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12th Standard English Medium Accountancy Subject Book Back 3 Mark Questions with Solution Part - I updated Book back Questions

Published on: 13/05/2022

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Questions:

Generic 3

4 x 3 = 12

Briefly explain any three limitations of financial statements

Kavitha, Kumudha and Lalitha are partners sharing profits and losses in the ratio of 5 : 3 : 3 respectively. Kumudha retires from the firm on 31^st December, 2018. On the date of retirement, her capital account shows a credit balance of Rs. 2,00,000. Pass journal entries if:
i) The amount due is paid off immediately by cheque.
ii) The amount due is not paid immediately.
iii) Rs. 70,000 is paid immediately by cheque

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.

David does not keep proper books of accounts. Following details are given from his records
Particulars 1.4.2018
Rs. 31.3.2019
Rs. Cash 43,000 29,000 Stock of goods 1,20,000 1,30,000 Sundry debtors 84,000 1,10,000 Sundry creditors 1,05,000 1,02,000 Loan 25,000 20,000 Business premises 2,50,000 2,50,000 Furniture 33,000 45,000 During the year he introduced further capital of Rs. 45,000 and withdrew Rs. 2,500 per month from the business for his personal use. Prepare statement of profit or loss with the above information.

Generic 2

3 x 2 = 6

Anjali and Nithya are partners of a firm sharing profits and losses in the ratio of 5:3. They admit Pramila on 1.1.2018. On that date, their balance sheet showed accumulated loss of Rs. 40,000 on the asset side of the balance sheet. Give the journal entry to transfer the accumulated loss on admission.

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.

From the following details calculate the printing and stationery to be debited to Income and Expenditure Account for the year ending 31^st March, 2018 and also show how it will appear in the Balance Sheet as on 31^st March, 2018.

Particulars	Amt(Rs.)
Amount paid for stationery during 2017- 2018	Rs.1,500
Stock of stationery on 1^st April, 2017	Rs.300
Stock of stationery on 31^st March, 2018	Rs.200

Generic 5

3 x 5 = 15

X company issued 10,000 equity shares of Rs.10 each payable as under:

On application	Rs.2
On allotment	Rs.4
On first call	Rs.2
On final call	Rs.2

Applications were received for 30,000 shares. Applications for 10,000 shares were rejected and allotment was made proportionately towards remaining applications and the excess application money is adjusted towards allotment money. The directors made both the calls and the all the amount were received except the final call on 600 shares which were subsequently forfeited. Later 400 forfeited shares were reissued as fully paid by receiving Rs.7 per share.

Write a brief note on accounting vouchers.

10.

Calculate the value of goodwill at 5 years purchase of super profit from the following information:
(a) Capital employed: Rs. 1,20,000
(b) Normal rate of profit: 20%
(c) Net profit for 5 years:
2014: Rs. 30,000; 2015: Rs. 32,000; 2016: Rs. 35,000; 2017: Rs. 37,000 and 2018: Rs. 40,000
(d) Fair remuneration to the partners Rs. 2,800 per annum.

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Answers Key:

Generic 3

4 x 3 = 12

(i) Give only interim reports:
Financial statements are prepared at the end of every accounting period. But the actual position of the business can be known only when the business is closed.
(ii) LImited access to external users:
The external users do not have detailed and frequent information of financial results as they have limited access
(iii) Influenced by personal judgement:
Preparation of financial statements may be influenced by personal judgements and therefore these are not free from bias.

Journal entries
Date	Particulars		Debit Rs.	Credit Rs.
2018 Dec. 31	(i) Kumudha’s capital A/c	Dr.	2,00,000
	To Bank A/c			2,00,000
	(Amount due paid immediately)
"	(ii) Kumudha’s capital A/c	Dr.	2,00,000
	To Kumudha’s loan A/c			2,00,000
	(Amount due transferred to loan account)
"	(iii) Kumudha’s capital A/c		2,00,000
	To Bank A/c			70,000
	To Kumudha’s loan A/c			1,30,000
	(Rs. 70,000 paid and the balance transferred to loan account)

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

In the books of David
Calculation of opening capital
Statement of affairs as on 1^stApril, 2018 Liabilities Rs Assets Rs Sundry creditors 1,05,000 Cash 43,000 Loan 25,000 Stock of goods 1,20,000 Capital (balancing figure) 4,00,000 Sundry debtors 84,000 Business premises 2,50,000 Furniture 33,000 5,30,000 5,30,000 Calculation of closing capital
Statement of affairs as on 31^stMarch, 2019 Liabilities Rs Assets Rs Sundry creditors 1,02,000 Cash 29,000 Loan 20,000 Stock of goods 1,30,000 Capital (balancing figure) 4,42,000 Sundry debtors 1,10,000 Business premises 2,50,000 Furniture 45,000 5,64,000 5,64,000 Statement of affairs as on 31st March, 2019
ParticularsRs Closing capital as on 31.3.2019 4,42,000 Add: Drawings during the year (2,500 x 12) 30,000 4,72,000 Less: Additional capital introduced during the year 45,000 Adjusted closing capital 4,27,000 Less: Opening capital as on 1.4.2018 4,00,000 Profit made during the year ending 31.3.2019 27,000

