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model question paper for new syllabus of +2 state board english medium accountancy first chapter

Published on: 29/06/2019

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.

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Questions:

Generic 2

3 x 2 = 6

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

From the following particulars ascertain profit or loss:

	Rs.
Capital as on 1^st April 2018	1,60,000
Capital as on 31^st March, 2019	1,50,000
Additional capital introduced during the year	25,000
Drawings made during the year	30,000

From the following particulars ascertain profit or loss:

	Rs.
Capital at the beginning of the year (1^st April, 2016)	2,00,000
Capital at the end of the year (31^st March, 2017)	3,50,000
Additional capital introduced during the year	70,000
Drawings during the year	40,000

Generic 3

7 x 3 = 21

Radhika started a small bakery for providing healthy and good quality bakery product at reasonable prices on 1^st January, 2019 with a capital of Rs. 1,80,000. She appointed a ten year old boy as a sweeper. She withdrew Rs. 60,000 for household expenses. She introduced Rs. 20,000as fresh capital. Her position of assets and liabilities as at 31^st December, 2019 stood as follows.

	Rs.
Cash in hand	70,000
Stock	80,000
Bills receivable	1,00,000
Debtors	1,50,000
Creditors	60,000
Bills payable	10,000

From the following particulars calculate total purchases

Particulars	Rs
Sundry creditors on 1^st April, 2017	75,000
Bills payable on 1^st April, 2017	60,000
Paid cash to creditors	3,70,000
Paid for bills payable	1,00,000
Purchases returns	15,000
Cash purchases	3,20,000
Creditors on 31^st March, 2018	50,000
Bills payable on 31^st March, 2018	80,000

From the following details find out total sales made during the year.

	Rs
Debtors on 1^st April 2018	50,000
Cash received from debtors during the year	1,50,000
Returns inward	15,000
Bad debts	5,000
Debtors on 31^st March 2019	70,000
Cash Sales	1,40,000

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.

From the following details, calculate the missing figure:

	Rs
Capital as on 1^st April, 2017	2,50,000
Capital as on 31^st March, 2018	2,75,000
Additional capital introduced during the year	30,000
Profit for the year	15,000
Drawings during the year	?

From the following details, calculate the capital as on 31^st December 2018:

	Rs
Capital as on 1^st January, 2018	27,500
Goods taken for the personal use of the proprietor	5,000
Profit for the year	10,000

10.

From the following details, calculate the missing figure

	Rs.
Closing capital as on 31.3.2019	1,90,000
Additional capital introduced during the year	50,000
Drawings during the year	30,000
Opening capital on 1.4.2018	?
Loss for the year ending 31.3.2019	40,000

Generic 5

5 x 5 = 25

11.

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

12.

From the following details, find out credit purchases:

Particulars	Rs.
Opening sundry creditors	75,000
Closing sundry creditors	90,000
Cash paid to sundry creditors	22,500
Discount received	15,000
Purchase returns	7,500

13.

Mrs. Geetha started business with Rs. 1,20,000 as capital on 1.4.2018. During the year she has withdrawn at the rate of Rs. 1,000 per month. She introduced Rs. 20,000 as additional capital. Her position on 31.3.2019 was as follows.

Particulars	Rs.
Bank balance	8,000
Stock	80,000
Sundry debtors	50,000
Furniture	2,500
Cash in hand	2,000
Sundry creditors	25,000
Expenses outstanding	1,000

She keeps her books under single entry system, determine for profit or loss for the year 2003-04.

14.

From the following details you are required to calculate credit sales and credit purchases by preparing total debtors account, total creditors account, bills receivable account and bills payable account.

Particulars	Opening Rs.	Closing Rs.
Debtors	60,000	55,000
Bills receivable	5,000	1,000
Creditors	25,000	28,000
Bills payable	2,000	3,000
Other information
Cash received from debtors		1,30,000
Discount allowed to customers		5,500
Cash paid to creditors		70,000
Discount allowed by suppliers		3,500
Payments against bill payable		7,000
Cash received for bills receivable		14,000
Bills receivable dishonoured		1,200
Bad debts		3,500

15.

