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Accountancy Question Papers

12th Standard Accountancy English Medium - Important 5 Mark Question Paper and Answer Key 2022 - 2023 - by Study Materials - View & Read

  • 1)

    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
  • 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)

    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.  
  • 4)

    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
  • 5)

    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

12th Standard Accountancy English Medium - Important 3 Mark Question Paper and Answer Key 2022 - 2023 - by Study Materials - 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 find out total sales made during the year.

      Rs
    Debtors on 1st April 2018 50,000
    Cash received from debtors during the year 1,50,000
    Returns inward 15,000
    Bad debts 5,000
    Debtors on 31st March 2019 70,000
    Cash Sales 1,40,000
  • 3)

    State the procedure for calculating profit or loss through statement of affairs.

  • 4)

    From the following Receipts and Payment Account of Ooty Recreation Club, prepare Income and Expenditure Account for the year ended 31.03.2018

    Receipts Rs. Payments Rs.
    To Opening balance   By Sports materials purchased 10,000
    Cash in hand 5,000 By Stationery paid 7,000
    To Rent received 10,000 By Computer purchased 25,000
    To Sale of investments 8,000 By Salaries 20,000
    To Subscription received 54,000 By Closing balance  
        Cash in hand 15,000
      77,000   77,000
  • 5)

    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.

12th Standard Accountancy English Medium - Important 2 Mark Question Paper and Answer Key 2022 - 2023 - by Study Materials - 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)

    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
  • 3)

    From the following details, calculate credit purchases

    Particulars Rs
    Creditors on 1st April, 2018 50,000
    Returns outward 6,000
    Cash paid to creditors 1,60,000
    Creditors on 31st March, 2019 70,000
  • 4)

    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

  • 5)

    How will the following items appear in the final accounts of a sports club?

    Particulars Rs.
    Stock of sports materials (01.04.2018) 3,000
    Sports materials purchased during current year 9,000
    Sale of old sport materials during current year 500
    Stock of sports materials (31.03.2019) 4,000

12th Standard Accountancy English Medium - Important 1 Mark MCQ's Question Paper and Answer Key 2022 - 2023 - by Study Materials - View & Read

  • 1)

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

  • 2)

    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

  • 3)

    Income and expenditure account is a

  • 4)

    Income and Expenditure Account is prepared to find out

  • 5)

    In the absence of an agreement, partners are entitled to 

12th Standard Accountancy English Medium - Revision Model Question Paper with Answer Key 2022 - 2023 - by Study Materials - View & Read

  • 1)

    Incomplete records are generally maintained by

  • 2)

    Statement of affairs is a

  • 3)

    Balance of receipts and payments account indicates the

  • 4)

    Income and expenditure account is a

  • 5)

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

12th Standard Accountancy English Medium - Computerized Accounting System - Tally 5 Mark Creative Question Paper and Answer Key 2022 - 2023 - by Study Materials - View & Read

  • 1)

    Record the following transaction in Tally.
    (a)  Kumar Commenced a business with a capital of Rs. 5,00,000
    (b)  Opened with SBI and deposited Rs. 80,000
    (c)   Purchased furniture by paying cash Rs. 20,000-
    ( d)  Goods purchased credit from Kalpana for Rs. 60,000
    (e)  Cash Sales for Rs. 20,000
    (f)   Goods purchased from Ramu for Rs. 7,000 paid by cheque
    (g)  Goods sold to Venu on credit for Rs. 80,000
    (h)  Money withdrawn from bank for office use Rs. 35,000
    (i)  Part payment of Rs. 40,000 made by Kalpana by cheque
    (j)  Arun made part payment of Rs. 20,000 by cash.
    (k) Salaries paid to staff through ECS Rs. 45,000
    (l) Carriage on purchase of Rs. 8,000 paid by cash 
    (m) Purchased computers from Maria Ltd. On Credit Rs. 50,000
    Analysis of Transactions - Passing Journal Entries, identification of Voucher Type and Group.

  • 2)

    The following Balance Sheet has been prepared from the books of White on 1.4.2018.

    Liabilities Rs Assets Rs
    Capital  4,52,000 Building 2,00,000
    Sundry Creditors (Babu A/c) 48,000 Furniture 2,000
        Stock 40,000
        Sundry Debtors Venkat 1,00,00
        Cash in hand 30,000
        Cash at bank 1,10,000
      5,00,000   5,00,000

    During the year the following transaction took place
    (a)  Wages paid by Cash Rs. 4,000
    (b)  Rent paid by check Rs. 1,000
    (c)  Cash purchases made for Rs. 6,000
    (d)  Goods purchased on credit from Mathi Rs. 3,000
    (e)  Goods sold on Credit to Kala Rs. 50,000
    (f)   Payment made to Mathi by cheque Rs. 10,000 ,
    (g) Cash received from Venkat Rs. 60,000
    (h) Cash Sales made for Rs. 12,000
    (i)  Depreciate Building @ 10% , 
    (j)  Closing Stock on 31.03.2019 Rs. 30,000
    You are-required to prepare trading and profit for the year ended 31.03.2019 and a balance sheet as on that using Tally.

12th Standard Accountancy English Medium - Computerized Accounting System - Tally 5 Mark Book Back Question Paper and Answer Key 2022 - 2023 - by Study Materials - View & Read

  • 1)

    Write a brief note on accounting vouchers.

  • 2)

    Explain any five applications of computerised accounting system.

  • 3)

    Record the following transactions in Tally.
    1. Robert commenced a transport business with a capital of Rs.1,00,000
    2.  An account was opened with State Bank of India and deposited Rs. 30,000
    3. Purchased furniture by paying cash Rs. 10,000
    4. Goods purchased on credit from Mohaideen for Rs. 20,000
    5. Cash sales made for Rs. 8,000
    6. Goods purchased from Rathinam for Rs. 5,000 and money deposited in CDM
    7. Goods sold to Rony on credit for Rs. 60,000
    8. Money withdrawn from bank for office use Rs. 9,000
    9. Part payment of ` 10,000 made to Mohaideen by cheque
    10. Rony made part payment of Rs. 5,000 by cash
    11. Salaries paid to staff through ECS Rs. 6,000
    12. Wages of Rs. 3,000 paid by cash
    13. Purchased stationery from Pandian Ltd. on credit Rs. 4,000

  • 4)

    The following balance sheet has been prepared from the books of Pearl on 1-4-2018.

    Liabilities Rs. Assets Rs.
    Capital 2,26,000 Buildings 1,00,000
    Sundry creditors:   Furniture 10,000
    Maya A/c 24,000 Stock 20,000
        Sundry debtors  
        Peter 50,000
        Cash in hand 15,000
        Cash at bank 55,000
      2,50,000   2,50,000

    During the year the following transactions took place.
    (a) Wages paid by cash Rs. 2,000
    (b) Salaries paid by cheque Rs. 5,000
    (c) Cash purchases made for Rs. 3,000
    (d) Good purchased on credit from Yazhini Rs. 15,000
    (e) Goods sold on credit to Jothi Rs. 25,000
    (f) Payment made to Yazhini through NEFT Rs. 5,000
    (g) Cash received from Peter Rs. 30,000
    (h) Cash sales made for Rs. 6,000
    (i) Depreciate buildings at 10%
    (j) Closing stock on 31.03.2019 Rs. 15,000
    You are required to prepare trading and profit and loss account for the year ended 31-03-2019 and a balance sheet as on that date using Tally.

