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12th Standard English Medium Accountancy Subject Creative 5 Mark Questions with Solution Part - II updated Creative Questions

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Questions:

Generic 5

10 x 5 = 50

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

P&L App A/C	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.

From the following Balance Sheet of Ambika Ltd. as on 31.03.2017 calculate
(i) Debt-equity ratio
(ii) Proprietary ratio
(iii) Capital gearing ratio

Balance sheet of Ambika Ltd. as on 31.3.2017
Particulars	Amount Rs.
I. EQUITY AND LIABILITIES
1. Shareholders' funds
(a) Share capital
Equity share capital	3,00,000
8% Preference share capital	4,00,000
(b) Reserves and surplus	3,00,000
2. Non-current liabilities
Long term borrowings (9% Debentures)	8,00,000
3. Current liabilities
Short -term borrowings from banks	50,000
Trade payables	1,50,000
Total	20,00,000
II. ASSETS
1. Non-current assets
Fixed assets	15,00,000
2. Current assets
(a) Inventories	2,40,000
(b) Trade receivables	2,00,000
(c) Cash and cash equivalents	55,000
(d) Other current assets
Expenses paid in advance	5,000
Total	20,00,000

From the following trading activities of Jamal Ltd. calculate
(i) Gross profit ratio
(ii) Net profit ratio
(iii) Operating cost ratio
(iv) Operating profit ratio

Statement of Profit and Loss
Particulars	Rs.
I. Revenue from operations	10,000
II. Other Income
Income from investments	100
III. Total revenue (I +II)	10,100
IV. Expenses:
Purchases of Stock-in -trade	8,500
Changes in inventories	-500
Finance costs	150
Other expenses (Administration and selling)	1,200
Total expenses	7,850
V. Profit before tax (III - IV)	800

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.

Prepare common-size statement of financial position of Raheem Ltd as on 31^st March 2016 and 31^st March 2018.

Particulars	31st March 2016	31st March 2017
Particulars	Rs.	Rs.
I. Equity and liabilities
l. Shareholders fund
a. Share capital	5,00,000	6,00,000
b. Reserve and surplus	4,00,000	3,60,000
2. Non-current liabilities
Long-term borrowings	8,00,000	2,40,000
3. Current liabilities
Trade payables	30,000	-
Total	20,00,000	12,00,000
II. Assets
l. Non-current assets
a. Fixed assets	10,00,000	6,00,000
b. Non-current investments	5,00,000	2,40,000
2. Current assets
Inventories	3,00,000	1,20,000
Cash and cash equipments	2,00,000	2,40,000
Total	20,00,000	12,00,000

Selvam, Saravanan and Santhosh were partners of a firm sharing profits and losses in the ratio of 3: 2 : 1. Set out below was their balance sheet as on 31't December 2018.

Liabilities	Rs.	Rs.	Assets	Rs.
Bills payable		15,000	Cash in hand	3,000
Sundry creditors		25,000	Cash at bank	35,000
Capital Accounts			Bill receivable	11,000
Selvam	80,000		Book debts	18,000
Sarvanan	50,000		Stock	36,000
Santhosh	40,000	1,70,000	Furniture	7,000
Profit and Loss A/c		30,000	Plant & Machinery	50,000
			Buildings	80,000
		2,40,000		2,40,000

Selvam retired from the partnership on 1^st January 2019 on the following terms:
(i) Goodwill of the firm was to be valued at Rs.30,000
(ii) Assets are to be valued as under stock Rs.30,000 plant and machinery Rs.40,000; Buildings Rs.1,00,000
(iii) A provision for doubtful debts be created at Rs.1,000
(iv) Rs.21,500 was to be paid to Selvam immediately and the balance was transferred to his loan account.
Show revaluation account, capital accounts, bank account and the balance sheet of the reconstituted Partnership.

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.

Compute the amount of total purchases and total sales of Mr. Amit from the following information for the year ending on March 31, 2018.

	Rs.
Total debtors as on April 01, 2017	40,000
Total creditors as on April 01,2017	50,000
Bills receivable as on April 01, 2017	30,000
Bills payable as on April 01, 2017	45,000
Discount received	5,000
Bad debts	2,000
Return inwards	4,000
Discount allowed	3,000
Cash sales	10,000
Cash purchases	8,000
Total debtors as on March 31, 2018	80,000
Cash received from debtors	1,00,000
Cash paid to creditors	80,000
Cash received against bills receivable	25,000
Payment made against bills receivable	40,000
Total creditors as on March 31, 2018	40,000
Bills payable as on March 31, 2018	50,000
Bills receivable as on March 31,2018	35,000

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. 5,60,000

10.

