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12th Standard Accountancy English Medium Sample 3 Mark Book Back Questions (New Syllabus) 2020

Published on: 01/09/2020

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Questions:

Generic 3

14 x 3 = 42

What are the adjustments required at the time of admission of a partner?

Write a brief note on calls in advance.

Maruthu Ltd. forfeited 150 equity shares of Rs.10 each for non payment of final call of Rs.4 per share. Of these 100 shares were reissued @ Rs.9 per share. Pass journal entries for forfeiture and reissue.

How is operating profit ascertained?

Explain how to view profit and loss statement in Tally.ERP 9.

From the following information relating to Sridevi enterprises, calculate the value of goodwill on the basis of 4 years purchase of the average profits of 3 years.
(a) Profits for the years ending 31st December 2016, 2017 and 2018 were Rs. 1,75,000, Rs. 1,50,000 and Rs. 2,00,000 respectively.
(b) A non-recurring income of Rs. 45,000 is included in the profits of the year 2016.
(c) The closing stock of the year 2017 was overvalued by Rs. 30,000.

Ahamad and Basheer contribute Rs. 60,000 and Rs. 40,000 respectively as capital. Their respective share of profit is 2:1 and the profit before interest on capital for the year is Rs. 5,000. Compute the amount of interest on capital in each of the following situations:
(i) if the partnership deed is silent as to the interest on capital
(ii) if interest on capital @ 4% is allowed as per the partnership deed
(iii) if the partnership deed allows interest on capital @ 6% per annum.

From the following information relating to Arul enterprises, calculate the value of goodwill on the basis of 2 years purchase of the average profits of 3 years.
(a) Profits for the years ending 31^st December 2016, 2017 and 2018 were Rs. 46,000, Rs. 44,000 and Rs. 50,000 respectively.
(b) A non-recurring income of Rs. 5,000 is included in the profits of the year 2016.
(c) The closing stock of the year 2017 was overvalued by Rs. 10,000.

Anbu is a partner in a partnership firm. As per the partnership deed, interest on drawings is charged at 12% p.a. During the year ended 31st December 2018 he drew as follows:
Date Rs March 1 6,000 June 1 4,000 September 1 5,000 December 1 2,000 Calculate the amount of interest on drawings by using product method.

10.

From the following balance sheets of Brindha and Praveena who share profits and losses in the ratio of 3:4, calculate interest on capital at 6% p.a. for the year ending 31^st December 2017.

Balance sheet as on 31st December 2017
Liabilities	Rs.	Assets	Rs.
Capital accoun		Sundry assets	80,000
Brindha	30,000
Praveena	40,000
Profit and loss appropriation A/c	10,000
	80,000		80,000

On 1^st July 2017, Brindha introduced an additional capital of Rs. 6,000 and on 1st October 2017, Praveena introduced Rs. 10,000. Drawings of Brindha and Praveena during the year were Rs. 5,000 and Rs. 7,000 respectively. Profit earned during the year was Rs. 31,000.

11.

How will the following appear in the final accounts of Karaikudi sports club for the year ending 31^st March, 2019?
Particulars Rs. Tournament fund on 1^stApril 2018 90,000 Tournament fund investment on 1^st April 2018 90,000 Interest received on tournament fund investment 9,000 Donation to tournament fund 10,000 Tournament expenses 60,000

12.

From the following particulars, calculate total sales

Particulars	Rs.	Particulars	Rs.
Debtors on 1st April 2018	2,50,000	Bills receivable dishonoured	15,000
Bills receivable on 1st April 2018	60,000	Returns inward	50,000
Cash received from debtors	7,25,000	Bills receivable on 31st March, 2019	90,000
Cash received for bills receivable	1,60,000	Sundry debtors on 31st March, 2019	2,40,000
Bad debts	30,000	Cash sales	3,15,000

13.

Following are the balances in the books of Thomas as on 31^st March 2019.

