.
    As on
    31st March, 2019
    Rs.
    Inventory 1,40,000 1,00,000
    Trade receivables 80,000 60,000
    Trade payables 40,000 50,000
    Fixed assets 5,50,000 5,00,000

    Additional information:
    (i) Revenue from operations for the year Rs.10,50,000
    (ii) Purchases for the year Rs.4,50,000
    (iii) Cost of revenue from operations Rs.6,00,000.
    Assume that sales and purchases are for credit.

12th Standard English Medium Accountancy Subject Financial Statement Analysis Book Back 3 Mark Questions with Solution Part - II - by Question Bank Software View & Read

  • 1)

    From the following particulars of Kumar Ltd, prepare a common-size income statement for the year ended 31st March, 2018.

    Particulars 2017-18
      Rs.
    Revenue from operations 5,00,000
    Other income 20,000
    Expenses 3,00,000
  • 2)

    From the following particulars of Siva Ltd, prepare common size income statement for the years ended 31st March, 2016 and 31st March, 2017.

    Particulars 2015-16 2016-17
      Rs. Rs.
    Revenue from operations 2,00,000 3,00,000
    Other income 25,000 75,000
    Expenses 2,50,000 1,50,000
    Income tax % 40 40
  • 3)

    Prepare common-size balance sheet of Sharmila Ltd. and Sangeetha Ltd. as on 31st March, 2019.

    Particulars Sharmila Ltd Sangeetha Ltd
      Rs. Rs.
    I EQUITY AND LIABILITIES    
    Shareholders’ funds 5,00,000 11,00,000
    Non-current liabilities 4,00,00 7,00,000
    Current liabilities 1,00,000 2,00,000
    Total 10,00,000 20,00,000
    II ASSETS    
    Non-current assets 6,50,000 18,00,000
    Current assets 3,50,000 2,00,000
    Total 10,00,000 20,00,000
  • 4)

    Write a short note on cash flow analysis.

  • 5)

    Explain the steps involved in preparing comparative statement

12th Standard English Medium Accountancy Subject Financial Statement Analysis Book Back 3 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

    From the following particulars of Mani Ltd an Kani Ltd prepare a common-size income statement for the year ended 31st March, 2019

    Particulars Mani Ltd Kani Ltd
      Rs. Rs.
    Revenue from operations 2,00,000 2,50,000
    Other income 30,000 25,000
    Expenses 1,10,000 1,25,000
  • 2)

    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
  • 3)

    ‘Financial statements are prepared based on the past data’. Explain how this is a limitation.

  • 4)

    Briefly explain any three limitations of financial statements

  • 5)

    Explain the procedure for preparing common-size statement

12th Standard English Medium Accountancy Subject Company Accounts Book Back 3 Mark Questions with Solution Part - II - by Question Bank Software View & Read

  • 1)

    Muthu was holding 20 equity shares of Rs.10 each on which he paid Rs.2 on application but could not pay Rs.3 on allotment and Rs.1 on first call. Directors forfeited the shares after the first call. Give journal entry for recording the forfeiture of shares.

  • 2)

    Maruthu Ltd. forfeited 150 equity shares of  Rs.10 each for non payment of final call of Rs.4 per share. Of these 100 shares were reissued @ Rs.9 per share. Pass journal entries for forfeiture and reissue.

  • 3)

    Jenifer Ltd. issued 10,000 equity shares of Rs.10 each at par payable on application Rs.3 per share, on allotment Rs.3 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 100 shares held by Subbu, who failed to pay the second and final call. His shares were forfeited and reissued to Hema at Rs.7 per share. Journalise the above transactions.

  • 4)

    State the differences between preference shares and equity shares.

  • 5)

    What is reissue of forfeited shares?

12th Standard English Medium Accountancy Subject Company Accounts Book Back 3 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

    Maruthu Ltd. forfeited 150 equity shares of  Rs.10 each for non payment of final call of Rs.4 per share. Of these 100 shares were reissued @ Rs.9 per share. Pass journal entries for forfeiture and reissue.

  • 2)

    Jenifer Ltd. issued 10,000 equity shares of Rs.10 each at par payable on application Rs.3 per share, on allotment Rs.3 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 100 shares held by Subbu, who failed to pay the second and final call. His shares were forfeited and reissued to Hema at Rs.7 per share. Journalise the above transactions.

  • 3)

    State the differences between preference shares and equity shares.

  • 4)

    What is reissue of forfeited shares?

  • 5)

    What is meant by issue of shares for consideration other than cash?

12th Standard English Medium Accountancy Subject Retirement and Death of a Partner Book Back 3 Mark Questions with Solution Part - II - by Question Bank Software View & Read

  • 1)

    Ramya, Sara and Thara are partners sharing profits and losses in the ratio of 5:3:2. On 1st April 2018, Thara retires and on retirement, the following adjustments are agreed upon:
    (i) Increase the value of premises by Rs. 40,000.
    (ii) Depreciate stock by Rs. 3,000 and machinery by Rs. 6,500.
    (iii) Provide an outstanding liability of Rs. 500
    Pass journal entries and prepare revaluation account.

  • 2)

    Justina, Navi and Rithika are partners sharing profits and losses equally. On 31.3.2019, Rithika retired from the partnership firm. Profits of the preceding years is as follows:
    2016: Rs. 5,000; 2017: Rs. 10,000 and 2018: Rs. 30,000
    Find out the share of profit of Ritika for the year 2019 till the date of retirement if
    (a) Profit is to be distributed on the basis of the previous year’s profit
    (b) Profit is to be distributed on the basis of the average profit of the past 3 years
    Also pass necessary journal entries by assuming that partners’ capitals are fluctuating. Accountancy

  • 3)

    Rathna, Baskar and Ibrahim are partners sharing profits and losses in the ratio of 2:3:4 respectively. Rathna died on 31st December, 2018. Final amount due to her showed a credit balance of Rs. 1,00,000. Pass journal entries if,
    (a) The amount due is paid off immediately by cheque.
    (b) The amount due is not paid immediately.
    (c) Rs. 60,000 is paid immediately by cheque.

  • 4)

    Distinguish between sacrificing ratio and gaining ratio.

  • 5)

    Akash, Mugesh and Sanjay are partners in a firm sharing profits and losses in the ratio of 3:2:1. Their balance sheet as on 31st March, 2017 is as follows:

    Liabilities Rs. Rs. Asset Rs.
    Capital accounts:     Buildings 1,10,000
    Akash 40,000   Vehicle 30,000
    Mugesh 60,000   Stock in trade 26,000
    Sanjay 30,000 1,50,000 Debtors 25,000
    Profit and loss appropriation A/c   12,000 Cash in hand 15,000
    General reserve   24,000    
    Workmen compensation fund   18,000    
    Bills payable   2,000    
        2,06,000   2,06,000

    Pass journal entry to transfer accumlatetd Profit and prepare the capital account of the partners

12th Standard English Medium Accountancy Subject Retirement and Death of a Partner Book Back 3 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

    What are the ways in which the final amount due to an outgoing partner can be settled?