12th Standard Accountancy English Medium - Computerized Accounting System - Tally 3 Mark Creative Question Paper and Answer Key 2022 - 2023 - by Study Materials - View & Read

  • 1)

    What are the salient features of Computerised Accounting system?

  • 2)

    What are advantages of Computerised Accounting system?

  • 3)

    What are the Voucher Entry in accounting System Tally ERP. 9?

  • 4)

    How to quitting Tally ERP 9?

  • 5)

    How to shut a Company in Tally ERP 9?

12th Standard Accountancy English Medium - Computerized Accounting System - Tally 3 Mark Book Back Question Paper and Answer Key 2022 - 2023 - by Study Materials - View & Read

  • 1)

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

  • 2)

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

  • 3)

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

12th Standard Accountancy English Medium - Computerized Accounting System - Tally 2 Mark Creative Question Paper and Answer Key 2022 - 2023 - by Study Materials - 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 Accountancy English Medium - Computerized Accounting System - Tally 2 Mark Book Back Question Paper and Answer Key 2022 - 2023 - by Study Materials - 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 Accountancy English Medium - Computerized Accounting System - Tally 1 Mark Creative Question Paper and Answer Key 2022 - 2023 - by Study Materials - View & Read

  • 1)

    CAS helps to compute various taxes and to deduct these and deposit the same to the _________

  • 2)

    In 2009, Tally Solutions introduced the software ___________

  • 3)

    Transactions are to be recorded through ________

  • 4)

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

  • 5)

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

12th Standard Accountancy English Medium - Computerized Accounting System - Tally 1 Mark Book Back Question Paper and Answer Key 2022 - 2023 - by Study Materials - 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 Accountancy English Medium - Ratio Analysis 5 Mark Creative Question Paper and Answer Key 2022 - 2023 - by Study Materials - 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)

    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
  • 3)

    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
  • 4)

    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

  • 5)

    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

12th Standard Accountancy English Medium - Ratio Analysis 5 Mark Book Back Question Paper and Answer Key 2022 - 2023 - by Study Materials - View & Read

  • 1)

    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
  • 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 Aruna Ltd.

    Particulars As on 31st March, 2019 Rs. As on 31st March, 2019 Rs.
    Inventory 3,60,000 4,40,000
    Trade receivables 7,40,000 6,60,000
    Trade payables 1,90,000 2,30,000
    Fixed assets 6,00,000 8,00,000

    Additional information:
    (i) Revenue from operations for the year Rs. 35,00,000
    (ii) Purchases for the year Rs. 21,00,000
    (iii) Cost of revenue from operations Rs. 16,00,000.
    Assume that sales and purchases are for credit.

  • 3)

    Calculate operating profit ratio under the following cases.
    Case 1: Revenue from operations Rs. 8,00,000, Operating profit Rs. 2,00,000.
    Case 2: Revenue from operations Rs. 20,00,000, Operating cost Rs. 14,00,000.
    Case 3: Revenue from operations Rs. 10,00,000, Gross profit 25% on revenue from operations, Operating expenses Rs. 1,00,000.

  • 4)

    From the following statement of profit and loss of Dericston Ltd. calculate
    (i) Gross profit ratio
    (ii) Net profit ratio

    Statement of Profit and Loss
    Particulars Rs.
    I. Revenue from operations 24,00,000
    II. Other Income:  
    Income from investment 70,000
    III. Total revenues (I+II) 24,70,000
    IV. Expenses:  
    Purchases of Stock-in-trade 18,80,000
    Changes in inventories - 80,000
    Employee benefits expense 2,90,000
    Other expenses 1,10,000
    Provision for tax 30,000
    Total expenses 22,30,000
    V. Profit for the year 2,40,000
  • 5)

    From the following trading activities of Rovina 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 4,00,000
    II. Other Income:  
    Income from investments 4,000
    III. Total revenues (I+II) 4,04,000
    IV. Expenses:  
    Purchases of Stock-in-trade 2,10,000
    Changes in inventories 30,000
    Finance costs 24,000
    Other expenses (Administration and selling) 60,000
    Total expenses 3,24,000
    V Profit before tax (III - IV) 80,000

12th Standard Accountancy English Medium - Ratio Analysis 3 Mark Creative Question Paper and Answer Key 2022 - 2023 - by Study Materials - 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)

    What is Credit payment period?

  • 5)

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

12th Standard Accountancy English Medium - Ratio Analysis 3 Mark Book Back Question Paper and Answer Key 2022 - 2023 - by Study Materials - 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)

    Explain the objectives of ratio analysis.

  • 3)

    What is inventory conversion period? How is it calculated?

  • 4)

    How is operating profit ascertained?

  • 5)

    State any three advantages of ratio analysis.

12th Standard Accountancy English Medium - Ratio Analysis 2 Mark Creative Question Paper and Answer Key 2022 - 2023 - by Study Materials - 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)

    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.

12th Standard Accountancy English Medium - Ratio Analysis 2 Mark Book Back Question Paper and Answer Key 2022 - 2023 - by Study Materials - View & Read

  • 1)

    What is meant by accounting ratios?

  • 2)

    What is quick ratio?

  • 3)

    What is meant by debt equity ratio?

  • 4)

    What does return on investment ratio indicate?

  • 5)

    State any two limitations of ratio analysis.

12th Standard Accountancy English Medium - Ratio Analysis 1 Mark Creative Question Paper and Answer Key 2022 - 2023 - by Study Materials - View & Read

  • 1)

    The financial status and financial performance of business entities can be assessed through ___________

  • 2)

    If both items in a ratio are from balance sheet, it is classified as___________

  • 3)

    If the two items in a ratio are from income statement, it is classified as __________

  • 4)

    If a ratio is computed with one item from income statement and another item from balance sheet, it is called _____________

  • 5)

    Which ratio is the proportion of fixed income bearing funds to equity shareholders funds?

12th Standard Accountancy English Medium - Ratio Analysis 1 Mark Book Back Question Paper and Answer Key 2022 - 2023 - by Study Materials - 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 Accountancy English Medium - Financial Statement Analysis 5 Mark Creative Question Paper and Answer Key 2022 - 2023 - by Study Materials - 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 Accountancy English Medium - Financial Statement Analysis 5 Mark Book Back Question Paper and Answer Key 2022 - 2023 - by Study Materials - View & Read

  • 1)

    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
  • 2)

    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
  • 3)

    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
  • 4)

    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
  • 5)

    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

12th Standard Accountancy English Medium - Financial Statement Analysis 3 Mark Creative Question Paper and Answer Key 2022 - 2023 - by Study Materials - 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 Accountancy English Medium - Financial Statement Analysis 3 Mark Book Back Question Paper and Answer Key 2022 - 2023 - by Study Materials - 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 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 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
  • 4)

    Calculate trend percentages for the following particulars of Kurinji Ltd.

    Particulars Rs.in thousands
      2015-16 2016-17 2017-18
    Revenue from operations 120 132 156
    Other income 50 38 65
    Expenses 100 135 123
  • 5)

    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%

12th Standard Accountancy English Medium - Financial Statement Analysis 2 Mark Creative Question Paper and Answer Key 2022 - 2023 - by Study Materials - View & Read

  • 1)

    Write a short note on
    i) Intra-firm comparison
    ii) Inter-firm comparison

  • 2)

    What is trend analysis?