Particulars	Rs.	Particulars	Rs.
Sundry creditors	6,00,000	Bills payable	1,20,000
Furniture	80,000	Cash in hand	20,000
Land and building	3,00,000	Bills receivable	60,000
Sundry Debtors	3,20,000	Stock	2,20,000

Prepare a statement of affairs as on 31^st March 2019 and calculate capital as at that date.

14.

From the following particulars calculate total purchases

Particulars	Rs
Sundry creditors on 1^st April, 2017	75,000
Bills payable on 1^st April, 2017	60,000
Paid cash to creditors	3,70,000
Paid for bills payable	1,00,000
Purchases returns	15,000
Cash purchases	3,20,000
Creditors on 31^st March, 2018	50,000
Bills payable on 31^st March, 2018	80,000

Generic 5

6 x 5 = 30

15.

Hari, Madhavan and Kesavan are partners, sharing profits and losses in the ratio of 5:3:2. As from 1st April 2017, Vanmathi is admitted into the partnership and the new profit sharing ratio is decided as 4:3:2:1. The following adjustments are to be made.
(a) Increase the value of premises by Rs. 60,000.
(b) Depreciate stock by Rs. 5,000, furniture by Rs. 2,000 and machinery by Rs. 2,500.
(c) Provide for an outstanding liability of Rs. 500.
Pass journal entries and prepare revaluation account.

16.

Vinoth, Karthi and Pranav are partners sharing profits and losses in the ratio of 2:2:1. Pranav retires from partnership on 1^st April 2018. The following adjustments are to be made.
(i) Increase the value of land and building by Rs. 18,000
(ii) Reduce the value of machinery by Rs. 15,000
(iii) A provision would also be made for outstanding expenses for Rs. 8,000.
Give journal entries and prepare revaluation account.

17.

Ramya, Sara and Thara are partners sharing profits and losses in the ratio of 5:3:2. On 1^st April 2018, Thara retires and on retirement, the following adjustments are agreed upon:
(i) Increase the value of premises by Rs. 40,000.
(ii) Depreciate stock by Rs. 3,000 and machinery by Rs. 6,500.
(iii) Provide an outstanding liability of Rs. 500
Pass journal entries and prepare revaluation account.

18.

From the following particulars of Siva Ltd, prepare common size income statement for the years ended 31st March, 2016 and 31st March, 2017.

Particulars	2015-16	2016-17
	Rs.	Rs.
Revenue from operations	2,00,000	3,00,000
Other income	25,000	75,000
Expenses	2,50,000	1,50,000
Income tax %	40	40

19.

Write a brief note on the applications of the provisions of the Indian Partnership Act, 1932 in the absence of partnership deed.

20.

Compute capital fund of Karur Social Club as on 31.03.2018

Particulars as on 31.03.2018	Rs.
Furniture	50,000
Buildings	40,000
Subscription outstanding for 2017-18	10,000
Subscription received in advance for 2018-19	5,000
Loan borrowed	10,000
Investments	20,000
Cash in hand	4,000
Cash at bank	6,000

Generic 2

2 x 2 = 4

21.

From the following information of Ashika Ltd., calculate fixed assets turnover ratio:
(i) Revenue from operations during the year were Rs.60,00,000.
(ii) Fixed assets at the end of the year was Rs.6,00,000.

22.

Rathna Kumar and Arockia Das are partners in a firm sharing profits and losses in the ratio of 3:2. Their balance sheet as on 31st March, 2017 is as follows:

Liabilities	Rs.	Rs.	Assets	Rs.
Capital accounts:			Buildings	30,000
Rathna Kumar	30,000		Plant	60,000
Arockia Das	50,000	80,000	Furniture	20,000
Profit and loss appropriation A/c		20,000	Debtors	10,000
General reserve		5,000	Stock	15,000
Workmen compensation fund		15,000	Cash at bank	15,000
Sundry creditors		30,000
		1,50,000		1,50,000

David was admitted into the partnership on 1.4.2017. Pass journal entry to distribute the accumulated profits and reserve on admission.

