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12th Accountancy - Term 1 Model Question Paper

Published on: 21/09/2019

Download Tamil Nadu 12th Standard Accountancy question papers, model tests, one-mark questions, important questions, and public exam papers in PDF format. Free study materials and answer keys for TN State Board students.

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Questions:

Generic 3

4 x 3 = 12

State the features of partnership.

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 31^st 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 1^st 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.

Following are the balances of Shanthi as on 31^st 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 31^st December 2018 and calculate capital as at that date.

From the following details, calculate the capital as on 31^st December 2018:

	Rs
Capital as on 1^st January, 2018	27,500
Goods taken for the personal use of the proprietor	5,000
Profit for the year	10,000

Generic 5

5 x 5 = 25

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 1^stApril 2018	4,00,000	6,00,000
Current account on 1^st 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

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

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

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

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

State the differences between double entry system and incomplete records.

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

Multiple Choice Question

9 x 1 = 9

10.

Statement of assets & liabilities prepared under double entry system is called ___________

(a)

Balance sheet

(b)

Profit & Loss Statement

(c)

Statement of affairs

(d)

Income Statement

11.

_____ is suitable only for sole traders and partnership firms.

(a)

Double entry system

(b)

Single entry system

(c)

Both (a) and (b)

(d)

None of these

12.

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

(a)

Gain

(b)

Loss

(c)

Expense

(d)

None of these

13.

On revaluation, the increase in liabilities leads to

(a)

Gain

(b)

Loss

(c)

Profit

(d)

None of these

14.

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

(a)

Vendor’s A/c

(b)

Sundry assets A/c

(c)

Share capital A/c

(d)

Bank A/c

15.

In the absence of an agreement, partners are entitled to

(a)

Salary

(b)

Commission

(c)

Interest on loan

(d)

Interest on capital

16.

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

(a)

Office expenses

(b)

Salary of staff

(c)

Partners’ salary

(d)

Interest on bank loan

17.

Legacy is a

(a)

Revenue expenditure

(b)

Capital expenditure

(c)

Revenue receipt

(d)

Capital receipt

18.

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

(a)

Rs. 85,000

(b)

Rs. 1,06,000

(c)

Rs. 21,000

(d)

Rs. 64,000

Generic 2

9 x 2 = 18

19.

Praveena and Dhanya are partners sharing profits in the ratio of 7:3. They admit Malini into the firm. The new ratio among Praveena, Dhanya and Malini is 5:2:3. Calculate the sacrificing ratio.

20.

Hameed and Govind are partners sharing profits and losses in the ratio of 5:3. They admit John as a partner. John acquires his share 1/5 from Hameed and 1/5 from Govind. Find out the new profit sharing ratio and sacrificing ratio.

21.

What is a share?

22.

Raja, Roja and Pooja are partners sharing profits in the ratio of 4:5:3. Roja retires from the firm. Calculate the new profit sharing ratio and gaining ratio.

23.

For the purpose of admitting a new partner, a firm has decided to value its goodwill 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:

Particulars	2015	2016	2017	2018
Profit (Rs.)	20,000	22,000	24,000	28,000
Weight	1	2	3	4

Compute the value of goodwill.

24.

Define partnership.

25.

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.

26.

What is legacy?

27.

What is a statement of affairs?

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Answers Key:

Generic 3

4 x 3 = 12

Following are the essential features of partnership
(1) The balance being the profit or loss is transferred to the partner's capital or current account in the profit sharing ratio.
(2) There should be an agreement among the persons to share the profit or loss of the business.
(3) The agreement must be carryon a business and to share the profits of the business.
(4) The business may be carried on by all the partners or any of them acting for all.

Particulars	Brindha		Praveena
Particulars	Rs.	Rs.	Rs.	Rs.
Capital on 31st December 20		30,000		40,000
Add: Drawings		5,000		7,000
		35,000		47,000
Less:
Additional capital	6,000		10,000
Profit already credited*	9,000	15,000	12,000	22,000
Capital on 1^st January		20,000		25,000

Profit credited = Profit earned Rs. 31,000 – Balance profit as per balance sheet Rs. 10,000 = Rs. 21,000. This amount is distributed in their profit sharing ratio of 3:4.

