12th Standard Syllabus & Materials
12th Standard
TN 12th Computer Applications மின்னணு தரவு பரிமாற்றம் Sample Question Papers Study Material - QB365 Set A
NEW12th Standard
TN 12th Computer Applications மின் - வணிக பாதுகாப்பு அமைப்புகள் Sample Question Papers Study Material - QB365 Set A
NEW12th Standard
TN 12th Computer Applications மின்னணு செலுத்தல் முறைகள் Sample Question Papers Study Material - QB365 Set A
NEW12th Standard
TN 12th Computer Applications மின் - வணிகம் Sample Question Papers Study Material - QB365 Set A
NEW12th Standard
TN 12th Computer Applications திறந்த மூல கருத்துருக்கள் Sample Question Papers Study Material - QB365 Set A
NEW12th Standard
TN 12th Computer Applications வலையமைப்பு வடமிடல் Sample Question Papers Study Material - QB365 Set A
Published on: 13/05/2022
QB365 provides detailed and simple solution for every Book back Questions in class 12 Accountancy Subject. It will helps to get more idea about question pattern in every book back questions with solution.
latest Book back QuestionsDownload Tamil Nadu 12th Standard Accountancy question papers, model tests, one-mark questions, important questions, and public exam papers in PDF format. Free study materials and answer keys for TN State Board students.
Questions + Answers key
Take MCQ Accountancy Test
1.
2.
Arul 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 | 3,000 |
| June 1 | 3,000 |
| September 1 | 3,000 |
| December 1 | 3,000 |
Calculate the amount of interest on drawings.
3.
A and B contribute Rs. 4,00,000 and Rs. 2,00,000 respectively as capital. Their respective share of profit is 3:2 and the profit before interest on capital for the year is Rs. 27,000. 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 @ 3% is allowed as per the partnership deed
(iii) if the partnership deed allows interest on capital @ 5% p.a.
4.
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 31st December 2017.
| Liabilities | Rs. | Assets | Rs. |
|---|---|---|---|
| Capital accounts: | Fixed assets | 30,000 | |
| Subha | 15,000 | Current assets | 20,000 |
| Sudha | 20,000 | ||
| 15,000 | |||
| 50,000 | 50,000 |
Drawings of Subha and Sudha during the year were Rs. 2,500 and Rs. 3,500 respectively. Profit earned during the year was Rs. 15,000.
5.
Arulappan and Nallasamy are partners in a firm sharing profits and losses in the ratio of 4:1. On 1st January 2018, their capitals were Rs. 20,000 and Rs. 10,000 respectively. The partnership deed specifies the following:
(a) Interest on capital is to be allowed at 5% per annum.
(b) Interest on drawings charged to Arulappan and Nallasamy are Rs. 200 and Rs. 300 respectively.
(c) The net profit of the firm before considering interest on capital and interest on drawings amounted to Rs. 18,000.
Give necessary journal entries and prepare Profit and loss appropriation account for the year ending 31st December 2018. Assume that the capitals are fluctuating.
1.
2.
Interest on drawings = Amount of drawings × Rate of interest × Period of interest
| Withdrawal on March 1 | Rs. 3,000 \(\times\) \( \frac { 12 }{ 100 } \times \frac { 10 }{ 12 }\) | Rs. 300 |
| Withdrawal on June 1 | Rs. 3,000 \(\times\) \( \frac { 12 }{ 100 } \times \frac { 7 }{ 12 }\) | Rs. 210 |
| Withdrawal on September 1 | Rs. 3,000 \(\times\) \( \frac { 12 }{ 100 } \times \frac { 4 }{ 12 }\) | Rs. 200 |
| Withdrawal on December 1 | Rs. 3,000 \(\times\) \( \frac { 12 }{ 100 } \times \frac { 1 }{ 12 }\) | Rs. 30 |
| Total interest on drawings | Rs. 660 |
3.
(i) Interest on capital will not be allowed as the partnership deed is silent as to the interest on capital.
(ii) Profit before interest on capital is Rs. 27,000.