Following is the receipts and payments accounts of Literacy club for the year ended 31^stMarch 2016

Receipts	Rs.	Rs.	Payments	Rs.
To Balance c/d		19,550	By Salary	3,000
			By News papers	2,050
To Subscribtions			By Electricity bill	1,000
2014·2015	1,200		By Fixed deposit	20,000
2015·2016	26,500		(on 1^st July, 2015 @
	500		9% per annum
		28,200	By Books	10,600
			By Rent	6,800
To slae old news paper		1,250	By Furniture	10,500
To Government grants		10,000	By Balance dd	11,200
To sale of old furniture		5,700
(book value Rs.7,000)
To interest on fixed deposits		450
		65,150		65,150

Additional information:
(i) Subscription outstanding as on 31^stMarch, 2015 were Rs. 2000 and on 31^stMarch, 2016 Rs. 2,500.
(ii) On 31^stMarch, 2016 Salary outstanding was Rs. 600 and rent outstanding was Rs. 1,200.
(iii) The club owned furniture Rs. 15,000 and books Rs. 7,000 on 1st April, 2015. Prepare income and expenditure account of the dub for the year ended 31^stMarch 2016 and as certain capital fund on 31^stMarch, 2015. Also prepare a balance sheet as on 31^stMarch, 2016.

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Answers Key:

Generic 5

10 x 5 = 50

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

(i) Debt equity ratio = \(\frac { Long\quad term\quad debt }{ Shareholders\quad funds } \)
Long term debt = 9% Debentures = Rs.8,00,000
Shareholder's funds =Equity share capital + Preference share capital + Reserves and surplus
= 3,00,000 + 4,00,000 + 3,00,000 = Rs.10,00,000
∴ Debt equity ratio = \(\frac { 8,00,000 }{ 10,00,000 } \)= 0.8:1
(ii) Proprietary ratio = \(\frac { Shareholder's\quad funds }{ Total\quad assets } \)
= \(\frac { 10,00,000 }{ 20,00,000 } \)= 0.5:1
(iii) Capital gearing ratio = \(\frac { Funds\quad bearing\quad fixed\quad interest\quad or\quad fixed\quad dividend }{ Equity\quad Shareholder's\quad funds } \)
Funds bearing fixed interest or fixed dividend = 8% Preference capital + 9% Debentures
= Rs.4,00,000+8,00,000
= Rs.12,00,000
Equity shareholder's funds = Equity share capital + Reserve and Surplus
= 3,00,000 + 5,00,000
= Rs.6,00,000
∴ Capital gearing ratio = \(\frac { 12,00,000 }{ 6,00,000 } \).

(i) Gross profit ratio =\(\frac { Gross\quad profit }{ Revenue\quad from\quad operations } \) \(\times\) 100
Cost of revenue from operations = Purchases of stock-in-trade + Change in inventory + Direct expenses
= 8,500 - 500 + 0 = Rs.8,000
Gross profit = Revenue from operations - Cost of revenue from operations
= 10,000 - 8,000 = Rs.2,000
∴ Gross profit ratio =\(\frac { 2,000 }{ 8,000 } \) \(\times\) 100 = 25%
(ii) Net profit ratio =\(\frac { Net\quad profit\quad after\quad tax }{ Revenue\quad from\quad operations } \) \(\times\) 100
=\(\frac { 800 }{ 10,000 } \) \(\times\) 100 = 8%
(iii) Operating cost ratio =\(\\ \frac { Operating\quad cost }{ Revenue\quad from\quad operations } \) \(\times\) 100
Operating cost = Cost of revenue from operations + Operating expenses
Operating expenses Other expenses = Rs.1,200
Operating cost = 8,000 + 1,200 = Rs.9,200
∴ Operating cost ratio =\(\frac { 9,200 }{ 10,000 } \) \(\times\) 100 = 92%
(iv) Operating profit ratio = \(\frac { Operating\quad profit }{ Revenue\quad from\quad operations } \) \(\times\) 100
Operating profit = Revenue from operations - Operating Cost
= 10,000 - 9,200 = Rs.800
∴ Operating profit ratio = \(\frac { 800 }{ 10,000 } \) \(\times\) 100 = 8%

(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)

Common-size balance sheet of Raheem Ltd as on 31st March, 2016 and 31 st March, 2017
Particulars	Absolute amount on 31st March 2016	Percentage of total assets on 31st March 2016	Absolute amount on 31st March 2017	Percentage of total assets on 31st March 2017
Particulars	Rs.		Rs.	Percentage of total assets on 31st March 2017
I. Equity and liabilities
l. Shareholders fund
a. Share capital	5,00,000	25	6,00,000	50
b. Reserve and surplus	4,00,000	20	3,60,000	30
2. Non-current liabilities
Long-term borrowings	8,00,000	40	2,40,000	20
3. Current liabilities
Trade payables	30,000	15	-	-
Total	20,00,000	100	12,00,000	100
II. Assets
l. Non-current assets
a. Fixed assets	10,00,000	50	6,00,000	50
b. Non-current investments	5,00,000	25	2,40,000	20
2. Current assets
Inventories	3,00,000	15	1,20,000	10
Cash and cash equipments	2,00,000	10	2,40,000	20
Total	20,00,000	100	12,00,000	100

