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Model 5 Mark Book Back Questions (New Syllabus 2020)
12th Standard
Reg.No. :
Accountancy
Time :
01:00:00 Hrs
Total Marks :
60
Part A
12 x 5 = 60
Ananth does not keep his books under double entry system. Find the profit or loss made by him for the year ending 31st March, 2019.
Particulars
31.3.2018
Rs.
31.3.2019
Rs.
Cash at Bank
5,000 (Dr.)
60,000 (Cr.)
Cash in hand
3,000
4,500
Stock of goods
35,000
45,000
Sundry Debtors
1,00,000
90,000
Plant and Machinery
80,000
80,000
Land and Buildings
1,40,000
1,40,000
Sundry Creditors
1,70,000
1,30,000
Ananth had withdrawn Rs. 60,000 for his personal use. He had introduced Rs. 17,000 as capital for expansion of his business. Create a provision of 5% on debtors. Plant and machinery is to be depreciated at 10%.
Following is the Receipts and Payments Account of Salem Recreation Club for the year ended 31st March, 2019 In the books of Salem Recreation Club Receipts and Payments Account for the year ended 31st March, 2019
Dr. Cr.
Receipts
Rs.
Rs.
Payments
Rs.
To Balance b/d:
By Furniture
15,000
Cash in hand
9,000
By Stationery
2,400
To Subscriptions
By Investment
12,500
2018 – 2019
12,500
By Postage
1,000
2019 – 2020
400
12,900
By Balance c/d:
To Proceeds from entertainment
12,000
Cash in hand
3,500
To Sundry receipts
500
34,400
34,400
Additional information:
(i) There are 450 members each paying annual subscription of Rs. 30.
(ii) Stock of stationery on 31st March, 2018 Rs. 300 and on March 31, 2019 Rs. 500.
(iii) Capital fund as on 1st April 2018 was Rs. 9,300.
Prepare income and expenditure account for the year ended 31st March, 2019 and the balance sheet as on that date.
From the following information, prepare capital accounts of partners Rooban and Deri, when their capitals are fixed.
Particulars
Rooban
Rs.
Deri
Rs.
Capital on 1st April, 201
70,000
50,000
Current account on 1st April, 2018 (Cr.)
25,000
15,000
Additional capital introduced
18,000
16,000
Drawings during 2018 – 2019
10,000
6,000
Interest on drawings
500
300
Share of profit for 2018 – 2019
35,000
25,800
Interest on capital
3,500
2,500
Salary
Nil
18,000
Commission
12,000
Nil
Find out the value of goodwill by capitalising super profits:
(a) Normal Rate of Return 10%
(b) Profits for the last four years are Rs. 30,000, Rs. 40,000, Rs. 50,000 and Rs. 45,000.
(c) A non-recurring income of Rs. 3,000 is included in the above mentioned profit of Rs. 30,000.
(d) Average capital employed is Rs. 3,00,000.
Rajan and Selva are partners sharing profits and losses in the ratio of 3:1. Their balance sheet as on 31st March 2017 is as under:
Liabilities
Rs.
Rs.
Assets
Rs.
Capital accounts:
Building
25,000
Rajan
30,000
Furniture
1,000
Selva
16,000
46,000
Stock
20,000
General reserve
4,000
Debtors
16,000
Creditors
37,500
Bills receivable
3,000
Cash at bank
12,500
Profit and loss account
10,000
87,500
87,500
On 1.4.2017, they admit Ganesan as a new partner on the following arrangements:
(i) Ganesan brings Rs. 10,000 as capital for 1/5 share of profit.
(ii) Stock and furniture is to be reduced by 10%, a reserve of 5% on debtors for doubtful debts is to be created.
(iii) Appreciate buildings by 20%.
Prepare revaluation account, partner's capital account and the balance sheet of the firm after admission.
Ramesh, Ravi and Akash are partners who share profits and losses in their capital ratio. Their balance sheet as on 31.12.2017 is as follows:
Balance Sheet as on 31st December, 2017
Liabilities
Rs.
Rs.
Asset
Rs.
Rs.
Capital accounts:
Plant and machinery
45,000
Ramesh
30,000
Stock
22,000
Ravi
30,000
Debtors
15,000
Akash
20,000
80,000
Cash at bank
10,000
General reserve
8,000
Cash in hand
4,000
Creditors
8,000
96,000
96,000
Akash died on 31.3.2018. On the death of Akash, the following adjustments are made:
(i) Plant and machinery is to be valued at Rs. 54,000
(ii) Stock is to be depreciated by Rs. 1,000
(iii) Goodwill of the firm is valued at Rs. 24,000
(iv) Share of profit of Akash is to be calculated from the closing of the last financial year to the date of death on the basis of the average of the three completed years’ profit before death. Profit for 2015, 2016 and 2017 were Rs. 66,000, Rs. 60,000 and Rs. 66,000 respectively.
