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

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Questions:

Generic 5

9 x 5 = 45

From the following figures obtained from Sun Ltd; calculate the trade payables turnover ratio and credit payment period (in days).

Particulars	Rs.
Credit purchases during 2018 - 2019	1,00,000
Trade creditors as on 1.4.2018	20,000
Trade creditors as on 31.3.2019	10,000
Bills payable as on 1.4.2018	4,000
Bills payable as on 31.3.2019	6,000

From the following particulars of Vijay Ltd, prepare common size income statement for the year ended 31^st March 2017 and 31^st March 2018

Durga and Preethi entered into a partnership agreement on 1st April 2018, Durga contributing Rs.50,000 and Preethi Rs.60,000 as capital. The agreement provided that:
(a) Profits and losses to be shared in the ratio 3:2 as between Durga and Preethi.
(b) Partners to be entitled to interest on capital @ 5% p.a.
(c) Interest on drawings to be charged Durga Rs.600 Velan Rs.900
(d) Durga to receive a salary Rs.10,000 for the year and
(e) Preethi to receive a commission of Rs.4,000 During the year, the firm made a profit of Rs.40,000 before adjustment of interest, salary and commission prepare the profit and loss appropriation account.

Das Ltd. offered 50,000 equity shares of Rs.10 each to the public payable as follows: On application Rs.4; on allotment Rs.3; on first call Rs.1 and on second and final call Rs.2.
Applications were received for 1,00,000 shares. All the applicants were allotted 1 share for every two shares applied. Excess application money was used for amount due on allotment and call. Pass necessary journal entries.

Priya, Latha, and Kalai are partners sharing profits and losses in the ratio of 3:2:1 respectively. Priya died on 31^stDecember, 2018 Final amount due to her showed a credit balance of Rs.1,20,000. Pass journal entries if
(a) The amount due is paid off immediately,·
(b) The amount due is not paid immediately,
(c) Rs.80,000 is paid and the balance in future.

Sheela and Neela were sharing profits in the ratio of 4:3. Kamala was admitted with 1/5th share in profits of business. Calculated the New profit Ratio and the sacrificing ratio.

From the following details, find out credit purchases:

Particulars	Rs.
Opening sundry creditors	75,000
Closing sundry creditors	90,000
Cash paid to sundry creditors	22,500
Discount received	15,000
Purchase returns	7,500

From the following information, calculate the value of goodwill based on 3 years purchase of Super profit
(i) Capital employed: 1,00,000
(ii) Normal rate of return: 10%
(iii)Average profit of the business: 42,000

From the following Receipts and Payments Account of Trichy, Rotary club, prepare Income and Expenditure Account for the year ended 31.03.2019

Receipts	Rs	Paymenta	Rs
To Opening Balance		By Furniture Purchased	10,000
Cash in hand	11,000	By Rent	2,800
To Sale of old newspaper	3,600	By Postage	1,700
To Member's Subscription	31,000	By General expenses	4,350
To Locker rent	8,000	By Printing and stationery	45,000
To Interest on investments	1,250	By Audit fees	5,000
To Sale of furniture	5,000	By Closing balance
		Cash in hand	3,000

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Answers Key:

Generic 5

9 x 5 = 45

Trade payables turnover ratio = \(\frac { Net\quad credit\quad purchases }{ Average\quad trade\quad payables } \)
Average trade payables = \(\frac { Opening\quad trade\quad payables+Closing\quad trade\quad payables }{ 2 } \)
= \(\frac { (20,000+4,000)+(10,000+6,000) }{ 2 } \)
= \(\frac { 40,000 }{ 2 } \) = Rs.20,000
Average payment period (in days) = \(\frac { Number\quad of\quad days\quad in\quad a\quad year }{ Trade\quad payables\quad turn\quad over\quad ratio } \)
=\(\frac { 365 }{ 5 } \) = 70 days
∴ Trade payables turnover ratio (in days) = \(\frac { 1,00,000 }{ 20,000 } \) = 5 times.

Common-size income statement of Vijay Ltd for the year ended 3st March 2017 and 31st March 2018

Particulars	Absolute amount 2016-17	Percentage of revenue from operations for 2016-17	Absolute amount 2017-18	Percentage of revenue from operations for 2017-18
Particulars	Rs.	Rs.	Rs.
Revenue from operations	4,00,000	100	6,00,000	100
Add: other income	50,000	12.50	1,50,000	25
Total revenue	4,50,000	112.50	7,50,000	125
Less: Expenses	5,00,000	125	3,00,000	50
Profit / Loss before tax	- 50,000	- 12.50	10,50,000	125
Less: Income Tax (40 %)	-	-	4,20,000	70
Profit before tax	- 50,000	- 12.50	6,30,000	55