Calculation of interest on capital:
Brindha:

On opening capital for 1 year	20,000 \(\times\) \(\frac{6}{100}\)	Rs. 1,200
On additional capital for 6 months	6,000 \(\times\) \(\frac{6}{100}\) \(\times\) \(\frac{6}{12}\)	Rs. 180
Total Interest on capital		Rs. 1,380

Praveena:

On opening capital for 1 year	25,000 \(\times\) \(\frac{6}{100}\)	Rs. 1,500
On additional capital for 3 months	10,000 \(\times\) \(\frac{6}{100}\) \(\times\) \(\frac{3}{12}\)	Rs. 150
Total interest on capital		Rs. 1.650

In the books of Shanthi Statement of affairs as on
31^st December, 2018
Liabilities	Rs	Assets	Rs
Sundry creditors	25,000	Cash	4,000
Bills payable	4,000	Stock	45,000
Capital (balancing figure)	1,66,000	Debtors	70,000
		Bills receivable	6,000
		Machinery	60,000
		Furniture	10,000
	1,95,000		1,95,000

**Statement of profit or loss for the year ended 31^st December, 2018**
Particulars	Rs
Closing capital (as on 31.12.2018) (balancing figure)	35,000
Add: Drawings during the year (goods taken for personal us	5,000
	40,000
Less: Additional capital introduced during the year	2,500
Adjusted closing capital	37,500
Less: Opening capital (as on 1.1.2018)	27,500
Profit made during the year	10,000

Generic 5

5 x 5 = 25

**Dr. Partners’ Capital Account Cr**
Particulars	Bragathish Rs.	Naresh Rs.	Particulars	Bragathish Rs.	Naresh Rs.
To Balance c/d	4,50,000	6,00,000	By Balance b/d	4,00,000	6,00,000
			By Bank A/c	50,000	-
			(Additional capital)
	4,50,000	6,00,000		4,50,000	6,00,000
			By Balance b/d	4,50,000	6,00,000

**Dr. Partners’ Current Account Cr**
Particulars	Bragathish Rs.	Naresh Rs.	Particulars	Bragathish Rs.	Naresh Rs.
To Balance b/d	-	15,000	By Balance b/d	20,000	-
			By Profit and loss
To Drawings A/c	45,000	60,000
			appropriation A/c	80,000	1,20,000
To Interest on			(share of profi
	2,000	3,000
To Balance c/d	90,000	1,10,000	By Interest on capita A/c	20,000	30,000
			By Commission A/c	17,000	-
			By Salary A/c	-	38,000

	1,37,000	1,88,000		1,37,000	1,88,000
			By Balance b	90,000	1,10,000

Dr. In the books of Friends Football Club Income and Expenditure Account for the year ended
31^st March, 2017 Cr.
Expenditure	Rs.	Rs.	Income	Rs.	Rs.
To Sports materials
consumed			By Subscription	5,000
Purchases	800		Add: Outstanding for 2016-17	600	5,600
Less: Closing stock	100	700	By Collection for special dinner		2,000
To Special dinner expenses		1,500
To Electricity charges		900
To Excess of income over expenditure (surplus)		4,500
		7,600			7,600

Balance sheet as on 31^st March, 2017
Liabilities	Rs.	Rs.	Assets.	Rs.	Rs.
Capital fund	23,000		Furniture	12,000
Add: Excess of income			Add: Additions	7,000	19,000
over expenditure (surplus)	4,500	27,500	Stock of sports materials		100
Legacies		6,000	Subscription outstanding
			for 2016-17		600
			Cash at bank		12,000
			Cash in hand		1,800
		33,500			33,500