  • 3)

    What is funds flow analysis?

  • 4)

    What do you mean by financial statement analysis?

  • 5)

    Financial statement analysis is a post-mortem of the business transactions to some extent. Do you agree?

12th Standard Accountancy English Medium - Financial Statement Analysis 2 Mark Book Back Question Paper and Answer Key 2022 - 2023 - by Study Materials - 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 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
  • 3)

    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
  • 4)

    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
  • 5)

    Prepare common-size income statement for the following particulars of Raja Ltd. for the year ended 31st March, 2017

    Particulars 2016-17
      Rs.
    Revenue from operations 4,50,000
    Other income 67,500
    Expenses 1,35,000

12th Standard Accountancy English Medium - Financial Statement Analysis 1 Mark Creative Question Paper and Answer Key 2022 - 2023 - by Study Materials - View & Read

  • 1)

    Which statement are prepared by the business concerns at the end of the accounting period to ascertain the operating results and the financial position?

  • 2)

    Financial statements are prepared based on _____________

  • 3)

    which statements are involve personal judgment in certain cases?

  • 4)

    Different tools are used for analysing the _____________

  • 5)

    The term fund refers to __________

12th Standard Accountancy English Medium - Financial Statement Analysis 1 Mark Book Back Question Paper and Answer Key 2022 - 2023 - by Study Materials - View & Read

  • 1)

    Which of the following statements is not true?

  • 2)

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

  • 3)

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

  • 4)

    The financial statements do not exhibit

  • 5)

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

12th Standard Accountancy English Medium - Company Accounts 5 Mark Creative Question Paper and Answer Key 2022 - 2023 - by Study Materials - View & Read

  • 1)

    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.

  • 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)

    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.

  • 4)

    A company, forfeited 200 shares of 10 each fully called up for non-payment of first call of 2/-per share and final call-of 3 per share. 120 of these shares were reissued at· Rs 6 per hare fully paid. up. 
    Give up the necessary entrie.

  • 5)

    United Industries Ltd. issued shares of Rs.10 each at 10% premiuam payable Rs.3.application,Rs.4 on allotment (including premium), Rs.2 first call and Rs.2 on final call.Journalise the transactions relatng to forfeiture of shares for the following situations:Manoj who holds 250 shares· failed to pay the second and final calI and. his shares were forfeited.
    Manoj who holds 250 shares failed to pay the allotment ino.ney and first call and second Manoj who holds 250 shares failed to pay the allotment money.and first call money and his shares were forfeited after the first call.

12th Standard Accountancy English Medium - Company Accounts 5 Mark Book Back Question Paper and Answer Key 2022 - 2023 - by Study Materials - View & Read

  • 1)

    Thai Ltd. issued 1,00,000 equity shares of Rs. 10 each, payable Rs. 5 on application, Rs. 2 on allotment Rs. 2 on first call and Rs. 1 on final call. All the shares are subscribed and amount was duly received. Pass journal entries.

  • 2)

    Joy Company issued 10,000 equity shares at Rs.10 per share payable Rs.5 on application, Rs.3 on allotment and Rs.2 on first and final call. The public subscribed for 9,000 shares. The directors allotted all the 9,000 shares and duly received the money. Pass the necessary journal entries.

  • 3)

    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.

  • 4)

    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.

  • 5)

    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.

12th Standard Accountancy English Medium - Company Accounts 3 Mark Creative Question Paper and Answer Key 2022 - 2023 - by Study Materials - View & Read

  • 1)

    What are the characteristics of a company?

  • 2)

    Explains the divisions of share capital.

  • 3)

    Write a short note on
    (i) Public issue
    (ii) Private placement

  • 4)

    Write a short note on
    (i) Rights issue
    (ii) Bonus issue

  • 5)

    If what purpose securities Premium Reserve Amount is used?

12th Standard Accountancy English Medium - Company Accounts 3 Mark Book Back Question Paper and Answer Key 2022 - 2023 - by Study Materials - View & Read

  • 1)

    Anu Company forfeited 200 equity shares of Rs.10 each issued at par held by Thiyagu for nonpayment of the final call of  Rs.3 per share. The shares were reissued to Laxman at Rs.6 per share. Show the journal entries for forfeiture and reissue.

  • 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)

    Gemini Ltd. forfeited 20 equity shares of Rs.10 each, Rs.7 called up, on which Mahesh had paid application and allotment money of Rs.5 per share. Of these 15 shares were reissued to Naresh by receiving Rs.6 per share paid up as Rs.7 per share. Pass journal entries for forfeiture and reissue.

  • 4)

    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.

  • 5)

    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%.

12th Standard Accountancy English Medium - Company Accounts 2 Mark Creative Question Paper and Answer Key 2022 - 2023 - by Study Materials - View & Read

  • 1)

    Definition of a Company.

  • 2)

    What is allotment?

  • 3)

    What is prorata allotment?

  • 4)

    What are the differences between over subscription and under subscription?

  • 5)

    Name different types of share capitals.

12th Standard Accountancy English Medium - Company Accounts 2 Mark Book Back Question Paper and Answer Key 2022 - 2023 - by Study Materials - View & Read

  • 1)

    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).

  • 2)

    Anitha was holding 500 equity shares of Rs.10 each of Thanjavur Motors Ltd, issued at par. She paid Rs.3 on application, Rs.5 on allotment but could not pay the first and final call of Rs.2. The directors forfeited the shares for nonpayment of call money. Give Journal entry for forfeiture of shares.

  • 3)

    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.

  • 4)

    What is a share?

  • 5)

    What is over-subscription?

12th Standard Accountancy English Medium - Company Accounts 1 Mark Creative Question Paper and Answer Key 2022 - 2023 - by Study Materials - View & Read

  • 1)

    In order to meet them production must be carried on a _________

  • 2)

    The capital of companies is divided into small units called __________

  • 3)

    The money raised by issuing shares is called

  • 4)

    Profits are distributed among the shareholders in the form of ___________

  • 5)

    The liability of the shareholders of the company is limited to the extent of face value of the shares held by the ___________

12th Standard Accountancy English Medium - Company Accounts 1 Mark Book Back Question Paper and Answer Key 2022 - 2023 - by Study Materials - 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)

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

  • 3)

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

  • 4)

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

  • 5)

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

12th Standard Accountancy English Medium - Retirement and Death of a Partner 5 Mark Creative Question Paper and Answer Key 2022 - 2023 - by Study Materials - View & Read

  • 1)

    Karan, Vinoth and Vinay are Partners sharin profits in the ratio of 3:2: 1. Karan retires and the new profit sharing ratio between Vinoth and vinaya is 2:3. Calculate the gaining ratio?

  • 2)

    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

  • 3)

    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.

  • 4)

    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

  • 5)

    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.

12th Standard Accountancy English Medium - Retirement and Death of a Partner 5 Mark Book Back Question Paper and Answer Key 2022 - 2023 - by Study Materials - 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)

    Prabu, Ragu and Siva are partners sharing profits and losses in the ratio of 3:2:1. Prabu retires from partnership on 1st April 2017. The following adjustments are to be made:
    (i) Increase the value of building by Rs. 12,000
    (ii) Reduce the value of furniture by Rs. 8,500
    (iii) A provision would also be made for outstanding salary for Rs. 6,500.
    Give journal entries and prepare revaluation account.

