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12th Accounts English Medium Sample 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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Questions:

Generic 2

9 x 2 = 18

Anbu and Raju are partners, sharing profits in the ratio of 3:2. Akshai is admitted as a partner. The new profit sharing ratio among Anbu, Raju and Akshai is 5:3:2. Find out the sacrificing ratio.

Kayal, Mala and Neela are partners sharing profits in the ratio of 2:2:1. Kayal retires and the new profit sharing ratio between Nila and Neela is 3:2. Calculate the gaining ratio.

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.

What are accounting reports?

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.

Find out credit sales from the following information:

Particulars	Rs.
Debtors on 1^st April, 2018	1,00,000
Cash received from debtors	2,30,000
Discount allowed	5,000
Returns inward	25,000
Debtors on 31^st March 2019	1,20,000

Find out credit sales from the following information:

	Rs.
Debtors on 1^st January 2018	40,000
Cash received from debtors	1,00,000
Discount allowed	5,000
Sales returns	2,000
Debtors on 31^st December 2018	Debtors on 31^st December 2018

Generic 3

2 x 3 = 6

10.

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%

11.

From the following Receipts and Payment Account of Ooty Recreation Club, prepare Income and Expenditure Account for the year ended 31.03.2018

Receipts	Rs.	Payments	Rs.
To Opening balance		By Sports materials purchased	10,000
Cash in hand	5,000	By Stationery paid	7,000
To Rent received	10,000	By Computer purchased	25,000
To Sale of investments	8,000	By Salaries	20,000
To Subscription received	54,000	By Closing balance
		Cash in hand	15,000
	77,000		77,000

Generic 5

1 x 5 = 5

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.

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Answers Key:

Generic 2

9 x 2 = 18

Old ratio of Anbu and Raju = 3:2 that is, \(\frac { 3 }{ 5 } :\frac { 2 }{ 5 } \)
New ratio of Anbu, Raju and Akshai = 5:3:2, that is, \(\frac { 5 }{ 10 } :\frac { 3 }{ 10 } :\frac { 2 }{ 10 } \)
Share sacrificed = Old share - New share
Anbu = \(\frac { 3 }{ 5 } -\frac { 5 }{ 10 } =\frac { 6-5 }{ 10 } =\frac { 1 }{ 10 } \)
Raju = \(\frac { 2 }{ 5 } -\frac { 3 }{ 10 } =\frac { 4-3 }{ 10 } =\frac { 1 }{ 10 } \)
Sacrificing ratio of Anbu and Raju is \(\frac { 1 }{ 10 } :\frac { 1 }{ 10 } \) that is 1:1

Share gained = New share - Old share
Mala = \(\cfrac { 3 }{ 5 } -\cfrac { 1 }{ 5 } =\cfrac { 1 }{ 5 } \)
Neela = \(\cfrac { 2 }{ 5 } -\cfrac { 1 }{ 5 } =\cfrac { 1 }{ 5 } \)
Therefore, the gaining ratio of Mala and Neela is 1:1

(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)

Accounting report is a compilation of accounting information that are derived from the accounting records of a business concern. Accounting reports may be classified as routine reports and special purpose reports.

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.

**Dr Total Debtors account Cr**
Particulars	Rs.	Particulars	Rs
To Balance b/d	1,00,000	By Cash received	2,30,000
To Credit sales	2,80,000	By Discount allowd	5,000
(Balancing figure)		By Sales returns	25,000
		By Balance c/d	1,20,000
	3,80,000		3,80,000

**Dr. Total debtors account Cr.**
Particulars	Rs	Particulars	Rs
To Balance b/d	40,000	By Cash A/c (received)	1,00,000
To Sales A/c (credit)	1,27,000	By Discount allowed A/c	5,000
(balancing figure)		By Sales returns A/c	2,000
		By Balance c/d	60,000
	1,67,000		1,67,000

Generic 3

2 x 3 = 6

10.

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

11.

In the books of Ooty Recreation Club

Dr. Income and Expenditure Account for the year ended 31st March, 2018 Cr
Expenditure	Rs.	Income	Rs.
To Sports materials purchased	10,000	By Rent received	10,000
To Stationery paid	7,000	By Subscription received	54,000
To Salaries	20,000
To Surplus	27,000
(Excess of income over expenditure)
	64,000		64,000

Generic 5

1 x 5 = 5

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)