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ORDER BY `video_id` desc 12th Standard English Medium Accountancy Reduced Syllabus One mark Important Questions with Answer key - 2021(Public Exam ) 12th Standard
Accountancy Part A Opening balance of debtors: Rs. 30,000, cash received: Rs. 1,00,000, credit sales: Rs. 90,000; closing balance of debtors is Rs. 30,000 Rs. 1,30,000 Rs. 40,000 Rs. 20,000 A firm has assets worth Rs. 60,000 and capital Rs. 45,000.Then it's liabilities is _________ Rs. 45,000 Rs. 1,05,000 Rs. 60,000 Rs. 15,000 Creditors on 1.4.2016 was Rs. 80,000 and on 31.3.2017 was Rs. 65,000 cash paid to creditors during the year is Rs. 10,000. Then the credit purchases during the year is ________ Rs. 95,000 Rs. 1,75,000 Rs. 1,95,000 Rs. 1,50,000 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 _______ Rs.1,000 net income Rs.1,000 net loss Rs.2,000 net income Rs.2,000 net loss Capital can be obtained by preparing ____________ Cash Book Statement of Affairs Debtors Account Creditors account Companies cannot keep books on single entry system because of ______________ Tax Properties Legal Provisions Both (a) & (b) None of these Which of the following should not be recorded in the income and expenditure account? Sale of old news papers Loss on sale of asset Honorarium paid to the secretary Sale proceeds of furniture Capital fund also called as ___________ accumulated fund special fund donation fund none of these When fixed capital method is adopted by a partnership firm, which of the following items will appear in capital account? Additional capital introduced Interest on capital Interest on drawings Share of profit The name under which the business of a firm is carried on is called the ____________ Company name Firm name Partnership firm Partner's name X and Yare partners sharing the profits and losses in the ratio of 2:3 with capitals of Rs. 1,20,000 and Rs. 60,000 respectively. Profits for the year are Rs. 9,000. If the partnership deed is silent as to interest on capital. Show how profit is shared among X and Y ____________ Profit X - Rs. 6,000; Y - Rs. 3,000 Profit X - Rs. 3,600; Y - Rs. 5,400 Profit X - Rs. 3,000; Y - Rs. 6,000 Profit X - Rs. 2,000; Y - Rs. 2,600 ______________ is a type of partnership in which the liability of the partners is limited to the entent of their capital contribution. Limited liability partnership Limited assets Partnership deed None of these The average rate of return of similar concerns is considered as Average profit Normal rate of return Expected rate of return None of these The total capitalised value of the business is calculated by capitalising the average profits on the basis of __________ average profit normal rate of return actual capital employed none of these __________ method, goodwill is calculated as certain years of purchase of average profits of the past few years. Simple average method Average profit method Super profit method Annuity method At the time of admission, the goodwill brought by the new partner may be credited to the capital accounts of all the partners the old partners the new partner the sacrificing partne When the value of an asset increases, it results in profit loss income expense In admission undistributed profit or loss is transferred to _________ New partner's capital A/c only Old partner's capital A/c only All the partner's capital accounts None of these The revaluation profits and losses are recorded in the _________ account Capital Revaluation Profit and loss None of these ________ is computed at the time of admission of a new partner. Gaining ratio Capital ratio Sacrificing ratio New ratio At the time of admission of a new partner, revaluation of ______ and _______should be taken up. Capital & Assets Capital & Liabilities Assets & Liabilities Income & Expenses A,B and C enter into a partnership investing Rs. 35000, Rs. 45000 and 55000. Find the their respective shares in annual profit of 40,500 __________ 10500, 13500, 19500 10500, 13500, 18500 10500, 13500, 17500 10500, 13500, 16500 On retirement of a partner, general reserve is transferred to the Capital account of all the partners Revaluation account Capital account of the continuing partners Memorandum revaluation account The profit or loss arising therefrom is transferred to the capital accounts of all the partners in the _____________ New profit sharing ratio Old profit sharing ratio Gaining ratio Sacrificing ratio X, Y and Z are partners in the ratio of 5:3:2 Goodwill is valued at 40,000. If Z retire, the amount of goodwill credited to his capital account is ______________ Rs. 8,000 Rs. 50,000 Rs. 12,000 Rs. 12,000 _____account which is otherwise called profit