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UNIT `1

Published on: 13/08/2020

accountancy

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

6 x 2 = 12

Find out credit sales from the following information:

Particulars	Rs.
Debtors on 1^st April, 2018	1,00,000
Cash received from debtors	2,30,000
Discount allowed	5,000
Returns inward	25,000
Debtors on 31^st March 2019	1,20,000

What is a statement of affairs?

What is meant by incomplete records?

From the following details, calculate credit purchases

Particulars	Rs
Creditors on 1st April, 2018	50,000
Returns outward	6,000
Cash paid to creditors	1,60,000
Creditors on 31st March, 2019	70,000

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

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

4 x 3 = 12

What are the features of incomplete records?

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

On 1^stApril 2017, Ganesh started his business with a capital of Rs.75,000. He did not maintain proper book of accounts. Following particulars are available from his books as on 31.03.2018

Particulars	Rs	Particulars	Rs
Cash	5,000	Debtors	16,000
Stock of goods	18,000	Creditors	9,000
Bills receivable	7,000	Cash at bank	24,000
Furniture	3,000	Bills payable	6,000
Land and Buildings	30,000

During the year he withdrew Rs. 15,000 for his personal use. He introduced further capital of Rs. 20,000 during the year. Calculate his profit or loss.

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

Multiple Choice Question

10 x 1 = 10

11.

Total opening balances of assets and liabilities are Rs. 10,000 and Rs. 5,000 respectively. Find out the opening capital of the business ___________

(a)

Rs. 10,000

(b)

Rs. 5,000

(c)

Rs. 15,000

(d)

Rs. 50,00,000

12.

Closing capital can be found by preparing a statement affairs at the _____ of the year.

(a)

opening

(b)

end

(c)

centre

(d)

none of these

13.

Incomplete records are those records which are not kept under ____ system

(a)

Single entry

(b)

Double entry

(c)

Book keeping

(d)

none of these

14.

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

15.

The different between the total of assets and total of liabilities is taken as __________

(a)

drawings

(b)

capital

(c)

profit

(d)

loss

16.

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

17.

What is the amount of capital of the proprietor, if his assets are Rs. 85,000 and liabilities are Rs. 21,000?

(a)

Rs. 85,000

(b)

Rs. 1,06,000

(c)

Rs. 21,000

(d)

Rs. 64,000

18.

The amount of credit sales can be computed from

(a)

Total debtors account

(b)

Total creditors account

(c)

Bills receivable account

(d)

Bills payable account

19.

Statement of affairs is a

(a)

Statement of income and expenditure

(b)

Statement of assets and liabilities

(c)

Summary of cash transactions

(d)

Summary of credit transactions

20.

Incomplete records are generally maintained by

(a)

A company

(b)

Government

(c)

Small sized sole trader business

(d)

Multinational enterprises

Generic 5

8 x 5 = 40

21.

From the following details of vijay who maintains incomplete records, prepare trading and profit and loss account for the year ended 31^st March 2018 and a Balance sheet as on the date.

Particulars	As on 1.4.2017 Rs.	As on 31.3.2018 Rs.
Sundry Creditors	37,500	43,750
Furniture	2,500	2,500
Cash	6,250	10,000
Sundry debtors	62,500	87,500
Stock	25,000	12,500

Other details:

	Rs.
Drawings	10,000
Discount received	3,750
Discount allowed	2,500
Cash received from sundry debtors	1,35,000
Cash paid to creditors	1,12,500
Sales returns	3,750
Purchase returns	1,250
Sundry expenses paid	8,750

22.

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

23.

M/s Saniya sport equipment does not keep proper records. From the following information, find out profit or loss and also prepare balance sheet for the year ended 31^st December 2017.

Particulars	31.12.2016 Rs.	31.12.2017 Rs.
Cash in hand	6,000	24,000
Bank overdraft	30,000	-
Stock	50,000	80,000
Sundry creditors	26,000	40,000
Sundry debtors	60,000	1,40,000
Bills payable	6,000	12,000
Furniture	40,000	60,000
Bills receivable	8,000	28,000
Machinery	50,000	1,00,000
Investment	30,000	80,000

Drawings Rs. 10,000 per month for personal use, additional capital introduced during the year Rs. 2,00,000. A bad debts Rs. 2,000 and a provision of 5% it to be made on debtors. Outstanding salary 2,400, prepaid insurance Rs. 700, depreciation charged on furniture @ 10% per annum.

24.

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

25.

From the following find out credit sales.

Particulars	Rs.
Opening sundry debtors	50,000
Cash received from sundry debtors	80,000
Discount allowed to sundry debtors	2,000
Sales returns	5,000
Closing sundry debtors	75,000

26.