  • 3)

    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.

  • 4)

    Mani, Rama and Devan are partners in a firm sharing profits and losses in the ratio of 4 : 3 : 3. Their balance sheet as on 31st March, 2019 is as follows:

    Liabilities Rs. Rs. Asset Rs.
    Capital accounts:     Buildings 80,000
    Mani 50,000   Stock 20,000
    Rama 50,000   Furniture 70,000
    Devan 50,000 1,50,000 Debtors 20,000
    Sundry creditors   20,000 Cash in hand 10,000
    Profit and loss A/c   30,000    
        2,00,000   2,00,000

    Mani retired from the partnership firm on 31.03.2019 subject to the following adjustments:
    (i) Stock to be depreciated by Rs. 5,000
    (ii) Provision for doubtful debts to be created for Rs. 1,000.
    (iii) Buildings to be appreciated by Rs. 16,000
    (iv) The final amount due to Mani is not paid immediately
    Prepare revaluation account and capital account of partners after retirement.

  • 5)

    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.

12th Standard Accountancy English Medium - Retirement and Death of a Partner 3 Mark Creative Question Paper and Answer Key 2022 - 2023 - by Study Materials - View & Read

  • 1)

    P, Q and R have been sharing profits ratio 4:2:1. Q retires P and R takes Q's shares equally. Calculate new profit Sharing ratio and gaining ratio.

  • 2)

    X, Y and Z are partners Sharing profits in the rat_io 2:3:5. Goodwill appearing in he books at Rs. 50,000. X retires on the day of x retirement goodwill is valued at Rs. 45000. Y and Z decided to share future profits equally. Pass the journal entries.

  • 3)

    X, Y and Z are partners ratio 5:3:2 Goodwill not appear in the books of Rs. 1,00,000.X retires, Y and Z share of profit equally in future. You are required to make adjustment. Pass entry,

  • 4)

    P, Q, R ratio is 2:3:5 Goodwill appears in their books at the value of Rs. 60,000; P retires at the time good will of Rs. 30,000. Pass the necessary journal entries.

  • 5)

    A, B and C were partners ratio 6:4:5. B retires new profit sharing ratio A  and C 11:4. B's retirement value of goodwill is Rs. 1.80,000 pass entry.

12th Standard Accountancy English Medium - Retirement and Death of a Partner 3 Mark Book Back Question Paper and Answer Key 2022 - 2023 - by Study Materials - View & Read

  • 1)

    Prince, Dev and Sasireka are partners in a firm sharing profits and losses in the ratio of 2:4:1. Their balance sheet as on 31st March, 2019 is as follows:

    Liabilities Rs. Rs. Assets Rs.
    Capital accounts     Buildings 40,000
    Prince 30,000   Plant 50,000
    Dev 50,000   Furniture 10,000
    Sasireka 20,000 1,00,000 Stock 15,000
    Profit and loss appropriation A/c   10,000 Debtors 20,000
    General reserve   15,000 Cash at bank 15,000
    Workmen compensation fund   17,000    
    Sundry creditors   8,000    
        1,50,000   1,50,000
  • 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)

    Kavitha, Kumudha and Lalitha are partners sharing profits and losses in the ratio of 5 : 3 : 3 respectively. Kumudha retires from the firm on 31st December, 2018. On the date of retirement, her capital account shows a credit balance of Rs. 2,00,000. Pass journal entries if:
    i) The amount due is paid off immediately by cheque.
    ii) The amount due is not paid immediately.
    iii) Rs. 70,000 is paid immediately by cheque

  • 4)

    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.

  • 5)

    List out the adjustments made at the time of retirement of a partner in a partnership firm.

12th Standard Accountancy English Medium - Retirement and Death of a Partner 2 Mark Creative Question Paper and Answer Key 2022 - 2023 - by Study Materials - View & Read

  • 1)

    Who is an outgoing partner?

  • 2)

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

  • 3)

    If the retiring partner is not paid the full amount due to him immediately on retirement, how should his capital account be shown in subsequent balance sheet?

  • 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 Accountancy English Medium - Retirement and Death of a Partner 2 Mark Book Back Question Paper and Answer Key 2022 - 2023 - by Study Materials - View & Read

  • 1)

    Vivin, Hari and Joy are partners sharing profits and losses in the ratio of 3:2:1. On 31.3.2017, Hari retired. On the date of retirement, the books of the firm showed a general reserve of Rs. 60,000. Pass the journal entry to transfer the general reserve.

  • 2)

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

  • 3)

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

  • 4)

    Arya, Benin and Charles are partners sharing profits and losses in the ratio of 3:3:2. Charles retires and his share is taken up by Arya. Calculate the new profit sharing ratio and gaining ratio of Arya and Benin.

  • 5)

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

12th Standard Accountancy English Medium - Retirement and Death of a Partner 1 Mark Creative Question Paper and Answer Key 2022 - 2023 - by Study Materials - View & Read

  • 1)

    When a partner leaves from a partnership firm, it is known as __________

  • 2)

    The firm is reconstituted and other partners continue the partnership firm with a new __________

  • 3)

    A partner who retires from the firm is called an __________

  • 4)

    The profit or loss arising therefrom is transferred to the capital accounts of all the partners in the _____________

  • 5)

    The settlement is to be done in the manner prescribed in the ___________

12th Standard Accountancy English Medium - Retirement and Death of a Partner 1 Mark Book Back Question Paper and Answer Key 2022 - 2023 - by Study Materials - 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 from a partnership firm, accumulated profits and losses are distributed to the partners in the

  • 3)

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

  • 4)

    On revaluation, the increase in liabilities leads to

  • 5)

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

12th Standard Accountancy English Medium - Admission of a Partner 5 Mark Creative Question Paper and Answer Key 2022 - 2023 - by Study Materials - 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)

    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)

    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.

  • 4)

    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.

  • 5)

    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

12th Standard Accountancy English Medium - Admission of a Partner 5 Mark Book Back Question Paper and Answer Key 2022 - 2023 - by Study Materials - View & Read

  • 1)

    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.

  • 2)

    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.

  • 3)

    Anand and Balu are partners in a firm sharing profits and losses in the ratio of 7:3. Their balance sheet as on 31st March, 2018 is as follows:

    Liabilities Rs. Rs. Assets Rs.
    Capital accounts:     Land 60,000
    Anand 50,000   Stock 40,000
    Balu 30,000 80,000 Debtors 20,000
    Sundry creditors   20,000 Cash in hand 10,000
    Profit and loss A/c   30,000    
        1,30,000   1,30,000

    Chandru is admitted as a new partner on 1.4.2018 by introducing a capital of Rs. 20,000 for 1/4 share in the future profit subject to the following adjustments:
    (a) Stock to be depreciated by Rs. 3,000
    (b) Provision for doubtful debts to be created for Rs. 2,000.
    (c) Land was to be appreciated by Rs. 10,000
    Prepare revaluation account and capital account of partners after admission. 

  • 4)

    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.

  • 5)

    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.

12th Standard Accountancy English Medium - Admission of a Partner 3 Mark Creative Question Paper and Answer Key 2022 - 2023 - by Study Materials - View & Read

  • 1)

    A and B are partners sharing profits ratio of 5 : 3 They decide to admit C into firm 1/6th share. Calculate new profit sharing ratio and sacrificing ratio.