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Answers Key:

Generic 3

14 x 3 = 42

The following adjustment are necessary at the time of admission of a partner
(i) Distribution of accumulated profits, reserves and losses.
(ii) Revaluation of assets and liabilities
(iii) Determination of new profit sharing ratio and sacrificing ratio
(iv) Adjustment for goodwill
(v) Adjustment of capital on the basis of new profit sharing ratio (if so agreed).

(i) The excess amount paid over the called up value of a share is known as calls in advance.
(ii) It is the excess money paid on application or allotment or calls. Such excess amount can be returned or adjusted towards future payment.
(iii) If the company decides to adjust such amount towards future payment, the excess amount may also be transferred to a separate account called call in advance.
(iv) Calls in advance does not form part of the company's share capital and no dividend is payable on such amount.
(v) In the balance sheet, it should be shown under current liabilities.

In the books of Maruthu Ltd. Journal entries
Particulars		Debit Rs.	Credit Rs.
Equity share capital A/c (150 × 10)	Dr.	1,500
To Equity share final call A/c (150 × 4)			600
To Forfeited shares A/c (150 × 6)			900
(50 shares forfeited)
Bank A/c (100 × 9)	Dr.	900
Forfeited shares A/c (100 × 1)		100
To Equity share capital A/c (100 × 10)			1,000
(100 forfeited shares reissued @ Rs.9 per share)
Forfeited shares A/c	Dr.	500
To Capital reserve A/c			500
(Gain on reissue of forfeited shares transferred to capital reserve account)

Working note:
Forfeited amount for 150 shares = Rs.900
Forfeited amount for 100 shares = \(\frac{900}{150}\) x 100 = Rs.600
Gain or loss = Amount forfeited – loss on reissue
= 600 - 100
Net gain = Rs.500

(i) Operating profit ratio gives the proportion of operating profit to revenue from operations.
(ii) Operating profit ratio is an indicator of operational efficiency of an organisation.
(iii) It may be computed as follows: Operating profit ratio
= \(\frac { Operating\ profit }{ Revenue\ from\ operations } \times 100\)
Alternatively, it is calculated as under.
Operating profit ratio = 100% - Operating cost ratio
Operating profit = Revenue from operations - Operating cost
(iv) A higher ratio indicates better profitability. Greater the operting ratio, higher is the margin available for paying non-operating expenses.

To View Profit and Loss Account
F10: A/c Reports > Profit & Loss A/c > Alt F1 (detailed)
(or)
Gateway of Tally > Reports> Profit & Loss A/c > Alt F1 (detailed)

Calculation of adjusted profit
Particulars	2016 Rs.	2017 Rs.	2018 Rs.
Profit	1,75,000	1,50,000	2,00,000
Less: Non - recurring-income	45,000	-	-
	1,30,000	1,50,000	2,00,000
Less: Over valuation of closing stock	-	30,000	-
	1,30,000	1,20,000	2,00,000
Add: Over valuation of Opening stock	-	-	30,000
Profit after adjustments	1,30,000	1,20,000	2,30,000

Average profit \(=\frac{Total\ profit}{Number\ of\ years}\)
\(=\frac{1,30,000+1,20,000+2,30,000}{3}\)
\(=\frac{4,80,000}{3}\) = Rs. 1,60,000
Goodwill = Average profit \(\times\) Number of years of purchase
= 1,60,000 \(\times\) 4
= Rs. 6,40,000

