model question paper for new syllabus of +2 state board english medium accountancy first chapter

12th Standard 2019 EM

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Accountancy

Use blue pen only
Time : 01:30:00 Hrs
Total Marks : 75

    Part - A

    Answer all the following questions

    10 x 1 = 10
  1. When capital in the beginning is Rs 10,000, drawings during the year is Rs.6,000, profit
    made during the year is Rs2,000 and the additional capital introduced is ` 3,000, find out
    the amount of capital at the end

    (a)

    9,000

    (b)

    11,000

    (c)

    21,000

    (d)

    3,000

  2. Opening balance of debtors: Rs 30,000, cash received:Rs 1,00,000, credit sales: Rs90,000;
    closing balance of debtors is

    (a)

    Rs.30,000

    (b)

    Rs.1,30,000

    (c)

    Rs.40,000

    (d)

    Rs.20,000

  3. The total assets of a proprietor are Rs.5,00,000. His liabilities Rs.3,50,000. Then his capital in the business is

    (a)

    Rs.8,50,000

    (b)

    Rs.1,50,000

    (c)

    Rs.3,50,000

    (d)

    Rs.4,25,000

  4. Under the net worth method, the basis for ascertaining the profit is

    (a)

    the difference between the capital on two dates

    (b)

    the difference between the liabilities on two dates

    (c)

    the different between the gross assets on two dates

    (d)

    the difference between the gross profit on two dates

  5. A firms total sales is Rs.80,000 and its credit sales is Rs.60,000 Then its cash sales is

    (a)

    Rs.1,40,000

    (b)

    Rs.70,000

    (c)

    Rs.20,000

    (d)

    Rs.80,000

  6. In single entry system of accounting 

    (a)

    Duel aspects of a transaction is recorded

    (b)

    Single aspect of transaction is recorded

    (c)

    Important transaction are recorded

    (d)

    All of them

  7. Statement of financial position from incomplete accounting record is commonly known as

    (a)

    Balance sheet

    (b)

    Cash flow statement

    (c)

    Statement of affairs

    (d)

    Statement of financial operations

  8. Identify the correct formula used to ascertain the closing capital

    (a)

    Opening capital + Net income - Drawings - Assets = Closing capital

    (b)

    Closing capital = Opening capital + Net loss - Drawings

    (c)

    Closing capital = Opening capital + Assets + Income - Expenses

    (d)

    Closing capital = Opening capital + Net income - Drawings

  9. Which of the following formulas is used to calculated the net income for an accounting period?

    (a)

    Net income = Opening capital + Drwings + Ending capital

    (b)

    Net income = - Opening capital + Drawings - Ending capital

    (c)

    Nwt income = - Opening capital + Drawings + Ending capital

    (d)

    Net income = Opening capital - Total assets

  10. If opening capital Rs. 1,000 and closing capital Rs. 2000. Assuming no drawings during the accounting period, calculated the net income or loss for the period

    (a)

    Rs.1,000 net income

    (b)

    Rs.1,000 net loss

    (c)

    Rs.2,000 net income

    (d)

    Rs.2,000 net loss

  11. Part - B

    Answer all the following questions

    3 x 2 = 6
  12. (a) Incomplete
    (b) Unsystematic
    (c) Balance Sheet
    (d) Unscientific

  13. (a) Statement of affairs
    (b) Net worth method method
    (c) Annuity method
    (d) Capital comparison method

  14. (a) Conversion method
    (b) Statement of affairs method
    (c) Straight line method
    (d) Net worth method

  15. Part - C

    Answer all the following questions

    2 x 2 = 4
  16. Assertion (A): Single Entry System is an incomplete, inaccurate, unscientific and unsystematic system of book keeping.
    Reason (R): The name of the system itself shows that the double aspects of business transactions are recorded.
    (a) Both (A) and (R) are true and (R) is the correct explanation (A).
    (b) Both (A) and (R) are true and (R) is not the correct explanation of (A).
    (c) (A) is true, but (R) is false.
    (d) (A) is false, but (R ) is true.