Generic 2

3 x 2 = 6

Journal Entry
Date	Particulars	Debit Rs.	Credit Rs.
2018 January 1	Anjali's capital A/c (40,000\(\times\)5/8) Dr	25,000
	Nithya's capital A/c (40,000 \(\times\) 3/8) Dr	15,000
	To Profit and loss A/c		40,000
	(Accumulated loss transferred to old partner's capital account in the old profit sharing ratio)

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

Dr. Income and Expenditure Account for the year ended 31^st March, 2018 Cr.
Expenditure	Rs.	Rs.
To Stationery consumed
Opening stock	300
Add: Purchases	1,500
	1,800
Less: Closing stock	200	1,600

Balance sheet as on 31^st March, 2018
Liabilities	Rs.	Assets	Rs.
		Stock of stationery	200

Generic 5

3 x 5 = 15

In the books of X company Journal entries
Particulars		Debit Rs.	Credit Rs.
Bank A/c (30,000 × 2)	Dr.	60,000
To Equity share application A/c			60,000
(Application money received on 30,000 shares @ Rs.2 per share)
Equity share application A/c (10,000 × 2)	Dr.	20,000
To Equity share capital A/c			20,000
(Share application transferred to share capital)
Equity share application A/c	Dr.	40,000
To Bank A/c (10,000 × 2)			20,000
To Equity share allotment A/c (10,000 × 2)
(Application money refunded for rejected applications and excess application money adjusted towards allotment)
Equity share Allotment A/c (10,000 × 4)	Dr.	40,000
To Equity share capital A/c			40,000
(Allotment money due)
Bank A/c (40,000-20,000)	Dr.	20,000
To Equity share allotment A/c			20,000
(Allotment money received)
Equity share first call A/c (10,000 × 2)	Dr.	20,000
To Equity share capital A/c			20,000
(First call money due)
Bank A/c	Dr.	20,000
To Equity share first call A/c			20,000
(First call money received)
Equity share second and final call A/c (10,000 × 2)	Dr.	20,000
To Equity share capital A/c			20,000
(Share second and final call due)
Bank A/c (9,400 × 2)	Dr.	18,800
To Equity share second and final call A/c			18,800
(Second and final call money received on 9,400 shares)
Equity share capital A/c (600 × 10)	Dr.	6,000
To Equity share second and final call A/c (600 × 2)			1,200
To Forfeited shares A/c (600 × 8)			4,800
(Shares forfeited for nonpayment of final call money)
Bank A/c (400 × 7)	Dr.	2,800
Forfeited shares A/c (400 × 3)	Dr.	1,200
To Equity share capital A/c			4,000
(400 forfeited shares reissued at Rs.7 per share)
Forfeited shares A/c	Dr.	2,000
To Capital reserve A/c			2,000
(Gain on reissue credited to capital reserve A/c)

Working note:
Amount forfeited for 600 shares = Rs. 4,800

Amount forfeited for 400 shares	= \(\frac{4,800}{600} \times\)400	Rs. 3,200
Less: Loss on reissue		1,200
Net gain transferred to capital reserve		2,000

This type of a voucher basically analyses a business transaction from the accounting stand point and is used for recording purposes
These are commonly prepared by accountants on the basis of supporting vouchers and approved by a different individual. They are further subdivided into two, Cash and Non-cash vouchers.
Examples of cash type :
1. Credit Vouchers
2. payment Vouchers
3. Contra Vouchers
4. Purchase Vouchers
5. Sales Vouchers
6. journal vouchers
Examples of the Non-cash type :
1. Debit note
2. Credit note
3. Invoice

10.

Average profit = \(\frac { Total\ profit }{ Number\ of\ year } \)
Average profit = \(\frac { 30,000+32,000+35,000+37,000+40,000 }{ 5 } \)
Average profit = \(\frac { 1,74,000 }{ 5 } \)

Particulars	Rs.
Average profit before fair remuneration to the partners	34,800
Less: Fair remuneration to the partners	2,800
Average profit	32,000

Normal profit = Capital employed \(\times\) Normal rate of return
= 1,20,000 × 20%
= Rs. 24,000
Super profit = Average profit - Normal profit
= 32,000 – 24,000
= Rs. 8,000
Goodwill = Super profit \(\times\) Number of years of purchase
= 8,000 \(\times\) 5
= Rs. 40,000