12th Standard English Medium Accountancy Subject Book Back 2 Mark Questions with Solution Part - II | QB365

12th Standard Syllabus & Materials

12th Standard

TN 12th English Poem - 6 - Incident of the French Camp Sample Question Papers Study Material - QB365 Set A

NEW

12th Standard

TN 12th English Prose - 6 - On the Rule of the Road Sample Question Papers Study Material - QB365 Set A

NEW

12th Standard

TN 12th English Prose - 5 - The Chair Sample Question Papers Study Material - QB365 Set A

NEW

12th Standard

TN 12th English Supplementary - 4 - The Midnight Visitor Sample Question Papers Study Material - QB365 Set A

NEW

12th Standard

TN 12th English Poem - 4 - Ulysses Sample Question Papers Study Material - QB365 Set A

NEW

12th Standard

TN 12th English Prose - 4 - The Summit Sample Question Papers Study Material - QB365 Set A

12th Standard English Medium Accountancy Subject Book Back 2 Mark Questions with Solution Part - II

Published on: 03/06/2021

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.

Download 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

QB365 Student Learing Managemnet System

Std: 12th Standard - Accountancy

chapter: - Book back Questions

Visit QB365-SLMS - https://www.qb365.in/slms/ Complete Questions and Answers

Questions:

Generic 2

7 x 2 = 14

What is a share?

Kumar, Kesavan and Manohar are partners sharing profits and losses in the ratio of 1/2, 1/3 and 1/6 respectively. Manohar retires and his share is taken up by Kumar and Kesavan equally. Find out the new profit sharing ratio and gaining ratio.

What is meant by accounting ratios?

What is Accounting Information System (AIS)?

Kavitha and Radha are partners of a firm sharing profits and losses in the ratio of 4:3. They admit Deepa on 1.1.2019. On that date, their balance sheet showed debit balance of profit and loss account being accumulated loss of Rs. 70,000 on the asset side of the balance sheet. Give the journal entry to transfer the accumulated loss on admission.

From the following information, find out the value of goodwill by capitalisation method:
(a) Average profit = Rs. 60,000
(b) Normal rate of return = 10%
(c) Capital employed = Rs. 4,50,000

Find out credit sales from the following information:

	Rs.
Debtors on 1^st January 2018	40,000
Cash received from debtors	1,00,000
Discount allowed	5,000
Sales returns	2,000
Debtors on 31^st December 2018	Debtors on 31^st December 2018

Generic 3

3 x 3 = 9

From the following particulars, prepare comparative income statement of Mary Co. Ltd.

Particulars	2015-16 Rs.	2016-17 Rs.
Revenue from operations	4,00,000	5,00,000
Operating expenses	2,00,000	1,80,000
Income tax (% of the profit before tax)	20	50

Murali and Sethu are partners in a firm. Murali is to get a commission of 10% of net profit before charging any commission. Sethu is to get a commission of 10% on net profit after charging all commission. Net profit for the year ended 31st March 2019 before charging any commission was Rs. 1,10,000. Find the amount of commission due to Murali and Sethu.

10.

How the following items will appear in the final accounts of a club for the year ending 31st March, 2019?

Dr. Receipts and Payments Account for the year ended 31st March, 2019 Cr.
Receipts	Rs.	Rs.
To Subscription
2017-2018	5,000
2018-2019	48,000
2019-2020	3,000	56,000

There are 300 members in the club each paying an annual subscription of Rs. 200 per annum. Subscription still outstanding for the year 2017- 2018 is Rs.1,000.

Visit QB365-SLMS - https://www.qb365.in/slms/

Answers Key:

Generic 2

7 x 2 = 14

The capital of a company is divided into small units of fixed amount. These units are called shares. These are two types
(i) preference shares and
(ii) equity shares

Gaining ratio is 1:1 as Manohar’s share is taken up by Kumar and Kesavan equally.
Manohar’s share = \(\frac{1}{6}\)
Share gained = Retiring partner’s share × Proportion of share gained
Kumar \(=\frac{1}{6}\times\frac{1}{2}=\frac{1}{12}\)
Kesavan \(=\frac{1}{6}\times\frac{1}{2}=\frac{1}{12}\)
Therefore, gaining ratio of Kumar and Kesavan \(\frac{1}{12}:\frac{1}{12}\) that is 1:1
New share of continuing partners = Old share + Share gained
Kumar \(=\frac{1}{2}+\frac{1}{12}=\frac{6+1}{12}=\frac{7}{12}\)
Kesavan \(=\frac{1}{3}+\frac{1}{12}=\frac{4+1}{12}=\frac{5}{12}\)
Therefore, new profit sharing ratio of Kumar and Kesavan is \(\frac{1}{12}:\frac{1}{12}\) that is 7 : 5.