  17. Assertion (A): The single entry system is suitable only for sole traders and partnership firms.
    Reason (R): Companies cannot keep books on Double entry system because of legal provisions.
    (a) Both (A) and (R) are true and (R) is the correct explanation (A).
    (b) Both (A) and (R) are true and (R) is not the correct explanation of (A).
    (c) (A) is true, but (R) is false.
    (d) (A) is false, but (R) is true.

  18. Part - D

    Answer all the following questions

    5 x 1 = 5
  19. (i) Double Entry System is an incomplete, inaccurate" unscientific and unsystematic system of book keeping.
    (ii) The Double entry system is suitable only for sole traders and partnership firms.
    (iii) Single Entry System is an incomplete, inaccurate, unscientific and unsystematic system of book keeping.
    (a) (i) is correct
    (b) (ii) is correct
    (c) (iii) is correct
    (d) (i) and (ii) are correct

    ()

    (iii) is correct

  20. (i) Incomplete records system makes use of Double Entry System partially. It maintains only personal and cash accounts.
    (ii) Thus, Double entry actually refers to incomplete Single entry system or the defective Single entry system.
    (iii) Single entry is Debit and credit aspects of all transactions are recorded.
    (a) (i) is correct
    (b) (ii) is correct
    (c) (iii) is correct
    (d) (i) and (ii) are correct

    ()

    (i) is correct

  21. (i) Single entry is Debit and credit aspects of all transactions are recorded.
    (ii) Single Entry System is a system of book keeping in which as a rule, only records of cash and personal accounts are maintained.
    (iii) Double Entry System is an incomplete, inaccurate, unscientific and unsystematic system of book keeping.
    (a) (i) is correct
    (b) (ii) is correct
    (c) (iii) is correct
    (d) (i) and (ii) are correct

    ()

    (ii) is correct

  22. (i) Companies cannot keep books on double entry system because of legal provisions.
    (ii) It is always incomplete Single entry varying with circumstances.
    (iii) Single entry actually refers to incomplete double entry system or the defective double entry system.
    (a) (i) is correct
    (b) (ii) is correct
    (c) (iii) is correct
    (d) (i) and (ii) are correct

    ()

    (iii) is correct

  23. (i) Double entry actually refers to incomplete Single entry system or the defective Single entry system.
    (ii) Double Entry System is a system of book keeping in which as a rule, only records of cash and personal accounts are maintained.
    (iii) If it is desired to calculate profit by preparing Trading and Profit and Loss account under single entry then it is called conversion method.
    (a) (i) is correct
    (b) (ii) is correct
    (c) (iii) is correct
    (d) (i) and (ii) are correct

    ()

    (iii) is correct

  24. Part - E

    Answer all the following questions

    5 x 2 = 10
  25. 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
  26. From the following particulars ascertain profit or loss:

      Rs.
    Capital as on 1st April 2018 1,60,000
    Capital as on 31st March, 2019 1,50,000
    Additional capital introduced during the year 25,000
    Drawings made during the year 30,000
  27. 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
  28. From the following details, calculate the capital as on 31st December 2018:

      Rs
    Capital as on 1st January, 2018 27,500
    Goods taken for the personal use of the proprietor 5,000
    Profit for the year 10,000
  29. 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 ?
  30. Part - F

    Answer all the following questions

    5 x 3 = 15
  31. 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.

  32. 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 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%.

  33. 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
  34. From the following details find out total sales made during the year.

      Rs
    Debtors on 1st April 2018 50,000
    Cash received from debtors during the year 1,50,000
    Returns inward 15,000
    Bad debts 5,000
    Debtors on 31st March 2019 70,000
    Cash Sales 1,40,000
  35. 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
  36. Part - G

    Answer all the following questions

    5 x 5 = 25
  37. 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
  38. 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 Opening
    Rs.
    Closing
    Rs.
    Debtors 60,000 55,000
    Bills receivable 5,000 1,000
    Creditors 25,000 28,000
    Bills payable 2,000 3,000
    Other information    
    Cash received from debtors   1,30,000
    Discount allowed to customers   5,500
    Cash paid to creditors   70,000
    Discount allowed by suppliers   3,500
    Payments against bill payable   7,000
    Cash received for bills receivable   14,000
    Bills receivable dishonoured   1,200
    Bad debts   3,500
  39. 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. 

  40. 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
  41. 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

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