  • 2)

    Roja, Neela and Kanaga are partners sharing profits and losses in the ratio of 4:3:3. On 1st April 2017, Roja retires and on retirement, the following adjustments are agreed upon.
    (i) Increase the value of building by Rs. 30,000.
    (ii) Depreciate stock by Rs. 5,000 and furniture by Rs. 12,000.
    (iii) Provide an outstanding liability of Rs. 1,000
    Pass journal entries and prepare revaluation account.

  • 3)

    Rajan, Suman and Jegan were partners in a firm sharing profits and losses in the ratio of 4:3:2. Suman retired from partnership. The goodwill of the firm on the date of retirement was valued at Rs. 45,000. Pass necessary journal entries for goodwill on the assumption that the fluctuating capital method is followed.

  • 4)

    Rani, Jaya and Rathi are partners sharing profits and losses in the ratio of 2 : 2 : 1. On 31.3.2018, Rathi retired from the partnership. Profit of the preceding years is as follows: 2014: 10,000; 2015: Rs. 20,000; 2016: Rs.18,000 and 2017: Rs. 32,000 Find out the share of profit of Rathi for the year 2018 till the date of retirement if
    (a) Profit is to be distributed on the basis of the previous year’s profit
    (b) Profit is to be distributed on the basis of the average profit of the past 4 years
    Also pass necessary journal entries by assuming partners capitals are fluctuating.

  • 5)

    Janani, Janaki and Jamuna are partners sharing profits and losses in the ratio of 3:3:1 respectively. Janaki died on 31st December, 2017. Final amount due to her showed a credit balance of Rs. 1,40,000. Pass journal entries if,
    (a) The amount due is paid off immediately.
    (b) The amount due is not paid immediately.
    (c) Rs. 75, 000 is paid and the balance in future.

12th Standard English Medium Accountancy Subject Admission of a Partner Book Back 3 Mark Questions with Solution Part - II - by Question Bank Software View & Read

  • 1)

    Rathna Kumar and Arockia Das are partners in a firm sharing profits and losses in the ratio of 3:2. Their balance sheet as on 31st March, 2017 is as follows:

    Liabilities Rs. Rs. Assets Rs.
    Capital accounts:     Buildings 30,000
    Rathna Kumar 30,000   Plant 60,000
    Arockia Das 50,000 80,000 Furniture 20,000
    Profit and loss appropriation A/c   20,000 Debtors 10,000
    General reserve   5,000 Stock 15,000
    Workmen compensation fund   15,000 Cash at bank 15,000
    Sundry creditors   30,000    
        1,50,000   1,50,000

    David was admitted into the partnership on 1.4.2017. Pass journal entry to distribute the accumulated profits and reserve on admission.

  • 2)

    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.

  • 3)

    Sriram and Raj are partners sharing profits and losses in the ratio of 2:1. Nelson joins as a partner on 1st April 2017. The following adjustments are to be made:
    (i) Increase the value of stock by Rs. 5,000
    (ii) Bring into record investment of Rs. 7,000 which had not been recorded in the books of the firm.
    (iii) Reduce the value of office equipment by Rs. 10,000
    (iv) A provision would also be made for outstanding wages for Rs. 9,500.
    Give journal entries and prepare revaluation account.

  • 4)

    Amudha and Bhuvana are partners who share profits and losses in the ratio of 5:3. Chithra joins the firm on 1st January, 2019 for 3/8 share of profits and brings in cash for her share of goodwill of Rs. 8,000. Pass necessary journal entry for adjusting goodwill on the assumption that the fluctuating capital method is followed and the partners withdraw the entire amount of their share of goodwill.

  • 5)

    Arun, Babu and Charles are partners sharing profits and losses equally. They admit Durai into partnership for 1/4 share in future profits. The goodwill of the firm is valued at Rs. 36,000 and Durai brought cash for his share of goodwill. The existing partners withdraw half of the amount of their share of goodwill. Pass necessary journal entries on the assumption that the fluctuating capital method is followed.

12th Standard English Medium Accountancy Subject Admission of a Partner Book Back 3 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

    Seenu and Siva are partners sharing profits and losses in the ratio of 5:3. In the view of Kowsalya admission, they decided
    (a) To increase the value of building by Rs. 40,000.
    (b) To bring into record investments at Rs. 10,000, which have not so far been brought in to account.
    (c) To decrease the value of machinery by Rs. 14,000 and furniture by Rs. 12,000.
    (d) To write off sundry creditors by Rs. 16,000.
    Pass journal entries and prepare revaluation account

  • 2)

    Deepak, Senthil and Santhosh are partners sharing profits and losses equally. They admit Jerald into partnership for 1/3 share in future profits. The goodwill of the firm is valued at Rs.45,000 and Jerald brought cash for his share of goodwill. The existing partners withdraw half of the amount of their share of goodwill. Pass necessary journal entries for adjusting goodwill on the assumption that the fluctuating capital method is followed.

  • 3)

    Malathi and Shobana are partners sharing profits and losses in the ratio of 5:4. They admit Jayasri into partnership for 1/3 share of profit. Jayasri pays cash Rs. 6,000 towards her share of goodwill. The new ratio is 3:2:1. Pass necessary journal entry for adjusting goodwill on the assumption that the fixed capital method is followed.

  • 4)

    Anu and Arul were partners in a firm sharing profits and losses in the ratio of 4:1. They have decided to admit Mano into the firm for 2/5 share of profits. The goodwill of the firm on the date of admission was valued at Rs.25,000. Mano is not able to bring in cash for his share of goodwill. Pass necessary journal entry for goodwill on the assumption that the fluctuating capital method is followed.

  • 5)

    Varun and Barath are partners sharing profits and losses 5:4. They admit Dhamu into partnership. The new profit sharing ratio is agreed at 1:1:1. Dhamu’s share of goodwill is valued at Rs. 15,000 of which he pays Rs .10,000 in cash. Pass necessary journal entries for adjustment of goodwill on the assumption that the fluctuating capital method is followed.

12th Standard English Medium Accountancy Subject Goodwill In Partnership Accounts Book Back 3 Mark Questions with Solution Part - II - by Question Bank Software View & Read

  • 1)

    The profits and losses of a firm for the last four years were as follows:
    2015: Rs. 15,000; 2016: Rs. 17,000; 2017: Rs. 6,000 (Loss); 2018: Rs. 14,000
    You are required to calculate the amount of goodwill on the basis of 5 years purchase of average profits of the last 4 years.

