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

Published on: 30/09/2020

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Questions:

Generic 5

9 x 5 = 45

From the following Balance Sheet of Ambika Ltd. as on 31.03.2017 calculate
(i) Debt-equity ratio
(ii) Proprietary ratio
(iii) Capital gearing ratio

Balance sheet of Ambika Ltd. as on 31.3.2017
Particulars	Amount Rs.
I. EQUITY AND LIABILITIES
1. Shareholders' funds
(a) Share capital
Equity share capital	3,00,000
8% Preference share capital	4,00,000
(b) Reserves and surplus	3,00,000
2. Non-current liabilities
Long term borrowings (9% Debentures)	8,00,000
3. Current liabilities
Short -term borrowings from banks	50,000
Trade payables	1,50,000
Total	20,00,000
II. ASSETS
1. Non-current assets
Fixed assets	15,00,000
2. Current assets
(a) Inventories	2,40,000
(b) Trade receivables	2,00,000
(c) Cash and cash equivalents	55,000
(d) Other current assets
Expenses paid in advance	5,000
Total	20,00,000

Thai Ltd. issued 50,000 equity shares of Rs.10 each, payable Rs.5 on application, Rs.2 on allotment, first call and n on final call. All the shares are subscribed and amount was duly received. Pass Journal entries.

Prepare common-size statement of financial position of Raheem Ltd as on 31^st March 2016 and 31^st March 2018.

Particulars	31st March 2016	31st March 2017
Particulars	Rs.	Rs.
I. Equity and liabilities
l. Shareholders fund
a. Share capital	5,00,000	6,00,000
b. Reserve and surplus	4,00,000	3,60,000
2. Non-current liabilities
Long-term borrowings	8,00,000	2,40,000
3. Current liabilities
Trade payables	30,000	-
Total	20,00,000	12,00,000
II. Assets
l. Non-current assets
a. Fixed assets	10,00,000	6,00,000
b. Non-current investments	5,00,000	2,40,000
2. Current assets
Inventories	3,00,000	1,20,000
Cash and cash equipments	2,00,000	2,40,000
Total	20,00,000	12,00,000

Kala is a partner in a partnership firm. As per partnership deed, interest on drawings is charged at 12% p.a. During the year ended 31^stDecember 2018. She drew as follows.

Date	Rs.
March 1	12,000
June 1	8,000
September 1	10,000
December 1	4,000

Calculate the amount of interest on drawings by using produce method

Mukil, Mohit and Sonu are partners sharing profit in the ratio 3:2: 1. Mukil retires from the partnership.
In order to settle his claim, the following revaluation of assets and liabilities was agreed upon:
(i) The value of Machinery is increased by Rs. 25,000.
(ii) The value of Investment-is-increased by Rs 2,000.
(ill) A Provision for outstanding bill standing in the books at Rs.1,000 is now not required.
(iv) The value of Land and Building is decreased by Rs.12,000.
Give journal entries and prepare Revaluation account

Kokila and Mala were sharing profits in the ratio of 4:3. Chandra was admitted in the business as a partner with \(\frac{3}{7}\)th share in the profits of the firm which she takes \(\frac{2}{7}\) th from Kokila and \(\frac{1}{7}\) th from Mala. Find out New profit Ratio and the sacrificing ratio.

M/s Saniya sport equipment does not keep proper records. From the following information, find out profit or loss and also prepare balance sheet for the year ended 31^st December 2017.

Particulars	31.12.2016 Rs.	31.12.2017 Rs.
Cash in hand	6,000	24,000
Bank overdraft	30,000	-
Stock	50,000	80,000
Sundry creditors	26,000	40,000
Sundry debtors	60,000	1,40,000
Bills payable	6,000	12,000
Furniture	40,000	60,000
Bills receivable	8,000	28,000
Machinery	50,000	1,00,000
Investment	30,000	80,000

Drawings Rs. 10,000 per month for personal use, additional capital introduced during the year Rs. 2,00,000. A bad debts Rs. 2,000 and a provision of 5% it to be made on debtors. Outstanding salary 2,400, prepaid insurance Rs. 700, depreciation charged on furniture @ 10% per annum.

