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

Published on: 30/09/2020

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Std: 12th Standard - Accountancy

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Questions:

Generic 5

8 x 5 = 40

Calculate (i) Inventory turnover ratio (ii) Trade receivables turnover ratio (iii) Trade payables turnover ratio and (iv) Fixed assets turnover ratio from the following information obtained from Dolphin Ltd.

Particulars	As on 31^st March 2017 Rs.	As on 31^st March 2018 Rs.
Inventory	70,000	50,000
Trade receivables	40,000	30,000
Trade payables	20,000	25,000
Fixed assets	2,75,000	2,50,000

Additional information:
(i) Revenue from operations for the year Rs.5,25,000
(ii) Purchases for the year Rs.2,25,000
(iii) Cost of revenue from operations Rs.3,00,000
Assume that sales and purchases are for credit

Global Company issued shares Rs.10 each at 10% premium, payable Rs.2 on application, Rs.3 on allotment (including premium), Rs.3 on first call and Rs.3 on second and final call.
Journalise the transactions relating to forfeiture of shares for the following situations:
i. Muthu who holds 50 shares failed to pay the second and final call and his shares were forfeited.
ii. Muthu who holds 50 shares failed to pay the allotment money, first call and second and final call money and his shares were forfeited.
iii. Muthu who holds 50 shares failed to pay the allotment money and first call and his shares were forfeited after the first call.

Shankar, Saleem and Pandian are partners, sharing profits in the ratio of 3:2:1. Their balance sheet as an 31^stDecember 2018 is as under

Lakshmi and Saraswathi are partners of a firm sharing profits and losses in proportion to capital. Trial Balance sheet as on 31^st March 2019 is as under

Liabilities	Rs.	Rs.	Assets	Rs.
Sundry creditors		60,000	Bank	12,000
Bills payable		40,000	Sundry debtors A/c	40,000
Capital Accounts:			Stock	40,000
Lakshmi	60,000		Plant	90,000
Saraswathi	40,000	1,000,000	Furniture	18,000
		2,00,000		2,00,000

They decided to admit Sulochana into the partnership with effect from 1st April, 2005 on the following terms.
(a) Sulochana shall bring in a capital Rs. 50,000 for \(\frac{1}{5}\)^th share of profits.
(b) Goodwill is to be valued at Rs. 40,000.
(c) Plant and furniture was to be depreciated by 5%
(d) Provision for doubtful debts be created at 1\(\frac{1}{2}\%\) on sundry debtors.
Show revaluation account, capital accounts, bank account and Balance sheet of the reconstituted partnership.

From the following balance sheets of Subha and Sudha who share profits and losses equally. 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 accounts:		Fixed assets	60,000
Subha	30,000	Current assets	20,000
Sudha	40,000
P&L App A/C	10,000

	80,000		80,000

Drawing of Shubha and Sudha during the year were Rs.5,000 and Rs.7,000 respectively profit earned during the year was Rs.30,000.

What shall be the profits of the concern if:

Particulars	Rs.
Opening capital	1,60,000
Closing capital	1,80,000
Drawings	36,000
Additional capital	10,000

Calculate the value of goodwill at 5 years purchase of super profit from the following information
(a) Capital employed: Rs. 60,000
(b) Normal rate of profit: 20%
(c) Net profit for 5 years
2014:Rs.1,00,000, 2015: Rs.50,000 2016: Rs.70,000; 2017: Rs.54,000 and 2018: Rs. 10,000
(d) Fair remuneration to the partners 3,600 per annum

From the following extract of Receipt and Payment Account and the additional information given below, compute the amount of income from subscriptions and show as how they would appear in the Income and Expenditure Account for the year ending March 31^st, 2015 and Balance sheet.

Dr Receipt and Payment Account for the year ending March 31, 2015 Cr
Receipts	Rs	Payments	Rs
Subscription:
2013-14 7,000
2014-15 30,000
2015-16 5,000	42,000

Additional Information:
(i) Subscriptions outstanding March 31, 2014 Rs. 8,500
(ii) Total subscriptions outstanding March 31, 2015 Rs. 18,500
(iii) Subscriptions received in advance as Rs. 4,000 on March 31, 2014.

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Answers Key:

Generic 5

8 x 5 = 40

(i) Inventory turnover ratio = \(\frac { Cost\quad of\quad revenue\quad from\quad operations }{ Average\quad inventory } \)
Average inventory = \(\frac { Opening\quad inventory+Closing\quad inventory }{ 2 } \)
=\(\frac { 70,000+50,000 }{ 2 } \) = 60,000
∴ Inventory turnover ratio =\(\frac { 3,00,000 }{ 60,000 } \) = 5 times.
(ii) Trade receivables turnover ratio = \(\frac { Credit\quad revenue\quad from\quad operations }{ Average\quad trade\quad receivables } \)
Average trade receivables = \(\frac { Opening\quad trade\quad receivables+Closing\quad trade\quad receivables }{ 2 } \)
= \(\frac { 40,000+30,000 }{ 2 } \) = 35,000
∴ Trade receivables turnover ratio = \(\frac { 5,25,000 }{ 35,000 } \) = 15 times
(iii) Trade payables turnover ratio = \(\frac { Net\quad credit\quad purchases }{ Average\quad trade\quad payables } \)
Average trade payables = \(\frac { Opening\quad trade\quad payables+Closing\quad trade\quad payables }{ 2 } \)
= \(\frac { 20,000+25,000 }{ 2 } =\frac { 45,000 }{ 2 } \)
= Rs.22,500
∴ Trade payables turnover ratio =\(\frac { 2,25,000 }{ 22,500 } \) = 10 times.
(iv) Fixed assets turnover ratio = \(\frac { Revenue\quad from\quad operations }{ Average\quad fixed\quad assets } \)
Average fixed assets = \(\frac { Opening\quad fixed\quad assets+Closing\quad fixed\quad assets }{ 2 } \)
= \(\frac { 2,75,000+2,50,000 }{ 2 } =\frac { 4,75,000 }{ 2 } \)
= Rs.2,62,500
∴ Fixed assets turnover ratio = \(\frac { 5,25,000 }{ 2,62,500 } \) = 2 times

