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12th Standard Accountancy English Medium Sample 5 Mark Book Back Questions (New Syllabus 2020) Question Bank Software Sep-29 , 2020

12th Standard Accountancy English Medium Sample 5 Mark Book Back Questions (New Syllabus 2020)

12th Standard Accountancy English Medium Sample 5 Mark Book Back Questions (New Syllabus 2020)

Sample 5 Mark Book Back Questions (New Syllabus 2020)

12th Standard

    Reg.No. :
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Accountancy

Time : 01:00:00 Hrs
Total Marks : 50

    Part A

    10 x 5 = 50

  1. From the following details of Abdul who maintains incomplete records, prepare Trading and Profit and Loss account for the year ended 31st March, 2018 and a Balance Sheet as on the date.

    Particulars 1.4.2017
    Rs.    		 31.3.2018
    Rs.
    Stock 1,00,000 50,000
    Sundry debtors 2,50,000 3,50,000
    Cash 25,000 40,000
    Furniture 10,000 10,000
    Sundry creditors 1,50,000 1,75,000
    Other details:
      Rs.   Rs.
    Drawings 40,000 Cash received from debtors 5,35,000
    Discount received 20,000 Sundry expenses 30,000
    Discount allowed 25,000 Capital as on 1.4.2017 2,35,000
    Cash paid to creditors 4,50,000    

  2. From the following particulars of Chennai Sports Club, prepare Receipts and Payments account for the year ended 31st March, 2018.

    Particulars Rs. Particulars Rs. Rs.
    Opening cash balance as on 1.4.2017 10,000 Subscriptions received    
    Opening bank balance as on 1.4.2017 15,000 2016 – 2017 4,500  
    Interest paid 5,000 2017 – 2018 65,000  
    Depreciation 7,000 2018 – 2019 5,000 74,500
    Upkeep of grounds 22,500 Tournament expenses   12,500
    Life membership fees received 5,500 Tournament fund receipts   15,000
    Bats and balls purchased 13,000 Closing balance of cash
    (31.3.2018)    		   5,000

  3. Bragathish and Naresh are partners who maintain their capital accounts under fixed capital method. From the following particulars, prepare capital accounts of partners.

    Particulars Bragathish
    Rs.

    Naresh
    Rs.
    Capital on 1st April 2018 4,00,000 6,00,000
    Current account on 1st April 2018 20,000(Cr.) 15,000(Dr.)
    Additional capital introduced during the 50,000 Nil
    Drawings made during the year 45,000 60,000
    Interest on drawings 2,000 3,000
    Share of profit for the year 80,000 1,20,000
    Interest on capital 20,000 30,000
    Commission 17,000 Nil
    Salary Nil 38,000

  4. From the following information, compute the value of goodwill by capitalising super profit:
    (a) Capital employed is Rs. 4,00,000
    (b) Normal rate of return is 10%
    (c) Profit for 2016: Rs. 62,000; 2017: Rs. 61,000 and 2018: Rs. 63,000

  5. Ameer and Raja are partners sharing profits in the ratio of 3:2. Their balance sheet is shown as under on 31.12.2018.

    Liabilities Rs. Rs. Assets Rs.
    Capital accounts:     Machinery 60,000
    Ameer 80,000   Furniture 40,000
    Raja 70,000 1,50,000 Debtors 30,000
    Reserve fund   15,000 Stock 10,000
    Creditors   35,000 Prepaid insurance 40,000
          Cash at bank 20,000
        2,00,000   2,00,000

    Rohit is admitted as a new partner who introduces a capital of Rs. 30,000 for his 1/5 share in future profits. He brings Rs. 10,000 for his share of goodwill.
    Following revaluations are made:
    (i) Stock is to be appreciated to Rs. 14,000
    (ii) Furniture is to be depreciated by 5%
    (iii) Machinery is to be revalued at Rs. 80,000
    Prepare the necessary ledger accounts and the balance sheet after the admission.

  6. Charles, Muthu and Sekar are partners, sharing profits in the ratio of 3 : 4 : 2. Their balance sheet as on 31st December, 2018 is as under:

    Liabilities Rs. Rs. Asset Rs.
    Capital accounts:     Furniture 20,000
    Charles 30,000   Stock 40,000
    Muthu 40,000   Debtors 30,000
    Sekar 20,000 90,000 Cash at bank 42,000
    Workmen compensation fund   27,000 Profit and loss A/c (loss)    18,000
    Sundry creditors   33,000    
        1,50,000   1,50,000

    On 1.1.2019, Charles retired from the partnership firm on the following arrangements.
    (i) Stock to be appreciated by 10%
    (ii) Furniture to be depreciated by 5%
    (iii) To provide Rs. 1,000 for bad debts
    (iv) There is an outstanding repairs of Rs. 11,000 not yet recorded
    (v) The final amount due to Charles was paid by cheque
    Prepare revaluation account, partners’ capital account and the balance sheet of the firm after retirement.

  7. Saranya Ltd. issued 20,000 equity shares of  Rs.10 each to the public at par. The details of the amount payable on the shares are as follows:

    On application Rs.3 per share
    On allotment Rs.4 per share
    On first and final call           Rs.3 per share

    Application money was received on 30,000 shares. Excess application money was refunded immediately. Pass journal entries to record the above.

  8. From the following information, calculate trend percentages for Mullai Ltd

    Particulars Rs.in lakhs
      2015-16 2016-17 2017-18
    Revenue from operations 100 120 160
    Other income 20 24 20
    Expenses 20 14 40
    Income tax 30% 30% 30%

  9. Following is the statement of profit and loss of Maria 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   8,00,000
    II. Other Income   20,000
    III. Total revenue (I +II)   8,20,000
    IV. Expenses:    
    Purchases of stock-in-trade   4,50,000
    Changes in inventories   -40,000
    Employee benefits expenses 1 22,000
    Other expenses 2 68,000
    Total expenses   5,00,000
    V. Profit before tax (III-IV)   3,20,000
    Notes to Accounts
    Particulars Amount
    Rs.
    1. Employee benefits expenses  
    Wages (direct) 10,000
    Salaries 12,000
    Total 22,000
    2. Other expenses 20,000
    Selling and distribution expenses 28,000
    Loss on sale of fixed asset 20,000
    Total 68,000

  10. Record the following transactions in Tally.
    1. Robert commenced a transport business with a capital of Rs.1,00,000
    2.  An account was opened with State Bank of India and deposited Rs. 30,000
    3. Purchased furniture by paying cash Rs. 10,000
    4. Goods purchased on credit from Mohaideen for Rs. 20,000
    5. Cash sales made for Rs. 8,000
    6. Goods purchased from Rathinam for Rs. 5,000 and money deposited in CDM
    7. Goods sold to Rony on credit for Rs. 60,000
    8. Money withdrawn from bank for office use Rs. 9,000
    9. Part payment of Rs.10,000 made to Mohaideen by cheque
    10. Rony made part payment of Rs. 5,000 by cash
    11. Salaries paid to staff through ECS Rs. 6,000
    12. Wages of Rs. 3,000 paid by cash
    13. Purchased stationery from Pandian Ltd. on credit Rs. 4,000

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