12th Standard Accountancy State Board (Tamilnadu) - study material, free online tests, previous year question papers, answer keys, topper answers, centum question paper, exam tips

TN 12th Accountancy Theories of Employment and Income 50 Important 1 Marks Questions With Answers ( Book Back and Creative ) - by Sneha - Jul 29, 2024 - View & Read

TN 12th Accountancy Retirement and Death of a Partner Important 2 Marks Questions With Answers ( Book Back and Creative ) - by Sneha - Jul 29, 2024 - View & Read

TN 12th Accountancy Retirement and Death of a Partner 50 Important 1 Marks Questions With Answers ( Book Back and Creative ) - by Sneha - Jul 29, 2024 - View & Read

TN 12th Accountancy Ratio Analysis Important 2 Marks Questions With Answers ( Book Back and Creative ) - by Sneha - Jul 29, 2024 - View & Read

TN 12th Accountancy Ratio Analysis 50 Important 1 Marks Questions With Answers ( Book Back and Creative ) - by Sneha - Jul 29, 2024 - View & Read

TN 12th Accountancy National Income 50 Important 1 Marks Questions With Answers ( Book Back and Creative ) - by Sneha - Jul 29, 2024 - View & Read

TN 12th Accountancy Monetary Economics Important 2,3 & 5 Marks Questions With Answers ( Book Back and Creative ) - by Sneha - Jul 29, 2024 - View & Read

TN 12th Accountancy Monetary Economics 50 Important 1 Marks Questions With Answers ( Book Back and Creative ) - by Sneha - Jul 29, 2024 - View & Read

TN 12th Accountancy Introduction to Statistical Methods and Econometrics 50 Important 1 Marks Questions With Answers ( Book Back and Creative ) - by Sneha - Jul 29, 2024 - View & Read

TN 12th Accountancy Introduction to Macro Economics 50 Important 1 Marks Questions With Answers ( Book Back and Creative ) - by Sneha - Jul 29, 2024 - View & Read

TN 12th Accountancy International Economics 50 Important 1 Marks Questions With Answers ( Book Back and Creative ) - by Sneha - Jul 29, 2024 - View & Read

TN 12th Accountancy Goodwill In Partnership Accounts Important 2 Marks Questions With Answers ( Book Back and Creative ) - by Sneha - Jul 29, 2024 - View & Read

TN 12th Accountancy Goodwill In Partnership Accounts 50 Important 1 Marks Questions With Answers ( Book Back and Creative ) - by Sneha - Jul 29, 2024 - View & Read

TN 12th Accountancy Financial Statement Analysis Important 2 Marks Questions With Answers ( Book Back and Creative ) - by Sneha - Jul 29, 2024 - View & Read

TN 12th Accountancy Financial Statement Analysis 50 Important 1 Marks Questions With Answers ( Book Back and Creative ) - by Sneha - Jul 29, 2024 - View & Read

TN 12th Accountancy Computerised Accounting System - Tally Important 2 Marks Questions With Answers ( Book Back and Creative ) - by Sneha - Jul 29, 2024 - View & Read

TN 12th Accountancy Company Accounts Important 2 Marks Questions With Answers ( Book Back and Creative ) - by Sneha - Jul 25, 2024 - View & Read

TN 12th Accountancy Company Accounts 50 Important 1 Marks Questions With Answers ( Book Back and Creative ) - by Sneha - Jul 25, 2024 - View & Read

TN 12th Accountancy Admission of a Partner Important 2 Marks Questions With Answers ( Book Back and Creative ) - by Sneha - Jul 25, 2024 - View & Read

TN 12th Accountancy Admission of a Partner 50 Important 1 Marks Questions With Answers ( Book Back and Creative ) - by Sneha - Jul 25, 2024 - View & Read

TN 12th Accountancy Accounts of Partnership Firms-Fundamentals Important 2 Marks Questions With Answers ( Book Back and Creative ) - by Sneha - Jul 25, 2024 - View & Read

TN 12th Accountancy Accounts of Partnership Firms-Fundamentals 50 Important 1 Marks Questions With Answers ( Book Back and Creative ) - by Sneha - Jul 25, 2024 - View & Read

TN 12th Accountancy Accounts of Not-For-Profit Organisation Important 2 Marks Questions With Answers ( Book Back and Creative ) - by Sneha - Jul 25, 2024 - View & Read

TN 12th Accountancy Accounts of Not-For-Profit Organisation 50 Important 1 Marks Questions With Answers ( Book Back and Creative ) - by Sneha - Jul 25, 2024 - View & Read

TN 12th Accountancy Accounts From Incomplete Records Important 2 Marks Questions With Answers ( Book Back and Creative ) - by Sneha - Jul 25, 2024 - View & Read

TN 12th Accountancy Accounts From Incomplete Records 50 Important 1 Marks Questions With Answers ( Book Back and Creative ) - by Sneha - Jul 25, 2024 - View & Read

Stateboard 12th Standard Accountancy Subject Public Question Paper - March 2022 updated Previous Year Question Papers - by QB Admin - May 13, 2022 - View & Read

Stateboard 12th Standard Accountancy Subject English Medium Public Answer Key- March 2022 updated Previous Year Question Papers - by QB Admin - May 13, 2022 - View & Read

Stateboard 12th Standard Accountancy Subject English Medium Public Answer Key - March 2022 updated Previous Year Question Papers - by QB Admin - May 13, 2022 - View & Read

12th Standard English Medium Accountancy Subject Ratio Analysis Creative 3 Mark Questions with Solution Part - I updated Creative Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
What is functional classifications of rational analysis? and types of functional classification.
2)
Write a short note on
(i) Proprietary ratio
(ii) Capital gearing ratio
3)
What is Credit payment period?
4)
The current assets of Maxell Ltd. are Rs.10,00,000 and its current liabilities are Rs.4,00,000. Find its current ratio. It is satisfactory? What value is exhibited by the company on maintaining such a ratio?
5)
Sai Ltd had a current ratio of 3.5:1 and quick ratio of 2:1. If the excess of current assets over quick assets as represented by inventory is Rs.1,50,000. calculate current assets and current liabilities. Which value can be associated with the business having such current ratio and quick ratio?

12th Standard English Medium Accountancy Subject Ratio Analysis Creative 3 Mark Questions with Solution Part - II updated Creative Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
Explain the traditional classifications of ratio analysis.
2)
Write a note an Long-term solvency ratios.
3)
What do you mean by debt collection period?
4)
Write a short note on
(i) Gross profit ratio
(ii) Net profit ratio
5)
Write the values which can be associated with a company which carries ratio analysis on its financial statements.

12th Standard English Medium Accountancy Subject Accounts From Incomplete Records Creative 5 Mark Questions with Solution Part - I updated Creative Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
Calculate the missing information:

Particulars Rs.

Closing capital 32,000

Drawings 4,800

Additional capital 8,000

Profit made during the year 9,600

Particulars	Rs.
Closing capital	32,000
Drawings	4,800
Additional capital	8,000
Profit made during the year	9,600

2)

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

3)

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

4)

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.

5)

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

12th Standard English Medium Accountancy Subject Accounts From Incomplete Records Creative 5 Mark Questions with Solution Part - II updated Creative Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
What shall be the profits of the concern if:

Particulars Rs.

Opening capital 1,60,000

Closing capital 1,80,000

Drawings 36,000

Additional capital 10,000

Particulars	Rs.
Opening capital	1,60,000
Closing capital	1,80,000
Drawings	36,000
Additional capital	10,000

2)

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.

3)

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

4)

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

5)

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

12th Standard English Medium Accountancy Subject Accounts From Incomplete Records Book Back 1 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
Incomplete records are generally maintained by
2)
Opening statement of affairs is usually prepared to find out the
3)
Which of the following items relating to bills payable is transferred to total creditors account?
4)
Which one of the following statements is not true in relation to incomplete records?
5)
When capital in the beginning is Rs. 10,000, drawings during the year is Rs. 6,000, profit made during the year is Rs. 2,000 and the additional capital introduced is 3,000, find out the amount of capital at the end

12th Standard English Medium Accountancy Subject Accounts From Incomplete Records Book Back 1 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
Statement of affairs is a
2)
The excess of assets over liabilities is
3)
The amount of credit sales can be computed from
4)
What is the amount of capital of the proprietor, if his assets are Rs. 85,000 and liabilities are Rs. 21,000?
5)
Opening balance of debtors: Rs. 30,000, cash received: Rs. 1,00,000, credit sales: Rs. 90,000; closing balance of debtors is

12th Standard English Medium Accountancy Subject Accounts of Not-For-Profit Organisation Book Back 1 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
Receipts and payments account records receipts and payments of
2)
Income and expenditure account is a
3)
Which of the following should not be recorded in the income and expenditure account?
4)
Legacy is a
5)
There are 500 members in a club each paying Rs. 100 as annual subscription. Subscription due but not received for the current year is Rs. 200; Subscription received in advance is Rs. 300.Find out the amount of subscription to be shown in the income and expenditure account

12th Standard English Medium Accountancy Subject Accounts of Not-For-Profit Organisation Book Back 1 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
Receipts and payments account is a
2)
Balance of receipts and payments account indicates the
3)
Income and Expenditure Account is prepared to find out
4)
Subscription due but not received for the current year is
5)
Donations received for a specific purpose is

12th Standard English Medium Accountancy Subject Accounts of Partnership Firms-Fundamentals Book Back 1 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
In the absence of a partnership deed, profits of the firm will be shared by the partners in
2)
As per the Indian Partnership Act, 1932, the rate of interest allowed on loans advanced by partners is
3)
When fixed capital method is adopted by a partnership firm, which of the following items will appear in capital account?
4)
Which of the following is the incorrect pair?
5)
Pick the odd one out

12th Standard English Medium Accountancy Subject Accounts of Partnership Firms-Fundamentals Book Back 1 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
In the absence of an agreement among the partners, interest on capital is
2)
Which of the following is shown in Profit and loss appropriation account?
3)
When a partner withdraws regularly a fixed sum of money at the middle of every month, period for which interest is to be calculated on the drawings on an average is
4)
In the absence of an agreement, partners are entitled to
5)
Profit after interest on drawings, interest on capital and remuneration is Rs. 10,500. Geetha, a partner, is entitled to receive commission @ 5% on profits after charging such commission. Find out commission.

12th Standard English Medium Accountancy Subject Goodwill In Partnership Accounts Book Back 1 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
Which of the following statements is true?
2)
Super profit is the difference between
3)
When the average profit is Rs. 25,000 and the normal profit is Rs. 15,000, super profit is __________
4)
Book profit of 2017 is Rs. 35,000; non-recurring income included in the profit is Rs. 1,000 and abnormal loss charged in the year 2017 was Rs. 2,000, then the adjusted profit is __________
5)
The total capitalised value of a business is Rs. 1,00,000; assets are Rs. 1,50,000 and liabilities are Rs. 80,000. The value of goodwill as per the capitalisation method will be

12th Standard English Medium Accountancy Subject Goodwill In Partnership Accounts Book Back 1 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
Super profit is the difference between
2)
The average rate of return of similar concerns is considered as
3)
Which of the following is true?
4)
Identify the incorrect pair
5)
When the average profit is Rs. 25,000 and the normal profit is Rs. 15,000, super profit is __________

12th Standard English Medium Accountancy Subject Admission of a Partner Book Back 1 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
On revaluation, the increase in the value of assets leads to
2)
If the old profit sharing ratio is more than the new profit sharing ratio of a partner, the difference is called
3)
Which of the following statements is not true in relation to admission of a part _________.
4)
Select the odd one out
5)
Balaji and Kamalesh are partners sharing profits and losses in the ratio of 2:1. They admit Yogesh into partnership. The new profit sharing ratio between Balaji, Kamalesh and Yogesh is agreed to 3:1:1. Find the sacrificing ratio between Balaji and Kamalesh.

12th Standard English Medium Accountancy Subject Admission of a Partner Book Back 1 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
Revaluation A/c is a
2)
The profit or loss on revaluation of assets and liabilities is transferred to the capital account of
3)
At the time of admission, the goodwill brought by the new partner may be credited to the capital accounts of

4)

Match List I with List II and select the correct answer using the codes given below:

List I	List II
(i) Sacrificing ratio	1. Investment fluctuation fund
(ii) Old profit sharing ratio	2. Accumulated profit
(iii) Revaluation Account	3. Goodwill
(iv) Capital Account	4. Unrecorded liability

5)
James and Kamal are sharing profits and losses in the ratio of 5:3. They admit Sunil as a partner giving him 1/5 share of profits. Find out the sacrificing ratio.

12th Standard English Medium Accountancy Subject Retirement and Death of a Partner Book Back 1 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
A partner retires from the partnership firm on 30^th June. He is liable for all the acts of the firm up to the
2)
On retirement of a partner, general reserve is transferred to the
3)
At the time of retirement of a partner, determination of gaining ratio is required
4)
‘ A’ was a partner in a partnership firm. He died on 31^st March 2019. The final amount due to him is Rs. 25,000 which is not paid immediately. It will be transferred to
5)
A, B and C are partners sharing profits in the ratio of 4:2:3. C retires. The new profit sharing ratio between A and B will be

12th Standard English Medium Accountancy Subject Retirement and Death of a Partner Book Back 1 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
On retirement of a partner from a partnership firm, accumulated profits and losses are distributed to the partners in the
2)
On revaluation, the increase in liabilities leads to
3)
If the final amount due to a retiring partner is not paid immediately, it is transferred to
4)
A, B and C are partners sharing profits in the ratio of 2:2:1. On retirement of B, goodwill of the firm was valued as Rs. 30,000. Find the contribution of A and C to compensate B:
5)
X, Y and Z were partners sharing profits and losses equally. X died on 1st April 2019. Find out the share of X in the profit of 2019 based on the profit of 2018 which showed Rs. 36,000.

12th Standard English Medium Accountancy Subject Company Accounts Book Back 1 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
That part of share capital which can be called up only on the winding up of a company is called:
2)
After the forfeited shares are reissued, the balance in the forfeited shares account should be transferred to
3)
Which of the following statement is false?

4)

Match the pair and identify the correct option

(1) Under subscription	(i) Amount prepaid for calls
(2) Over subscription	(ii) Subscription above the offered shares
(3) Calls in arrear	(iii) Subscription below the offered shares
(4) Calls in advance	(iv) Amount unpaid on calls

5)
Supreme Ltd. forfeited 100 shares of Rs.10 each for non-payment of final call of Rs.2 per share. All these shares were re-issued at Rs.9 per share. What amount will be transferred to capital reserve account?

12th Standard English Medium Accountancy Subject Company Accounts Book Back 1 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
A preference share is one
(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
2)
At the time of forfeiture, share capital account is debited with
3)
The amount received over and above the par value is credited to
4)
When shares are issued for purchase of assets, the amount should be credited to
5)
If a share of Rs.10 on which Rs.8 has been paid up is forfeited. Minimum reissue price is

12th Standard English Medium Accountancy Subject Financial Statement Analysis Book Back 1 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
Balance sheet provides information about the financial position of a business concern
2)
The financial statements do not exhibit
3)
The term ‘fund’ refers to
4)
A limited company’s sales has increased from Rs.1,25,000 to Rs.1,50,000. How does this appear in comparative income statement?
5)
Expenses for a business for the first year were Rs. 80,000. In the second year, it was increased to Rs. 88,000. What is the trend percentage in the second year?

12th Standard English Medium Accountancy Subject Financial Statement Analysis Book Back 1 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
Which of the following statements is not true?
2)
Which of the following tools of financial statement analysis is suitable when data relating to several years are to be analysed?
3)
Which of the following is not a tool of financial statement analysis?
4)
Which of the following statements is not true?
5)
In a common-size balance sheet, if the percentage of non-current assets is 75, what would be the percentage of current assets?

12th Standard English Medium Accountancy Subject Ratio Analysis Book Back 1 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
To test the liquidity of a concern, which of the following ratios are useful?
(i) Quick ratio
(ii) Net profit ratio
(iii) Debt-equity ratio
(iv) Current ratio
Select the correct answer using the codes given below:
2)
Proportion of share holder's funds to total assets is called
3)
Which one of the following is not correctly matched?
4)
Current liabilities Rs. 40,000; Current assets Rs. 1,00,000 ; Inventory Rs. 20,000. Quick ratio is
5)
Cost of revenue from operations Rs. 3,00,000; Inventory in the beginning of the year Rs. 60,000; Inventory at the close of the year Rs. 40,000. Inventory turnover ratio is

12th Standard English Medium Accountancy Subject Ratio Analysis Book Back 1 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
The mathematical expression that provides a measure of the relationship between two figures is called
2)
Current ratio indicates
3)
Current assets excluding inventory and prepaid expenses is called
4)
Debt equity ratio is a measure of

5)

Match List I with List II and select the correct answer using the codes given below:

List I	List II
(i) Current ratio	1. Liquidity
(ii) Net profit ratio	2. Efficiency
(iii) Debt-equity ratio	3. Long term solvency
(iv) Inventory turnover ratio	4. Profitability

12th Standard English Medium Accountancy Subject Computerized Accounting System - Tally Book Back 1 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
Which is not the default group in Tally?
2)
Salary account comes under which of the following head?
3)
Rs. 25,000 withdrawn from bank for office use. In which voucher type, this transaction will be recorded?
4)
In which voucher type credit purchase of furniture is recorded in Tally
5)
Which of the following options is used to view Trial Balance from Gateway of Tally?

12th Standard English Medium Accountancy Subject Computerized Accounting System - Tally Book Back 1 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
Accounting report prepared according to the requirements of the user is
2)
Function key F11 is used for
3)
Which submenu displays groups, ledgers and voucher types in Tally?
4)
What are the predefined Ledger(s) in Tally?
(i) Cash
(ii) Profit & Loss A/c
(iii) Capital A/c
5)
Contra voucher is used for

12th Standard English Medium Accountancy Subject Accounts From Incomplete Records Book Back 2 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)

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

2)
State the accounts generally maintained by small sized sole trader when double entry accounting system is not followed.

3)

From the following particulars ascertain profit or loss:

Particulars	Rs.
Capital at the beginning of the year (1^stApril, 2018)	5,00,000
Capital at the end of the year (31^st March, 2019)	8,50,000
Additional capital introduced during the year	1,20,000
Drawings during the year	70,000

4)

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

5)
From the following details, calculate credit purchases

Particulars Rs.

Opening creditors 1,70,000

Purchase returns 20,000

Cash paid to creditors 4,50,000

Closing creditors 1,90,000

Particulars	Rs.
Opening creditors	1,70,000
Purchase returns	20,000
Cash paid to creditors	4,50,000
Closing creditors	1,90,000

12th Standard English Medium Accountancy Subject Accounts From Incomplete Records Book Back 2 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)

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

2)

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

3)

From the following particulars, prepare bills receivable account and compute the bills received from the debtors

Particulars	Rs
Opening bills receivable	20,000
Closing bills receivable	30,000
Cash received for bills receivable	60,000
Bills receivable dishonoured	5,000

4)
What is meant by incomplete records?
5)
What is a statement of affairs?

12th Standard English Medium Accountancy Subject Accounts of Not-For-Profit Organisation Book Back 2 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
Write a short note on life membership fees.
2)
Give four examples for revenue receipts of not–for–profit organisation.
3)
Compute income from subscription for the year 2018 from the following particulars relating to a club

Particulars 1.1.2018
Rs. 31.12.2018
Rs.

Outstanding subscription 3,000 5,000

Subscription received in advance 4,000 7,000

Subscription received during the year 2018: Rs.45,000.
4)
Show how the following items appear in the income and expenditure account of Sirkazhi Singers Association?

Rs.

Stock of stationery on 1.4.2018 2,600

Purchase of stationery during the year 6,500

Stock of stationery on 31.3.2018 2,200

Particulars	1.1.2018 Rs.	31.12.2018 Rs.
Outstanding subscription	3,000	5,000
Subscription received in advance	4,000	7,000

	Rs.
Stock of stationery on 1.4.2018	2,600
Purchase of stationery during the year	6,500
Stock of stationery on 31.3.2018	2,200

5)

Compute capital fund of Salem Sports Club as on 1.4.2019.

Particulars	Rs.	Particulars	Rs.
Sports equipment	30,000	Prize fund	10,000
Computer	25,000	Prize fund investments	10,000
Subscription outstanding for 2018-19	5,000	Cash in hand	7,000
Subscription received in advance for 2019-20	8,000	Cash at bank	21,000

12th Standard English Medium Accountancy Subject Accounts of Not-For-Profit Organisation Book Back 2 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
State the meaning of not–for–profit organisation
2)
What is legacy?
3)
Give four examples for capital receipts of not–for–profit organisation.
4)
How will the following items appear in the final accounts of a club for the year ending 31st March 2017? Received subscription of Rs. 40,000 during the year 2016-17. This includes subscription of Rs. 5,000 for 2015 - 16 and Rs. 3,000 for the year 2017-18. Subscription of 1,000 is still outstanding for the year 2016 - 17.
5)
From the following particulars, show how the item ‘subscription’ will appear in the Income and Expenditure Account for the year ended 31-12-2018? Subscription received in 2018 is Rs.50,000 which includes Rs.5,000 for 2017 and Rs.7,000 for 2019. Subscription outstanding for the year 2018 is Rs 6,000. Subscription of Rs.4,000 was received in advance for 2018 in the year 2017.

12th Standard English Medium Accountancy Subject Accounts of Partnership Firms-Fundamentals Book Back 2 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
What is the journal entry to be passed for providing interest on capital to a partner?
2)
Mannan and Ramesh share profits and losses in the ratio of 3:2 and their capital on 1st April, 2018 was Mannan Rs. 1,50,000 and Ramesh Rs. 1,00,000 respectively and their current accounts show a credit balance of Rs. 25,000 and Rs. 20,000 respectively. Calculate interest on capital at 6% p.a. for the year ending 31^st March, 2019 and show the journal entries.
3)
Santhosh is a partner in a partnership firm. As per the partnership deed, interest on drawings is charged at 6% per annum. During the year ended 31st December, 2018 he withdrew as follows:

Date Rs.

February 1 2,000

May 1 10,000

July 1 4,000

October 1 6,000

Calculate the amount of interest on drawing.
4)
Mathew is a partner who withdrew Rs.20,000 during the year 2018. Interest on drawings is charged at 10% per annum. Calculate interest on drawings on 31st December 2018.
5)
Ram and Shyam were partners. Ram withdrew Rs. 18,000 at the beginning of each half year. Interest on drawings is chargeable @ 10% p.a. Calculate interest on the drawings for the year ending 31st December 2018 using average period.

Date	Rs.
February 1	2,000
May 1	10,000
July 1	4,000
October 1	6,000

12th Standard English Medium Accountancy Subject Accounts of Partnership Firms-Fundamentals Book Back 2 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
Mannan and Ramesh share profits and losses in the ratio of 3:1. The capital on 1^stApril 2017 was Rs. 80,000 for Mannan and Rs. 60,000 for Ramesh and their current accounts show a credit balance of Rs. 10,000 and Rs. 5,000 respectively. Calculate interest on capital at 5% p.a. for the year ending 31^st March 2018 and show the journal entries.
2)
The capital account of Arivazhagan and Srinivasan on 1^stJanuary 2017 showed a balance of Rs. 15,000 and Rs. 10,000 respectively. On 1^st July 2017, Arivazhagan introduced an additional capital of Rs. 5,000 and on 1st September 2017 Srinivasan introduced an additional capital of Rs. 10,000. Calculate interest on capital at 6% p.a. for the year ending 31^st December 2017.
3)
Rajan is a partner who withdrew Rs. 30,000 during the year 2018. Interest on drawings is charged at 10% per annum. Calculate interest on drawings on 31st December, 2018.
4)
Vennila and Eswari are partners. Vennila draws Rs.5,000 at the beginning of each half year. Interest on drawings is chargeable at 4% p.a. Calculate interest on drawings for the year ending 31^st December 2018 using average period.
5)
Define partnership.

12th Standard English Medium Accountancy Subject Accounts of Not-For-Profit Organisation Creative 5 Mark Questions with Solution Part - I updated Creative Questions - by Question Bank Software - May 13, 2022 - View & Read

1)

From the Receipt and Payment Account given below, prepare the Income and Expenditure Account of clean Delhi club for the year ended March 31, 2017

Dr Receipt and Payment Account for the year ending March 31^st, 2017 Cr
Receipts	Rs	Payments	Rs
To Balance b/d		By Salary	1,500
Cash in hand	3200	By Rent	800
To Subscriptions	22,500	By Electricity	3,500
To Entrance fees	1,250	By Taxes	1,700
To Donations	2,500	By Printing stationery	380
To Rent of hall	750	By Sundry expenses	920
To Sale of investment	3,000	By Books purchased	7,500
		By Fixed deposit with bank	5,000
		(on31-3-2014)
		By Balance c/d
		Cash in hand 400
		Cash at bank 1,500	1,900
	33,200		33,200

2)

From the following extract of Receipt and Payment Account and the additional information given below, compute the amount of income from subscriptions and show as how they would appear in the Income and Expenditure Account for the year ending March 31^st, 2015 and Balance sheet.

Dr Receipt and Payment Account for the year ending March 31, 2015 Cr
Receipts	Rs	Payments	Rs
Subscription:
2013-14 7,000
2014-15 30,000
2015-16 5,000	42,000

Additional Information:
(i) Subscriptions outstanding March 31, 2014 Rs. 8,500
(ii) Total subscriptions outstanding March 31, 2015 Rs. 18,500
(iii) Subscriptions received in advance as Rs. 4,000 on March 31, 2014.

3)

Following is the receipts and payments accounts of Literacy club for the year ended 31^stMarch 2016

Receipts	Rs.	Rs.	Payments	Rs.
To Balance c/d		19,550	By Salary	3,000
			By News papers	2,050
To Subscribtions			By Electricity bill	1,000
2014·2015	1,200		By Fixed deposit	20,000
2015·2016	26,500		(on 1^st July, 2015 @
	500		9% per annum
		28,200	By Books	10,600
			By Rent	6,800
To slae old news paper		1,250	By Furniture	10,500
To Government grants		10,000	By Balance dd	11,200
To sale of old furniture		5,700
(book value Rs.7,000)
To interest on fixed deposits		450
		65,150		65,150

Additional information:
(i) Subscription outstanding as on 31^stMarch, 2015 were Rs. 2000 and on 31^stMarch, 2016 Rs. 2,500.
(ii) On 31^stMarch, 2016 Salary outstanding was Rs. 600 and rent outstanding was Rs. 1,200.
(iii) The club owned furniture Rs. 15,000 and books Rs. 7,000 on 1st April, 2015. Prepare income and expenditure account of the dub for the year ended 31^stMarch 2016 and as certain capital fund on 31^stMarch, 2015. Also prepare a balance sheet as on 31^stMarch, 2016.

4)

From the following Receipts and Payments Account of Trichy, Rotary club, prepare Income and Expenditure Account for the year ended 31.03.2019

Receipts	Rs	Paymenta	Rs
To Opening Balance		By Furniture Purchased	10,000
Cash in hand	11,000	By Rent	2,800
To Sale of old newspaper	3,600	By Postage	1,700
To Member's 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
		Cash in hand	3,000

5)

How will the following appear in the final account of a club for the year 2017-2018?

Particulars	Rs
Prize fund on 1.4.2017	50,000
Prize fund investment on 1.4.2017	50,000
Interest received on prize fund investment	5,000
Prizes distributed	6,000
Donation received for prize fund	10,000

12th Standard English Medium Accountancy Subject Goodwill In Partnership Accounts Book Back 2 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
A partnership firm has decided to value its goodwill for the purpose of settling a retiring partner. The profits of that firm for the last four years were as follows:
2015: Rs. 40,000; 2016: Rs. 50,000; 2017: Rs. 48,000 and 2018: Rs. 46,000
The business was looked after by a partner. No remuneration was paid to him. The fair remuneration of the partner valued at comes to Rs. 6,000 per annum.
Find out the value of goodwill, if it is valued on the basis of three years purchase of the average profits of the last four years
2)
The following are the profits of a firm in the last five years:
2014: Rs. 10,000; 2015: Rs. 11,000; 2016: Rs. 12,000; 2017: Rs. 13,000 and 2018: Rs. 14,000
Calculate the value of goodwill at 2 years purchase of average profit of five years.
3)
What is goodwill?
4)
What is super profit?
5)
State any two circumstances under which goodwill of a partnership firm is valued.

12th Standard English Medium Accountancy Subject Accounts of Not-For-Profit Organisation Creative 5 Mark Questions with Solution Part - II updated Creative Questions - by Question Bank Software - May 13, 2022 - View & Read

1)

From the following Receipt and Payment Account for the year ending 31^stMarch 2015 of crickets club. Prepare Income and Expenditure Account for the same period:

Dr Receipt and Payment Account for the year ending March 31, 2015 Cr
Receipts	Rs	Payments	Rs
To Balance c/d	25,000	By Purchase of furniture (1.7.14)	5,000
Bank	25,000	By Salaries	2,000
To Subscriptions		By Electricity charges	600
2014 1,500		By Postage and stationery	150
2015 10,000		By Purchase of books	2,500
2016 500	12,000	By Entertainment expenses	900
To Donation	2,000	papers (1.7.14	8000
To Hall rent	300	By Miscellaneous expenses	600
To Interest on bank deposits	450	By Balance c/d
To Entrance fees	1,000	Cash	300
		Bank	20,400
	40,750		40,750

The following additional information is available:
(i) Salaries outstanding Rs. 1,500
(ii) Entertainment expenses outstanding Rs. 500
(Hi) Bank interest receivable Rs. 150
(iv) Subscription accrued Rs. 400
(v) 50 percent of entrance fees is to capitalised
(vi) Furniture is to be depreciated at 10percent per annum

2)

From the following balances prepare a balance sheet as on 31^st1March 2016.

Rs
Cash in hand	12,000
Cash at bank	8,000
Books	16,000
Billiard Table	24,000
Furniture	30,000
Investment	30,000
Prepaid expenses	20,000
Building	1,00,000
Outstanding expenses	40,000
Subscription received in advance	24,000
Subscription accrued	20,000
Surplus (Income over
expenditure)	20,000

3)

Following is the receipts and payments accounts of Literacy club for the year ended 31^stMarch 2016

Receipts	Rs.	Rs.	Payments	Rs.
To Balance c/d		19,550	By Salary	3,000
			By News papers	2,050
To Subscribtions			By Electricity bill	1,000
2014·2015	1,200		By Fixed deposit	20,000
2015·2016	26,500		(on 1^st July, 2015 @
	500		9% per annum
		28,200	By Books	10,600
			By Rent	6,800
To slae old news paper		1,250	By Furniture	10,500
To Government grants		10,000	By Balance dd	11,200
To sale of old furniture		5,700
(book value Rs.7,000)
To interest on fixed deposits		450
		65,150		65,150

Additional information:
(i) Subscription outstanding as on 31^stMarch, 2015 were Rs. 2000 and on 31^stMarch, 2016 Rs. 2,500.
(ii) On 31^stMarch, 2016 Salary outstanding was Rs. 600 and rent outstanding was Rs. 1,200.
(iii) The club owned furniture Rs. 15,000 and books Rs. 7,000 on 1st April, 2015. Prepare income and expenditure account of the dub for the year ended 31^stMarch 2016 and as certain capital fund on 31^stMarch, 2015. Also prepare a balance sheet as on 31^stMarch, 2016.

4)

From the following particulars of Chennai educational society, prepare Receipts and Payments Z account for the year ended 31^st December, 2018

Particulars	Rs	Particulars	Rs
Opening balance as on 1.1.2018	20,000	Lockers rent received	12,000
Investments made	80,000	Sale of furniture	5,000
Honorarium paid	3,000	General expenses	7,000
Donation received	80,000	Postage	1,000
Audit fees paid	2,000	Subscription receive	10,000

5)

How will the following items appear in the final accounts of sports club.

Particulars	Rs
Stock of sports materials (1.4.2019)	3,000
Sports materials purchased during
current year	9,000
Sale of old sports materials during
current year	500
Stock of sports materials (31.3 .20 19)	4,000

12th Standard English Medium Accountancy Subject Accounts of Partnership Firms-Fundamentals Creative 5 Mark Questions with Solution Part - I updated Creative Questions - by Question Bank Software - May 13, 2022 - View & Read

1)

Write up the capital and current accounts of the partners, Kannagi and vasugi from the following details.

Particulars	Kannagi Rs.	Vasugi Rs.
Capital on 1.4.2018	1,00,000	60,000
Current Alc on 1.4.2018	3,000(Dr)	2,000(Cr)
Drawing during 2018-19	8,000	5,000
Interest on capital	5,000	3,000
Interest in drawings	240	150
Share of profit 2018-19	12,000	10,000
Partner's salary	4,000	-

2)
Mala,Kala and Ratna share profits and losses in the ratio of 3: 2:1. The capital on 1^st April 2017 was Rs.90,000 for Mala, 75,000 for Kala and Rs.60,000 for Ratna and their current accounts show a credit balance of Rs.15,000,10,000 and Rs.5000 respectively. Calculate interest on capital at 5% p.a for the year ending 31^st march 2018 and show the journal entries.
3)
Anusha and Barathi contribute Rs.2,00,000 and Rs.1,00,000 respectively as capital. Their respective share of profit is 3:2 and the profit before interest on capital for the year is Rs.27,000. Compute the amount of interest on capital in each of the following situations:
(i) If the partnership deed is silent as to the interest on capital
(ii) If interest on capital @ 3% is allowed as per the partnership deed
(iii) If the partnership deed allows interest on capital @ 5% p.a.
4)
Kala is a partner in a partnership firm. As per partnership deed, interest on drawings is charged at 12% p.a. During the year ended 31^stDecember 2018. She drew as follows.

Date Rs.

March 1 12,000

June 1 8,000

September 1 10,000

December 1 4,000

Calculate the amount of interest on drawings by using produce method

Date	Rs.
March 1	12,000
June 1	8,000
September 1	10,000
December 1	4,000

5)

From the following balance sheets of Subha and Sudha who share profits and losses equally. Calculate interest on capital at 6% p.a for the year ending 31^st December 2017.

Balance sheet as.on 31st December 2017
Liabilities	Rs.	Assets	Rs.
Capital accounts:		Fixed assets	60,000
Subha	30,000	Current assets	20,000
Sudha	40,000
P&L App A/C	10,000

P&L App A/C	80,000		80,000

Drawing of Shubha and Sudha during the year were Rs.5,000 and Rs.7,000 respectively profit earned during the year was Rs.30,000.

12th Standard English Medium Accountancy Subject Accounts of Partnership Firms-Fundamentals Creative 5 Mark Questions with Solution Part - II updated Creative Questions - by Question Bank Software - May 13, 2022 - View & Read

1)

From the following information, prepare capital accounts of partners Manoj and Seran, when their capitals are fluctuating

Particulars	Manoj Rs.	Seran Rs.
Capital on 1^st January 2018 ( Cr. balance)	1,00,000	87,500
Drawings during 2018	20,000	17,500
Interest on drawings	500	250
Share of profit for 2018	10,500	8,250
Interest on capital	6,000	5,250
Salary	9,000	Nil
Commission	Nil	1250

2)

From the following balance sheets of Subha and Sudha who share profits and losses equally. Calculate interest on capital at 6% p.a for the year ending 31^st December 2017.

Balance sheet as.on 31st December 2017
Liabilities	Rs.	Assets	Rs.
Capital accounts:		Fixed assets	60,000
Subha	30,000	Current assets	20,000
Sudha	40,000
P&L App A/C	10,000

	80,000		80,000

Drawing of Shubha and Sudha during the year were Rs.5,000 and Rs.7,000 respectively profit earned during the year was Rs.30,000.

3)
Anusha and Barathi contribute Rs.2,00,000 and Rs.1,00,000 respectively as capital. Their respective share of profit is 3:2 and the profit before interest on capital for the year is Rs.27,000. Compute the amount of interest on capital in each of the following situations:
(i) If the partnership deed is silent as to the interest on capital
(ii) If interest on capital @ 3% is allowed as per the partnership deed
(iii) If the partnership deed allows interest on capital @ 5% p.a.
4)
Arul is a partner in a partnership firm. As per the partnership deed, interest on drawing is charged at 6%p.a. During the year ended on 31^st December 2018 he drew as follows.

Date Rs.

March 1 3,000

June 1 2,000

September 1 5,000

December 1 4,000

Calculate the amount of interest on drawings under any 2 methods
5)
Durga and Preethi entered into a partnership agreement on 1st April 2018, Durga contributing Rs.50,000 and Preethi Rs.60,000 as capital. The agreement provided that:
(a) Profits and losses to be shared in the ratio 3:2 as between Durga and Preethi.
(b) Partners to be entitled to interest on capital @ 5% p.a.
(c) Interest on drawings to be charged Durga Rs.600 Velan Rs.900
(d) Durga to receive a salary Rs.10,000 for the year and
(e) Preethi to receive a commission of Rs.4,000 During the year, the firm made a profit of Rs.40,000 before adjustment of interest, salary and commission prepare the profit and loss appropriation account.

Date	Rs.
March 1	3,000
June 1	2,000
September 1	5,000
December 1	4,000

12th Standard English Medium Accountancy Subject Goodwill In Partnership Accounts Book Back 2 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
From the following information, find out the value of goodwill by capitalisation method:
(a) Average profit = Rs. 60,000
(b) Normal rate of return = 10%
(c) Capital employed = Rs. 4,50,000
2)
From the following information, calculate the value of goodwill on the basis of 3 years purchase of average profits of last four years.

Year Result Amount
Rs.

2015 Profit 5,000

2016 Profit 8,000

2017 Loss 3,000

2018 Profit 6,000
3)
What is acquired goodwill?
4)
What is super profit?
5)
What is normal rate of return?

Year	Result	Amount Rs.
2015	Profit	5,000
2016	Profit	8,000
2017	Loss	3,000
2018	Profit	6,000

12th Standard English Medium Accountancy Subject Goodwill In Partnership Accounts Creative 5 Mark Questions with Solution Part - I updated Creative Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
A partnership firm has decided to value its goodwill for the purpose of setting a retiring Partner. The profit of that firm for the last four years were as follows:
2015 : Rs.20,000; 2016 : Rs.25,000; 2017; Rs.24,000 and 2018: Rs.23,000
The business was looked after by a partner. No remuneration was paid to him. The fair remuneration of the partner valued at comes to Rs. 3,000 per annum.
Find out the value of goodwill, if it is valued on the basis of three years purchase of the average profit of the last four years.
2)
For the purpose of admitting a new partner, a firm has decided to value its good will 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.

Year 2015 2016 2017 2018

Profit 40,000 44,000 48,000 56,000

Weight 1 2 3 4

Compute the value of goodwill
3)
From the following information, calculate the value of goodwill based on 3 years purchase of Super profit
(i) Capital employed: 1,00,000
(ii) Normal rate of return: 10%
(iii)Average profit of the business: 42,000
4)
Calculate the value of goodwill at 5 years purchase of super profit from the following information
(a) Capital employed: Rs. 60,000
(b) Normal rate of profit: 20%
(c) Net profit for 5 years
2014:Rs.1,00,000, 2015: Rs.50,000 2016: Rs.70,000; 2017: Rs.54,000 and 2018: Rs. 10,000
(d) Fair remuneration to the partners 3,600 per annum
5)
From the following information, find out the value of goodwill by capitalisation method:
(a) Average profit = Rs. 60,000
(b) Normal rate of return = 10%
(c) Capital employed = Rs. 5,60,000

12th Standard English Medium Accountancy Subject Goodwill In Partnership Accounts Creative 5 Mark Questions with Solution Part - II updated Creative Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
The profit and losses of a firm for the last four years were as follows:
2015: Rs.20,000; 2016; Rs. 25,000;
2017; Rs.3,000(loss) 2018; Rs.18,000
You are required to calculate the amount of goodwill on the basis of 5 years purchase of average profit of the last 4 years.
2)
From the following information relating to Arul enterprises, calculate the value of goodwill on the basis of 2 years purchase of the average profits of 3 years.
(a) Profits for the years ending 31st December 2016, 2017, and 2018 were Rs. 23,000 Rs.22,000 and Rs. 25,000 respectively.
(b) A non-recurring income of Rs. 2,500 is included in the profits of the year 2016.
(c) The closing stock of the year 2017 was overvalued by Rs. 5,000.
3)
From the following information, calculate the value of goodwill based on 3 years purchase of Super profit
(i) Capital employed: 1,00,000
(ii) Normal rate of return: 10%
(iii)Average profit of the business: 42,000
4)
Calculate the value of goodwill at 5 years purchase of super profit from the following information
(a) Capital employed: Rs. 60,000
(b) Normal rate of profit: 20%
(c) Net profit for 5 years
2014:Rs.1,00,000, 2015: Rs.50,000 2016: Rs.70,000; 2017: Rs.54,000 and 2018: Rs. 10,000
(d) Fair remuneration to the partners 3,600 per annum
5)
From the following information, compute the value of goodwill as per annuity method:
(a) Capital employed: Rs.1,00,000
(b) Normal rate of return: 15%
(c) Profit of the years 2016, 2017 and 2018 were Rs.6,000, Rs.8,000 and Rs.20,000 respectively
(d) The present value of annuity of n for 3 years at 10% is 2.4868

12th Standard English Medium Accountancy Subject Admission of a Partner Creative 5 Mark Questions with Solution Part - I updated Creative Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
Sheela and Neela were sharing profits in the ratio of 4:3. Kamala was admitted with 1/5th share in profits of business. Calculated the New profit Ratio and the sacrificing ratio.
2)
Eswari and Ranikumari are partners sharing profits and losses in the ratio of 7:5. They agree to admit Chitra into partnership. Eswari surrenders \(\frac{1}{7}\) th of her share and Ranikumari \(\frac{1}{5}\) th of her share in the favour of Chitrao Calculate the New profit ratio and the sacrificing ratio.
3)
Kavitha and Radha are partners of a firm sharing profits and losses in the ratio of 4:3. They admit Deepa on 1.1.2019. On that date, their balance sheet showed debit balance of profit and loss account being accumulate loss
Rs. 1,40,000 on the asset side of the balance sheet. Give the journal entry to transfer the accumulated loss on admission.

4)

Ragu and Sam are partners in a firm sharing profits and losses in the ratio of 3:2. Their balance sheet as on 31^st March, 2017 is as follows:

Liabilities	Rs.	Rs.	Assets	Rs.	Rs.
Capital Account:			Machinery		30,000
Ragu	40,000		Furniture		10,000
Sam	30,000	70,000	Stock		10,000
Sundry creditors		30,000	Debtors	21,000
			Less: Provision for doubtful debts	1,000	20,000
			Bank		30,000
		1,00,000			1,00,000

Prakash is admitted on 1.4.2017 subject is the following conditions:
(a) He has to bring a capital of Rs. 24,000
(b) Machinery is valued at Rs.4,000
(c) Furniture to be depreciated by Rs.3,000
(d) Provision for doubtful debts should be increased to Rs. 3,000
(e) Unrecorded trade receivables of Rs.1,000 would be brought into books now.
Pass necessary journal entries and prepare revaluation account and capital account of partners after admission.