  • 2)

    The following particulars are available in respect of a business carried on by a partnership firm:
    (a) Profits earned: 2016: Rs. 30,000; 2017: Rs. 29,000 and 2018: Rs. 32,000.
    (b) Profit of 2016 includes a non-recurring income of Rs. 3,000.
    (c) Profit of 2017 is reduced by Rs. 2,000 due to stock destroyed by fire.
    (d) The stock is not insured. But, it is decided to insure the stock in future. The insurance premium is estimated at Rs. 5,600 per annum.
    You are required to calculate the value of goodwill on the basis of 2 years purchase of average profits of the last three years.

  • 3)

    From the following information, calculate the value of goodwill based on 3 years purchase of super profit
    (i) Capital employed: Rs. 2,00,000
    (ii) Normal rate of return: 15%
    (iii) Average profit of the business: Rs. 42,000

  • 4)

    From the following information relating to a partnership firm, find out the value of its goodwill based on 3 years purchase of average profits of the last 4 years:
    (a) Profits of the years 2015, 2016, 2017 and 2018 are Rs. 10,000, Rs. 12,500, Rs. 12,000 and Rs. 11,500 respectively.
    (b) The business was looked after by a partner and his fair remuneration amounts to Rs. 1,500 per year. This amount was not considered in the calculation of the above profits.

  • 5)

    The following particulars are available in respect of the business carried on by a partnership firm:
    (i) Profits earned: 2016: Rs. 25,000; 2017: Rs. 23,000 and 2018: Rs. 26,000.
    (ii) Profit of 2016 includes a non-recurring income of Rs. 2,500.
    (iii) Profit of 2017 is reduced by Rs. 3,500 due to stock destroyed by fire.
    (iv) The stock was not insured. But, it is decided to insure the stock in future. The insurance premium is estimated to be Rs. 250 per annum.
    You are required to calculate the value of goodwill of the firm on the basis of 2 years purchase of average profits of the last three years.

12th Standard English Medium Accountancy Subject Goodwill In Partnership Accounts Book Back 3 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

    From the following information relating to a partnership firm, find out the value of its goodwill based on 3 years purchase of average profits of the last 4 years:
    (a) Profits of the years 2015, 2016, 2017 and 2018 are Rs. 10,000, Rs. 12,500, Rs. 12,000 and Rs. 11,500 respectively.
    (b) The business was looked after by a partner and his fair remuneration amounts to Rs. 1,500 per year. This amount was not considered in the calculation of the above profits.

  • 2)

    The following particulars are available in respect of the business carried on by a partnership firm:
    (i) Profits earned: 2016: Rs. 25,000; 2017: Rs. 23,000 and 2018: Rs. 26,000.
    (ii) Profit of 2016 includes a non-recurring income of Rs. 2,500.
    (iii) Profit of 2017 is reduced by Rs. 3,500 due to stock destroyed by fire.
    (iv) The stock was not insured. But, it is decided to insure the stock in future. The insurance premium is estimated to be Rs. 250 per annum.
    You are required to calculate the value of goodwill of the firm on the basis of 2 years purchase of average profits of the last three years.

  • 3)

    How is goodwill calculated under the super profits method?

  • 4)

    Compute average profit from the following information.
    2016: Rs. 8,000; 2017: Rs. 10,000; 2018: Rs. 9,000

  • 5)

    Find out the value of goodwill at three years purchase of weighted average profit of last four year.

    Year Profit
    Rs.
    Weight
    2015 10,000 1
    2016 12,000 2
    2017 16,000 3
    2018 18,000 4

    Purchase of super profit method.

12th Standard English Medium Accountancy Subject Accounts of Partnership Firms-Fundamentals Book Back 3 Mark Questions with Solution Part - II - by Question Bank Software View & Read

  • 1)

    From the following balance sheets of Subha and Sudha who share profits and losses equally, calculate interest on capital at 6% p.a. for the year ending 31st December 2017.

    Balance sheet as on 31st December 2017
    Liabilities Rs. Assets Rs.
    Capital accounts:   Fixed assets 30,000
    Subha 15,000 Current assets 20,000
    Sudha 20,000    
      15,000    
      50,000   50,000

    Drawings of Subha and Sudha during the year were Rs. 2,500 and Rs. 3,500 respectively. Profit earned during the year was Rs. 15,000.

  • 2)

    A and B contribute Rs. 4,00,000 and Rs. 2,00,000 respectively as capital. Their respective share of profit is 3:2 and the profit before interest on capital for the year is Rs. 27,000. Compute the amount of interest on capital in each of the following situations:
    (i) if the partnership deed is silent as to the interest on capital
    (ii) if interest on capital @ 3% is allowed as per the partnership deed
    (iii) if the partnership deed allows interest on capital @ 5% p.a.

  • 3)

    Arul is a partner in a partnership firm. As per the partnership deed, interest on drawings is charged at 12% p.a. During the year ended 31st December 2018 he drew as follows:

    Date Rs.
    March 1 3,000
    June 1 3,000
    September 1 3,000
    December 1 3,000

    Calculate the amount of interest on drawings. 

  • 4)

    John is a partner in a firm. He withdraws Rs.1,000 p.m. regularly. Interest on drawings is charged @ 5% p.a. Calculate the interest on drawings using average period, if he draws
    (i) at the beginning of every month
    (ii) in the middle of every month
    (iii) at the end of every month

  • 5)

    Arulappan and Nallasamy are partners in a firm sharing profits and losses in the ratio of 4:1. On 1st January 2018, their capitals were Rs. 20,000 and Rs. 10,000 respectively. The partnership deed specifies the following:
    (a) Interest on capital is to be allowed at 5% per annum.
    (b) Interest on drawings charged to Arulappan and Nallasamy are Rs. 200 and Rs. 300 respectively.
    (c) The net profit of the firm before considering interest on capital and interest on drawings amounted to Rs. 18,000.
    Give necessary journal entries and prepare Profit and loss appropriation account for the year ending 31st December 2018. Assume that the capitals are fluctuating.

12th Standard English Medium Accountancy Subject Accounts of Partnership Firms-Fundamentals Book Back 3 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

    State any six contents of a partnership deed.

  • 2)

    Write a brief note on the applications of the provisions of the Indian Partnership Act, 1932 in the absence of partnership deed.

