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12th Standard Accountancy English Medium Important 5 Mark Book Back Questions (New Syllabus 2020)

Published on: 30/09/2020

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Questions:

Generic 5

8 x 5 = 40

Sai and Shankar are partners, sharing profits and losses in the ratio of 5:3. The firm’s balance sheet as on 31st December, 2017, was as follows:

Liabilities	Rs.	Rs.	Assets	Rs.	Rs.
Capital accounts:			Building		34,000
Sai	48,000		Furniture		6,000
Shankar	40,000	88,000	Investment		20,000
Creditors		37,000	Debtors	40,000
Outstanding wages		8,000	Less: Provision for bad debts	3,000	37,000
			Bills receivable		12,000
			Stock		16,000
			Bank		8,000
		1,33,000			1,33,000

On 31st December, 2017 Shanmugam was admitted into the partnership for 1/4 share of profit with Rs. 12,000 as capital subject to the following adjustments.
(a) Furniture is to be revalued at Rs. 5,000 and building is to be revalued at Rs. 50,000.
(c) Provision for doubtful debts is to be increased to Rs. 5,500
(d) An unrecorded investment of Rs. 6,000 is to be brought into account
(e) An unrecorded liability Rs. 2,500 has to be recorded now.
Pass journal entries and prepare Revaluation Account and capital account of partners after admission.

Muthu, Murali and Manoj are partners in a firm and sharing profits and losses in the ratio 3 : 1 : 2. Their balance sheet as on 31^st December, 2018 is given below:

Liabilities	Rs.	Rs.	Asset	Rs.
Capital accounts:			Machinery	45,000
Muthu	20,000		Furniture	5,000
Murali	25,000		Debtors	30,000
Manoj	20,000	65,000	Stock	20,000
General reserve		6,000
Creditors		29,000
		1,00,000		1,00,000

Manoj retires on 31^st December, 2018 subject to the following conditions:
(i) Muthu and Murali will share profits and losses in the ratio of 3 : 2
(ii) Assets are to be revalued as follows:
Machinery Rs. 43,000, stock Rs. 27,000, debtors Rs. 28,000.
(iii) Goodwill of the firm is valued at Rs. 30,000
(iv) The final amount due to Manoj is not paid immediately
Prepare necessary ledger accounts and the balance sheet immediately after the retirement of Manoj.

Calculate trend percentages for the following particulars of Palai Ltd

Particulars	Rs.in lakhs
	Year 1	Year 2	Year 3
I EQUITY AND LIABILITIES
Shareholders’ fund	250	275	300
Non-current liabilities	100	125	100
Current liabilities	50	40	80
Total	400	440	480
II ASSETS
Non-current assets	300	360	390
Current assets	100	80	90
Total	400	440	480

Shero Health Care Ltd. invited applications for 3,00,000 equity shares of Rs.10 each at a premium of Rs.2 per share payable as follows:
Rs.3 on application
Rs.5 (including premium) on allotment
Rs.4 on first and final call
There was over subscription and applications were received for 4,00,000 shares and the excess applications were rejected by the directors. All the money due were received. Pass the journal entries.

The following balance sheet has been prepared from the books of Pearl on 1-4-2018.

Liabilities	Rs.	Assets	Rs.
Capital	2,26,000	Buildings	1,00,000
Sundry creditors:		Furniture	10,000
Maya A/c	24,000	Stock	20,000
		Sundry debtors
		Peter	50,000
		Cash in hand	15,000
		Cash at bank	55,000
	2,50,000		2,50,000

During the year the following transactions took place.
(a) Wages paid by cash Rs. 2,000
(b) Salaries paid by cheque Rs. 5,000
(c) Cash purchases made for Rs. 3,000
(d) Good purchased on credit from Yazhini Rs. 15,000
(e) Goods sold on credit to Jothi Rs. 25,000
(f) Payment made to Yazhini through NEFT Rs. 5,000
(g) Cash received from Peter Rs. 30,000
(h) Cash sales made for Rs. 6,000
(i) Depreciate buildings at 10%
(j) Closing stock on 31.03.2019 Rs. 15,000
You are required to prepare trading and profit and loss account for the year ended 31-03-2019 and a balance sheet as on that date using Tally.

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 particulars of Vellore Recreation Club, prepare Receipts and Payments account for the year ended 31^st March, 2017.