and loss adjustment account Capital General reserve fund Revaluation Goodwill Partner’s equity is affected due to __________ Retirement of a partner Admission of a partner Death of a partner All of these The proportion in which the continuing partners benefit due to retirement of partner ______________ Sacrificing Ratio Gaining Ratio Both (a) & (b) None of these If the amount due to the outgoing partner is transferred to loan account then he is entitled to interest at _________ until it is paid out. 9% 5% 6% 8% A preference share is one Only (i) is correct Only (ii) is correct Both (i) and (ii) are correct Both (i) and (ii) are incorrect The money raised by issuing shares is called Share capital Dividend Equity capital Share application Equity shares may be issued for cash at ___________ premium discount dividend none of these ____ has perpetual succession and the liability of the members is limited. Company Industry Business Organisation Application money must be at least _____ per cent of the nominal value of the shares. 2 3 5 6 Capital Reserve represents _____ profit. Revenue both 'a' and 'b' Deferred revenue Capital Penalty for delay in refunding application money ___________________ 6% 5% 15% 20% After getting minimum subscription of shares, the company has to allot shares within ___________ days 90 100 110 120 When a shareholder fails to pay the amount due on allotment or on calls, the amount remaining unpaid is known ________ Calls in arrear Calls in advance Capital Reserve None of these Which of the following statements is not true? Notes and schedules also form part of financial statements The tools of financial statement analysis include common-size statement Trend analysis refers to the study of movement of figures for one year The common–size statements show the relationship of various items with somecommon base, expressed as percentage of the common base Preparation of common size statements and computation of ratios are examples of __________ Ratio analysis Vertical analysis Horizontal analysisNone of these None of these _______ is a statement of assets and liabilities which shows the financial position as on a particular date. Financial statement Trial Balance Balance sheet None of these ___________ analysis is useful in judging the credit worthiness financial planning and preparation of budgets. Trend Funds flow Cash flow All of these Current assets excluding inventory and prepaid expenses is called Reserves Tangible assets Funds Quick assets All solvency ratios are expressed in term of Proportion Time Money Percentage _______ is expressed as a quotient. Pure Percentage Statement None of these _______ ratio is an indicator of operational efficiency of an organisation. Net profit Gross profit Operating cost Operating profit Function key F11 is used for Company Features Accounting vouchers Company Configuration None of these All transactions related to receipt either in cash or through bank are recorded using ____________ payment voucher contra voucher receipt voucher sales voucher To change current data from Gateway of Tally press the key _________ F1 F2 F5 F9 _________ are used for recording both cash and credit purchases of goods. Purchase voucher Sales voucher Journal voucher Contra voucher Answers Rs. 20,000 Rs. 15,000 Rs. 95,000 Rs.1,000 net income Statement of Affairs Legal Provisions Sale proceeds of furniture accumulated fund Additional capital introduced Firm name Profit X - Rs. 3,600; Y - Rs. 5,400 Limited liability partnership Normal rate of return normal rate of return Average profit method the sacrificing partne profit Old partner's capital A/c only Capital Sacrificing ratio Assets & Liabilities 10500, 13500, 16500 Capital account of all the partners Old profit sharing ratio Rs. 8,000 Revaluation All of these Gaining Ratio 9% Both (i) and (ii) are correct Share capital premium Company 5 Capital 15% 120 Calls in arrear Trend analysis refers to the study of movement of figures for one year Vertical analysis Balance sheet Funds flow Quick assets Proportion Pure Operating profit Company Features receipt voucher F2 Purchase voucher
12th Standard English Medium Accountancy Reduced Syllabus One mark Important Questions with Answer key - 2021(Public Exam )
Question Bank Software Feb-27 , 2021
12th Standard English Medium Accountancy Reduced Syllabus One mark Important Questions with Answer key - 2021(Public Exam )
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(i) which carries preferential right with respect to payment of dividend at fixed rate
(ii) which carries preferential right with respect to repayment of capital on winding up
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