In the books of Trichy Recreation Club

Dr. Income and Expenditure Account for the year ended 31st March, 2018 Cr
Expenditure	Rs.	Income	Rs.
To Rent	2,800	By Dividend received	27,600
To Secretary's honorarium	15,000	By Sale of old newspaper	3,000
To Postage	1,700	By Members’ subscription	31,000
To General expenses	4,350	By Locker rent	8,000
To Printing and stationery	45,000	By Interest on Investments	1,250
To Audit fees	5,000	By Profit on sale of furniture	600
		(5,000 - 4,400)
		By Deficit	2,400
		(Excess of expenditure over income)
	73,850		73,850

S.No	Basis of distinction	Double entry system	Incomplete records
1.	Recording of transaction	Both debit and credit aspect of all the transaction are recorded.	Debit and credit aspect of all the transaction are not recorded completely for some transaction. both aspect are entered some transaction are particularly recorded and some transaction are omitted to be.
2.	Type of account maintained	Personal, real and nominal accounts are maintained fully	In General, only personal and cash account are maintained fully real and nominal account are not maintained fully.
3.	Preparation of trial balance	Trial balance can be prepared to check the arithmetical accuracy of the entries made in the books of accounts.	It is difficult to prepared the trial balance to check arithmetical accuracy of entries made in the books of account as the account are incomplete.
4.	Suitability	trading and profit or loss account can be prepared to find out the true profit or loss.	Trading and profit and loss account cannot be prepared with accuracy as complete. information is not available and hence profit or loss found out may not be accurate.
5.	Reliability	Balance sheet can be prepared to know the true financial position.	Balance sheet cannot be prepared with accuracy and true financial position cannot be ascertained. as the asset and liabilities are just estimate and incomplete.

Dr. Bills receivable account Cr.
Particulars	Rs	Particulars	Rs
To Balance b/d	5,000	By Cash A/c	14,000
To Debtors A/c	11,200	By Debtors A/c	1,200
(Bills received - balancing figure )		(bills receivable dishonoured) By Balance c/d	1,000
	16,200		16,200

Dr. Total debtors account Cr.
Particulars	Rs	Particulars	Rs
To Balance b/d	60,000	By Cash A/c (received)	1,30,000
To Bills receivable A/c (dishonoured)	1,200	By Discount allowed A/c	5,500
To Sales A/c (credit)	1,44,000	By Bad debts A/c	3,500
(balancing figure)		By Bills receivable A/c	11,200
		(bills received) By Balance c/d	55,000
	2,05,200		2,05,200

Dr. Bills payable account Cr
Particulars	Rs	Particulars	Rs
To Cash A/c (bills paid)	7,000	By Balance b/d	2,000
To Balance c/d	3,000	By Sundry creditors A/c (bills accepted – balancing figure)
			8,000
	10,000		10,000

Dr. Total creditors account Cr.
Particulars	Rs	Particulars	Rs
To Cash A/c (paid )	70,000	By Balance b/d	25,000
To Discount received A/c	3,500	By Purchases A/c (credit)	84,500
To Bills payable A/c (bills accepted)	8,000	(balancing figure)
To balance c/d	28,000
	1,09,500		1,09,500

Multiple Choice Question

9 x 1 = 9

10.

(a)
Balance sheet

11.

(b)
Single entry system

12.

(a)
Gain

13.

(b)
Loss

14.

15.

16.

17.

(d)
Capital receipt

18.

(d)
Rs. 64,000

Generic 2

9 x 2 = 18

19.

Old ratio of Praveena and Dhanya = 7:3 that is \(\frac{7}{10}:\frac{3}{10}\)
New ratio of Paveena, Dhanya and Malini = 5:2:3 that is, \(\frac{5}{10};\frac{2}{10};\frac{3}{10}\)
Share sacrificed = Old share - New share
Praveena \(=\frac { 7 }{ 10 } -\frac { 5 }{ 10 } =\frac { 7-5 }{ 10 } =\frac { 2 }{ 10 } \)
Dhanya \(=\frac { 3 }{ 10 } -\frac { 2 }{ 10 } =\frac { 3-2 }{ 10 } =\frac { 1 }{ 10 } \)
Sacrificing ratio ofPraveena and Dhanya is \(\frac { 2 }{ 10 } :\frac { 1 }{ 10 } \) that is 2:1

20.