(i) Ratio is a mathematical expression of relationship between two related or interdependent items.
(ii) It is the numerical or quantitative relationship between two items
(iii) It is calculated by dividing one item by the other related item.
(iv) When ratios are calculated on the basis of accounting information, these are called 'accounting ratios'.

Accounting Information System (AIS) collects financial data, processes them and provides information to the various users. To provide information AIS requires data from other information system that is manufacturing, marketing and human resources.

**Journal entry**
Date	Particulars	Debit Rs.	Credit Rs.
2019	Kavitha’s capital A/c Dr.	40,000
January 1	Radha’s capital A/c Dr.	30,000
	To Profit and loss a/c (Accumulated loss transferred to old partners’ capital account in the old profit sharing ratio)		70,000

Total capitalised value of the average profit = \(\frac { Average\ profit }{ Normal\ rate\ of\ return } \)\(\times\) 100
=\(\frac { 60,000 }{ 10 } \) \(\times\) 100
= Rs. 6,00,000
Goodwill = Total capitalised value of the average profit – Capital employed
= 6,00,000 – 4,50,000
= Rs. 1,50,000

**Dr. Total debtors account Cr.**
Particulars	Rs	Particulars	Rs
To Balance b/d	40,000	By Cash A/c (received)	1,00,000
To Sales A/c (credit)	1,27,000	By Discount allowed A/c	5,000
(balancing figure)		By Sales returns A/c	2,000
		By Balance c/d	60,000
	1,67,000		1,67,000

Generic 3

3 x 3 = 9

Comparative income statement of Mary Co. Ltd for the years ended 31^st March, 2016 and 31^st March, 2017
Particulars	2015-16	2016-17	Absolute amount of increase ( +) or decrease (–)	Percentage increase (+) or decrease (–)
	Rs.	Rs.	Rs.
Revenue from operations	4,00,000	5,00,000	+1,00,000	+25
Less: Operating expenses	2,00,000	1,80,000	–20,000	–10
Profit before tax	2,00,000	3,20,00	+1,20,000	+60
Less: Income tax	40,000	1,60,000	+1,20,000	+300
Profit after tax	1,60,000	1,60,00

Calculation of income tax:
For 2015 - 16: 2,00,000 \(\times\) 20% = Rs 40,000
For 2016 - 17: 3,20,000 \(\times\) 50% = Rs.1,60,000

Calculation of commission:
Commission to Murali:
= Net profit before commission \(\times\) % of commission/100
= 1,10,000 \(\times\) \(\frac { 10 }{ 100 } \) = Rs. 11,000
Commission to Sethu:
Net profit after Murali’s commission = 1,10,000 –11,000 = Rs. 99,000
Sethu’s commission = Net profit after Murali’s commission \(\times\) % of commission/(100+%of commission)
= 99,000 \(\times\) \(\frac { 10 }{ (100+10) } \) = Rs. 9,000

10.

Dr. Income and Expenditure Account for the year ended 31st March 2019 Cr.
Income	Rs.	Rs.
By Subscription	48,000
Add: Outstanding	12,000	60,000

Balance sheet as on 31st March, 2019
Liabilities	Rs.	Assets	Rs.	Rs.
		Outstanding subscription
Subscription received in		2017 – 2018	1,000
advance for the year 2019-20	3,000	2018 – 2019	12,000	13,000

Tutorial note

Total Subscription due for current the year (2018-19) 300 x Rs. 200	= Rs. 60,000
Less: Amount received for the current year (2018-19)	= Rs. 48,000
Outstanding subscription for the current year (2018-2019	= Rs. 12,000