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12th Accountancy - Full Portion Three Marks Question Paper

Published on: 20/01/2020

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

15 x 3 = 45

What do you mean by debt collection period?

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

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

Explain the classification of goodwill.

Sam and Jose are partners in a firm sharing profits and losses in the ratio of 3:2. On 1st April 2018, they admitted Joel as a partner. On the date of Joel’s admission, goodwill appeared in the books of the firm at Rs. 30,000. By assuming fluctuating capital method, pass the necessary journal entry if the partners decide to
(a) write off the entire amount of existing goodwill
(b) write off Rs. 20,000 of the existing goodwill.

Bring out the limitations of ratio analysis.

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.

Sibi and Manoj are partners in a firm. Sibi is to get a commission of 20% of net profit before charging any commission. Manoj is to get a commission of 20% on net profit after charging all commission. Net profit for the year ended 31st December 2018 before charging any commission was Rs. 60,000. Find the commission of Sibi and Manoj. Also show the distribution of profit.

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

10.

How the following items appear in the final accounts of Thoothukudi Young Pioneers Association?. There are one hundred members in the association each paying Rs. 25 as annual subscription. By the end of the year 10 members had not paid their subscription but four members had paid for the next year in advance.

11.

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

12.

Following are the balances in the books of Thomas as on 31^st March 2019.

Particulars	Rs.	Particulars	Rs.
Sundry creditors	6,00,000	Bills payable	1,20,000
Furniture	80,000	Cash in hand	20,000
Land and building	3,00,000	Bills receivable	60,000
Sundry Debtors	3,20,000	Stock	2,20,000

Prepare a statement of affairs as on 31^st March 2019 and calculate capital as at that date.

13.

How is the amount of credit sale ascertained from incomplete records?

14.

On 1^stApril 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
Land and Buildings	30,000

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.

15.

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

4 x 5 = 20

16.

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

17.

Jenifer Ltd. issued 10,000 equity shares of Rs.10 each at par payable on application Rs.3 per share, on allotment Rs.3 per share, on first call Rs.2 per share and on second and final call Rs.2 per share. The issue was fully subscribed and all the amounts were duly received with the exception of 100 shares held by Subbu, who failed to pay the second and final call. His shares were forfeited and reissued to Hema at Rs.7 per share. Journalise the above transactions.

18.

Prabu, Ragu and Siva are partners sharing profits and losses in the ratio of 3:2:1. Prabu retires from partnership on 1^st 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.

19.

Write a brief note on accounting vouchers.

Generic 2

1 x 2 = 2

20.

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

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Answers Key:

Generic 3

15 x 3 = 45

Debt collection period is the average time taken to collect the amount due from trade receivables. Lesser the debt collection period, greater is the efficiency of management in collection of cash from trade receivables. It is calculated as follows:
Debt collection period (in days) = \(\frac { Number\quad of\quad days\quad in\quad a\quad year }{ Tradereceivablesturnoverratio } \)
Debt collection period (in months) =\(\frac { Number\quad of\quad days\quad in\quad a\quad year }{ Trade\quad payable\quad sturn\quad over\quad ratio } \).

(i) Rights issue
Issue of equity shares to the existing shareholders of the company through a letter of offer is known as rights issue.
(ii) Bonus issue
Issue of equity shares to the existing shareholders of the company free of cost out of accumulated profit is known as bonus issue.

The value involved are Respect for women and women empowerment.

Goodwill may be classified into acquired goodwill or self-generated goodwill.
(i) Acquired or purchased goodwill:
(1) Goodwill acquired by making payment in cash or kind is called acquired or purchased goodwill.
(2) The excess of purchase consideration over the value of net assets acquired is treated as acquired goodwill.
(ii) Self - generated goodwill:
It is the goodwill which is self generated by a firm based on features of the business such as favourable location, local customers, etc. Such self-generated goodwill cannot be recorded in the books of accounts.

(a) write off the entire amount of existing goodwill

Journal entry
Date	Particulars	Debit Rs.	Credit Rs.
2018 April 1	Sam's Capital (3/5) Dr	18,000
	Jose's capital (2/5) Dr	12,000
	To Goodwill A/c		30,000
	(Existing goodwill written off)

(b) write off Rs. 20,000 of the existing goodwill.

Journal Entry
Date	Particulars	Debit Rs.	Credit Rs.
2018 April 1	Sam's Capital A/c (3/5) Dr	12,000
	Joe's Capital A/c(2/5) Dr	8,000
	To Goodwill A/c		20,000
	(Existing goodwill written off to the extent of Rs. 20,000)

Following are the limitations of ratio analysis:
(i) Accuracy of financial information : The accuracy of a ratio depends on the accuracy of information taken from financial statements.
(ii) Consistency in preparation of financial statements: Inter-firm comparisons with the help of ratio analysis will be meaningful only if the firms follow uniform accounting procedures consistently.
(iii) Non-availability of standards or norms: Ratios will be meaningful only if they are compared with accepted standards or norms. Only few financial ratios have universally recognised standards.
(iv) Change in price level : Ratio analysis may not reflect price level changes and current values as they are calculated based on historical data given in financial statements.

