12th Standard Syllabus & Materials

12th Standard

TN 12th Computer Applications மின்னணு தரவு பரிமாற்றம் Sample Question Papers Study Material - QB365 Set A

NEW

12th Standard

TN 12th Computer Applications மின் - வணிக பாதுகாப்பு அமைப்புகள் Sample Question Papers Study Material - QB365 Set A

NEW

12th Standard

TN 12th Computer Applications மின்னணு செலுத்தல் முறைகள் Sample Question Papers Study Material - QB365 Set A

NEW

12th Standard

TN 12th Computer Applications மின் - வணிகம் Sample Question Papers Study Material - QB365 Set A

NEW

12th Standard

TN 12th Computer Applications திறந்த மூல கருத்துருக்கள் Sample Question Papers Study Material - QB365 Set A

NEW

12th Standard

TN 12th Computer Applications வலையமைப்பு வடமிடல் Sample Question Papers Study Material - QB365 Set A

12th Accountancy - Term II Model Question Paper

Published on: 29/10/2019

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.

Questions + Answers key

Take MCQ Accountancy Test

QB365 Student Learing Managemnet System

Std: 12th Standard - Accountancy

chapter: - Model Question paper

Visit QB365-SLMS - https://www.qb365.in/slms/ Complete Questions and Answers

Questions:

Generic 2

8 x 2 = 16

Anjali and Nithya are partners of a firm sharing profits and losses in the ratio of 5:3. They admit Pramila on 1.1.2018. On that date, their balance sheet showed accumulated loss of Rs. 40,000 on the asset side of the balance sheet. Give the journal entry to transfer the accumulated loss on admission.

What are financial statements?

What is quick ratio?

What is goodwill?

The following are the profits of a firm in the last five years:
2014: Rs. 4,000; 2015: Rs. 3,000; 2016: Rs. 5,000; 2017: Rs. 4,500 and 2018: Rs. 3,500
Calculate the value of goodwill at 3 years purchase of average profits of five years.

Give four examples for capital receipts of not–for–profit organisation.

From the following particulars ascertain profit or loss:

	Rs.
Capital as on 1^st April 2018	1,60,000
Capital as on 31^st March, 2019	1,50,000
Additional capital introduced during the year	25,000
Drawings made during the year	30,000

From the following particulars ascertain profit or loss:

	Rs.
Capital at the beginning of the year (1^st April, 2016)	2,00,000
Capital at the end of the year (31^st March, 2017)	3,50,000
Additional capital introduced during the year	70,000
Drawings during the year	40,000

Generic 5

8 x 5 = 40

Amal and Vimal are partners in a firm sharing profits and losses in the ratio of 7:5. Their balance sheet as on 31st March, 2019, is as follows:

Liabilities	Rs.	Rs.	Assets	Rs.
Capital accounts:			Land	80,000
Amal	70,000		Furniture	20,000
Vimal	50,000	1,20,000	Stock	25,000
Sundry creditors		30,000	Debtors	30,000
Profit and loss A/c		24,000	Bank	19,000
		1,74,000		1,74,000

Nirmal is admitted as a new partner on 1.4.2018 by introducing a capital of Rs.30,000 for 1/3 share in the future profit subject to the following adjustments.
(a) Stock to be depreciated by Rs. 5,000
(b) Provision for doubtful debts to be created for Rs. 3,000
(c) Land to be appreciated by Rs. 20,000
Prepare revaluation account and capital account of partners after admission.

10.

Divya Ltd. allotted 10,000 equity shares of Rs.10 each at a premium of Rs.2 per share to applicants of 14,000 shares on a pro rata basis. The excess application money will be adjusted towards allotment money. The amount payable was Rs.2 on application, Rs.5 on allotment (including premium of Rs.2 each) and Rs.3 on first call and Rs.2 on final call. Vikas, a shareholder failed to pay the first call and final call on his 300 shares. All the shares were forfeited and out of them 200 shares were reissued @ Rs.9 per share. Pass the necessary journal entries.