  • 3)

    Akash, Bala, Chandru and Daniel are partners in a firm. There is no partnership deed. How will you deal with the following?
    (i) Akash has contributed maximum capital. He demands interest on capital at 10% per annum.
    (ii) Bala has withdrawn Rs. 3,000 per month. Other partners ask Bala to pay interest on drawings @ 8% per annum to the firm. But, Bala did not agree to it.
    (iii) Akash demands the profit to be shared in the capital ratio. But, others do not agree.
    (iv) Daniel demands salary at the rate of Rs. 10,000 per month as he spends full time for the business.
    (v) Loan advanced by Chandru to the firm is Rs. 50,000. He demands interest on loan @ 12% per annum.

  • 4)

    The capital account of Begum and Fatima on 1st January, 2018 showed a balance of Rs. 50,000 and Rs. 40,000 respectively. On 1st October, 2018, Begum introduced an additional capital of Rs. 10,000 and on 1st May, 2018 Fatima introduced an additional capital of Rs. 9,000. Calculate interest on capital at 4% p.a. for the year ending 31st December, 2018.

  • 5)

    From the following balance sheets of Subha and Sudha who share profits and losses in 2 : 3, calculate interest on capital at 5% p.a. for the year ending 31st December, 20

    Balance sheet as on 31st December, 2018
    Liabilities Rs. Rs. Assets Rs.
    Capital accounts     Fixed assets 70,000
    Subha 40,000   Current assets 60,000
    Sudha 60,000 1,00,000    
    Current liabilities   30,000    
        1,30,000   1,30,000

    Drawings of Subha and Sudha during the year were Rs. 8,000 and Rs. 10,000 respectively. Profit earned during the year was Rs. 30,000

12th Standard English Medium Accountancy Subject Accounts of Not-For-Profit Organisation Book Back 3 Mark Questions with Solution Part - II - by Question Bank Software View & Read

  • 1)

    From the following particulars of Trichy Educational Society, prepare Receipts and Payments account for the year ended 31st December, 2018

    Particulars Rs. Particulars Rs.
    Opening cash balance as on 1.1.2018 20,000 Locker rent received 12,000
    Investments made 80,000 Sale of furniture 5,000
    Honorarium paid 3,000 General expenses 7,000
    Donation received 80,000 Postage 1,000
    Audit fees paid 2,000 Subscription received 10,000
  • 2)

    How will the following items appear in the final accounts of a club for the year ending 31st March 2017? A club received subscription of Rs. 25,000 during the year 2016-17. This includes subscription of Rs. 2,000 for 2015-16 and Rs. 1,500 for the year 2017-18. Subscription of Rs. 500 is still outstanding for the year 2016-17.

  • 3)

    Compute capital fund of Karur Social Club as on 31.03.2018

    Particulars as on 31.03.2018 Rs.
    Furniture 50,000
    Buildings 40,000
    Subscription outstanding for 2017-18 10,000
    Subscription received in advance for 2018-19 5,000
    Loan borrowed 10,000
    Investments 20,000
    Cash in hand 4,000
    Cash at bank 6,000
  • 4)

    State the differences between Receipts and Payments Account and Income and Expenditure Account

  • 5)

    How the following items are dealt with in the final accounts of not–for–profit organisation?
    a) Sale of sports materials
    b) Life membership fees
    c) Tournament fund

12th Standard English Medium Accountancy Subject Accounts of Not-For-Profit Organisation Book Back 3 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

    How annual subscription is dealt with in the final accounts of not–for–profit organisation?

  • 2)

    From the information given below, prepare Receipts and Payments account of Kurunji Sports Club for the year ended 31st December, 2018.

    Particulars Rs. Particulars Rs.
    Cash in hand (1.1.2018 4,000 Paid for printing charges 2,500
    Salaries paid 3,000 Lockers rent received 1,000
    Life membership fees received 10,000 Tournament receipts 14,000
    Subscription received 15,000 Tournament expenses 10,500
    Rent received 2,000 Investments purchased 25,000

    (Hint: Wages yet to be paid is a non cash item. Hence, it is excluded in receipts and payments account) 

  • 3)

    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 10,000      
    2018-2019 50,000      
    2019-2020 5,000 65,000    
             

    There are 200 members in the club each paying an annual subscription of Rs. 400 per annum. Subscription still outstanding for the year 2017- 2018 is Rs. 2,000.

  • 4)

    How will the following appear in the final accounts of Marthandam Women Cultural Association?

      Rs
    Stock of sports materials on 1.4.2018 16,000
    Sports materials purchased during the year 84,000
    Stock of sports materials on 31.3.2019 10,000
  • 5)

    How will the following appear in the final accounts of Karaikudi sports club for the year ending 31st March, 2019?

    Particulars Rs.
    Tournament fund on 1st April 2018 90,000
    Tournament fund investment on 1st April 2018 90,000
    Interest received on tournament fund investment 9,000
    Donation to tournament fund 10,000
    Tournament expenses 60,000

12th Standard English Medium Accountancy Subject Accounts From Incomplete Records Book Back 3 Mark Questions with Solution Part - II - by Question Bank Software View & Read

  • 1)

    From the following details, calculate the missing figure

      Rs.
    Closing capital as on 31.3.2019 1,90,000
    Additional capital introduced during the year 50,000
    Drawings during the year 30,000
    Opening capital on 1.4.2018 ?
    Loss for the year ending 31.3.2019 40,000
  • 2)

    From the following details, calculate the missing figure:

      Rs
    Capital as on 1st April, 2017 2,50,000
    Capital as on 31st March, 2018 2,75,000
    Additional capital introduced during the year 30,000
    Profit for the year 15,000
    Drawings during the year ?
  • 3)

    David does not keep proper books of accounts. Following details are given from his records

    Particulars 1.4.2018
    Rs.
    31.3.2019
    Rs.
    Cash 43,000 29,000
    Stock of goods 1,20,000 1,30,000
    Sundry debtors 84,000 1,10,000
    Sundry creditors 1,05,000 1,02,000
    Loan 25,000 20,000
    Business premises 2,50,000 2,50,000
    Furniture 33,000 45,000

    During the year he introduced further capital of Rs. 45,000 and withdrew Rs. 2,500 per month from the business for his personal use. Prepare statement of profit or loss with the above information.

  • 4)

    From the following particulars calculate total purchases

    Particulars Rs
    Sundry creditors on 1st April, 2017 75,000
    Bills payable on 1st April, 2017 60,000
    Paid cash to creditors 3,70,000
    Paid for bills payable 1,00,000
    Purchases returns 15,000
    Cash purchases 3,20,000
    Creditors on 31st March, 2018 50,000
    Bills payable on 31st March, 2018 80,000
  • 5)

    What are the limitations of incomplete records?