5)

Lakshmi and Saraswathi are partners of a firm sharing profits and losses in proportion to capital. Trial Balance sheet as on 31^st March 2019 is as under

Liabilities	Rs.	Rs.	Assets	Rs.
Sundry creditors		60,000	Bank	12,000
Bills payable		40,000	Sundry debtors A/c	40,000
Capital Accounts:			Stock	40,000
Lakshmi	60,000		Plant	90,000
Saraswathi	40,000	1,000,000	Furniture	18,000
		2,00,000		2,00,000

They decided to admit Sulochana into the partnership with effect from 1st April, 2005 on the following terms.
(a) Sulochana shall bring in a capital Rs. 50,000 for \(\frac{1}{5}\)^th share of profits.
(b) Goodwill is to be valued at Rs. 40,000.
(c) Plant and furniture was to be depreciated by 5%
(d) Provision for doubtful debts be created at 1\(\frac{1}{2}\%\) on sundry debtors.
Show revaluation account, capital accounts, bank account and Balance sheet of the reconstituted partnership.

12th Standard English Medium Accountancy Subject Admission of a Partner Book Back 2 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
Vimala and Kamala are partners, sharing profits and losses in the ratio of 4:3. Vinitha enters into the partnership and she acquires 1/14 from Vimala and 1/14 from Kamala. Find out the new profit sharing ratio and sacrificing ratio.
2)
Prema and Chandra share profits in the ratio of 5:3. Hema is admitted as a partner. Prema surrendered 1/8 of her share and Chandra surrendered 1/8 of her share in favour of Hema. Calculate the new profit sharing ratio and sacrificing ratio.
3)
Selvam and Senthil are partners sharing profit in the ratio of 2:3. Siva is admitted into the firm with 1/5 share of profit. Siva acquires equally from Selvam and Senthil. Calculate the new profit sharing ratio and sacrificing ratio.
4)
Ambika, Dharani and Padma are partners in a firm sharing profits in the ratio of 5:3:2. They admit Ramya for 25% profit. Calculate the new profit sharing ratio and sacrificing ratio.
5)
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.

12th Standard English Medium Accountancy Subject Admission of a Partner Creative 5 Mark Questions with Solution Part - II updated Creative Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
Sridevi and Santhiya were partners sharing profit and loss in the ratio of 3:2. They decided to admit Fathima into the partnership and revalue their assets and liabilities as indicated here under:
(a) To bring into record investment of Rs. 18,000 which had not so far been recorded in the books of the firm.
(b) To depreciate stock, furniture and machinery by, Rs.18,000, Rs.6,000 and Rs.30,000 respectively.
(c) To provide for workmen's compensation of Rs.24,000
Pass the necessary journal entries and show the revaluation account.
2)
Kokila and Mala were sharing profits in the ratio of 4:3. Chandra was admitted in the business as a partner with \(\frac{3}{7}\)th share in the profits of the firm which she takes \(\frac{2}{7}\) th from Kokila and \(\frac{1}{7}\) th from Mala. Find out New profit Ratio and the sacrificing ratio.
3)
Kavitha and Radha are partners of a firm sharing profits and losses in the ratio of 4:3. They admit Deepa on 1.1.2019. On that date, their balance sheet showed debit balance of profit and loss account being accumulate loss
Rs. 1,40,000 on the asset side of the balance sheet. Give the journal entry to transfer the accumulated loss on admission.

4)

Valluvan and Kamban were partners sharing profits and losses as 60% tovalluvan and 40% Kamban. Their balance sheet as at 1^st January, 2019 stood as under:

Liabilities	Rs.	Rs.	Assets	Rs.
Sundry creditors		96,000	Cash in hand	4,000
Bills payable		34,000	Sundry debtors	56,000
Capital Accounts:			Stock	40,000
Valluvan	90,000		Plant and machinery	80,000
Kamban	80,000	1,70,000	Land and Buildings	1,20,000
		3,00,000		3,00,000

The partners agreed to admit Elangovan into the firm subject to revaluation of the following items:
(i) Stock was to be reduced by Rs. 4,000
(ii) Land and Buildings were to be valued at Rs. 1,60,000
(iii) A provision of 2\(\frac{1}{2}\)% was to be created for doubtful debtors.
(iv) A liability of Rs.2,600 for outstanding expenses had been omitted to be recorded in the books
Prepare the Revaluation account, capital accounts and the Balance sheet after the above adjustment

5)

Lakshmi and Saraswathi are partners of a firm sharing profits and losses in proportion to capital. Trial Balance sheet as on 31^st March 2019 is as under

Liabilities	Rs.	Rs.	Assets	Rs.
Sundry creditors		60,000	Bank	12,000
Bills payable		40,000	Sundry debtors A/c	40,000
Capital Accounts:			Stock	40,000
Lakshmi	60,000		Plant	90,000
Saraswathi	40,000	1,000,000	Furniture	18,000
		2,00,000		2,00,000

They decided to admit Sulochana into the partnership with effect from 1st April, 2005 on the following terms.
(a) Sulochana shall bring in a capital Rs. 50,000 for \(\frac{1}{5}\)^th share of profits.
(b) Goodwill is to be valued at Rs. 40,000.
(c) Plant and furniture was to be depreciated by 5%
(d) Provision for doubtful debts be created at 1\(\frac{1}{2}\%\) on sundry debtors.
Show revaluation account, capital accounts, bank account and Balance sheet of the reconstituted partnership.

12th Standard English Medium Accountancy Subject Admission of a Partner Book Back 2 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
Kavitha and Radha are partners of a firm sharing profits and losses in the ratio of 4:3. They admit Deepa on 1.1.2019. On that date, their balance sheet showed debit balance of profit and loss account being accumulated loss of Rs. 70,000 on the asset side of the balance sheet. Give the journal entry to transfer the accumulated loss on admission.
2)
Hari and Saleem are partners sharing profits and losses in the ratio of 5:3. They admit Joel for 1/8 share, which he acquires entirely from Hari. Find out the new profit sharing ratio and sacrificing ratio.
3)
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.
4)
Prasanth and Nisha are partners sharing profits and losses in the ratio of 3:2. They admit Ramya as a new partner. Prasanth surrenders 2/5 of his share and Nisha surrenders 2/5 of her share in favour of Ramya. Calculate the new profit sharing ratio and sacrificing ratio.
5)
Mahesh and Dhanush are partners sharing profits and losses in the ratio of 2:1. Arun is admitted for 1/4 share which he acquired equally from both Mahesh and Dhanush. Calculate the new profit sharing ratio and sacrificing ratio.

12th Standard English Medium Accountancy Subject Retirement and Death of a Partner Creative 5 Mark Questions with Solution Part - I updated Creative Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
Kalai, Iothi and Mala are partners sharing profits and losses in the ratio of 113, 113 and 116 respectively.
Mala retires and her share is taken up by Kalai and [othi equally. Find out the new profit sharing ratio and gaining ratio
2)
Mukil, Mohit and Sonu are partners sharing profit in the ratio 3:2: 1. Mukil retires from the partnership.
In order to settle his claim, the following revaluation of assets and liabilities was agreed upon:
(i) The value of Machinery is increased by Rs. 25,000.
(ii) The value of Investment-is-increased by Rs 2,000.
(ill) A Provision for outstanding bill standing in the books at Rs.1,000 is now not required.
(iv) The value of Land and Building is decreased by Rs.12,000.
Give journal entries and prepare Revaluation account
3)
Surya, Ramesh and Rajesh are partners sharing profits is the ratio of 5:3:2. Ramesh decided to retire. Goodwill of the firm is to be valued at Rs.40,000. Give journal entries if
(a) There is no goodwill in the books of the firm,
(b) the goodwill appears at Rs.30,000
(c) the goodwill appears at Rs. 50,000

4)

A, B, and C are partners in affirm sharing profits and losses equally. Their balance sheet as on 31^st 1March 2018 is as follows

Liabilities	Rs	Rs	Assets	Rs	Rs
Capital accounts			Office equipment		70,000
A	80,000		Machinery		1,40,00
B	60,000		Sundry debtors	52,000
C	1,00,000	2,40,000	Less: Provision for doubtful debts	2,000	50,000
Sundry creditors		1,20,000
			Stock		60,000
			Cash at bank		40,000

		3,60,000			3,60,000

'C' Retired on 31st March 2018 Subject to the following conditions
(i) Machinery is valued at Rs.1,30,000
(ii) Value of office equipment is brought down by Rs. 2,000
(iii) Provision for doubtful debts should be increased to Rs.3,000
(iv) Investment of Rs..25,000 not recorded in the books is to be recorded now. Pass necessary journal entries and prepare revaluation account and capital account of partners

5)
On 1.1.2019, Pandiyan died and on his death the following arrangements are made:
(i) Stock to be depreciated by 10 %
(ii) Land is to be apprecia!.e4. by Rs.11,000
(iii) To provide 3,000 for bad debts
(iv) The final amount due to Pandiyan was not paid
Prepare revaluation account, partner's capital account and the balance sheet of the firm after death

12th Standard English Medium Accountancy Subject Retirement and Death of a Partner Book Back 2 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
What is the purpose of calculating gaining ratio?
2)
Dheena, Surya and Janaki are partners sharing profits and losses in the ratio of 5:3:2. On 31.3.2018, Dheena retired. On the date of retirement, the books of the firm showed a reserve fund of Rs. 50,000. Pass journal entry to transfer the reserve fund.
3)
Kayal, Mala and Neela are partners sharing profits in the ratio of 2:2:1. Kayal retires and the new profit sharing ratio between Nila and Neela is 3:2. Calculate the gaining ratio.
4)
Ramu, Somu, Gopu are partners sharing profits in the ratio of 3 : 5 : 7. Gopu retires and the share is purchased by Ramu and Somu in the ratio of 3 : 1. Find the new profit sharing ratio and gaining ratio
5)
Mani, Gani and Soni are partners sharing the profits and losses in the ratio of 4:5:6. Mani retires from the firm. Calculate the new profit sharing ratio and gaining ratio.

12th Standard English Medium Accountancy Subject Retirement and Death of a Partner Creative 5 Mark Questions with Solution Part - II updated Creative Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
Sun, Moon and Jupiter are partners sharing profits and losses in the ratio of 5:3:2. Jupiter retires and the share is taken by Sun and Moon in the ratio of 3:2. Find out the new profit sharing ratio and gaining ratio
2)
Priya, Latha, and Kalai are partners sharing profits and losses in the ratio of 3:2:1 respectively. Priya died on 31^stDecember, 2018 Final amount due to her showed a credit balance of Rs.1,20,000. Pass journal entries if
(a) The amount due is paid off immediately,·
(b) The amount due is not paid immediately,
(c) Rs.80,000 is paid and the balance in future.
3)
Thangamuthu, Anaimuthu and Vairamuthu are partners sharing profit and loss in the ratio of 3:3:2.
Thangamuthu wanted to retire on 1st June 2018, the firms books showed a general reserve of Rs.40,000. Pass entry.

4)

Selvam, Saravanan and Santhosh were partners of a firm sharing profits and losses in the ratio of 3: 2 : 1. Set out below was their balance sheet as on 31't December 2018.

Liabilities	Rs.	Rs.	Assets	Rs.
Bills payable		15,000	Cash in hand	3,000
Sundry creditors		25,000	Cash at bank	35,000
Capital Accounts			Bill receivable	11,000
Selvam	80,000		Book debts	18,000
Sarvanan	50,000		Stock	36,000
Santhosh	40,000	1,70,000	Furniture	7,000
Profit and Loss A/c		30,000	Plant & Machinery	50,000
			Buildings	80,000
		2,40,000		2,40,000

Selvam retired from the partnership on 1^st January 2019 on the following terms:
(i) Goodwill of the firm was to be valued at Rs.30,000
(ii) Assets are to be valued as under stock Rs.30,000 plant and machinery Rs.40,000; Buildings Rs.1,00,000
(iii) A provision for doubtful debts be created at Rs.1,000
(iv) Rs.21,500 was to be paid to Selvam immediately and the balance was transferred to his loan account.
Show revaluation account, capital accounts, bank account and the balance sheet of the reconstituted Partnership.

5)
Shankar, Saleem and Pandian are partners, sharing profits in the ratio of 3:2:1. Their balance sheet as an 31^stDecember 2018 is as under

12th Standard English Medium Accountancy Subject Retirement and Death of a Partner Book Back 2 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
What is gaining ratio?
2)
What is the journal entry to be passed to transfer the amount due to the deceased partner to the executor of the deceased partner?
3)
Rosi, Rathi and Rani are partners of a firm sharing profits and losses equally. Rathi retired from the partnership on 1.1.2018. On that date, their balance sheet showed accumulated loss of Rs. 45,000 on the asset side of the balance sheet. Give the journal entry to distribute the accumulated loss.
4)
Sunil, Sumathi and Sundari are partners sharing profits in the ratio of 3 : 3 : 4. Sundari retires and her share is taken up entirely by Sunil. Calculate the new profit sharing ratio and gaining ratio
5)
Navin, Ravi and Kumar are partners sharing profits in the ratio of 1/2, 1/4 and 1/4 respectively. Kumar retires and his share is taken up by Navin and Ravi equally. Calculate the new profit sharing ratio and gaining ratio.

12th Standard English Medium Accountancy Subject Company Accounts Creative 5 Mark Questions with Solution Part - I updated Creative Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
Vinod company Ltd issued 40,000 preference shares of Rs.10 each at premium of Rs.3. Give journal entry.
2)
Thai Ltd. issued 50,000 equity shares of Rs.10 each, payable Rs.5 on application, Rs.2 on allotment, first call and n on final call. All the shares are subscribed and amount was duly received. Pass Journal entries.
3)
Sindhu was holding 20 equity shares of Rs.10 each on which he paid Rs.2 on application but could not pay Rs.3 on allotment and Rs.1on first call. Directors forfeited the shares after the first call. Give journal entry for recording the forfeiture of shares.
4)
Y company issued 10,000 equity shares of Rs.10 each payable as under:
On application Rs.2
On first call Rs.2
On allotment Rs.4
On final call Rs.2
Applications were received for 30,000 shares. Applications for 10,000 shares were rejected and allotment was made proportionately towards remaining applications. The directors made both the calls and the all the amount were received except the final call on 600 shares which were subsequently forfeited. Later 400 forfeited shares were reissued as fully paid by receiving Rs.7 per share. Give journal entries.
5)
Alpha Company issues 10,000 equity shares Rs.10 each payable fully on application.
Pass journal entry if the shares are issued
(i) at par
(ii) at a premium of Rs.2 per share.

12th Standard English Medium Accountancy Subject Company Accounts Book Back 2 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
Bharath Ltd. issued 1,00,000 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.5 per share

On allotment Rs.3 per share

On first and final call Rs.2 per share

Application money was received for 1,20,000 shares. Excess application money was refunded immediately. Pass journal entries to record the above.
2)
Sudha Ltd. offered 1,00,000 shares of Rs.10 each to the public payable Rs.3 on application, Rs.4 on share allotment and the balance when required. Applications for 1,40,000 shares were received on which the directors allotted as:
Applicants for 60,000 shares - Full
Applicants for 75,000 shares - 40,000 shares (excess money will be utilised for allotment)
Applicants for 5,000 shares - Nil
All the money due was received. Pass journal entries upto the receipt of allotment.
3)
What is a share?
4)
What is meant by calls in arrear?
5)
Why are the shares forfeited?

12th Standard English Medium Accountancy Subject Company Accounts Creative 5 Mark Questions with Solution Part - II updated Creative Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
Preeti Ltd. invited applications for 5,000 shares of Rs.10 each payable as follows:
Rs.3 on Application,
Rs.2 on Allotment,
Rs.2 on First call and
Rs.3 on Final call.
All these shares were subscribed and paid for. Pass journal entries.
2)
Das Ltd. offered 50,000 equity shares of Rs.10 each to the public payable as follows: On application Rs.4; on allotment Rs.3; on first call Rs.1 and on second and final call Rs.2.
Applications were received for 1,00,000 shares. All the applicants were allotted 1 share for every two shares applied. Excess application money was used for amount due on allotment and call. Pass necessary journal entries.
3)
Max Ltd. offered Rs.10,000 equity shares Rs.10 each to the public payable as follows:
On application Rs.4; on allotment Rs.3; on first call Rs.2 and on second and final call Rs.1. Applications were received for Rs.20,000 shares. All the applicants were allotted 1 share for every two shares applied. Excess application money was used for amount due on allotment and call. Pass necessary journal entries.
4)
Ashok Ltd. forfeited 150 equity shares of Rs.10 each for non payment of final call of Rs.4 per share. Of these 100 shares were reissued @ Rs.9 per share. Pass journal entries for forfeiture and reissue.
5)
Global Company issued shares Rs.10 each at 10% premium, payable Rs.2 on application, Rs.3 on allotment (including premium), Rs.3 on first call and Rs.3 on second and final call.
Journalise the transactions relating to forfeiture of shares for the following situations:
i. Muthu who holds 50 shares failed to pay the second and final call and his shares were forfeited.
ii. Muthu who holds 50 shares failed to pay the allotment money, first call and second and final call money and his shares were forfeited.
iii. Muthu who holds 50 shares failed to pay the allotment money and first call and his shares were forfeited after the first call.

12th Standard English Medium Accountancy Subject Company Accounts Book Back 2 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
Khan Ltd. issued 50,000 shares of Rs.10 each to the public payable Rs.4 on application, Rs.4 on allotment and Rs.2 on first and final call. Applications were received for 65,000 shares. The directors decided to allot 50,000 shares on pro rata basis and surplus application money was utilised for allotment. Pass journal entries assuming that the amounts due were received.
2)
Jeyam Tyres issued 15,000 ordinary shares of Rs.10 each payable as follows:
Rs.3 on application; Rs.5 on allotment; Rs.2 on first and final call. All money were duly received except one shareholder holding 100 shares failed to pay the call money. Pass the necessary journal entries for call (using calls in arrear account).
3)
What is over-subscription?
4)
Write a short note on securities premium account.
5)
Aruna Mills Ltd. with a registered capital of Rs.5,00,000 in equity shares of Rs.10 each, issued 20,000 of such shares payable as follows; Rs. 4 per share on application,Rs.4 per share on allotment and Rs.2 per share on first and final call. The issue was duly subscribed. All the money payable was duly received. But on allotment, one shareholder paid the entire balance on his holding of 300 shares. Give journal entries to record the above.

12th Standard English Medium Accountancy Subject Financial Statement Analysis Creative 5 Mark Questions with Solution Part - I updated Creative Questions - by Question Bank Software - May 13, 2022 - View & Read

1)

From the following particulars, prepare comparative income statement of Sivakami co Ltd

Particulars	2016-17 Rs.	2017-2018 Rs.
Revenue from operations	4,00,000	5,00,000
other income	1,00,000	80,000
Expenses	3,00,000	2,40,000

2)

From the following balance sheet of Gupta ltd, prepare comparative balance sheet as on 31^stMarch 2017 and 31^stMarch 2018.

Particulars	31^st March 2017	31^stMarch 2018
Particulars	Rs.	Rs.
I. Equity and liabilities
shareholder's fund	2,00,000	5,20,000
Non-current liabilities	1,00,000	1,20,000
Current liabilities	50,000	60,000
Total	3,50,000	7,00,000
II. Assets
Non-current assets	2,00,000	4,00,000
Current assets	1,50,000	3,00,000
Total	3,50,000	7,00,000

3)
From the following particulars of Vijay Ltd, prepare common size income statement for the year ended 31^st March 2017 and 31^st March 2018

4)

Prepare common-size statement of financial position of Raheem Ltd as on 31^st March 2016 and 31^st March 2018.

Particulars	31st March 2016	31st March 2017
Particulars	Rs.	Rs.
I. Equity and liabilities
l. Shareholders fund
a. Share capital	5,00,000	6,00,000
b. Reserve and surplus	4,00,000	3,60,000
2. Non-current liabilities
Long-term borrowings	8,00,000	2,40,000
3. Current liabilities
Trade payables	30,000	-
Total	20,00,000	12,00,000
II. Assets
l. Non-current assets
a. Fixed assets	10,00,000	6,00,000
b. Non-current investments	5,00,000	2,40,000
2. Current assets
Inventories	3,00,000	1,20,000
Cash and cash equipments	2,00,000	2,40,000
Total	20,00,000	12,00,000

5)

From the following information, calculate trade percentages for Malar Ltd

Particulars	Rs. In lakhs
Particulars	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%

12th Standard English Medium Accountancy Subject Financial Statement Analysis Book Back 2 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)

From the following particulars, prepare comparative income statement of Tharun Co. Ltd.

Particulars	2016-17	2017-18
	Rs.	Rs.
Revenue from operations	2,00,000	2,50,000
Other income	50,000	40,000
Expenses	1,50,000	1,20,000

2)

From the following particulars, prepare comparative income statement of Mary Co. Ltd.

Particulars	2015-16 Rs.	2016-17 Rs.
Revenue from operations	4,00,000	5,00,000
Operating expenses	2,00,000	1,80,000
Income tax (% of the profit before tax)	20	50

3)

From the following particulars, prepare comparative balance sheet of Malar Ltd as on 31^st March 2016 and 31^st March 2017.

Particulars	31st March 2016	31st March 2017
	RS.	Rs.
I EQUITY AND LIABILITIES
1. Shareholders’ fund
a) Share capital	2,00,000	2,50,000
b) Reserves and surplus	50,000	50,000
2. Non-current liabilities
Long-term borrowings	30,000	60,000
3. Current liabilities
Trade payables	20,000	60,000
Total	3,00,000	4,20,000
II ASSETS
1. Non-current assets
a) Fixed assets	1,00,000	1,50,000
b) Non - current investments	50,000	75,000
2. Current assets
Inventories	75,000	1,50,000
Cash and cash equivalents	75,000	45,000
Total	3,00,000	4,20,000

4)
List the tools of financial statement analysis.
5)
When is trend analysis preferred to other tools?

12th Standard English Medium Accountancy Subject Ratio Analysis Creative 5 Mark Questions with Solution Part - I updated Creative Questions - by Question Bank Software - May 13, 2022 - View & Read

1)

Calculate the current ratio from the following information.

Particulars	Rs.	Particulars	Rs.
Current investments	15,000	Trade creditors	36,000
Inventories	29,000	Bills payable	10,000
Cash and cash equivalents	5,000	Expenses payable	8,000
Trade receivables	5,000

2)

From the following trading activities of Jamal Ltd. calculate
(i) Gross profit ratio
(ii) Net profit ratio
(iii) Operating cost ratio
(iv) Operating profit ratio

Statement of Profit and Loss
Particulars	Rs.
I. Revenue from operations	10,000
II. Other Income
Income from investments	100
III. Total revenue (I +II)	10,100
IV. Expenses:
Purchases of Stock-in -trade	8,500
Changes in inventories	-500
Finance costs	150
Other expenses (Administration and selling)	1,200
Total expenses	7,850
V. Profit before tax (III - IV)	800

3)
Calculate quick ratio of Babu construction Ltd., from, the information given below

Particulars Rs.

Total current liabilities 2,00,000

Total current assets 4,00,000

Inventories 70,000

Prepaid expenses 30,000

4)

From the following Balance Sheet of Ambika Ltd. as on 31.03.2017 calculate
(i) Debt-equity ratio
(ii) Proprietary ratio
(iii) Capital gearing ratio

Balance sheet of Ambika Ltd. as on 31.3.2017
Particulars	Amount Rs.
I. EQUITY AND LIABILITIES
1. Shareholders' funds
(a) Share capital
Equity share capital	3,00,000
8% Preference share capital	4,00,000
(b) Reserves and surplus	3,00,000
2. Non-current liabilities
Long term borrowings (9% Debentures)	8,00,000
3. Current liabilities
Short -term borrowings from banks	50,000
Trade payables	1,50,000
Total	20,00,000
II. ASSETS
1. Non-current assets
Fixed assets	15,00,000
2. Current assets
(a) Inventories	2,40,000
(b) Trade receivables	2,00,000
(c) Cash and cash equivalents	55,000
(d) Other current assets
Expenses paid in advance	5,000
Total	20,00,000

5)

From the following figures obtained from Sun Ltd; calculate the trade payables turnover ratio and credit payment period (in days).

Particulars	Rs.
Credit purchases during 2018 - 2019	1,00,000
Trade creditors as on 1.4.2018	20,000
Trade creditors as on 31.3.2019	10,000
Bills payable as on 1.4.2018	4,000
Bills payable as on 31.3.2019	6,000

12th Standard English Medium Accountancy Subject Financial Statement Analysis Book Back 2 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)

From the following particulars, prepare comparative income statement of Abdul Co. Ltd.

Particulars	2015-16 Rs.	2016-17 Rs.
Revenue from operations	3,00,000	3,60,000
Other income	1,00,000	60,000
Expenses	2,00,000	1,80,000
Income tax	30%	30%

2)

From the following balance sheet of Chandra Ltd, prepare comparative balance sheet as on 31st March 2016 and 31^st March 2017.

Particulars	31^st March 2016	31^st March 2017
	Rs.	Rs.
I EQUITY AND LIABILITIES
Shareholders’ fund	1,00,000	2,60,000
Non-current liabilities	50,000	60,000
Current liabilities	25,000	30,000
Total	1,75,000	3,50,000
II ASSETS	1,00,000	2,00,000
Current assets	75,000	1,50,000
Total	1,75,000	3,50,000

3)
What are financial statements?
4)
List the tools of financial statement analysis.
5)
What is working capital?

12th Standard English Medium Accountancy Subject Ratio Analysis Book Back 2 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
Calculate quick ratio of Ananth Constructions Ltd from the information given below.

Particulars Rs.

Total current liabilities 1,00,000

Total current assets 2,50,000

Inventories 50,000

Prepaid expenses 15,000

2)

Following is the balance sheet of Magesh Ltd. as on 31st March, 2019:

Particulars	Rs.
I EQUITY AND LIABILITIES
1. Shareholders’ funds
Equity share capital	2,00,000
2. Non-current liabilities
Long term borrowings	50,000
3. Current liabilities
(a) Short-term borrowings	17,000
(b) Trade payables	25,000
(c) Other current liabilities
Expenses payable	3,000
(d) Short-term provisions	5,000
Total	3,00,000
II ASSETS	Rs.
1. Non-current assets
Fixed assets
(a) Tangible assets	1,50,000
(b) Trade receivables	70,000
(c) Cash and cash equivalents	30,000
(d) Other current assets
Prepaid expenses	5,000
Total	3,00,000

Calculate:
(i) Current ratio
(ii) Quick ratio

3)

From the following information, calculate debt equity ratio:

Balance sheet (Extract) as on 31.03.2018
Particulars	Rs.
I EQUITY AND LIABILITIES
1. Shareholders' funds
(a) Share capital
Equity share capital	1,00,000
(b) Reserves and surplus	60,000
2. Non-current liabilities
Long-term borrowings (Debentures)	80,000
3. Current liabilities
(a) Trade payables	50,000
(b) Other current liabilities
Outstanding expenses	30,000
Total	3,20,000

4)

From the following Balance Sheet of Pioneer Ltd. calculate proprietary ratio:

Balance sheet of Pioneer Ltd. as on 31.3.2019
Particulars	Rs.
I EQUITY AND LIABILITIES
1. Shareholders' funds
(a) Share capital
(i) Equity share capital	1,00,000
(ii) Preference share capital	75,000
(b) Reserves and surplus	25,000
2. Non-current liabilities
Long-term borrowings	-
3. Current liabilities
Trade payables	2,00,000
Total	4,00,000
II ASSETS
1. Non-current assets
(a) Fixed assets	2,75,000
(b) Non-current investments	50,000
2. Current assets
Cash and Cash equivalents	75,000
Total	4,00,000

5)

From the following information calculate capital gearing ratio:

Balance Sheet (Extract) as on 31.03.2018
Particulars	Rs.
I EQUITY AND LIABILITIES
1. Shareholders' funds
(a) Share capital
Equity share capital	2,00,000
6% Preference share capital	1,00,000
(b) Reserves and surplus
General reserve	1,25,000
Surplus	75,000
2. Non-current liabilities
Long-term borrowings (8% Debentures)	2,00,000
3. Current liabilities
Trade payables	1,50,000
Provision for tax	50,000
Total	9,00,000

12th Standard English Medium Accountancy Subject Ratio Analysis Creative 5 Mark Questions with Solution Part - II updated Creative Questions - by Question Bank Software - May 13, 2022 - View & Read

1)

Following is the extract of the balance sheet of Hindustan Products Ltd., as on 31^st March 2019.

Particulars	Rs.
I. EQUITY AND LIABILITIES
1. Shareholders' funds
(a) Share capital	2,90,000
(b) Reserves and surplus	60,000
2. Non-current liabilities
Long term borrowings	40,000
3. Current liabilities
(a) Trade payables	1,15,000
(b) Other current liabilities	15,000
Total	5,20,000

2)

Calculate (i) Inventory turnover ratio (ii) Trade receivables turnover ratio (iii) Trade payables turnover ratio and (iv) Fixed assets turnover ratio from the following information obtained from Dolphin Ltd.

Particulars	As on 31^st March 2017 Rs.	As on 31^st March 2018 Rs.
Inventory	70,000	50,000
Trade receivables	40,000	30,000
Trade payables	20,000	25,000
Fixed assets	2,75,000	2,50,000

Additional information:
(i) Revenue from operations for the year Rs.5,25,000
(ii) Purchases for the year Rs.2,25,000
(iii) Cost of revenue from operations Rs.3,00,000
Assume that sales and purchases are for credit

3)
Calculate quick ratio of Babu construction Ltd., from, the information given below

Particulars Rs.

Total current liabilities 2,00,000

Total current assets 4,00,000

Inventories 70,000

Prepaid expenses 30,000

4)

From the following Balance Sheet of Luckman Ltd. calculate proprietary ratio:

Balance sheet of Luckman Ltd. as on 31.3.2018
Particulars	Rs.
I. EQUITY AND LIABILITIES
1. Shareholders' funds
(a) Share capital
(i) Equity share capital	1,00,000
(ii) Preference share capital	75,000
(b) Reserves and surplus	25,000
2. Non-current liabilities
Long term borrowings	-
3. Current liabilities
Trade payables	2,00,000
Total	4,00,000
II. ASSETS
1. Non-current assets
(a) Fixed assets	2,75,000
(b) Non -current investments	50,000
2. Current assets
Cash and cash equivalents	75,000
Total	4,00,000

5)

From the following figures obtained from Sun Ltd; calculate the trade payables turnover ratio and credit payment period (in days).

Particulars	Rs.
Credit purchases during 2018 - 2019	1,00,000
Trade creditors as on 1.4.2018	20,000
Trade creditors as on 31.3.2019	10,000
Bills payable as on 1.4.2018	4,000
Bills payable as on 31.3.2019	6,000

12th Standard English Medium Accountancy Subject Ratio Analysis Book Back 2 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
What is meant by accounting ratios?
2)
What is quick ratio?
3)
What is meant by debt equity ratio?
4)
State any two limitations of ratio analysis.

5)

Calculate current ratio from the following information:

Particulars	Rs.	Particulars	Rs.
Current investments	80,000	Trade creditors	1,60,000
Inventories	1,60,000	Bills payable	1,00,000
Trade receivables	4,00,000	Expenses payable	1,40,000
Cash and cash equivalents	1,20,000
Prepaid expenses	40,000

12th Standard English Medium Accountancy Subject Computerized Accounting System - Tally Book Back 2 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
What is automated accounting system?
2)
What are accounting reports?
3)
State any five accounting reports.
4)
What is Accounting Information System (AIS)?
5)
What is a group in Tally ERP 9?

12th Standard English Medium Accountancy Subject Computerized Accounting System - Tally Book Back 2 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
What is automated accounting system?
2)
What are accounting reports?
3)
State any five accounting reports.
4)
What is Accounting Information System (AIS)?
5)
What is a group in Tally ERP 9?

12th Standard English Medium Accountancy Subject Accounts From Incomplete Records Book Back 3 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)

From the following details, calculate the missing figure

Particulars	Rs.
Closing capital as on 31.3.2018	80,000
Additional capital introduced during the year	30,000
Drawings during the year	15,000
Opening capital on 01.4.2017	?
Loss for the year ending 31.3.2018	25,000

2)

From the following details, calculate the missing figure:

Particulars	Rs.
Capital as on 1^st April, 2018	40,000
Capital as on 31^st March, 2019	50,000
Additional capital introduced during the year	7,000
Profit for the year	8,000
Drawings during the year	?

3)

On 1^st April 2018 Subha started her business with a capital of Rs. 1,20,000. She did not maintain proper book of accounts. Following particulars are available from her books as on 31.3.2019.

Particulars	Rs.	Particulars	Rs.
Bank overdraft	50,000	Stock-in-trade	1,60,000
Debtors	1,80,000	Creditors	90,000
Bills receivable	70,000	Bills payable	2,40,000
Computer	30,000	Cash in hand	60,000
Machinery	3,00,000

During the year she withdrew Rs. 30,000 for her personal use. She introduced further capital of Rs. 40,000 during the year. Calculate her profit or loss.

4)

From the following details find out total sales made during the year

Particulars	Rs.
Debtors on 1st January 2018	1,30,000
Cash received from debtors during the year	4,20,000
Sales returns	35,000
Bad debts	15,000
Debtors on 31st December 2018	2,00,000
Cash Sales	4,60,000

5)

From the following particulars calculate total purchases

Particulars	Rs.	Particulars	Rs.
Sundry creditors on 1st January, 2018	30,000	Purchases returns	15,000
Bills payable on 1st January, 2018	25,000	Cash purchases	2,25,000
Paid cash to creditors	1,20,000	Creditors on 31st December, 2018	25,000
Paid for bills payable	30,000	Bills payable on 31st December, 2018	20,000

12th Standard English Medium Accountancy Subject Creative 1 Mark Questions with Solution Part - I updated Creative Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
Credit purchase is obtained from _______
2)
Rs. 10,000 received as to annual membership subscription. Out of this Rs. 2,000 is pertaining to the previous accounting period whereas Rs. 1000 is receivable at the end of the current accounting period. Calculate the amount of subscription that will be shown in the income and expenditure account for this accounting.
3)
Amount invested by partners in the partnership business is called __________
4)
Goodwill acquired by making payment in cash or kind is called __________
5)
When an unrecorded liabilities is brought into books, is results in

12th Standard English Medium Accountancy Subject Accounts From Incomplete Records Book Back 3 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)

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

2)

From the following details, calculate the missing figure:

	Rs
Capital as on 1^st April, 2017	2,50,000
Capital as on 31^st March, 2018	2,75,000
Additional capital introduced during the year	30,000
Profit for the year	15,000
Drawings during the year	?

3)

David does not keep proper books of accounts. Following details are given from his records

Particulars	1.4.2018 Rs.	31.3.2019 Rs.
Cash	43,000	29,000
Stock of goods	1,20,000	1,30,000
Sundry debtors	84,000	1,10,000
Sundry creditors	1,05,000	1,02,000
Loan	25,000	20,000
Business premises	2,50,000	2,50,000
Furniture	33,000	45,000

During the year he introduced further capital of Rs. 45,000 and withdrew Rs. 2,500 per month from the business for his personal use. Prepare statement of profit or loss with the above information.

4)

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

5)
What are the limitations of incomplete records?

12th Standard English Medium Accountancy Subject Accounts of Not-For-Profit Organisation Book Back 3 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
How annual subscription is dealt with in the final accounts of not–for–profit organisation?

2)

From the information given below, prepare Receipts and Payments account of Kurunji Sports Club for the year ended 31^st December, 2018.

Particulars	Rs.	Particulars	Rs.
Cash in hand (1.1.2018	4,000	Paid for printing charges	2,500
Salaries paid	3,000	Lockers rent received	1,000
Life membership fees received	10,000	Tournament receipts	14,000
Subscription received	15,000	Tournament expenses	10,500
Rent received	2,000	Investments purchased	25,000

(Hint: Wages yet to be paid is a non cash item. Hence, it is excluded in receipts and payments account)

3)

How the following items will appear in the final accounts of a club for the year ending 31^st March 2019?

Dr. Receipts and Payments Account for the year ended 31^st March, 2019 Cr.
Receipts	Rs.	Rs.
To Subscription
2017-2018	10,000
2018-2019	50,000
2019-2020	5,000	65,000

There are 200 members in the club each paying an annual subscription of Rs. 400 per annum. Subscription still outstanding for the year 2017- 2018 is Rs. 2,000.

4)

How will the following appear in the final accounts of Marthandam Women Cultural Association?

	Rs
Stock of sports materials on 1.4.2018	16,000
Sports materials purchased during the year	84,000
Stock of sports materials on 31.3.2019	10,000

5)

How will the following appear in the final accounts of Karaikudi sports club for the year ending 31^st March, 2019?

Particulars	Rs.
Tournament fund on 1^stApril 2018	90,000
Tournament fund investment on 1^st April 2018	90,000
Interest received on tournament fund investment	9,000
Donation to tournament fund	10,000
Tournament expenses	60,000

12th Standard English Medium Accountancy Subject Creative 1 Mark Questions with Solution Part - II updated Creative Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
Calculate the amount of net income or loss if the capital has been increased by Rs. 1,000 during this accounting period drawings Rs. 5,000 and Rs. 1,000 fresh capital was introduced in the business _______
2)
_______Items will be recorded in the balance sheet
3)
___________ is a document in writing that contains the terms of the agreement among the partners.
4)
Average profit is 19,167 and normal profit is 10,000 the super profit is_________.
5)
________ is computed at the time of admission of a new partner.

12th Standard English Medium Accountancy Subject Accounts of Not-For-Profit Organisation Book Back 3 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)

From the following particulars of Trichy Educational Society, prepare Receipts and Payments account for the year ended 31^st December, 2018

Particulars	Rs.	Particulars	Rs.
Opening cash balance as on 1.1.2018	20,000	Locker rent received	12,000
Investments made	80,000	Sale of furniture	5,000
Honorarium paid	3,000	General expenses	7,000
Donation received	80,000	Postage	1,000
Audit fees paid	2,000	Subscription received	10,000

2)
How will the following items appear in the final accounts of a club for the year ending 31^st March 2017? A club received subscription of Rs. 25,000 during the year 2016-17. This includes subscription of Rs. 2,000 for 2015-16 and Rs. 1,500 for the year 2017-18. Subscription of Rs. 500 is still outstanding for the year 2016-17.

3)

Compute capital fund of Karur Social Club as on 31.03.2018

Particulars as on 31.03.2018	Rs.
Furniture	50,000
Buildings	40,000
Subscription outstanding for 2017-18	10,000
Subscription received in advance for 2018-19	5,000
Loan borrowed	10,000
Investments	20,000
Cash in hand	4,000
Cash at bank	6,000

4)
State the differences between Receipts and Payments Account and Income and Expenditure Account
5)
How the following items are dealt with in the final accounts of not–for–profit organisation?
a) Sale of sports materials
b) Life membership fees
c) Tournament fund

12th Standard English Medium Accountancy Subject Creative 2 Mark Questions with Solution Part - I updated Creative Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
Can a limited company maintain its accounts under single entry system?
2)
Explain the steps in preparations of receipts and payments account.
3)
If the partner's capital accounts are fixed, where will you record the following items?
(a) Salary payable to a partner
(b) Drawings made by a partner
4)
What is meant by number of years purchase at the time of valuation of goodwill?
5)
What is meant by admission of a partner?

12th Standard English Medium Accountancy Subject Accounts of Partnership Firms-Fundamentals Book Back 3 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
State any six contents of a partnership deed.
2)
Write a brief note on the applications of the provisions of the Indian Partnership Act, 1932 in the absence of partnership deed.
3)
Akash, Bala, Chandru and Daniel are partners in a firm. There is no partnership deed. How will you deal with the following?
(i) Akash has contributed maximum capital. He demands interest on capital at 10% per annum.
(ii) Bala has withdrawn Rs. 3,000 per month. Other partners ask Bala to pay interest on drawings @ 8% per annum to the firm. But, Bala did not agree to it.
(iii) Akash demands the profit to be shared in the capital ratio. But, others do not agree.
(iv) Daniel demands salary at the rate of Rs. 10,000 per month as he spends full time for the business.
(v) Loan advanced by Chandru to the firm is Rs. 50,000. He demands interest on loan @ 12% per annum.
4)
The capital account of Begum and Fatima on 1st January, 2018 showed a balance of Rs. 50,000 and Rs. 40,000 respectively. On 1st October, 2018, Begum introduced an additional capital of Rs. 10,000 and on 1st May, 2018 Fatima introduced an additional capital of Rs. 9,000. Calculate interest on capital at 4% p.a. for the year ending 31st December, 2018.

5)

From the following balance sheets of Subha and Sudha who share profits and losses in 2 : 3, calculate interest on capital at 5% p.a. for the year ending 31st December, 20

**Balance sheet as on 31st December, 2018**
Liabilities	Rs.	Rs.	Assets	Rs.
Capital accounts			Fixed assets	70,000
Subha	40,000		Current assets	60,000
Sudha	60,000	1,00,000
Current liabilities		30,000
		1,30,000		1,30,000

Drawings of Subha and Sudha during the year were Rs. 8,000 and Rs. 10,000 respectively. Profit earned during the year was Rs. 30,000

12th Standard English Medium Accountancy Subject Creative 2 Mark Questions with Solution Part - II updated Creative Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
What are the possible reasons for keeping incomplete records?
2)
Every receipt and Payments, whether capital or revenue and irrespective of the period is recorded in receipts and payments accounts why? Give reason.
3)
Salary or commission paid to a partner is debited to profit and loss appropriation account and not to profit and loss account. Why?
4)
How does the factor's 'quality of product' affect the goodwill of a firm?
5)
The amount of bills payable appearing in the balance sheet is understated by. Rs.10,000 State whether the revaluation account will be debited or credited to restore the amount of bills payable to its actual value. Also give reason for your answer.

12th Standard English Medium Accountancy Subject Accounts of Partnership Firms-Fundamentals Book Back 3 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)

From the following balance sheets of Subha and Sudha who share profits and losses equally, 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 accounts:		Fixed assets	30,000
Subha	15,000	Current assets	20,000
Sudha	20,000
	15,000
	50,000		50,000

Drawings of Subha and Sudha during the year were Rs. 2,500 and Rs. 3,500 respectively. Profit earned during the year was Rs. 15,000.

2)
A and B contribute Rs. 4,00,000 and Rs. 2,00,000 respectively as capital. Their respective share of profit is 3:2 and the profit before interest on capital for the year is Rs. 27,000. Compute the amount of interest on capital in each of the following situations:
(i) if the partnership deed is silent as to the interest on capital
(ii) if interest on capital @ 3% is allowed as per the partnership deed
(iii) if the partnership deed allows interest on capital @ 5% p.a.
3)
Arul is a partner in a partnership firm. As per the partnership deed, interest on drawings is charged at 12% p.a. During the year ended 31st December 2018 he drew as follows:

Date Rs.