Particulars	Rs.	Particulars	Rs.
Opening cash balance as on 1.4.2016	3,000	Receipts from entertainment	20,000
Opening bank balance as on 1.4.2016	12,000	Admission fees received	1,000
Furniture purchased	11,000	Municipal taxes	22,000
Sports equipment purchased	11,000	Expenses of charity show	2,000
Donation received for pavilion	8,000	Billiards table purchased	15,000
Sale of old tennis balls	1,500	Construction of new tennis court	18,000
Newspapers bought	500	Receipts from charity show	2,500
Travelling expenses	4,500	Closing balance of cash in hand	8,000

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

Generic 3

1 x 3 = 3

A partnership firm earned net profits during the last three years as follows:
2016 : Rs. 20,000; 2017 : Rs. 17,000 and 2018 : Rs. 23,000
The capital investment of the firm throughout the above mentioned period has been Rs. 80,000. Having regard to the risk involved, 15% is considered to be a fair return on capital employed in the business. Calculate the value of goodwill on the basis of 2 years purchase of super profit.

Generic 2

1 x 2 = 2

10.

Calculate quick ratio: Total current liabilities Rs. 2,40,000; Total current assets Rs. 4,50,000; Inventories Rs. 70,000; Prepaid expenses Rs. 20,000.

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Answers Key:

Generic 5

8 x 5 = 40

Journal Entry
Date	Particulars		Debit Rs.	Credit Rs.
2017 December 31	Bank A/c	Dr	12,000
	To Shanmugam's capital A/c			12,000
	(Capital brought by Shanmugam)
2017 December 31	Building A/c	Dr	16,000
	Unrecorded investment A/c	Dr	6,000
	To Revaluation A/c			22,000
	(Appreciation on building and unrecorded investments adjusted)
2017 December 31	Revaluation A/c	Dr	6,000
	To Furniture A/c			1,000
	To Unrecorded liability A/c			2,500
	To Provision for doubtful debts A/c			2,500
	(Decreased on furniture, unrecorded Liability and provision made for doubtful debts adjusted)
2017 December 31	Revaluation A/c	Dr	16,000
	To Sai's capital A/c			10,000
	To Shankar's capital A/c			6,000
	(Profit on revaluation transferred to capital accounts)

Dr Revaluation A/c Cr
Particulars	Rs.	Rs.	Particulars	Rs.
To Furniture A/c		1,000	By Buildings A/c	16,000
To Provision for bad debts A/c		2,500	By Unrecorded investment A/c	6,000
To Unrecorded liability A/c		2,500
To Profit on revaluation transferred to
Sai's capital A/c (5/8)	10,000
Shankar's capital A/c (3/8)	6,000	16,000
		22,000		22,000

Dr Capital A/c Dr
Particulars	Sai	Shankar	Shanmugan	Particulars	Sai	Shankar	Shanmugam
To Balance c/d	58,000	46,000	12,000	By Balance b/d	48,000	40,000	-
				By Bank A/c	-	-	12,000
				By Revaluation A/c	10,000	6,000	-
	58,000	46,000	12,000		58,000	46,000	12,000
				By Balance b/d	58,000	46,000	12,000

Dr. Revaluation Account Cr.
Particulars	Rs.	Rs.	Particulars	Rs.
To Machinery A/c		2,000	By Stock A/c	7,000
To Debtors A/c		2,000
To Profit on revaluation transferred to
Muthu's capital A/c	1,500
Murali's capital A/c	500
Manoj's capital A/c	1,000	3,000
		7,000		7,000

Dr. Capital Account Cr.
Particulars	Muthu Rs.	Murali Rs.	Manoj Rs.	Particulars	Muthu Rs.	Murali Rs.	Manoj Rs.
To Manoj’s capital A/c	3,000	7,000	-	By Balance b/d	20,000	25,000	20,000
To Manoj's loan A/c			33,000	By General reserve A/c	3,000	1,000	2,000
To Balance c/d	21,400	19,500		By Revaluation A/c (profit)	1,500	500	1,000
				By Muthu’s capital A/c			3,000
				By Manoj’s capital A/c	-	-	7,000
	24,500	26,500	33,000		24,500	26,500	33,000
				By Balance b/d	21,500	19,500