12th Standard English Medium Accountancy Subject Accounts From Incomplete Records Book Back 3 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

    From the following details, calculate the missing figure

    Particulars Rs.
    Closing capital as on 31.3.2018 80,000
    Additional capital introduced during the year 30,000
    Drawings during the year 15,000
    Opening capital on 01.4.2017 ?
    Loss for the year ending 31.3.2018 25,000
  • 2)

    From the following details, calculate the missing figure:

    Particulars Rs.
    Capital as on 1st April, 2018 40,000
    Capital as on 31st March, 2019 50,000
    Additional capital introduced during the year 7,000
    Profit for the year 8,000
    Drawings during the year ?
  • 3)

    On 1st April 2018 Subha started her business with a capital of Rs. 1,20,000. She did not maintain proper book of accounts. Following particulars are available from her books as on 31.3.2019.

    Particulars Rs. Particulars Rs.
    Bank overdraft 50,000 Stock-in-trade 1,60,000
    Debtors 1,80,000 Creditors 90,000
    Bills receivable 70,000 Bills payable 2,40,000
    Computer 30,000 Cash in hand 60,000
    Machinery 3,00,000    

    During the year she withdrew Rs. 30,000 for her personal use. She introduced further capital of Rs. 40,000 during the year. Calculate her profit or loss.

  • 4)

    From the following details find out total sales made during the year

    Particulars Rs.
    Debtors on 1st January 2018 1,30,000
    Cash received from debtors during the year 4,20,000
    Sales returns 35,000
    Bad debts 15,000
    Debtors on 31st December 2018 2,00,000
    Cash Sales 4,60,000
  • 5)

    From the following particulars calculate total purchases

    Particulars Rs. Particulars Rs.
    Sundry creditors on 1st January, 2018 30,000 Purchases returns 15,000
    Bills payable on 1st January, 2018 25,000 Cash purchases 2,25,000
    Paid cash to creditors 1,20,000 Creditors on 31st December, 2018 25,000
    Paid for bills payable 30,000 Bills payable on 31st December, 2018 20,000

12th Standard English Medium Accountancy Subject Computerized Accounting System - Tally Book Back 2 Mark Questions with Solution Part - II - by Question Bank Software View & Read

  • 1)

    What is automated accounting system?

  • 2)

    What are accounting reports?

  • 3)

    State any five accounting reports.

  • 4)

    What is Accounting Information System (AIS)?

  • 5)

    What is a group in Tally ERP 9?

12th Standard English Medium Accountancy Subject Computerized Accounting System - Tally Book Back 2 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

    What is automated accounting system?

  • 2)

    What are accounting reports?

  • 3)

    State any five accounting reports.

  • 4)

    What is Accounting Information System (AIS)?

  • 5)

    What is a group in Tally ERP 9?

12th Standard English Medium Accountancy Subject Ratio Analysis Book Back 2 Mark Questions with Solution Part - II - by Question Bank Software View & Read

  • 1)

    What is meant by accounting ratios?

  • 2)

    What is quick ratio?

  • 3)

    What is meant by debt equity ratio?

  • 4)

    State any two limitations of ratio analysis.

  • 5)

    Calculate current ratio from the following information:

    Particulars Rs. Particulars Rs.
    Current investments 80,000 Trade creditors 1,60,000
    Inventories 1,60,000 Bills payable 1,00,000
    Trade receivables 4,00,000 Expenses payable 1,40,000
    Cash and cash equivalents 1,20,000    
    Prepaid expenses 40,000    

12th Standard English Medium Accountancy Subject Ratio Analysis Book Back 2 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

    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
  • 2)

    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

  • 3)

    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
  • 4)

    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
  • 5)

    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

12th Standard English Medium Accountancy Subject Financial Statement Analysis Book Back 2 Mark Questions with Solution Part - II - by Question Bank Software View & Read

  • 1)

    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%
  • 2)

    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
  • 3)

    What are financial statements?

  • 4)

    List the tools of financial statement analysis.

  • 5)

    What is working capital?

12th Standard English Medium Accountancy Subject Financial Statement Analysis Book Back 2 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

    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
  • 2)

    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
  • 3)

    From the following particulars, prepare comparative balance sheet of Malar Ltd as on 31st March 2016 and 31st March 2017.

    Particulars 31st March 2016 31st March 2017
      RS. Rs.
    I EQUITY AND LIABILITIES    
    1. Shareholders’ fund    
    a) Share capital 2,00,000 2,50,000
    b) Reserves and surplus 50,000 50,000
    2. Non-current liabilities    
    Long-term borrowings 30,000 60,000
    3. Current liabilities    
    Trade payables 20,000 60,000
    Total 3,00,000 4,20,000
    II ASSETS    
    1. Non-current assets    
    a) Fixed assets 1,00,000 1,50,000
    b) Non - current investments 50,000 75,000
    2. Current assets    
    Inventories 75,000 1,50,000
    Cash and cash equivalents 75,000 45,000
    Total 3,00,000 4,20,000
  • 4)

    List the tools of financial statement analysis.

  • 5)

    When is trend analysis preferred to other tools?

12th Standard English Medium Accountancy Subject Company Accounts Book Back 2 Mark Questions with Solution Part - II - by Question Bank Software View & Read

  • 1)

    Khan Ltd. issued 50,000 shares of  Rs.10 each to the public payable Rs.4 on application, Rs.4 on allotment and Rs.2 on first and final call. Applications were received for 65,000 shares. The directors decided to allot 50,000 shares on pro rata basis and surplus application money was utilised for allotment. Pass journal entries assuming that the amounts due were received.

  • 2)

    Jeyam Tyres issued 15,000 ordinary shares of  Rs.10 each payable as follows:
    Rs.3 on application; Rs.5 on allotment; Rs.2 on first and final call. All money were duly received except one shareholder holding 100 shares failed to pay the call money. Pass the necessary journal entries for call (using calls in arrear account).

  • 3)

    What is over-subscription?

  • 4)

    Write a short note on securities premium account.

  • 5)

    Aruna Mills Ltd. with a registered capital of Rs.5,00,000 in equity shares of Rs.10 each, issued 20,000 of such shares payable as follows; Rs. 4 per share on application,Rs.4 per share on allotment and Rs.2 per share on first and final call. The issue was duly subscribed. All the money payable was duly received. But on allotment, one shareholder paid the entire balance on his holding of 300 shares. Give journal entries to record the above.

12th Standard English Medium Accountancy Subject Company Accounts Book Back 2 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

    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.

  • 2)

    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.

  • 3)

    What is a share?

  • 4)

    What is meant by calls in arrear?

  • 5)

    Why are the shares forfeited?

12th Standard English Medium Accountancy Subject Retirement and Death of a Partner Book Back 2 Mark Questions with Solution Part - II - by Question Bank Software View & Read

  • 1)

    What is gaining ratio?