March 1 3,000

June 1 3,000

September 1 3,000

December 1 3,000

Calculate the amount of interest on drawings.
4)
John is a partner in a firm. He withdraws Rs.1,000 p.m. regularly. Interest on drawings is charged @ 5% p.a. Calculate the interest on drawings using average period, if he draws
(i) at the beginning of every month
(ii) in the middle of every month
(iii) at the end of every month
5)
Arulappan and Nallasamy are partners in a firm sharing profits and losses in the ratio of 4:1. On 1st January 2018, their capitals were Rs. 20,000 and Rs. 10,000 respectively. The partnership deed specifies the following:
(a) Interest on capital is to be allowed at 5% per annum.
(b) Interest on drawings charged to Arulappan and Nallasamy are Rs. 200 and Rs. 300 respectively.
(c) The net profit of the firm before considering interest on capital and interest on drawings amounted to Rs. 18,000.
Give necessary journal entries and prepare Profit and loss appropriation account for the year ending 31st December 2018. Assume that the capitals are fluctuating.

12th Standard English Medium Accountancy Subject Creative 3 Mark Questions with Solution Part - I updated Creative Questions - by Question Bank Software - May 13, 2022 - View & Read

1)

Radhika started a small bakery for providing healthy and good quality bakery product at reasonable prices on 1^st January, 2019 with a capital of Rs. 1,80,000. She appointed a ten year old boy as a sweeper. She withdrew Rs. 60,000 for household expenses. She introduced Rs. 20,000as fresh capital. Her position of assets and liabilities as at 31^st December, 2019 stood as follows.

	Rs.
Cash in hand	70,000
Stock	80,000
Bills receivable	1,00,000
Debtors	1,50,000
Creditors	60,000
Bills payable	10,000

2)
Yuvan foundation is formed to educate and to provide jobs to unemployed women. Identify the values involved.
3)
Explain the procedure for preparation of final accounts of a partnership firm.
4)
What is the need for valuation of goodwill?
5)
Explains the divisions of share capital.

12th Standard English Medium Accountancy Subject Goodwill In Partnership Accounts Book Back 3 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
From the following information relating to a partnership firm, find out the value of its goodwill based on 3 years purchase of average profits of the last 4 years:
(a) Profits of the years 2015, 2016, 2017 and 2018 are Rs. 10,000, Rs. 12,500, Rs. 12,000 and Rs. 11,500 respectively.
(b) The business was looked after by a partner and his fair remuneration amounts to Rs. 1,500 per year. This amount was not considered in the calculation of the above profits.
2)
The following particulars are available in respect of the business carried on by a partnership firm:
(i) Profits earned: 2016: Rs. 25,000; 2017: Rs. 23,000 and 2018: Rs. 26,000.
(ii) Profit of 2016 includes a non-recurring income of Rs. 2,500.
(iii) Profit of 2017 is reduced by Rs. 3,500 due to stock destroyed by fire.
(iv) The stock was not insured. But, it is decided to insure the stock in future. The insurance premium is estimated to be Rs. 250 per annum.
You are required to calculate the value of goodwill of the firm on the basis of 2 years purchase of average profits of the last three years.
3)
How is goodwill calculated under the super profits method?
4)
Compute average profit from the following information.
2016: Rs. 8,000; 2017: Rs. 10,000; 2018: Rs. 9,000
5)
Find out the value of goodwill at three years purchase of weighted average profit of last four year.

Year Profit
Rs. Weight

2015 10,000 1

2016 12,000 2

2017 16,000 3

2018 18,000 4

Purchase of super profit method.

12th Standard English Medium Accountancy Subject Creative 3 Mark Questions with Solution Part - II updated Creative Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
Which values are affected, when accounts are maintained on single entry system basis.
2)
Youth of India sports club decided to donate Rs. 50,000 and spread awareness among the people of nearby societies about cleanliness in the country under the programme "Bharat Abhiyan". Identify the values highlighted.
3)
What is Fluctuating capital method?
4)
The firm of A and B earned a profit of Rs.2,75,000 during the year ending on 31st March, 2015. They have decided to donate 10% of this profit to an NGO working for senior citizens. Pass necessary journal entry for the distribution of profits. Identify the values shown by the firm in donating a part of profit of NGO.
5)
Explain the classification of goodwill.

12th Standard English Medium Accountancy Subject Goodwill In Partnership Accounts Book Back 3 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
The profits and losses of a firm for the last four years were as follows:
2015: Rs. 15,000; 2016: Rs. 17,000; 2017: Rs. 6,000 (Loss); 2018: Rs. 14,000
You are required to calculate the amount of goodwill on the basis of 5 years purchase of average profits of the last 4 years.
2)
The following particulars are available in respect of a business carried on by a partnership firm:
(a) Profits earned: 2016: Rs. 30,000; 2017: Rs. 29,000 and 2018: Rs. 32,000.
(b) Profit of 2016 includes a non-recurring income of Rs. 3,000.
(c) Profit of 2017 is reduced by Rs. 2,000 due to stock destroyed by fire.
(d) The stock is not insured. But, it is decided to insure the stock in future. The insurance premium is estimated at Rs. 5,600 per annum.
You are required to calculate the value of goodwill on the basis of 2 years purchase of average profits of the last three years.
3)
From the following information, calculate the value of goodwill based on 3 years purchase of super profit
(i) Capital employed: Rs. 2,00,000
(ii) Normal rate of return: 15%
(iii) Average profit of the business: Rs. 42,000
4)
From the following information relating to a partnership firm, find out the value of its goodwill based on 3 years purchase of average profits of the last 4 years:
(a) Profits of the years 2015, 2016, 2017 and 2018 are Rs. 10,000, Rs. 12,500, Rs. 12,000 and Rs. 11,500 respectively.
(b) The business was looked after by a partner and his fair remuneration amounts to Rs. 1,500 per year. This amount was not considered in the calculation of the above profits.
5)
The following particulars are available in respect of the business carried on by a partnership firm:
(i) Profits earned: 2016: Rs. 25,000; 2017: Rs. 23,000 and 2018: Rs. 26,000.
(ii) Profit of 2016 includes a non-recurring income of Rs. 2,500.
(iii) Profit of 2017 is reduced by Rs. 3,500 due to stock destroyed by fire.
(iv) The stock was not insured. But, it is decided to insure the stock in future. The insurance premium is estimated to be Rs. 250 per annum.
You are required to calculate the value of goodwill of the firm on the basis of 2 years purchase of average profits of the last three years.

12th Standard English Medium Accountancy Subject Creative 5 Mark Questions with Solution Part - I updated Creative Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
Calculate the missing information:

Particulars Rs.

Closing capital 32,000

Drawings 4,800

Additional capital 8,000

Profit made during the year 9,600

2)

From the following Receipt and Payment Account for the year ending 31^stMarch 2015 of crickets club. Prepare Income and Expenditure Account for the same period:

Dr Receipt and Payment Account for the year ending March 31, 2015 Cr
Receipts	Rs	Payments	Rs
To Balance c/d	25,000	By Purchase of furniture (1.7.14)	5,000
Bank	25,000	By Salaries	2,000
To Subscriptions		By Electricity charges	600
2014 1,500		By Postage and stationery	150
2015 10,000		By Purchase of books	2,500
2016 500	12,000	By Entertainment expenses	900
To Donation	2,000	papers (1.7.14	8000
To Hall rent	300	By Miscellaneous expenses	600
To Interest on bank deposits	450	By Balance c/d
To Entrance fees	1,000	Cash	300
		Bank	20,400
	40,750		40,750

The following additional information is available:
(i) Salaries outstanding Rs. 1,500
(ii) Entertainment expenses outstanding Rs. 500
(Hi) Bank interest receivable Rs. 150
(iv) Subscription accrued Rs. 400
(v) 50 percent of entrance fees is to capitalised
(vi) Furniture is to be depreciated at 10percent per annum

3)

From the following information, prepare capital accounts of partners Manoj and Seran, when their capitals are fluctuating

Particulars	Manoj Rs.	Seran Rs.
Capital on 1^st January 2018 ( Cr. balance)	1,00,000	87,500
Drawings during 2018	20,000	17,500
Interest on drawings	500	250
Share of profit for 2018	10,500	8,250
Interest on capital	6,000	5,250
Salary	9,000	Nil
Commission	Nil	1250

4)
A partnership firm has decided to value its goodwill for the purpose of setting a retiring Partner. The profit of that firm for the last four years were as follows:
2015 : Rs.20,000; 2016 : Rs.25,000; 2017; Rs.24,000 and 2018: Rs.23,000
The business was looked after by a partner. No remuneration was paid to him. The fair remuneration of the partner valued at comes to Rs. 3,000 per annum.
Find out the value of goodwill, if it is valued on the basis of three years purchase of the average profit of the last four years.
5)
Sheela and Neela were sharing profits in the ratio of 4:3. Kamala was admitted with 1/5th share in profits of business. Calculated the New profit Ratio and the sacrificing ratio.

12th Standard English Medium Accountancy Subject Admission of a Partner Book Back 3 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
Seenu and Siva are partners sharing profits and losses in the ratio of 5:3. In the view of Kowsalya admission, they decided
(a) To increase the value of building by Rs. 40,000.
(b) To bring into record investments at Rs. 10,000, which have not so far been brought in to account.
(c) To decrease the value of machinery by Rs. 14,000 and furniture by Rs. 12,000.
(d) To write off sundry creditors by Rs. 16,000.
Pass journal entries and prepare revaluation account
2)
Deepak, Senthil and Santhosh are partners sharing profits and losses equally. They admit Jerald into partnership for 1/3 share in future profits. The goodwill of the firm is valued at Rs.45,000 and Jerald brought cash for his share of goodwill. The existing partners withdraw half of the amount of their share of goodwill. Pass necessary journal entries for adjusting goodwill on the assumption that the fluctuating capital method is followed.
3)
Malathi and Shobana are partners sharing profits and losses in the ratio of 5:4. They admit Jayasri into partnership for 1/3 share of profit. Jayasri pays cash Rs. 6,000 towards her share of goodwill. The new ratio is 3:2:1. Pass necessary journal entry for adjusting goodwill on the assumption that the fixed capital method is followed.
4)
Anu and Arul were partners in a firm sharing profits and losses in the ratio of 4:1. They have decided to admit Mano into the firm for 2/5 share of profits. The goodwill of the firm on the date of admission was valued at Rs.25,000. Mano is not able to bring in cash for his share of goodwill. Pass necessary journal entry for goodwill on the assumption that the fluctuating capital method is followed.
5)
Varun and Barath are partners sharing profits and losses 5:4. They admit Dhamu into partnership. The new profit sharing ratio is agreed at 1:1:1. Dhamu’s share of goodwill is valued at Rs. 15,000 of which he pays Rs .10,000 in cash. Pass necessary journal entries for adjustment of goodwill on the assumption that the fluctuating capital method is followed.

12th Standard English Medium Accountancy Subject Creative 5 Mark Questions with Solution Part - II updated Creative Questions - by Question Bank Software - May 13, 2022 - View & Read

1)

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

2)

Following is the receipts and payments accounts of Literacy club for the year ended 31^stMarch 2016

Receipts	Rs.	Rs.	Payments	Rs.
To Balance c/d		19,550	By Salary	3,000
			By News papers	2,050
To Subscribtions			By Electricity bill	1,000
2014·2015	1,200		By Fixed deposit	20,000
2015·2016	26,500		(on 1^st July, 2015 @
	500		9% per annum
		28,200	By Books	10,600
			By Rent	6,800
To slae old news paper		1,250	By Furniture	10,500
To Government grants		10,000	By Balance dd	11,200
To sale of old furniture		5,700
(book value Rs.7,000)
To interest on fixed deposits		450
		65,150		65,150

Additional information:
(i) Subscription outstanding as on 31^stMarch, 2015 were Rs. 2000 and on 31^stMarch, 2016 Rs. 2,500.
(ii) On 31^stMarch, 2016 Salary outstanding was Rs. 600 and rent outstanding was Rs. 1,200.
(iii) The club owned furniture Rs. 15,000 and books Rs. 7,000 on 1st April, 2015. Prepare income and expenditure account of the dub for the year ended 31^stMarch 2016 and as certain capital fund on 31^stMarch, 2015. Also prepare a balance sheet as on 31^stMarch, 2016.

3)

From the following balance sheets of Subha and Sudha who share profits and losses equally. Calculate interest on capital at 6% p.a for the year ending 31^st December 2017.

Balance sheet as.on 31st December 2017
Liabilities	Rs.	Assets	Rs.
Capital accounts:		Fixed assets	60,000
Subha	30,000	Current assets	20,000
Sudha	40,000
P&L App A/C	10,000

P&L App A/C	80,000		80,000

Drawing of Shubha and Sudha during the year were Rs.5,000 and Rs.7,000 respectively profit earned during the year was Rs.30,000.

4)
From the following information, find out the value of goodwill by capitalisation method:
(a) Average profit = Rs. 60,000
(b) Normal rate of return = 10%
(c) Capital employed = Rs. 5,60,000

5)

Lakshmi and Saraswathi are partners of a firm sharing profits and losses in proportion to capital. Trial Balance sheet as on 31^st March 2019 is as under

Liabilities	Rs.	Rs.	Assets	Rs.
Sundry creditors		60,000	Bank	12,000
Bills payable		40,000	Sundry debtors A/c	40,000
Capital Accounts:			Stock	40,000
Lakshmi	60,000		Plant	90,000
Saraswathi	40,000	1,000,000	Furniture	18,000
		2,00,000		2,00,000

They decided to admit Sulochana into the partnership with effect from 1st April, 2005 on the following terms.
(a) Sulochana shall bring in a capital Rs. 50,000 for \(\frac{1}{5}\)^th share of profits.
(b) Goodwill is to be valued at Rs. 40,000.
(c) Plant and furniture was to be depreciated by 5%
(d) Provision for doubtful debts be created at 1\(\frac{1}{2}\%\) on sundry debtors.
Show revaluation account, capital accounts, bank account and Balance sheet of the reconstituted partnership.

12th Standard English Medium Accountancy Subject Admission of a Partner Book Back 3 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)

Rathna Kumar and Arockia Das are partners in a firm sharing profits and losses in the ratio of 3:2. Their balance sheet as on 31st March, 2017 is as follows:

Liabilities	Rs.	Rs.	Assets	Rs.
Capital accounts:			Buildings	30,000
Rathna Kumar	30,000		Plant	60,000
Arockia Das	50,000	80,000	Furniture	20,000
Profit and loss appropriation A/c		20,000	Debtors	10,000
General reserve		5,000	Stock	15,000
Workmen compensation fund		15,000	Cash at bank	15,000
Sundry creditors		30,000
		1,50,000		1,50,000

David was admitted into the partnership on 1.4.2017. Pass journal entry to distribute the accumulated profits and reserve on admission.

2)
Rajesh and Ramesh are partners sharing profits in the ratio 3:2. Raman is admitted as a new partner and the new profit sharing ratio is decided as 5:3:2. The following revaluations are made. Pass journal entries and prepare revaluation account.
(a) The value of building is increased by Rs. 15,000.
(b) The value of the machinery is decreased by Rs. 4,000.
(c) Provision for doubtful debt is made for Rs. 1,000.
3)
Sriram and Raj are partners sharing profits and losses in the ratio of 2:1. Nelson joins as a partner on 1st April 2017. The following adjustments are to be made:
(i) Increase the value of stock by Rs. 5,000
(ii) Bring into record investment of Rs. 7,000 which had not been recorded in the books of the firm.
(iii) Reduce the value of office equipment by Rs. 10,000
(iv) A provision would also be made for outstanding wages for Rs. 9,500.
Give journal entries and prepare revaluation account.
4)
Amudha and Bhuvana are partners who share profits and losses in the ratio of 5:3. Chithra joins the firm on 1st January, 2019 for 3/8 share of profits and brings in cash for her share of goodwill of Rs. 8,000. Pass necessary journal entry for adjusting goodwill on the assumption that the fluctuating capital method is followed and the partners withdraw the entire amount of their share of goodwill.
5)
Arun, Babu and Charles are partners sharing profits and losses equally. They admit Durai into partnership for 1/4 share in future profits. The goodwill of the firm is valued at Rs. 36,000 and Durai brought cash for his share of goodwill. The existing partners withdraw half of the amount of their share of goodwill. Pass necessary journal entries on the assumption that the fluctuating capital method is followed.

12th Standard English Medium Accountancy Subject Retirement and Death of a Partner Book Back 3 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
What are the ways in which the final amount due to an outgoing partner can be settled?
2)
Roja, Neela and Kanaga are partners sharing profits and losses in the ratio of 4:3:3. On 1^st April 2017, Roja retires and on retirement, the following adjustments are agreed upon.
(i) Increase the value of building by Rs. 30,000.
(ii) Depreciate stock by Rs. 5,000 and furniture by Rs. 12,000.
(iii) Provide an outstanding liability of Rs. 1,000
Pass journal entries and prepare revaluation account.
3)
Rajan, Suman and Jegan were partners in a firm sharing profits and losses in the ratio of 4:3:2. Suman retired from partnership. The goodwill of the firm on the date of retirement was valued at Rs. 45,000. Pass necessary journal entries for goodwill on the assumption that the fluctuating capital method is followed.
4)
Rani, Jaya and Rathi are partners sharing profits and losses in the ratio of 2 : 2 : 1. On 31.3.2018, Rathi retired from the partnership. Profit of the preceding years is as follows: 2014: 10,000; 2015: Rs. 20,000; 2016: Rs.18,000 and 2017: Rs. 32,000 Find out the share of profit of Rathi for the year 2018 till the date of retirement if
(a) Profit is to be distributed on the basis of the previous year’s profit
(b) Profit is to be distributed on the basis of the average profit of the past 4 years
Also pass necessary journal entries by assuming partners capitals are fluctuating.
5)
Janani, Janaki and Jamuna are partners sharing profits and losses in the ratio of 3:3:1 respectively. Janaki died on 31^st December, 2017. Final amount due to her showed a credit balance of Rs. 1,40,000. Pass journal entries if,
(a) The amount due is paid off immediately.
(b) The amount due is not paid immediately.
(c) Rs. 75, 000 is paid and the balance in future.

12th Standard English Medium Accountancy Subject Retirement and Death of a Partner Book Back 3 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
Ramya, Sara and Thara are partners sharing profits and losses in the ratio of 5:3:2. On 1^st April 2018, Thara retires and on retirement, the following adjustments are agreed upon:
(i) Increase the value of premises by Rs. 40,000.
(ii) Depreciate stock by Rs. 3,000 and machinery by Rs. 6,500.
(iii) Provide an outstanding liability of Rs. 500
Pass journal entries and prepare revaluation account.
2)
Justina, Navi and Rithika are partners sharing profits and losses equally. On 31.3.2019, Rithika retired from the partnership firm. Profits of the preceding years is as follows:
2016: Rs. 5,000; 2017: Rs. 10,000 and 2018: Rs. 30,000
Find out the share of profit of Ritika for the year 2019 till the date of retirement if
(a) Profit is to be distributed on the basis of the previous year’s profit
(b) Profit is to be distributed on the basis of the average profit of the past 3 years
Also pass necessary journal entries by assuming that partners’ capitals are fluctuating. Accountancy
3)
Rathna, Baskar and Ibrahim are partners sharing profits and losses in the ratio of 2:3:4 respectively. Rathna died on 31st December, 2018. Final amount due to her showed a credit balance of Rs. 1,00,000. Pass journal entries if,
(a) The amount due is paid off immediately by cheque.
(b) The amount due is not paid immediately.
(c) Rs. 60,000 is paid immediately by cheque.
4)
Distinguish between sacrificing ratio and gaining ratio.

5)

Akash, Mugesh and Sanjay are partners in a firm sharing profits and losses in the ratio of 3:2:1. Their balance sheet as on 31^st March, 2017 is as follows:

Liabilities	Rs.	Rs.	Asset	Rs.
Capital accounts:			Buildings	1,10,000
Akash	40,000		Vehicle	30,000
Mugesh	60,000		Stock in trade	26,000
Sanjay	30,000	1,50,000	Debtors	25,000
Profit and loss appropriation A/c		12,000	Cash in hand	15,000
General reserve		24,000
Workmen compensation fund		18,000
Bills payable		2,000
		2,06,000		2,06,000

Pass journal entry to transfer accumlatetd Profit and prepare the capital account of the partners

12th Standard English Medium Accountancy Subject Company Accounts Book Back 3 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
Maruthu Ltd. forfeited 150 equity shares of Rs.10 each for non payment of final call of Rs.4 per share. Of these 100 shares were reissued @ Rs.9 per share. Pass journal entries for forfeiture and reissue.
2)
Jenifer Ltd. issued 10,000 equity shares of Rs.10 each at par payable on application Rs.3 per share, on allotment Rs.3 per share, on first call Rs.2 per share and on second and final call Rs.2 per share. The issue was fully subscribed and all the amounts were duly received with the exception of 100 shares held by Subbu, who failed to pay the second and final call. His shares were forfeited and reissued to Hema at Rs.7 per share. Journalise the above transactions.
3)
State the differences between preference shares and equity shares.
4)
What is reissue of forfeited shares?
5)
What is meant by issue of shares for consideration other than cash?

12th Standard English Medium Accountancy Subject Company Accounts Book Back 3 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
Muthu was holding 20 equity shares of Rs.10 each on which he paid Rs.2 on application but could not pay Rs.3 on allotment and Rs.1 on first call. Directors forfeited the shares after the first call. Give journal entry for recording the forfeiture of shares.
2)
Maruthu Ltd. forfeited 150 equity shares of Rs.10 each for non payment of final call of Rs.4 per share. Of these 100 shares were reissued @ Rs.9 per share. Pass journal entries for forfeiture and reissue.
3)
Jenifer Ltd. issued 10,000 equity shares of Rs.10 each at par payable on application Rs.3 per share, on allotment Rs.3 per share, on first call Rs.2 per share and on second and final call Rs.2 per share. The issue was fully subscribed and all the amounts were duly received with the exception of 100 shares held by Subbu, who failed to pay the second and final call. His shares were forfeited and reissued to Hema at Rs.7 per share. Journalise the above transactions.
4)
State the differences between preference shares and equity shares.
5)
What is reissue of forfeited shares?

12th Standard English Medium Accountancy Subject Financial Statement Analysis Book Back 3 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)

From the following particulars of Mani Ltd an Kani Ltd prepare a common-size income statement for the year ended 31^st March, 2019

Particulars	Mani Ltd	Kani Ltd
	Rs.	Rs.
Revenue from operations	2,00,000	2,50,000
Other income	30,000	25,000
Expenses	1,10,000	1,25,000

2)

Prepare common-size balance sheet of Maria Ltd. as on 31^st March, 2018.

Particulars	31st March 2018
	Rs.
I EQUITY AND LIABILITIES
Shareholders’ funds	4,00,000
Non-current liabilities	3,20,000
Current liabilities	80,000
Total	8,00,000
II ASSETS
Non-current assets	6,00,000
Current assets	2,00,000
Total	8,00,000

3)
‘Financial statements are prepared based on the past data’. Explain how this is a limitation.
4)
Briefly explain any three limitations of financial statements
5)
Explain the procedure for preparing common-size statement

12th Standard English Medium Accountancy Subject Financial Statement Analysis Book Back 3 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
From the following particulars of Kumar Ltd, prepare a common-size income statement for the year ended 31^st March, 2018.

Particulars 2017-18

Rs.

Revenue from operations 5,00,000

Other income 20,000

Expenses 3,00,000

2)

From the following particulars of Siva Ltd, prepare common size income statement for the years ended 31st March, 2016 and 31st March, 2017.

Particulars	2015-16	2016-17
	Rs.	Rs.
Revenue from operations	2,00,000	3,00,000
Other income	25,000	75,000
Expenses	2,50,000	1,50,000
Income tax %	40	40

3)

Prepare common-size balance sheet of Sharmila Ltd. and Sangeetha Ltd. as on 31^st March, 2019.

Particulars	Sharmila Ltd	Sangeetha Ltd
	Rs.	Rs.
I EQUITY AND LIABILITIES
Shareholders’ funds	5,00,000	11,00,000
Non-current liabilities	4,00,00	7,00,000
Current liabilities	1,00,000	2,00,000
Total	10,00,000	20,00,000
II ASSETS
Non-current assets	6,50,000	18,00,000
Current assets	3,50,000	2,00,000
Total	10,00,000	20,00,000

4)
Write a short note on cash flow analysis.
5)
Explain the steps involved in preparing comparative statement

12th Standard English Medium Accountancy Subject Ratio Analysis Book Back 3 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
How is operating profit ascertained?
2)
Bring out the limitations of ratio analysis.

3)

From the given information calculate the inventory turnover ratio and inventory conversion period (in months) of Sania Ltd.

Particulars	Rs.
Revenue from operations	1,90,000
Inventory at the beginning of the year	40,000
Inventory at the end of the year	20,000
Purchases made during the year	90,000
Carriage inwards	10,000

4)

From the following figures obtained from Kalpana Ltd, calculate the trade payables turnover ratio and credit payment period (in days).

Particulars	Rs.
Credit purchases during 2018 – 2019	1,00,000
Trade creditors as on 1.4.2018	20,000
Trade creditors as on 31.3.2019	10,000
Bills payable as on 1.4.2018	4,000
Bills payable as on 31.3.2019	6,000

5)

Calculate
(i) Inventory turnover ratio
(ii) Trade receivable turnover ratio
(iii) Trade payable turnover ratio and
(iv) Fixed assets turnover ratio from the following information obtained from Delphi Ltd.

Particulars	As on 31st March, 2018 Rs.	As on 31st March, 2019 Rs.
Inventory	1,40,000	1,00,000
Trade receivables	80,000	60,000
Trade payables	40,000	50,000
Fixed assets	5,50,000	5,00,000

Additional information:
(i) Revenue from operations for the year Rs.10,50,000
(ii) Purchases for the year Rs.4,50,000
(iii) Cost of revenue from operations Rs.6,00,000.
Assume that sales and purchases are for credit.

12th Standard English Medium Accountancy Subject Ratio Analysis Book Back 3 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
What is inventory conversion period? How is it calculated?
2)
State any three advantages of ratio analysis.

3)

From the following Balance Sheet of Arunan Ltd. as on 31.03.2019 calculate
(i) Debt-equity ratio
(ii) Proprietary ratio and
(iii) Capital gearing ratio.

Balance Sheet of Arunan Ltd. as on 31.03.2019
Particulars	Rs.
I EQUITY AND LIABILITIES
1. Shareholders' funds
(a) Share capital
Equity share capital	1,50,000
8% Preference share capital	2,00,000
(b) Reserves and surplus	1,50,000
2. Non current liabilities
Long term borrowings (9% Debentures)	4,00,000
3. Current liabilities
Short-term borrowings from banks	25,000
Trade payables	75,000
Total	10,00,000
II ASSETS
1. Non-current assets
Fixed assets	7,50,000
2. Current assets
(a) Inventories	1,20,000
(b) Trade receivables	1,00,000
(c) Cash and cash equivalents	27,500
(d) Other current assets
Expenses paid in advance	2,500
Total	10,00,000

4)
The credit revenue from operations of Harini Ltd. amounted to Rs.9,60,000. Its debtors and bills receivable at the end of the accounting period amounted to Rs.1,00,000 and Rs.60,000 respectively. Calculate trade receivable turnover ratio and also collection period in months.
5)
From the following information of Ashika Ltd., calculate fixed assets turnover ratio:
(i) Revenue from operations during the year were Rs.60,00,000.
(ii) Fixed assets at the end of the year was Rs.6,00,000.

12th Standard English Medium Accountancy Subject Computerized Accounting System - Tally Book Back 3 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
Write a brief note on accounting vouchers.
2)
What are the pre-defined ledgers available in Tally.ERP 9?
3)
Mention the commonly used voucher types in Tally.ERP 9.
4)
Explain how to view profit and loss statement in Tally.ERP 9.
5)
Explain any five applications of computerised accounting system.

12th Standard English Medium Accountancy Subject Computerized Accounting System - Tally Book Back 3 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
Write a brief note on accounting vouchers.
2)
What are the pre-defined ledgers available in Tally.ERP 9?
3)
Mention the commonly used voucher types in Tally.ERP 9.
4)
Explain how to view profit and loss statement in Tally.ERP 9.
5)
Explain any five applications of computerised accounting system.

12th Standard English Medium Accountancy Subject Accounts From Incomplete Records Book Back 5 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)

Bharathi does not maintain her books of accounts under double entry system. From the following details prepare trading and profit and loss account for the year ending 31^st March, 2019 and a balance sheet as on that date.

**Dr. Cash Book Cr.**
Receipts	Rs.	Payments	Rs.
To balance b/d	32,000	By Purchases A/c	56,000
To Sales A/c	1,60,000	By Creditors A/c	80,000
To Debtors A/c	1,20,000	By General expenses A/c	24,000
		By Wages A/c	10,000
		By Balance c/d	1,42,000
	3,12,000		3,12,000

Other Information:

Particulars	1.4.2018 Rs.	31.3.2019 Rs.
Stock of goods	40,000	60,000
Debtors	38,000	?
Creditors	58,000	52,000
Machinery	1,70,000	1,70,000

Additional information:	Rs
(i) Credit purchases	74,000
(ii) Credit sales	1,40,000
(iii) Opening capital	2,22,000
(iv) Depreciate machinery by 10% p.a.

2)

Pandian does not keep his books under double entry system. From the following information prepare trading and profit and loss account

	1-1-2018 Rs.	31-12-2018 Rs.
Furniture	30,000	30,000
Cash in hand	10,000	17,000
Debtors	40,000	60,000
Stock	28,000	11,000
Bills receivable	12,000	35,100
Bank loan	25,000	25,000
Creditors	15,000	16,000

	Rs.		Rs.
Cash sales	11,200	Credit sales	88,800
Cash purchases	4,250	Credit purchases	35,750
Carriage on purchases	3,000	Carriage on sales	700
Commission received	600	Interest on bank loan	2,500
Drawings	8,000	Additional capital	14,000
Salaries	8,900	Office rent	2,400

Adjustments:
Write off depreciation of 5% on furniture. Create a provision of 1% on debtors for doubtful debts.

3)

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	Rs.	Particulars	Rs.
Balances as on 1st April 2018		Balances as on 31st March 2019
Sundry debtors	2,40,000	Sundry debtors	2,20,000
Bills receivable	30,000	Sundry creditors	1,50,000
Sundry creditors	1,20,000	Bills receivable	8,000
Bills payable	10,000	Bills payable	20,000
Other information	Rs.
Cash received from debtors	6,00,000	Payments against bill payable	30,000
Discount allowed to customers	25,000	Cash received for bills receivable	60,000
Cash paid to creditors	3,20,000	Bills receivable dishonoured	4,000
Discount allowed by suppliers	10,000	Bad debts	16,000

4)

Mary does not keep her books under double entry system. From the following details prepare trading and profit and loss account for the year ending 31^st March, 2019 and a balance sheet as on that date.

**Dr. Cash Book Cr.**
Particulars	Rs.	Particulars	Rs.
To Balance b/d	1,20,000	By Purchases	1,50,000
To Sales	3,60,000	By Creditors	2,50,000
To Debtors	3,40,000	By Wages	70,000
		By Sundry expenses	1,27,000
		By Balance c/d	2,23,000
	8,20,000		8,20,000

Other information

Particulars	1.4.2018	31.3.2019
Stock of goods	1,10,000	1,80,000
Sundry Debtors	1,30,000	?
Sundry Creditors	1,60,000	90,000
Furniture and fittings	80,000	80,000

Additional information
Credit purchases 1,80,000
Credit sales 2,90,000
Opening capital 2,80,000
Depreciate furniture and fittings by 10% p.a.

5)

Selvam does not keep his books under double entry system. From the following information prepare trading and Profit and loss A/c and Balance Sheet as on 31-12-2018

Particulars	1-1-2018 Rs.	31-12-2018 Rs.
Machinery	60,000	60,000
Cash at bank	25,000	33,000
Sundry debtors	70,000	1,00,000
Stock	45,000	22,000
Bills receivable	20,000	38,000
Bank loan	45,000	45,000
Sundry creditors	25,000	21,000

Particulars	Rs.	Particulars	Rs.
Cash sales	20,000	Credit sales	1,80,000
Cash purchases	8,000	Credit purchases	52,000
Wages	6,000	Salaries	23,500
Advertisement	7,000	Interest on bank loan	4,500
Drawings	60,000	Additional capital	21,000

Adjustments:
Write off depreciation of 10% on machinery. Create a reserve of 1% on debtors for doubtful debts.

12th Standard English Medium Accountancy Subject Accounts From Incomplete Records Book Back 5 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)

Ahmed does not keep proper books of accounts. Find the profit or loss made by him for the year ending 31^st March, 2018.

Particulars	1.4.2017 Rs	31.3.2018 Rs
Bank balance	14,000 (Cr.)	18,000 (Dr.)
Cash in hand	800	1,500
Stock	12,000	16,000
Debtors	34,000	30,000
Plant	80,000	80,000
80,000	40,000	40,000
Creditors	60,000	72,000

Ahmed had withdrawn Rs. 40,000 for his personal use. He had introduced Rs.16,000 as capital for expansion of his business. A provision of 5% on debtors is to be made. Plant is to be depreciated at 10%.

2)

From the following details of Abdul 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	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

3)

Arjun carries on grocery business and does not keep his books on double entry basis. The following particulars have been extracted from his books:

Particulars	1-4-2018 Rs.	31-3-2019 Rs.
Plant and machinery	20,000	20,000
Stock	9,000	16,000
Sundry debtors	2,000	5,300
Sundry creditors	5,000	4,000
Cash at bank	4,000	6,000

Other information for the year ending 31-3-2019 showed the following

	Rs.
Advertising	4,700
Carriage inwards	8,000
Cash paid to creditors	64,000
Drawings	2,000

Total sales during the year were Rs. 85,000. Purchases returns during the year were Rs. 2,000 and sales returns were Rs.1,000. Depreciate plant and machinery by 5%. Provide Rs. 300 for doubtful debts. Prepare trading and profit and loss account for the year ending 31st March, 2019 and a balance sheet as on the date.

4)

Ananth does not keep his books under double entry system. Find the profit or loss made by him for the year ending 31^st 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%.

5)

From the following details of Rakesh, prepare Trading and Profit and Loss account for the year ended 31st March, 2019 and a Balance Sheet as on that date.

Particulars	31.3.2018 Rs.	31.3.2019 Rs.
Stock of goods	2,20,000	1,60,000
Debtors	5,30,000	6,40,000
Cash at bank	60,000	10,000
Machinery	80,000	80,000
Sundry creditors	3,70,000	4,20,000

Other details:

Particulars	Rs.	Particulars	Rs.
Rent paid	1,20,000	Cash received from debtors	12,50,000
Discount received	35,000	Drawings	1,00,000
Discount allowed	25,000	Cash sales	20,000
Cash paid to creditors	11,00,000	Capital as on 1.4.2018	5,20,000

12th Standard English Medium Accountancy Subject Accounts of Not-For-Profit Organisation Book Back 5 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)

Mayiladuthurai Recreation Club gives you the following details. Prepare Receipts and Payments account for the year ended 31^st March, 2019.

Particulars	Rs.	Particulars	Rs.
Opening cash balance	15,000	Salary of watchman	12,000
Opening bank balance	25,000	Club annual day expenses	15,000
Donations received	48,000	Lighting charges	16,500
Sale of old equipment	26,000	Entertainment expenses	13,500
Refreshment charges	13,000	Billiards table purchased	5,000
Club annual day collections	18,000	Expenses of charity show	3,000
Construction of tennis court	7,000	Sale of investments	12,000
Receipts from charity show	4,000	Closing cash balance	12,000
Rent paid	1,000

2)

From the following receipts and payments account of Tenkasi Thiruvalluvar Manram, prepare income and expenditure account for the year ended 31^st March, 2019.

Receipts	Rs.	Payments	Rs.
To Balance b/d		By Salaries	20,000
Cash in hand	14,000	By Rent	24,000
To Interest received	5,000	By Travelling expenses	2,000
To Subscription	55,000	By Printing and stationery	6,000
To Legacies	48,000	By Investments made	50,000
To Entrance fees	7,000	By Sports equipment purchased	33,000
To Sale of furniture	16,000	By Balance c/d
(Book value: Rs.7,000)		Cash in hand	10,000
	1,45,000		1,45,000

3)

From the following Receipts and Payment account and from the information given below of Ramanathapuram Sports Club, prepare Income and Expenditure account for the year ended 31^st December, 2018 and the balance sheet as on that date.

Receipts	Rs.	Rs.	Payments	Rs.	Rs.
To Balance b/d			By Rent		11,000
Cash in hand	5,000		By Entertainment
Cash at bank	10,000	15,000	expenses		11,200
To Subscription			By Furniture		10,000
2017	12,000		By Sports materials
2018	33,000		purchased		13,000
2019	16,000	61,000	By Match expenses		12,000
To Entrance fees		6,000	By Investments made		28,000
To General donations		7,000	By Balance c/d
To Sale of old sports			Cash in hand	1,300
materials		1,000	Cash at bank	4,000	5,300
To Miscellaneous
receipts		500
		90,500			90,500

Additional information:
(i) Capital fund as on 1^st January 2018 Rs. 30,000.
(ii) Opening stock of sports material Rs. 3,000 and closing stock of sports material Rs. 5,000.

4)

Following is the Receipts and Payments account of Neyveli Science Club for the year ended 31^st December, 2018

Dr. Receipts and Payments Account for the year ended 31^st December, 2018 Cr
Receipts	Rs.	Payments	Rs.	Rs.
To Balance b/d		By Balance b/d
Cash in hand	2,400	Bank overdraft		1,000
To Subscription	8,700	By Postage expenses		200
To Life membership fees	5,000	By Science equipments
To Exhibition fund receipts	7,000	purchased		10,000
To Sale of science		By Laboratory expenses		2,400
equipments (Book value Rs.5,000)	6,000	By Audit fees		3,600
To Miscellaneous income	500	By General charges		1,800
		By Exhibition expenses		5,000
		By Balance c/d
		Cash in hand	200
		Cash at bank	400	600
		Cash at bank	400	600
	29,600			29,600

Additional information:
(i) Opening capital fund Rs. 6,400
(ii) Subscription includes Rs. 600 for the year 2019
(iii) Science equipment as on 1.1.2018 Rs. 5,000
(iv) Surplus on account of exhibition should be kept in reserve for new auditorium.
Prepare income and expenditure account for the year ended 31^st December, 2018 and the balance sheet as on that date

5)

Following is the Receipts and payments account of Virudhunagar Volleyball Association for the year ended 31^st December, 2018

Dr. Receipts and Payments Account for the year ended 31^st December, 2018 Cr.
Receipts	Rs.	Rs.	Payments	Rs.	Rs.
To balance b/d			By Match expenses		25,000
Cash in hand		5,000	By Upkeep of pavilion		17,000
To Subscription			By Secretary’s honorarium		18,000
2017	10,000		By Bats and balls purchased		22,000
2018	55,000		By Grass seeds		2,000
2019	5,000	70,000	By Fixed deposit		58,000
To Donations		40,000	By Sundry expenses
To Match fund receipts		30,000	By Balance c/d
To Interest on fixed deposit		8,000	Cash in hand	7,000
To Miscellaneous receipts		5,000	Cash at bank	6,000	13,000
		1,58,000			1,58,000

Additional information:
(i) On 1.1.2018, the association owned investments Rs. 10,000, premises and grounds Rs. 40,000, stock of bats and balls Rs. 5,000.
(ii) Subscription Rs. 5,000 related to 2017 is still due.
(iii) Subscription due for the year 2018,Rs. 6,000.
Prepare income and expenditure account for the year ended 31^st December, 2018 and the balance sheet as on that date

12th Standard English Medium Accountancy Subject Accounts of Not-For-Profit Organisation Book Back 5 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)

From the following particulars of Poompuhar Literary Association, prepare Receipts and Payments account for the year ended 31^st March, 2019.

Particulars	Rs.	Particulars	Rs.
Opening cash in hand as on 1.4.2018	5,000	Subscriptions received	20,000
Bank overdraft as on 1.4.2018	4,000	Repairs and renewals	2,500
Printing and stationery	1,500	Conveyance paid	2,750
Interest paid	3,250	Books purchased	10,000
Sale of investments	1,000	Insurance premium paid	4,000
Purchase of refreshments	1,500	Sundry receipts	750
Outstanding salary	2,000	Government grants received	6,000
Endowment fund receipts	2,000	Sale of refreshments	1,500
Lighting charges	1,300	Depreciation on buildings	2,000
		Cash at bank on 31.03.2019	2,000

2)

From the following Receipts and Payments Account of Friends Football club, for the year ending 31^st March, 2017, prepare Income and Expenditure Account for the year ending 31^st 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 31^st 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 1^st 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 1^stApril 2016 was Rs. 23,000.

3)

From the following Receipts and Payments account of Coimbatore Cricket Club for the year ending 31^st March 2016, prepare income and expenditure account for the year ending 31^st March, 2016 and a balance sheet as on that date.

In the books of Coimbatore Cricket Club Receipts and Payments Account for the year ending 31^stMarch, 2016
Receipts	Rs.	Payments	Rs.
To Balance b/d:		By Maintenance	5,000
Cash at bank	8,000	By Furniture	15,000
To Subscriptions	11,000	By Tournament expenses	1,400
To Sale of old bats and balls	100	By Secretary’s honorarium	4,500
To Subscription for tournament	2,000	By Bats and balls	7,400
To Legacies	20,000	By Balance c/d:
		Cash at bank	7,800
	41,100		41,100

Additional information:
On 1^st April, 2015 the club had stock of balls and bats Rs. 3,000 and an advance subscription of Rs. 500. Surplus on account of tournament should be kept in reserve for permanent pavilion.Subscription due on 31.03.2016 was Rs. 2,000. Stock of bats and balls on 31.3.2016 was Rs. 1,000.

4)

The following is the Receipts and Payments account of Madurai City Club for the year ending 31^st March, 2018.

Madurai City Club
Dr. Receipts and Payments Account for the year ended 31^st March, 2018 Cr
Receipts	Rs.	Rs.	Payments	Rs.	Rs.
To Balance b/d:			By Upkeep of ground		16,500
Cash	500		By Match expenses		19,000
Bank	7,000	7,500	By Sundry expenses		11,000
To Subscription (including
Rs. 4,000 for 2016-2017)		30,000	By Balance c/d:
To Legacies		9,000	Cash in hand	1,500
To Hall rent		10,000	Cash at bank	11,000	12,500
To Receipts for match fund		22,500
		79,000			79,000

Additional information:
On 1^st April, 2017, the club had investment of Rs. 40,000. The club also had a credit balance of Rs. 30,000 in Match fund account. On 31^st March, 2017 subscriptions in arrears were Rs. 4,000and the subscriptions in arrears on 31^st March, 2018 were Rs. 4,500. Prepare the final accounts.