  • 2)

    A and B are partners sharing profit and losses ratio 5 : 3. They admit 'C' as a partner. 'c' acquires his share 4/20 from 'A' and 2/20 from 'B'. Find out the new profit sharing ratio and sacrificing ratio.

  • 3)

    X and Y are partners sharing ratio of 3 : 2. They admit Z into partnership. Z paying a premium of Rs. 2,000 for 1/4th share of profit. The new ratio is 3, 3: 2 Good will of firm appears Rs. 20,000 journalise.

  • 4)

    R and S are partners ratio of 5:1. They admit 'T' into the partnership for 1/3rd share in the profits. If was agreed that R and S would also qhare profits equally. 'T' brought Rs. 1,00,000 as goodwill for his share of profit and Rs. 2,00,000 as his capital. Show the journal entries.

  • 5)

    Anandan and Bhaskarall were partners in a firm sharing profit and loss in the ratio 3 : 2 Admit Chandran 1/3rd share, the old partners sacrificing equally. calculate new profit ratio and sacrificing ratio.

12th Standard Accountancy English Medium - Admission of a Partner 3 Mark Book Back Question Paper and Answer Key 2022 - 2023 - by Study Materials - View & Read

  • 1)

    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.

  • 2)

    Sathish and Sudhan are partners in a firm sharing profits and losses in the ratio of 4:3. On 1st April 2018, they admitted Sasi as a partner. On the date of Sasi’s admission, goodwill appeared in the books of the firm at Rs. 35,000. By assuming fluctuating capital account, pass the necessary journal entry if the partners decide to
    (i) write off the entire amount of existing goodwill
    (ii) write off Rs.21,000 of the existing goodwill

  • 3)

    What are the adjustments required at the time of admission of a partner?

  • 4)

    What are the journal entries to be passed on revaluation of assets and liabilities?

  • 5)

    Write a short note on accounting treatment of goodwill.

12th Standard Accountancy English Medium - Admission of a Partner 2 Mark Creative Question Paper and Answer Key 2022 - 2023 - by Study Materials - View & Read

  • 1)

    What is meant by admission of a partner?

  • 2)

    Who is an incoming partner?

  • 3)

    Durga and Naresh were partnership in a firm. They wanted to admit five more members in the firm. List any two categories of individuals other than minors who cannot be admitted by them.

  • 4)

    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.

  • 5)

    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.

12th Standard Accountancy English Medium - Admission of a Partner 2 Mark Book Back Question Paper and Answer Key 2022 - 2023 - by Study Materials - View & Read

  • 1)

    Mala and Vimala were partners sharing profits and losses in the ratio of 3:2. On 31.3.2017, Varshini was admitted as a partner. On the date of admission, the book of the firm showed a reserve fund of Rs. 50,000. Pass the journal entry to distribute the reserve fund.

  • 2)

    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.

  • 3)

    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.

  • 4)

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

  • 5)

    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.

12th Standard Accountancy English Medium - Admission of a Partner 1 Mark Creative Question Paper and Answer Key 2022 - 2023 - by Study Materials - View & Read

  • 1)

    A person may join as a new partner in an existing

  • 2)

    Revaluation account is also called

  • 3)

    When the value of an asset increases, it results in

  • 4)

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

  • 5)

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

12th Standard Accountancy English Medium - Admission of a Partner 1 Mark Book Back Question Paper and Answer Key 2022 - 2023 - by Study Materials - View & Read

  • 1)

    Revaluation A/c is a

  • 2)

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

  • 3)

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

  • 4)

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

  • 5)

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

12th Standard Accountancy English Medium - Goodwill In Partnership Accounts 5 Mark Creative Question Paper and Answer Key 2022 - 2023 - by Study Materials - 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)

    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.

  • 3)

    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.

  • 4)

    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

  • 5)

    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

12th Standard Accountancy English Medium - Goodwill In Partnership Accounts 5 Mark Book Back Question Paper and Answer Key 2022 - 2023 - by Study Materials - View & Read

  • 1)

    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

  • 2)

    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.

  • 3)

    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.

  • 4)

    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

  • 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 Accountancy English Medium - Goodwill In Partnership Accounts 3 Mark Creative Question Paper and Answer Key 2022 - 2023 - by Study Materials - 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)

    Venu and Somu are carrying on a business of repairing electronic iterrrs. There are no other technicians for repairing electronic items in the locality. As the electric supply has a lot of fluctuations, the equipments get damaged. Therefore, both the partners themselves do the repairing work to the satisfaction of the customers. The firm donates 10% of its profits to a Charitable Hospital of the locality for the medical treatment of persons below poverty line. State the two factors affecting the goodwill of the firm discussed in the above para. Also identify any two values which the firm is trying to propagate.

12th Standard Accountancy English Medium - Goodwill In Partnership Accounts 3 Mark Book Back Question Paper and Answer Key 2022 - 2023 - by Study Materials - 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)

    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

  • 3)

    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. 46,000, Rs. 44,000 and Rs. 50,000 respectively.
    (b) A non-recurring income of Rs. 5,000 is included in the profits of the year 2016.
    (c) The closing stock of the year 2017 was overvalued by Rs. 10,000.

  • 4)

    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.

  • 5)

    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.

12th Standard Accountancy English Medium - Goodwill In Partnership Accounts 2 Mark Creative Question Paper and Answer Key 2022 - 2023 - by Study Materials - 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 Accountancy English Medium - Goodwill In Partnership Accounts 2 Mark Book Back Question Paper and Answer Key 2022 - 2023 - by Study Materials - 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 Accountancy English Medium - Goodwill In Partnership Accounts 1 Mark Creative Question Paper and Answer Key 2022 - 2023 - by Study Materials - View & Read

  • 1)

    Which is the present value of a firm's future excess earnings?

  • 2)

    Goodwill is shown under fixed assets in the ___________

  • 3)

    The monetary value of such advantage is termed as ____________

  • 4)

    Goodwill helps in earning more profit and attracts more _________

  • 5)

    The profit earning capacity of the firm determines the value of its _____________

12th Standard Accountancy English Medium - Goodwill In Partnership Accounts 1 Mark Book Back Question Paper and Answer Key 2022 - 2023 - by Study Materials - View & Read

  • 1)

    Which of the following statements is true?

  • 2)

    Super profit is the difference between

  • 3)

    The average rate of return of similar concerns is considered as

  • 4)

    Which of the following is true?

  • 5)

    Identify the incorrect pair

12th Standard Accountancy English Medium - Accounts of Partnership Firms-Fundamentals 5 Mark Creative Question Paper and Answer Key 2022 - 2023 - by Study Materials - 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)

    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
  • 3)

    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.

  • 4)

    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.

  • 5)

    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.

12th Standard Accountancy English Medium - Accounts of Partnership Firms-Fundamentals 5 Mark Book Back Question Paper and Answer Key 2022 - 2023 - by Study Materials - View & Read

  • 1)

    A, B, C and D are partners in a firm. There is no partnership deed. How will you deal with the following?
    (i) A has contributed maximum capital. He demands interest on capital at 12% per annum.
    (ii) B has withdrawn Rs.1,000 per month. Other partners ask B to pay interest on drawings @ 10% per annum to the firm. But, B does not agree to it.
    (iii) Loan advanced by C to the firm is Rs. 10,000. He demands interest on loan @ 9% per annum. A and B do not agree with this.
    (iv) D demands salary at the rate of Rs. 5,000 per month as he spends full time for the business. B and C do not agree with this.
    (v) A demands the profit to be shared in the capital ratio. But, B, C and D do not agree.