The profit and losses of a firm for the last four years were as follows:
2015: Rs.20,000; 2016; Rs. 25,000;
2017; Rs.3,000(loss) 2018; Rs.18,000
You are required to calculate the amount of goodwill on the basis of 5 years purchase of average profit of the last 4 years.

How will the following items appear in the final accounts of sports club.

Particulars	Rs
Stock of sports materials (1.4.2019)	3,000
Sports materials purchased during
current year	9,000
Sale of old sports materials during
current year	500
Stock of sports materials (31.3 .20 19)	4,000

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Answers Key:

Generic 5

9 x 5 = 45

(i) Debt equity ratio = \(\frac { Long\quad term\quad debt }{ Shareholders\quad funds } \)
Long term debt = 9% Debentures = Rs.8,00,000
Shareholder's funds =Equity share capital + Preference share capital + Reserves and surplus
= 3,00,000 + 4,00,000 + 3,00,000 = Rs.10,00,000
∴ Debt equity ratio = \(\frac { 8,00,000 }{ 10,00,000 } \)= 0.8:1
(ii) Proprietary ratio = \(\frac { Shareholder's\quad funds }{ Total\quad assets } \)
= \(\frac { 10,00,000 }{ 20,00,000 } \)= 0.5:1
(iii) Capital gearing ratio = \(\frac { Funds\quad bearing\quad fixed\quad interest\quad or\quad fixed\quad dividend }{ Equity\quad Shareholder's\quad funds } \)
Funds bearing fixed interest or fixed dividend = 8% Preference capital + 9% Debentures
= Rs.4,00,000+8,00,000
= Rs.12,00,000
Equity shareholder's funds = Equity share capital + Reserve and Surplus
= 3,00,000 + 5,00,000
= Rs.6,00,000
∴ Capital gearing ratio = \(\frac { 12,00,000 }{ 6,00,000 } \).

In the books of Thai Ltd Journal entries
Date	Particulars		L.F.	Debit Rs.	Credit Rs.
	Bank A/c	Dr.		2,50,000
	To Equity share application Ale				2,50,000
	(Application money received)
	Equity share application A/c	Dr.		2,50,000
	To Equity share capital A/c				2,50,000
	(Transfer of share application money to share capital)
	Equity share allotment A/c	Dr.		1,00,000
	To Equity share capital A/c				1,00,000
	(Share allotment money due)
	Bank A/c	Dr.		1,00,000
	To Equity share allotment A/c				1,00,000
	(Allotment money received)
	Equity share first call A/c	Dr.		1,00,000
	To Equity share capital A/c				1,00,000
	(Share first call money due)
	Bank A/c	Dr.		1,00,000
	To Equity share first call A/c				1,00,000
	(Share first call money received)
	Equity share second and final call A/c	Dr.		50,000
	To Equity share capital A/c				50,000
	(Share second and final call money due)
	Bank A/c	Dr.		50,000
	To Equity share second and final call A/c				50,000
	(Share second and final call money received)

Common-size balance sheet of Raheem Ltd as on 31st March, 2016 and 31 st March, 2017
Particulars	Absolute amount on 31st March 2016	Percentage of total assets on 31st March 2016	Absolute amount on 31st March 2017	Percentage of total assets on 31st March 2017
Particulars	Rs.		Rs.	Percentage of total assets on 31st March 2017
I. Equity and liabilities
l. Shareholders fund
a. Share capital	5,00,000	25	6,00,000	50
b. Reserve and surplus	4,00,000	20	3,60,000	30
2. Non-current liabilities
Long-term borrowings	8,00,000	40	2,40,000	20
3. Current liabilities
Trade payables	30,000	15	-	-
Total	20,00,000	100	12,00,000	100
II. Assets
l. Non-current assets
a. Fixed assets	10,00,000	50	6,00,000	50
b. Non-current investments	5,00,000	25	2,40,000	20
2. Current assets
Inventories	3,00,000	15	1,20,000	10
Cash and cash equipments	2,00,000	10	2,40,000	20
Total	20,00,000	100	12,00,000	100

Date of drawings	Amount withdrawn	Period up to December 31 (months)	Product Rs.
March 1	12,000	10	1,20,000
June 1	8,000	7	56,000
September 1	10,000	4	40,000
December 1	4,000	1	4,000
Sum of Product			2,20,000