Ahmed does not keep proper books of accounts. Find the profit or loss made by him for the year ending 31^st March, 2018.

Particulars	1.4.2017 Rs	31.3.2018 Rs
Bank balance	14,000 (Cr.)	18,000 (Dr.)
Cash in hand	800	1,500
Stock	12,000	16,000
Debtors	34,000	30,000
Plant	80,000	80,000
80,000	40,000	40,000
Creditors	60,000	72,000

Ahmed had withdrawn Rs. 40,000 for his personal use. He had introduced Rs.16,000 as capital for expansion of his business. A provision of 5% on debtors is to be made. Plant is to be depreciated at 10%.

Multiple Choice Question

10 x 1 = 10

16.

If opening capital Rs. 1,000 and closing capital Rs. 2000. Assuming no drawings during the accounting period, calculated the net income or loss for the period _______

(a)

Rs.1,000 net income

(b)

Rs.1,000 net loss

(c)

Rs.2,000 net income

(d)

Rs.2,000 net loss

17.

Which of the following formulas is used to calculated the net income for an accounting period?

(a)

Net income = Opening capital + Drwings + Ending capital

(b)

Net income = - Opening capital + Drawings - Ending capital

(c)

Nwt income = - Opening capital + Drawings + Ending capital

(d)

Net income = Opening capital - Total assets

18.

Identify the correct formula used to ascertain the closing capital

(a)

Opening capital + Net income - Drawings - Assets = Closing capital

(b)

Closing capital = Opening capital + Net loss - Drawings

(c)

Closing capital = Opening capital + Assets + Income - Expenses

(d)

Closing capital = Opening capital + Net income - Drawings

19.

Statement of financial position from incomplete accounting record is commonly known as ___________

(a)

Balance sheet

(b)

Cash flow statement

(c)

Statement of affairs

(d)

Statement of financial operations

20.

In single entry system of accounting ___________

(a)

Duel aspects of a transaction is recorded

(b)

Single aspect of transaction is recorded

(c)

Important transaction are recorded

(d)

All of them

21.

A firms total sales is Rs. 80,000 and its credit sales is Rs. 60,000 Then its cash sales is ____________

(a)

Rs. 1,40,000

(b)

Rs. 70,000

(c)

Rs. 20,000

(d)

Rs. 80,000

22.

Under the net worth method, the basis for ascertaining the profit is ________

(a)

the difference between the capital on two dates

(b)

the difference between the liabilities on two dates

(c)

the different between the gross assets on two dates

(d)

the difference between the gross profit on two dates

23.

The total assets of a proprietor are Rs. 5,00,000. His liabilities Rs. 3,50,000. Then his capital in the business is ____________

(a)

Rs. 8,50,000

(b)

Rs. 1,50,000

(c)

Rs. 3,50,000

(d)

Rs. 4,25,000

24.

Opening balance of debtors: Rs. 30,000, cash received: Rs. 1,00,000, credit sales: Rs. 90,000; closing balance of debtors is

(a)

Rs. 30,000

(b)

Rs. 1,30,000

(c)

Rs. 40,000

(d)

Rs. 20,000

25.

When capital in the beginning is Rs. 10,000, drawings during the year is Rs. 6,000, profit made during the year is Rs. 2,000 and the additional capital introduced is 3,000, find out the amount of capital at the end

(a)

Rs. 9,000

(b)

Rs. 11,000

(c)

Rs. 21,000

(d)

Rs. 3,000

Odd one out

3 x 2 = 6

26.

(a) Conversion method
(b) Statement of affairs method
(c) Straight line method
(d) Net worth method

27.

(a) Statement of affairs
(b) Net worth method method
(c) Annuity method
(d) Capital comparison method

28.

(a) Incomplete
(b) Unsystematic
(c) Balance Sheet
(d) Unscientific

Assertion and reason

2 x 2 = 4

29.

Assertion (A): The single entry system is suitable only for sole traders and partnership firms.
Reason (R): Companies cannot keep books on Double entry system because of legal provisions.
(a) Both (A) and (R) are true and (R) is the correct explanation (A).
(b) Both (A) and (R) are true and (R) is not the correct explanation of (A).
(c) (A) is true, but (R) is false.
(d) (A) is false, but (R) is true.