(i) No Interest on capital will not allowed as the partnership deed.
(ii) Profit before interest on capital is Rs. 5,000.
Computation of interest on capital:
Ahamed: 60,000 \(\times\) \(\frac{4}{100}\) = Rs. 2,400
Basheer : 40,000 \(\times\) \(\frac{4}{100}\) = Rs. 1,600
Since there is sufficient profit, interest on capital will be provided
(iii) Profit before interest on capital is Rs. 5,000
Computation of interest on capital :
Ahamed: 60,000 \(\times\) \(\frac{6}{100}\) = Rs. 3,600
Basheer: 40,000 \(\times\) \(\frac{6}{100}\) = Rs. 2,400
Since the profit is insufficient, interest on capital will not be provided. Profit of 5,000 will be distributed to the partners on their capital ratio of 3 : 2

**Calculation of adjusted profit**
Particulars	2016 Rs.	2017 Rs.	2018 Rs.
Profit	46,000	44,000	50,000
Less: Non- recurring income	5,000	-	-
	41,000	44,000	50,000
Less: Over valuation of closing stock	-	10,000	-
	41,000	34,000	50,000
Add: Over valuation of opening stock	-	-	10,000
Profit after adjustments	41,000	34,000	60,000

Tutorial note: Over valuation of closing stock in 2017 will result in over valuation of opening stock in 2018.
Average profit = \(\frac { Total\ profit }{ Number\ of\ year } \)
= \(\frac { 41,000+34,000+60,000 }{ 3 } \)
= \(\frac { 1,35,000 }{ 3 } \) = Rs. 42,000
Goodwill = Average profit \(\times\) Number of years of purchase
= 45,000 × 2
= Rs. 90,000

Calculation of interest on drawings under product method.
Date of drawings Amount withdrawn
Rs. Period up to December 31
(months) Product
Rs. March 1 6,000 10 60,000 June 1 4,000 7 28,000 September 1 5,000 4 20,000 December 1 2,000 1 2,000 1,10,000 Interest on drawings = Sum of product \(\times\) Rate of interest \(\times\) \(\frac{1}{12}\)
= 1,10,000 \(\times\) \(\frac{12}{100}\) \(\times\) \(\frac{1}{12}\) = Rs.1,100

10.

Particulars	Brindha		Praveena
Particulars	Rs.	Rs.	Rs.	Rs.
Capital on 31st December 20		30,000		40,000
Add: Drawings		5,000		7,000
		35,000		47,000
Less:
Additional capital	6,000		10,000
Profit already credited*	9,000	15,000	12,000	22,000
Capital on 1^st January		20,000		25,000

Profit credited = Profit earned Rs. 31,000 – Balance profit as per balance sheet Rs. 10,000 = Rs. 21,000. This amount is distributed in their profit sharing ratio of 3:4.

Calculation of interest on capital:
Brindha:

On opening capital for 1 year	20,000 \(\times\) \(\frac{6}{100}\)	Rs. 1,200
On additional capital for 6 months	6,000 \(\times\) \(\frac{6}{100}\) \(\times\) \(\frac{6}{12}\)	Rs. 180
Total Interest on capital		Rs. 1,380

Praveena:

On opening capital for 1 year	25,000 \(\times\) \(\frac{6}{100}\)	Rs. 1,500
On additional capital for 3 months	10,000 \(\times\) \(\frac{6}{100}\) \(\times\) \(\frac{3}{12}\)	Rs. 150
Total interest on capital		Rs. 1.650

11.

Balance sheet of Karaikudi sports club as on 31 stMarch, 2019 Liabilities Rs Rs Assets Rs Tournament fund 90,000 Tournament fund investment 90,000 Add: Interest received on tournament fund investment 9,000 Add: Donation to to 10,000 1,09,000 Less: Tournament expenses 60,000 49,000

12.

Dr Bills receivable account Cr
Particulars	Rs.	Particulars	Rs
To Balance b/d	60,000	By Cash A/c	1,60,000
To Debtors A/c	2,05,000	By Debtors	15,000
(Bills received during the year - balancing figure)		(Bills receivable dishonored)
		By Balance c/d	90,000
	2,65,000		2,65,000

Dr Total Debtors account Cr
Particulars	Rs.	Particulars	Rs
To Balance b/d	2,50,000	By Cash	7,25,000
To Bills receivable	15,000	By Returns inward	50,000
(dishonored)		By Bills receivable	2,05,000
To Credit sales	9,85,000	(bills received)
		By Bad debts	30,000
		By Balance c/d	2,40,000
	10,10,000		10,10,000

Total sales = Cash sales + Credit sales
=Rs.3,15,000 + Rs.9,85,000
=Rs.13,00,000

13.