  • 2)

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

  • 3)

    Rosi, Rathi and Rani are partners of a firm sharing profits and losses equally. Rathi retired from the partnership on 1.1.2018. On that date, their balance sheet showed accumulated loss of Rs. 45,000 on the asset side of the balance sheet. Give the journal entry to distribute the accumulated loss.

  • 4)

    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

  • 5)

    Navin, Ravi and Kumar are partners sharing profits in the ratio of 1/2, 1/4 and 1/4 respectively. Kumar retires and his share is taken up by Navin and Ravi equally. Calculate the new profit sharing ratio and gaining ratio.

12th Standard English Medium Accountancy Subject Retirement and Death of a Partner Book Back 2 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

    What is the purpose of calculating gaining ratio?

  • 2)

    Dheena, Surya and Janaki are partners sharing profits and losses in the ratio of 5:3:2. On 31.3.2018, Dheena retired. On the date of retirement, the books of the firm showed a reserve fund of Rs. 50,000. Pass journal entry to transfer the reserve fund.

  • 3)

    Kayal, Mala and Neela are partners sharing profits in the ratio of 2:2:1. Kayal retires and the new profit sharing ratio between Nila and Neela is 3:2. Calculate the gaining ratio.

  • 4)

    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

  • 5)

    Mani, Gani and Soni are partners sharing the profits and losses in the ratio of 4:5:6. Mani retires from the firm. Calculate the new profit sharing ratio and gaining ratio.

12th Standard English Medium Accountancy Subject Admission of a Partner Book Back 2 Mark Questions with Solution Part - II - by Question Bank Software View & Read

  • 1)

    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.

  • 2)

    Hari and Saleem are partners sharing profits and losses in the ratio of 5:3. They admit Joel for 1/8 share, which he acquires entirely from Hari. Find out the new profit sharing ratio and sacrificing ratio.

  • 3)

    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.

  • 4)

    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.

  • 5)

    Mahesh and Dhanush are partners sharing profits and losses in the ratio of 2:1. Arun is admitted for 1/4 share which he acquired equally from both Mahesh and Dhanush. Calculate the new profit sharing ratio and sacrificing ratio.

12th Standard English Medium Accountancy Subject Admission of a Partner Book Back 2 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

    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.

  • 2)

    Prema and Chandra share profits in the ratio of 5:3. Hema is admitted as a partner. Prema surrendered 1/8 of her share and Chandra surrendered 1/8 of her share in favour of Hema. Calculate the new profit sharing ratio and sacrificing ratio.

  • 3)

    Selvam and Senthil are partners sharing profit in the ratio of 2:3. Siva is admitted into the firm with 1/5 share of profit. Siva acquires equally from Selvam and Senthil. Calculate the new profit sharing ratio and sacrificing ratio.

  • 4)

    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.

  • 5)

    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.

12th Standard English Medium Accountancy Subject Goodwill In Partnership Accounts Book Back 2 Mark Questions with Solution Part - II - by Question Bank Software View & Read

  • 1)

    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

  • 2)

    From the following information, calculate the value of goodwill on the basis of 3 years purchase of average profits of last four years.

    Year Result Amount
    Rs.
    2015 Profit 5,000
    2016 Profit 8,000
    2017 Loss 3,000
    2018 Profit 6,000
  • 3)

    What is acquired goodwill?

  • 4)

    What is super profit?

  • 5)

    What is normal rate of return?

12th Standard English Medium Accountancy Subject Goodwill In Partnership Accounts Book Back 2 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

    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

  • 2)

    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.

  • 3)

    What is goodwill?

  • 4)

    What is super profit?

  • 5)

    State any two circumstances under which goodwill of a partnership firm is valued.

12th Standard English Medium Accountancy Subject Accounts of Partnership Firms-Fundamentals Book Back 2 Mark Questions with Solution Part - II - by Question Bank Software View & Read

  • 1)

    Mannan and Ramesh share profits and losses in the ratio of 3:1. The capital on 1st April 2017 was Rs. 80,000 for Mannan and Rs. 60,000 for Ramesh and their current accounts show a credit balance of Rs. 10,000 and Rs. 5,000 respectively. Calculate interest on capital at 5% p.a. for the year ending 31st March 2018 and show the journal entries.

  • 2)

    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.

  • 3)

    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.

  • 4)

    Vennila and Eswari are partners. Vennila draws Rs.5,000 at the beginning of each half year. Interest on drawings is chargeable at 4% p.a. Calculate interest on drawings for the year ending 31st December 2018 using average period.

  • 5)

    Define partnership.

12th Standard English Medium Accountancy Subject Accounts of Partnership Firms-Fundamentals Book Back 2 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

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

  • 2)

    Mannan and Ramesh share profits and losses in the ratio of 3:2 and their capital on 1st April, 2018 was Mannan Rs. 1,50,000 and Ramesh Rs. 1,00,000 respectively and their current accounts show a credit balance of Rs. 25,000 and Rs. 20,000 respectively. Calculate interest on capital at 6% p.a. for the year ending 31st March, 2019 and show the journal entries.

  • 3)

    Santhosh 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.
    February 1 2,000
    May 1 10,000
    July 1 4,000
    October 1 6,000

    Calculate the amount of interest on drawing.

  • 4)

    Mathew is a partner who withdrew Rs.20,000 during the year 2018. Interest on drawings is charged at 10% per annum. Calculate interest on drawings on 31st December 2018.

  • 5)

    Ram and Shyam were partners. Ram withdrew Rs. 18,000 at the beginning of each half year. Interest on drawings is chargeable @ 10% p.a. Calculate interest on the drawings for the year ending 31st December 2018 using average period.

12th Standard English Medium Accountancy Subject Accounts of Not-For-Profit Organisation Book Back 2 Mark Questions with Solution Part - II - by Question Bank Software View & Read

  • 1)

    State the meaning of not–for–profit organisation

  • 2)

    What is legacy?

  • 3)

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

  • 4)

    How will the following items appear in the final accounts of a club for the year ending 31st March 2017? Received subscription of Rs. 40,000 during the year 2016-17. This includes subscription of Rs. 5,000 for 2015 - 16 and Rs. 3,000 for the year 2017-18. Subscription of 1,000 is still outstanding for the year 2016 - 17.

  • 5)

    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 Rs.50,000 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.

12th Standard English Medium Accountancy Subject Accounts of Not-For-Profit Organisation Book Back 2 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

    Write a short note on life membership fees.

  • 2)

    Give four examples for revenue receipts of not–for–profit organisation.

  • 3)

    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.

  • 4)

    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
  • 5)

    Compute capital fund of Salem Sports Club as on 1.4.2019.