Prepare the necessary ledger accounts and the balance sheet immediately after the death of Akash.
Divya Ltd. allotted 10,000 equity shares of Rs.10 each at a premium of Rs.2 per share to applicants of 14,000 shares on a pro rata basis. The excess application money will be adjusted towards allotment money. The amount payable was Rs.2 on application, Rs.5 on allotment (including premium of Rs.2 each) and Rs.3 on first call and Rs.2 on final call. Vikas, a shareholder failed to pay the first call and final call on his 300 shares. All the shares were forfeited and out of them 200 shares were reissued @ Rs.9 per share. Pass the necessary journal entries.
From the following particulars, prepare comparative income statement of Arul Ltd.
Particulars
2015-16
Rs.
2016-17
Rs.
Revenue from operations
50,000
60,000
Other income
10,000
30,000
Expenses
40,000
50,000
Prepare common-size statement of financial position for the following particulars of Yasmin Ltd. and Sakthi Ltd.
Particulars
Yasmin Ltd.
Sakthi Ltd.
Rs.
Rs.
I EQUITY AND LIABILITIES
1. Shareholders’ Fund
2,00,000
3,00,000
a) Share capital
3,00,000
60,000
2. Non-current liabilities
Long-term borrowings
1,50,000
1,80,000
3. Current liabilities
Trade payables
1,00,000
60,000
Total
5,00,000
6,00,000
II ASSETS
1. Non-current assets
a) Fixed assets
2,00,000
3,00,000
b) Non - current investments
50,000
1,20,000
2. Current assets
Inventories
2,00,000
90,000
Cash and cash equivalents
50,000
90,000
Total
5,00,000
6,00,000
From the following information calculate debt equity ratio.
Balance Sheet (Extract) as on 31st March, 2019
Particulars
Amount
Rs.
I. EQUITY AND LIABILITIES
1. Shareholders' funds
(a) Share capital
Equity share capital
6,00,000
(b) Reserves and surplus
2,00,000
2. Non-current liabilities
Long-term borrowings (Debentures)
6,00,000
3. Current liabilities
(a) Trade payables
1,60,000
(b) Other current liabilities
Outstanding expenses
40,000
Total
16,00,000
Following is the statement of profit and loss of Padma Ltd. for the year ended 31st March, 2018. Calculate the operating cost ratio.
Statement of Profit and Loss
Particulars
Note No.
Amount Rs.
I. Revenue from operations
15,00,000
II. Other Income
40,000
III. Total revenue (I+II)
15,40,000
IV. Expenses:
Purchases of Stock-in-trade
8,60,000
Changes in inventories
40,000
Employee benefits expense (Salaries)
1,60,000
Other expenses
1
1,70,000
Total expenses
12,30,000
V. Profit before tax (III-IV)
3,10,000
Notes to Accounts
Particulars
Amount Rs.
1. Other expenses
Office and administrative expenses
50,000
Selling and distribution expenses
90,000
Loss on sale of furniture
30,000
1,70,000
The following balance sheet has been prepared from the books of Pearl on 1-4-2018.
Liabilities
Rs.
Assets
Rs.
Capital
2,26,000
Buildings
1,00,000
Sundry creditors:
Furniture
10,000
Maya A/c
24,000
Stock
20,000
Sundry debtors
Peter
50,000
Cash in hand
15,000
Cash at bank
55,000
2,50,000
2,50,000
During the year the following transactions took place.
(a) Wages paid by cash Rs. 2,000
(b) Salaries paid by cheque Rs. 5,000
(c) Cash purchases made for Rs. 3,000
(d) Good purchased on credit from Yazhini Rs. 15,000
(e) Goods sold on credit to Jothi Rs. 25,000
(f) Payment made to Yazhini through NEFT Rs. 5,000
(g) Cash received from Peter Rs. 30,000
(h) Cash sales made for Rs. 6,000
(i) Depreciate buildings at 10%
(j) Closing stock on 31.03.2019 Rs. 15,000
You are required to prepare trading and profit and loss account for the year ended 31-03-2019 and a balance sheet as on that date using Tally.
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