Profit and loss appropriation accounts for the year ended 31^st March 2019

Dr Cr
Particulars	Rs.	Rs.	Particulars	Rs.
To Interest on capital AI c			By Profit and loss AI c	40,000
Durga (50,000 x 5/100)		2,500	By Interest on drawings A/c
Preethi (60,000 x 5/100)		3,000
To Salary Durga		10,000	Durga	600
To Commission to Preethi A/c		4,000	Preethi	900
To Partner's capital A/c
To Partner's capital A/c (Profit transferred)
Durga (22,000 x 3/5)	13,200
Preethi (22,000 x 2/5)	8,800	22,000
		41,500		41,500

Journal Entries in the Books of Preeti Ltd.
Particulars		Debit Rs.	Credit Rs.
Bank A/c (1,00,000 x 4)	Dr	4,00,000
To Equity shares application A/c			4,00,000
(Application money received)
Equity share application A/c (50000 x 4)	Dr	2,00,000
To Equity share capital A/c			2,00,000
(Application money transferred to share capital A/c)
Equity share application A/c (50000 x 4)	Dr	2,00,000
To Equity share allotment A/c (50000 x 3)			1,50,000
To Calls in advance A/c			50,000
(balancing figure)
(Excess amount adjusted towards allotment and call)
Share Allotment A/c (50,000 x 3)	Dr	1,50,000
To Share Capital A/c			1,50,000
(Allotment money due)
Equity share first call A/c (50,000 x 1)		50,000
To Equity share capital A/c			50,000
(First call money due)
Bank A/c	Dr	50,000
Calls in advance A/c	Dr	50,000
To Equity share first call A/c			1,00,000
(First call money received and calls in advance adjusted)
Equity share second and final
call A/c (50,000 x 2)		1,00,000
To Equity share capital A/c			1,00,000
(Second and final call money due)
Bank A/c (50,000 x 2)	Dr	1,00,000
To Equity share second and final call A/c			1,00,000
(Second and final call money received)

Journal entries
Particulars		Debit Rs	Credit Rs
a)Priya's Executors A/c	Dr	1,20,000
To BankA/c			1,20,000
(b)Priya's Executors A/c	Dr	1,20,000
To Priya Executor's loan A/c			1,20,000
(Amount due transferred to loan account
(c) Priyas Executors A/c	Dr	1,20,000
To BankA/c			80,000
To Priya's Executors loan A/c			40,000
Rs.80,000 paid and the balance transferred to loan account

(i) New partner sharing ratio:
Let the total profit be 1
New partner Kamala's share \(=\frac{1}{5}\)
Remaining share of Sheela and Neela \(=1-\frac{1}{5}=\frac{5-1}{5}=\frac{4}{5}\)
New share of Sheela = Remaining share x Sheela's old share
Sheela \(=\frac{4}{5}\times\frac{4}{7}=\frac{16}{35}\)
Neela \(=\frac{4}{5}\times\frac{3}{7}=\frac{12}{35}\)
Share of new partner:
Kamala \(=\frac{1}{5}\)
In order to equalize the denominator, multiply and divide Kamala's share by 7.
Kamala's share \(=\frac{1}{5}\times\frac{1}{7}=\frac{7}{35}\)
New profit sharing ratio of Sheela, Neela and Kamala \(=\frac{16}{35}:\frac{12}{32}=\frac{7}{35}\) that 16:12:7
ii. Sacrificing ratio:
Sacrifice = Old share - New share
Sheela's sacrifice \(=\frac { 4 }{ 7 } -\frac { 16 }{ 35 } =\frac { 15-12 }{ 35 } =\frac { 4 }{ 35 } \)
Neela's sacrifice \(=\frac { 3 }{ 7 } -\frac { 12 }{ 35 } =\frac { 15-12 }{ 35 } =\frac { 3 }{ 35 } \)
Sacrificing ratio \(=\frac { 4 }{ 35 } :\frac { 3 }{ 35 } =4:3\)

Dr Total Debtors account Cr
Particulars	Rs.	Particulars	Rs.
To Cash paid	22,500	By Balance b/d	75,000
To Discount received	15,000	By Credit purchase (B/F)	60,000
To Purchase return	7,500
To Balance c/d	90,000
	1,35,000		1,35,000

Normal profit = Capital employed x Normal rate of return
= 1,00,000 x 10% = Rs. 10,000
Super profit = Average profit - Normal profit
=42,000 - 10,000 = Rs. 32,000
Goodwill = Super profit x Number of years of purchase
=32,000 x 3
=Rs. 96,000

Dr In the books of Trichy Rotary club Income and Expenditure Account for the year ended 31^st March, 201 Cr
Expenditure	Rs	Income	Rs
To Rent	2,800	By Dividend received	27,600
To Secretary's honorarium	15,000	By Sale of old newspaper	3,000
To Postage	1,700	By Member's subscription	31,000
To General Expenses	4,350	By Locker rent	8,000
To Printing and stationery	45,000	By Interest on investment
To Audit fees	5,000	By Profit on sale of
		furniture (5000-4000)
		By Deficit (excess of
		expenditure over income)
	73,850		73,850