    Particulars Rs. Particulars Rs.
    Sports equipment 30,000 Prize fund 10,000
    Computer 25,000 Prize fund investments 10,000
    Subscription outstanding for 2018-19 5,000 Cash in hand 7,000
    Subscription received in advance for
    2019-20
    8,000 Cash at bank 21,000

12th Standard English Medium Accountancy Subject Accounts From Incomplete Records Book Back 2 Mark Questions with Solution Part - II - by Question Bank Software View & Read

  • 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)

    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
  • 3)

    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
  • 4)

    What is meant by incomplete records?

  • 5)

    What is a statement of affairs?

12th Standard English Medium Accountancy Subject Accounts From Incomplete Records Book Back 2 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

    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
  • 2)

    State the accounts generally maintained by small sized sole trader when double entry accounting system is not followed.

  • 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 details, calculate credit purchases

    Particulars Rs.
    Opening creditors 1,70,000
    Purchase returns 20,000
    Cash paid to creditors 4,50,000
    Closing creditors 1,90,000

12th Standard English Medium Accountancy Subject Computerized Accounting System - Tally Book Back 1 Mark Questions with Solution Part - II - by Question Bank Software View & Read

  • 1)

    Accounting report prepared according to the requirements of the user is

  • 2)

    Function key F11 is used for

  • 3)

    Which submenu displays groups, ledgers and voucher types in Tally?

  • 4)

    What are the predefined Ledger(s) in Tally?
    (i) Cash
    (ii) Profit & Loss A/c
    (iii) Capital A/c

  • 5)

    Contra voucher is used for

12th Standard English Medium Accountancy Subject Computerized Accounting System - Tally Book Back 1 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

    Which is not the default group in Tally?

  • 2)

    Salary account comes under which of the following head?

  • 3)

    Rs. 25,000 withdrawn from bank for office use. In which voucher type, this transaction will be recorded

  • 4)

    In which voucher type credit purchase of furniture is recorded in Tally

  • 5)

    Which of the following options is used to view Trial Balance from Gateway of Tally?

12th Standard English Medium Accountancy Subject Ratio Analysis Book Back 1 Mark Questions with Solution Part - II - by Question Bank Software View & Read

  • 1)

    The mathematical expression that provides a measure of the relationship between two figures is called

  • 2)

    Current ratio indicates

  • 3)

    Current assets excluding inventory and prepaid expenses is called

  • 4)

    Debt equity ratio is a measure of

  • 5)

    Match List I with List II and select the correct answer using the codes given below:

    List I List II
    (i) Current ratio 1. Liquidity
    (ii) Net profit ratio 2. Efficiency
    (iii) Debt-equity ratio 3. Long term solvency
    (iv) Inventory turnover ratio 4. Profitability

12th Standard English Medium Accountancy Subject Ratio Analysis Book Back 1 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

    To test the liquidity of a concern, which of the following ratios are useful?
    (i) Quick ratio
    (ii) Net profit ratio
    (iii) Debt-equity ratio
    (iv) Current ratio
    Select the correct answer using the codes given below:

  • 2)

    Proportion of share holder's funds to total assets is called

  • 3)

    Which one of the following is not correctly matched?

  • 4)

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

  • 5)

    Cost of revenue from operations Rs. 3,00,000; Inventory in the beginning of the year Rs. 60,000; Inventory at the close of the year Rs. 40,000. Inventory turnover ratio is

12th Standard English Medium Accountancy Subject Financial Statement Analysis Book Back 1 Mark Questions with Solution Part - II - by Question Bank Software View & Read

  • 1)

    Which of the following statements is not true?

  • 2)

    Which of the following tools of financial statement analysis is suitable when data relating to several years are to be analysed?

  • 3)

    Which of the following is not a tool of financial statement analysis?

  • 4)

    Which of the following statements is not true?

  • 5)

    In a common-size balance sheet, if the percentage of non-current assets is 75, what would be the percentage of current assets?

12th Standard English Medium Accountancy Subject Financial Statement Analysis Book Back 1 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

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

  • 2)

    The financial statements do not exhibit

  • 3)

    The term ‘fund’ refers to

  • 4)

    A limited company’s sales has increased from Rs.1,25,000 to Rs.1,50,000. How does this appear in comparative income statement?

  • 5)

    Expenses for a business for the first year were Rs. 80,000. In the second year, it was increased to Rs. 88,000. What is the trend percentage in the second year?

12th Standard English Medium Accountancy Subject Company Accounts Book Back 1 Mark Questions with Solution Part - II - by Question Bank Software View & Read

  • 1)

    A preference share is one
    (i) which carries preferential right with respect to payment of dividend at fixed rate
    (ii) which carries preferential right with respect to repayment of capital on winding up

  • 2)

    At the time of forfeiture, share capital account is debited with

  • 3)

    The amount received over and above the par value is credited to

  • 4)

    When shares are issued for purchase of assets, the amount should be credited to

  • 5)

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

12th Standard English Medium Accountancy Subject Company Accounts Book Back 1 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

    That part of share capital which can be called up only on the winding up of a company is called:

  • 2)

    After the forfeited shares are reissued, the balance in the forfeited shares account should be transferred to

  • 3)

    Which of the following statement is false?

  • 4)

    Match the pair and identify the correct option

    (1) Under subscription (i) Amount prepaid for calls
    (2) Over subscription (ii) Subscription above the offered shares
    (3) Calls in arrear (iii) Subscription below the offered shares
    (4) Calls in advance (iv) Amount unpaid on calls
  • 5)

    Supreme Ltd. forfeited 100 shares of Rs.10 each for non-payment of final call of Rs.2 per share. All these shares were re-issued at Rs.9 per share. What amount will be transferred to capital reserve account?

12th Standard English Medium Accountancy Subject Retirement and Death of a Partner Book Back 1 Mark Questions with Solution Part - II - by Question Bank Software View & Read

  • 1)

    On retirement of a partner from a partnership firm, accumulated profits and losses are distributed to the partners in the

  • 2)

    On revaluation, the increase in liabilities leads to

  • 3)

    If the final amount due to a retiring partner is not paid immediately, it is transferred to

  • 4)

    A, B and C are partners sharing profits in the ratio of 2:2:1. On retirement of B, goodwill of the firm was valued as Rs. 30,000. Find the contribution of A and C to compensate B:

  • 5)

    X, Y and Z were partners sharing profits and losses equally. X died on 1st April 2019. Find out the share of X in the profit of 2019 based on the profit of 2018 which showed Rs. 36,000.