**Journal entries**
Particulars		Debit Rs.	Credit Rs.
Buildings A/c	Dr.	15,000
To Revaluation A/c (Appreciation in value of buildings recorded)			15,000
Revaluation A/c	Dr.	5,000
To Machinery A/c			4,000
To Provision for doubtful debts A/c (Decrease in assets recorded and provision made)			1,000
Revaluation A/c	Dr.	10,000
To Rajesh’s capital A/c			6,000
To Ramesh’s capital A/c (Profit on revaluation transferred)			4,000

**Dr. Revaluation Account Cr.**
Particulars	Rs.	Rs.	Particulars	Rs.
To Machinery A/c		4,000	By Buildings A/c	15,000
To Provision for doubtful debts A/c		1,000
To Profit on revaluation transferred to
Rajesh’s capital A/c (3/5)	6,000
Ramesh’s capital A/c (2/5)	4,000	10,000
		15,000		15,000

Calculation of commission:
Commission to sibi :
= Net profit before commission \(\times\) \(\frac{\% \ of \ commission}{100}\)

= 60000 \(\times\) \(\frac{20}{100}\) = Rs. 12,000
Commission to Manoj :
Net profit after sibi's commission = 60,000 - 12,000
= Rs. 48000
Manoj's commission = Net profit after sibi's commission x \(\frac{\% \ of \ commission}{(100 + \% \ of \ commission)}\)
= 48000 \(\times\) \(\frac{20}{(100+20)}\) = 48000 \(\times\) \(\frac{20}{120}\)
= Rs. 8000

Total amount withdrawn = 1,000 \(\times\) 12 = Rs.12,000
(i) If drawings are made at the beginning of every month:
Average period = 6.5
Interest on drawings = Total amount of drawings \(\times\) Rate of interest \(\times\) \(\frac { Average\ period }{ 12 } \)
= Rs.12,000 \(\times\) \(\frac { 5 }{ 100 } \times \frac { 6.5 }{ 12 } \)= Rs. 325
(ii) If drawings are made in the middle of every month:
Average period = 6
Interest on drawings = Total amount of drawings \(\times\) Rate of interest \(\times\) \(\frac { Average\ period }{ 12 } \)
= Rs. 12,000 \(\times\) \(\frac { 5 }{ 100 } \times \frac { 6 }{ 12 } \)= Rs. 300
(iii) If drawings are made at the end of every month:
Average period = 5.5
Interest on drawings = Total amount of drawings × Rate of interest \(\times\) \(\frac { Average\ period }{ 12 } \)
= Rs.12,000 \(\times\) \(\frac { 5 }{ 100 } \times \frac { 5.5 }{ 12 } \)= Rs. 275

10.

Dr Income and Expenditure Account for the year ended Cr
Income	Rs	Rs
By Subscription	2,350
(+) outstanding sub. (10 \(\times\) 25)	250
	2600
(-) Subs. Received Adv. (4 \(\times\) 25)	100	2,500

Dr. Balance sheet Cr.
Liabilities	Rs	Assets	Rs
Subscription received in advance	100	Outstanding subs	250

11.

Dr.
In the books of Trichy Educational Society Receipts and Payments Account for the year ended 31^st December, 2018 Cr.
Receipts	Rs.	Payments	Rs.
To Balance b/d		By Investments made	80,000
Cash in hand	20,000	By Honorarium paid	3,000
To Donation received	80,000	By Audit fees	2,000
To Locker rent received	12,000	By General expenses	7,000
To Sale of furniture	5,000	By Postage	1,000
To Subscription	10,000	By Balance c/d
		Cash in hand	34,000
	1,27,000		1,27,000

12.

In the books of Thomas Statement of affairs as on
31^st March 2019
Liabilities	Rs.	Assets	Rs.
Sundry creditors	6,00,000	Furniture	80,000
Bills payable	1,20,000	Land and building	3,00,000
capital (Balancing figure)	2,80,000	Sundry debtors	3,20,000
		Cash in hand	20,000
		Bills receivable	60,000
		Stock	2,20,000
	10,00,000		10,00,000

13.

Total sales are calculated by adding cash and credit sales. Cash sales are given in cash book. For ascertaining the amount of credit sales, the total debtors account should be prepared. The specimen of total debtors account is given below.

Dr Ascertainment of credit sale Cr
Particulars	Rs.	Particulars	Rs.
To Balace bid (Op. Bal.)	xxx	By Cash A/c (Received)	xxx
To Sles A/c (Credit sales)	xxx	By Bank (Cheques Received)	xxx
To Bank A/c (Cheque dishonoured)	xxx	By Discount allowed	xxx
To Bills receivable (Bills dishonoured)	xxx	By Sales return A/c	xxx
		By Bad debts A/c	xxx
		By Bills receivable A/c
		(Bills received)	xxx
		By Balance c/d	xxx
	xxxx	Closing balance	xxx

14.