5)

From the information given below, prepare Receipts and Payments account of Madurai Mother Theresa Mahalir Mandram for the year ended 31^st December, 2018

Particulars	Rs.	Particulars	Rs.
Cash balance as on 1.1.2018	2,000	Fire Insurance premium paid	1,500
Bank balance as on 1.1.2018	3,000	Subscription received	8,500
Sale of old newspapers	500	Furniture purchased	6,000
Stationery purchased	6,000	Purchase of newspapers	700
Audit fees paid	2,000	Depreciation on furniture	900
Entrance fees received	3,000	Cash balance as on 31.12.2018	2,500
Sundry charges	6,000	Conveyance paid	1,000
Scholarships given	2,000	Sale of furniture	4,000
Interest on investments	2,000

12th Standard English Medium Accountancy Subject Accounts of Partnership Firms-Fundamentals Book Back 5 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)

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 1^stApril 2018	4,00,000	6,00,000
Current account on 1^st 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

2)
Durai and Velan entered into a partnership agreement on 1st April 2018, Durai contributing Rs. 25,000 and Velan Rs. 30,000 as capital. The agreement provided that:
(a) Profits and losses to be shared in the ratio 2:3 as between Durai and Velan.
(b) Partners to be entitled to interest on capital @ 5% p.a.
(c) Interest on drawings to be charged Durai: Rs. 300 Velan: Rs. 450
(d) Durai to receive a salary of Rs. 5,000 for the year, and
(e) Velan to receive a commission of Rs. 2,000
During the year, the firm made a profit of Rs. 20,000 before adjustment of interest, salary and commission. Prepare the Profit and loss appropriation account.

3)

From the following information, prepare capital accounts of partners Rooban and Deri, when their capitals are fixed.

Particulars	Rooban Rs.	Deri Rs.
Capital on 1^st April, 201	70,000	50,000
Current account on 1^st 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

4)

From the following information, prepare capital accounts of partners Padmini and Padma, when their capitals are fluctuating.

Particulars	Padmini Rs.	Padma Rs.
Capital on 1^st January 2018 (Cr. balance)	5,00,000	4,00,000
Drawings during 2018	70,000	40,000
Interest on drawings	2,000	1,000
Share of profit for 2018	52,000	40,000
Interest on capital	30,000	24,000
Salary	45,000	Nil
Commission	Nil	21,000

5)
Antony and Ranjith started a business on 1st April 2018 with capitals of Rs. 4,00,000 and Rs. 3,00,000 respectively. According to the Partnership Deed, Antony is to get salary of Rs. 90,000 per annum, Ranjith is to get 25% commission on profit after allowing salary to Antony and interest on capital @ 5% p.a. but after charging such commission. Profit-sharing ratio between the two partners is 1:1. During the year, the firm earned a profit of Rs. 3,65,000.
Prepare profit and loss appropriation account. The firm closes its accounts on 31st March every year.

12th Standard English Medium Accountancy Subject Accounts of Partnership Firms-Fundamentals Book Back 5 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)

From the following information, prepare capital accounts of partners Shanthi and Sumathi, when their capitals are fixed.

Particulars	Shanthi Rs.	Sumathi Rs.
Capital on 1^st January 2	1,00,000	80,000
Current account on 1^st January 2018 (Cr.)	5,000	3,000
Additional capital introduced on 1^st June 2018	10,000	20,000
Drawings during 2018	20,000	13,000
Interest on drawings	500	300
Share of profit for 20	10,000	8,000
Interest on capital	6,300	5,400
Salary	9,000	Nil
Commission	Nil	1,200

2)

From the following information, prepare capital accounts of partners Mannan and Sevagan, when their capitals are fluctuating.

Particulars	Mannan Rs.	Sevagan Rs.
Capital on 1^stJanuary 2018 (Cr. balance)	2,00,000	1,75,000
Drawings during 2018	40,000	35,000
Interest on drawings	1,000	500
Share of profit for 2018	21,000	16,500
Interest on capital	12,000	10,500
Salary	18,000	Nil
Commission	Nil	2,500

3)
Richard and Rizwan started a business on 1st January 2018 with capitals of Rs. 3,00,000 and Rs. 2,00,000 respectively. According to the Partnership Deed
(a) Interest on capital is to be provided @ 6% p.a.
(b) Rizwan is to get salary of Rs. 50,000 per annum.
(c) Richard is to get 10% commission on profit (after interest on capital and salary to Rizwan) after charging such commission.
(d) Profit-sharing ratio between the two partners is 3:2.
During the year, the firm earned a profit of Rs. 3,00,000.
Prepare profit and loss appropriation account. The firm closes its accounts on 31st December every year.

4)

Arun and Selvam are partners who maintain their capital accounts under fixed capital method. From the following particulars, prepare capital accounts of partner

Particulars	Arun Rs.	Selvam Rs.
Capital on 1^st January, 2018	2,20,000	1,50,000
Current account on 1^st January, 2018	4,250(Dr.)	10,000(Cr.)
Additional capital introduced during the year	Nil	70,000
Withdrew for personal use	10,000	20,000
Interest on drawings	750	600
Share of profit for 2018	22,000	15,000
Interest on capital	1,100	750
Commission	6,900	Nil
Salary	Nil	6,850

5)
Dinesh and Sugumar entered into a partnership agreement on 1st January 2018, Dinesh contributing Rs. 1,50,000 and Sugumar Rs. 1,20,000 as capital. The agreement provided that:
(a) Profits and losses to be shared in the ratio 2:1 as between Dinesh and Sugumar.
(b) Partners to be entitled to interest on capital @ 4% p.a.
(c) Interest on drawings to be charged Dinesh: Rs. 3,600 and Sugumar: Rs. 2,200
(d) Dinesh to receive a salary of Rs. 60,000 for the year, and
(e) Sugumar to receive a commission of Rs. 80,000.
During the year ended on 31st December 2018, the firm made a profit of Rs. 2,20,000 before adjustment of interest, salary and commission.
Prepare the Profit and loss appropriation account.

12th Standard English Medium Accountancy Subject Goodwill In Partnership Accounts Book Back 5 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
From the following details, calculate the value of goodwill at 2 years purchase of super profit:
(a) Total assets of a firm are Rs. 5,00,000
(b) The liabilities of the firm are Rs. 2,00,000
(c) Normal rate of return in this class of business is 12.5 %.
(d) Average profit of the firm is Rs. 60,000
2)
A partnership firm earned net profits during the last three years as follows:
2016 : Rs. 20,000; 2017 : Rs. 17,000 and 2018 : Rs. 23,000
The capital investment of the firm throughout the above mentioned period has been Rs. 80,000. Having regard to the risk involved, 15% is considered to be a fair return on capital employed in the business. Calculate the value of goodwill on the basis of 2 years purchase of super profit.
3)
From the following information, calculate the value of goodwill under annuity method:

(i) Average profit Rs. 14,000

(ii) Normal Profit Rs. 4,000

(iii) Normal rate of return 15%

(iv) Years of purchase of goodwill 5

Present value of Rs. 1 for 5 years at 15% per annum as per the annuity table is 3.352.
4)
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.
5)
From the following information, find out the value of goodwill by capitalisation method:
(i) Average profit Rs. 20,000
(ii) Normal rate of return 10%
(iii) Capital employed Rs. 1,50,000

12th Standard English Medium Accountancy Subject Goodwill In Partnership Accounts Book Back 5 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
From the following information, compute the value of goodwill as per annuity method:
(a) Capital employed: Rs. 50,000
(b) Normal rate of return: 10%
(c) Profits of the years 2016, 2017 and 2018 were Rs. 13,000, Rs. 15,000 and Rs. 17,000 respectively.
(d) The present value of annuity of Rs. 1 for 3 years at 10% is Rs. 2.4868.
2)
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
3)
From the following details, calculate the value of goodwill at 2 years purchase of super profit:
(a) Total assets of a firm are Rs. 5,00,000
(b) The liabilities of the firm are Rs. 2,00,000
(c) Normal rate of return in this class of business is 12.5 %.
(d) Average profit of the firm is Rs. 60,000
4)
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.
5)
From the following information, find out the value of goodwill by capitalisation method:
(i) Average profit Rs. 20,000
(ii) Normal rate of return 10%
(iii) Capital employed Rs. 1,50,000

12th Standard English Medium Accountancy Subject Admission of a Partner Book Back 5 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)

The balance sheet of Rekha and Mary on 31st March 2018 is as follows:

Liabilities	Rs.	Rs.	Assets	Rs.
Capital accounts			Buildings	50,000
Rekha	50,000		Stock	8,000
Mary	30,000	80,000	Sundry debtors	60,000
General reserve		40,000	Cash at bank	32,000
Workmen compensation fund		10,000
Sundry creditors		20,000
		1,50,000		1,50,000

They share the profits and losses in the ratio of 3:1. They agreed to admit Kavitha into the partnership firm for 1/4 share of profit which she gets entirely from Rekha.
Following are the conditions:
(i) Kavitha has to bring Rs. 20,000 as capital. Her share of goodwill is valued at 4,000. She could not bring cash towards goodwill.
(ii) Depreciate buildings by 10%
(iii) Stock to be revalued at Rs. 6,000
(iv) Create provision for doubtful debts at 5% on debtors
Prepare necessary ledger accounts and the balance sheet after admission.

2)

Veena and Pearl are partners in a firm sharing profits and losses in the ratio of 2:1. Their balance sheet as on 31st March, 2018 is as follows:

Liabilities	Rs.	Rs.	Assets	Rs.
Capital accounts			Buildings	60,000
Veena	60,000		Machinery	30,000
Pearl	40,000	1,00,000	Debtors	20,000
General reserve		30,000	Stock	10,000
Workmen compensation fund		10,000	Cash at bank	30,000
Sundry creditors		10,000
		1,50,000		1,50,000

Deri is admitted on 1.4.2018 subject to the following conditions:
(a) The new profit sharing ratio among Veena, Pearl and Deri is 5 : 3 : 2.
(b) Deri has to bring a capital of Rs. 30,000
(c) Stock to be depreciated by 20%
(d) Anticipated claim on workmen compensation fund is Rs. 1,000
(e) Unrecorded investment of Rs. 11,000 has to be brought into books
(f) The goodwill of the firm is valued at Rs. 30,000 and Deri brought cash for his share of goodwill.
The existing partners withdraw the entire amount brought by Deri towards goodwill.
Prepare the necessary ledger accounts and balance sheet after admission.

3)

Amal and Vimal are partners in a firm sharing profits and losses in the ratio of 7:5. Their balance sheet as on 31st March, 2019, is as follows:

Liabilities	Rs.	Rs.	Assets	Rs.
Capital accounts:			Land	80,000
Amal	70,000		Furniture	20,000
Vimal	50,000	1,20,000	Stock	25,000
Sundry creditors		30,000	Debtors	30,000
Profit and loss A/c		24,000	Bank	19,000
		1,74,000		1,74,000

Nirmal is admitted as a new partner on 1.4.2018 by introducing a capital of Rs.30,000 for 1/3 share in the future profit subject to the following adjustments.
(a) Stock to be depreciated by Rs. 5,000
(b) Provision for doubtful debts to be created for Rs. 3,000
(c) Land to be appreciated by Rs. 20,000
Prepare revaluation account and capital account of partners after admission.

4)

Sundar and Suresh are partners sharing profits in the ratio of 3:2. Their balance sheet as on 1st January, 2017 was as follows:

Liabilities	Rs.	Rs.	Assets	Rs.
Capital accounts:			Buildings	40,000
Sundar	30,000		Furniture	13,000
Suresh	20,000	50,000	Stock	25,000
Creditors		50,000	Debtors	15,000
General reserve		10,000	Bills receivable	14,000
Workmen compensation fund		15,000	Bank	18,000
		1,25,000		1,25,000

They decided to admit Sugumar into partnership for 1/4 share in the profits on the following terms:
(a) Sugumar has to bring in Rs. 30,000 as capital. His share of goodwill is valued at Rs. 5,000. He could not bring cash towards goodwill.
(b) That the stock be valued at Rs. 20, 000.
(c) That the furniture be depreciated by Rs. 2,000.
(d) That the value of building be depreciated by 20%.
Prepare necessary ledger accounts and the balance sheet after admission

5)

Anbu and Shankar are partners in a business sharing profits and losses in the ratio of 3:2. The balance sheet of the partners on 31.03.2018 is as follows:

Liabilities	Rs.	Rs.	Assets	Rs.
Capital accounts:			Computer	40,000
Anbu	4,00,000		Motor car	1,60,000
Shankar	3,00,000	7,00,000	Stock	4,00,000
Profit and loss		1,20,000	Debtors	3,60,000
Creditors		1,20,000	Bank	40,000
Workmen compensation fund		60,000
		10,00,000		10,00,000

Rajesh is admitted for 1/5 share on the following terms:
(i) Goodwill of the firm is valued at Rs. 75,000 and Rajesh brought cash for his share of goodwill.
(ii) Rajesh is to bring Rs. 1,50,000 as his capital.
(iii) Motor car is valued at Rs. 2,00,000; stock at Rs. 3,80,000 and debtors at Rs. 3,50,000.
(iv) Anticipated claim on workmen compensation fund is Rs. 10,000
(v) Unrecorded investment of Rs. 5,000 has to be brought into account.
Prepare revaluation account, capital accounts and balance sheet after Rajesh’s admission.

12th Standard English Medium Accountancy Subject Admission of a Partner Book Back 5 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)

Raghu and Sam are partners in a firm sharing profits and losses in the ratio of 3:2. Their balance sheet as on 31^st March, 2017 is as follows:

Liabilities	Rs.	Rs.	Assets	Rs.	Rs.
Capital accounts:			Machinery		30,000
Raghu	40,000		Furniture		10,000
Sam	30,000	70,000	Stock		10,000
Sundry creditors		30,000	Debtors	21,000
			Less: Provision for
			doubtful debts	1,000	20,000
			Bank		30,000
		1,00,000			1,00,000

Prakash is admitted on 1.4.2017 subject to the following conditions:
(a) He has to bring a capital of Rs. 10,000
(b) Machinery is valued at Rs. 24,000
(c) Furniture to be depreciated by Rs. 3,000
(d) Provision for doubtful debts should be increased to Rs. 3,000
(e) Unrecorded trade receivables of Rs. 1,000 would be brought into books now
Pass necessary journal entries and prepare revaluation account and capital account of partners after admission.

2)

Vetri and Ranjit are partners, sharing profits in the ratio of 3:2. Their balance sheet as on 31^st December 2017 is as under:

Liabilities	Rs.	Rs.	Assets	Rs.
Capital accounts:			Furniture	25,000
Vetri	30,000		Stock	20,000
Ranjit	20,000	50,000	Debtors	10,000
Reserve fund		5,000	Cash in hand	35,000
Sundry creditors		45,000	Profit and loss A/c (loss)	10,000
		1,00,000		1,00,000

On 1.1.2018, they admit Suriya into their firm as a partner on the following arrangements.
(i) Suriya brings Rs. 10,000 as capital for 1/4 share of profit.
(ii) Stock to be depreciated by 10%
(iii) Debtors to be revalued at Rs. 7,500.
(iv) Furniture to be revalued at Rs. 40,000.
(v) There is an outstanding wages of Rs. 4,500 not yet recorded.
Prepare revaluation account, partners’ capital account and the balance sheet of the firm after admission.

3)

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.

4)

Sai and Shankar are partners, sharing profits and losses in the ratio of 5:3. The firm’s balance sheet as on 31st December, 2017, was as follows:

Liabilities	Rs.	Rs.	Assets	Rs.	Rs.
Capital accounts:			Building		34,000
Sai	48,000		Furniture		6,000
Shankar	40,000	88,000	Investment		20,000
Creditors		37,000	Debtors	40,000
Outstanding wages		8,000	Less: Provision for bad debts	3,000	37,000
			Bills receivable		12,000
			Stock		16,000
			Bank		8,000
		1,33,000			1,33,000

On 31st December, 2017 Shanmugam was admitted into the partnership for 1/4 share of profit with Rs. 12,000 as capital subject to the following adjustments.
(a) Furniture is to be revalued at Rs. 5,000 and building is to be revalued at Rs. 50,000.
(c) Provision for doubtful debts is to be increased to Rs. 5,500
(d) An unrecorded investment of Rs. 6,000 is to be brought into account
(e) An unrecorded liability Rs. 2,500 has to be recorded now.
Pass journal entries and prepare Revaluation Account and capital account of partners after admission.

5)

Rajan and Selva are partners sharing profits and losses in the ratio of 3:1. Their balance sheet as on 31^st 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.

12th Standard English Medium Accountancy Subject Retirement and Death of a Partner Book Back 5 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
John, James and Raja are partners in a firm sharing profits and losses equally. Their balance sheet as on 31st March, 2019 is as follows:
Raja retired on 31^st March, 2019 subject to the following conditions:
(i) Machinery is valued at Rs. 1,30,000
(ii) Value of office equipment is brought down by Rs. 2,000
(iii) Provision for doubtful debts should be increased to Rs. 3,000
(iv) Investment of Rs. 25,000 not recorded in the books is to be recorded now
Pass necessary journal entries and prepare revaluation account.

2)

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

3)

Muthu, Murali and Manoj are partners in a firm and sharing profits and losses in the ratio 3 : 1 : 2. Their balance sheet as on 31^st December, 2018 is given below:

Liabilities	Rs.	Rs.	Asset	Rs.
Capital accounts:			Machinery	45,000
Muthu	20,000		Furniture	5,000
Murali	25,000		Debtors	30,000
Manoj	20,000	65,000	Stock	20,000
General reserve		6,000
Creditors		29,000
		1,00,000		1,00,000

Manoj retires on 31^st December, 2018 subject to the following conditions:
(i) Muthu and Murali will share profits and losses in the ratio of 3 : 2
(ii) Assets are to be revalued as follows:
Machinery Rs. 43,000, stock Rs. 27,000, debtors Rs. 28,000.
(iii) Goodwill of the firm is valued at Rs. 30,000
(iv) The final amount due to Manoj is not paid immediately
Prepare necessary ledger accounts and the balance sheet immediately after the retirement of Manoj.

4)

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.
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.

5)

Manju, Charu and Lavanya are partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. Their balance sheet as on 31^st March, 2018 is as follows:

Liabilities	Rs	Rs	Asset	Rs
Capital accounts:			Buildings	1,00,000
Manju	70,000		Furniture	80,000
Charu	70,000		Stock	60,000
Lavanya	70,000	2,10,000	Debtors	40,000
Sundry creditors		40,000	Bills receivable	50,000
Profit and loss A/c		50,000	Cash at bank	20,000
		3,00,000		3,00,000

Manju retired from the partnership firm on 31.03.2018 subject to the following adjustments:
(i) Stock to be depreciated by Rs. 10,000
(ii) Provision for doubtful debts to be created for Rs. 3,000.
(iii) Buildings to be appreciated by Rs. 28,000
Prepare revaluation account and capital accounts of partners after retirement

12th Standard English Medium Accountancy Subject Retirement and Death of a Partner Book Back 5 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)

Sundar, Vivek and Pandian are partners, sharing profits in the ratio of 3:2:1. Their balance sheet as on 31st December, 2018 is as under:

Balance Sheet as on 31st December, 2018
Liabilities	Rs.	Rs.	Asset	Rs.
Capital accounts:			Land	80,000
Sundar	50,000		Stock	20,000
Vivek	40,000		Debtors	30,000
Pandian	10,000	1,00,000	Cash at bank	14,000
General reserve		36,000	Profit and loss A/c (loss)	6,000
Sundry creditors		14,000
		1,50,000		1,50,000

On 1.1.2019, Pandian died and on his death the following arrangements are made:
(i) Stock to be depreciated by 10%
(ii) Land is to be appreciated by Rs. 11,000
(iii) Reduce the value of debtors by Rs. 3,000
(iv) The final amount due to Pandian was not paid
Prepare revaluation account, partners’ capital account and the balance sheet of the firm after death.

2)

Chandru, Vishal and Ramanan are partners in a firm sharing profits and losses equally. Their balance sheet as on 31^st March, 2018 is as follows:

Liabilities	Rs	Rs	Asset	Rs	Rs
Capital accounts:			Furniture		60,000
Chandru	60,000		Machinery		1,20,000
Vishal	70,000		Sundry debtors	33,000
Ramanan	70,000	2,00,000	Less: Provision for doubtful debts	3,000	30,000
Bills payable		80,000	Bills receivable		50,000
			Cash at bank		20,000
		2,80,000			2,80,000

Ramanan retired on 31^st March 2019 subject to the following conditions:
(i) Machinery is valued at Rs. 1,50,000
(ii) Value of furniture brought down by Rs. 10,000
(iii) Provision for doubtful debts should be increased to Rs. 5,000
(iv) Investment of Rs. 30,000 not recorded in the books is to be recorded now.
Pass necessary journal entries and prepare revaluation account.

3)

Kannan, Rahim and John are partners in a firm sharing profit and losses in the ratio of 5 : 3 : 2. The balance sheet as on 31^st December, 2017 was as follows:

Liabilities	Rs	Rs	Asset	Rs
Capital accounts:			Buildings	90,000
Kannan	1,00,000		Machinery	60,000
Rahim	80,000		Debtors	30,000
John	40,000	2,10,000	Stock	20,000
Workmen compensation fund		30,000	Cash at bank	50,000
Creditors		20,000	Profit and loss A/c (loss)	20,000
		2,70,000		2,70,000

John retires on 1st January 2018, subject to following conditions:
(i) To appreciate building by 10%
(ii) Stock to be depreciated by 5%.
(iii) To provide Rs. 1,000 for bad debts
(iv) An unrecorded liability of Rs. 8,000 have been noticed.
(v) The retiring partner shall be paid immediately.
Prepare revaluation account, partners’ capital account and the balance sheet of the firm after retirement.

4)

Rajesh, Sathish and Mathan are partners sharing profits and losses in the ratio of 3 : 2 : 1 respectively. Their balance sheet as on 31.3.2017 is given below

Liabilities	Rs	Rs	Asset	Rs
Capital accounts:			Premises	4,00,000
Rajesh	4,00,000		Machinery	4,20,000
Sathish	3,00,000		Debtors	1,60,000
Mathan	2,50,000	9,50,000	Stock	3,00,000
General reserve		1,20,000	Cash at bank	20,000
Creditors		50,000
Bills payable		1,80,000
		13,00,000		13,00,000

Mathan retires on 31st March, 2017 subject to the following conditions:
(i) Rajsh and Sathish will share profits and losses in the ratio of 3:2
(ii) Assets are to be revalued as follows:
Machinery Rs. 3,90,000, Stock Rs. 2,90,000, Debtors Rs. 1,52,000.
(iii) Goodwill of the firm is valued at Rs. 1,20,000
Prepare necessary ledger accounts and the balance sheet immediately after the retirement of Mathan.

5)

Vijayan, Sudhan and Suman are partners who share profits and losses in their capital ratio. Their balance sheet as on 31.12.2018 is as follows Balance Sheet as on 31.12.2018

Liabilities	Rs.	Rs.	Asset	Rs.
Capital accounts:			Building	80,000
Vijayan	70,000		Stock	45,000
Sudhan	50,000		Debtors	25,000
Suman	30,000	1,50,000	Cash at bank	20,000
General reserve		18,000	Cash in hand	15,000
creditors		17,000
		1,85,000		1,85,000

Suman died on 31.3.2019. On the death of Suman, the following adjustments are made:
(i) Building is to be valued at Rs. 1,00,000
(ii) Stock to be depreciated by Rs. 5,000
(iii) Goodwill of the firm is valued at Rs. 36,000
(iv) Share of profit 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 2016, 2017 and 2018 were Rs. 40,000, Rs. 50,000 and Rs. 30,000 respectively.
Prepare the necessary ledger accounts and the balance sheet immediately after the death of Suman.

12th Standard English Medium Accountancy Subject Company Accounts Book Back 5 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
Keerthiga Company issued shares of Rs.10 each at 10% premium, payable Rs.2 on application, Rs.3 on allotment (including premium), Rs.3 on first call and Rs.3 on second and final call. Journalise the transactions relating to forfeiture of shares for the following situations:
(i) Mohan who holds 50 shares failed to pay the second and final call and his shares were forfeited.
(ii) Mohan who holds 50 shares failed to pay the allotment money, first call and second and final call money and his shares were forfeited.
(iii) Mohan who holds 50 shares failed to pay the allotment money and first call and his shares were forfeited after the first call.
2)
Thangam Ltd. issued 50,000 shares of Rs.10 each at a premium of Rs.2 per share payable as follows:

On application Rs.5

On allotment Rs.5 (including premium)

On first and final call Rs.2

Issue was fully subscribed and the amounts due were received except Priya to whom 500 shares were allotted who failed to pay the allotment money and fist and final call money. Her shares were forfeited. All the forfeited shares were reissued to Devi at Rs.8 per share. Pass journal entries.
3)
Rajan Ltd. purchased machinery of Rs.6,00,000 from Jagan Traders. It issued equity shares of Rs.10 each fully paid in satisfaction of their claim. What entries will be made if such issue is made:
(a) at par and
(b) at a premium of 50%.
4)
Sampath company issued 25,000 shares at Rs.10 per share payable Rs.3 on application, Rs.4 on allotment, Rs.3 on first and final call. The public subscribed for 24,000 shares. The directors allotted all the 24,000 shares and received the money duly. Pass necessary journal entries.
5)
Gaja Ltd issued 40,000 shares of Rs.10 each to the public payable Rs.2 on application, Rs.5 on allotment and Rs.3 on first and final call. Applications were received for 50,000 shares. The Directors decided to allot 40,000 shares on pro rata basis and surplus of application money was utilised for allotment. Pass journal entries assuming that the amounts due were received.

12th Standard English Medium Accountancy Subject Company Accounts Book Back 5 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
Shero Health Care Ltd. invited applications for 3,00,000 equity shares of Rs.10 each at a premium of Rs.2 per share payable as follows:
Rs.3 on application
Rs.5 (including premium) on allotment
Rs.4 on first and final call
There was over subscription and applications were received for 4,00,000 shares and the excess applications were rejected by the directors. All the money due were received. Pass the journal entries.
2)
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.
3)
Sara Company issues 10,000 equity shares of Rs.10 each payable fully on application. Pass journal entries if the shares are issued
(i) at par
(ii) at a premium of Rs.2 per share.
4)
Progress Ltd. issued 50,000 ordinary shares of Rs.10 each, payable Rs.2 on application, Rs.4 on allotment, Rs.2 on first call and Rs.2 on final call. All the shares are subscribed and amount was duly received. Pass journal entries.
5)
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.

12th Standard English Medium Accountancy Subject Financial Statement Analysis Book Back 5 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)

Prepare common-size income statement for the following particulars of Sam Ltd.

Particulars	2015-16 Rs.	2016-17 Rs.
Revenue from operations	4,00,000	5,00,000
Other income	80,000	50,000
Expenses	2,40,000	2,50,000
Income tax	30%	30%

2)

Prepare common-size statement of financial position for the following particulars of Rani Ltd.

Particulars	31st March, 2016	31st March, 2017
	Rs.	Rs.
I EQUITY AND LIABILITIES
Shareholders’ Fund	5,40,000	6,00,000
Non-current liabilities	2,70,000	2,70,000
Current liabilities	90,000	1,50,000
Total	9,00,000	10,00,000
II ASSETS
Non-current assets	7,20,000	8,00,000
Current assets	1,80,000	2,00,000
Total	9,00,000	10,00,000

3)

From the following particulars, calculate the trend percentages of Kala Ltd.

Particulars	Rs.in thousands
	2015-16	2016-17	2017-18
Revenue from operations	400	500	600
Other income	100	150	200
Expenses	200	290	350

4)

From the following particulars, calculate the trend percentages of Kumar Ltd

Particulars	Rs.in thousands
	2015-16	2016-17	2017-18
Revenue from operations	300	270	150
Other income	50	80	60
Expenses	250	200	125
Income tax %	40	40	40

5)

From the following particulars, calculate the trend percentages of Babu Ltd.

Particulars	Rs.in thousands
	Year 1	Year 2	Year 3
I EQUITY AND LIABILITIES
1. Shareholders’ Fund	100	127	106
b) Reserves and surplus	30	30	45
2. Non-current liabilities
Long-term borrowings	70	77	84
3. Current liabilities
Trade payables	20	30	40
Total	220	264	275
II ASSETS
1. Non-current assets
a) Fixed assets	100	118	103
b) Non current investments	40	50	60
2. Current assets
Inventories	60	66	72
Cash and cash equivalents	20	20	40
	20	30	40
Total	220	264	275

12th Standard English Medium Accountancy Subject Financial Statement Analysis Book Back 5 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)

Prepare common-size statement of financial position of Saleem Ltd as on 31^st March, 2017 and 31^st March, 2018.

Particulars	31^stMarch2017	31^st March 2018
	Rs.	Rs.
I EQUITY AND LIABILITIES
1. Shareholders’ fund
a) Share capital	5,00,000	6,00,000
b) Reserves and surplus	4,00,000	3,60,000
2. Non-current liabilities
Long-term borrowings	8,00,000	2,40,000
3. Current liabilities
Trade payables	3,00,000
Total	20,00,000	12,00,000
II ASSETS
1. Non-current assets
a) Fixed assets	10,00,000	6,00,000
b) Non – current investments	5,00,000	2,40,000
2. Current assets
Inventories	3,00,000	1,20,000
Cash and cash equivalents	2,00,000	2,40,000
Total	20,00,000	12,00,000

2)

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%

3)

Calculate trend percentages for the following particulars of Palai Ltd

Particulars	Rs.in lakhs
	Year 1	Year 2	Year 3
I EQUITY AND LIABILITIES
Shareholders’ fund	250	275	300
Non-current liabilities	100	125	100
Current liabilities	50	40	80
Total	400	440	480
II ASSETS
Non-current assets	300	360	390
Current assets	100	80	90
Total	400	440	480

4)
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

5)

From the following particulars, prepare comparative income statement of Daniel Ltd.

Particulars	2015-16 Rs.	2016-17 Rs.
Revenue from operations	40,000	50,000
Operating expenses	25,000	27,500
Income tax (% of the profit before tax)	30	30

12th Standard English Medium Accountancy Subject Ratio Analysis Book Back 5 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)

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

2)
Calculate quick ratio: Total current liabilities Rs. 2,40,000; Total current assets Rs. 4,50,000; Inventories Rs. 70,000; Prepaid expenses Rs. 20,000.

3)

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

4)

From the following information calculate capital gearing ratio:

**Balance Sheet (Extract) as on 31.03.2018**
Particulars	Rs.
I. EQUITY AND LIABILITIES
1. Shareholders' funds
(a) Share capital
Equity share capital	4,00,000
5% Preference share capital	1,00,000
(b) Reserves and surplus
General reserve	2,50,000
Surplus	1,50,000
2. Non-current liabilities
Long-term borrowings (6% Debentures)	3,00,000
3. Current liabilities
(a) Trade payables	1,20,000
Provision for tax	30,000
Total	13,50,000

5)

From the given information calculate the inventory turnover ratio and inventory conversion period (in months) of Devi Ltd.

Particulars	Rs
Revenue from operations	12,00,000
Inventory at the beginning of the year	1,70,000
Inventory at the end of the year	1,30,000
Purchases made during the year	6,90,000
Carriage inwards	20,000

12th Standard English Medium Accountancy Subject Ratio Analysis Book Back 5 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)

Calculate the current ratio from the following information.

Particulars	Rs.	Particulars	Rs.
Current investments	40,000	Fixed assets	5,00,000
Inventories	2,00,000	Trade creditors	80,000
Trade debtors	1,20,000	Bills payable	50,000
Bills receivable	80,000	Expenses payable	20,000
Cash and cash equivalents	10,000	Non-current liability	3,00,000

2)

Following is the balance sheet of Lakshmi Ltd. as on 31st March, 2019:

Particulars	Rs.
I EQUITY AND LIABILITIES
1. Shareholders’ funds
Equity share capital	4,00,000
2. Non-current liabilities	2,00,000
Long term borrowings
3. Current liabilities
(a) Short-term borrowings	50,000
(b) Trade payables	3,10,000
(c) Other current liabilities
Expenses payable	15,000
(d) Short-term provisions	25,000
Total	10,00,000
II ASSETS
1. Non-current assets
(a) Fixed assets	4,00,000
Tangible assets
2. Current assets
(a) Inventories	1,60,000
(b) Trade debtors	3,20,000
(c) Cash and cash equivalents	80,000
(d) Other current assets
Prepaid expenses	40,000
Total	10,00,000

Calculate:
(i) Current ratio
(ii) Quick ratio

3)

From the following Balance Sheet of Sundaram Ltd. calculate proprietary ratio:

**Balance Sheet of Sundaram Ltd. as on 31.3.2019**
Particulars	Amount Rs.
I. EQUITY AND LIABILITIES
1. Shareholders' funds
(a) Share capital
(i) Equity share capital	2,50,000
(ii) Preference share capital	1,50,000
(b) Reserves and surplus	50,000
2. Non-current liabilities
Long-term borrowings	-
3. Current liabilities
Trade payables	1,50,000
Total	6,00,000
II ASSETS
1. Non-current assets
(a) Fixed assets	4,60,000
(b) Non-current investments	1,00,000
2. Current assets
Cash and Cash equivalents	40,000
Total	6,00,000

4)

From the following Balance Sheet of James Ltd. as on 31.03.2019 calculate
(i) Debt-equity ratio
(ii) Proprietary ratio
(iii) Capital gearing ratio

**Balance Sheet of Sundaram Ltd. as on 31.3.2019**
Particulars	Amount Rs.
I. EQUITY AND LIABILITIES
1. Shareholders' funds
(a) Share capital
Equity share capital	2,50,000
6% Preference share capital	2,00,000
(b) Reserves and surplus	1,50,000
2. Non-current liabilities
Long-term borrowings (8% Debentures)	3,00,000
3. Current liabilities
Short-term borrowings from banks	2,00,000
Trade payables	1,00,000
Total	12,00,000
II ASSETS
1. Non-current assets
Fixed assets	8,00,000
2. Current assets
(a) Inventories	1,20,000
(b) Trade receivables	2,65,000
(c) Cash and Cash equivalents	10,000
(d) Other current assets
Expenses paid in advance	5,000
Total	12,00,000

5)
The credit revenue from operations of Velavan Ltd, amounted to Rs. 10,00,000. Its debtors and bills receivables at the end of the accounting period amounted to Rs. 1,10,000 and Rs. 1,40,000 respectively. Calculate trade receivables turnover ratio and also collection period in months.

12th Standard English Medium Accountancy Subject Book Back 1 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
Incomplete records are generally maintained by
2)
Legacy is a
3)
When a partner withdraws regularly a fixed sum of money at the middle of every month, period for which interest is to be calculated on the drawings on an average is
4)
Book profit of 2017 is Rs. 35,000; non-recurring income included in the profit is Rs. 1,000 and abnormal loss charged in the year 2017 was Rs. 2,000, then the adjusted profit is __________
5)
Which of the following statements is not true in relation to admission of a part _________.

12th Standard English Medium Accountancy Subject Book Back 1 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
The amount of credit sales can be computed from
2)
Donations received for a specific purpose is
3)
In the absence of an agreement, partners are entitled to
4)
The total capitalised value of a business is Rs. 1,00,000; assets are Rs. 1,50,000 and liabilities are Rs. 80,000. The value of goodwill as per the capitalisation method will be
5)
Which of the following statements is not true in relation to admission of a part _________.

12th Standard English Medium Accountancy Subject Book Back 2 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)

Following are the balances of Shanthi as on 31^st 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 31^st December 2018 and calculate capital as at that date.

2)
From the following details calculate the amount that will be shown as subscription in Income and Expenditure Account for the year ending 31^stMarch, 2017.

Subscription received for Rs.

2015-16 7,500

2016-17 60,000

2017-18 1,500

69,000

Subscription outstanding for the year 2016-17 is Rs. 2,400. Subscription for 2016-17 received in 2015-16 was Rs.1,000
3)
The capital account of Arivazhagan and Srinivasan on 1^stJanuary 2017 showed a balance of Rs. 15,000 and Rs. 10,000 respectively. On 1^st July 2017, Arivazhagan introduced an additional capital of Rs. 5,000 and on 1st September 2017 Srinivasan introduced an additional capital of Rs. 10,000. Calculate interest on capital at 6% p.a. for the year ending 31^st December 2017.
4)
What is normal rate of return?
5)
Suresh and Dinesh are partners sharing profits in the ratio of 3:2. They admit Ramesh as a new partner. Suresh surrenders 1/5 of his share in favour of Ramesh. Dinesh surrenders 2/5 of his share in favour of Ramesh. Calculate the new profit sharing ratio and sacrificing ratio.

12th Standard English Medium Accountancy Subject Book Back 2 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)

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

2)

How the following items will appear in the final accounts of a club for the year ending 31st March, 2019?

Dr. Receipts and Payments Account for the year ended 31st March, 2019 Cr.
Receipts	Rs.	Rs.
To Subscription
2017-2018	5,000
2018-2019	48,000
2019-2020	3,000	56,000

There are 300 members in the club each paying an annual subscription of Rs. 200 per annum. Subscription still outstanding for the year 2017- 2018 is Rs.1,000.

3)
Murali and Sethu are partners in a firm. Murali is to get a commission of 10% of net profit before charging any commission. Sethu is to get a commission of 10% on net profit after charging all commission. Net profit for the year ended 31st March 2019 before charging any commission was Rs. 1,10,000. Find the amount of commission due to Murali and Sethu.
4)
From the following information, find out the value of goodwill by capitalisation method:
(a) Average profit = Rs. 60,000
(b) Normal rate of return = 10%
(c) Capital employed = Rs. 4,50,000
5)
Kavitha and Radha are partners of a firm sharing profits and losses in the ratio of 4:3. They admit Deepa on 1.1.2019. On that date, their balance sheet showed debit balance of profit and loss account being accumulated loss of Rs. 70,000 on the asset side of the balance sheet. Give the journal entry to transfer the accumulated loss on admission.

12th Standard English Medium Accountancy Subject Book Back 3 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)

David does not keep proper books of accounts. Following details are given from his records

Particulars	1.4.2018 Rs.	31.3.2019 Rs.
Cash	43,000	29,000
Stock of goods	1,20,000	1,30,000
Sundry debtors	84,000	1,10,000
Sundry creditors	1,05,000	1,02,000
Loan	25,000	20,000
Business premises	2,50,000	2,50,000
Furniture	33,000	45,000

During the year he introduced further capital of Rs. 45,000 and withdrew Rs. 2,500 per month from the business for his personal use. Prepare statement of profit or loss with the above information.

2)

From the following details calculate the printing and stationery to be debited to Income and Expenditure Account for the year ending 31^st March, 2018 and also show how it will appear in the Balance Sheet as on 31^st March, 2018.

Particulars	Amt(Rs.)
Amount paid for stationery during 2017- 2018	Rs.1,500
Stock of stationery on 1^st April, 2017	Rs.300
Stock of stationery on 31^st March, 2018	Rs.200

3)
Arul is a partner in a partnership firm. As per the partnership deed, interest on drawings is charged at 12% p.a. During the year ended 31st December 2018 he drew as follows:

Date Rs.

March 1 3,000

June 1 3,000

September 1 3,000

December 1 3,000

Calculate the amount of interest on drawings.
4)
Calculate the value of goodwill at 5 years purchase of super profit from the following information:
(a) Capital employed: Rs. 1,20,000
(b) Normal rate of profit: 20%
(c) Net profit for 5 years:
2014: Rs. 30,000; 2015: Rs. 32,000; 2016: Rs. 35,000; 2017: Rs. 37,000 and 2018: Rs. 40,000
(d) Fair remuneration to the partners Rs. 2,800 per annum.
5)
Anjali and Nithya are partners of a firm sharing profits and losses in the ratio of 5:3. They admit Pramila on 1.1.2018. On that date, their balance sheet showed accumulated loss of Rs. 40,000 on the asset side of the balance sheet. Give the journal entry to transfer the accumulated loss on admission.

12th Standard English Medium Accountancy Subject Book Back 3 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
What are the features of incomplete records?
2)
How annual subscription is dealt with in the final accounts of not–for–profit organisation?
3)
A and B contribute Rs. 4,00,000 and Rs. 2,00,000 respectively as capital. Their respective share of profit is 3:2 and the profit before interest on capital for the year is Rs. 27,000. Compute the amount of interest on capital in each of the following situations:
(i) if the partnership deed is silent as to the interest on capital
(ii) if interest on capital @ 3% is allowed as per the partnership deed
(iii) if the partnership deed allows interest on capital @ 5% p.a.
4)
From the following information relating to Sridevi enterprises, calculate the value of goodwill on the basis of 4 years purchase of the average profits of 3 years.
(a) Profits for the years ending 31st December 2016, 2017 and 2018 were Rs. 1,75,000, Rs. 1,50,000 and Rs. 2,00,000 respectively.
(b) A non-recurring income of Rs. 45,000 is included in the profits of the year 2016.
(c) The closing stock of the year 2017 was overvalued by Rs. 30,000.
5)
Anjali and Nithya are partners of a firm sharing profits and losses in the ratio of 5:3. They admit Pramila on 1.1.2018. On that date, their balance sheet showed accumulated loss of Rs. 40,000 on the asset side of the balance sheet. Give the journal entry to transfer the accumulated loss on admission.

12th Standard English Medium Accountancy Subject Book Back 5 Mark Questions with Solution Part - I updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)

Arjun carries on grocery business and does not keep his books on double entry basis. The following particulars have been extracted from his books:

Particulars	1-4-2018 Rs.	31-3-2019 Rs.
Plant and machinery	20,000	20,000
Stock	9,000	16,000
Sundry debtors	2,000	5,300
Sundry creditors	5,000	4,000
Cash at bank	4,000	6,000

Other information for the year ending 31-3-2019 showed the following

	Rs.
Advertising	4,700
Carriage inwards	8,000
Cash paid to creditors	64,000
Drawings	2,000

Total sales during the year were Rs. 85,000. Purchases returns during the year were Rs. 2,000 and sales returns were Rs.1,000. Depreciate plant and machinery by 5%. Provide Rs. 300 for doubtful debts. Prepare trading and profit and loss account for the year ending 31st March, 2019 and a balance sheet as on the date.

2)

From the following particulars of Vellore Recreation Club, prepare Receipts and Payments account for the year ended 31^st March, 2017.