30.

Assertion (A): Single Entry System is an incomplete, inaccurate, unscientific and unsystematic system of book keeping.
Reason (R): The name of the system itself shows that the double aspects of business transactions are recorded.
(a) Both (A) and (R) are true and (R) is the correct explanation (A).
(b) Both (A) and (R) are true and (R) is not the correct explanation of (A).
(c) (A) is true, but (R) is false.
(d) (A) is false, but (R ) is true.

One or Two Words / Correct Statement

5 x 1 = 5

31.

(i) Double entry actually refers to incomplete Single entry system or the defective Single entry system.
(ii) Double Entry System is a system of book keeping in which as a rule, only records of cash and personal accounts are maintained.
(iii) If it is desired to calculate profit by preparing Trading and Profit and Loss account under single entry then it is called conversion method.
(a) (i) is correct
(b) (ii) is correct
(c) (iii) is correct
(d) (i) and (ii) are correct

32.

(i) Companies cannot keep books on double entry system because of legal provisions.
(ii) It is always incomplete Single entry varying with circumstances.
(iii) Single entry actually refers to incomplete double entry system or the defective double entry system.
(a) (i) is correct
(b) (ii) is correct
(c) (iii) is correct
(d) (i) and (ii) are correct

33.

(i) Single entry is Debit and credit aspects of all transactions are recorded.
(ii) Single Entry System is a system of book keeping in which as a rule, only records of cash and personal accounts are maintained.
(iii) Double Entry System is an incomplete, inaccurate, unscientific and unsystematic system of book keeping.
(a) (i) is correct
(b) (ii) is correct
(c) (iii) is correct
(d) (i) and (ii) are correct

34.

(i) Incomplete records system makes use of Double Entry System partially. It maintains only personal and cash accounts.
(ii) Thus, Double entry actually refers to incomplete Single entry system or the defective Single entry system.
(iii) Single entry is Debit and credit aspects of all transactions are recorded.
(a) (i) is correct
(b) (ii) is correct
(c) (iii) is correct
(d) (i) and (ii) are correct

35.

(i) Double Entry System is an incomplete, inaccurate" unscientific and unsystematic system of book keeping.
(ii) The Double entry system is suitable only for sole traders and partnership firms.
(iii) Single Entry System is an incomplete, inaccurate, unscientific and unsystematic system of book keeping.
(a) (i) is correct
(b) (ii) is correct
(c) (iii) is correct
(d) (i) and (ii) are correct

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Answers Key:

Generic 2

3 x 2 = 6

**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

**Statement of profit or loss for the year ended 31st March, 2019**
Particulars	Rs.
Closing capital (as on 31.3.2019)	1,50,000
Add: Drawings during the year	30,000
Less: Additional capital introduced during the year	1,80,000
Less: Additional capital introduced during the year	25,000
Adjusted closing capital	1,55,000
Less: Opening capital (as on 1.4.2018)	1,60,000
Loss incurred during the year	(-) 5,000

**Statement of profit or loss for the year ended 31^st March, 2017**
Particulars	Rs.
Closing capital (as on 31.3.2017)	3,50,000 40,000
Add: Drawings during the year	3,50,000 40,000
	3,90,000
Less: Additional capital introduced during the year	70,000
Adjusted closing capital	3,20,000 2,00,000
Less: Opening capital (as on 1.4.2016)	3,20,000 2,00,000
Profit made during the year	1,20,000

Generic 3

7 x 3 = 21

Statement of affairs as on 31.12.2019
Liabilities	Rs.	Assets	Rs
Creditors	60,000	Cash in hand	70,000
Bills payables	10,000	Stock	80,000
Capital	3,30,000	Bills receivables	1,00,000
(Balancing figure)		Debtors	1,50,000
	4,00,000		4,00,000

Calculation of Profit

Particulars	Rs.
Capital at the end	3,30,000
Add: Drawings	60,000
	3,90,000
Less: Additional capital	20,000
	3,70,000
Less: Opening capital	1,80,000
Profit for the year	1,90,000

Values involved are
(i) Violating child labour act by employing 10 year old boy.
(ii) By providing good quality product she is promoting the welfare and health of society
(iii) By charging reasonable prices she is not indulged in profiteering.