12th Standard English Medium Accountancy Subject Retirement and Death of a Partner Book Back 1 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

    A partner retires from the partnership firm on 30th June. He is liable for all the acts of the firm up to the

  • 2)

    On retirement of a partner, general reserve is transferred to the

  • 3)

    At the time of retirement of a partner, determination of gaining ratio is required

  • 4)

    ‘ A’ was a partner in a partnership firm. He died on 31st March 2019. The final amount due to him is Rs. 25,000 which is not paid immediately. It will be transferred to

  • 5)

    A, B and C are partners sharing profits in the ratio of 4:2:3. C retires. The new profit sharing ratio between A and B will be

12th Standard English Medium Accountancy Subject Admission of a Partner Book Back 1 Mark Questions with Solution Part - II - by Question Bank Software View & Read

  • 1)

    Revaluation A/c is a

  • 2)

    The profit or loss on revaluation of assets and liabilities is transferred to the capital account of 

  • 3)

    At the time of admission, the goodwill brought by the new partner may be credited to the capital accounts of

  • 4)

    Match List I with List II and select the correct answer using the codes given below:

    List I List II
    (i) Sacrificing ratio 1. Investment fluctuation fund
    (ii) Old profit sharing ratio 2. Accumulated profit
    (iii) Revaluation Account 3. Goodwill
    (iv) Capital Account 4. Unrecorded liability
  • 5)

    James and Kamal are sharing profits and losses in the ratio of 5:3. They admit Sunil as a partner giving him 1/5 share of profits. Find out the sacrificing ratio.

12th Standard English Medium Accountancy Subject Admission of a Partner Book Back 1 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

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

  • 2)

    If the old profit sharing ratio is more than the new profit sharing ratio of a partner, the difference is called

  • 3)

    Which of the following statements is not true in relation to admission of a part _________.

  • 4)

    Select the odd one out

  • 5)

    Balaji and Kamalesh are partners sharing profits and losses in the ratio of 2:1. They admit Yogesh into partnership. The new profit sharing ratio between Balaji, Kamalesh and Yogesh is agreed to 3:1:1. Find the sacrificing ratio between Balaji and Kamalesh.

12th Standard English Medium Accountancy Subject Goodwill In Partnership Accounts Book Back 1 Mark Questions with Solution Part - II - by Question Bank Software View & Read

  • 1)

    Super profit is the difference between

  • 2)

    The average rate of return of similar concerns is considered as

  • 3)

    Which of the following is true?

  • 4)

    Identify the incorrect pair

  • 5)

    When the average profit is Rs. 25,000 and the normal profit is Rs. 15,000, super profit is __________

12th Standard English Medium Accountancy Subject Goodwill In Partnership Accounts Book Back 1 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

    Which of the following statements is true?

  • 2)

    Super profit is the difference between

  • 3)

    When the average profit is Rs. 25,000 and the normal profit is Rs. 15,000, super profit is __________

  • 4)

    Book profit of 2017 is Rs. 35,000; non-recurring income included in the profit is Rs. 1,000 and abnormal loss charged in the year 2017 was Rs. 2,000, then the adjusted profit is __________

  • 5)

    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

12th Standard English Medium Accountancy Subject Accounts of Partnership Firms-Fundamentals Book Back 1 Mark Questions with Solution Part - II - by Question Bank Software View & Read

  • 1)

    In the absence of an agreement among the partners, interest on capital is

  • 2)

    Which of the following is shown in Profit and loss appropriation account?

  • 3)

    When a partner withdraws regularly a fixed sum of money at the middle of every month, period for which interest is to be calculated on the drawings on an average is 

  • 4)

    In the absence of an agreement, partners are entitled to 

  • 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.

12th Standard English Medium Accountancy Subject Accounts of Partnership Firms-Fundamentals Book Back 1 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

    In the absence of a partnership deed, profits of the firm will be shared by the partners in 

  • 2)

    As per the Indian Partnership Act, 1932, the rate of interest allowed on loans advanced by partners is

  • 3)

    When fixed capital method is adopted by a partnership firm, which of the following items will appear in capital account?

  • 4)

    Which of the following is the incorrect pair?

  • 5)

    Pick the odd one out

12th Standard English Medium Accountancy Subject Accounts of Not-For-Profit Organisation Book Back 1 Mark Questions with Solution Part - II - by Question Bank Software View & Read

  • 1)

    Receipts and payments account is a

  • 2)

    Balance of receipts and payments account indicates the

  • 3)

    Income and Expenditure Account is prepared to find out

  • 4)

    Subscription due but not received for the current year is

  • 5)

    Donations received for a specific purpose is

12th Standard English Medium Accountancy Subject Accounts of Not-For-Profit Organisation Book Back 1 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

    Receipts and payments account records receipts and payments of

  • 2)

    Income and expenditure account is a

  • 3)

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

  • 4)

    Legacy is a

  • 5)

    There are 500 members in a club each paying Rs. 100 as annual subscription. Subscription due but not received for the current year is Rs. 200; Subscription received in advance is Rs. 300.Find out the amount of subscription to be shown in the income and expenditure account

12th Standard English Medium Accountancy Subject Accounts From Incomplete Records Book Back 1 Mark Questions with Solution Part - II - by Question Bank Software View & Read

  • 1)

    Statement of affairs is a

  • 2)

    The excess of assets over liabilities is

  • 3)

    The amount of credit sales can be computed from

  • 4)

    What is the amount of capital of the proprietor, if his assets are Rs. 85,000 and liabilities are Rs. 21,000?

  • 5)

    Opening balance of debtors: Rs. 30,000, cash received: Rs. 1,00,000, credit sales: Rs. 90,000; closing balance of debtors is

12th Standard English Medium Accountancy Subject Accounts From Incomplete Records Book Back 1 Mark Questions with Solution Part - I - by Question Bank Software View & Read

  • 1)

    Incomplete records are generally maintained by

  • 2)

    Opening statement of affairs is usually prepared to find out the

  • 3)

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

  • 4)

    Which one of the following statements is not true in relation to incomplete records?

  • 5)

    When capital in the beginning is Rs. 10,000, drawings during the year is Rs. 6,000, profit made during the year is Rs. 2,000 and the additional capital introduced is 3,000, find out the amount of capital at the end

Stateboard 12th Standard Accountancy Subject English Medium Public Answer Key - March 2020 - by QB Admin View & Read

Stateboard 12th Standard Accountancy Subject English Medium Public Answer Key- March 2019 - by QB Admin View & Read

Stateboard 12th Standard Accountancy Subject Public Question Paper - March 2020 - by QB Admin View & Read

Stateboard 12th Standard Accountancy Subject Public Question Paper - March 2019 - by QB Admin View & Read

12th Standard Accountancy Reduced Syllabus 2020-21 - by QB Admin View & Read

12th Standard English Medium Accountancy Text Book - 2021 - by QB Admin View & Read