Particulars	Rs.	Particulars	Rs.
Opening cash balance as on 1.4.2016	3,000	Receipts from entertainment	20,000
Opening bank balance as on 1.4.2016	12,000	Admission fees received	1,000
Furniture purchased	11,000	Municipal taxes	22,000
Sports equipment purchased	11,000	Expenses of charity show	2,000
Donation received for pavilion	8,000	Billiards table purchased	15,000
Sale of old tennis balls	1,500	Construction of new tennis court	18,000
Newspapers bought	500	Receipts from charity show	2,500
Travelling expenses	4,500	Closing balance of cash in hand	8,000

3)
Durai and Velan entered into a partnership agreement on 1st April 2018, Durai contributing Rs. 25,000 and Velan Rs. 30,000 as capital. The agreement provided that:
(a) Profits and losses to be shared in the ratio 2:3 as between Durai and Velan.
(b) Partners to be entitled to interest on capital @ 5% p.a.
(c) Interest on drawings to be charged Durai: Rs. 300 Velan: Rs. 450
(d) Durai to receive a salary of Rs. 5,000 for the year, and
(e) Velan to receive a commission of Rs. 2,000
During the year, the firm made a profit of Rs. 20,000 before adjustment of interest, salary and commission. Prepare the Profit and loss appropriation account.
4)
A partnership firm earned net profits during the last three years as follows:
2016 : Rs. 20,000; 2017 : Rs. 17,000 and 2018 : Rs. 23,000
The capital investment of the firm throughout the above mentioned period has been Rs. 80,000. Having regard to the risk involved, 15% is considered to be a fair return on capital employed in the business. Calculate the value of goodwill on the basis of 2 years purchase of super profit.

5)

Sai and Shankar are partners, sharing profits and losses in the ratio of 5:3. The firm’s balance sheet as on 31st December, 2017, was as follows:

Liabilities	Rs.	Rs.	Assets	Rs.	Rs.
Capital accounts:			Building		34,000
Sai	48,000		Furniture		6,000
Shankar	40,000	88,000	Investment		20,000
Creditors		37,000	Debtors	40,000
Outstanding wages		8,000	Less: Provision for bad debts	3,000	37,000
			Bills receivable		12,000
			Stock		16,000
			Bank		8,000
		1,33,000			1,33,000

On 31st December, 2017 Shanmugam was admitted into the partnership for 1/4 share of profit with Rs. 12,000 as capital subject to the following adjustments.
(a) Furniture is to be revalued at Rs. 5,000 and building is to be revalued at Rs. 50,000.
(c) Provision for doubtful debts is to be increased to Rs. 5,500
(d) An unrecorded investment of Rs. 6,000 is to be brought into account
(e) An unrecorded liability Rs. 2,500 has to be recorded now.
Pass journal entries and prepare Revaluation Account and capital account of partners after admission.

12th Standard English Medium Accountancy Subject Accounts From Incomplete Records Creative 1 Mark Questions with Solution Part - I updated Creative Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
_____ is an unscientific and unsystematic way of recording transactions.
2)
_____ is a statement showing the balances of assets and liabilities on a particular date.
3)
A statement of affairs resembles a _____
4)
In _____ system, only personal and cash accounts are opened.
5)
_____ maintains only personal and cash accounts.

12th Standard English Medium Accountancy Subject Book Back 5 Mark Questions with Solution Part - II updated Book back Questions - by Question Bank Software - May 13, 2022 - View & Read

1)

From the following details of Abdul 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	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 31^st 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)

Mayiladuthurai Recreation Club gives you the following details. Prepare Receipts and Payments account for the year ended 31^st March, 2019.

Particulars	Rs.	Particulars	Rs.
Opening cash balance	15,000	Salary of watchman	12,000
Opening bank balance	25,000	Club annual day expenses	15,000
Donations received	48,000	Lighting charges	16,500
Sale of old equipment	26,000	Entertainment expenses	13,500
Refreshment charges	13,000	Billiards table purchased	5,000
Club annual day collections	18,000	Expenses of charity show	3,000
Construction of tennis court	7,000	Sale of investments	12,000
Receipts from charity show	4,000	Closing cash balance	12,000
Rent paid	1,000

4)

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 1^stApril 2018	4,00,000	6,00,000
Current account on 1^st 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

5)
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

12th Standard English Medium Accountancy Subject Accounts From Incomplete Records Creative 1 Mark Questions with Solution Part - II updated Creative Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
Which of the following equation(s) is (are) true
2)
A firm's total sales is Rs. 80,000 and its credit sales id Rs. 60,000 then its cash sales is _________
3)
Creditors on 1.1.2014 is Rs. 1,21,000 and on 31.12.2014 Rs. 1,30,000. Cash paid to creditors during the year is Rs. 2,09,000. Then the credit purchase during the year is ____________
4)
Companies cannot keep books on single entry system because of ______________
5)
Capital at the end - net profit + drawings =

12th Standard English Medium Accountancy Subject Accounts of Not-For-Profit Organisation Creative 1 Mark Questions with Solution Part - I updated Creative Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
The amount or property received by a non - profit organization as stated by the will of a decreased person is commonly referred to as ___________
2)
Some organisations are established for the purpose of rending services to the public without __________
3)
If the donation is received without any specific condition, then it is a __________
4)
Which of the following is generally considered as a non profit organisation?
5)
Non- profit organizations prepare all of the following accounts except the __________

12th Standard English Medium Accountancy Subject Accounts of Not-For-Profit Organisation Creative 1 Mark Questions with Solution Part - II updated Creative Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
Receipts and Payment accounts is a_________ account in nature.
2)
_______Items will be recorded in the balance sheet
3)
A gift made to a not-for-profit organization by a will, is called________
4)
_______is the remuneration paid to a person who is not a regular employee of the organization
5)
_______is prepared to find out the surplus or deficit pertaining to a particular year.

12th Standard English Medium Accountancy Subject Accounts of Partnership Firms-Fundamentals Creative 1 Mark Questions with Solution Part - I updated Creative Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
Product method can be used in all situations as an alternative to ____________
2)
In a partnership business, agreement is ___________
3)
Current accounts for partners will be opened under, ____________
4)
Under fixed capital method salary payable to a partner is recorded ____________
5)
Amount is drawn regularly at the middle of every month during the year. Interest calculated for ___________

12th Standard English Medium Accountancy Subject Accounts of Partnership Firms-Fundamentals Creative 1 Mark Questions with Solution Part - II updated Creative Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
___________ intervals refers to withdrawal made monthly, quarterly, half-yearly, once in 2 months and once in 4 months.
2)
______________ is a type of partnership in which the liability of the partners is limited to the entent of their capital contribution.
3)
Under ____________ capital arrangement, current accounts will not be maintained.
4)
The debit balance of the current account, will be shown in the ____________ side of the balance sheet.
5)
Interest on partner's capital is allowed, only when the _______________ specifically provides for i

12th Standard English Medium Accountancy Subject Goodwill In Partnership Accounts Creative 1 Mark Questions with Solution Part - I updated Creative Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
Goodwill helps in earning more profit and attracts more _________
2)
Goodwill acquired by making payment in cash or kind is called __________
3)
Self- generated goodwill should not be shown in the ______________
4)
Goodwill is to be valued when ____________
5)
Super profit is ___________

12th Standard English Medium Accountancy Subject Goodwill In Partnership Accounts Creative 1 Mark Questions with Solution Part - II updated Creative Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
________ method, goodwill is the excess of capitalised value of average profit of the business over the actual capital employed in the business.
2)
Goodwill is _________.
3)
Capital employed at the end the year is Rs. 74,20,000 profit earned Rs. 20,000. Average capital employed is__________.
4)
Goodwill has _________Value
5)
Net asset value method is based on the assumption that the company is__________.

12th Standard English Medium Accountancy Subject Admission of a Partner Creative 1 Mark Questions with Solution Part - I updated Creative Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
When the value of an asset increases, it results in
2)
The revaluation profit or loss is transferred to the old partner's capital accounts, in their __________
3)
In order to maintain fair dealings, at the time of admission, it is necessary to revalue assets and liabilities of the firm to their _______
4)
The old partners share all the accumulated profits and reserve in their ___________
5)
In admission undistributed profit or loss is transferred to _________

12th Standard English Medium Accountancy Subject Admission of a Partner Creative 1 Mark Questions with Solution Part - II updated Creative Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
Sumit and Ravi started a business by investing Rs. 85000 and 15000 respectively. In what ratio the profit earned after 2 years be divided between Sumit and Ravi respectively.
2)
Total proprietorship of the business is increased ______________
3)
A partner who is newly admitted to the firm with the consent of all the parties is called _________
4)
When a new partner is admitted under bonus method capital method of the firm increase by __________
5)
Introduction of a new partner due to _________

12th Standard English Medium Accountancy Subject Retirement and Death of a Partner Creative 1 Mark Questions with Solution Part - I updated Creative Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
At the time of retirement of a partner, calculation of new profit ratio is __________
2)
If the goodwill account is raised for 50,000, the amount is debited to ____________
3)
When the values of liabilities increases, it results in _____________
4)
The section related to the retirement of partner in Indian partnership Act is _____________
5)
O, P, and Q are partners sharing the profits in the ratio of 3:2: 1. If P retires the new profit ratio for O and Q will b ______________

12th Standard English Medium Accountancy Subject Retirement and Death of a Partner Creative 1 Mark Questions with Solution Part - II updated Creative Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
Kayal, Mala and Neela are partners sharing profits in the ratio of 2:2:1. Kayal retires and the new profit sharing ratio between nila and neela is 3:2. Calculate the gaining ratio.
2)
Goodwill may be ________ if all the partners are agreed, that it should not remain in the books
3)
When a partner withdraws his capital from the partnership firm, it is called _______of a partner
4)
All the accounts are settled among partners and creditors at the time of ________ of a business
5)
________ of partner will be paid off, before the settlement of partner’s capital.

12th Standard English Medium Accountancy Subject Company Accounts Creative 1 Mark Questions with Solution Part - I updated Creative Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
Company is a voluntary association of persons which has separate ___________
2)
The capital of a company is divided into small units of ________
3)
Equity shares are also known as
4)
Paid up capital is that part of called up capital which has been actually paid by the ____________
5)
Issue of equity shares to the existing share holders of the company through a letter of offer is known as ____________

12th Standard English Medium Accountancy Subject Company Accounts Creative 1 Mark Questions with Solution Part - II updated Creative Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
When share issued are 10,000 but applied shares are 8,000 then it is a case of :
2)
In case of private placement of shares to raise the amount of capital, a company:
3)
Shareholder are the __________________
4)
A company is allowed by law to sell 2,00,000 shares at Rs.2 each. Three-quarters(3/4) of these shares were bought by the public. What is the issued share capital?
5)
When a shareholder fails to pay the amount due on allotment or on calls, the amount remaining unpaid is known ________

12th Standard English Medium Accountancy Subject Financial Statement Analysis Creative 1 Mark Questions with Solution Part - I updated Creative Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
Different tools are used for analysing the _____________
2)
When figure relating to several years are considered for the purpose of analysis, the analysis is called ______________
3)
Preparation of common size statements and computation of ratios are examples of __________
4)
Which of the following are techniques, tools or methods of analysis and interpretation of financial statements?
5)
The term 'Financial statement' covers __________

12th Standard English Medium Accountancy Subject Financial Statement Analysis Creative 1 Mark Questions with Solution Part - II updated Creative Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
_____________ comparison is comparison of one firm with other firm or firms in the industry.
2)
The _______________ statements can be compared with those of previous years.
3)
_______________ refers to the study of movement of figures over a period.
4)
___________ analysis is useful in judging the credit worthiness financial planning and preparation of budgets.
5)
Comparison of financial statenients highlights the trend of the ____________ of the business.

12th Standard English Medium Accountancy Subject Ratio Analysis Creative 1 Mark Questions with Solution Part - I updated Creative Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
Which ratio indicates the efficiency of utilisation of fixed assets?
2)
All activity ratios are expressed in terms of _________
3)
Shareholder funds includes __________
4)
Cost of goods sold is Rs.4,00,000 and average stock is Rs.8,00,00. Stock turnover ratio will be ___________
5)
Liquidity ratios are also called as _____________

12th Standard English Medium Accountancy Subject Ratio Analysis Creative 1 Mark Questions with Solution Part - II updated Creative Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
____________ ratio is modified form of liquid ratio.
2)
Gross profit can be ascertained by deducting cost of goods sold from ________________
3)
When total sales is Rs.2,00,000, cash sales is Rs.65,000, then credit sales will be Rs _______________
4)
Solvency ratios are expressed in terms of ________________
5)
Shareholders funds includes ________________

12th Standard English Medium Accountancy Subject Computerized Accounting System - Tally Creative 1 Mark Questions with Solution Part - I updated Creative Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
Accounting reports can be classified into _________ types.
2)
_______________ collects financial data, processes them and provides information to the various users.
3)
__________ is used by various types of trade and industries.
4)
Which is the short cut key used for closing Tally?
5)
___________ is a document which contains details of transactions.

12th Standard English Medium Accountancy Subject Computerized Accounting System - Tally Creative 1 Mark Questions with Solution Part - II updated Creative Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
In 2009, Tally Solutions introduced the software ___________
2)
All transactions related to receipt either in cash or through bank are recorded using ____________
3)
In payment voucher, cash or bank account is credited and other ledger account is ___________
4)
Automated accounting is an approach to maintain up-to-date accounting records with the aid of ___________
5)
Single entry mode is applicable for _________

12th Standard English Medium Accountancy Subject Accounts of Not-For-Profit Organisation Creative 2 Mark Questions with Solution Part - I updated Creative Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
What are the features of not-for-profit organizations?
2)
Explain the steps in preparations of receipts and payments account.
3)
Write a note on Donations
4)
Can the balance in receipts and payments account be treated as income of the period? If it shows credit balance what does it mean?
5)
Distinguish between income and expenditure account and profit and loss account

12th Standard English Medium Accountancy Subject Accounts of Partnership Firms-Fundamentals Creative 2 Mark Questions with Solution Part - I updated Creative Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
What is drawing?
2)
If the partner's capital accounts are fixed, where will you record the following items?
(a) Salary payable to a partner
(b) Drawings made by a partner
3)
A and B are partners in a firm without a partnership deed. A is an active partner and claims a salary of Rs. 18,000 per month. State with reasons whether the claim is valid or not
4)
How is interest on drawings calculated, if the drawings are made at regular intervals as on the first day of each month?
5)
An accountant of the firm has debited interest on partner's loan to the profit and loss appropriation account and credited to the partner's capital account. Is he correct?

12th Standard English Medium Accountancy Subject Accounts of Partnership Firms-Fundamentals Creative 2 Mark Questions with Solution Part - II updated Creative Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
What is partner's current Account?
2)
Suresh and Ramesh are partners in a firm with capitals of Rs. 3,00,000 and Rs. 4,00,000 respectively. The do not have a partnership deed. Ramesh wants to share the profits in the ratio of capitals. State with reason whether the claim is valid
3)
Interest on partner's capital and interest on drawings are recorded through profit and loss appropriation account instead of profit and loss account. Why?
4)
Salary or commission paid to a partner is debited to profit and loss appropriation account and not to profit and loss account. Why?
5)
State where the following items shall appear in case the capital contributed by partners remain fixed
i) Interest on capital
ii) Withdrawal of capital
iii) Fresh capital introduced
iv) Drawings
v) Share of profit by a partner

12th Standard English Medium Accountancy Subject Goodwill In Partnership Accounts Creative 2 Mark Questions with Solution Part - I updated Creative Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
What is Annuity?
2)
What is meant by number of years purchase at the time of valuation of goodwill?
3)
Why is goodwill considered as an intangible asset but not a fictitious assets?
4)
How does the factor's 'quality of product' affect the goodwill of a firm?
5)
How does the 'market situation' affect the value of goodwill of a firm?

12th Standard English Medium Accountancy Subject Admission of a Partner Creative 2 Mark Questions with Solution Part - I updated Creative Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
What is meant by admission of a partner?
2)
Who is an incoming partner?
3)
The amount of bills payable appearing in the balance sheet is understated by. Rs.10,000 State whether the revaluation account will be debited or credited to restore the amount of bills payable to its actual value. Also give reason for your answer.
4)
On the admission of C, A and B decide to record an unrecorded asset worth Rs.10,000 State whether the revaluation account will be debited or credited.
5)
The value of Plant and machinery increased by 10%. State whether revaluation account will be debited or credited.

12th Standard English Medium Accountancy Subject Retirement and Death of a Partner Creative 2 Mark Questions with Solution Part - I updated Creative Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
What is New profit sharing ratio?
2)
Who is an outgoing partner?
3)
How can a partner retire from the firm? (Any two)
4)
Name the account which is opened to credit the share of profit of the deceased partner, till the time of death to his capital account.
5)
For which share of goodwill, a partner is entitled at the time of his retirement?

12th Standard English Medium Accountancy Subject Financial Statement Analysis Creative 2 Mark Questions with Solution Part - I updated Creative Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
What is trend analysis?
2)
What is funds flow analysis?
3)
What do you mean by financial statement analysis?
4)
Both horizontal and vertical analysis are complementary in nature. Do you agree?
5)
Common size statement is also known as 100 % statement. Do you agree?

12th Standard English Medium Accountancy Subject Ratio Analysis Creative 2 Mark Questions with Solution Part - I updated Creative Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
What is Liquidity ratios?
2)
What is turnover ratios?
3)
Quick ratio of a company is 1.5: 1.State giving reason, whether the ratio will improve, decline or not change on payment of divided by the company.
4)
The average age of inventory is viewed as the average length of time inventory is held by the firm or as the average number of day's sales in inventory. Explain.
5)
The liquidity of a business firm is measured by its ability to satisfy its long-term obligations as they become due. Comments.

12th Standard English Medium Accountancy Subject Ratio Analysis Creative 2 Mark Questions with Solution Part - II updated Creative Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
Definition of ratio analysis.
2)
What is current ratio?
3)
What does high total assets to debt ratio indicates?
4)
How does ratio analysis become less effective due to does ratio changes?
5)
Why should the inventory turnover ratio be more important when analysing a grocery store than an insurance company?

12th Standard English Medium Accountancy Subject Computerized Accounting System - Tally Creative 2 Mark Questions with Solution Part - I updated Creative Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
What is computerised accounting system?
2)
What are the steps involved in designing accounting reports?
3)
What is MIS?
4)
Identify the value, violate by the employee of company? Who uses office computer for chatting on social networking sities?
5)
A chemist as per the requirement of law makes use of computer for recording the stock of all the medicines including their manufacturing and expiry dates. What benefits he will get from computerised records also tell the values indicated in the question.

12th Standard English Medium Accountancy Subject Goodwill In Partnership Accounts Creative 3 Mark Questions with Solution Part - I updated Creative Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
What is the nature of goodwill?
2)
What is the need for valuation of goodwill?
3)
Explain the classification of goodwill.
4)
How is goodwill calculated under the weighted average profit method?
5)
Kalyan and Dilip are partners in a firm dealing in stationery items. The firm is well managed and enjoys the advantage of being cost effective. It buys stationery items at reasonable cost from Dilip's relative who is manufacture of stationery items. The firm's sale outlet is situated near a school. As a result, the firm is donating 10% of is profits to the nearby school for the education of the students of below poverty line. State any two factors affecting the value of goodwill of the firm. Also identify any two values which the firm is trying to propagate.

12th Standard English Medium Accountancy Subject Financial Statement Analysis Creative 3 Mark Questions with Solution Part - I updated Creative Questions - by Question Bank Software - May 13, 2022 - View & Read

1)
What are the features of financial statements?
2)
What are the significance of financial statements?
3)
What are the objectives of financial statement analysis?
4)
Briefly explain any three limitations of financial statement analysis. S. A
5)
Write a short note on
a) Comparative statement
b) Common-size statement

12th Standard English Medium Accountancy Subject Creative 5 Mark Questions with Solution Part - II - by Question Bank Software - Jun 22, 2021 - View & Read

1)

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

2)

Following is the receipts and payments accounts of Literacy club for the year ended 31^stMarch 2016

Receipts	Rs.	Rs.	Payments	Rs.
To Balance c/d		19,550	By Salary	3,000
			By News papers	2,050
To Subscribtions			By Electricity bill	1,000
2014·2015	1,200		By Fixed deposit	20,000
2015·2016	26,500		(on 1^st July, 2015 @
	500		9% per annum
		28,200	By Books	10,600
			By Rent	6,800
To slae old news paper		1,250	By Furniture	10,500
To Government grants		10,000	By Balance dd	11,200
To sale of old furniture		5,700
(book value Rs.7,000)
To interest on fixed deposits		450
		65,150		65,150

Additional information:
(i) Subscription outstanding as on 31^stMarch, 2015 were Rs. 2000 and on 31^stMarch, 2016 Rs. 2,500.
(ii) On 31^stMarch, 2016 Salary outstanding was Rs. 600 and rent outstanding was Rs. 1,200.
(iii) The club owned furniture Rs. 15,000 and books Rs. 7,000 on 1st April, 2015. Prepare income and expenditure account of the dub for the year ended 31^stMarch 2016 and as certain capital fund on 31^stMarch, 2015. Also prepare a balance sheet as on 31^stMarch, 2016.

3)

From the following balance sheets of Subha and Sudha who share profits and losses equally. Calculate interest on capital at 6% p.a for the year ending 31^st December 2017.

Balance sheet as.on 31st December 2017
Liabilities	Rs.	Assets	Rs.
Capital accounts:		Fixed assets	60,000
Subha	30,000	Current assets	20,000
Sudha	40,000
P&L App A/C	10,000

P&L App A/C	80,000		80,000

Drawing of Shubha and Sudha during the year were Rs.5,000 and Rs.7,000 respectively profit earned during the year was Rs.30,000.

4)
From the following information, find out the value of goodwill by capitalisation method:
(a) Average profit = Rs. 60,000
(b) Normal rate of return = 10%
(c) Capital employed = Rs. 5,60,000

5)

Lakshmi and Saraswathi are partners of a firm sharing profits and losses in proportion to capital. Trial Balance sheet as on 31^st March 2019 is as under

Liabilities	Rs.	Rs.	Assets	Rs.
Sundry creditors		60,000	Bank	12,000
Bills payable		40,000	Sundry debtors A/c	40,000
Capital Accounts:			Stock	40,000
Lakshmi	60,000		Plant	90,000
Saraswathi	40,000	1,000,000	Furniture	18,000
		2,00,000		2,00,000

They decided to admit Sulochana into the partnership with effect from 1st April, 2005 on the following terms.
(a) Sulochana shall bring in a capital Rs. 50,000 for \(\frac{1}{5}\)^th share of profits.
(b) Goodwill is to be valued at Rs. 40,000.
(c) Plant and furniture was to be depreciated by 5%
(d) Provision for doubtful debts be created at 1\(\frac{1}{2}\%\) on sundry debtors.
Show revaluation account, capital accounts, bank account and Balance sheet of the reconstituted partnership.

12th Standard English Medium Accountancy Subject Creative 5 Mark Questions with Solution Part - I - by Question Bank Software - Jun 22, 2021 - View & Read

1)
Calculate the missing information:

Particulars Rs.

Closing capital 32,000

Drawings 4,800

Additional capital 8,000

Profit made during the year 9,600

2)

From the following Receipt and Payment Account for the year ending 31^stMarch 2015 of crickets club. Prepare Income and Expenditure Account for the same period:

Dr Receipt and Payment Account for the year ending March 31, 2015 Cr
Receipts	Rs	Payments	Rs
To Balance c/d	25,000	By Purchase of furniture (1.7.14)	5,000
Bank	25,000	By Salaries	2,000
To Subscriptions		By Electricity charges	600
2014 1,500		By Postage and stationery	150
2015 10,000		By Purchase of books	2,500
2016 500	12,000	By Entertainment expenses	900
To Donation	2,000	papers (1.7.14	8000
To Hall rent	300	By Miscellaneous expenses	600
To Interest on bank deposits	450	By Balance c/d
To Entrance fees	1,000	Cash	300
		Bank	20,400
	40,750		40,750

The following additional information is available:
(i) Salaries outstanding Rs. 1,500
(ii) Entertainment expenses outstanding Rs. 500
(Hi) Bank interest receivable Rs. 150
(iv) Subscription accrued Rs. 400
(v) 50 percent of entrance fees is to capitalised
(vi) Furniture is to be depreciated at 10percent per annum

3)

From the following information, prepare capital accounts of partners Manoj and Seran, when their capitals are fluctuating

Particulars	Manoj Rs.	Seran Rs.
Capital on 1^st January 2018 ( Cr. balance)	1,00,000	87,500
Drawings during 2018	20,000	17,500
Interest on drawings	500	250
Share of profit for 2018	10,500	8,250
Interest on capital	6,000	5,250
Salary	9,000	Nil
Commission	Nil	1250

4)
A partnership firm has decided to value its goodwill for the purpose of setting a retiring Partner. The profit of that firm for the last four years were as follows:
2015 : Rs.20,000; 2016 : Rs.25,000; 2017; Rs.24,000 and 2018: Rs.23,000
The business was looked after by a partner. No remuneration was paid to him. The fair remuneration of the partner valued at comes to Rs. 3,000 per annum.
Find out the value of goodwill, if it is valued on the basis of three years purchase of the average profit of the last four years.
5)
Sheela and Neela were sharing profits in the ratio of 4:3. Kamala was admitted with 1/5th share in profits of business. Calculated the New profit Ratio and the sacrificing ratio.

12th Standard English Medium Accountancy Subject Creative 3 Mark Questions with Solution Part - II - by Question Bank Software - Jun 22, 2021 - View & Read

1)
Which values are affected, when accounts are maintained on single entry system basis.
2)
Youth of India sports club decided to donate Rs. 50,000 and spread awareness among the people of nearby societies about cleanliness in the country under the programme "Bharat Abhiyan". Identify the values highlighted.
3)
What is Fluctuating capital method?
4)
The firm of A and B earned a profit of Rs.2,75,000 during the year ending on 31st March, 2015. They have decided to donate 10% of this profit to an NGO working for senior citizens. Pass necessary journal entry for the distribution of profits. Identify the values shown by the firm in donating a part of profit of NGO.
5)
Explain the classification of goodwill.

12th Standard English Medium Accountancy Subject Creative 3 Mark Questions with Solution Part - I - by Question Bank Software - Jun 22, 2021 - View & Read

1)

Radhika started a small bakery for providing healthy and good quality bakery product at reasonable prices on 1^st January, 2019 with a capital of Rs. 1,80,000. She appointed a ten year old boy as a sweeper. She withdrew Rs. 60,000 for household expenses. She introduced Rs. 20,000as fresh capital. Her position of assets and liabilities as at 31^st December, 2019 stood as follows.

	Rs.
Cash in hand	70,000
Stock	80,000
Bills receivable	1,00,000
Debtors	1,50,000
Creditors	60,000
Bills payable	10,000

2)
Yuvan foundation is formed to educate and to provide jobs to unemployed women. Identify the values involved.
3)
Explain the procedure for preparation of final accounts of a partnership firm.
4)
What is the need for valuation of goodwill?
5)
Explains the divisions of share capital.

12th Standard English Medium Accountancy Subject Creative 2 Mark Questions with Solution Part - II - by Question Bank Software - Jun 22, 2021 - View & Read

1)
What are the possible reasons for keeping incomplete records?
2)
Every receipt and Payments, whether capital or revenue and irrespective of the period is recorded in receipts and payments accounts why? Give reason.
3)
Salary or commission paid to a partner is debited to profit and loss appropriation account and not to profit and loss account. Why?
4)
How does the factor's 'quality of product' affect the goodwill of a firm?
5)
The amount of bills payable appearing in the balance sheet is understated by. Rs.10,000 State whether the revaluation account will be debited or credited to restore the amount of bills payable to its actual value. Also give reason for your answer.

12th Standard English Medium Accountancy Subject Creative 2 Mark Questions with Solution Part - I - by Question Bank Software - Jun 22, 2021 - View & Read

1)
Can a limited company maintain its accounts under single entry system?
2)
Explain the steps in preparations of receipts and payments account.
3)
If the partner's capital accounts are fixed, where will you record the following items?
(a) Salary payable to a partner
(b) Drawings made by a partner
4)
What is meant by number of years purchase at the time of valuation of goodwill?
5)
What is meant by admission of a partner?

12th Standard English Medium Accountancy Subject Creative 1 Mark Questions with Solution Part - II - by Question Bank Software - Jun 22, 2021 - View & Read

1)
Calculate the amount of net income or loss if the capital has been increased by Rs. 1,000 during this accounting period drawings Rs. 5,000 and Rs. 1,000 fresh capital was introduced in the business _______
2)
_______Items will be recorded in the balance sheet
3)
___________ is a document in writing that contains the terms of the agreement among the partners.
4)
Average profit is 19,167 and normal profit is 10,000 the super profit is_________.
5)
________ is computed at the time of admission of a new partner.

12th Standard English Medium Accountancy Subject Creative 1 Mark Questions with Solution Part - I - by Question Bank Software - Jun 22, 2021 - View & Read

1)
Credit purchase is obtained from _______
2)
Rs. 10,000 received as to annual membership subscription. Out of this Rs. 2,000 is pertaining to the previous accounting period whereas Rs. 1000 is receivable at the end of the current accounting period. Calculate the amount of subscription that will be shown in the income and expenditure account for this accounting.
3)
Amount invested by partners in the partnership business is called __________
4)
Goodwill acquired by making payment in cash or kind is called __________
5)
When an unrecorded liabilities is brought into books, is results in

12th Standard English Medium Accountancy Subject Ratio Analysis Creative 5 Mark Questions with Solution Part - II - by Question Bank Software - Jun 22, 2021 - View & Read

1)

Following is the extract of the balance sheet of Hindustan Products Ltd., as on 31^st March 2019.

Particulars	Rs.
I. EQUITY AND LIABILITIES
1. Shareholders' funds
(a) Share capital	2,90,000
(b) Reserves and surplus	60,000
2. Non-current liabilities
Long term borrowings	40,000
3. Current liabilities
(a) Trade payables	1,15,000
(b) Other current liabilities	15,000
Total	5,20,000

2)

Calculate (i) Inventory turnover ratio (ii) Trade receivables turnover ratio (iii) Trade payables turnover ratio and (iv) Fixed assets turnover ratio from the following information obtained from Dolphin Ltd.

Particulars	As on 31^st March 2017 Rs.	As on 31^st March 2018 Rs.
Inventory	70,000	50,000
Trade receivables	40,000	30,000
Trade payables	20,000	25,000
Fixed assets	2,75,000	2,50,000

Additional information:
(i) Revenue from operations for the year Rs.5,25,000
(ii) Purchases for the year Rs.2,25,000
(iii) Cost of revenue from operations Rs.3,00,000
Assume that sales and purchases are for credit

3)
Calculate quick ratio of Babu construction Ltd., from, the information given below

Particulars Rs.

Total current liabilities 2,00,000

Total current assets 4,00,000

Inventories 70,000

Prepaid expenses 30,000

4)

From the following Balance Sheet of Luckman Ltd. calculate proprietary ratio:

Balance sheet of Luckman Ltd. as on 31.3.2018
Particulars	Rs.
I. EQUITY AND LIABILITIES
1. Shareholders' funds
(a) Share capital
(i) Equity share capital	1,00,000
(ii) Preference share capital	75,000
(b) Reserves and surplus	25,000
2. Non-current liabilities
Long term borrowings	-
3. Current liabilities
Trade payables	2,00,000
Total	4,00,000
II. ASSETS
1. Non-current assets
(a) Fixed assets	2,75,000
(b) Non -current investments	50,000
2. Current assets
Cash and cash equivalents	75,000
Total	4,00,000

5)

From the following figures obtained from Sun Ltd; calculate the trade payables turnover ratio and credit payment period (in days).

Particulars	Rs.
Credit purchases during 2018 - 2019	1,00,000
Trade creditors as on 1.4.2018	20,000
Trade creditors as on 31.3.2019	10,000
Bills payable as on 1.4.2018	4,000
Bills payable as on 31.3.2019	6,000

12th Standard English Medium Accountancy Subject Ratio Analysis Creative 5 Mark Questions with Solution Part - I - by Question Bank Software - Jun 22, 2021 - View & Read

1)

Calculate the current ratio from the following information.

Particulars	Rs.	Particulars	Rs.
Current investments	15,000	Trade creditors	36,000
Inventories	29,000	Bills payable	10,000
Cash and cash equivalents	5,000	Expenses payable	8,000
Trade receivables	5,000

2)

From the following trading activities of Jamal Ltd. calculate
(i) Gross profit ratio
(ii) Net profit ratio
(iii) Operating cost ratio
(iv) Operating profit ratio

Statement of Profit and Loss
Particulars	Rs.
I. Revenue from operations	10,000
II. Other Income
Income from investments	100
III. Total revenue (I +II)	10,100
IV. Expenses:
Purchases of Stock-in -trade	8,500
Changes in inventories	-500
Finance costs	150
Other expenses (Administration and selling)	1,200
Total expenses	7,850
V. Profit before tax (III - IV)	800

3)
Calculate quick ratio of Babu construction Ltd., from, the information given below

Particulars Rs.

Total current liabilities 2,00,000

Total current assets 4,00,000

Inventories 70,000

Prepaid expenses 30,000

4)

From the following Balance Sheet of Ambika Ltd. as on 31.03.2017 calculate
(i) Debt-equity ratio
(ii) Proprietary ratio
(iii) Capital gearing ratio

Balance sheet of Ambika Ltd. as on 31.3.2017
Particulars	Amount Rs.
I. EQUITY AND LIABILITIES
1. Shareholders' funds
(a) Share capital
Equity share capital	3,00,000
8% Preference share capital	4,00,000
(b) Reserves and surplus	3,00,000
2. Non-current liabilities
Long term borrowings (9% Debentures)	8,00,000
3. Current liabilities
Short -term borrowings from banks	50,000
Trade payables	1,50,000
Total	20,00,000
II. ASSETS
1. Non-current assets
Fixed assets	15,00,000
2. Current assets
(a) Inventories	2,40,000
(b) Trade receivables	2,00,000
(c) Cash and cash equivalents	55,000
(d) Other current assets
Expenses paid in advance	5,000
Total	20,00,000

5)

From the following figures obtained from Sun Ltd; calculate the trade payables turnover ratio and credit payment period (in days).

Particulars	Rs.
Credit purchases during 2018 - 2019	1,00,000
Trade creditors as on 1.4.2018	20,000
Trade creditors as on 31.3.2019	10,000
Bills payable as on 1.4.2018	4,000
Bills payable as on 31.3.2019	6,000

12th Standard English Medium Accountancy Subject Financial Statement Analysis Creative 5 Mark Questions with Solution Part - I - by Question Bank Software - Jun 22, 2021 - View & Read

1)

From the following particulars, prepare comparative income statement of Sivakami co Ltd

Particulars	2016-17 Rs.	2017-2018 Rs.
Revenue from operations	4,00,000	5,00,000
other income	1,00,000	80,000
Expenses	3,00,000	2,40,000

2)

From the following balance sheet of Gupta ltd, prepare comparative balance sheet as on 31^stMarch 2017 and 31^stMarch 2018.

Particulars	31^st March 2017	31^stMarch 2018
Particulars	Rs.	Rs.
I. Equity and liabilities
shareholder's fund	2,00,000	5,20,000
Non-current liabilities	1,00,000	1,20,000
Current liabilities	50,000	60,000
Total	3,50,000	7,00,000
II. Assets
Non-current assets	2,00,000	4,00,000
Current assets	1,50,000	3,00,000
Total	3,50,000	7,00,000

3)
From the following particulars of Vijay Ltd, prepare common size income statement for the year ended 31^st March 2017 and 31^st March 2018

4)

Prepare common-size statement of financial position of Raheem Ltd as on 31^st March 2016 and 31^st March 2018.

Particulars	31st March 2016	31st March 2017
Particulars	Rs.	Rs.
I. Equity and liabilities
l. Shareholders fund
a. Share capital	5,00,000	6,00,000
b. Reserve and surplus	4,00,000	3,60,000
2. Non-current liabilities
Long-term borrowings	8,00,000	2,40,000
3. Current liabilities
Trade payables	30,000	-
Total	20,00,000	12,00,000
II. Assets
l. Non-current assets
a. Fixed assets	10,00,000	6,00,000
b. Non-current investments	5,00,000	2,40,000
2. Current assets
Inventories	3,00,000	1,20,000
Cash and cash equipments	2,00,000	2,40,000
Total	20,00,000	12,00,000

5)

From the following information, calculate trade percentages for Malar Ltd

Particulars	Rs. In lakhs
Particulars	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%

12th Standard English Medium Accountancy Subject Company Accounts Creative 5 Mark Questions with Solution Part - II - by Question Bank Software - Jun 22, 2021 - View & Read

1)
Preeti Ltd. invited applications for 5,000 shares of Rs.10 each payable as follows:
Rs.3 on Application,
Rs.2 on Allotment,
Rs.2 on First call and
Rs.3 on Final call.
All these shares were subscribed and paid for. Pass journal entries.
2)
Das Ltd. offered 50,000 equity shares of Rs.10 each to the public payable as follows: On application Rs.4; on allotment Rs.3; on first call Rs.1 and on second and final call Rs.2.
Applications were received for 1,00,000 shares. All the applicants were allotted 1 share for every two shares applied. Excess application money was used for amount due on allotment and call. Pass necessary journal entries.
3)
Max Ltd. offered Rs.10,000 equity shares Rs.10 each to the public payable as follows:
On application Rs.4; on allotment Rs.3; on first call Rs.2 and on second and final call Rs.1. Applications were received for Rs.20,000 shares. All the applicants were allotted 1 share for every two shares applied. Excess application money was used for amount due on allotment and call. Pass necessary journal entries.
4)
Ashok Ltd. forfeited 150 equity shares of Rs.10 each for non payment of final call of Rs.4 per share. Of these 100 shares were reissued @ Rs.9 per share. Pass journal entries for forfeiture and reissue.
5)
Global Company issued shares Rs.10 each at 10% premium, payable Rs.2 on application, Rs.3 on allotment (including premium), Rs.3 on first call and Rs.3 on second and final call.
Journalise the transactions relating to forfeiture of shares for the following situations:
i. Muthu who holds 50 shares failed to pay the second and final call and his shares were forfeited.
ii. Muthu who holds 50 shares failed to pay the allotment money, first call and second and final call money and his shares were forfeited.
iii. Muthu who holds 50 shares failed to pay the allotment money and first call and his shares were forfeited after the first call.

12th Standard English Medium Accountancy Subject Company Accounts Creative 5 Mark Questions with Solution Part - I - by Question Bank Software - Jun 22, 2021 - View & Read

1)
Vinod company Ltd issued 40,000 preference shares of Rs.10 each at premium of Rs.3. Give journal entry.
2)
Thai Ltd. issued 50,000 equity shares of Rs.10 each, payable Rs.5 on application, Rs.2 on allotment, first call and n on final call. All the shares are subscribed and amount was duly received. Pass Journal entries.
3)
Sindhu was holding 20 equity shares of Rs.10 each on which he paid Rs.2 on application but could not pay Rs.3 on allotment and Rs.1on first call. Directors forfeited the shares after the first call. Give journal entry for recording the forfeiture of shares.
4)
Y company issued 10,000 equity shares of Rs.10 each payable as under:
On application Rs.2
On first call Rs.2
On allotment Rs.4
On final call Rs.2
Applications were received for 30,000 shares. Applications for 10,000 shares were rejected and allotment was made proportionately towards remaining applications. The directors made both the calls and the all the amount were received except the final call on 600 shares which were subsequently forfeited. Later 400 forfeited shares were reissued as fully paid by receiving Rs.7 per share. Give journal entries.
5)
Alpha Company issues 10,000 equity shares Rs.10 each payable fully on application.
Pass journal entry if the shares are issued
(i) at par
(ii) at a premium of Rs.2 per share.

12th Standard English Medium Accountancy Subject Retirement and Death of a Partner Creative 5 Mark Questions with Solution Part - II - by Question Bank Software - Jun 22, 2021 - View & Read

1)
Sun, Moon and Jupiter are partners sharing profits and losses in the ratio of 5:3:2. Jupiter retires and the share is taken by Sun and Moon in the ratio of 3:2. Find out the new profit sharing ratio and gaining ratio
2)
Priya, Latha, and Kalai are partners sharing profits and losses in the ratio of 3:2:1 respectively. Priya died on 31^stDecember, 2018 Final amount due to her showed a credit balance of Rs.1,20,000. Pass journal entries if
(a) The amount due is paid off immediately,·
(b) The amount due is not paid immediately,
(c) Rs.80,000 is paid and the balance in future.
3)
Thangamuthu, Anaimuthu and Vairamuthu are partners sharing profit and loss in the ratio of 3:3:2.
Thangamuthu wanted to retire on 1st June 2018, the firms books showed a general reserve of Rs.40,000. Pass entry.

4)

Selvam, Saravanan and Santhosh were partners of a firm sharing profits and losses in the ratio of 3: 2 : 1. Set out below was their balance sheet as on 31't December 2018.

Liabilities	Rs.	Rs.	Assets	Rs.
Bills payable		15,000	Cash in hand	3,000
Sundry creditors		25,000	Cash at bank	35,000
Capital Accounts			Bill receivable	11,000
Selvam	80,000		Book debts	18,000
Sarvanan	50,000		Stock	36,000
Santhosh	40,000	1,70,000	Furniture	7,000
Profit and Loss A/c		30,000	Plant & Machinery	50,000
			Buildings	80,000
		2,40,000		2,40,000

Selvam retired from the partnership on 1^st January 2019 on the following terms:
(i) Goodwill of the firm was to be valued at Rs.30,000
(ii) Assets are to be valued as under stock Rs.30,000 plant and machinery Rs.40,000; Buildings Rs.1,00,000
(iii) A provision for doubtful debts be created at Rs.1,000
(iv) Rs.21,500 was to be paid to Selvam immediately and the balance was transferred to his loan account.
Show revaluation account, capital accounts, bank account and the balance sheet of the reconstituted Partnership.