**Dr. Bills payable account Cr.**
Particulars	Rs	Particulars	Rs
To Cash A/c (bills paid)	1,00,000	By Balance b/d	60,000
To Balance c/d	80,000	By Sundry creditors A/c
		(Bills accepted - balancing figure)	1,20,000
	1,80,000		1,80,000

**Dr. Total creditors account Cr.**
Particulars	Rs.	Particulars	Rs.
To Cash A/c (paid)	3,70,000	By Balance b/d	75,000
To Purchases return A/c	15,000	By Purchases A/c (credit)	4,80,000
To Bills payable A/c	1,20,000	(balancing figure)
(bills accepted)
To Balance c/d	50,000
	5,55,000		5,55,000

Total purchases = Cash purchases + Credit purchases
= Rs. 3,20,000 + Rs. 4,80,000 = Rs. 8,00,000

Dr Total debtors account Cr
Particulars	Rs	Particulars	Rs
To Balance b/d	50,000	By Cash A/c	1,50,000
To Sales A/c (credit)	1,90,000	By Returns inward A/c	15,000
(balancing figure)		By Bad debts A/c	5,000
		By Balance c/d	70,000
	2,40,000		2,40,000

Total Sales = Cash Sales + Credit Sales
= Rs.1,40,000 + Rs.1,90,000
= Rs. 3,30,000
(ii) Format of bills receivable account

Dr. Bills receivable account Cr.
Particulars	Rs.	Particulars	Rs.
To Balance b/d	xxx	By Cash / Bank A/c	xxx
(opening balance)		(Bills receivable honoured)
To Sundry debtors A/c	xxx	By Sundry debtors A/c	xxx
(Bills receivable received during the year)		(Bills receivable dishonoured)
		By Balance c/d	xxx
		(closing balance)
	xxx		xxx

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

Statement of profit or loss for the year ended 31^st March, 2018
Particulars	Rs
Closing capital (as on 31.3.2018)	2,75,000 20,000
Add: Drawings during the year (balancing figure)	2,75,000 20,000
	2,95,000 30,000
Less: Additional capital introduced during the year	2,95,000 30,000
Adjusted closing capital	2,65,000 2,50,000
Less: Opening capital (as on 1.4.2017)	2,65,000 2,50,000
Profit made during the year	15,000

**Statement of profit or loss for the year ended 31^st December, 2018**
Particulars	Rs
Closing capital (as on 31.12.2018) (balancing figure)	35,000
Add: Drawings during the year (goods taken for personal us	5,000
	40,000
Less: Additional capital introduced during the year	2,500
Adjusted closing capital	37,500
Less: Opening capital (as on 1.1.2018)	27,500
Profit made during the year	10,000

10.

**Statement of profit or loss for the year ended 31st March, 2019**
Particulars	Rs.
Closing capital (as on 31.3.2019)	1,90,000
Add: Drawings during the year	30,000
	2,20,000 50,000
Less: Additional capital introduced during the year	2,20,000 50,000
Adjusted closing capital	1,70,000 2,10,000
Less: Opening capital (as on 1.4.2018) (balancing figure)	1,70,000 2,10,000
Loss for the year ending 31.3.2019	(-) 40,000

Generic 5

5 x 5 = 25

11.

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

12.

Dr Total Debtors account Cr
Particulars	Rs.	Particulars	Rs.
To Cash paid	22,500	By Balance b/d	75,000
To Discount received	15,000	By Credit purchase (B/F)	60,000
To Purchase return	7,500
To Balance c/d	90,000
	1,35,000		1,35,000

13.

Statement of affairs as on 31^st March 2019
Liabilities	Rs.	Assets	Rs.
Sundry creditors	25,000	Bank balance	8,000
Expenses outstanding	1,000	Stock	80,000
Closing capital (B/F)	1,16,500	Sundry debtors	50,000
		Furniture	2,500
		Cash in hand	2,000
	1,42,500		1,42,500

Statement of profit or loss
Particulars	Rs.
Closing capital	1,16,500
Add: Drawings (1000 x 12)	12,000
	1,28,500
Less: Additional capital	20,000
Adjusted closing capital	1,08,500
Less: Opening capital	1,20,000
Loss for the year	11,500

14.

