SELECT *
FROM (`youtube_videos`)
WHERE `display_status` = 1
ORDER BY `video_id` desc
LIMIT 1SELECT *
FROM (`youtube_videos`)
WHERE `display_status` = 1
ORDER BY `video_id` desc
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
_____ is suitable only for sole traders and partnership firms.
(a)
Double entry system
(b)
Single entry system
(c)
Both (a) and (b)
(d)
None of these
Statement of assets & liabilities prepared under double entry system is called ___________
(a)
Balance sheet
(b)
Profit & Loss Statement
(c)
Statement of affairs
(d)
Income Statement
Legacy is a
(a)
Revenue expenditure
(b)
Capital expenditure
(c)
Revenue receipt
(d)
Capital receipt
Which of the following is shown in Profit and loss appropriation account?
(a)
Office expenses
(b)
Salary of staff
(c)
Partners’ salary
(d)
Interest on bank loan
In the absence of an agreement, partners are entitled to
(a)
Salary
(b)
Commission
(c)
Interest on loan
(d)
Interest on capital
On revaluation, the increase in the value of assets leads to
(a)
Gain
(b)
Loss
(c)
Expense
(d)
None of these
On revaluation, the increase in liabilities leads to
(a)
Gain
(b)
Loss
(c)
Profit
(d)
None of these
When shares are issued for purchase of assets, the amount should be credited to
(a)
Vendor’s A/c
(b)
Sundry assets A/c
(c)
Share capital A/c
(d)
Bank A/c
9 x 2 = 18
Following are the balances of Shanthi as on 31st December 2018.
Particulars
Rs
Particulars
Rs
Bills receivable
6,000
Sundry creditors
25,000
Bills payable
4,000
Stock
45,000
Machinery
60,000
Debtors
70,000
Furniture
10,000
Cash
4,000
Prepare a statement of affairs as on 31st December 2018 and calculate capital as at that date.
What is a statement of affairs?
What is legacy?
Velan is a partner who withdrew Rs. 20,000 on 1st April 2018. Interest on drawings is charged at 10% per annum. Calculate interest on drawings on 31st December 2018 and pass journal entries by assuming fluctuating capital method.
Define partnership.
Hameed and Govind are partners sharing profits and losses in the ratio of 5:3. They admit John as a partner. John acquires his share 1/5 from Hameed and 1/5 from Govind. Find out the new profit sharing ratio and sacrificing ratio.
Praveena and Dhanya are partners sharing profits in the ratio of 7:3. They admit Malini into the firm. The new ratio among Praveena, Dhanya and Malini is 5:2:3. Calculate the sacrificing ratio.
Raja, Roja and Pooja are partners sharing profits in the ratio of 4:5:3. Roja retires from the firm. Calculate the new profit sharing ratio and gaining ratio.
What is a share?
6 x 3 = 18
From the following details, calculate the capital as on 31st December 2018:
Rs
Capital as on 1st January, 2018
27,500
Goods taken for the personal use of the proprietor
5,000
Profit for the year
10,000
State the differences between double entry system and incomplete records.
From the following Receipts and Payment Account of Trichy Recreation Club, prepare Income and Expenditure Account for the year ended 31.03.2018.d
Receipts
Rs.
Payments
Rs.
To Opening balance
By Furniture purchased
10,000
Cash in hand
11,000
By Rent
2,800
To Dividend received
27,600
By Secretary's honorarium
15,000
To Sale of old newspaper
3,000
By Postage
1,700
To Members’ subscription
31,000
By General expenses
4,350
To Locker rent
8,000
By Printing and Stationery
45,000
To Interest on investments
1,250
By Audit fees
5,000
To Sale of furniture
5,000
By Closing balance
(Book value Rs. 4,400)
Cash in hand
3,000
86,850
86,850
From the following balance sheets of Brindha and Praveena who share profits and losses in the ratio of 3:4, calculate interest on capital at 6% p.a. for the year ending 31st December 2017.
Balance sheet as on 31st December 2017
Liabilities
Rs.
Assets
Rs.
Capital accoun
Sundry assets
80,000
Brindha
30,000
Praveena
40,000
Profit and loss appropriation A/c
10,000
80,000
80,000
On 1st July 2017, Brindha introduced an additional capital of Rs. 6,000 and on 1st October 2017, Praveena introduced Rs. 10,000. Drawings of Brindha and Praveena during the year were Rs. 5,000 and Rs. 7,000 respectively. Profit earned during the year was Rs. 31,000.
State the features of partnership.
For the purpose of admitting a new partner, a firm has decided to value its goodwill at 3 years purchase of the average profit of the last 4 years using weighted average method. Profits of the past 4 years and the respective weights are as follows:
Particulars
2015
2016
2017
2018
Profit (Rs.)
20,000
22,000
24,000
28,000
Weight
1
2
3
4
Compute the value of goodwill.
3 x 5 = 15
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
From the following Receipts and Payments Account of Friends Football club, for the year ending 31st March, 2017, prepare Income and Expenditure Account for the year ending 31st March, 2017 and the Balance sheet as on that date. In the books of Friends Football Club
Dr. Receipts and Payments Account for the year ended 31st March, 2017 Cr.
Receipts
Rs.
Rs.
Payments
Rs.
Rs.
To Balance b/d
By Furniture
7,000
Cash
1,000
By Sports materials purchased
800
Bank
10,000
11,000
By Special dinner expenses
1,500
To Subscriptions
5,000
By Electricity charges
900
To Legacies
6,000
By Balance c/d
To Collection for special
Cash in hand
1,800
dinner
2,000
Cash at bank
12,000
13,800
24,000
24,000
Additional information:
(i) The club had furniture of Rs. 12,000 on 1st April 2016. Ignore depreciation on furniture.
(ii) Subscription outstanding for 2016 - 2017 Rs. 600.
(iii) Stock of sports materials on 31.03.2017 Rs. 100.
(iv) Capital fund as on 1st April 2016 was Rs. 23,000.
Bragathish and Naresh are partners who maintain their capital accounts under fixed capital method. From the following particulars, prepare capital accounts of partners.
Reviews & Comments about 12th Accountancy - Term 1 Model Question Paper
Write your Comment