  • 2)

    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
  • 3)

    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
  • 4)

    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
  • 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 Accountancy English Medium - Accounts of Partnership Firms-Fundamentals 3 Mark Creative Question Paper and Answer Key 2022 - 2023 - by Study Materials - View & Read

  • 1)

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

  • 2)

    What is Fluctuating capital method?

  • 3)

    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.

  • 4)

    Give the format of Profit and loss Appropriation Accounts.

  • 5)

    Why is it the capital account of a partner does not show a "Debit balance" inspite of regular and consistent losses year after year.

12th Standard Accountancy English Medium - Accounts of Partnership Firms-Fundamentals 3 Mark Book Back Question Paper and Answer Key 2022 - 2023 - by Study Materials - 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)

    From the following balance sheets of Brindha and Praveena who share profits and losses in the ratio of 3:4, 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 accoun   Sundry assets 80,000
    Brindha 30,000    
    Praveena 40,000    
    Profit and loss appropriation A/c 10,000    
      80,000   80,000

     On 1st July 2017, Brindha introduced an additional capital of Rs. 6,000 and on 1st October 2017, Praveena introduced Rs. 10,000. Drawings of Brindha and Praveena during the year were Rs. 5,000 and Rs. 7,000 respectively. Profit earned during the year was Rs. 31,000.

  • 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)

    Arun 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 6,000
    June 1 4,000
    September 1 5,000
    December 1 2,000

    Calculate the amount of interest on drawings.

  • 5)

    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. 

12th Standard Accountancy English Medium - Accounts of Partnership Firms-Fundamentals 2 Mark Creative Question Paper and Answer Key 2022 - 2023 - by Study Materials - View & Read

  • 1)

    What is drawing?

  • 2)

    What is partner's current Account?

  • 3)

    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

  • 4)

    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

  • 5)

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

12th Standard Accountancy English Medium - Accounts of Partnership Firms-Fundamentals 2 Mark Book Back Question Paper and Answer Key 2022 - 2023 - by Study Materials - 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)

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

  • 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)

    Velan is a partner who withdrew Rs. 20,000 on 1st April 2018. Interest on drawings is charged at 10% per annum. Calculate interest on drawings on 31st December 2018 and pass journal entries by assuming fluctuating capital method.

  • 5)

    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.

12th Standard Accountancy English Medium - Accounts of Partnership Firms-Fundamentals 1 Mark Creative Question Paper and Answer Key 2022 - 2023 - by Study Materials - View & Read

  • 1)

    The name under which the business of a firm is carried on is called the ____________

  • 2)

    The profit or loss arising from the partnership business is shared by the partners in the ___________

  • 3)

    In India, partnership firms are governed by the Indian partnership Act ___________

  • 4)

    The maximum number of partners in a partnership firm is ________

  • 5)

    In sole proprietorship, the profit or loss in the profit and loss account is transferred directly to the sole proprietor's ___________

12th Standard Accountancy English Medium - Accounts of Partnership Firms-Fundamentals 1 Mark Book Back Question Paper and Answer Key 2022 - 2023 - by Study Materials - View & Read

  • 1)

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

  • 2)

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

  • 3)

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

  • 4)

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

  • 5)

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

12th Standard Accountancy English Medium - Accounts of Not-For-Profit Organisation 5 Mark Creative Question Paper and Answer Key 2022 - 2023 - by Study Materials - 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 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 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
  • 4)

    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.

  • 5)

    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

12th Standard Accountancy English Medium - Accounts of Not-For-Profit Organisation 5 Mark Book Back Question Paper and Answer Key 2022 - 2023 - by Study Materials - View & Read

  • 1)

    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
  • 2)

    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
  • 3)

    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
  • 4)

    From the following Receipts and Payment Account of Trichy Recreation Club, prepare Income and Expenditure Account for the year ended 31.03.2018.d

    Receipts Rs. Payments Rs.
    To Opening balance   By Furniture purchased 10,000
    Cash in hand 11,000 By Rent 2,800
    To Dividend received 27,600 By Secretary's honorarium 15,000
    To Sale of old newspaper 3,000 By Postage 1,700
    To Members’ 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  
    (Book value Rs. 4,400)   Cash in hand 3,000
      86,850   86,850
  • 5)

    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

12th Standard Accountancy English Medium - Accounts of Not-For-Profit Organisation 3 Mark Creative Question Paper and Answer Key 2022 - 2023 - by Study Materials - View & Read

  • 1)

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

  • 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 are the differences between Trade organisation and Not-for-profit organisation?

  • 4)

    From the following informatlon calculate the amount of subscription to be credited  to the Income and Expenditure A/c for the year 2013-14.

    Subscription received 50,000
    Subscription outstanding 31.03.2013 20,000
    Strbscription outstanding 2013 -2014 6,000
    Subscription recd. in advance 31.03.2013 8,000
    Subscription recd. in advance 31.03.2014 9,000

    Subscriptious of Rs. 9,000 is still in arrears for the year 2012- 13.

  • 5)

    Prepare balance sheet of Cosmos club as on 31st March, 2014.

    Particulars Debit Credit
    Tournament Fund - 1,50,000
    Tournament Fund Investment 1,50,000  
    Income from Tournament Ftrnd Investment - 18,000
    Tournament Expenses 12,000 -

    Interest accured on Tournament Fund Investment Rs. 6,000.

12th Standard Accountancy English Medium - Accounts of Not-For-Profit Organisation 3 Mark Book Back Question Paper and Answer Key 2022 - 2023 - by Study Materials - View & Read

  • 1)

    From the following particulars of Tamil Educational Society, prepare Receipts and Payments account for the year ended 31st March, 2019.

    Particulars Rs. Particulars Rs.
    Opening cash balance as on 1.4.2018 18,000 Building purchased 2,10,000
    Rent paid 6,000 Staff salary 55,000
    Scholarship given 15,200 Subscription received 2,65,000
    Entrance fees received 18,500    
  • 2)

    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
  • 3)

    From the following Receipts and Payment Account of Ooty Recreation Club, prepare Income and Expenditure Account for the year ended 31.03.2018

    Receipts Rs. Payments Rs.
    To Opening balance   By Sports materials purchased 10,000
    Cash in hand 5,000 By Stationery paid 7,000
    To Rent received 10,000 By Computer purchased 25,000
    To Sale of investments 8,000 By Salaries 20,000
    To Subscription received 54,000 By Closing balance  
        Cash in hand 15,000
      77,000   77,000
  • 4)

    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.

  • 5)

    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.

12th Standard Accountancy English Medium - Accounts of Not-For-Profit Organisation 2 Mark Creative Question Paper and Answer Key 2022 - 2023 - by Study Materials - 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)

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

12th Standard Accountancy English Medium - Accounts of Not-For-Profit Organisation 2 Mark Book Back Question Paper and Answer Key 2022 - 2023 - by Study Materials - View & Read

  • 1)

    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

  • 2)

    How will the following items appear in the final accounts of a sports club?

    Particulars Rs.
    Stock of sports materials (01.04.2018) 3,000
    Sports materials purchased during current year 9,000
    Sale of old sport materials during current year 500
    Stock of sports materials (31.03.2019) 4,000
  • 3)

    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
  • 4)

    How will the following appear in the final accounts of a club for the year 2017 – 2018?