Balance sheet as on 31st March 2019
Liabilities	Rs.	Rs.	Assets	Rs.	Rs.
Capital accounts:			Machinery	45,000
Muthu	21,500		Less: Depreciation	2,000	43,000
Murali	19,500	41,000	Furniture		5,000
Manoj’s loan A/c		31,000	Debtors	30,000	63,000
Creditors		29,000	Less: Provision for bad debts	2,000	28,000
			Stock	20,000
			Add: Appreciation	7,000	27,00
		1,03,000			1,03,000

(i) Computation of gaining ratio
Share gained = New share – old share
Muthu = \(\frac{3}{5}-\frac{3}{6}= \frac{18-15}{30}=\frac{3}{30} \)
Murali = \(\frac{2}{5}-\frac{1}{6}= \frac{12-5}{30}=\frac{7}{30} \)
Therefore, the gaining ratio of Muthu and Murali is 3:7
(ii) Adjustment for goodwill
Goodwill of the firm = Rs. 30,000
Share of goodwill to Manoj = 30,000 × \(\frac{2}{6}\) = Rs. 10,000
It is to be adjusted in the capital accounts of Muthu and Murali in the gaining ratio of 3:7
That is,
Muthu : 10,000 × \(\frac{3}{10}\) = Rs. 3,000
Murali : 10,000 × \(\frac{3}{10}\) = Rs. 7,000

Particulars	Rs.in lakhs			Trend percentages
	Year 1	Year 2	Year 3	Year 1	Year 2	Year 3
I EQUITY AND LIABILITIES
Shareholders’ fund	250	275	300	100	110	120
Non-current liabilities	100	125	100	100	125	100
Current liabilities	50	40	80	100	80	160
Total	400	440	480	100	110	120
II ASSETS
Non-current assets	300	360	390	100	120	130
Current assets	100	80	90	100	80	90
Total	400	440	480	100	110	120

Note: Number of shares rejected = 4,00,000 - 3,00,000 = 1,00,000

In the books os Shero Health Care Ltd Journal entries
Particulars		Debit Rs.	Credit Rs.
Bank A/c (4,00,000 × 3)	Dr.	12,00,000
To Equity share application A/c			12,00,000
Application money on 4,00,000 shares @ Rs.3 per share received)
Equity share application A/c (3,00,000 × 3)	Dr.	9,00,000
To Equity share capital A/c			9,00,000
(Share application transferred to share capital)
Equity share application A/c (1,00,000 × 3)		3,00,000
To Bank A/c			3,00,000
(Money refunded for rejected applications)
Equity share allotment A/c (3,00,000 × 5)	Dr.	15,00,000
To Equity share capital A/c (3,00,000 × 3)			9,00,000
To Securities premium A/c (3,00,000 × 2)			6,00,000
(Share allotment money Rs.5 per share including Rs.2 premium receivable for 3,00,000 shares)
Bank A/c (3,00,000 × 5)	Dr.	15,00,000
To Equity share allotment A/c			15,00,000
(Allotment money received)
Equity share first and final call A/c	Dr.	12,00,000
To Equity share capital A/c (3,00,000 × 4)			12,00,000
(Call money receivable)
Bank A/c	Dr.	12,00,000
To Equity share first and final call A/c			12,00,000
(Call money received)

Following steps are to be followed to enter the transactions in Tally ERP 9
1. To create company:
Company Info > Create Company
Type the Name as Peral and keep all other fields as they are and choose 'Yes' to accept.
2. To maintain accounts only:
Gateway of Tally > F11 Accounting Features > General > Maintain accounts only: Yes > Accept Yes
3. To create ledger accounts with opening balances:
Gateway of Tally > Masters > Accounts Info> Ledgers> Single Ledger> Create

Creation of	Name	Under	Opening balance	Accept
Bright’s Capital A/c	Bright’s Capital A/c	Capital Account	2,26,000	Yes
Ramesh A/c (Sundry creditors)	Ramesh A/c	Sundry Creditors	24,000	Yes
Machinery A/c	Machinery A/c	Fixed Assets	1,00,000	Yes
Furnitures A/c	Furnitures A/c	Fixed Assets	10,000	Yes
Opening stock	Opening stock	Stock-in -Hand	20,000	Yes
Shankar A/c (Sundry debtors)	Shankar A/c	Sundry Debtors	50,000	Yes
Cash in hand	Cash	Cash-in-Hand	15,000	Yes
Cast at bank	Bank	Bank Accounts	55,000	Yes

