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12th Accountancy - Term 1 Five Mark Model Question Paper

Published on: 16/09/2019

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 5

10 x 5 = 50

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

Anjali Flour Ltd. with a registered capital of Rs.4,00,000 in equity shares of Rs.10 each, issued 30,000 of such shares; payable Rs.2 per share on application, Rs.5 per share on allotment and Rs.3 share on first call. The issue was duly subscribed.
All the money payable was duly received but on allotment, one shareholder paid the entire balance on his holding of 500 shares. Give journal entries to record the transactions.

Charles, Muthu and Sekar are partners, sharing profits in the ratio of 3 : 4 : 2. Their balance sheet as on 31^st 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.

Prepare common-size statement of financial position for the following particulars of Rani Ltd.

Particulars	31st March, 2016	31st March, 2017
	Rs.	Rs.
I EQUITY AND LIABILITIES
Shareholders’ Fund	5,40,000	6,00,000
Non-current liabilities	2,70,000	2,70,000
Current liabilities	90,000	1,50,000
Total	9,00,000	10,00,000
II ASSETS
Non-current assets	7,20,000	8,00,000
Current assets	1,80,000	2,00,000
Total	9,00,000	10,00,000

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

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

From the following Receipts and Payment account and from the information given below of Ramanathapuram Sports Club, prepare Income and Expenditure account for the year ended 31^st December, 2018 and the balance sheet as on that date.

Receipts	Rs.	Rs.	Payments	Rs.	Rs.
To Balance b/d			By Rent		11,000
Cash in hand	5,000		By Entertainment
Cash at bank	10,000	15,000	expenses		11,200
To Subscription			By Furniture		10,000
2017	12,000		By Sports materials
2018	33,000		purchased		13,000
2019	16,000	61,000	By Match expenses		12,000
To Entrance fees		6,000	By Investments made		28,000
To General donations		7,000	By Balance c/d
To Sale of old sports			Cash in hand	1,300
materials		1,000	Cash at bank	4,000	5,300
To Miscellaneous
receipts		500
		90,500			90,500

Additional information:
(i) Capital fund as on 1^st January 2018 Rs. 30,000.
(ii) Opening stock of sports material Rs. 3,000 and closing stock of sports material Rs. 5,000.

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

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

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

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

10.

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

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Answers Key:

Generic 5

10 x 5 = 50

**Dr. Revaluation Account Cr.**
Particulars	Rs.	Rs.	Particulars	Rs.
To Stock A/c		2,000	By Furniture A/c	15,000
To Debtors A/c		2,500
To Outstanding wages A/c		4,500
To Profit on revaluation transferred to capital A/c
Vetri (3/5)	3,600
Ranjit (2/5)	2,400	6,000
		15,000		15,000

**Dr. Capital Account Cr.**
Particulars	Vetri Rs.	Ranjit Rs.	Suriya Rs.	Particulars	Vetri Rs.	Ranjit Rs.	Suriya Rs.
To Profit and loss A/c	6,000	4,000	-	By Balance b/d	30,000	20,000	-
To Balance c/d	30,600	20,400	10,000	By Reserve fund A/c	3,000	2,000	-
				By Revaluation A/c	3,600	2,400	-
				By Cash A/c	-	-	10,000
	36,600	24,400	10,000		36,600	24,400	10,000
				By Balance b/d	30,600	20,400	10,000

**Balance Sheet as on 1st January 2018**
Liabilities	Rs.	Rs.	Assets	Rs.	Rs.
Capital accounts:			Furniture	25,000
Vetri	30,600		Add: Appreciation	15,000	40,000
Ranjit	20,400		Stock	20,000
Suriya	10,000	61,000	Less: Depreciation	2,000	18,000
Sundry creditors		45,000	Debtors	10,000
Outstanding wages		4,500	Less: Decrease	2,500	7,500
			Cash in hand	35,000
			Add: Suriya's capital	10,000	45,000
		1,10,500			1,10,500

Particulars		Debit Rs.	Credit Rs.
Bank A/c (30000 x 2)	Dr	60,000
To Share application A/c			60,000
(Application money received)
Share application A/c	Dr	60,000
To Share capital A/c			60,000
(Application money transferred to share capital A/c)
Share allotment A/c (30,000 x 5)	Dr	1,50,000
To Share capital A/c			1,50,000
(Allotment money due)
Bank A/c (30,000 x 5)+ (500 x 3)	Dr	1,51,500
To Share allotment A/c			1,51,500
To Calls in advance A/c			1,500
(Allotment money received)
Share first call A/c 30,000 x 3	Dr	90,000
To share capital A/c			90,000
(First call money due)
Bank A/c (29,500 x 3)	Dr	88,500
Calls in advance A/c	Dr	1,500
To Share first call A/c			90,000
(First call money received and calls in advance adjusted)