    Particulars Rs.
    Prize fund on 1.4.2017 60,000
    Prize fund investment on 1.4.2017 60,000
    Interest received on prize fund investment 6,000
    Prizes distributed 8,000
    Donation received for prize fund 12,000
  • 5)

    State the meaning of not–for–profit organisation

12th Standard Accountancy English Medium - Accounts of Not-For-Profit Organisation 1 Mark Creative Question Paper and Answer Key 2022 - 2023 - by Study Materials - View & Read

  • 1)

    An advance receipt of subscription from a member of the non - profit organization is considered as alan __________

  • 2)

    Income and Expenditure account is based on _________

  • 3)

    Which of the following is to be recorded in an income and expenditure account?

  • 4)

    Subscription received but not yet earned is considered as a /an _____________

  • 5)

    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.

12th Standard Accountancy English Medium - Accounts of Not-For-Profit Organisation 1 Mark Book Back Question Paper and Answer Key 2022 - 2023 - by Study Materials - View & Read

  • 1)

    Receipts and payments account is a

  • 2)

    Receipts and payments account records receipts and payments of

  • 3)

    Balance of receipts and payments account indicates the

  • 4)

    Income and expenditure account is a

  • 5)

    Income and Expenditure Account is prepared to find out

12th Standard Accountancy English Medium - Accounts From Incomplete Records 5 Mark Creative Question Paper and Answer Key 2022 - 2023 - by Study Materials - 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)

    Calculate the missing information:

    Particulars Rs.
    Closing capital 32,000
    Drawings 4,800
    Additional capital 8,000
    Profit made during the year 9,600
  • 3)

    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. 

  • 4)

    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
  • 5)

    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

12th Standard Accountancy English Medium - Accounts From Incomplete Records 5 Mark Book Back Question Paper and Answer Key 2022 - 2023 - by Study Materials - 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 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
  • 3)

    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    
  • 4)

    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.  
  • 5)

    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.

12th Standard Accountancy English Medium - Accounts From Incomplete Records 3 Mark Creative Question Paper and Answer Key 2022 - 2023 - by Study Materials - 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)

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

  • 3)

    Definition of single entry system?

  • 4)

    Calculate the profit from the following information

    Particulars Amt(Rs.)
    Opening capital 1,60,000
    Closing capital 1,80,000
    Drawings 36,000
    Additional capital 10,000
  • 5)

    Calculate opening capital:

    Particulars Amt(Rs.)
    Closing Capital Rs. 1,63,800
    Additional Capital Rs. 42,300
    Drawing: 25,200
    Loss: 12,600

12th Standard Accountancy English Medium - Accounts From Incomplete Records 3 Mark Book Back Question Paper and Answer Key 2022 - 2023 - by Study Materials - 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 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
  • 3)

    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 ?
  • 4)

    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. 

  • 5)

    On 1st April 2017, Ganesh started his business with a capital of Rs.75,000. He did not maintain proper book of accounts. Following particulars are available from his books as on 31.03.2018

    Particulars Rs Particulars Rs
    Cash 5,000 Debtors 16,000
    Stock of goods 18,000 Creditors 9,000
    Bills receivable 7,000 Cash at bank 24,000
    Furniture 3,000 Bills payable 6,000

    During the year he withdrew Rs. 15,000 for his personal use. He introduced further capital of Rs. 20,000 during the year. Calculate his profit or loss. 

12th Standard Accountancy English Medium - Accounts From Incomplete Records 2 Mark Creative Question Paper and Answer Key 2022 - 2023 - by Study Materials - View & Read

  • 1)

    Under single entry system is it possible to check the arithmetical accuracy of books of accounts?

  • 2)

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

  • 3)

    Why is statement of affairs prepared under single entry system not referred to as balance sheet?

  • 4)

    What are the possible reasons for keeping incomplete records?

  • 5)

    Mention, two characteristics of "Accounts from Incomplete Records".

12th Standard Accountancy English Medium - Accounts From Incomplete Records 2 Mark Book Back Question Paper and Answer Key 2022 - 2023 - by Study Materials - 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)

    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
  • 3)

    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
  • 4)

    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
  • 5)

    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

12th Standard Accountancy English Medium - Accounts From Incomplete Records 1 Mark Creative Question Paper and Answer Key 2022 - 2023 - by Study Materials - View & Read

  • 1)

    The different between the total of assets and total of liabilities is taken as __________

  • 2)

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

  • 3)

    A firm has assets worth Rs. 60,000 and capital Rs. 45,000.Then it's liabilities is _________

  • 4)

    Under the net worth method, the basis for ascertaining the profit is ________

  • 5)

    Credit sale is obtained from _________

12th Standard Accountancy English Medium - Accounts From Incomplete Records 1 Mark Book Back Question Paper and Answer Key 2022 - 2023 - by Study Materials - View & Read

  • 1)

    Incomplete records are generally maintained by

  • 2)

    Statement of affairs is a

  • 3)

    Opening statement of affairs is usually prepared to find out the

  • 4)

    The excess of assets over liabilities is

  • 5)

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

One Mark Important Questions - by Question Bank Software - View & Read

  • 1)

    Statement of affairs is a

  • 2)

    Opening statement of affairs is usually prepared to find out the

  • 3)

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

  • 4)

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

  • 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 Reduced Syllabus Annual Exam Model Question Paper with Answer key - 2021 - by Question Bank Software - View & Read

  • 1)

    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

  • 2)

    A firm has liabilities is Rs. 50,000 and Capital is Rs. 25,000. Then its assets is ______________

  • 3)

    Receipts and payments account records receipts and payments of

  • 4)

    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.

  • 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 Reduced Syllabus Annual Exam Model Question Paper - 2021 - by Question Bank Software - View & Read

  • 1)

    Incomplete records are generally maintained by

  • 2)

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

  • 3)

    Subscription due but not received for the current year is

  • 4)

    _______are the amounts received by not for- profit organisations as a gift

  • 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 Reduced Syllabus Public Exam Model Question Paper with Answer key - 2021 - by Question Bank Software - View & Read

  • 1)

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

  • 2)

    Single entry system is not possible for:

  • 3)

    Income and expenditure account is a

  • 4)

    On what basis the receipts and payments account is prepared?

  • 5)

    Pick the odd one out

12th Standard English Medium Accountancy Reduced Syllabus Public Exam Model Question Paper - 2021 - by Question Bank Software - View & Read

  • 1)

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

  • 2)

    A method wherein omitted information is determined in the first place and by using this information net income or net loss is ascertained is known as __________

  • 3)

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

  • 4)

    _______Items will be recorded in the balance sheet

  • 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 Reduced Syllabus Creative Five mark Question with Answer key - 2021(Public Exam ) - 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)

    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
  • 3)

    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
  • 4)

    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

  • 5)

    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.

12th Standard English Medium Accountancy Reduced Syllabus Creative Three mark Question with Answer key - 2021(Public Exam ) - 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)

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

  • 3)

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

  • 4)

    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.

  • 5)

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

12th Standard English Medium Accountancy Reduced Syllabus Creative Two mark Question with Answer key - 2021(Public Exam ) - by Question Bank Software - View & Read

  • 1)

    Under single entry system is it possible to check the arithmetical accuracy of books of accounts?

  • 2)

    Why is statement of affairs prepared under single entry system not referred to as balance sheet?