Computation of sacrificing ratio and new profit sharing ratio
Share sacrificed = \(\frac { 1 }{ 5 } ,\frac { 1 }{ 5 } \)
Sacrificing ratio of Hameed and Govind is 1:1
Old ratio is 5:3 that is \(\frac { 5 }{ 8 } :\frac { 3 }{ 8 } \)
New share of old partner = Old share - Share sacrificed
Hameed = \(\frac { 5 }{ 8 } -\frac { 1 }{ 5 } =\frac { 25-8 }{ 40 } =\frac { 17 }{ 40 } \)
Govind = \(\frac { 3 }{ 8 } -\frac { 1 }{ 5 } =\frac { 15-8 }{ 40 } =\frac { 7 }{ 40 } \)
Share of new partner
John = Sum of shares sacrificed by old partners
=\(\frac { 1 }{ 5 } +\frac { 1 }{ 5 } =\frac { 2 }{ 5 } \)
In order to equalise the denominator of John’s share, multiply and divide by 8 John’s share =\(\\ \frac { 2 }{ 5 } \times \frac { 8 }{ 8 } =\frac { 16 }{ 40 } \)
New profit sharing ratio of Hameed, Govind and John is \(\frac { 17 }{ 40 } :\frac { 7 }{ 40 } :\frac { 16 }{ 40 } \) or 17:7:16

21.

The capital of a company is divided into small units of fixed amount. These units are called shares. These are two types
(i) preference shares and
(ii) equity shares

22.

Since, new profit sharing ratio, share gained and the proportion of share gained is not given, the new share is calculated by assuming that the share gained is in the proportion of old ratio. Therefore, the new profit sharing ratio and the gaining ratio between the continuing partners, Raja and Pooja is their old profit sharing ratio, that is 4:3.

23.

**Calculation of weighted average profit**
Year	Profit (a) Rs.	Weights (b)	Weighted profits (a x b) Rs
2015	20,000	1	20,000
2016	22,000	2	44,000
2017	24,000	3	72,000
2018	28,000	4	1,12,000
Total		10	2,48,000

Weighted average profit = \(\frac { Total\ of\ weighted\ profits }{ Total\ of\ weights } \)
=\(\frac { 2,48,000 }{ 10 } \)=Rs.24,800
Goodwill = Weighted average profit × Number of years of purchase
= 24,800 x 3 = Rs.74,400

24.

According to section 4 of the Indian partnership Act, 1932, partnership is defined as "the relation between persons who gave agreed to share the profits of a business carried on by all or any of them acting for all".

25.

Interest on drawings = Amount of drawings \(\times\) Rate of interest \(\times\) Period of interest
= Rs. 20,000 \(\times\) \(\frac{10}{100}\) \(\times\) \(\frac{9}{12}\) = Rs. 1,500

Date	Particulars		Debit Rs.	Credit Rs.
2018	Velan’s capital A/c	Dr.	1,500
Dec. 31	To Interest on drawings A/c (Interest on drawings charged)			1,500
"	Interest on drawings A/c	Dr.	1,500
	To Profit and loss appropriation A/c (Interest on drawings account closed)			1,500

26.

It is the amount given to a non-trading concern as per the will. It is like a donation. It appears as the debit side of receipts and payments account. But is not treated income because it is not of recurring nature. It is a capital receipt.

27.

A Statement of affairs is a Statement showing the assets and liabilities on a particular date. The balance of assets show on the right side and the balance of liabilities on the left side. This Statement resembles a balance Sheet the difference between the total of assets and total of liabilities is taken as Capital.
Capitals = Assets - Liabilities