11.

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 31^st 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.

12.

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.

13.

From the following Receipts and Payment account of Yercaud Youth Association, prepare Income and expenditure account for the year ended 31^st March, 2019 and the balance sheet as on that date.

Dr. Receipts and Payments Account for the year ended 31^st March, 2019 Cr
Receipts	Rs.	Payments	Rs.
To Balance b/d		By Salary	14,000
Cash in hand	9,600	By Office expenses	7,200
To Government grants		By Books purchased	15,000
for purchase of books	10,000	By Stationery purchased	1,800
To Subscription	24,800	By Newspaper purchased	2,100
To Admission fees	2,000	By Prizes awarded	5,000
To Prize fund receipts	6,000	By Balance c/d
To Bank interest	1,500	Cash in hand	9,900
To Sale of newspapers	1,100
	55,000		55,000

Additional information:
(i) Opening capital fund Rs. 20,000.
(ii) Stock of books on 1.4.2018 Rs. 9,200.
(iii) Subscription due but not received Rs. 1,700.
(iv) Stock of stationery on 1.4.2018 Rs. 1,200 and stock of stationery on 31.3.2019, Rs. 2,000

14.

From the following particulars of Poompuhar Literary Association, prepare Receipts and Payments account for the year ended 31^st 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

15.

Differentiate between statement of affairs and balance sheet.

16.

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

20 x 1 = 20

17.

Select the odd one out

(a)

Revaluation profit

(b)

Accumulated loss

(c)

Goodwill brought by new partner

(d)

Investment fluctuation fund

18.

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

(a)

The old partners

(b)

The new partner

(c)

All the partners

(d)

The Sacrificing partners

19.

Revaluation A/c is a

(a)

Real A/c

(b)

Nominal A/c

(c)

Personal A/c

(d)

Impersonal A/c

20.

On revaluation, the increase in liabilities leads to

(a)

Gain

(b)

Loss

(c)

Profit

(d)

None of these

21.

On retirement of a partner from a partnership firm, accumulated profits and losses are distributed to the partners in the

(a)

New profit sharing ratio

(b)

Old profit sharing ratio

(c)

Gaining ratio

(d)

Sacrificing ratio

22.

The term ‘fund’ refers to

(a)

Current liabilities

(b)

Working capital

(c)

Fixed assets

(d)

Non-current assets

23.

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

(a)

Over a period of time

(b)

As on a particular date

(c)

For a period of time

(d)

For the accounting period

24.

If a share of Rs.10 on which Rs.8 has been paid up is forfeited. Minimum reissue price is

(a)

Rs.10 per share

(b)

Rs.8 per share

(c)

Rs.5 per share

(d)

Rs.2 per share

25.

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

(a)

Face value

(b)

Nominal value

(c)

Paid up amount

(d)

Called up amount

26.

Cost of revenue from operations Rs. 3,00,000; Inventory in the beginning of the year Rs. 60,000; Inventory at the close of the year Rs. 40,000. Inventory turnover ratio is

(a)

2 times

(b)

3 times

(c)

6 times

(d)

8 times

27.

The mathematical expression that provides a measure of the relationship between two figures is called

(a)

Conclusion

(b)

Ratio

(c)

Model

(d)

Decision

28.

Which of the following options is used to view Trial Balance from Gateway of Tally?

(a)

Gateway of Tally -> Reports -> Trial Balance

(b)

Gateway of Tally -> Trial Balance

(c)

Gateway of Tally -> Reports -> Display -> Trial Balance

(d)

None of these

29.

Function key F11 is used for

(a)

Company Features

(b)

Accounting vouchers

(c)

Company Configuration

(d)

None of these

30.

The average rate of return of similar concerns is considered as

(a)

Average profit

(b)

Normal rate of return

(c)

Expected rate of return

(d)

None of these

31.