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.

27.

Differentiate between statement of affairs and balance sheet.

28.

State the differences between double entry system and incomplete records.

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Answers Key:

Generic 2

6 x 2 = 12

**Dr Total Debtors account Cr**
Particulars	Rs.	Particulars	Rs
To Balance b/d	1,00,000	By Cash received	2,30,000
To Credit sales	2,80,000	By Discount allowd	5,000
(Balancing figure)		By Sales returns	25,000
		By Balance c/d	1,20,000
	3,80,000		3,80,000

A Statement of affairs is a Statement showing the assets and liabilities on a particular date. The balance of assets show on the right side and the balance of liabilities on the left side. This Statement resembles a balance Sheet the difference between the total of assets and total of liabilities is taken as Capital.
Capitals = Assets - Liabilities

(i) When accounting records are not strictly maintained according to double entry system, these records are called as incomplete accounting records.
(ii) Generally, cash account and the personal accounts of customers and creditors are maintained fully and other accounts are maintained based on necessity.

Dr. Total creditors account Cr
Particulars	Rs.	Particulars	Rs.
To Cash A/c (paid)	1,60,000	By Balance b/d	50,000
To Returns outward A/c	6,000	By Credit purchases A/c	1,86,000
To Balance c/d	70,000	(balancing figure)
	2,36,000		2,36,000

Format of bills payable account

Dr. Bills payable account Cr.
Particulars	Rs	Particulars	Rs
To Cash / Bank A/c	xxx	By Balance b/d	xxx
(bills payable paid)		(opening balance)
To Sundry creditors A/c	xxx	By Sundry creditors A/c	xxx
(bills payable dishonoured)		(bills accepted)
To Balance c/d	xxx
(closing balance)
	xxx		xxx

**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 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

4 x 3 = 12

1) Nature:
It is an inscientific and insystematic way of recording transaction. Accounting principle and accounting standards are not followed properly.
2) Types of account maintained:
In general only cash and personal account maintained fully. Real account and nominal account are not maintained properly some transaction are correctly omitted.
3) Lack of uniformity:
There is no uniformity in recording the transaction among different Organisation. Different Organisation record their transaction according to their needs and conveniences.
4) Financial Statement may not represents true and fair view:
Due to the incomplete information and inaccurate record of account profit or loss calculated from these records cannot be realised upon. It may not represent true predictability. Assets and liabilities may not represent a true and fair view of financial position.
5) Suitability:
Only the business concerns which have no legal obligation to maintain books of account under double entry System may maintain incomplete record. Hence it may be maintained by small fixed sole traders and partnership items.
6) Mixing up of personal and business transactions:
Generally personal transactions of the owners, are mixed up with the business transaction. For example purchases of goods for own use may be mixed up along with business purchases.

**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

**Statement of affairs of Ganesh as on 31^st March, 2018**
Liabilities	Rs	Assets	Rs
Creditors	9,000	Cash	5,000
Bills payable	6,000	Cash at bank	24,000
Capital (balancing figure)	88,000	Stock of goods	18,000
		Debtors	16,000
		Bills receivable	7,000
		Land and buildings	30,000
		Furniture	3,000
	1,03,000		1,03,000

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

Multiple Choice Question

10 x 1 = 10

11.

(b)
Rs. 5,000

12.

(b)
end

13.

(b)
Double entry

14.

(d)
Rs. 80,000

15.

(b)
capital

16.

(d)
Rs. 20,000

17.

(d)
Rs. 64,000

18.

(a)
Total debtors account

19.

(b)
Statement of assets and liabilities

20.

Generic 5

8 x 5 = 40

21.

Calculation of opening capital

Statement of affairs as on 1.4.2017
Liabilities	Rs.	Assets	Rs.
Sundry creditors	37,500	Furniture	2,500
Opening capital (B/F)	58,750	Cash	6,250
		Sundry Debtors	62,500
		Stock	25,000
	96,250		96,250

Dr. Total Debtors account Cr.
Liabilities	Rs.	Particulars	Rs.
To Balance b/d	62,500	By Cash received	1,35,000
To Credit Sales (B/F)	1,66,250	By Discount allowed	2,500
		By Sales returns	3,750
		By Balance c/d	87,500
	2,28,750		2,28,750

Dr. Total Creditors account Cr.
Liabilities	Rs.	Particulars	Rs.
To Cash paid	1,12,500	By Balance b/d	37,500
To Discount received	3,750	By Credit purchases (B/F)	1,23,750
To Purchase returns	1,250
To Balance c/d	43,750
	1,61,250		1,61,250