Computation of interest on capital:
A: 4,00,000 \(\times\) \(\frac{3}{100}\) = Rs. 12,000
B: 2,00,000 \(\times\) \(\frac{3}{100}\) = Rs. 6,000
Since there is sufficient profit, interest on capital will be provided.
(iii) Profit before interest on capital is Rs. 27,000.
Computation of interest on capital:
A: 4,00,000 \(\times\) \(\frac{5}{100}\) = Rs. 20,000
B: 2,00,000 \(\times\) \(\frac{5}{100}\) = Rs. 10,000
Since the profit is insufficient, interest on capital will not be provided. Profit of Rs. 27,000 will be distributed to the partners in their capital ratio of 2:1.
4.
| Particulars | Subha Rs. |
Sudha Rs. |
|---|---|---|
| Capital on 31st December 2017 | 15,000 | 20,000 |
| Add: Drawings | 2,500 | 3,500 |
| 17,500 | 23,500 | |
| Less: Profit already credited | 7,500 | 7,500 |
| Capital on 1st January 2017 | 10,000 | 16,000 |
Calculation of interest on capital:
Subha:
On opening capital = 10,00 \(\times\) \(\frac{6}{100}\) = Rs. 600
Sudha:
On opening capital = 16,000 \(\times\) \(\frac{6}{100}\) = Rs. 960
5.
| Date | Particulars | L.E. | Dr. Rs. |
Cr. Rs |
|
|---|---|---|---|---|---|
| 2018 | Interest on capital A/c | Dr. | 1,500 | ||
| Dec. 31 | To Arulappan’s capital A/c | 1,000 | |||
| To Nallasamy’s capital A/c (Interest on capital @ 5% provided) |
500 | ||||
| " | Profit and loss appropriation A/c | Dr. | 1,500 | ||
| To Interest on capital A/c (Interest on capital account closed) |
1,500 | ||||
| ' | Arulappan’s capital A/c | Dr. | 200 | ||
| Nallasamy’s capital A/c | Dr. | 300 | |||
| To Interest on drawings A/c (Interest on drawings charged) |
500 | ||||
| " | Interest on drawings A/c | Dr. | 500 | ||
| To Profit and loss appropriation A/c (Interest on drawings account closed) |
500 | ||||
| " | Profit and loss appropriation A/c Dr. | 17,000 | |||
| To Arulappan’s capital A/c | 13,600 | ||||
| To Nallasamy’s capital A/c (Profit transferred) |
3,400 |
| Particulars | Rs. | Rs. | Particulars | Rs. |
|---|---|---|---|---|
| To Interest on capital | By Profit and loss A/c | 18,000 | ||
| Arulappan | 1,000 | By Interest on drawings A/c | ||
| Nallasamy | 500 | Arulappan | 200 | |
| To Partners’ capital A/c (profit) | Nallasamy | 300 | ||
| Arulappan (4/5) | 13,600 | 17,000 | ||
| Nallasamy (1/5) | 3,400 | 18,500 | 18,500 |
12th Standard Syllabus & Materials
12th Standard
TN 12th Computer Applications களப்பெயர் முறைமை (DNS) Sample Question Papers Study Material - QB365 Set A
NEW12th Standard
TN 12th Computer Applications வலையமைப்பு எடுத்துக்காட்டுகள் மற்றும் நெறிமுறைகள் Sample Question Papers Study Material - QB365 Set A
NEW12th Standard
TN 12th Computer Applications கணினி வலையமைப்பு ஓர் அறிமுகம் Sample Question Papers Study Material - QB365 Set A
NEW12th Standard
TN 12th Computer Applications PHP-உடன் MySQL-ஐ இணைத்தல் Sample Question Papers Study Material - QB365 Set A
Tamilnadu Stateboard 12th Standard Subjects
Maths
Chemistry
Physics
Biology
Computer Science
Business Maths and Statistics
Economics
Commerce
Accountancy
History
Computer Applications
Biology
Computer Technology
Computer Applications
Computer Science
Business Maths and Statistics
Commerce
Economics
Maths
Chemistry
Physics
Computer Technology
History
Accountancy
Tamil
English
French
Tamilnadu Stateboard Standards