In the absence of an agreement, partners are entitled to

(a)

Salary

(b)

Commission

(c)

Interest on loan

(d)

Interest on capital

32.

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

(a)

Equal ratio

(b)

Capital ratio

(c)

Both (a) and (b)

(d)

None of these

33.

Legacy is a

(a)

Revenue expenditure

(b)

Capital expenditure

(c)

Revenue receipt

(d)

Capital receipt

34.

Income and Expenditure Account is prepared to find out

(a)

Profit or loss

(b)

Cash and bank balance

(c)

Surplus or deficit

(d)

Financial position

35.

Receipts and payments account is a

(a)

Nominal A/c

(b)

Real A/c

(c)

Personal A/c

(d)

Representative personal account

36.

Opening balance of debtors: Rs. 30,000, cash received: Rs. 1,00,000, credit sales: Rs. 90,000; closing balance of debtors is

(a)

Rs. 30,000

(b)

Rs. 1,30,000

(c)

Rs. 40,000

(d)

Rs. 20,000

Generic 3

5 x 3 = 15

37.

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%

38.

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 31^st 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

39.

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%

40.

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.

41.

What is income and expenditure account?

Visit QB365-SLMS - https://www.qb365.in/slms/

Answers Key:

Generic 2

8 x 2 = 16

Journal Entry
Date	Particulars	Debit Rs.	Credit Rs.
2018 January 1	Anjali's capital A/c (40,000\(\times\)5/8) Dr	25,000
	Nithya's capital A/c (40,000 \(\times\) 3/8) Dr	15,000
	To Profit and loss A/c		40,000
	(Accumulated loss transferred to old partner's capital account in the old profit sharing ratio)

Financial statements are the statements prepared by the business concern at the end of the accounting period to ascertain the operating results and the financial position. The basic financial statements prepared by business concerns are income statement and balance sheet.

(i) Quick ratio gives the proportion of quick assets to current liabilities.
(ii) It indicates whether the business concern is in a position to pay its current liabilities as and when they become due, out of its quick assets.
(iii) It is otherwise called liquid ratio or acid test ratio.
(iv) It is calculated as follows:
Quick ratio = \(\frac { Quick\ assets }{ Current\ liabilities } \).
Quick assets = Current assets - Inventries - prepaid expenses. higher the Quick ratio better is the short - term financial position of an enterprises.

Goodwill is the good name or reputation of the business which brings benefit to the business. It enables the business to earn more profit. It is the present value of a firm's future excess earnings. It is an intangible asset as it has no physical existence.

Goodwill = Average profit \(\times\) Number of years of purchase
Average profit = \(\frac { Total\ profit }{ Number\ ofyear } \)
= \(\frac { 4,000+3,000+5,000+4,500+3,500 }{ 5 } \)
= \(\frac { 20,000 }{ 5 } \)= Rs. 4,000
Goodwill = Average profit \(\times\) Number of years of purchase
= 4,000 \(\times\) 3 = Rs.12,000

i. Life membership fees
ii. Legacies
iii. Specific donation
iv. Sale of fixed asset
v. Special funds
vi. Prize fund
vii. Tournament fund.

**Statement of profit or loss for the year ended 31st March, 2019**
Particulars	Rs.
Closing capital (as on 31.3.2019)	1,50,000
Add: Drawings during the year	30,000
Less: Additional capital introduced during the year	1,80,000
Less: Additional capital introduced during the year	25,000
Adjusted closing capital	1,55,000
Less: Opening capital (as on 1.4.2018)	1,60,000
Loss incurred during the year	(-) 5,000

**Statement of profit or loss for the year ended 31^st March, 2017**
Particulars	Rs.
Closing capital (as on 31.3.2017)	3,50,000 40,000
Add: Drawings during the year	3,50,000 40,000
	3,90,000
Less: Additional capital introduced during the year	70,000
Adjusted closing capital	3,20,000 2,00,000
Less: Opening capital (as on 1.4.2016)	3,20,000 2,00,000
Profit made during the year	1,20,000