5)
Shankar, Saleem and Pandian are partners, sharing profits in the ratio of 3:2:1. Their balance sheet as an 31^stDecember 2018 is as under

12th Standard English Medium Accountancy Subject Retirement and Death of a Partner Creative 5 Mark Questions with Solution Part - I - by Question Bank Software - Jun 22, 2021 - View & Read

1)
Kalai, Iothi and Mala are partners sharing profits and losses in the ratio of 113, 113 and 116 respectively.
Mala retires and her share is taken up by Kalai and [othi equally. Find out the new profit sharing ratio and gaining ratio
2)
Mukil, Mohit and Sonu are partners sharing profit in the ratio 3:2: 1. Mukil retires from the partnership.
In order to settle his claim, the following revaluation of assets and liabilities was agreed upon:
(i) The value of Machinery is increased by Rs. 25,000.
(ii) The value of Investment-is-increased by Rs 2,000.
(ill) A Provision for outstanding bill standing in the books at Rs.1,000 is now not required.
(iv) The value of Land and Building is decreased by Rs.12,000.
Give journal entries and prepare Revaluation account
3)
Surya, Ramesh and Rajesh are partners sharing profits is the ratio of 5:3:2. Ramesh decided to retire. Goodwill of the firm is to be valued at Rs.40,000. Give journal entries if
(a) There is no goodwill in the books of the firm,
(b) the goodwill appears at Rs.30,000
(c) the goodwill appears at Rs. 50,000

4)

A, B, and C are partners in affirm sharing profits and losses equally. Their balance sheet as on 31^st 1March 2018 is as follows

Liabilities	Rs	Rs	Assets	Rs	Rs
Capital accounts			Office equipment		70,000
A	80,000		Machinery		1,40,00
B	60,000		Sundry debtors	52,000
C	1,00,000	2,40,000	Less: Provision for doubtful debts	2,000	50,000
Sundry creditors		1,20,000
			Stock		60,000
			Cash at bank		40,000

		3,60,000			3,60,000

'C' Retired on 31st March 2018 Subject to the following conditions
(i) Machinery is valued at Rs.1,30,000
(ii) Value of office equipment is brought down by Rs. 2,000
(iii) Provision for doubtful debts should be increased to Rs.3,000
(iv) Investment of Rs..25,000 not recorded in the books is to be recorded now. Pass necessary journal entries and prepare revaluation account and capital account of partners

5)
On 1.1.2019, Pandiyan died and on his death the following arrangements are made:
(i) Stock to be depreciated by 10 %
(ii) Land is to be apprecia!.e4. by Rs.11,000
(iii) To provide 3,000 for bad debts
(iv) The final amount due to Pandiyan was not paid
Prepare revaluation account, partner's capital account and the balance sheet of the firm after death

12th Standard English Medium Accountancy Subject Admission of a Partner Creative 5 Mark Questions with Solution Part - II - by Question Bank Software - Jun 22, 2021 - View & Read

1)
Sridevi and Santhiya were partners sharing profit and loss in the ratio of 3:2. They decided to admit Fathima into the partnership and revalue their assets and liabilities as indicated here under:
(a) To bring into record investment of Rs. 18,000 which had not so far been recorded in the books of the firm.
(b) To depreciate stock, furniture and machinery by, Rs.18,000, Rs.6,000 and Rs.30,000 respectively.
(c) To provide for workmen's compensation of Rs.24,000
Pass the necessary journal entries and show the revaluation account.
2)
Kokila and Mala were sharing profits in the ratio of 4:3. Chandra was admitted in the business as a partner with \(\frac{3}{7}\)th share in the profits of the firm which she takes \(\frac{2}{7}\) th from Kokila and \(\frac{1}{7}\) th from Mala. Find out New profit Ratio and the sacrificing ratio.
3)
Kavitha and Radha are partners of a firm sharing profits and losses in the ratio of 4:3. They admit Deepa on 1.1.2019. On that date, their balance sheet showed debit balance of profit and loss account being accumulate loss
Rs. 1,40,000 on the asset side of the balance sheet. Give the journal entry to transfer the accumulated loss on admission.

4)

Valluvan and Kamban were partners sharing profits and losses as 60% tovalluvan and 40% Kamban. Their balance sheet as at 1^st January, 2019 stood as under:

Liabilities	Rs.	Rs.	Assets	Rs.
Sundry creditors		96,000	Cash in hand	4,000
Bills payable		34,000	Sundry debtors	56,000
Capital Accounts:			Stock	40,000
Valluvan	90,000		Plant and machinery	80,000
Kamban	80,000	1,70,000	Land and Buildings	1,20,000
		3,00,000		3,00,000

The partners agreed to admit Elangovan into the firm subject to revaluation of the following items:
(i) Stock was to be reduced by Rs. 4,000
(ii) Land and Buildings were to be valued at Rs. 1,60,000
(iii) A provision of 2\(\frac{1}{2}\)% was to be created for doubtful debtors.
(iv) A liability of Rs.2,600 for outstanding expenses had been omitted to be recorded in the books
Prepare the Revaluation account, capital accounts and the Balance sheet after the above adjustment

5)

Lakshmi and Saraswathi are partners of a firm sharing profits and losses in proportion to capital. Trial Balance sheet as on 31^st March 2019 is as under

Liabilities	Rs.	Rs.	Assets	Rs.
Sundry creditors		60,000	Bank	12,000
Bills payable		40,000	Sundry debtors A/c	40,000
Capital Accounts:			Stock	40,000
Lakshmi	60,000		Plant	90,000
Saraswathi	40,000	1,000,000	Furniture	18,000
		2,00,000		2,00,000

They decided to admit Sulochana into the partnership with effect from 1st April, 2005 on the following terms.
(a) Sulochana shall bring in a capital Rs. 50,000 for \(\frac{1}{5}\)^th share of profits.
(b) Goodwill is to be valued at Rs. 40,000.
(c) Plant and furniture was to be depreciated by 5%
(d) Provision for doubtful debts be created at 1\(\frac{1}{2}\%\) on sundry debtors.
Show revaluation account, capital accounts, bank account and Balance sheet of the reconstituted partnership.

12th Standard English Medium Accountancy Subject Admission of a Partner Creative 5 Mark Questions with Solution Part - I - by Question Bank Software - Jun 22, 2021 - View & Read

1)
Sheela and Neela were sharing profits in the ratio of 4:3. Kamala was admitted with 1/5th share in profits of business. Calculated the New profit Ratio and the sacrificing ratio.
2)
Eswari and Ranikumari are partners sharing profits and losses in the ratio of 7:5. They agree to admit Chitra into partnership. Eswari surrenders \(\frac{1}{7}\) th of her share and Ranikumari \(\frac{1}{5}\) th of her share in the favour of Chitrao Calculate the New profit ratio and the sacrificing ratio.
3)
Kavitha and Radha are partners of a firm sharing profits and losses in the ratio of 4:3. They admit Deepa on 1.1.2019. On that date, their balance sheet showed debit balance of profit and loss account being accumulate loss
Rs. 1,40,000 on the asset side of the balance sheet. Give the journal entry to transfer the accumulated loss on admission.

4)

Ragu and Sam are partners in a firm sharing profits and losses in the ratio of 3:2. Their balance sheet as on 31^st March, 2017 is as follows:

Liabilities	Rs.	Rs.	Assets	Rs.	Rs.
Capital Account:			Machinery		30,000
Ragu	40,000		Furniture		10,000
Sam	30,000	70,000	Stock		10,000
Sundry creditors		30,000	Debtors	21,000
			Less: Provision for doubtful debts	1,000	20,000
			Bank		30,000
		1,00,000			1,00,000

Prakash is admitted on 1.4.2017 subject is the following conditions:
(a) He has to bring a capital of Rs. 24,000
(b) Machinery is valued at Rs.4,000
(c) Furniture to be depreciated by Rs.3,000
(d) Provision for doubtful debts should be increased to Rs. 3,000
(e) Unrecorded trade receivables of Rs.1,000 would be brought into books now.
Pass necessary journal entries and prepare revaluation account and capital account of partners after admission.

5)

Lakshmi and Saraswathi are partners of a firm sharing profits and losses in proportion to capital. Trial Balance sheet as on 31^st March 2019 is as under

Liabilities	Rs.	Rs.	Assets	Rs.
Sundry creditors		60,000	Bank	12,000
Bills payable		40,000	Sundry debtors A/c	40,000
Capital Accounts:			Stock	40,000
Lakshmi	60,000		Plant	90,000
Saraswathi	40,000	1,000,000	Furniture	18,000
		2,00,000		2,00,000

They decided to admit Sulochana into the partnership with effect from 1st April, 2005 on the following terms.
(a) Sulochana shall bring in a capital Rs. 50,000 for \(\frac{1}{5}\)^th share of profits.
(b) Goodwill is to be valued at Rs. 40,000.
(c) Plant and furniture was to be depreciated by 5%
(d) Provision for doubtful debts be created at 1\(\frac{1}{2}\%\) on sundry debtors.
Show revaluation account, capital accounts, bank account and Balance sheet of the reconstituted partnership.

12th Standard English Medium Accountancy Subject Goodwill In Partnership Accounts Creative 5 Mark Questions with Solution Part - II - by Question Bank Software - Jun 22, 2021 - View & Read

1)
The profit and losses of a firm for the last four years were as follows:
2015: Rs.20,000; 2016; Rs. 25,000;
2017; Rs.3,000(loss) 2018; Rs.18,000
You are required to calculate the amount of goodwill on the basis of 5 years purchase of average profit of the last 4 years.
2)
From the following information relating to Arul enterprises, calculate the value of goodwill on the basis of 2 years purchase of the average profits of 3 years.
(a) Profits for the years ending 31st December 2016, 2017, and 2018 were Rs. 23,000 Rs.22,000 and Rs. 25,000 respectively.
(b) A non-recurring income of Rs. 2,500 is included in the profits of the year 2016.
(c) The closing stock of the year 2017 was overvalued by Rs. 5,000.
3)
From the following information, calculate the value of goodwill based on 3 years purchase of Super profit
(i) Capital employed: 1,00,000
(ii) Normal rate of return: 10%
(iii)Average profit of the business: 42,000
4)
Calculate the value of goodwill at 5 years purchase of super profit from the following information
(a) Capital employed: Rs. 60,000
(b) Normal rate of profit: 20%
(c) Net profit for 5 years
2014:Rs.1,00,000, 2015: Rs.50,000 2016: Rs.70,000; 2017: Rs.54,000 and 2018: Rs. 10,000
(d) Fair remuneration to the partners 3,600 per annum
5)
From the following information, compute the value of goodwill as per annuity method:
(a) Capital employed: Rs.1,00,000
(b) Normal rate of return: 15%
(c) Profit of the years 2016, 2017 and 2018 were Rs.6,000, Rs.8,000 and Rs.20,000 respectively
(d) The present value of annuity of n for 3 years at 10% is 2.4868

12th Standard English Medium Accountancy Subject Goodwill In Partnership Accounts Creative 5 Mark Questions with Solution Part - I - by Question Bank Software - Jun 22, 2021 - View & Read

1)
A partnership firm has decided to value its goodwill for the purpose of setting a retiring Partner. The profit of that firm for the last four years were as follows:
2015 : Rs.20,000; 2016 : Rs.25,000; 2017; Rs.24,000 and 2018: Rs.23,000
The business was looked after by a partner. No remuneration was paid to him. The fair remuneration of the partner valued at comes to Rs. 3,000 per annum.
Find out the value of goodwill, if it is valued on the basis of three years purchase of the average profit of the last four years.
2)
For the purpose of admitting a new partner, a firm has decided to value its good will 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.

Year 2015 2016 2017 2018

Profit 40,000 44,000 48,000 56,000

Weight 1 2 3 4

Compute the value of goodwill
3)
From the following information, calculate the value of goodwill based on 3 years purchase of Super profit
(i) Capital employed: 1,00,000
(ii) Normal rate of return: 10%
(iii)Average profit of the business: 42,000
4)
Calculate the value of goodwill at 5 years purchase of super profit from the following information
(a) Capital employed: Rs. 60,000
(b) Normal rate of profit: 20%
(c) Net profit for 5 years
2014:Rs.1,00,000, 2015: Rs.50,000 2016: Rs.70,000; 2017: Rs.54,000 and 2018: Rs. 10,000
(d) Fair remuneration to the partners 3,600 per annum
5)
From the following information, find out the value of goodwill by capitalisation method:
(a) Average profit = Rs. 60,000
(b) Normal rate of return = 10%
(c) Capital employed = Rs. 5,60,000

12th Standard English Medium Accountancy Subject Accounts of Partnership Firms-Fundamentals Creative 5 Mark Questions with Solution Part - II - by Question Bank Software - Jun 22, 2021 - View & Read

1)

From the following information, prepare capital accounts of partners Manoj and Seran, when their capitals are fluctuating

Particulars	Manoj Rs.	Seran Rs.
Capital on 1^st January 2018 ( Cr. balance)	1,00,000	87,500
Drawings during 2018	20,000	17,500
Interest on drawings	500	250
Share of profit for 2018	10,500	8,250
Interest on capital	6,000	5,250
Salary	9,000	Nil
Commission	Nil	1250

2)

From the following balance sheets of Subha and Sudha who share profits and losses equally. Calculate interest on capital at 6% p.a for the year ending 31^st December 2017.

Balance sheet as.on 31st December 2017
Liabilities	Rs.	Assets	Rs.
Capital accounts:		Fixed assets	60,000
Subha	30,000	Current assets	20,000
Sudha	40,000
P&L App A/C	10,000

	80,000		80,000

Drawing of Shubha and Sudha during the year were Rs.5,000 and Rs.7,000 respectively profit earned during the year was Rs.30,000.

3)
Anusha and Barathi contribute Rs.2,00,000 and Rs.1,00,000 respectively as capital. Their respective share of profit is 3:2 and the profit before interest on capital for the year is Rs.27,000. Compute the amount of interest on capital in each of the following situations:
(i) If the partnership deed is silent as to the interest on capital
(ii) If interest on capital @ 3% is allowed as per the partnership deed
(iii) If the partnership deed allows interest on capital @ 5% p.a.
4)
Arul is a partner in a partnership firm. As per the partnership deed, interest on drawing is charged at 6%p.a. During the year ended on 31^st December 2018 he drew as follows.

Date Rs.

March 1 3,000

June 1 2,000

September 1 5,000

December 1 4,000

Calculate the amount of interest on drawings under any 2 methods
5)
Durga and Preethi entered into a partnership agreement on 1st April 2018, Durga contributing Rs.50,000 and Preethi Rs.60,000 as capital. The agreement provided that:
(a) Profits and losses to be shared in the ratio 3:2 as between Durga and Preethi.
(b) Partners to be entitled to interest on capital @ 5% p.a.
(c) Interest on drawings to be charged Durga Rs.600 Velan Rs.900
(d) Durga to receive a salary Rs.10,000 for the year and
(e) Preethi to receive a commission of Rs.4,000 During the year, the firm made a profit of Rs.40,000 before adjustment of interest, salary and commission prepare the profit and loss appropriation account.

12th Standard English Medium Accountancy Subject Accounts of Partnership Firms-Fundamentals Creative 5 Mark Questions with Solution Part - I - by Question Bank Software - Jun 22, 2021 - View & Read

1)

Write up the capital and current accounts of the partners, Kannagi and vasugi from the following details.

Particulars	Kannagi Rs.	Vasugi Rs.
Capital on 1.4.2018	1,00,000	60,000
Current Alc on 1.4.2018	3,000(Dr)	2,000(Cr)
Drawing during 2018-19	8,000	5,000
Interest on capital	5,000	3,000
Interest in drawings	240	150
Share of profit 2018-19	12,000	10,000
Partner's salary	4,000	-

2)
Mala,Kala and Ratna share profits and losses in the ratio of 3: 2:1. The capital on 1^st April 2017 was Rs.90,000 for Mala, 75,000 for Kala and Rs.60,000 for Ratna and their current accounts show a credit balance of Rs.15,000,10,000 and Rs.5000 respectively. Calculate interest on capital at 5% p.a for the year ending 31^st march 2018 and show the journal entries.
3)
Anusha and Barathi contribute Rs.2,00,000 and Rs.1,00,000 respectively as capital. Their respective share of profit is 3:2 and the profit before interest on capital for the year is Rs.27,000. Compute the amount of interest on capital in each of the following situations:
(i) If the partnership deed is silent as to the interest on capital
(ii) If interest on capital @ 3% is allowed as per the partnership deed
(iii) If the partnership deed allows interest on capital @ 5% p.a.
4)
Kala is a partner in a partnership firm. As per partnership deed, interest on drawings is charged at 12% p.a. During the year ended 31^stDecember 2018. She drew as follows.

Date Rs.

March 1 12,000

June 1 8,000

September 1 10,000

December 1 4,000

Calculate the amount of interest on drawings by using produce method

5)

From the following balance sheets of Subha and Sudha who share profits and losses equally. Calculate interest on capital at 6% p.a for the year ending 31^st December 2017.

Balance sheet as.on 31st December 2017
Liabilities	Rs.	Assets	Rs.
Capital accounts:		Fixed assets	60,000
Subha	30,000	Current assets	20,000
Sudha	40,000
P&L App A/C	10,000

P&L App A/C	80,000		80,000

Drawing of Shubha and Sudha during the year were Rs.5,000 and Rs.7,000 respectively profit earned during the year was Rs.30,000.

12th Standard English Medium Accountancy Subject Accounts of Not-For-Profit Organisation Creative 5 Mark Questions with Solution Part - II - by Question Bank Software - Jun 22, 2021 - View & Read

1)

From the following Receipt and Payment Account for the year ending 31^stMarch 2015 of crickets club. Prepare Income and Expenditure Account for the same period:

Dr Receipt and Payment Account for the year ending March 31, 2015 Cr
Receipts	Rs	Payments	Rs
To Balance c/d	25,000	By Purchase of furniture (1.7.14)	5,000
Bank	25,000	By Salaries	2,000
To Subscriptions		By Electricity charges	600
2014 1,500		By Postage and stationery	150
2015 10,000		By Purchase of books	2,500
2016 500	12,000	By Entertainment expenses	900
To Donation	2,000	papers (1.7.14	8000
To Hall rent	300	By Miscellaneous expenses	600
To Interest on bank deposits	450	By Balance c/d
To Entrance fees	1,000	Cash	300
		Bank	20,400
	40,750		40,750

The following additional information is available:
(i) Salaries outstanding Rs. 1,500
(ii) Entertainment expenses outstanding Rs. 500
(Hi) Bank interest receivable Rs. 150
(iv) Subscription accrued Rs. 400
(v) 50 percent of entrance fees is to capitalised
(vi) Furniture is to be depreciated at 10percent per annum

2)

From the following balances prepare a balance sheet as on 31^st1March 2016.

Rs
Cash in hand	12,000
Cash at bank	8,000
Books	16,000
Billiard Table	24,000
Furniture	30,000
Investment	30,000
Prepaid expenses	20,000
Building	1,00,000
Outstanding expenses	40,000
Subscription received in advance	24,000
Subscription accrued	20,000
Surplus (Income over
expenditure)	20,000

3)

Following is the receipts and payments accounts of Literacy club for the year ended 31^stMarch 2016

Receipts	Rs.	Rs.	Payments	Rs.
To Balance c/d		19,550	By Salary	3,000
			By News papers	2,050
To Subscribtions			By Electricity bill	1,000
2014·2015	1,200		By Fixed deposit	20,000
2015·2016	26,500		(on 1^st July, 2015 @
	500		9% per annum
		28,200	By Books	10,600
			By Rent	6,800
To slae old news paper		1,250	By Furniture	10,500
To Government grants		10,000	By Balance dd	11,200
To sale of old furniture		5,700
(book value Rs.7,000)
To interest on fixed deposits		450
		65,150		65,150

Additional information:
(i) Subscription outstanding as on 31^stMarch, 2015 were Rs. 2000 and on 31^stMarch, 2016 Rs. 2,500.
(ii) On 31^stMarch, 2016 Salary outstanding was Rs. 600 and rent outstanding was Rs. 1,200.
(iii) The club owned furniture Rs. 15,000 and books Rs. 7,000 on 1st April, 2015. Prepare income and expenditure account of the dub for the year ended 31^stMarch 2016 and as certain capital fund on 31^stMarch, 2015. Also prepare a balance sheet as on 31^stMarch, 2016.

4)

From the following particulars of Chennai educational society, prepare Receipts and Payments Z account for the year ended 31^st December, 2018

Particulars	Rs	Particulars	Rs
Opening balance as on 1.1.2018	20,000	Lockers rent received	12,000
Investments made	80,000	Sale of furniture	5,000
Honorarium paid	3,000	General expenses	7,000
Donation received	80,000	Postage	1,000
Audit fees paid	2,000	Subscription receive	10,000

5)

How will the following items appear in the final accounts of sports club.

Particulars	Rs
Stock of sports materials (1.4.2019)	3,000
Sports materials purchased during
current year	9,000
Sale of old sports materials during
current year	500
Stock of sports materials (31.3 .20 19)	4,000

12th Standard English Medium Accountancy Subject Accounts of Not-For-Profit Organisation Creative 5 Mark Questions with Solution Part - I - by Question Bank Software - Jun 22, 2021 - View & Read

1)

From the Receipt and Payment Account given below, prepare the Income and Expenditure Account of clean Delhi club for the year ended March 31, 2017

Dr Receipt and Payment Account for the year ending March 31^st, 2017 Cr
Receipts	Rs	Payments	Rs
To Balance b/d		By Salary	1,500
Cash in hand	3200	By Rent	800
To Subscriptions	22,500	By Electricity	3,500
To Entrance fees	1,250	By Taxes	1,700
To Donations	2,500	By Printing stationery	380
To Rent of hall	750	By Sundry expenses	920
To Sale of investment	3,000	By Books purchased	7,500
		By Fixed deposit with bank	5,000
		(on31-3-2014)
		By Balance c/d
		Cash in hand 400
		Cash at bank 1,500	1,900
	33,200		33,200

2)

From the following extract of Receipt and Payment Account and the additional information given below, compute the amount of income from subscriptions and show as how they would appear in the Income and Expenditure Account for the year ending March 31^st, 2015 and Balance sheet.

Dr Receipt and Payment Account for the year ending March 31, 2015 Cr
Receipts	Rs	Payments	Rs
Subscription:
2013-14 7,000
2014-15 30,000
2015-16 5,000	42,000

Additional Information:
(i) Subscriptions outstanding March 31, 2014 Rs. 8,500
(ii) Total subscriptions outstanding March 31, 2015 Rs. 18,500
(iii) Subscriptions received in advance as Rs. 4,000 on March 31, 2014.

3)

Following is the receipts and payments accounts of Literacy club for the year ended 31^stMarch 2016

Receipts	Rs.	Rs.	Payments	Rs.
To Balance c/d		19,550	By Salary	3,000
			By News papers	2,050
To Subscribtions			By Electricity bill	1,000
2014·2015	1,200		By Fixed deposit	20,000
2015·2016	26,500		(on 1^st July, 2015 @
	500		9% per annum
		28,200	By Books	10,600
			By Rent	6,800
To slae old news paper		1,250	By Furniture	10,500
To Government grants		10,000	By Balance dd	11,200
To sale of old furniture		5,700
(book value Rs.7,000)
To interest on fixed deposits		450
		65,150		65,150

Additional information:
(i) Subscription outstanding as on 31^stMarch, 2015 were Rs. 2000 and on 31^stMarch, 2016 Rs. 2,500.
(ii) On 31^stMarch, 2016 Salary outstanding was Rs. 600 and rent outstanding was Rs. 1,200.
(iii) The club owned furniture Rs. 15,000 and books Rs. 7,000 on 1st April, 2015. Prepare income and expenditure account of the dub for the year ended 31^stMarch 2016 and as certain capital fund on 31^stMarch, 2015. Also prepare a balance sheet as on 31^stMarch, 2016.

4)

From the following Receipts and Payments Account of Trichy, Rotary club, prepare Income and Expenditure Account for the year ended 31.03.2019

Receipts	Rs	Paymenta	Rs
To Opening Balance		By Furniture Purchased	10,000
Cash in hand	11,000	By Rent	2,800
To Sale of old newspaper	3,600	By Postage	1,700
To Member's 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
		Cash in hand	3,000

5)

How will the following appear in the final account of a club for the year 2017-2018?

Particulars	Rs
Prize fund on 1.4.2017	50,000
Prize fund investment on 1.4.2017	50,000
Interest received on prize fund investment	5,000
Prizes distributed	6,000
Donation received for prize fund	10,000

12th Standard English Medium Accountancy Subject Accounts From Incomplete Records Creative 5 Mark Questions with Solution Part - II - by Question Bank Software - Jun 22, 2021 - View & Read

1)
What shall be the profits of the concern if:

Particulars Rs.

Opening capital 1,60,000

Closing capital 1,80,000

Drawings 36,000

Additional capital 10,000

2)

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.

3)

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

4)

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

5)

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

12th Standard English Medium Accountancy Subject Accounts From Incomplete Records Creative 5 Mark Questions with Solution Part - I - by Question Bank Software - Jun 22, 2021 - View & Read

1)
Calculate the missing information:

Particulars Rs.

Closing capital 32,000

Drawings 4,800

Additional capital 8,000

Profit made during the year 9,600

2)

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

3)

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

4)

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.

5)

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

12th Standard English Medium Accountancy Subject Ratio Analysis Creative 3 Mark Questions with Solution Part - II - by Question Bank Software - Jun 22, 2021 - View & Read

1)
Explain the traditional classifications of ratio analysis.
2)
Write a note an Long-term solvency ratios.
3)
What do you mean by debt collection period?
4)
Write a short note on
(i) Gross profit ratio
(ii) Net profit ratio
5)
Write the values which can be associated with a company which carries ratio analysis on its financial statements.

12th Standard English Medium Accountancy Subject Ratio Analysis Creative 3 Mark Questions with Solution Part - I - by Question Bank Software - Jun 22, 2021 - View & Read

1)
What is functional classifications of rational analysis? and types of functional classification.
2)
Write a short note on
(i) Proprietary ratio
(ii) Capital gearing ratio
3)
What is Credit payment period?
4)
The current assets of Maxell Ltd. are Rs.10,00,000 and its current liabilities are Rs.4,00,000. Find its current ratio. It is satisfactory? What value is exhibited by the company on maintaining such a ratio?
5)
Sai Ltd had a current ratio of 3.5:1 and quick ratio of 2:1. If the excess of current assets over quick assets as represented by inventory is Rs.1,50,000. calculate current assets and current liabilities. Which value can be associated with the business having such current ratio and quick ratio?

12th Standard English Medium Accountancy Subject Financial Statement Analysis Creative 3 Mark Questions with Solution Part - I - by Question Bank Software - Jun 21, 2021 - View & Read

1)
What are the features of financial statements?
2)
What are the significance of financial statements?
3)
What are the objectives of financial statement analysis?
4)
Briefly explain any three limitations of financial statement analysis. S. A
5)
Write a short note on
a) Comparative statement
b) Common-size statement

12th Standard English Medium Accountancy Subject Goodwill In Partnership Accounts Creative 3 Mark Questions with Solution Part - I - by Question Bank Software - Jun 21, 2021 - View & Read

1)
What is the nature of goodwill?
2)
What is the need for valuation of goodwill?
3)
Explain the classification of goodwill.
4)
How is goodwill calculated under the weighted average profit method?
5)
Kalyan and Dilip are partners in a firm dealing in stationery items. The firm is well managed and enjoys the advantage of being cost effective. It buys stationery items at reasonable cost from Dilip's relative who is manufacture of stationery items. The firm's sale outlet is situated near a school. As a result, the firm is donating 10% of is profits to the nearby school for the education of the students of below poverty line. State any two factors affecting the value of goodwill of the firm. Also identify any two values which the firm is trying to propagate.

12th Standard English Medium Accountancy Subject Computerized Accounting System - Tally Creative 2 Mark Questions with Solution Part - I - by Question Bank Software - Jun 21, 2021 - View & Read

1)
What is computerised accounting system?
2)
What are the steps involved in designing accounting reports?
3)
What is MIS?
4)
Identify the value, violate by the employee of company? Who uses office computer for chatting on social networking sities?
5)
A chemist as per the requirement of law makes use of computer for recording the stock of all the medicines including their manufacturing and expiry dates. What benefits he will get from computerised records also tell the values indicated in the question.

12th Standard English Medium Accountancy Subject Ratio Analysis Creative 2 Mark Questions with Solution Part - II - by Question Bank Software - Jun 21, 2021 - View & Read

1)
Definition of ratio analysis.
2)
What is current ratio?
3)
What does high total assets to debt ratio indicates?
4)
How does ratio analysis become less effective due to does ratio changes?
5)
Why should the inventory turnover ratio be more important when analysing a grocery store than an insurance company?

12th Standard English Medium Accountancy Subject Ratio Analysis Creative 2 Mark Questions with Solution Part - I - by Question Bank Software - Jun 21, 2021 - View & Read

1)
What is Liquidity ratios?
2)
What is turnover ratios?
3)
Quick ratio of a company is 1.5: 1.State giving reason, whether the ratio will improve, decline or not change on payment of divided by the company.
4)
The average age of inventory is viewed as the average length of time inventory is held by the firm or as the average number of day's sales in inventory. Explain.
5)
The liquidity of a business firm is measured by its ability to satisfy its long-term obligations as they become due. Comments.

12th Standard English Medium Accountancy Subject Financial Statement Analysis Creative 2 Mark Questions with Solution Part - I - by Question Bank Software - Jun 21, 2021 - View & Read

1)
What is trend analysis?
2)
What is funds flow analysis?
3)
What do you mean by financial statement analysis?
4)
Both horizontal and vertical analysis are complementary in nature. Do you agree?
5)
Common size statement is also known as 100 % statement. Do you agree?

12th Standard English Medium Accountancy Subject Retirement and Death of a Partner Creative 2 Mark Questions with Solution Part - I - by Question Bank Software - Jun 21, 2021 - View & Read

1)
What is New profit sharing ratio?
2)
Who is an outgoing partner?
3)
How can a partner retire from the firm? (Any two)
4)
Name the account which is opened to credit the share of profit of the deceased partner, till the time of death to his capital account.
5)
For which share of goodwill, a partner is entitled at the time of his retirement?

12th Standard English Medium Accountancy Subject Admission of a Partner Creative 2 Mark Questions with Solution Part - I - by Question Bank Software - Jun 21, 2021 - View & Read

1)
What is meant by admission of a partner?
2)
Who is an incoming partner?
3)
The amount of bills payable appearing in the balance sheet is understated by. Rs.10,000 State whether the revaluation account will be debited or credited to restore the amount of bills payable to its actual value. Also give reason for your answer.
4)
On the admission of C, A and B decide to record an unrecorded asset worth Rs.10,000 State whether the revaluation account will be debited or credited.
5)
The value of Plant and machinery increased by 10%. State whether revaluation account will be debited or credited.

12th Standard English Medium Accountancy Subject Goodwill In Partnership Accounts Creative 2 Mark Questions with Solution Part - I - by Question Bank Software - Jun 21, 2021 - View & Read

1)
What is Annuity?
2)
What is meant by number of years purchase at the time of valuation of goodwill?
3)
Why is goodwill considered as an intangible asset but not a fictitious assets?
4)
How does the factor's 'quality of product' affect the goodwill of a firm?
5)
How does the 'market situation' affect the value of goodwill of a firm?

12th Standard English Medium Accountancy Subject Accounts of Partnership Firms-Fundamentals Creative 2 Mark Questions with Solution Part - II - by Question Bank Software - Jun 21, 2021 - View & Read

1)
What is partner's current Account?
2)
Suresh and Ramesh are partners in a firm with capitals of Rs. 3,00,000 and Rs. 4,00,000 respectively. The do not have a partnership deed. Ramesh wants to share the profits in the ratio of capitals. State with reason whether the claim is valid
3)
Interest on partner's capital and interest on drawings are recorded through profit and loss appropriation account instead of profit and loss account. Why?
4)
Salary or commission paid to a partner is debited to profit and loss appropriation account and not to profit and loss account. Why?
5)
State where the following items shall appear in case the capital contributed by partners remain fixed
i) Interest on capital
ii) Withdrawal of capital
iii) Fresh capital introduced
iv) Drawings
v) Share of profit by a partner

12th Standard English Medium Accountancy Subject Accounts of Partnership Firms-Fundamentals Creative 2 Mark Questions with Solution Part - I - by Question Bank Software - Jun 21, 2021 - View & Read

1)
What is drawing?
2)
If the partner's capital accounts are fixed, where will you record the following items?
(a) Salary payable to a partner
(b) Drawings made by a partner
3)
A and B are partners in a firm without a partnership deed. A is an active partner and claims a salary of Rs. 18,000 per month. State with reasons whether the claim is valid or not
4)
How is interest on drawings calculated, if the drawings are made at regular intervals as on the first day of each month?
5)
An accountant of the firm has debited interest on partner's loan to the profit and loss appropriation account and credited to the partner's capital account. Is he correct?

12th Standard English Medium Accountancy Subject Accounts of Not-For-Profit Organisation Creative 2 Mark Questions with Solution Part - I - by Question Bank Software - Jun 21, 2021 - View & Read

1)
What are the features of not-for-profit organizations?
2)
Explain the steps in preparations of receipts and payments account.
3)
Write a note on Donations
4)
Can the balance in receipts and payments account be treated as income of the period? If it shows credit balance what does it mean?
5)
Distinguish between income and expenditure account and profit and loss account

12th Standard English Medium Accountancy Subject Computerized Accounting System - Tally Creative 1 Mark Questions with Solution Part - II - by Question Bank Software - Jun 21, 2021 - View & Read

1)
In 2009, Tally Solutions introduced the software ___________
2)
All transactions related to receipt either in cash or through bank are recorded using ____________
3)
In payment voucher, cash or bank account is credited and other ledger account is ___________
4)
Automated accounting is an approach to maintain up-to-date accounting records with the aid of ___________
5)
Single entry mode is applicable for _________

12th Standard English Medium Accountancy Subject Computerized Accounting System - Tally Creative 1 Mark Questions with Solution Part - I - by Question Bank Software - Jun 21, 2021 - View & Read

1)
Accounting reports can be classified into _________ types.
2)
_______________ collects financial data, processes them and provides information to the various users.
3)
__________ is used by various types of trade and industries.
4)
Which is the short cut key used for closing Tally?
5)
___________ is a document which contains details of transactions.

12th Standard English Medium Accountancy Subject Ratio Analysis Creative 1 Mark Questions with Solution Part - II - by Question Bank Software - Jun 21, 2021 - View & Read

1)
____________ ratio is modified form of liquid ratio.
2)
Gross profit can be ascertained by deducting cost of goods sold from ________________
3)
When total sales is Rs.2,00,000, cash sales is Rs.65,000, then credit sales will be Rs _______________
4)
Solvency ratios are expressed in terms of ________________
5)
Shareholders funds includes ________________

12th Standard English Medium Accountancy Subject Ratio Analysis Creative 1 Mark Questions with Solution Part - I - by Question Bank Software - Jun 21, 2021 - View & Read

1)
Which ratio indicates the efficiency of utilisation of fixed assets?
2)
All activity ratios are expressed in terms of _________
3)
Shareholder funds includes __________
4)
Cost of goods sold is Rs.4,00,000 and average stock is Rs.8,00,00. Stock turnover ratio will be ___________
5)
Liquidity ratios are also called as _____________

12th Standard English Medium Accountancy Subject Financial Statement Analysis Creative 1 Mark Questions with Solution Part - II - by Question Bank Software - Jun 21, 2021 - View & Read

1)
_____________ comparison is comparison of one firm with other firm or firms in the industry.
2)
The _______________ statements can be compared with those of previous years.
3)
_______________ refers to the study of movement of figures over a period.
4)
___________ analysis is useful in judging the credit worthiness financial planning and preparation of budgets.
5)
Comparison of financial statenients highlights the trend of the ____________ of the business.

12th Standard English Medium Accountancy Subject Financial Statement Analysis Creative 1 Mark Questions with Solution Part - I - by Question Bank Software - Jun 21, 2021 - View & Read

1)
Different tools are used for analysing the _____________
2)
When figure relating to several years are considered for the purpose of analysis, the analysis is called ______________
3)
Preparation of common size statements and computation of ratios are examples of __________
4)
Which of the following are techniques, tools or methods of analysis and interpretation of financial statements?
5)
The term 'Financial statement' covers __________

12th Standard English Medium Accountancy Subject Company Accounts Creative 1 Mark Questions with Solution Part - II - by Question Bank Software - Jun 21, 2021 - View & Read

1)
When share issued are 10,000 but applied shares are 8,000 then it is a case of :
2)
In case of private placement of shares to raise the amount of capital, a company:
3)
Shareholder are the __________________
4)
A company is allowed by law to sell 2,00,000 shares at Rs.2 each. Three-quarters(3/4) of these shares were bought by the public. What is the issued share capital?
5)
When a shareholder fails to pay the amount due on allotment or on calls, the amount remaining unpaid is known ________

12th Standard English Medium Accountancy Subject Company Accounts Creative 1 Mark Questions with Solution Part - I - by Question Bank Software - Jun 21, 2021 - View & Read

1)
Company is a voluntary association of persons which has separate ___________
2)
The capital of a company is divided into small units of ________
3)
Equity shares are also known as
4)
Paid up capital is that part of called up capital which has been actually paid by the ____________
5)
Issue of equity shares to the existing share holders of the company through a letter of offer is known as ____________

12th Standard English Medium Accountancy Subject Retirement and Death of a Partner Creative 1 Mark Questions with Solution Part - II - by Question Bank Software - Jun 21, 2021 - View & Read

1)
Kayal, Mala and Neela are partners sharing profits in the ratio of 2:2:1. Kayal retires and the new profit sharing ratio between nila and neela is 3:2. Calculate the gaining ratio.
2)
Goodwill may be ________ if all the partners are agreed, that it should not remain in the books
3)
When a partner withdraws his capital from the partnership firm, it is called _______of a partner
4)
All the accounts are settled among partners and creditors at the time of ________ of a business
5)
________ of partner will be paid off, before the settlement of partner’s capital.

12th Standard English Medium Accountancy Subject Retirement and Death of a Partner Creative 1 Mark Questions with Solution Part - I - by Question Bank Software - Jun 21, 2021 - View & Read

1)
At the time of retirement of a partner, calculation of new profit ratio is __________
2)
If the goodwill account is raised for 50,000, the amount is debited to ____________
3)
When the values of liabilities increases, it results in _____________
4)
The section related to the retirement of partner in Indian partnership Act is _____________
5)
O, P, and Q are partners sharing the profits in the ratio of 3:2: 1. If P retires the new profit ratio for O and Q will b ______________

12th Standard English Medium Accountancy Subject Admission of a Partner Creative 1 Mark Questions with Solution Part - II - by Question Bank Software - Jun 21, 2021 - View & Read

1)
Sumit and Ravi started a business by investing Rs. 85000 and 15000 respectively. In what ratio the profit earned after 2 years be divided between Sumit and Ravi respectively.
2)
Total proprietorship of the business is increased ______________
3)
A partner who is newly admitted to the firm with the consent of all the parties is called _________
4)
When a new partner is admitted under bonus method capital method of the firm increase by __________
5)
Introduction of a new partner due to _________

12th Standard English Medium Accountancy Subject Admission of a Partner Creative 1 Mark Questions with Solution Part - I - by Question Bank Software - Jun 21, 2021 - View & Read

1)
When the value of an asset increases, it results in
2)
The revaluation profit or loss is transferred to the old partner's capital accounts, in their __________
3)
In order to maintain fair dealings, at the time of admission, it is necessary to revalue assets and liabilities of the firm to their _______
4)
The old partners share all the accumulated profits and reserve in their ___________
5)
In admission undistributed profit or loss is transferred to _________

12th Standard English Medium Accountancy Subject Goodwill In Partnership Accounts Creative 1 Mark Questions with Solution Part - II - by Question Bank Software - Jun 21, 2021 - View & Read

1)
________ method, goodwill is the excess of capitalised value of average profit of the business over the actual capital employed in the business.
2)
Goodwill is _________.
3)
Capital employed at the end the year is Rs. 74,20,000 profit earned Rs. 20,000. Average capital employed is__________.
4)
Goodwill has _________Value
5)
Net asset value method is based on the assumption that the company is__________.

12th Standard English Medium Accountancy Subject Goodwill In Partnership Accounts Creative 1 Mark Questions with Solution Part - I - by Question Bank Software - Jun 21, 2021 - View & Read

1)
Goodwill helps in earning more profit and attracts more _________
2)
Goodwill acquired by making payment in cash or kind is called __________
3)
Self- generated goodwill should not be shown in the ______________
4)
Goodwill is to be valued when ____________
5)
Super profit is ___________

12th Standard English Medium Accountancy Subject Accounts of Partnership Firms-Fundamentals Creative 1 Mark Questions with Solution Part - II - by Question Bank Software - Jun 21, 2021 - View & Read

1)
___________ intervals refers to withdrawal made monthly, quarterly, half-yearly, once in 2 months and once in 4 months.
2)
______________ is a type of partnership in which the liability of the partners is limited to the entent of their capital contribution.
3)
Under ____________ capital arrangement, current accounts will not be maintained.
4)
The debit balance of the current account, will be shown in the ____________ side of the balance sheet.
5)
Interest on partner's capital is allowed, only when the _______________ specifically provides for i

12th Standard English Medium Accountancy Subject Accounts of Partnership Firms-Fundamentals Creative 1 Mark Questions with Solution Part - I - by Question Bank Software - Jun 21, 2021 - View & Read

1)
Product method can be used in all situations as an alternative to ____________
2)
In a partnership business, agreement is ___________
3)
Current accounts for partners will be opened under, ____________
4)
Under fixed capital method salary payable to a partner is recorded ____________
5)
Amount is drawn regularly at the middle of every month during the year. Interest calculated for ___________

12th Standard English Medium Accountancy Subject Accounts of Not-For-Profit Organisation Creative 1 Mark Questions with Solution Part - II - by Question Bank Software - Jun 21, 2021 - View & Read

1)
Receipts and Payment accounts is a_________ account in nature.
2)
_______Items will be recorded in the balance sheet
3)
A gift made to a not-for-profit organization by a will, is called________
4)
_______is the remuneration paid to a person who is not a regular employee of the organization
5)
_______is prepared to find out the surplus or deficit pertaining to a particular year.

12th Standard English Medium Accountancy Subject Accounts of Not-For-Profit Organisation Creative 1 Mark Questions with Solution Part - I - by Question Bank Software - Jun 21, 2021 - View & Read

1)
The amount or property received by a non - profit organization as stated by the will of a decreased person is commonly referred to as ___________
2)
Some organisations are established for the purpose of rending services to the public without __________
3)
If the donation is received without any specific condition, then it is a __________
4)
Which of the following is generally considered as a non profit organisation?
5)
Non- profit organizations prepare all of the following accounts except the __________

12th Standard English Medium Accountancy Subject Accounts From Incomplete Records Creative 1 Mark Questions with Solution Part - II - by Question Bank Software - Jun 21, 2021 - View & Read

1)
Which of the following equation(s) is (are) true
2)
A firm's total sales is Rs. 80,000 and its credit sales id Rs. 60,000 then its cash sales is _________
3)
Creditors on 1.1.2014 is Rs. 1,21,000 and on 31.12.2014 Rs. 1,30,000. Cash paid to creditors during the year is Rs. 2,09,000. Then the credit purchase during the year is ____________
4)
Companies cannot keep books on single entry system because of ______________
5)
Capital at the end - net profit + drawings =

12th Standard English Medium Accountancy Subject Accounts From Incomplete Records Creative 1 Mark Questions with Solution Part - I - by Question Bank Software - Jun 21, 2021 - View & Read

1)
_____ is an unscientific and unsystematic way of recording transactions.
2)
_____ is a statement showing the balances of assets and liabilities on a particular date.
3)
A statement of affairs resembles a _____
4)
In _____ system, only personal and cash accounts are opened.
5)
_____ maintains only personal and cash accounts.

12th Standard English Medium Accountancy Subject Book Back 5 Mark Questions with Solution Part - II - by Question Bank Software - Jun 03, 2021 - View & Read

1)

From the following details of Abdul 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	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 31^st 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)

Mayiladuthurai Recreation Club gives you the following details. Prepare Receipts and Payments account for the year ended 31^st March, 2019.