Interest on drawings = Sum of product x Rate of interest x \(\frac{1}{12 }\)
= 2,20,000 x \(\frac{12}{100 }\) x \(\frac{1}{12}\) = Rs.2,200

Journal entries
Particulars		Depit Rs	Credit Rs
Machinery A/c	Dr	25,000
Investments A/c	Dr	2,000
Provision for outstanding bill A/c	Dr	1,000
To Revaluation A/c			28,000
(Increase in value of Assets i.e., Machinery and investment and reduction in provision)
Revaluation A/c	Dr	12,000
To Land and Building A/c			12,000
(Decrease in value of assets)
Revaluation A/c	Dr	16,000
To Mukil's capital A/c			8,000
To Mohit's capital A/c			5,333
To Sonus capital A/c			2,667
(Profit on revaluation credited to all partners capital Ale in old profit sharing ratio)

Dr Revaluation Account Cr
Particulars	Rs	Particulars	Rs
Land and Building	12,000	Machinery	25,000
Profit transferred to		Investments	2,000
Mukil's capital 8,000
Mohit's capital 5,333
Sonu's capital 2,667	16,000
	28,000		28,000

New ratio: Kokila : Mala : Chandra
Old ratio 4 : 3 : -
Old share \(\frac{4}{3}\) : \(\frac{3}{7}\) : -
Sacrifice \(\frac{2}{7}\) :    \(\frac{1}{7}\) : -
New ratio = Old ratio - sacrifice
New share  \(=\frac { 4 }{ 7 } -\frac { 2 }{ 7 } \): \(\frac { 3 }{ 7 } -\frac { 1 }{ 7 } \) :   \(\frac { 3 }{ 7 } \)
= \(\frac { 2 }{ 7 } \) :  \(\frac { 2 }{ 7 } \) : \(\frac { 3 }{ 7 } \)
∴New ratio = 2 : 2 : 3
Sacrifice ratio = 2 : 1

Statement of affairs as on 31^st December 2016
Liabilities	Rs.	Assets	Rs.
Bank overdraft	30,000	Cash in hand	6,000
Sundry creditors	26,000	Stock	50,000
Bills payable	6,000	Sundry Debtors	60,000
Capital (Balancing figure)	1,82,000	Furniture	40,000
		Bills receivable	8,000
		Machinery	50,000
		Investment	30,000
	2,44,000		2,44,000

Statement of affairs as on 31^st December 2017
Liabilities	Rs.	Assets	Rs.	Rs.
Sundry creditors	40,000	Cash in hand		24,000
Bills payable	12,000	Stock		80,000
Outstanding salary	2,400	Debtors	1,40,000
Capital (Balancing figure)	4,33,400	Less: Bad debts	2,000
			1,38,000
		Less: Provision @5%	6,900	1,31,100
		Furniture	60,000
		Less: Depreciation @10%	6,000	54,000
		Bills receivable		28,000
		Prepaid insurance		700
		Machinery	1,00,000
		Less: Depreciation @10%	10,000	90,000
		Investment		80,000
	4,87,800			4,87,800

Statement showing profit or loss for the year ending 31st December 2017
Particulars	Rs.
Capital at the end of the year	4,33,400
Add: Drawings during the year (10,000 x 12)	1,20,000
	5,53,400
Less: Additional capital introduced in the year	2,00,000
Adjusted closing capital	3,53,400
Less: Capital in the beginning of the year	1,82,000
Profit for the year 2017	1,71,400

Goodwill = Average profit x Number of years purchase
Average profit =\(\frac{Total\ profit}{Number\ of\ years}\)
\(=\frac{20,000+25,000-3,000+18,000}{4}\)
\(=\frac{60,000}{4}\)
Rs. 15000
Goodwill =Average profit x Number of years of purchase
=15,000x5=75,000
Goodwill=Rs.75,000

Dr Income and Expenditure Account for the ended 31^stMarch 2019 Cr
Expenditure	Rs	Rs	Income	Rs
To Sports materials			By Sale of old sports
Consumed:			materials	500
Opening stock	3,000
Add: Purchased in the
current year	9,000
	12,000
Less; Closing stock	4,000	8,000