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12th Accounts English Medium Model 2 Mark Book Back Questions (New Syllabus) 2020

Published on: 31/08/2020

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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Std: 12th Standard - Accountancy

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Questions:

Generic 3

2 x 3 = 6

How will the following items appear in the final accounts of a club for the year ending 31st March 2017? Received subscription of Rs. 40,000 during the year 2016-17. This includes subscription of Rs. 5,000 for 2015 - 16 and Rs. 3,000 for the year 2017-18. Subscription of 1,000 is still outstanding for the year 2016 - 17.

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.

Generic 2

8 x 2 = 16

What is meant by debt equity ratio?

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.

State any five accounting reports.

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

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.

From the following information, find out the value of goodwill by capitalisation method:
(a) Average profit = Rs. 60,000
(b) Normal rate of return = 10%
(c) Capital employed = Rs. 4,50,000

Antony and Akbar were partners who share profits and losses in the ratio of 3:2. Balance in their capital account on 1^st January 2018 was Antony Rs. 60,000 and Akbar Rs. 40,000. On 1^st 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 31^st December 2018.

10.

From the following details calculate the amount that will be shown as subscription in Income and Expenditure Account for the year ending 31^stMarch, 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

Generic 5

1 x 5 = 5

11.

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.

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Answers Key:

Generic 3

2 x 3 = 6

Dr Income and Expenditure Account for the year ended 31^st March, 2017 Cr
Income	Rs	Rs
By Subscription	40,000
Less:
Subscription for the year
2015-2016	5,000
	35,000
Less:
Subscription for the year
2017-2018	3,000
	32,000
Add:
Outstanding subscription
for the year 2016-2017	1,000
		33,000

Balance sheet as on 31^st March, 2017
Liabilities	Rs	Assets	Rs
Subscription received in advance for the year 2017-2018	3,000	Outstanding subscription for the year 2016 - 2017	1,000

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

Generic 2

8 x 2 = 16

(i) Debt equity ratio is calculated to assess the long term solvency position of a business concern.
(ii) Debt equity ratio expresses the relationship between long term debt and shareholders' funds.
(iii) It is computed as follows:
Debt enquity ratio = \(\frac { Long\ term\ debt }{ Shareholders\ funds } \)
Long term debt = Debentures, bonds, long term loans, other long term borrowing. Share holder's fund = Equity share capital + Preference share capital + reserves and surplus

Journal entry
Date	Particulars		Debit Rs.	Credit RS.
2019 January 1	Mary’s capital A/c	Dr.	25,000
	Meena’s capital A/c	Dr.	25,000
	Mariam’s capital A/c	Dr.	25,000
	To Profit and loss a/c			75,000
	(Accumulated loss transferred to all partners’ capital account in the old profit sharing ratio)

Routine accounting reports include
(a) Day books / Journal
(b) Ledger
(c) Trial balance
(d) Income statement
(e) Balance sheet
(f) Cash flow statement

Comparative income statement of Tharun Co. Ltd for the years ended 31^st March, 2017 and 31^st March, 2018
Particulars	2016-17	2017-18	Absolute amount of increase ( +) or decrease (–)	Percentage increase (+) or decrease (–)
	Rs.	Rs.	Rs.
Revenue from operations	2,00,000	2,50,000	+50,000	+25
Add: Other income	50,000	40,000	–10,000	–20
Total revenue	2,50,000	2,90,000	+40,000	+16
Less: Expenses	1,50,000	1,20,000	–30,000	–20
Profit before tax	1,00,000	1,70,000	+70,000	+70

Computation of percentage increase for revenue from operations
\(\cfrac { Absolute\ amount\ of\ increase\ or\ decrease }{ Year\ 1\ amount } \times 100=\cfrac { 50,000 }{ 2,00,000 } \times 100=25%\)

**Journal entry**
Date	Particulars	Debit Rs.	Credit Rs.
2019	Kavitha’s capital A/c Dr.	40,000
January 1	Radha’s capital A/c Dr.	30,000
	To Profit and loss a/c (Accumulated loss transferred to old partners’ capital account in the old profit sharing ratio)		70,000

Total capitalised value of the average profit = \(\frac { Average\ profit }{ Normal\ rate\ of\ return } \)\(\times\) 100
=\(\frac { 60,000 }{ 10 } \) \(\times\) 100
= Rs. 6,00,000
Goodwill = Total capitalised value of the average profit – Capital employed
= 6,00,000 – 4,50,000
= Rs. 1,50,000

Calculation of interest on capital:
Interest on Antony’s capital:

On opening capital for 1 year	60,000 \(\times\) \(\frac{6}{100}\)	Rs. 3,600
On additional capital for 9 months	10,000 \(\times\) \(\frac{6}{100}\) \(\times\) \(\frac{9}{12}\)	Rs. 450
Interest on capital		Rs. 4,050

Interest on Akbar’s capital:

On opening capital for 1 year	40,000 \(\times\) \(\frac{6}{100}\)	Rs. 2,400
On additional capital for 6 months	5,000 \(\times\) \(\frac{6}{100}\) \(\times\) \(\frac{6}{12}\)	Rs. 150
Interest on capital		Rs. 2,550

Note: Since the date of additional capital introduced by Akbar is not given, interest on additional capital is calculated for an average period of 6 months.

10.

Dr. Income and Expenditure Account for the year ended 31^st March, 2017 Cr Expenditure Rs. Income Rs. Rs. By Subscription 60,000 Add: Outstanding subscription for 2016-17 2,400 Subscription received in advance in in advance in 1,000 63,400 Tutorial note
(i) Subscription for the year 2015-16 Rs. 7,500 and for the year 2017-18 Rs. 1,500 do not relate to the current year. So they should not be recorded in Income and Expenditure Account.
(ii) Subscription outstanding for the current year 2016-17 is Rs. 2,400. It should be added with the amount of subscription received during 2016-17.

Generic 5

1 x 5 = 5

11.

In the books of Joy Company Journal entries
Particulars		Debit Rs.	Credit Rs.
Bank A/c (9,000 × 5)	Dr.	45,000
To Equity share application A/c			45,000
(Application money received)
Equity share application A/c	Dr.	45,000
To Equity share capital A/c			45,000
(Transfer of application money to share capital A/c)
Equity share allotment A/c	Dr.	27,000
To Equity share capital A/c			27,000
(Allotment money due)
Bank A/c	Dr.	27,000
To Equity share allotment A/c			27,000
(Allotment money received)
Equity share first and final call A/c	Dr.	18,000
To Equity share capital A/c			18,000
(Call money due)
Bank A/c	Dr.	18,000
To Equity share first and final call A/c			18,000
(Call money received)