Dr Revaluation Account Cr
Particulars	Rs	Rs	Particulars	Rs
To Stock A/c		6,000	By Buildings A/c	20,000
Plant and Machinery A/c		10,000
To Provision for doubtful debts A/c		1,000
To Profit on revaluation A/c
Selvam	1,500
Saravanan	1,000
1,000	500	3,000

		20,000		20,000

Dr Capital Account Cr
Particulars	Selvam Rs	Saravanan Rs	Santhosh	Particulars	Selvam Rs	Saravanan Rs	Santhosh Rs
To Bank A/c	21,500	-	-	By Balanced b/d	80,000	50,000	40,000
To Selvam's				By Revaluation
loan A/c	90,000	-	-	A/c	1,500	1,000	500
				By profit and
To Balance C/d	-	71,000	50,500	loss A/c	15,000	10,000	5,000
				By Goodwill	15,000	10,000	5,000

	1,11,500	71,000	50,500		1,11,500	71,000	50,500
				By Balance b/d		71,000	50,500

Dr Bank Account Cr
Particulars	Rs	Particulars	Rs
To Balance b/d	35,000	By Selvam A/c	21,500
		By Balance c/d	13,500
	35,000		35,000

Balance sheet as on 1.1.2018
Liabilities	Rs	Rs	Assets	Rs	Rs
Bills payable		15,000	Cash in hand		3,000
Sundry creditors		25,000	Cash at bank		13,500
Selvam's loan A/c		90,000	Bills receivable		11,000
Capital Accounts			Book debts	18,000
Saravanan	71,000		Less: provision for bad debts	1,000	17,000
Santhosh	50,500	1,21,500
			Stock	36,000
			Less:Decreased	6,000	30,000
			Furniture		7,000
			Plant and Machinery	50,000
			Less : depreciation	10,000	40,000

			Building	80,000
			Add: Appreciation	20,000	1,00,000
			Good will		30,000
		2,51,500			51,500

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

Dr. Total Bills receivable account Cr.
Particulars	Rs.	Particulars	Rs.
To Balance b/d	30,000	By Cash	25,000
To Total Debtors	30,000	By Balance c/d	35,000
(Balancing figure)	60,000		60,000

Dr. Total Bills payable account Cr.
Particulars	Rs.	Particulars	Rs.
To Cash	40,000	By Balance b/d	45,000
To Balance c/d	50,000	By Total creditors	45,000
		(Balancing figure)
	90,000		90,000

Dr. Total Debtors account Cr.
Particulars	Rs.	Particulars	Rs.
To Balance b/d	40,000	By Bad debts	2,000
To Sales	1,79,000	By Return inwards	4,000
(balancing figure)		By Discount allowed	3,000
		By Cash	1,00,000
		By Bills receivable	30,000
		(Transfer from bills receivable account)
		By Balance c/d	80,000
	2,19,000		2,19,000

Dr. Total Creditors account Cr.
Particulars	Rs.	Particulars	Rs.
To Discount received	5,000	By Balance b/d	50,000
To Cash	80,000	By Purchases	1,20,000
To Bills payable	45,000	(credit)
(transfer from bills		(Balancing figure)
payable account)
To Balance c/d	40,000
	1,70,000		1,70,000

Total capitalised value of the average profit
\(=\frac{Average\ profit}{Normal\ rate\ of \ return}\times 100\)
\(=\frac{60,000}{10}\times100\)
= Rs.6,00,000
Goodwill= Total capitalised value of the average profit - Capital employed
= 6,00,000 - 5,60,000
= Rs. 40,000

10.

Balance sheet as on 31^st March 20
Liabilities	Rs	Assets	Rs
(balancing figure)	43,550	Cash in hand	19,550
(balancing figure)		Subscription outstanding	2,000
		Furniture	15,000
		Books	7,000
	43,550		43,550

Dr Income and Expenditure Account for the year ended 31^stMarch 2 Cr
Expenditure	Rs.	Rs.	Income	Rs.	Rs.
To Salary	3,000		By Subscriptions	26,500
Add: Outstanding	600	3,600	Add: Outstanding for 2015-16	1,700	28,200
To Newspapers		2,050	By Sale of old newspaper		1,250
To Rent		6,800	By Interest on fixed deposit	450
Add: Outstanding	1,200	8,000	Add: Accrued interest	900	1,350
To Loss on sale of
furniture (7000 - 5700)		1,300
To Surplus		24,850
(Excess of income over
expenditure)
		40,800			40,800

Balance sheet as on 31^st March, 2016
Liabilities	Rs.	Rs.	Assets	Rs.	Rs.
Salary outstanding		600	Cash in hand		11,200
Rent outstanding		1,200	Subscription outstanding
Subscription			for 2014 - 15	800
received in advance		500	(2000 - 1200)
Capital fund	43,550		for 2015 - 16	1,700	2,500
Add: Surplus	24850	68,400	Fixed depo		20,000
			Accrued interest on fixed
			deposit		900
			Furniture (15000-7000 + 10,500		18,500
			Books (7,000 + 10,600		17,600
		70,700			70,700