**Statement of affairs of Ganesh as on 31^st March, 2018**
Liabilities	Rs	Assets	Rs
Creditors	9,000	Cash	5,000
Bills payable	6,000	Cash at bank	24,000
Capital (balancing figure)	88,000	Stock of goods	18,000
		Debtors	16,000
		Bills receivable	7,000
		Land and buildings	30,000
		Furniture	3,000
	1,03,000		1,03,000

15.

**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

4 x 5 = 20

16.

Common-size balance sheet of Sharmila Ltd and Sangeetha Ltd as on 31^st **March, 2019**
	Sharmila Ltd		Sangeetha Ltd
Particulars	Absolute amount	Percentage of total assets	Absolute amount	Percentage of total assets
	Rs.	Rs.	Rs.
I EQUITY AND LIABILITIES
Shareholders’ funds	5,00,000	50	11,00,000	55
Non-current liabilities	4,00,000	40	7,00,000	35
Current liabilities	1,00,000	10	2,00,000	10
Total	10,00,000	100	20,00,000	100
II ASSETS
Non-current assets	6,50,000	65	18,00,000	90
Current assets	3,50,000	35	2,00,000	10
Total	10,00,000	100	20,00,000	100

17.

In the books of Aruna Mills Ltd. Journal entries
Particulars		Debit Rs.	Credit Rs.
Bank A/c (10,000 × 3)	Dr.	30,000
To Equity share application A/c			30,000
(Application money received)
Equity share application A/c	Dr.	30,000
To Equity share capital A/c			30,000
(Application money transferred to share capital A/c)
Equity share allotment A/c (10,000 × 3)	Dr.	30,000
To Equity share capital A/c			30,000
(Allotment money due)
Bank A/c (10,000 × 3)	Dr.	30,000
To Equity share allotment A/c			30,000
(Allotment money received)
Equity share first call A/c (10,000 × 2)	Dr.	20,000
To Equity share capital A/c			20,000
(First call money due)
Bank A/c (10,000 × 2)	Dr.	20,000
To Equity share first call A/c			20,000
(First call money received)
Equity share second and final call A/c (10,000 × 2)	Dr	20,000
To Equity share capital A/c			20,000
(Second and final call money due)
Bank A/c (9,900 × 2)	Dr.	19,800
To Equity share second and final call A/c			19,800
(Second and final call money received)
Equity share capital A/c (100 × 10)	Dr.	1,000
To Equity share second and final call A/c			200
To Forfeited shares A/c			800
(100 shares forfeited)
Bank A/c (100 × 7)	Dr.	700
Forfeited shares A/c		300
To Equity share capital A/c (100 × 10)			1,000
(Shares forfeited reissued)
Forfeited shares A/c (800-300)	Dr.	500
To Capital reserve A/c			500
(Gain on reissue of forfeited shares transferred to capital reserve account)

18.

Journal entries
Date	Particulars		Debit Rs.	Credit Rs.
2017 April 1	Building A/c	Dr.	12,000
	To Revaluation A/c			12,000
	(Increase in the value of building accounted)
"	Revaluation A/c	Dr.	15,000
	To Furniture A/c			8,500
	To Outstanding salary A/c			6,500
	(Reduction in the value of furniture and outstanding salary accounted)
"	Prabu’s capital A/c	Dr.	1,500
	Ragu’s capital A/c	Dr.	1,000
	Siva’s capital A/c	Dr.	500
	To Revaluation A/c			3,000
	(Loss on revaluation transferred to capital accounts)

Dr. Revaluation Account Cr.
Particulars	Rs.	Particulars	Rs.	Rs.
To Furniture A/c	8,500	By Building A/c		12,000
To Outstanding salary A/c	6,500	By Loss on revaluation transferred to
		Prabu’s capital A/c (3/6)	1,500
		Ragu’s capital A/c (2/6)	1,000
		Siva’s capital A/c (1/6)	500	3,000
	15,000			15,000

19.

This type of a voucher basically analyses a business transaction from the accounting stand point and is used for recording purposes
These are commonly prepared by accountants on the basis of supporting vouchers and approved by a different individual. They are further subdivided into two, Cash and Non-cash vouchers.
Examples of cash type :
1. Credit Vouchers
2. payment Vouchers
3. Contra Vouchers
4. Purchase Vouchers
5. Sales Vouchers
6. journal vouchers
Examples of the Non-cash type :
1. Debit note
2. Credit note
3. Invoice

Generic 2

1 x 2 = 2

20.

Fixed assets turnover ratio = \(\frac{Revenue\ from\ operation}{Average\ i\ xed\ assets}\) = \(\frac{60,00,000}{6,00,000}\) = 10 times