(i) When final call money is not paid

In the books of Global company Journal entries
Particulars		Debit Rs.	Credit Rs.
Equity share capital A/c (50 x 10)	Dr.	500
To Equity share second and final call A/c (50 x 3)			150
To Forfeited shares A/c (50 x 7)			350
(50 shares forfeited)

Note: Since the premium amount is received by the company, premium should not be cancelled.
(ii) When allotment, first call money and second and final call money is not paid

In the books of Y company Journal entries
Particulars		Debit Rs.	Credit Rs.
Share capital A/c (50 x 10)	Dr.	500
Share premium A/c (50 x 1)	Dr.	50
To Share allotment A/c (50 x 3)			150
To Share first call A/c (50 x 3)			150
To Share second and final call A/c (50 x 3)			150
To Shares forfeited A/c (50 x 2)			100
(50 shares forfeited)

(iii) When allotment and first call money is not paid

In the books of Y company Journal entries
Particulars		Debit Rs.	Credit Rs.
Share capital A/c (50 x 7)	Dr.	350
Share premium A/c (50 x 1 )	Dr.	50
To Share allotment A/c (50 x 3)			150
To Share first call A/c (50 x 3)			150
To Shares forfeited A/c (50 x 2)			100
(50 shares forfeited)

Balance sheet as on 31'1 December 2018
Liabilities	Rs	Rs	Assets	Rs
Capital accounts:			Land	80,000
Sankar	50,000		Stock	20,500
Saleem	40,000		Debtors	30,000
Pandiyan	10,000	1,00,000	Cash at bank	14,000
General reserve		36,000	Profit and loss Ale (loss)	6,000
Sundry creditors		14,000
	1,50,000			1,50,000

Dr Revaluation Account Cr
Particulars	Rs.	Particulars	Rs.	Rs.
To Plant A/c	4,500	By Loss on revaluation:
To Furniture A/c	900	Lakshmi's capital A/c	3,600
To Provision for doubtful debts	600	Saraswathi's capital A/c	2,400	6,000
	6,000			6,000

Dr Capital Account Cr
Particulars	Lakshmi Rs.	Saraswathi Rs.	Sulochana Rs.	Particulars	Lakshmi Rs.	Saraswathi Rs.	Sulochana Rs
To Revaluation A/c	3,600	2,400		By Balance b/d	60,000	40,000
To Balance c/d	34,000	26,000		By Bank A/c	-	-	50,000
	84,000	56,000	50,000		84,000	56,000	50,000
				By Balance b/d	80,400	53,000	50,000

Dr Bank A/c cr
Particulars	Rs.	Particulars	Rs.
To Balance b/s	12,000	By Balance c/d	62,000
To Sulochana's capital A/c	50,000
	62,000		62,000

Balance sheet of Lakshmi, Saraswathi and Sulochana as on 31.3.2005
Liabilities	Rs.	Rs.	Assets	Rs.	Rs.
Sundry creditors		60,000	Bank		62,000
Bills payable		40,000	Sundry Debtors	40,000
			Less: Provision for doubtful debts	600	39,400
Capital Accounts:			Stock		40,000
Lakshmi	80,400		Plant	90,000
Saraswathi	53,600		Less: Depreciation	4,500	85,500
Sulochana	50,000	1,84,000	Furniture	18,000
			Less: Depreciation	900	17,100
			Goodwill		40,000
		2,84,000			2,84,000

Particulars	Sudha Rs.	Sudha Rs.
Capital on 31^st December 2017	30,000	40,000
Add: Drawings	5,000	7,000
	35,000	47,000
Less: Profit already credited	15,000	15,000
Capital on 1^st January 2017	20,000	32,000

Calculation of interest on capital:
Subha: On opening capital = Rs.20,000 x \(\frac{6}{100}\) = Rs.1,200
Sudha: On opening capital = Rs.32,000 x \(\frac{6}{100}\) = Rs.1920

Statement of profit or loss
Particulars	Rs.
Closing capital	1,80,000
Add: Drawings	36,000
	2,16,000
Less: Additional capital	10,000
Adjusted closing capital	2,06,000
Less: Opening capital	1,06,000
Profit for the year	46,000

Average profit \(=\frac{Total\ Profit}{Number\ of \ years}\)
Average profit \(=\frac{1,00,000+50,000+70,000+54,000+10,000}{5}\)
Average profit \(=\frac{2,84,000}{5}=Rs. 56,000\)

	Rs
Average profit before fair remuneration to the partners	56,800
Less: Fair remuneration to the partners	3,600
Average profit	53,200

Normal profit = Capital employed x Normal rate of returns
=60,000x20%
=Rs.12,000
Super profit = Average profit - Normal profit
= 53,200 - 12,000
=Rs. 41,200
Goodwill = Super profit x Number of years of purchase
=41,200x5
Rs. 2,06,000