Dr. Bills receivable account Cr.
Particulars	Rs	Particulars	Rs
To Balance b/d	5,000	By Cash A/c	14,000
To Debtors A/c	11,200	By Debtors A/c	1,200
(Bills received - balancing figure )		(bills receivable dishonoured) By Balance c/d	1,000
	16,200		16,200

Dr. Total debtors account Cr.
Particulars	Rs	Particulars	Rs
To Balance b/d	60,000	By Cash A/c (received)	1,30,000
To Bills receivable A/c (dishonoured)	1,200	By Discount allowed A/c	5,500
To Sales A/c (credit)	1,44,000	By Bad debts A/c	3,500
(balancing figure)		By Bills receivable A/c	11,200
		(bills received) By Balance c/d	55,000
	2,05,200		2,05,200

Dr. Bills payable account Cr
Particulars	Rs	Particulars	Rs
To Cash A/c (bills paid)	7,000	By Balance b/d	2,000
To Balance c/d	3,000	By Sundry creditors A/c (bills accepted – balancing figure)
			8,000
	10,000		10,000

Dr. Total creditors account Cr.
Particulars	Rs	Particulars	Rs
To Cash A/c (paid )	70,000	By Balance b/d	25,000
To Discount received A/c	3,500	By Purchases A/c (credit)	84,500
To Bills payable A/c (bills accepted)	8,000	(balancing figure)
To balance c/d	28,000
	1,09,500		1,09,500

15.

In the books of Ahmed
Calculation of opening capital

**Statement of affairs as on 31^st March, 2017**
Liabilities	Rs	Assets	Rs
Bank overdraft	14,000	Cash in hand	800
Creditors	60,000	Stock	12,000
Capital (balancing figure)	92,800	Debtors	34,000
		Plant	80,000
		Furniture	40,000
	1,66,800		1,66,800

Calculation of closing capital

**Statement of affairs as on 31^st March, 2018**
Liabilities	Rs	Assets	Rs	Rs
Creditors	72,000	Bank balance		18,000
Capital (balancing figure)	1,04,000	Cash in hand		1,500
		Stock		16,000
		Debtors	30,000
		Less: Provision for doubtful
		debts @ 5%	1,500	28,500
		Plant	80,000
		Less: Depreciation	8,000	72,000
		Furniture		40,000
	1,76,000			1,76,000

**Statement of profit or loss for the year ending 31st March, 2018**
Particulars	Rs
Closing capital as on 31.3.2018	1,04,000
Add: Drawings during the year	40,000
	1,44,000
Less: Additional capital introduced during the year	16,000
Adjusted closing capital	1,28,000
Less: Opening capital as on 31.3.2017	92,800
Profit for the year ending 31.3.2018	35,200

Multiple Choice Question

10 x 1 = 10

16.

(a)
Rs.1,000 net income

17.

18.

(d)
Closing capital = Opening capital + Net income - Drawings

19.

20.

(b)
Single aspect of transaction is recorded

21.

(d)
Rs. 80,000

22.

(a)
the difference between the capital on two dates

23.

(b)
Rs. 1,50,000

24.

(d)
Rs. 20,000

25.

(a)
Rs. 9,000

Odd one out

3 x 2 = 6

26.

Straight line method
Under this method, a fixed percentage on the original cost of the asset is charged every year by way of depreciation. Other three are methods of ascertaining profit or loss.

27.

Annuity method
Annuity method, not only the original cost of the asset but also the amount of interest on the investment is taken into account while computing depreciation. Other three are methods of ascertaining profit or loss.

28.

Balance Sheet
Balance sheet is a statement which gives the position of assets and liabilities on a particular date. Other three are limitations of incomplete records.

Assertion and reason

2 x 2 = 4

29.

(A) is true, but (R) is false

30.

Both (A) and (R) are true and (R) is not the correct explanation of (A)

One or Two Words / Correct Statement

5 x 1 = 5

31.