In the books of Thomas Statement of affairs as on
31^st March 2019
Liabilities	Rs.	Assets	Rs.
Sundry creditors	6,00,000	Furniture	80,000
Bills payable	1,20,000	Land and building	3,00,000
capital (Balancing figure)	2,80,000	Sundry debtors	3,20,000
		Cash in hand	20,000
		Bills receivable	60,000
		Stock	2,20,000
	10,00,000		10,00,000

14.

**Dr. Bills payable account Cr.**
Particulars	Rs	Particulars	Rs
To Cash A/c (bills paid)	1,00,000	By Balance b/d	60,000
To Balance c/d	80,000	By Sundry creditors A/c
		(Bills accepted - balancing figure)	1,20,000
	1,80,000		1,80,000

**Dr. Total creditors account Cr.**
Particulars	Rs.	Particulars	Rs.
To Cash A/c (paid)	3,70,000	By Balance b/d	75,000
To Purchases return A/c	15,000	By Purchases A/c (credit)	4,80,000
To Bills payable A/c	1,20,000	(balancing figure)
(bills accepted)
To Balance c/d	50,000
	5,55,000		5,55,000

Total purchases = Cash purchases + Credit purchases
= Rs. 3,20,000 + Rs. 4,80,000 = Rs. 8,00,000

Generic 5

6 x 5 = 30

15.

Journal Entry
Date	Particulars	Debit Rs.	Credit Rs.
April 2017, 1	Premises A/c Dr	60,000
	To Revaluation A/c		60,000
	(Appreciation in value of premises recorded)
April 2017,1	Revaluation A/c Dr	10,000
	To Stock A/c		5,000
	To Furniture A/c		2,000
	To Machinery A/c		2,500
	(Decrease in assets recorded and outstanding liability made)		500
April 2017,1	Revaluation A/c Dr	50,000
	To Haris capital A/c		25,000
	To Madhavans capital A/c		15,000
	To Kesavan's Capital A/c		10,000
	(profit on revaluation transferred)

Dr Revaluation A/c Cr
Particulars	Rs.	Rs.	Particulars	Rs.
To Stock A/c		5,000	By Premises A/c	60,000
To Furniture A/c		2,000
To Machinery A/c		2,500
To Outstanding liability A/c		500
To Profit on revaluation transferred to
Hari's capital Ale (5/10)	25,000
Madhavan's capital Ale (3/10)	15,000
Kesavan's capital Ale (2/10)	10,000	50,000
		60,000		60,000

16.

Journal entries
Date	Particulars		Debit Rs	Credit Rs
2018 April 1	Land and building A/c	Dr	18,000
	To Revaluation A/c			18,000
	(Increase in the value of building accounted)
2018 April 1	Revaluation A/c	Dr.	23,000
	To Machinery A/c			15,000
	To Outstanding expenses A/c			8,000
	(Reduction in the value of machinery
	and outstanding expenses accounted)
2018 April 1	Vinoth's capital A/c	Dr	2,000
	Karthi's capital A/c	Dr.	2,000
	Pranar's capital A/c	Dr	1,000
	To Revaluation A/c			5,000
	(Loss on revaluation transferred to
	capital accounts)

**Dr Revaluation A/c Cr**
Particulars	Rs	Particulars	Rs	Rs
To Machinery A/c	15,000	By Land and building A/c		18,000
To Outstanding expenses A/c	8,000	By Loss on revaluation transferred to
		Vinoth's capital A/c (5,000 x 2/5)	2,000
		Karthi's capital A/c (5,000 x 2/5)	2,000
		Prana's capital A/c (5,000 x 1/5)	1,000
				5,000
	23,000			23,000

17.