Dr. Revaluation Account Cr.
Particulars	Rs.	Particulars		Rs.
To Furniture A/c	1,000	By Stock A/c		4,000
To Provision for bad debts A/c	1,000	By Loss on revaluation transferred to
To Outstanding repairs	11,000	Charles capital A/c (3/9)	3,000
		Muthu’s capital A/c (4/9)	4,000
		Sekar’s capital A/c (2/9)	2,000	9,000
	13,000			13,000

Dr. Capital Account Cr.
Particulars	Charles Rs.	Muthu Rs.	Sekar Rs.	Particulars	Charles Rs.	Muthu Rs.	Sekar Rs.
To Profit and loss A/c	6,000	8,000	4,000	By Balance b/d	30,000	40,000	20,000
To Revaluation A/c (loss	3,000	4,000	2,000	By Workmen’s compensation fund	9,000	12,000	6,000
To Bank	30,000	-	-
		40,000	20,000
	39,000	52,000	26,000		39,000	52,000	26,000
				By Balance b/d	-	40,000	20,000

Balance Sheet as on 1st January 2019
Liabilities	Rs.	Rs.	Asset	Rs.	Rs.
Capital accounts:			Furniture	20,000
Muthu	40,000		Less: Depreciation	1,000	19,000
Sekar	20,000	60,000	Stock	40,000
Sundry creditors		33,000	Add: Appreciation	4,000	44,000
Outstanding repairs		11,000	Debtors	30,000
			Less: Provision for bad debts	1,000	29,000
			Cash at bank	42,000
			Less: Amount paid to Charles	30,000
		1,04,000			1,04,000

Common-size balance sheet of Rani Ltd for the year ended 31st March, 2016 and 31st March, 2017
Particulars	Absolute amount 2015-16	Percentage of total assets	Absolute amount 2016-17	Percentage of total assets
Particulars	Rs.	Rs.	Rs.	Percentage of total assets
I Equity and Liabilities
Share holder's funds	5,40,000	60	6,00,000	60
Non-current liabilities	2,70,000	30	2,50,000	25
Current liabilities	90,000	10	1,50,000	15
Total	9,00,000	100	10,00,000	100
II Assets
Non-current assets	7,20,000	80	8,00,000	80
Current assets	1,80,000	20	2,00,000	20
Total	9,00,000	100	10,00,000	100

Note: In 2015-16
Percentage of shareholders fund = \(\frac{5,40,000}{9,00,000}\) x 100 = 60%
Percentage of Non-current liabilities = \(\frac{2,70,000}{9,00,000}\) x 100 = 30%
Percentage of current liabilities = \(\frac{90,000}{9,00,000}\) x 100 = 10%
Percentage of non-current assets = \(\frac{7,20,000}{9,00,000}\) x 100 = 80%
Percentage of current assets = \(\frac{1,80,000}{9,00,000}\) x 100 = 20%
In 2016-17
Percentage of share holders fund = \(\frac{6,00,000}{10,00,000}\) x 100 = 60%
Percentage of Non-current liabilities = \(\frac{2,50,000}{10,00,000}\) x 100 = 25%
Percentage of current liabilities = \(\frac{1,50,000}{10,00,000}\) x 100 = 15%
Percentage of Non-current assets = \(\frac{8,00,000}{10,00,000}\) x 100 = 80%
Percentage of current assets = \(\frac{2,00,000}{10,00,000}\) x 100 = 20%

Goodwill = Super profit \(\times\) Number of years of purchase
Super profit = Average profit - Normal profit
Normal profit = Capital employed \(\times\) Normal rate of return
Capital employed = Fixed asset + Current assets - Current liabilities
5,00,000 - 2,00,000 = Rs. 3,00,000
Normal profit = 3,00,000 x 12.5%
= Rs. 37,500
Super profit = 60,000 - 37,500 = Rs. 22,500
Goodwill = 22,500 \(\times\) 2
= Rs. 45,000

Dr. Profit and loss appropriation account for the year ended 31st March 2019 Cr.
Particulars	Rs.	Particulars	Rs.
To Interest on capital A/c:		By Profit and loss A/c	20,000
Durai (25,000 \(\times\) 5%)	1,250	By Interest on drawings A/c
Velan (30,000 \(\times\) 5%)	1,500	Durai	300
To Salary to Durai A/c	5,000	Velan	450
To Commission to Velan A/c	2,000
To Partners’ capital A/c (profit transferred)
Durai (11,000 \(\times\) 2/5)	4,400
Velan (11,000 \(\times\) 3/5)	6,600	11,000
		20,750	20,750