Note:
Cash account need not be created as it is a default ledger. Only the opening balance has to be recorded by altering the cash account.
To record the opening balance of Cash
Gateway of Tally > Masters > Accounts Info > Ledgers > Single Ledger > Alter

After creating the ledgers and recording the opening balances of ledger accounts the balance sheet of Bright is shown as in the following figure:

4. To create ledger accounts for transactions

Creation of	Name	Under	Accept
Wages A/c	Wages A/c	Direct Expenses	Yes
Salaries A/c	Rent A/c	Indirect Expenses	Yes
Purchases A/c	Purchases A/c	Purchases Account	Yes
Senthamarai A/c	Senthamarai A/c	Sundry Creditors A/c	Yes
Sales A/c	Sales A/c	Sales Account	Yes
Pushparaj A/c	Pushparaj A/c	Sundry Debtors A/c	Yes
Depreciation A/c	Depreciation A/c	Indirect Expenses	Yes

5. To enter transactions through vouchers
Gateway of Tally > Transactions > Accounting Vouchers
Example: Wages of Rs. 2,000 paid by Cash
F5: Payment Voucher
Account: Cash
Particulars: Wages A/c
Amount: Rs. 2,000
Narration: Wages paid by cash
Accept: Yes
In the similar way, record the other transactions. Use Payment Voucher for Salaries paid and payment to Senthamarai.
Use Purchase Voucher for credit purchases from Senthamarai and cash purchases.
Use Sales Voucher for credit sales to Pushparaj and cash sales.
Use Receipt Voucher for cash received from Shankar.
Use Journal Voucher for depreciation.
To record closing stock:
Since maintain accounts only is set to 'Yes' and integrate accounts and inventory is set to "No" under accounting features. Stock has to be recorded manually. Hence the closing stock has to be recorded by altering the stock account and while entering the data of closing stock, the date of opening stock has to be entered. The following procedure is to be followed:
Gateway of Tally > Masters > Accounts Info > Ledgers > Single Ledger > Alter > Stock > Closing balance > Date (opening date) > Amount > Accept Yes

6. To view reports:
(i) To view Profit and Loss Account:
F10: A/c Reports > Profit & Loss A/c > Alt + F1 (detailed) (or)
Gateway of Tally > Report > Profit & Loss A/c > Alt + F1 (detailed)

(ii) To view Balance sheet:
F10: A/c Reports > Balance sheet > Alt + F1 (detailed) (or)
Gateway of Tally > Reports > Balance Sheet > Alt + F1 (detailed)

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

In the books of Vellore Recreation Club

Dr. Receipts and Payments Account for the year ended 31^st March, 2017 Cr.
Receipts	Rs.	Rs.	Payments	Rs.
To Balance b/d			By Furniture purchased	11,000
Cash in hand	3,000		By Sports equipment
Cash at bank	12,000	15,000	purchased	11,000
To Donation received for pavilion		8,000	By Newspapers bought	500
To Sale of old tennis balls		1,500	By Travelling expenses	4,500
To Receipts from entertainment		20,000	By Municipal taxes	22,000
To Admission fees		1,000	By Expenses of charity show	2,000
To Receipts from charity show		2,500	By Billiards table purchased	15,000
To Balance c/d		44,000	By Construction of new
(Bank overdraft)			tennis court	18,000
			By Balance c/d
			Cash in hand	8,000
		92,000		92,000

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

Generic 3

1 x 3 = 3

Average profit \(=\frac{Total\ profit}{Number\ of\ years}\)
\(=\frac{20,000+17,000+23,000}{3}\)
\(=\frac{60,000}{3}\) = Rs.20,000
Normal profit = Capital employed x Normal rate of return
80,000 \(\times\) 15% = Rs. 12,000
Super profit = Average profit - Normal profit
20,000 - 12,000 = Rs. 8,000
Goodwill = Super profit \(\times\) Number of years of purchase
= 8,000 \(\times\) 2 = Rs.16,000
Goodwill = Rs. 16,000

Generic 2

1 x 2 = 2

10.

Quick ratio = \(\frac { Quick\quad assets }{ Current\quad liabilities } \)
Quick assets = Current assets - Inventories - Prepaid expenses
= Rs.4,50,00 + Rs.70,000 - Rs.20,000
= Rs.3,60,000
Quick ratio = \(\frac { 3,60,000 }{ 2,40,000 } \) = 1:5:1