  • 3)

    What are the possible reasons for keeping incomplete records?

  • 4)

    Explain the steps in preparations of receipts and payments account.

  • 5)

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

12th Standard English Medium Accountancy Reduced Syllabus Creative One mark Question with Answer key - 2021(Public Exam) - by Question Bank Software - View & Read

  • 1)

    The capital of a business is ascertained by preparing _________

  • 2)

    Companies cannot keep books on single entry system because of ________

  • 3)

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

  • 4)

    Identify the correct formula used to ascertain the closing capital

  • 5)

    Total opening balances of assets and liabilities are Rs. 10,000 and Rs. 5,000 respectively. Find out the opening capital of the business ___________

12th Standard English Medium Accountancy Reduced Syllabus Five mark Important Questions with Answer key - 2021(Public Exam ) - 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)

    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.

  • 3)

    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. 

  • 4)

    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
  • 5)

    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

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

    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
  • 3)

    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.

  • 4)

    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
  • 5)

    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.

12th Standard English Medium Accountancy Reduced Syllabus Three mark Important Questions with Answer key - 2021(Public Exam ) - by Question Bank Software - View & Read

  • 1)

    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 ?
  • 2)

    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
  • 3)

    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.

  • 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)

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

12th Standard English Medium Accountancy Reduced Syllabus Three mark Important Questions - 2021(Public Exam ) - by Question Bank Software - View & Read

  • 1)

    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 ?
  • 2)

    State the procedure for calculating profit or loss through statement of affairs.

  • 3)

    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
  • 4)

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

  • 5)

    How will the following appear in the final accounts of Vedaranyam Sports club?

      Rs.
    Opening stock of bats and balls 3,000
    Purchase of bats and balls during the year 17,000
    Sale of old bats and balls 2,000
    Closing stock of bats and balls 4,000

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

    From the following particulars, prepare bills receivable account and compute the bills received from the debtors

    Particulars Rs
    Opening bills receivable 20,000
    Closing bills receivable 30,000
    Cash received for bills receivable 60,000
    Bills receivable dishonoured 5,000
  • 3)

    From the following particulars ascertain profit or loss:

    Particulars Rs.
    Capital at the beginning of the year (1st April, 2018) 5,00,000
    Capital at the end of the year (31st March, 2019) 8,50,000
    Additional capital introduced during the year 1,20,000
    Drawings during the year 70,000
  • 4)

    Find out credit sales from the following information:

    Particulars Rs.
    Debtors on 1st April, 2018 1,00,000
    Cash received from debtors 2,30,000
    Discount allowed 5,000
    Returns inward 25,000
    Debtors on 31st March 2019 1,20,000
  • 5)

    From the following Receipts and Payment Account of Ooty Recreation Club, prepare Income and Expenditure Account for the year ended 31.03.2018

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

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

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

      Rs
    Debtors on 1st April 2018 50,000
    Cash received from debtors during the year 1,50,000
    Returns inward 15,000
    Bad debts 5,000
    Debtors on 31st March 2019 70,000
    Cash Sales 1,40,000
  • 3)

    From the following details, calculate credit purchases

    Particulars Rs
    Creditors on 1st April, 2018 50,000
    Returns outward 6,000
    Cash paid to creditors 1,60,000
    Creditors on 31st March, 2019 70,000
  • 4)

    Find out credit sales from the following information:

    Particulars Rs.
    Debtors on 1st April, 2018 1,00,000
    Cash received from debtors 2,30,000
    Discount allowed 5,000
    Returns inward 25,000
    Debtors on 31st March 2019 1,20,000
  • 5)

    Why is statement of affairs prepared under single entry system not referred to as balance sheet?

View all

TN Stateboard Education Study Materials

TN Stateboard Updated Class 12th Accountancy Syllabus

Accounts From Incomplete Records

Introduction - Meaning of incomplete records - Features of incomplete records - Limitations of incomplete records - Differences between double entry system and incomplete records - Accounts from incomplete records - Ascertaining profit or loss from incomplete records through statement of affairs - Preparation of final accounts from incomplete records

Accounts of Not-For-Profit Organisation

Introduction - Features of not-for-profit organisations - Receipts and Payments Account - Items peculiar to not-for-profit organisations - Income and Expenditure Account - Balance Sheet

Accounts of Partnership Firms-Fundamentals

Introduction - Meaning, definition, and features of partnership - Partnership deed - Application of the provisions of the Indian Partnership Act, 1932 in the absence of partnership deed - Final accounts of partnership firms - Methods of maintaining capital accounts of partners - Interest on capital and interest on drawings of partners - Salary and commission to partners - Interest on loan from partners - Division of profits among partners - Profit and loss appropriation account

Goodwill In Partnership Accounts

Introduction - Nature of goodwill - Factors determining the value of goodwill of a partnership firm - Need for valuation of goodwill of partnership firms - Classification of goodwill - Methods of valuation of goodwill

Admission of a Partner

Introduction - Adjustments required at the time of admission of a partner - Distribution of accumulated profits, reserves and losses - Revaluation of assets and liabilities - New profit sharing ratio and Sacrificing ratio - Adjustment for goodwill - Adjustment of capital on the basis of new profit sharing ratio

Retirement and Death of a Partner

Introduction - Adjustments required on retirement of a partner - Distribution of accumulated profits, reserves and losses - Revaluation of assets and liabilities - Determination of new profit sharing ratio and gaining ratio - Adjustment for goodwill - Adjustment for current year's profit or loss upto the date retirement - Settlement of the amount due to the retiring partner, Death of a partner - Adjustments required on the death of a partner

Company Accounts

Introduction - Meaning and definition of a company - Characteristics of a company - Meaning and types of shares - Divisions of share capital - Issue of equity shares - Process of issue of equity shares - Issue of shares for cash in instalments - Issue of shares for cash in lumpsum - Issue of shares for consideration other than cash

Financial Statement Analysis

Introduction - Financial statements - Financial statements of companies - Financial statement analysis - Tools of financial statement analysis - Preparation of comparative statements - Preparation of common - size statements - Trend analysis

Ratio Analysis

Introduction - Meaning of accounting ratios - Meaning and definition of ratio analysis - Objectives of ratio analysis - Classification of ratios - Computation of ratios - Advantages of ratio analysis - Limitations of ratio analysis

Computerized Accounting System-Tally

Introduction - Applications of Computerised Accounting System (CAS) - Automated accounting system - Designing the accounting reports - Data exchange with other information system - Application of computerised accounting system - Tally with GST package - Practical application of accounting software - Tally.ERP 9

TN StateboardStudy Material - Sample Question Papers with Solutions for Class 12 Session 2020 - 2021

Latest Sample Question Papers & Study Material for class 12 session 2020 - 2021 for Subjects Maths, Chemistry, Physics, Biology, Computer Science, Business Maths and Statistics, Economics, Commerce, History, Computer Applications, Computer Technology, English, உயிரியல், கணினி பயன்பாடுகள், கணினி அறிவியல், வணிகக் கணிதம் மற்றும் புள்ளியியல், வணிகவியல், பொருளியல், கணிதவியல், வேதியியல், இயற்பியல், கணினி தொழில்நுட்பம், வரலாறு, கணக்குப்பதிவியல், தமிழ் in PDF form to free download [ available question papers ] for practice. Download QB365 Free Mobile app & get practice question papers.

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