Particulars	Rs.	Particulars	Rs.
Opening cash balance	15,000	Salary of watchman	12,000
Opening bank balance	25,000	Club annual day expenses	15,000
Donations received	48,000	Lighting charges	16,500
Sale of old equipment	26,000	Entertainment expenses	13,500
Refreshment charges	13,000	Billiards table purchased	5,000
Club annual day collections	18,000	Expenses of charity show	3,000
Construction of tennis court	7,000	Sale of investments	12,000
Receipts from charity show	4,000	Closing cash balance	12,000
Rent paid	1,000

4)

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 1^stApril 2018	4,00,000	6,00,000
Current account on 1^st 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

5)
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

12th Standard English Medium Accountancy Subject Book Back 5 Mark Questions with Solution Part - I - by Question Bank Software - Jun 03, 2021 - View & Read

1)

Arjun carries on grocery business and does not keep his books on double entry basis. The following particulars have been extracted from his books:

Particulars	1-4-2018 Rs.	31-3-2019 Rs.
Plant and machinery	20,000	20,000
Stock	9,000	16,000
Sundry debtors	2,000	5,300
Sundry creditors	5,000	4,000
Cash at bank	4,000	6,000

Other information for the year ending 31-3-2019 showed the following

	Rs.
Advertising	4,700
Carriage inwards	8,000
Cash paid to creditors	64,000
Drawings	2,000

Total sales during the year were Rs. 85,000. Purchases returns during the year were Rs. 2,000 and sales returns were Rs.1,000. Depreciate plant and machinery by 5%. Provide Rs. 300 for doubtful debts. Prepare trading and profit and loss account for the year ending 31st March, 2019 and a balance sheet as on the date.

2)

From the following particulars of Vellore Recreation Club, prepare Receipts and Payments account for the year ended 31^st March, 2017.

Particulars	Rs.	Particulars	Rs.
Opening cash balance as on 1.4.2016	3,000	Receipts from entertainment	20,000
Opening bank balance as on 1.4.2016	12,000	Admission fees received	1,000
Furniture purchased	11,000	Municipal taxes	22,000
Sports equipment purchased	11,000	Expenses of charity show	2,000
Donation received for pavilion	8,000	Billiards table purchased	15,000
Sale of old tennis balls	1,500	Construction of new tennis court	18,000
Newspapers bought	500	Receipts from charity show	2,500
Travelling expenses	4,500	Closing balance of cash in hand	8,000

3)
Durai and Velan entered into a partnership agreement on 1st April 2018, Durai contributing Rs. 25,000 and Velan Rs. 30,000 as capital. The agreement provided that:
(a) Profits and losses to be shared in the ratio 2:3 as between Durai and Velan.
(b) Partners to be entitled to interest on capital @ 5% p.a.
(c) Interest on drawings to be charged Durai: Rs. 300 Velan: Rs. 450
(d) Durai to receive a salary of Rs. 5,000 for the year, and
(e) Velan to receive a commission of Rs. 2,000
During the year, the firm made a profit of Rs. 20,000 before adjustment of interest, salary and commission. Prepare the Profit and loss appropriation account.
4)
A partnership firm earned net profits during the last three years as follows:
2016 : Rs. 20,000; 2017 : Rs. 17,000 and 2018 : Rs. 23,000
The capital investment of the firm throughout the above mentioned period has been Rs. 80,000. Having regard to the risk involved, 15% is considered to be a fair return on capital employed in the business. Calculate the value of goodwill on the basis of 2 years purchase of super profit.

5)

Sai and Shankar are partners, sharing profits and losses in the ratio of 5:3. The firm’s balance sheet as on 31st December, 2017, was as follows:

Liabilities	Rs.	Rs.	Assets	Rs.	Rs.
Capital accounts:			Building		34,000
Sai	48,000		Furniture		6,000
Shankar	40,000	88,000	Investment		20,000
Creditors		37,000	Debtors	40,000
Outstanding wages		8,000	Less: Provision for bad debts	3,000	37,000
			Bills receivable		12,000
			Stock		16,000
			Bank		8,000
		1,33,000			1,33,000

On 31st December, 2017 Shanmugam was admitted into the partnership for 1/4 share of profit with Rs. 12,000 as capital subject to the following adjustments.
(a) Furniture is to be revalued at Rs. 5,000 and building is to be revalued at Rs. 50,000.
(c) Provision for doubtful debts is to be increased to Rs. 5,500
(d) An unrecorded investment of Rs. 6,000 is to be brought into account
(e) An unrecorded liability Rs. 2,500 has to be recorded now.
Pass journal entries and prepare Revaluation Account and capital account of partners after admission.

12th Standard English Medium Accountancy Subject Book Back 3 Mark Questions with Solution Part - II - by Question Bank Software - Jun 03, 2021 - View & Read

1)
What are the features of incomplete records?
2)
How annual subscription is dealt with in the final accounts of not–for–profit organisation?
3)
A and B contribute Rs. 4,00,000 and Rs. 2,00,000 respectively as capital. Their respective share of profit is 3:2 and the profit before interest on capital for the year is Rs. 27,000. Compute the amount of interest on capital in each of the following situations:
(i) if the partnership deed is silent as to the interest on capital
(ii) if interest on capital @ 3% is allowed as per the partnership deed
(iii) if the partnership deed allows interest on capital @ 5% p.a.
4)
From the following information relating to Sridevi enterprises, calculate the value of goodwill on the basis of 4 years purchase of the average profits of 3 years.
(a) Profits for the years ending 31st December 2016, 2017 and 2018 were Rs. 1,75,000, Rs. 1,50,000 and Rs. 2,00,000 respectively.
(b) A non-recurring income of Rs. 45,000 is included in the profits of the year 2016.
(c) The closing stock of the year 2017 was overvalued by Rs. 30,000.
5)
Anjali and Nithya are partners of a firm sharing profits and losses in the ratio of 5:3. They admit Pramila on 1.1.2018. On that date, their balance sheet showed accumulated loss of Rs. 40,000 on the asset side of the balance sheet. Give the journal entry to transfer the accumulated loss on admission.

12th Standard English Medium Accountancy Subject Book Back 3 Mark Questions with Solution Part - I - by Question Bank Software - Jun 03, 2021 - View & Read

1)

David does not keep proper books of accounts. Following details are given from his records

Particulars	1.4.2018 Rs.	31.3.2019 Rs.
Cash	43,000	29,000
Stock of goods	1,20,000	1,30,000
Sundry debtors	84,000	1,10,000
Sundry creditors	1,05,000	1,02,000
Loan	25,000	20,000
Business premises	2,50,000	2,50,000
Furniture	33,000	45,000

During the year he introduced further capital of Rs. 45,000 and withdrew Rs. 2,500 per month from the business for his personal use. Prepare statement of profit or loss with the above information.

2)

From the following details calculate the printing and stationery to be debited to Income and Expenditure Account for the year ending 31^st March, 2018 and also show how it will appear in the Balance Sheet as on 31^st March, 2018.

Particulars	Amt(Rs.)
Amount paid for stationery during 2017- 2018	Rs.1,500
Stock of stationery on 1^st April, 2017	Rs.300
Stock of stationery on 31^st March, 2018	Rs.200

3)
Arul is a partner in a partnership firm. As per the partnership deed, interest on drawings is charged at 12% p.a. During the year ended 31st December 2018 he drew as follows:

Date Rs.

March 1 3,000

June 1 3,000

September 1 3,000

December 1 3,000

Calculate the amount of interest on drawings.
4)
Calculate the value of goodwill at 5 years purchase of super profit from the following information:
(a) Capital employed: Rs. 1,20,000
(b) Normal rate of profit: 20%
(c) Net profit for 5 years:
2014: Rs. 30,000; 2015: Rs. 32,000; 2016: Rs. 35,000; 2017: Rs. 37,000 and 2018: Rs. 40,000
(d) Fair remuneration to the partners Rs. 2,800 per annum.
5)
Anjali and Nithya are partners of a firm sharing profits and losses in the ratio of 5:3. They admit Pramila on 1.1.2018. On that date, their balance sheet showed accumulated loss of Rs. 40,000 on the asset side of the balance sheet. Give the journal entry to transfer the accumulated loss on admission.

12th Standard English Medium Accountancy Subject Book Back 2 Mark Questions with Solution Part - II - by Question Bank Software - Jun 03, 2021 - View & Read

1)

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

2)

How the following items will appear in the final accounts of a club for the year ending 31st March, 2019?

Dr. Receipts and Payments Account for the year ended 31st March, 2019 Cr.
Receipts	Rs.	Rs.
To Subscription
2017-2018	5,000
2018-2019	48,000
2019-2020	3,000	56,000

There are 300 members in the club each paying an annual subscription of Rs. 200 per annum. Subscription still outstanding for the year 2017- 2018 is Rs.1,000.

3)
Murali and Sethu are partners in a firm. Murali is to get a commission of 10% of net profit before charging any commission. Sethu is to get a commission of 10% on net profit after charging all commission. Net profit for the year ended 31st March 2019 before charging any commission was Rs. 1,10,000. Find the amount of commission due to Murali and Sethu.
4)
From the following information, find out the value of goodwill by capitalisation method:
(a) Average profit = Rs. 60,000
(b) Normal rate of return = 10%
(c) Capital employed = Rs. 4,50,000
5)
Kavitha and Radha are partners of a firm sharing profits and losses in the ratio of 4:3. They admit Deepa on 1.1.2019. On that date, their balance sheet showed debit balance of profit and loss account being accumulated loss of Rs. 70,000 on the asset side of the balance sheet. Give the journal entry to transfer the accumulated loss on admission.

12th Standard English Medium Accountancy Subject Book Back 2 Mark Questions with Solution Part - I - by Question Bank Software - Jun 03, 2021 - View & Read

1)

Following are the balances of Shanthi as on 31^st 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 31^st December 2018 and calculate capital as at that date.

2)
From the following details calculate the amount that will be shown as subscription in Income and Expenditure Account for the year ending 31^stMarch, 2017.

Subscription received for Rs.

2015-16 7,500

2016-17 60,000

2017-18 1,500

69,000

Subscription outstanding for the year 2016-17 is Rs. 2,400. Subscription for 2016-17 received in 2015-16 was Rs.1,000
3)
The capital account of Arivazhagan and Srinivasan on 1^stJanuary 2017 showed a balance of Rs. 15,000 and Rs. 10,000 respectively. On 1^st July 2017, Arivazhagan introduced an additional capital of Rs. 5,000 and on 1st September 2017 Srinivasan introduced an additional capital of Rs. 10,000. Calculate interest on capital at 6% p.a. for the year ending 31^st December 2017.
4)
What is normal rate of return?
5)
Suresh and Dinesh are partners sharing profits in the ratio of 3:2. They admit Ramesh as a new partner. Suresh surrenders 1/5 of his share in favour of Ramesh. Dinesh surrenders 2/5 of his share in favour of Ramesh. Calculate the new profit sharing ratio and sacrificing ratio.

12th Standard English Medium Accountancy Subject Book Back 1 Mark Questions with Solution Part - II - by Question Bank Software - Jun 03, 2021 - View & Read

1)
The amount of credit sales can be computed from
2)
Donations received for a specific purpose is
3)
In the absence of an agreement, partners are entitled to
4)
The total capitalised value of a business is Rs. 1,00,000; assets are Rs. 1,50,000 and liabilities are Rs. 80,000. The value of goodwill as per the capitalisation method will be
5)
Which of the following statements is not true in relation to admission of a part _________.

12th Standard English Medium Accountancy Subject Book Back 1 Mark Questions with Solution Part - I - by Question Bank Software - Jun 03, 2021 - View & Read

1)
Incomplete records are generally maintained by
2)
Legacy is a
3)
When a partner withdraws regularly a fixed sum of money at the middle of every month, period for which interest is to be calculated on the drawings on an average is
4)
Book profit of 2017 is Rs. 35,000; non-recurring income included in the profit is Rs. 1,000 and abnormal loss charged in the year 2017 was Rs. 2,000, then the adjusted profit is __________
5)
Which of the following statements is not true in relation to admission of a part _________.

12th Standard English Medium Accountancy Subject Ratio Analysis Book Back 5 Mark Questions with Solution Part - II - by Question Bank Software - Jun 03, 2021 - View & Read

1)

Calculate the current ratio from the following information.

Particulars	Rs.	Particulars	Rs.
Current investments	40,000	Fixed assets	5,00,000
Inventories	2,00,000	Trade creditors	80,000
Trade debtors	1,20,000	Bills payable	50,000
Bills receivable	80,000	Expenses payable	20,000
Cash and cash equivalents	10,000	Non-current liability	3,00,000

2)

Following is the balance sheet of Lakshmi Ltd. as on 31st March, 2019:

Particulars	Rs.
I EQUITY AND LIABILITIES
1. Shareholders’ funds
Equity share capital	4,00,000
2. Non-current liabilities	2,00,000
Long term borrowings
3. Current liabilities
(a) Short-term borrowings	50,000
(b) Trade payables	3,10,000
(c) Other current liabilities
Expenses payable	15,000
(d) Short-term provisions	25,000
Total	10,00,000
II ASSETS
1. Non-current assets
(a) Fixed assets	4,00,000
Tangible assets
2. Current assets
(a) Inventories	1,60,000
(b) Trade debtors	3,20,000
(c) Cash and cash equivalents	80,000
(d) Other current assets
Prepaid expenses	40,000
Total	10,00,000

Calculate:
(i) Current ratio
(ii) Quick ratio

3)

From the following Balance Sheet of Sundaram Ltd. calculate proprietary ratio:

**Balance Sheet of Sundaram Ltd. as on 31.3.2019**
Particulars	Amount Rs.
I. EQUITY AND LIABILITIES
1. Shareholders' funds
(a) Share capital
(i) Equity share capital	2,50,000
(ii) Preference share capital	1,50,000
(b) Reserves and surplus	50,000
2. Non-current liabilities
Long-term borrowings	-
3. Current liabilities
Trade payables	1,50,000
Total	6,00,000
II ASSETS
1. Non-current assets
(a) Fixed assets	4,60,000
(b) Non-current investments	1,00,000
2. Current assets
Cash and Cash equivalents	40,000
Total	6,00,000

4)

From the following Balance Sheet of James Ltd. as on 31.03.2019 calculate
(i) Debt-equity ratio
(ii) Proprietary ratio
(iii) Capital gearing ratio

**Balance Sheet of Sundaram Ltd. as on 31.3.2019**
Particulars	Amount Rs.
I. EQUITY AND LIABILITIES
1. Shareholders' funds
(a) Share capital
Equity share capital	2,50,000
6% Preference share capital	2,00,000
(b) Reserves and surplus	1,50,000
2. Non-current liabilities
Long-term borrowings (8% Debentures)	3,00,000
3. Current liabilities
Short-term borrowings from banks	2,00,000
Trade payables	1,00,000
Total	12,00,000
II ASSETS
1. Non-current assets
Fixed assets	8,00,000
2. Current assets
(a) Inventories	1,20,000
(b) Trade receivables	2,65,000
(c) Cash and Cash equivalents	10,000
(d) Other current assets
Expenses paid in advance	5,000
Total	12,00,000

5)
The credit revenue from operations of Velavan Ltd, amounted to Rs. 10,00,000. Its debtors and bills receivables at the end of the accounting period amounted to Rs. 1,10,000 and Rs. 1,40,000 respectively. Calculate trade receivables turnover ratio and also collection period in months.

12th Standard English Medium Accountancy Subject Ratio Analysis Book Back 5 Mark Questions with Solution Part - I - by Question Bank Software - Jun 03, 2021 - View & Read

1)

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

2)
Calculate quick ratio: Total current liabilities Rs. 2,40,000; Total current assets Rs. 4,50,000; Inventories Rs. 70,000; Prepaid expenses Rs. 20,000.

3)

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

4)

From the following information calculate capital gearing ratio:

**Balance Sheet (Extract) as on 31.03.2018**
Particulars	Rs.
I. EQUITY AND LIABILITIES
1. Shareholders' funds
(a) Share capital
Equity share capital	4,00,000
5% Preference share capital	1,00,000
(b) Reserves and surplus
General reserve	2,50,000
Surplus	1,50,000
2. Non-current liabilities
Long-term borrowings (6% Debentures)	3,00,000
3. Current liabilities
(a) Trade payables	1,20,000
Provision for tax	30,000
Total	13,50,000

5)

From the given information calculate the inventory turnover ratio and inventory conversion period (in months) of Devi Ltd.

Particulars	Rs
Revenue from operations	12,00,000
Inventory at the beginning of the year	1,70,000
Inventory at the end of the year	1,30,000
Purchases made during the year	6,90,000
Carriage inwards	20,000

12th Standard English Medium Accountancy Subject Financial Statement Analysis Book Back 5 Mark Questions with Solution Part - II - by Question Bank Software - Jun 03, 2021 - View & Read

1)

Prepare common-size statement of financial position of Saleem Ltd as on 31^st March, 2017 and 31^st March, 2018.

Particulars	31^stMarch2017	31^st March 2018
	Rs.	Rs.
I EQUITY AND LIABILITIES
1. Shareholders’ fund
a) Share capital	5,00,000	6,00,000
b) Reserves and surplus	4,00,000	3,60,000
2. Non-current liabilities
Long-term borrowings	8,00,000	2,40,000
3. Current liabilities
Trade payables	3,00,000
Total	20,00,000	12,00,000
II ASSETS
1. Non-current assets
a) Fixed assets	10,00,000	6,00,000
b) Non – current investments	5,00,000	2,40,000
2. Current assets
Inventories	3,00,000	1,20,000
Cash and cash equivalents	2,00,000	2,40,000
Total	20,00,000	12,00,000

2)

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%

3)

Calculate trend percentages for the following particulars of Palai Ltd

Particulars	Rs.in lakhs
	Year 1	Year 2	Year 3
I EQUITY AND LIABILITIES
Shareholders’ fund	250	275	300
Non-current liabilities	100	125	100
Current liabilities	50	40	80
Total	400	440	480
II ASSETS
Non-current assets	300	360	390
Current assets	100	80	90
Total	400	440	480

4)
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

5)

From the following particulars, prepare comparative income statement of Daniel Ltd.

Particulars	2015-16 Rs.	2016-17 Rs.
Revenue from operations	40,000	50,000
Operating expenses	25,000	27,500
Income tax (% of the profit before tax)	30	30

12th Standard English Medium Accountancy Subject Financial Statement Analysis Book Back 5 Mark Questions with Solution Part - I - by Question Bank Software - Jun 03, 2021 - View & Read

1)

Prepare common-size income statement for the following particulars of Sam Ltd.

Particulars	2015-16 Rs.	2016-17 Rs.
Revenue from operations	4,00,000	5,00,000
Other income	80,000	50,000
Expenses	2,40,000	2,50,000
Income tax	30%	30%

2)

Prepare common-size statement of financial position for the following particulars of Rani Ltd.

Particulars	31st March, 2016	31st March, 2017
	Rs.	Rs.
I EQUITY AND LIABILITIES
Shareholders’ Fund	5,40,000	6,00,000
Non-current liabilities	2,70,000	2,70,000
Current liabilities	90,000	1,50,000
Total	9,00,000	10,00,000
II ASSETS
Non-current assets	7,20,000	8,00,000
Current assets	1,80,000	2,00,000
Total	9,00,000	10,00,000

3)

From the following particulars, calculate the trend percentages of Kala Ltd.

Particulars	Rs.in thousands
	2015-16	2016-17	2017-18
Revenue from operations	400	500	600
Other income	100	150	200
Expenses	200	290	350

4)

From the following particulars, calculate the trend percentages of Kumar Ltd

Particulars	Rs.in thousands
	2015-16	2016-17	2017-18
Revenue from operations	300	270	150
Other income	50	80	60
Expenses	250	200	125
Income tax %	40	40	40

5)

From the following particulars, calculate the trend percentages of Babu Ltd.

Particulars	Rs.in thousands
	Year 1	Year 2	Year 3
I EQUITY AND LIABILITIES
1. Shareholders’ Fund	100	127	106
b) Reserves and surplus	30	30	45
2. Non-current liabilities
Long-term borrowings	70	77	84
3. Current liabilities
Trade payables	20	30	40
Total	220	264	275
II ASSETS
1. Non-current assets
a) Fixed assets	100	118	103
b) Non current investments	40	50	60
2. Current assets
Inventories	60	66	72
Cash and cash equivalents	20	20	40
	20	30	40
Total	220	264	275

12th Standard English Medium Accountancy Subject Company Accounts Book Back 5 Mark Questions with Solution Part - II - by Question Bank Software - Jun 03, 2021 - View & Read

1)
Shero Health Care Ltd. invited applications for 3,00,000 equity shares of Rs.10 each at a premium of Rs.2 per share payable as follows:
Rs.3 on application
Rs.5 (including premium) on allotment
Rs.4 on first and final call
There was over subscription and applications were received for 4,00,000 shares and the excess applications were rejected by the directors. All the money due were received. Pass the journal entries.
2)
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.
3)
Sara Company issues 10,000 equity shares of Rs.10 each payable fully on application. Pass journal entries if the shares are issued
(i) at par
(ii) at a premium of Rs.2 per share.
4)
Progress Ltd. issued 50,000 ordinary shares of Rs.10 each, payable Rs.2 on application, Rs.4 on allotment, Rs.2 on first call and Rs.2 on final call. All the shares are subscribed and amount was duly received. Pass journal entries.
5)
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.

12th Standard English Medium Accountancy Subject Company Accounts Book Back 5 Mark Questions with Solution Part - I - by Question Bank Software - Jun 03, 2021 - View & Read

1)
Keerthiga Company issued shares of Rs.10 each at 10% premium, payable Rs.2 on application, Rs.3 on allotment (including premium), Rs.3 on first call and Rs.3 on second and final call. Journalise the transactions relating to forfeiture of shares for the following situations:
(i) Mohan who holds 50 shares failed to pay the second and final call and his shares were forfeited.
(ii) Mohan who holds 50 shares failed to pay the allotment money, first call and second and final call money and his shares were forfeited.
(iii) Mohan who holds 50 shares failed to pay the allotment money and first call and his shares were forfeited after the first call.
2)
Thangam Ltd. issued 50,000 shares of Rs.10 each at a premium of Rs.2 per share payable as follows:

On application Rs.5

On allotment Rs.5 (including premium)

On first and final call Rs.2

Issue was fully subscribed and the amounts due were received except Priya to whom 500 shares were allotted who failed to pay the allotment money and fist and final call money. Her shares were forfeited. All the forfeited shares were reissued to Devi at Rs.8 per share. Pass journal entries.
3)
Rajan Ltd. purchased machinery of Rs.6,00,000 from Jagan Traders. It issued equity shares of Rs.10 each fully paid in satisfaction of their claim. What entries will be made if such issue is made:
(a) at par and
(b) at a premium of 50%.
4)
Sampath company issued 25,000 shares at Rs.10 per share payable Rs.3 on application, Rs.4 on allotment, Rs.3 on first and final call. The public subscribed for 24,000 shares. The directors allotted all the 24,000 shares and received the money duly. Pass necessary journal entries.
5)
Gaja Ltd issued 40,000 shares of Rs.10 each to the public payable Rs.2 on application, Rs.5 on allotment and Rs.3 on first and final call. Applications were received for 50,000 shares. The Directors decided to allot 40,000 shares on pro rata basis and surplus of application money was utilised for allotment. Pass journal entries assuming that the amounts due were received.

12th Standard English Medium Accountancy Subject Retirement and Death of a Partner Book Back 5 Mark Questions with Solution Part - II - by Question Bank Software - Jun 03, 2021 - View & Read

1)

Sundar, Vivek and Pandian are partners, sharing profits in the ratio of 3:2:1. Their balance sheet as on 31st December, 2018 is as under:

Balance Sheet as on 31st December, 2018
Liabilities	Rs.	Rs.	Asset	Rs.
Capital accounts:			Land	80,000
Sundar	50,000		Stock	20,000
Vivek	40,000		Debtors	30,000
Pandian	10,000	1,00,000	Cash at bank	14,000
General reserve		36,000	Profit and loss A/c (loss)	6,000
Sundry creditors		14,000
		1,50,000		1,50,000

On 1.1.2019, Pandian died and on his death the following arrangements are made:
(i) Stock to be depreciated by 10%
(ii) Land is to be appreciated by Rs. 11,000
(iii) Reduce the value of debtors by Rs. 3,000
(iv) The final amount due to Pandian was not paid
Prepare revaluation account, partners’ capital account and the balance sheet of the firm after death.

2)

Chandru, Vishal and Ramanan are partners in a firm sharing profits and losses equally. Their balance sheet as on 31^st March, 2018 is as follows:

Liabilities	Rs	Rs	Asset	Rs	Rs
Capital accounts:			Furniture		60,000
Chandru	60,000		Machinery		1,20,000
Vishal	70,000		Sundry debtors	33,000
Ramanan	70,000	2,00,000	Less: Provision for doubtful debts	3,000	30,000
Bills payable		80,000	Bills receivable		50,000
			Cash at bank		20,000
		2,80,000			2,80,000

Ramanan retired on 31^st March 2019 subject to the following conditions:
(i) Machinery is valued at Rs. 1,50,000
(ii) Value of furniture brought down by Rs. 10,000
(iii) Provision for doubtful debts should be increased to Rs. 5,000
(iv) Investment of Rs. 30,000 not recorded in the books is to be recorded now.
Pass necessary journal entries and prepare revaluation account.

3)

Kannan, Rahim and John are partners in a firm sharing profit and losses in the ratio of 5 : 3 : 2. The balance sheet as on 31^st December, 2017 was as follows:

Liabilities	Rs	Rs	Asset	Rs
Capital accounts:			Buildings	90,000
Kannan	1,00,000		Machinery	60,000
Rahim	80,000		Debtors	30,000
John	40,000	2,10,000	Stock	20,000
Workmen compensation fund		30,000	Cash at bank	50,000
Creditors		20,000	Profit and loss A/c (loss)	20,000
		2,70,000		2,70,000

John retires on 1st January 2018, subject to following conditions:
(i) To appreciate building by 10%
(ii) Stock to be depreciated by 5%.
(iii) To provide Rs. 1,000 for bad debts
(iv) An unrecorded liability of Rs. 8,000 have been noticed.
(v) The retiring partner shall be paid immediately.
Prepare revaluation account, partners’ capital account and the balance sheet of the firm after retirement.

4)

Rajesh, Sathish and Mathan are partners sharing profits and losses in the ratio of 3 : 2 : 1 respectively. Their balance sheet as on 31.3.2017 is given below

Liabilities	Rs	Rs	Asset	Rs
Capital accounts:			Premises	4,00,000
Rajesh	4,00,000		Machinery	4,20,000
Sathish	3,00,000		Debtors	1,60,000
Mathan	2,50,000	9,50,000	Stock	3,00,000
General reserve		1,20,000	Cash at bank	20,000
Creditors		50,000
Bills payable		1,80,000
		13,00,000		13,00,000

Mathan retires on 31st March, 2017 subject to the following conditions:
(i) Rajsh and Sathish will share profits and losses in the ratio of 3:2
(ii) Assets are to be revalued as follows:
Machinery Rs. 3,90,000, Stock Rs. 2,90,000, Debtors Rs. 1,52,000.
(iii) Goodwill of the firm is valued at Rs. 1,20,000
Prepare necessary ledger accounts and the balance sheet immediately after the retirement of Mathan.

5)

Vijayan, Sudhan and Suman are partners who share profits and losses in their capital ratio. Their balance sheet as on 31.12.2018 is as follows Balance Sheet as on 31.12.2018

Liabilities	Rs.	Rs.	Asset	Rs.
Capital accounts:			Building	80,000
Vijayan	70,000		Stock	45,000
Sudhan	50,000		Debtors	25,000
Suman	30,000	1,50,000	Cash at bank	20,000
General reserve		18,000	Cash in hand	15,000
creditors		17,000
		1,85,000		1,85,000

Suman died on 31.3.2019. On the death of Suman, the following adjustments are made:
(i) Building is to be valued at Rs. 1,00,000
(ii) Stock to be depreciated by Rs. 5,000
(iii) Goodwill of the firm is valued at Rs. 36,000
(iv) Share of profit 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 2016, 2017 and 2018 were Rs. 40,000, Rs. 50,000 and Rs. 30,000 respectively.
Prepare the necessary ledger accounts and the balance sheet immediately after the death of Suman.

12th Standard English Medium Accountancy Subject Retirement and Death of a Partner Book Back 5 Mark Questions with Solution Part - I - by Question Bank Software - Jun 03, 2021 - View & Read

1)
John, James and Raja are partners in a firm sharing profits and losses equally. Their balance sheet as on 31st March, 2019 is as follows:
Raja retired on 31^st March, 2019 subject to the following conditions:
(i) Machinery is valued at Rs. 1,30,000
(ii) Value of office equipment is brought down by Rs. 2,000
(iii) Provision for doubtful debts should be increased to Rs. 3,000
(iv) Investment of Rs. 25,000 not recorded in the books is to be recorded now
Pass necessary journal entries and prepare revaluation account.

2)

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

3)

Muthu, Murali and Manoj are partners in a firm and sharing profits and losses in the ratio 3 : 1 : 2. Their balance sheet as on 31^st December, 2018 is given below:

Liabilities	Rs.	Rs.	Asset	Rs.
Capital accounts:			Machinery	45,000
Muthu	20,000		Furniture	5,000
Murali	25,000		Debtors	30,000
Manoj	20,000	65,000	Stock	20,000
General reserve		6,000
Creditors		29,000
		1,00,000		1,00,000

Manoj retires on 31^st December, 2018 subject to the following conditions:
(i) Muthu and Murali will share profits and losses in the ratio of 3 : 2
(ii) Assets are to be revalued as follows:
Machinery Rs. 43,000, stock Rs. 27,000, debtors Rs. 28,000.
(iii) Goodwill of the firm is valued at Rs. 30,000
(iv) The final amount due to Manoj is not paid immediately
Prepare necessary ledger accounts and the balance sheet immediately after the retirement of Manoj.

4)

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.
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.

5)

Manju, Charu and Lavanya are partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. Their balance sheet as on 31^st March, 2018 is as follows:

Liabilities	Rs	Rs	Asset	Rs
Capital accounts:			Buildings	1,00,000
Manju	70,000		Furniture	80,000
Charu	70,000		Stock	60,000
Lavanya	70,000	2,10,000	Debtors	40,000
Sundry creditors		40,000	Bills receivable	50,000
Profit and loss A/c		50,000	Cash at bank	20,000
		3,00,000		3,00,000

Manju retired from the partnership firm on 31.03.2018 subject to the following adjustments:
(i) Stock to be depreciated by Rs. 10,000
(ii) Provision for doubtful debts to be created for Rs. 3,000.
(iii) Buildings to be appreciated by Rs. 28,000
Prepare revaluation account and capital accounts of partners after retirement

12th Standard English Medium Accountancy Subject Admission of a Partner Book Back 5 Mark Questions with Solution Part - II - by Question Bank Software - Jun 03, 2021 - View & Read

1)

Raghu and Sam are partners in a firm sharing profits and losses in the ratio of 3:2. Their balance sheet as on 31^st March, 2017 is as follows:

Liabilities	Rs.	Rs.	Assets	Rs.	Rs.
Capital accounts:			Machinery		30,000
Raghu	40,000		Furniture		10,000
Sam	30,000	70,000	Stock		10,000
Sundry creditors		30,000	Debtors	21,000
			Less: Provision for
			doubtful debts	1,000	20,000
			Bank		30,000
		1,00,000			1,00,000

Prakash is admitted on 1.4.2017 subject to the following conditions:
(a) He has to bring a capital of Rs. 10,000
(b) Machinery is valued at Rs. 24,000
(c) Furniture to be depreciated by Rs. 3,000
(d) Provision for doubtful debts should be increased to Rs. 3,000
(e) Unrecorded trade receivables of Rs. 1,000 would be brought into books now
Pass necessary journal entries and prepare revaluation account and capital account of partners after admission.

2)

Vetri and Ranjit are partners, sharing profits in the ratio of 3:2. Their balance sheet as on 31^st December 2017 is as under:

Liabilities	Rs.	Rs.	Assets	Rs.
Capital accounts:			Furniture	25,000
Vetri	30,000		Stock	20,000
Ranjit	20,000	50,000	Debtors	10,000
Reserve fund		5,000	Cash in hand	35,000
Sundry creditors		45,000	Profit and loss A/c (loss)	10,000
		1,00,000		1,00,000

On 1.1.2018, they admit Suriya into their firm as a partner on the following arrangements.
(i) Suriya brings Rs. 10,000 as capital for 1/4 share of profit.
(ii) Stock to be depreciated by 10%
(iii) Debtors to be revalued at Rs. 7,500.
(iv) Furniture to be revalued at Rs. 40,000.
(v) There is an outstanding wages of Rs. 4,500 not yet recorded.
Prepare revaluation account, partners’ capital account and the balance sheet of the firm after admission.

3)

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.

4)

Sai and Shankar are partners, sharing profits and losses in the ratio of 5:3. The firm’s balance sheet as on 31st December, 2017, was as follows:

Liabilities	Rs.	Rs.	Assets	Rs.	Rs.
Capital accounts:			Building		34,000
Sai	48,000		Furniture		6,000
Shankar	40,000	88,000	Investment		20,000
Creditors		37,000	Debtors	40,000
Outstanding wages		8,000	Less: Provision for bad debts	3,000	37,000
			Bills receivable		12,000
			Stock		16,000
			Bank		8,000
		1,33,000			1,33,000

On 31st December, 2017 Shanmugam was admitted into the partnership for 1/4 share of profit with Rs. 12,000 as capital subject to the following adjustments.
(a) Furniture is to be revalued at Rs. 5,000 and building is to be revalued at Rs. 50,000.
(c) Provision for doubtful debts is to be increased to Rs. 5,500
(d) An unrecorded investment of Rs. 6,000 is to be brought into account
(e) An unrecorded liability Rs. 2,500 has to be recorded now.
Pass journal entries and prepare Revaluation Account and capital account of partners after admission.

5)

Rajan and Selva are partners sharing profits and losses in the ratio of 3:1. Their balance sheet as on 31^st 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.

12th Standard English Medium Accountancy Subject Admission of a Partner Book Back 5 Mark Questions with Solution Part - I - by Question Bank Software - Jun 03, 2021 - View & Read

1)

The balance sheet of Rekha and Mary on 31st March 2018 is as follows:

Liabilities	Rs.	Rs.	Assets	Rs.
Capital accounts			Buildings	50,000
Rekha	50,000		Stock	8,000
Mary	30,000	80,000	Sundry debtors	60,000
General reserve		40,000	Cash at bank	32,000
Workmen compensation fund		10,000
Sundry creditors		20,000
		1,50,000		1,50,000

They share the profits and losses in the ratio of 3:1. They agreed to admit Kavitha into the partnership firm for 1/4 share of profit which she gets entirely from Rekha.
Following are the conditions:
(i) Kavitha has to bring Rs. 20,000 as capital. Her share of goodwill is valued at 4,000. She could not bring cash towards goodwill.
(ii) Depreciate buildings by 10%
(iii) Stock to be revalued at Rs. 6,000
(iv) Create provision for doubtful debts at 5% on debtors
Prepare necessary ledger accounts and the balance sheet after admission.

2)

Veena and Pearl are partners in a firm sharing profits and losses in the ratio of 2:1. Their balance sheet as on 31st March, 2018 is as follows:

Liabilities	Rs.	Rs.	Assets	Rs.
Capital accounts			Buildings	60,000
Veena	60,000		Machinery	30,000
Pearl	40,000	1,00,000	Debtors	20,000
General reserve		30,000	Stock	10,000
Workmen compensation fund		10,000	Cash at bank	30,000
Sundry creditors		10,000
		1,50,000		1,50,000

Deri is admitted on 1.4.2018 subject to the following conditions:
(a) The new profit sharing ratio among Veena, Pearl and Deri is 5 : 3 : 2.
(b) Deri has to bring a capital of Rs. 30,000
(c) Stock to be depreciated by 20%
(d) Anticipated claim on workmen compensation fund is Rs. 1,000
(e) Unrecorded investment of Rs. 11,000 has to be brought into books
(f) The goodwill of the firm is valued at Rs. 30,000 and Deri brought cash for his share of goodwill.
The existing partners withdraw the entire amount brought by Deri towards goodwill.
Prepare the necessary ledger accounts and balance sheet after admission.

3)

Amal and Vimal are partners in a firm sharing profits and losses in the ratio of 7:5. Their balance sheet as on 31st March, 2019, is as follows:

Liabilities	Rs.	Rs.	Assets	Rs.
Capital accounts:			Land	80,000
Amal	70,000		Furniture	20,000
Vimal	50,000	1,20,000	Stock	25,000
Sundry creditors		30,000	Debtors	30,000
Profit and loss A/c		24,000	Bank	19,000
		1,74,000		1,74,000

Nirmal is admitted as a new partner on 1.4.2018 by introducing a capital of Rs.30,000 for 1/3 share in the future profit subject to the following adjustments.
(a) Stock to be depreciated by Rs. 5,000
(b) Provision for doubtful debts to be created for Rs. 3,000
(c) Land to be appreciated by Rs. 20,000
Prepare revaluation account and capital account of partners after admission.

4)

Sundar and Suresh are partners sharing profits in the ratio of 3:2. Their balance sheet as on 1st January, 2017 was as follows:

Liabilities	Rs.	Rs.	Assets	Rs.
Capital accounts:			Buildings	40,000
Sundar	30,000		Furniture	13,000
Suresh	20,000	50,000	Stock	25,000
Creditors		50,000	Debtors	15,000
General reserve		10,000	Bills receivable	14,000
Workmen compensation fund		15,000	Bank	18,000
		1,25,000		1,25,000

They decided to admit Sugumar into partnership for 1/4 share in the profits on the following terms:
(a) Sugumar has to bring in Rs. 30,000 as capital. His share of goodwill is valued at Rs. 5,000. He could not bring cash towards goodwill.
(b) That the stock be valued at Rs. 20, 000.
(c) That the furniture be depreciated by Rs. 2,000.
(d) That the value of building be depreciated by 20%.
Prepare necessary ledger accounts and the balance sheet after admission

5)

Anbu and Shankar are partners in a business sharing profits and losses in the ratio of 3:2. The balance sheet of the partners on 31.03.2018 is as follows:

Liabilities	Rs.	Rs.	Assets	Rs.
Capital accounts:			Computer	40,000
Anbu	4,00,000		Motor car	1,60,000
Shankar	3,00,000	7,00,000	Stock	4,00,000
Profit and loss		1,20,000	Debtors	3,60,000
Creditors		1,20,000	Bank	40,000
Workmen compensation fund		60,000
		10,00,000		10,00,000

Rajesh is admitted for 1/5 share on the following terms:
(i) Goodwill of the firm is valued at Rs. 75,000 and Rajesh brought cash for his share of goodwill.
(ii) Rajesh is to bring Rs. 1,50,000 as his capital.
(iii) Motor car is valued at Rs. 2,00,000; stock at Rs. 3,80,000 and debtors at Rs. 3,50,000.
(iv) Anticipated claim on workmen compensation fund is Rs. 10,000
(v) Unrecorded investment of Rs. 5,000 has to be brought into account.
Prepare revaluation account, capital accounts and balance sheet after Rajesh’s admission.

12th Standard English Medium Accountancy Subject Goodwill In Partnership Accounts Book Back 5 Mark Questions with Solution Part - II - by Question Bank Software - Jun 03, 2021 - View & Read

1)
From the following information, compute the value of goodwill as per annuity method:
(a) Capital employed: Rs. 50,000
(b) Normal rate of return: 10%
(c) Profits of the years 2016, 2017 and 2018 were Rs. 13,000, Rs. 15,000 and Rs. 17,000 respectively.
(d) The present value of annuity of Rs. 1 for 3 years at 10% is Rs. 2.4868.
2)
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
3)
From the following details, calculate the value of goodwill at 2 years purchase of super profit:
(a) Total assets of a firm are Rs. 5,00,000
(b) The liabilities of the firm are Rs. 2,00,000
(c) Normal rate of return in this class of business is 12.5 %.
(d) Average profit of the firm is Rs. 60,000
4)
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.
5)
From the following information, find out the value of goodwill by capitalisation method:
(i) Average profit Rs. 20,000
(ii) Normal rate of return 10%
(iii) Capital employed Rs. 1,50,000

12th Standard English Medium Accountancy Subject Goodwill In Partnership Accounts Book Back 5 Mark Questions with Solution Part - I - by Question Bank Software - Jun 03, 2021 - View & Read

1)
From the following details, calculate the value of goodwill at 2 years purchase of super profit:
(a) Total assets of a firm are Rs. 5,00,000
(b) The liabilities of the firm are Rs. 2,00,000
(c) Normal rate of return in this class of business is 12.5 %.
(d) Average profit of the firm is Rs. 60,000
2)
A partnership firm earned net profits during the last three years as follows:
2016 : Rs. 20,000; 2017 : Rs. 17,000 and 2018 : Rs. 23,000
The capital investment of the firm throughout the above mentioned period has been Rs. 80,000. Having regard to the risk involved, 15% is considered to be a fair return on capital employed in the business. Calculate the value of goodwill on the basis of 2 years purchase of super profit.
3)
From the following information, calculate the value of goodwill under annuity method:

(i) Average profit Rs. 14,000

(ii) Normal Profit Rs. 4,000

(iii) Normal rate of return 15%

(iv) Years of purchase of goodwill 5

Present value of Rs. 1 for 5 years at 15% per annum as per the annuity table is 3.352.
4)
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.
5)
From the following information, find out the value of goodwill by capitalisation method:
(i) Average profit Rs. 20,000
(ii) Normal rate of return 10%
(iii) Capital employed Rs. 1,50,000

12th Standard English Medium Accountancy Subject Accounts of Partnership Firms-Fundamentals Book Back 5 Mark Questions with Solution Part - II - by Question Bank Software - Jun 03, 2021 - View & Read

1)

From the following information, prepare capital accounts of partners Shanthi and Sumathi, when their capitals are fixed.

Particulars	Shanthi Rs.	Sumathi Rs.
Capital on 1^st January 2	1,00,000	80,000
Current account on 1^st January 2018 (Cr.)	5,000	3,000
Additional capital introduced on 1^st June 2018	10,000	20,000
Drawings during 2018	20,000	13,000
Interest on drawings	500	300
Share of profit for 20	10,000	8,000
Interest on capital	6,300	5,400
Salary	9,000	Nil
Commission	Nil	1,200

2)

From the following information, prepare capital accounts of partners Mannan and Sevagan, when their capitals are fluctuating.

Particulars	Mannan Rs.	Sevagan Rs.
Capital on 1^stJanuary 2018 (Cr. balance)	2,00,000	1,75,000
Drawings during 2018	40,000	35,000
Interest on drawings	1,000	500
Share of profit for 2018	21,000	16,500
Interest on capital	12,000	10,500
Salary	18,000	Nil
Commission	Nil	2,500

3)
Richard and Rizwan started a business on 1st January 2018 with capitals of Rs. 3,00,000 and Rs. 2,00,000 respectively. According to the Partnership Deed
(a) Interest on capital is to be provided @ 6% p.a.
(b) Rizwan is to get salary of Rs. 50,000 per annum.
(c) Richard is to get 10% commission on profit (after interest on capital and salary to Rizwan) after charging such commission.
(d) Profit-sharing ratio between the two partners is 3:2.
During the year, the firm earned a profit of Rs. 3,00,000.
Prepare profit and loss appropriation account. The firm closes its accounts on 31st December every year.