Trading and Profit and loss account for the year ended 31.3.2018
Particulars	Rs.	Rs.	Particulars	Rs.	Rs.
To Opening stock		25,000	By Sales	1,66,250
To Purchases	1,23,750		Less: Sales returns	3,750	1,62,500
Less: Purchase returns	1,250	1,22,500
			By Closing stock		12,500
To Gross profit c/d		27,500
		1,75,000			1,75,000
To Discount allowed		2,500	By Gross profits b/d		27,500
To Sundry expenses		8,750	By Discount received		3,750
To Depreciation		125
To Net profit		19,875
(Transferred to capital a/c)		31,250			31,250

Balance sheet as on 31.3.2018
Liabilities	Rs.	Rs.	Assets	Rs.	Rs.
Capital	58,750		Furniture	2,500
Add: Net profit	19,875		Less: Depreciation	125	2,375
	78,625		Cash		10,000
Less: Drawings	10,000	68,625	Sundry debtors		87,500
Sundry creditors		43,750	Closing stock		12,500
		1,12,375			1,12,375

22.

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

23.

Statement of affairs as on 31^st December 2016
Liabilities	Rs.	Assets	Rs.
Bank overdraft	30,000	Cash in hand	6,000
Sundry creditors	26,000	Stock	50,000
Bills payable	6,000	Sundry Debtors	60,000
Capital (Balancing figure)	1,82,000	Furniture	40,000
		Bills receivable	8,000
		Machinery	50,000
		Investment	30,000
	2,44,000		2,44,000

Statement of affairs as on 31^st December 2017
Liabilities	Rs.	Assets	Rs.	Rs.
Sundry creditors	40,000	Cash in hand		24,000
Bills payable	12,000	Stock		80,000
Outstanding salary	2,400	Debtors	1,40,000
Capital (Balancing figure)	4,33,400	Less: Bad debts	2,000
			1,38,000
		Less: Provision @5%	6,900	1,31,100
		Furniture	60,000
		Less: Depreciation @10%	6,000	54,000
		Bills receivable		28,000
		Prepaid insurance		700
		Machinery	1,00,000
		Less: Depreciation @10%	10,000	90,000
		Investment		80,000
	4,87,800			4,87,800

Statement showing profit or loss for the year ending 31st December 2017
Particulars	Rs.
Capital at the end of the year	4,33,400
Add: Drawings during the year (10,000 x 12)	1,20,000
	5,53,400
Less: Additional capital introduced in the year	2,00,000
Adjusted closing capital	3,53,400
Less: Capital in the beginning of the year	1,82,000
Profit for the year 2017	1,71,400

24.

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

25.

Dr Total Debtors account Cr
Particulars	Rs.	Particulars	Rs.
To Balance b/d	50,000	By Cash received	80,000
(opening debtors)		By Discount allowed	2,000
To Credit sales (B/F)	1,12,000	By Sales returns	5,000
		By Balance c/d	75,000
	1,62,000		1,62,000

26.

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

27.

S.No	Basis of distinction	Statement of affairs	Balance Sheet
1.	Objective	Statement of affairs is prepared to find out the capital of the business.	Balance sheet is prepared to ascertain the financial position of the business.
2.	Accounting system	Statement of affairs is prepared when double entry system is not strictly followed	Balance sheet is prepared when accounts are maintained under double entry system.
3.	Basis of preparation	It is not fully based on ledger balances.	It is prepared exclusively on the basis of ledger balances
4.	Reliability	It is not reliable as it is based on incomplete records	It is reliable as it prepared under double entry system.
5.	Missing items	It is difficult to trace the items omitted as complete records are not maintained.	Since both the aspects of all transactions are duly recorded, items omitted can be traced easily.

28.

S.No	Basis of distinction	Double entry system	Incomplete records
1.	Recording of transaction	Both debit and credit aspect of all the transaction are recorded.	Debit and credit aspect of all the transaction are not recorded completely for some transaction. both aspect are entered some transaction are particularly recorded and some transaction are omitted to be.
2.	Type of account maintained	Personal, real and nominal accounts are maintained fully	In General, only personal and cash account are maintained fully real and nominal account are not maintained fully.
3.	Preparation of trial balance	Trial balance can be prepared to check the arithmetical accuracy of the entries made in the books of accounts.	It is difficult to prepared the trial balance to check arithmetical accuracy of entries made in the books of account as the account are incomplete.
4.	Suitability	trading and profit or loss account can be prepared to find out the true profit or loss.	Trading and profit and loss account cannot be prepared with accuracy as complete. information is not available and hence profit or loss found out may not be accurate.
5.	Reliability	Balance sheet can be prepared to know the true financial position.	Balance sheet cannot be prepared with accuracy and true financial position cannot be ascertained. as the asset and liabilities are just estimate and incomplete.