Dr In the books of Ramanatha puram sports club Income and Expenditure Account for the year
31^st December, 2018 Dr
Expenditure	Rs	Rs	Income	Rs
To Rent		11,000	By Subscription	33,000
To Entertaiment expenses		11,200	By Entrance fees	6,000
To match expenses		12,000	By General donations	7,000
To Sports materials (Opening)	3,000		By Sale of old sports materials	1,000
dd: Purchased	13,000		By Miscellaneous receipts	500
	16,000
Less: Closing stock	5,000
		11,000
To Surplus (Excess income over expenditure)		2,300
		47,500		47,500

Balance sheet as on 31^st December, 2018
Liabilities	Rs	Rs	Assets	Rs	Rs
Capital fund	30,000		Cash in hand	1,300
Add: Excess of income over expenditure (surplus)	2,300	32,300	Furniture		10,000
Subscription advance	16,000		Investments		28,000
			Stock of stationary		5,000
		48,800			48,300

In the books of Chennai Sports Club

In the books of Chennai Sports Club
Dr. Receipts and Payments Account for the year ended
31^st March, 2018 Cr.
Receipts	Rs.	Rs.	Payments	Rs.	Rs.
To Balance b/d:			By Interest paid		5,000
Cash	10,000		By Telephone expenses		7,000
Bank	15,000	25,000	By Upkeep of grounds		22,500
To Life membership fees		5,500	By Bats and balls purchased		13,000
To Tournament fund receipts		15,000	By Tournament expenses		12,500
To Subscriptions received			By Balance c/d
2016 – 2017	4,500		Cash	5,000
2017 – 2018	65,000		Bank (Bal. fig)	55,000	60,000
2018 – 2019	5,000	74,500
		1,20,000			1,20,000

Calculation of opening capital:

**In the books of Ananth Statement of affairs as on 31.3.2018**
Liabilities	Rs.	Assets	Rs.
Sundry creditors	1,70,000	Cash at bank	5,000
Capital (Balancing figure)	1,93,000	Cash in hand	3,000
		Stock of goods	35,000
		Sundry Debtors	1,00,000
		plant and machinery	80,000
		Land and buildings	1,40,000
	3,63,000		3,63,000

Calculation of dosing capital:

**Statement of affairs as on 31.3.2019**
Liabilities	Rs.	Assets	Rs.	Rs.
Bank balance (Bank overdraft)	60,000	Cash in hand		4,500
		Stock of goods		45,000
Sundry creditors	1,30,000
Capital (Balancing figure)	1,57,000	Sundry debtors	90,000
		Less :Provision on debtors 5%	4,500	85,000
		Plant and machinery	80,000
		Less : Depreciation 10%	8,000	72,000
		Land and Buildings		1,40,000
	3,47,000			3,47,000

Statement of profit or loss for the year ending
31^st March 2019
Particulars	Rs.
Closing capital as on 31.3.2019	1,57,000
Add: Drawings during the year	60,000
	2,17,000
Less: Additional capital introduced during the year	17,000
Adjusted dosing capital	2,00,000
Less: Opening capital as on 31.03.2018	1,93,000
Profit for the year ending 31.3.2019	7,000

10.

In the books of Ahmed
Calculation of opening capital

**Statement of affairs as on 31^st March, 2017**
Liabilities	Rs	Assets	Rs
Bank overdraft	14,000	Cash in hand	800
Creditors	60,000	Stock	12,000
Capital (balancing figure)	92,800	Debtors	34,000
		Plant	80,000
		Furniture	40,000
	1,66,800		1,66,800

Calculation of closing capital

**Statement of affairs as on 31^st March, 2018**
Liabilities	Rs	Assets	Rs	Rs
Creditors	72,000	Bank balance		18,000
Capital (balancing figure)	1,04,000	Cash in hand		1,500
		Stock		16,000
		Debtors	30,000
		Less: Provision for doubtful
		debts @ 5%	1,500	28,500
		Plant	80,000
		Less: Depreciation	8,000	72,000
		Furniture		40,000
	1,76,000			1,76,000

**Statement of profit or loss for the year ending 31st March, 2018**
Particulars	Rs
Closing capital as on 31.3.2018	1,04,000
Add: Drawings during the year	40,000
	1,44,000
Less: Additional capital introduced during the year	16,000
Adjusted closing capital	1,28,000
Less: Opening capital as on 31.3.2017	92,800
Profit for the year ending 31.3.2018	35,200