Date	Particulars		Debit Rs.	Credit Rs.
2018 April 1	Premises A/c	Dr.	40,000
	To Revaluation A/c			40,000
	(Value of premises increased)
"	Revaluation A/c	Dr.	10,000
	To Stock A/c			3,000
	To Machinery A/c			6,500
	To Outstanding liability A/c			500
	(Decrease in value of assets and outstanding liability recorded)
"	Revaluation A/c	Dr.	30,000
	To Ramya's capital A/c			15,000
	To Sara's capital A/c			9,000
	To Thara's capital A/c			6,000
	(Profit on revaluation distributed)

Dr. Revaluation account Cr.
Particulars	Rs.	Rs.	Particulars	Rs.
To Stock A/c		3,000	By Premises A/c	40,000
To Machinery A/c		6,500
To Outstanding liability A/c		500
To Profit on revaluation transferred to
Ramya's capital A/c (5/10)	15,000
Sara's capital A/c (3/10)	9,000
Thara's capital A/c (2/10)	6,000	30,000
		40,000		40,000

18.

Common–size income statement of Siva Ltd for the year ended 31st March, 2016 and 31st March, 2017
Particulars	Absolute amount 2015-16	Percentage of revenue from operations for 2015-16	Absolute amount 2016-17	Percentage of revenue from operations for 2016-17
	Rs.	Rs.	Rs.
Revenue from operations	2,00,000	100.00	3,00,000	100
Add: Other income	25,000	12.50	75,000	25
Total revenue	2,25,000	112.50	3,75,000	125
Less: Expenses	2,50,000	125.00	1,50,000	50
Profit / loss before tax	-25,000	-12.50	2,25,000	75
Less: Income tax (40%)	-	-	2,25,000	30
Profit after tax	-25,000	-12.50	1,35,000	45

19.

If there is no partnership deed- or when there is no express statement in the partnership deed, then the following provisions of the act will apply
(i) Remuneration to partners:
No salary or remuneration is allowed to any partner (Section 13(a))
(ii) Profit sharing ratio:
Profits and losses are to be shared by the partners equally [section 13(b)]
(iii) Interest on capital:
No interest is allowed on the capital, where a partner is entitled to interest on capital contributed as per partnership deed, such interest on capital will be payable only out of profits. [section 13(c)]
(iv) Interest on loans advanced by partners to the firm:
Interest on loan is to be allowed at the rate of 6 per cent annum. [section 13(d)]
(v) Interest on drawings:
No interest is charged on the drawings of the partners.

20.

Balance sheet as on 31^st March, 2018
Liabilities	Rs.	Assets	Rs.
Capital fund	1,15,000	Buildings	40,000
(Balancing figure)		Furniture	50,000
Loan borrowed	10,000	Investments	20,000
Subscription received in advance	5,000	Subscription outstanding	10,000
		Cash at bank	6,000
		Cash in hand	4,000
	1,30,000		1,30,000

Generic 2

2 x 2 = 4

21.

Fixed assets turnover ratio = \(\frac{Revenue\ from\ operation}{Average\ i\ xed\ assets}\) = \(\frac{60,00,000}{6,00,000}\) = 10 times

22.

**Journal entry**
Date	Particulars		Debit Rs.	Credir Rs.
2017	Profit and loss appropriation A/c	Dr.	20,000
April 1	General reserve A/c	Dr.	5,000
	Workmen compensation fund A/c	Dr.	15,000
	To Rathna Kumar’s capital A/c (40,000 \(\times\) 3/5)			24,000
	To Arockia Das’s capital A/c (40,000 \(\times\) 2/5)			16,000
	(Accumulated profit and reserve transferred to old partners’ capital account in the old profit sharing ratio)