Generic 5

8 x 5 = 40

Dr Revaluation A/c Dr
Particulars	Rs.	Rs.	Particulars	Rs.
To Stock A/c		5,000	By Land A/c	20,000
To Provision for doubtful debts A/c		3,000
To Profit on revaluation transferred to
Amal's capital A/c	7,000
Vimal's capital A/c	5,000	12,000
		20,000		20,000

Dr Capital A/c Dr
Particulars	Amal Rs.	Vimal Rs.	Nirmal Rs.	Particulars	Amal Rs.	Vimal Rs.	Nirmal Rs.
To Balance c/d	91,000	65,000	30,000	By Balance b/d	70,000	50,000	-
				By Bank A/c	-	-	30,000
				By Revaluation A/c	7,000	5,000	-
	91,000	65,000	30,000		91,000	65,000	30,000
				By Balance b/d	91,000	65,000	30,000

10.

In the books of Divya Ltd. Journal entries
Particulars		Debit Rs.	Credit Rs.
Bank A/c (14,000 × 2)	Dr.	28,000
To Equity share application A/c			28,000
(Application money for 14,000 shares received)
Equity share application A/c (10,000 × 2)	Dr.	20,000
To Equity share capital A/c			20,000
(Application money transferred to share capital)
Equity share application A/c (4,000 × 2)	Dr.	8,000
To Equity share allotment A/c			8,000
(Excess application money adjusted towards allotment)
Equity share allotment A/c (10,000 × 5)	Dr.	50,000
To Equity share capital A/c (10,000 × 3)			30,000
To Securities premium A/c (10,000 × 2)			20,000
(Allotment money due)
Bank A/c (50,000 – 8,000)	Dr.	42,000
To Equity share allotment A/c			42,000
(Allotment money received)
Equity share first call A/c (10,000 × 3)	Dr.	30,000
To Equity share capital A/c			30,000
(First call amount due)
Bank A/c (9,700 × 3)	Dr.	29,100
To Equity share first call A/c			29,100
(First call money received for 9,700 shares)
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 amount due)
Bank A/c (9,700 × 2)	Dr.	19,400
To Equity share second and final call A/c			19,400
(Second and final call money received for 9,700 shares)
Equity share capital A/c (300 × 10)	Dr.	3,000
To Equity share first call A/c (300 × 3)			900
To Equity share second and final call A/c (300 × 2)			600
To Shares forfeited A/c			1,500
(Forfeiture of 300 shares for non-payment first and second calls)
Bank A/c (200 × 9)	Dr.	1,800
Shares forfeited A/c	Dr.	200
To Equity share capital A/c			2,000
(Re-issue of 200 forfeited shares)
Shares forfeited A/c	Dr.	800
To Capital reserve A/c			800
(Profit on re-issue of 200 forfeited shares transferred to capital reserve account)

Working note:
Amount forfeited for 300 shares = Rs.1,500

Amount forfeited for 200 shares =	\(\frac{1,500}{300}\) x 200 =	1,000
Less: Loss on reissue		200
Net gain transferred to capital reserve		800

11.

Journal entries
Date	Particulars		Debit Rs.	Credit Rs.
2019 March 31	Revaluation A/c	Dr.	13,000
	To Machinery A/c			10,000
	To Office equipment A/c			2,000
	To Provision for doubtful debts A/c			1,000
	(Depreciation on machinery and furniture andprovision made for doubtful debts adjusted)
"	Investments A/c	Dr.	25,000
	To Revaluation A/c			25,000
	(Unrecorded investments brought into accounts)
"	Revaluation A/c	Dr.	12,500
	To John’s capital A/c			4,000
	To James’s capital A/c			4,000
	To Raja’s capital A/c			4,000
	(Profit on revaluation transferred to capital accounts)

Dr. Revaluation Account Cr.
Particulars	Rs.	Rs.	Particulars	Rs.
To Machinery A/c		10,000	By Investments A/c	25,000
To Office equipment A/c		2,000
To Provision for doubtful debts		1,000
To Profit on revaluation transferred to
John’s Capital A/c (1/3)	4,000
James Capital A/c (1/3)	4,000
Raja’s Capital A/c (1/3)	4,000	12,000
		25,000		25,000

12.

In the books of Bharath Ltd. Journal entries
Particulars		Debit Rs.	Credit Rs.
Bank A/c (1,20,000 × 5)	Dr.	6,00,000
To Equity share application A/c			6,00,000
(Application money received)
Equity share application A/c (1,00,000 × 5)	Dr.	5,00,000
To Equity share capital A/c			5,00,000
(Transfer of share application money to share capital)
Equity share application A/c (20,000 × 5)	Dr.	1,00,000
To Bank A/c			1,00,000
(Excess share application money refunded)
Equity share allotment A/c	Dr.	3,00,000
To Equity share capital A/c			3,00,000
(Share allotment money due)
Bank A/c	Dr.	3,00,000
To Equity share allotment A/c			3,00,000
(Allotment money received)
Equity share first and final call A/c	Dr.	2,00,000
To Equity share capital A/c			2,00,000
(Share first and final call money due)
Bank A/c	Dr.	2,00,000
To Equity share first and final call A/c			2,00,000
(Share first and final call money received)

13.

Dr Income and Expenditure Account for the year ended 31^st March, 2019 Cr
Expenditure	Rs	Rs	Income	Rs	Rs
To Salary		14,000	By Subscription	24,800
To Office expenses		7,200	Add: Subscription
To Stationery	1,800		not received	1,700	26,500
Add: Opening stock	1200		By Admission fees		2,000
	3,000		By Bank interest
Less: Closing stock	2000	1,000	By Sale of		1,500
To Newspaper purchased		2,100	newspapers		1,100
To Prizes awarded		5,000	By Government
To Excess of income over		11,800	grants		10,000
expenditure (surplus)
		41,100			41,100

Balance sheet as on 31^st March, 2018
Liabilities	Rs	Rs	Assets	Rs	Rs
Capital fund	20,000		Books: Purchased	15,000
Add: Excess of income over			Add: Opening stock	9,200	24,200
expenditure (surplus	11,800	31,800	Cash in hand		9,900
Prize fund receipts		6,000	Stock of stationery		2,000
			Subscription recurred		1,700
		37,800			37,800

14.

In the books of Poompuhar Literary Association
Dr. Receipts and Payments Account for the year ended 31st March, 2019 Cr
Receipts	Rs.	Payments	Rs.
To Balance b/d		By Balance b/d
Cash in hand	5,000	Bank overdraft	4,000
To Sale of investments	1,000	By Printing and stationery	1,500
To Endowment fund receipts	2,000	By Interest paid	3,250
To Subscriptions received	20,000	By Purchase of refreshments	1,500
To Sundry receipts	750	By Lighting charges	1,300
To Government grants received	6,000	By Repairs and renewals	2,500
To Sale of refreshments	1,500	By Conveyance paid	2,750
		By Books purchased	10,000
		By Insurance premium paid	4,000
		By Balance c/d
		Cash at bank	2,000
		Cash in hand	3,450
	36,250		36,250

Note: As outstanding salary and depreciation are non-cash items, both are to be excluded inreceipts and payments account.

15.

S.No	Basis of distinction	Statement of affairs	Balance Sheet
1.	Objective	Statement of affairs is prepared to find out the capital of the business.	Balance sheet is prepared to ascertain the financial position of the business.
2.	Accounting system	Statement of affairs is prepared when double entry system is not strictly followed	Balance sheet is prepared when accounts are maintained under double entry system.
3.	Basis of preparation	It is not fully based on ledger balances.	It is prepared exclusively on the basis of ledger balances
4.	Reliability	It is not reliable as it is based on incomplete records	It is reliable as it prepared under double entry system.
5.	Missing items	It is difficult to trace the items omitted as complete records are not maintained.	Since both the aspects of all transactions are duly recorded, items omitted can be traced easily.

16.

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

20 x 1 = 20

17.

18.

(a)
The old partners

19.

(b)
Nominal A/c

20.

(b)
Loss

21.

(b)
Old profit sharing ratio

22.

(b)
Working capital

23.

(b)
As on a particular date

24.

(d)
Rs.2 per share

25.

(d)
Called up amount

26.

27.

(b)
Ratio

28.

29.

(a)
Company Features

30.

(b)
Normal rate of return

31.

32.

(a)
Equal ratio

33.

(d)
Capital receipt

34.

35.

(b)
Real A/c

36.

(d)
Rs. 20,000

Generic 3

5 x 3 = 15

37.

**Trend analysis for Mullai Ltd**
Particulars	Rs.in lakhs			Trend percentages
	2015-16	2015-16	2017-18	2015-16	2016-17	2017-18
Revenue from operations	100	120	160	100	120	160
Add: Other income	20	24	20	100	120	100
Total revenue	120	144	180	100	120	150
Less: Expenses	20	14	40	100	170	200
Profit before tax	100	130	140	100	130	140
Less: Income tax (30%)	30	39	42	100	130	140
Profit after tax	70	91	98	100	130	140

38.

Journal entry
Date	Particulars		Debit Rs.	Credit RS.
2019 March 31	Profit and loss appropriation A/c	Dr.	10,000
	General reserve A/c	Dr.	55,000
	Workmen compensation fund A/c	Dr.	17,000
	To Prince’s capital A/c (42,000 × 2/7)			12,000
	To Dev’s capital A/c (42,000 × 4/7)			24,000
	To Sasireka’s capital A/c (42,000 × 1/7)			6,000
	(Accumulated profits and reserve transferred to allpartners’ capital account in the old profit sharing ratio)

39.

Comparative income statement of Abdul Co. Ltd for the years ended 31^st March, 2016 and 31^st March, 2017
Particulars	2015-16	2016-17	Absolute amount of increase (+) or decrease (–)	Percentage increase (+) or decrease (–)
	Rs.	Rs.	Rs.
Revenue from operations	3,00,000	3,60,000	+60,000	+20
Add: Other income	1,00,000	60,000	–40,000	–40
Total revenue	4,00,000	4,20,000	+20,000	+5
Less: Expenses	2,00,000	1,80,000	–20,000	–10
Profit before tax	2,00,000	2,40,000	+40,000	+20
Less: Tax (30%)	60,000	72,000	+12,000	+20
Profit after tax	1,40,000	1,68,000	+28,000	+20

40.

Particulars	Subha Rs.	Sudha Rs.
Capital on 31^st December 2017	15,000	20,000
Add: Drawings	2,500	3,500
	17,500	23,500
Less: Profit already credited	7,500	7,500
Capital on 1^st January 2017	10,000	16,000

Calculation of interest on capital:
Subha:
On opening capital = 10,00 \(\times\) \(\frac{6}{100}\) = Rs. 600
Sudha:
On opening capital = 16,000 \(\times\) \(\frac{6}{100}\) = Rs. 960

41.

(i) Income and expenditure account is a summary of income-and expenditure of a not-for-profit organisation prepared at the end of an accounting year.
(ii) It is prepared to find out the surplus or deficit pertaining to a particular year.
(iii) It is a nominal account in nature in which items of revenue receipts and revenue expenditure, relating to the current year alone are recorded.
(iv) It is just like preparing a profit and loss account. In this account, incomes are shown on the credit side and expenses are shown on the debit side.
(v) Apart from cash items, non-cash items such as income accrued but not received, loss or gain on sale of fixed assets, depreciation, etc. will also be recorded