4)

Arun and Selvam are partners who maintain their capital accounts under fixed capital method. From the following particulars, prepare capital accounts of partner

Particulars	Arun Rs.	Selvam Rs.
Capital on 1^st January, 2018	2,20,000	1,50,000
Current account on 1^st January, 2018	4,250(Dr.)	10,000(Cr.)
Additional capital introduced during the year	Nil	70,000
Withdrew for personal use	10,000	20,000
Interest on drawings	750	600
Share of profit for 2018	22,000	15,000
Interest on capital	1,100	750
Commission	6,900	Nil
Salary	Nil	6,850

5)
Dinesh and Sugumar entered into a partnership agreement on 1st January 2018, Dinesh contributing Rs. 1,50,000 and Sugumar Rs. 1,20,000 as capital. The agreement provided that:
(a) Profits and losses to be shared in the ratio 2:1 as between Dinesh and Sugumar.
(b) Partners to be entitled to interest on capital @ 4% p.a.
(c) Interest on drawings to be charged Dinesh: Rs. 3,600 and Sugumar: Rs. 2,200
(d) Dinesh to receive a salary of Rs. 60,000 for the year, and
(e) Sugumar to receive a commission of Rs. 80,000.
During the year ended on 31st December 2018, the firm made a profit of Rs. 2,20,000 before adjustment of interest, salary and commission.
Prepare the Profit and loss appropriation account.

12th Standard English Medium Accountancy Subject Accounts of Partnership Firms-Fundamentals Book Back 5 Mark Questions with Solution Part - I - by Question Bank Software - Jun 03, 2021 - View & Read

1)

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 1^stApril 2018	4,00,000	6,00,000
Current account on 1^st 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

2)
Durai and Velan entered into a partnership agreement on 1st April 2018, Durai contributing Rs. 25,000 and Velan Rs. 30,000 as capital. The agreement provided that:
(a) Profits and losses to be shared in the ratio 2:3 as between Durai and Velan.
(b) Partners to be entitled to interest on capital @ 5% p.a.
(c) Interest on drawings to be charged Durai: Rs. 300 Velan: Rs. 450
(d) Durai to receive a salary of Rs. 5,000 for the year, and
(e) Velan to receive a commission of Rs. 2,000
During the year, the firm made a profit of Rs. 20,000 before adjustment of interest, salary and commission. Prepare the Profit and loss appropriation account.

3)

From the following information, prepare capital accounts of partners Rooban and Deri, when their capitals are fixed.

Particulars	Rooban Rs.	Deri Rs.
Capital on 1^st April, 201	70,000	50,000
Current account on 1^st 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

4)

From the following information, prepare capital accounts of partners Padmini and Padma, when their capitals are fluctuating.

Particulars	Padmini Rs.	Padma Rs.
Capital on 1^st January 2018 (Cr. balance)	5,00,000	4,00,000
Drawings during 2018	70,000	40,000
Interest on drawings	2,000	1,000
Share of profit for 2018	52,000	40,000
Interest on capital	30,000	24,000
Salary	45,000	Nil
Commission	Nil	21,000

5)
Antony and Ranjith started a business on 1st April 2018 with capitals of Rs. 4,00,000 and Rs. 3,00,000 respectively. According to the Partnership Deed, Antony is to get salary of Rs. 90,000 per annum, Ranjith is to get 25% commission on profit after allowing salary to Antony and interest on capital @ 5% p.a. but after charging such commission. Profit-sharing ratio between the two partners is 1:1. During the year, the firm earned a profit of Rs. 3,65,000.
Prepare profit and loss appropriation account. The firm closes its accounts on 31st March every year.

12th Standard English Medium Accountancy Subject Accounts of Not-For-Profit Organisation Book Back 5 Mark Questions with Solution Part - II - by Question Bank Software - Jun 03, 2021 - View & Read

1)

From the following particulars of Poompuhar Literary Association, prepare Receipts and Payments account for the year ended 31^st March, 2019.

Particulars	Rs.	Particulars	Rs.
Opening cash in hand as on 1.4.2018	5,000	Subscriptions received	20,000
Bank overdraft as on 1.4.2018	4,000	Repairs and renewals	2,500
Printing and stationery	1,500	Conveyance paid	2,750
Interest paid	3,250	Books purchased	10,000
Sale of investments	1,000	Insurance premium paid	4,000
Purchase of refreshments	1,500	Sundry receipts	750
Outstanding salary	2,000	Government grants received	6,000
Endowment fund receipts	2,000	Sale of refreshments	1,500
Lighting charges	1,300	Depreciation on buildings	2,000
		Cash at bank on 31.03.2019	2,000

2)

From the following Receipts and Payments Account of Friends Football club, for the year ending 31^st March, 2017, prepare Income and Expenditure Account for the year ending 31^st 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 31^st 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 1^st 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 1^stApril 2016 was Rs. 23,000.

3)

From the following Receipts and Payments account of Coimbatore Cricket Club for the year ending 31^st March 2016, prepare income and expenditure account for the year ending 31^st March, 2016 and a balance sheet as on that date.

In the books of Coimbatore Cricket Club Receipts and Payments Account for the year ending 31^stMarch, 2016
Receipts	Rs.	Payments	Rs.
To Balance b/d:		By Maintenance	5,000
Cash at bank	8,000	By Furniture	15,000
To Subscriptions	11,000	By Tournament expenses	1,400
To Sale of old bats and balls	100	By Secretary’s honorarium	4,500
To Subscription for tournament	2,000	By Bats and balls	7,400
To Legacies	20,000	By Balance c/d:
		Cash at bank	7,800
	41,100		41,100

Additional information:
On 1^st April, 2015 the club had stock of balls and bats Rs. 3,000 and an advance subscription of Rs. 500. Surplus on account of tournament should be kept in reserve for permanent pavilion.Subscription due on 31.03.2016 was Rs. 2,000. Stock of bats and balls on 31.3.2016 was Rs. 1,000.

4)

The following is the Receipts and Payments account of Madurai City Club for the year ending 31^st March, 2018.

Madurai City Club
Dr. Receipts and Payments Account for the year ended 31^st March, 2018 Cr
Receipts	Rs.	Rs.	Payments	Rs.	Rs.
To Balance b/d:			By Upkeep of ground		16,500
Cash	500		By Match expenses		19,000
Bank	7,000	7,500	By Sundry expenses		11,000
To Subscription (including
Rs. 4,000 for 2016-2017)		30,000	By Balance c/d:
To Legacies		9,000	Cash in hand	1,500
To Hall rent		10,000	Cash at bank	11,000	12,500
To Receipts for match fund		22,500
		79,000			79,000

Additional information:
On 1^st April, 2017, the club had investment of Rs. 40,000. The club also had a credit balance of Rs. 30,000 in Match fund account. On 31^st March, 2017 subscriptions in arrears were Rs. 4,000and the subscriptions in arrears on 31^st March, 2018 were Rs. 4,500. Prepare the final accounts.

5)

From the information given below, prepare Receipts and Payments account of Madurai Mother Theresa Mahalir Mandram for the year ended 31^st December, 2018

Particulars	Rs.	Particulars	Rs.
Cash balance as on 1.1.2018	2,000	Fire Insurance premium paid	1,500
Bank balance as on 1.1.2018	3,000	Subscription received	8,500
Sale of old newspapers	500	Furniture purchased	6,000
Stationery purchased	6,000	Purchase of newspapers	700
Audit fees paid	2,000	Depreciation on furniture	900
Entrance fees received	3,000	Cash balance as on 31.12.2018	2,500
Sundry charges	6,000	Conveyance paid	1,000
Scholarships given	2,000	Sale of furniture	4,000
Interest on investments	2,000

12th Standard English Medium Accountancy Subject Accounts of Not-For-Profit Organisation Book Back 5 Mark Questions with Solution Part - I - by Question Bank Software - Jun 03, 2021 - View & Read

1)

Mayiladuthurai Recreation Club gives you the following details. Prepare Receipts and Payments account for the year ended 31^st March, 2019.

Particulars	Rs.	Particulars	Rs.
Opening cash balance	15,000	Salary of watchman	12,000
Opening bank balance	25,000	Club annual day expenses	15,000
Donations received	48,000	Lighting charges	16,500
Sale of old equipment	26,000	Entertainment expenses	13,500
Refreshment charges	13,000	Billiards table purchased	5,000
Club annual day collections	18,000	Expenses of charity show	3,000
Construction of tennis court	7,000	Sale of investments	12,000
Receipts from charity show	4,000	Closing cash balance	12,000
Rent paid	1,000

2)

From the following receipts and payments account of Tenkasi Thiruvalluvar Manram, prepare income and expenditure account for the year ended 31^st March, 2019.

Receipts	Rs.	Payments	Rs.
To Balance b/d		By Salaries	20,000
Cash in hand	14,000	By Rent	24,000
To Interest received	5,000	By Travelling expenses	2,000
To Subscription	55,000	By Printing and stationery	6,000
To Legacies	48,000	By Investments made	50,000
To Entrance fees	7,000	By Sports equipment purchased	33,000
To Sale of furniture	16,000	By Balance c/d
(Book value: Rs.7,000)		Cash in hand	10,000
	1,45,000		1,45,000

3)

From the following Receipts and Payment account and from the information given below of Ramanathapuram Sports Club, prepare Income and Expenditure account for the year ended 31^st December, 2018 and the balance sheet as on that date.

Receipts	Rs.	Rs.	Payments	Rs.	Rs.
To Balance b/d			By Rent		11,000
Cash in hand	5,000		By Entertainment
Cash at bank	10,000	15,000	expenses		11,200
To Subscription			By Furniture		10,000
2017	12,000		By Sports materials
2018	33,000		purchased		13,000
2019	16,000	61,000	By Match expenses		12,000
To Entrance fees		6,000	By Investments made		28,000
To General donations		7,000	By Balance c/d
To Sale of old sports			Cash in hand	1,300
materials		1,000	Cash at bank	4,000	5,300
To Miscellaneous
receipts		500
		90,500			90,500

Additional information:
(i) Capital fund as on 1^st January 2018 Rs. 30,000.
(ii) Opening stock of sports material Rs. 3,000 and closing stock of sports material Rs. 5,000.

4)

Following is the Receipts and Payments account of Neyveli Science Club for the year ended 31^st December, 2018

Dr. Receipts and Payments Account for the year ended 31^st December, 2018 Cr
Receipts	Rs.	Payments	Rs.	Rs.
To Balance b/d		By Balance b/d
Cash in hand	2,400	Bank overdraft		1,000
To Subscription	8,700	By Postage expenses		200
To Life membership fees	5,000	By Science equipments
To Exhibition fund receipts	7,000	purchased		10,000
To Sale of science		By Laboratory expenses		2,400
equipments (Book value Rs.5,000)	6,000	By Audit fees		3,600
To Miscellaneous income	500	By General charges		1,800
		By Exhibition expenses		5,000
		By Balance c/d
		Cash in hand	200
		Cash at bank	400	600
		Cash at bank	400	600
	29,600			29,600

Additional information:
(i) Opening capital fund Rs. 6,400
(ii) Subscription includes Rs. 600 for the year 2019
(iii) Science equipment as on 1.1.2018 Rs. 5,000
(iv) Surplus on account of exhibition should be kept in reserve for new auditorium.
Prepare income and expenditure account for the year ended 31^st December, 2018 and the balance sheet as on that date

5)

Following is the Receipts and payments account of Virudhunagar Volleyball Association for the year ended 31^st December, 2018

Dr. Receipts and Payments Account for the year ended 31^st December, 2018 Cr.
Receipts	Rs.	Rs.	Payments	Rs.	Rs.
To balance b/d			By Match expenses		25,000
Cash in hand		5,000	By Upkeep of pavilion		17,000
To Subscription			By Secretary’s honorarium		18,000
2017	10,000		By Bats and balls purchased		22,000
2018	55,000		By Grass seeds		2,000
2019	5,000	70,000	By Fixed deposit		58,000
To Donations		40,000	By Sundry expenses
To Match fund receipts		30,000	By Balance c/d
To Interest on fixed deposit		8,000	Cash in hand	7,000
To Miscellaneous receipts		5,000	Cash at bank	6,000	13,000
		1,58,000			1,58,000

Additional information:
(i) On 1.1.2018, the association owned investments Rs. 10,000, premises and grounds Rs. 40,000, stock of bats and balls Rs. 5,000.
(ii) Subscription Rs. 5,000 related to 2017 is still due.
(iii) Subscription due for the year 2018,Rs. 6,000.
Prepare income and expenditure account for the year ended 31^st December, 2018 and the balance sheet as on that date

12th Standard English Medium Accountancy Subject Accounts From Incomplete Records Book Back 5 Mark Questions with Solution Part - II - by Question Bank Software - Jun 03, 2021 - View & Read

1)

Ahmed does not keep proper books of accounts. Find the profit or loss made by him for the year ending 31^st March, 2018.

Particulars	1.4.2017 Rs	31.3.2018 Rs
Bank balance	14,000 (Cr.)	18,000 (Dr.)
Cash in hand	800	1,500
Stock	12,000	16,000
Debtors	34,000	30,000
Plant	80,000	80,000
80,000	40,000	40,000
Creditors	60,000	72,000

Ahmed had withdrawn Rs. 40,000 for his personal use. He had introduced Rs.16,000 as capital for expansion of his business. A provision of 5% on debtors is to be made. Plant is to be depreciated at 10%.

2)

From the following details of Abdul 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	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

3)

Arjun carries on grocery business and does not keep his books on double entry basis. The following particulars have been extracted from his books:

Particulars	1-4-2018 Rs.	31-3-2019 Rs.
Plant and machinery	20,000	20,000
Stock	9,000	16,000
Sundry debtors	2,000	5,300
Sundry creditors	5,000	4,000
Cash at bank	4,000	6,000

Other information for the year ending 31-3-2019 showed the following

	Rs.
Advertising	4,700
Carriage inwards	8,000
Cash paid to creditors	64,000
Drawings	2,000

Total sales during the year were Rs. 85,000. Purchases returns during the year were Rs. 2,000 and sales returns were Rs.1,000. Depreciate plant and machinery by 5%. Provide Rs. 300 for doubtful debts. Prepare trading and profit and loss account for the year ending 31st March, 2019 and a balance sheet as on the date.

4)

Ananth does not keep his books under double entry system. Find the profit or loss made by him for the year ending 31^st 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%.

5)

From the following details of Rakesh, prepare Trading and Profit and Loss account for the year ended 31st March, 2019 and a Balance Sheet as on that date.

Particulars	31.3.2018 Rs.	31.3.2019 Rs.
Stock of goods	2,20,000	1,60,000
Debtors	5,30,000	6,40,000
Cash at bank	60,000	10,000
Machinery	80,000	80,000
Sundry creditors	3,70,000	4,20,000

Other details:

Particulars	Rs.	Particulars	Rs.
Rent paid	1,20,000	Cash received from debtors	12,50,000
Discount received	35,000	Drawings	1,00,000
Discount allowed	25,000	Cash sales	20,000
Cash paid to creditors	11,00,000	Capital as on 1.4.2018	5,20,000

12th Standard English Medium Accountancy Subject Accounts From Incomplete Records Book Back 5 Mark Questions with Solution Part - I - by Question Bank Software - Jun 03, 2021 - View & Read

1)

Bharathi does not maintain her books of accounts under double entry system. From the following details prepare trading and profit and loss account for the year ending 31^st March, 2019 and a balance sheet as on that date.

**Dr. Cash Book Cr.**
Receipts	Rs.	Payments	Rs.
To balance b/d	32,000	By Purchases A/c	56,000
To Sales A/c	1,60,000	By Creditors A/c	80,000
To Debtors A/c	1,20,000	By General expenses A/c	24,000
		By Wages A/c	10,000
		By Balance c/d	1,42,000
	3,12,000		3,12,000

Other Information:

Particulars	1.4.2018 Rs.	31.3.2019 Rs.
Stock of goods	40,000	60,000
Debtors	38,000	?
Creditors	58,000	52,000
Machinery	1,70,000	1,70,000

Additional information:	Rs
(i) Credit purchases	74,000
(ii) Credit sales	1,40,000
(iii) Opening capital	2,22,000
(iv) Depreciate machinery by 10% p.a.

2)

Pandian does not keep his books under double entry system. From the following information prepare trading and profit and loss account

	1-1-2018 Rs.	31-12-2018 Rs.
Furniture	30,000	30,000
Cash in hand	10,000	17,000
Debtors	40,000	60,000
Stock	28,000	11,000
Bills receivable	12,000	35,100
Bank loan	25,000	25,000
Creditors	15,000	16,000

	Rs.		Rs.
Cash sales	11,200	Credit sales	88,800
Cash purchases	4,250	Credit purchases	35,750
Carriage on purchases	3,000	Carriage on sales	700
Commission received	600	Interest on bank loan	2,500
Drawings	8,000	Additional capital	14,000
Salaries	8,900	Office rent	2,400

Adjustments:
Write off depreciation of 5% on furniture. Create a provision of 1% on debtors for doubtful debts.

3)

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	Rs.	Particulars	Rs.
Balances as on 1st April 2018		Balances as on 31st March 2019
Sundry debtors	2,40,000	Sundry debtors	2,20,000
Bills receivable	30,000	Sundry creditors	1,50,000
Sundry creditors	1,20,000	Bills receivable	8,000
Bills payable	10,000	Bills payable	20,000
Other information	Rs.
Cash received from debtors	6,00,000	Payments against bill payable	30,000
Discount allowed to customers	25,000	Cash received for bills receivable	60,000
Cash paid to creditors	3,20,000	Bills receivable dishonoured	4,000
Discount allowed by suppliers	10,000	Bad debts	16,000

4)

Mary does not keep her books under double entry system. From the following details prepare trading and profit and loss account for the year ending 31^st March, 2019 and a balance sheet as on that date.

**Dr. Cash Book Cr.**
Particulars	Rs.	Particulars	Rs.
To Balance b/d	1,20,000	By Purchases	1,50,000
To Sales	3,60,000	By Creditors	2,50,000
To Debtors	3,40,000	By Wages	70,000
		By Sundry expenses	1,27,000
		By Balance c/d	2,23,000
	8,20,000		8,20,000

Other information

Particulars	1.4.2018	31.3.2019
Stock of goods	1,10,000	1,80,000
Sundry Debtors	1,30,000	?
Sundry Creditors	1,60,000	90,000
Furniture and fittings	80,000	80,000

Additional information
Credit purchases 1,80,000
Credit sales 2,90,000
Opening capital 2,80,000
Depreciate furniture and fittings by 10% p.a.

5)

Selvam does not keep his books under double entry system. From the following information prepare trading and Profit and loss A/c and Balance Sheet as on 31-12-2018

Particulars	1-1-2018 Rs.	31-12-2018 Rs.
Machinery	60,000	60,000
Cash at bank	25,000	33,000
Sundry debtors	70,000	1,00,000
Stock	45,000	22,000
Bills receivable	20,000	38,000
Bank loan	45,000	45,000
Sundry creditors	25,000	21,000

Particulars	Rs.	Particulars	Rs.
Cash sales	20,000	Credit sales	1,80,000
Cash purchases	8,000	Credit purchases	52,000
Wages	6,000	Salaries	23,500
Advertisement	7,000	Interest on bank loan	4,500
Drawings	60,000	Additional capital	21,000

Adjustments:
Write off depreciation of 10% on machinery. Create a reserve of 1% on debtors for doubtful debts.

12th Standard English Medium Accountancy Subject Computerized Accounting System - Tally Book Back 3 Mark Questions with Solution Part - II - by Question Bank Software - Jun 02, 2021 - View & Read

1)
Write a brief note on accounting vouchers.
2)
What are the pre-defined ledgers available in Tally.ERP 9?
3)
Mention the commonly used voucher types in Tally.ERP 9.
4)
Explain how to view profit and loss statement in Tally.ERP 9.
5)
Explain any five applications of computerised accounting system.

12th Standard English Medium Accountancy Subject Computerized Accounting System - Tally Book Back 3 Mark Questions with Solution Part - I - by Question Bank Software - Jun 02, 2021 - View & Read

1)
Write a brief note on accounting vouchers.
2)
What are the pre-defined ledgers available in Tally.ERP 9?
3)
Mention the commonly used voucher types in Tally.ERP 9.
4)
Explain how to view profit and loss statement in Tally.ERP 9.
5)
Explain any five applications of computerised accounting system.

12th Standard English Medium Accountancy Subject Ratio Analysis Book Back 3 Mark Questions with Solution Part - II - by Question Bank Software - Jun 02, 2021 - View & Read

1)
What is inventory conversion period? How is it calculated?
2)
State any three advantages of ratio analysis.

3)

From the following Balance Sheet of Arunan Ltd. as on 31.03.2019 calculate
(i) Debt-equity ratio
(ii) Proprietary ratio and
(iii) Capital gearing ratio.

Balance Sheet of Arunan Ltd. as on 31.03.2019
Particulars	Rs.
I EQUITY AND LIABILITIES
1. Shareholders' funds
(a) Share capital
Equity share capital	1,50,000
8% Preference share capital	2,00,000
(b) Reserves and surplus	1,50,000
2. Non current liabilities
Long term borrowings (9% Debentures)	4,00,000
3. Current liabilities
Short-term borrowings from banks	25,000
Trade payables	75,000
Total	10,00,000
II ASSETS
1. Non-current assets
Fixed assets	7,50,000
2. Current assets
(a) Inventories	1,20,000
(b) Trade receivables	1,00,000
(c) Cash and cash equivalents	27,500
(d) Other current assets
Expenses paid in advance	2,500
Total	10,00,000

4)
The credit revenue from operations of Harini Ltd. amounted to Rs.9,60,000. Its debtors and bills receivable at the end of the accounting period amounted to Rs.1,00,000 and Rs.60,000 respectively. Calculate trade receivable turnover ratio and also collection period in months.
5)
From the following information of Ashika Ltd., calculate fixed assets turnover ratio:
(i) Revenue from operations during the year were Rs.60,00,000.
(ii) Fixed assets at the end of the year was Rs.6,00,000.

12th Standard English Medium Accountancy Subject Ratio Analysis Book Back 3 Mark Questions with Solution Part - I - by Question Bank Software - Jun 02, 2021 - View & Read

1)
How is operating profit ascertained?
2)
Bring out the limitations of ratio analysis.

3)

From the given information calculate the inventory turnover ratio and inventory conversion period (in months) of Sania Ltd.

Particulars	Rs.
Revenue from operations	1,90,000
Inventory at the beginning of the year	40,000
Inventory at the end of the year	20,000
Purchases made during the year	90,000
Carriage inwards	10,000

4)

From the following figures obtained from Kalpana Ltd, calculate the trade payables turnover ratio and credit payment period (in days).

Particulars	Rs.
Credit purchases during 2018 – 2019	1,00,000
Trade creditors as on 1.4.2018	20,000
Trade creditors as on 31.3.2019	10,000
Bills payable as on 1.4.2018	4,000
Bills payable as on 31.3.2019	6,000

5)

Calculate
(i) Inventory turnover ratio
(ii) Trade receivable turnover ratio
(iii) Trade payable turnover ratio and
(iv) Fixed assets turnover ratio from the following information obtained from Delphi Ltd.

Particulars	As on 31st March, 2018 Rs.	As on 31st March, 2019 Rs.
Inventory	1,40,000	1,00,000
Trade receivables	80,000	60,000
Trade payables	40,000	50,000
Fixed assets	5,50,000	5,00,000

Additional information:
(i) Revenue from operations for the year Rs.10,50,000
(ii) Purchases for the year Rs.4,50,000
(iii) Cost of revenue from operations Rs.6,00,000.
Assume that sales and purchases are for credit.

12th Standard English Medium Accountancy Subject Financial Statement Analysis Book Back 3 Mark Questions with Solution Part - II - by Question Bank Software - Jun 02, 2021 - View & Read

1)
From the following particulars of Kumar Ltd, prepare a common-size income statement for the year ended 31^st March, 2018.

Particulars 2017-18

Rs.

Revenue from operations 5,00,000

Other income 20,000

Expenses 3,00,000

2)

From the following particulars of Siva Ltd, prepare common size income statement for the years ended 31st March, 2016 and 31st March, 2017.

Particulars	2015-16	2016-17
	Rs.	Rs.
Revenue from operations	2,00,000	3,00,000
Other income	25,000	75,000
Expenses	2,50,000	1,50,000
Income tax %	40	40

3)

Prepare common-size balance sheet of Sharmila Ltd. and Sangeetha Ltd. as on 31^st March, 2019.

Particulars	Sharmila Ltd	Sangeetha Ltd
	Rs.	Rs.
I EQUITY AND LIABILITIES
Shareholders’ funds	5,00,000	11,00,000
Non-current liabilities	4,00,00	7,00,000
Current liabilities	1,00,000	2,00,000
Total	10,00,000	20,00,000
II ASSETS
Non-current assets	6,50,000	18,00,000
Current assets	3,50,000	2,00,000
Total	10,00,000	20,00,000

4)
Write a short note on cash flow analysis.
5)
Explain the steps involved in preparing comparative statement

12th Standard English Medium Accountancy Subject Financial Statement Analysis Book Back 3 Mark Questions with Solution Part - I - by Question Bank Software - Jun 02, 2021 - View & Read

1)

From the following particulars of Mani Ltd an Kani Ltd prepare a common-size income statement for the year ended 31^st March, 2019

Particulars	Mani Ltd	Kani Ltd
	Rs.	Rs.
Revenue from operations	2,00,000	2,50,000
Other income	30,000	25,000
Expenses	1,10,000	1,25,000

2)

Prepare common-size balance sheet of Maria Ltd. as on 31^st March, 2018.

Particulars	31st March 2018
	Rs.
I EQUITY AND LIABILITIES
Shareholders’ funds	4,00,000
Non-current liabilities	3,20,000
Current liabilities	80,000
Total	8,00,000
II ASSETS
Non-current assets	6,00,000
Current assets	2,00,000
Total	8,00,000

3)
‘Financial statements are prepared based on the past data’. Explain how this is a limitation.
4)
Briefly explain any three limitations of financial statements
5)
Explain the procedure for preparing common-size statement

12th Standard English Medium Accountancy Subject Company Accounts Book Back 3 Mark Questions with Solution Part - II - by Question Bank Software - Jun 02, 2021 - View & Read

1)
Muthu was holding 20 equity shares of Rs.10 each on which he paid Rs.2 on application but could not pay Rs.3 on allotment and Rs.1 on first call. Directors forfeited the shares after the first call. Give journal entry for recording the forfeiture of shares.
2)
Maruthu Ltd. forfeited 150 equity shares of Rs.10 each for non payment of final call of Rs.4 per share. Of these 100 shares were reissued @ Rs.9 per share. Pass journal entries for forfeiture and reissue.
3)
Jenifer Ltd. issued 10,000 equity shares of Rs.10 each at par payable on application Rs.3 per share, on allotment Rs.3 per share, on first call Rs.2 per share and on second and final call Rs.2 per share. The issue was fully subscribed and all the amounts were duly received with the exception of 100 shares held by Subbu, who failed to pay the second and final call. His shares were forfeited and reissued to Hema at Rs.7 per share. Journalise the above transactions.
4)
State the differences between preference shares and equity shares.
5)
What is reissue of forfeited shares?

12th Standard English Medium Accountancy Subject Company Accounts Book Back 3 Mark Questions with Solution Part - I - by Question Bank Software - Jun 02, 2021 - View & Read

1)
Maruthu Ltd. forfeited 150 equity shares of Rs.10 each for non payment of final call of Rs.4 per share. Of these 100 shares were reissued @ Rs.9 per share. Pass journal entries for forfeiture and reissue.
2)
Jenifer Ltd. issued 10,000 equity shares of Rs.10 each at par payable on application Rs.3 per share, on allotment Rs.3 per share, on first call Rs.2 per share and on second and final call Rs.2 per share. The issue was fully subscribed and all the amounts were duly received with the exception of 100 shares held by Subbu, who failed to pay the second and final call. His shares were forfeited and reissued to Hema at Rs.7 per share. Journalise the above transactions.
3)
State the differences between preference shares and equity shares.
4)
What is reissue of forfeited shares?
5)
What is meant by issue of shares for consideration other than cash?

12th Standard English Medium Accountancy Subject Retirement and Death of a Partner Book Back 3 Mark Questions with Solution Part - II - by Question Bank Software - Jun 02, 2021 - View & Read

1)
Ramya, Sara and Thara are partners sharing profits and losses in the ratio of 5:3:2. On 1^st April 2018, Thara retires and on retirement, the following adjustments are agreed upon:
(i) Increase the value of premises by Rs. 40,000.
(ii) Depreciate stock by Rs. 3,000 and machinery by Rs. 6,500.
(iii) Provide an outstanding liability of Rs. 500
Pass journal entries and prepare revaluation account.
2)
Justina, Navi and Rithika are partners sharing profits and losses equally. On 31.3.2019, Rithika retired from the partnership firm. Profits of the preceding years is as follows:
2016: Rs. 5,000; 2017: Rs. 10,000 and 2018: Rs. 30,000
Find out the share of profit of Ritika for the year 2019 till the date of retirement if
(a) Profit is to be distributed on the basis of the previous year’s profit
(b) Profit is to be distributed on the basis of the average profit of the past 3 years
Also pass necessary journal entries by assuming that partners’ capitals are fluctuating. Accountancy
3)
Rathna, Baskar and Ibrahim are partners sharing profits and losses in the ratio of 2:3:4 respectively. Rathna died on 31st December, 2018. Final amount due to her showed a credit balance of Rs. 1,00,000. Pass journal entries if,
(a) The amount due is paid off immediately by cheque.
(b) The amount due is not paid immediately.
(c) Rs. 60,000 is paid immediately by cheque.
4)
Distinguish between sacrificing ratio and gaining ratio.

5)

Akash, Mugesh and Sanjay are partners in a firm sharing profits and losses in the ratio of 3:2:1. Their balance sheet as on 31^st March, 2017 is as follows:

Liabilities	Rs.	Rs.	Asset	Rs.
Capital accounts:			Buildings	1,10,000
Akash	40,000		Vehicle	30,000
Mugesh	60,000		Stock in trade	26,000
Sanjay	30,000	1,50,000	Debtors	25,000
Profit and loss appropriation A/c		12,000	Cash in hand	15,000
General reserve		24,000
Workmen compensation fund		18,000
Bills payable		2,000
		2,06,000		2,06,000

Pass journal entry to transfer accumlatetd Profit and prepare the capital account of the partners

12th Standard English Medium Accountancy Subject Retirement and Death of a Partner Book Back 3 Mark Questions with Solution Part - I - by Question Bank Software - Jun 02, 2021 - View & Read

1)
What are the ways in which the final amount due to an outgoing partner can be settled?
2)
Roja, Neela and Kanaga are partners sharing profits and losses in the ratio of 4:3:3. On 1^st April 2017, Roja retires and on retirement, the following adjustments are agreed upon.
(i) Increase the value of building by Rs. 30,000.
(ii) Depreciate stock by Rs. 5,000 and furniture by Rs. 12,000.
(iii) Provide an outstanding liability of Rs. 1,000
Pass journal entries and prepare revaluation account.
3)
Rajan, Suman and Jegan were partners in a firm sharing profits and losses in the ratio of 4:3:2. Suman retired from partnership. The goodwill of the firm on the date of retirement was valued at Rs. 45,000. Pass necessary journal entries for goodwill on the assumption that the fluctuating capital method is followed.
4)
Rani, Jaya and Rathi are partners sharing profits and losses in the ratio of 2 : 2 : 1. On 31.3.2018, Rathi retired from the partnership. Profit of the preceding years is as follows: 2014: 10,000; 2015: Rs. 20,000; 2016: Rs.18,000 and 2017: Rs. 32,000 Find out the share of profit of Rathi for the year 2018 till the date of retirement if
(a) Profit is to be distributed on the basis of the previous year’s profit
(b) Profit is to be distributed on the basis of the average profit of the past 4 years
Also pass necessary journal entries by assuming partners capitals are fluctuating.
5)
Janani, Janaki and Jamuna are partners sharing profits and losses in the ratio of 3:3:1 respectively. Janaki died on 31^st December, 2017. Final amount due to her showed a credit balance of Rs. 1,40,000. Pass journal entries if,
(a) The amount due is paid off immediately.
(b) The amount due is not paid immediately.
(c) Rs. 75, 000 is paid and the balance in future.

12th Standard English Medium Accountancy Subject Admission of a Partner Book Back 3 Mark Questions with Solution Part - II - by Question Bank Software - Jun 02, 2021 - View & Read

1)

Rathna Kumar and Arockia Das are partners in a firm sharing profits and losses in the ratio of 3:2. Their balance sheet as on 31st March, 2017 is as follows:

Liabilities	Rs.	Rs.	Assets	Rs.
Capital accounts:			Buildings	30,000
Rathna Kumar	30,000		Plant	60,000
Arockia Das	50,000	80,000	Furniture	20,000
Profit and loss appropriation A/c		20,000	Debtors	10,000
General reserve		5,000	Stock	15,000
Workmen compensation fund		15,000	Cash at bank	15,000
Sundry creditors		30,000
		1,50,000		1,50,000

David was admitted into the partnership on 1.4.2017. Pass journal entry to distribute the accumulated profits and reserve on admission.

2)
Rajesh and Ramesh are partners sharing profits in the ratio 3:2. Raman is admitted as a new partner and the new profit sharing ratio is decided as 5:3:2. The following revaluations are made. Pass journal entries and prepare revaluation account.
(a) The value of building is increased by Rs. 15,000.
(b) The value of the machinery is decreased by Rs. 4,000.
(c) Provision for doubtful debt is made for Rs. 1,000.
3)
Sriram and Raj are partners sharing profits and losses in the ratio of 2:1. Nelson joins as a partner on 1st April 2017. The following adjustments are to be made:
(i) Increase the value of stock by Rs. 5,000
(ii) Bring into record investment of Rs. 7,000 which had not been recorded in the books of the firm.
(iii) Reduce the value of office equipment by Rs. 10,000
(iv) A provision would also be made for outstanding wages for Rs. 9,500.
Give journal entries and prepare revaluation account.
4)
Amudha and Bhuvana are partners who share profits and losses in the ratio of 5:3. Chithra joins the firm on 1st January, 2019 for 3/8 share of profits and brings in cash for her share of goodwill of Rs. 8,000. Pass necessary journal entry for adjusting goodwill on the assumption that the fluctuating capital method is followed and the partners withdraw the entire amount of their share of goodwill.
5)
Arun, Babu and Charles are partners sharing profits and losses equally. They admit Durai into partnership for 1/4 share in future profits. The goodwill of the firm is valued at Rs. 36,000 and Durai brought cash for his share of goodwill. The existing partners withdraw half of the amount of their share of goodwill. Pass necessary journal entries on the assumption that the fluctuating capital method is followed.

12th Standard English Medium Accountancy Subject Admission of a Partner Book Back 3 Mark Questions with Solution Part - I - by Question Bank Software - Jun 02, 2021 - View & Read

1)
Seenu and Siva are partners sharing profits and losses in the ratio of 5:3. In the view of Kowsalya admission, they decided
(a) To increase the value of building by Rs. 40,000.
(b) To bring into record investments at Rs. 10,000, which have not so far been brought in to account.
(c) To decrease the value of machinery by Rs. 14,000 and furniture by Rs. 12,000.
(d) To write off sundry creditors by Rs. 16,000.
Pass journal entries and prepare revaluation account
2)
Deepak, Senthil and Santhosh are partners sharing profits and losses equally. They admit Jerald into partnership for 1/3 share in future profits. The goodwill of the firm is valued at Rs.45,000 and Jerald brought cash for his share of goodwill. The existing partners withdraw half of the amount of their share of goodwill. Pass necessary journal entries for adjusting goodwill on the assumption that the fluctuating capital method is followed.
3)
Malathi and Shobana are partners sharing profits and losses in the ratio of 5:4. They admit Jayasri into partnership for 1/3 share of profit. Jayasri pays cash Rs. 6,000 towards her share of goodwill. The new ratio is 3:2:1. Pass necessary journal entry for adjusting goodwill on the assumption that the fixed capital method is followed.
4)
Anu and Arul were partners in a firm sharing profits and losses in the ratio of 4:1. They have decided to admit Mano into the firm for 2/5 share of profits. The goodwill of the firm on the date of admission was valued at Rs.25,000. Mano is not able to bring in cash for his share of goodwill. Pass necessary journal entry for goodwill on the assumption that the fluctuating capital method is followed.
5)
Varun and Barath are partners sharing profits and losses 5:4. They admit Dhamu into partnership. The new profit sharing ratio is agreed at 1:1:1. Dhamu’s share of goodwill is valued at Rs. 15,000 of which he pays Rs .10,000 in cash. Pass necessary journal entries for adjustment of goodwill on the assumption that the fluctuating capital method is followed.

12th Standard English Medium Accountancy Subject Goodwill In Partnership Accounts Book Back 3 Mark Questions with Solution Part - II - by Question Bank Software - Jun 02, 2021 - View & Read

1)
The profits and losses of a firm for the last four years were as follows:
2015: Rs. 15,000; 2016: Rs. 17,000; 2017: Rs. 6,000 (Loss); 2018: Rs. 14,000
You are required to calculate the amount of goodwill on the basis of 5 years purchase of average profits of the last 4 years.
2)
The following particulars are available in respect of a business carried on by a partnership firm:
(a) Profits earned: 2016: Rs. 30,000; 2017: Rs. 29,000 and 2018: Rs. 32,000.
(b) Profit of 2016 includes a non-recurring income of Rs. 3,000.
(c) Profit of 2017 is reduced by Rs. 2,000 due to stock destroyed by fire.
(d) The stock is not insured. But, it is decided to insure the stock in future. The insurance premium is estimated at Rs. 5,600 per annum.
You are required to calculate the value of goodwill on the basis of 2 years purchase of average profits of the last three years.
3)
From the following information, calculate the value of goodwill based on 3 years purchase of super profit
(i) Capital employed: Rs. 2,00,000
(ii) Normal rate of return: 15%
(iii) Average profit of the business: Rs. 42,000
4)
From the following information relating to a partnership firm, find out the value of its goodwill based on 3 years purchase of average profits of the last 4 years:
(a) Profits of the years 2015, 2016, 2017 and 2018 are Rs. 10,000, Rs. 12,500, Rs. 12,000 and Rs. 11,500 respectively.
(b) The business was looked after by a partner and his fair remuneration amounts to Rs. 1,500 per year. This amount was not considered in the calculation of the above profits.
5)
The following particulars are available in respect of the business carried on by a partnership firm:
(i) Profits earned: 2016: Rs. 25,000; 2017: Rs. 23,000 and 2018: Rs. 26,000.
(ii) Profit of 2016 includes a non-recurring income of Rs. 2,500.
(iii) Profit of 2017 is reduced by Rs. 3,500 due to stock destroyed by fire.
(iv) The stock was not insured. But, it is decided to insure the stock in future. The insurance premium is estimated to be Rs. 250 per annum.
You are required to calculate the value of goodwill of the firm on the basis of 2 years purchase of average profits of the last three years.

12th Standard English Medium Accountancy Subject Goodwill In Partnership Accounts Book Back 3 Mark Questions with Solution Part - I - by Question Bank Software - Jun 02, 2021 - View & Read

1)
From the following information relating to a partnership firm, find out the value of its goodwill based on 3 years purchase of average profits of the last 4 years:
(a) Profits of the years 2015, 2016, 2017 and 2018 are Rs. 10,000, Rs. 12,500, Rs. 12,000 and Rs. 11,500 respectively.
(b) The business was looked after by a partner and his fair remuneration amounts to Rs. 1,500 per year. This amount was not considered in the calculation of the above profits.
2)
The following particulars are available in respect of the business carried on by a partnership firm:
(i) Profits earned: 2016: Rs. 25,000; 2017: Rs. 23,000 and 2018: Rs. 26,000.
(ii) Profit of 2016 includes a non-recurring income of Rs. 2,500.
(iii) Profit of 2017 is reduced by Rs. 3,500 due to stock destroyed by fire.
(iv) The stock was not insured. But, it is decided to insure the stock in future. The insurance premium is estimated to be Rs. 250 per annum.
You are required to calculate the value of goodwill of the firm on the basis of 2 years purchase of average profits of the last three years.
3)
How is goodwill calculated under the super profits method?
4)
Compute average profit from the following information.
2016: Rs. 8,000; 2017: Rs. 10,000; 2018: Rs. 9,000
5)
Find out the value of goodwill at three years purchase of weighted average profit of last four year.

Year Profit
Rs. Weight

2015 10,000 1

2016 12,000 2

2017 16,000 3

2018 18,000 4

Purchase of super profit method.

12th Standard English Medium Accountancy Subject Accounts of Partnership Firms-Fundamentals Book Back 3 Mark Questions with Solution Part - II - by Question Bank Software - Jun 02, 2021 - View & Read

1)

From the following balance sheets of Subha and Sudha who share profits and losses equally, 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 accounts:		Fixed assets	30,000
Subha	15,000	Current assets	20,000
Sudha	20,000
	15,000
	50,000		50,000

Drawings of Subha and Sudha during the year were Rs. 2,500 and Rs. 3,500 respectively. Profit earned during the year was Rs. 15,000.

2)
A and B contribute Rs. 4,00,000 and Rs. 2,00,000 respectively as capital. Their respective share of profit is 3:2 and the profit before interest on capital for the year is Rs. 27,000. Compute the amount of interest on capital in each of the following situations:
(i) if the partnership deed is silent as to the interest on capital
(ii) if interest on capital @ 3% is allowed as per the partnership deed
(iii) if the partnership deed allows interest on capital @ 5% p.a.
3)
Arul is a partner in a partnership firm. As per the partnership deed, interest on drawings is charged at 12% p.a. During the year ended 31st December 2018 he drew as follows:

Date Rs.

March 1 3,000

June 1 3,000

September 1 3,000

December 1 3,000

Calculate the amount of interest on drawings.
4)
John is a partner in a firm. He withdraws Rs.1,000 p.m. regularly. Interest on drawings is charged @ 5% p.a. Calculate the interest on drawings using average period, if he draws
(i) at the beginning of every month
(ii) in the middle of every month
(iii) at the end of every month
5)
Arulappan and Nallasamy are partners in a firm sharing profits and losses in the ratio of 4:1. On 1st January 2018, their capitals were Rs. 20,000 and Rs. 10,000 respectively. The partnership deed specifies the following:
(a) Interest on capital is to be allowed at 5% per annum.
(b) Interest on drawings charged to Arulappan and Nallasamy are Rs. 200 and Rs. 300 respectively.
(c) The net profit of the firm before considering interest on capital and interest on drawings amounted to Rs. 18,000.
Give necessary journal entries and prepare Profit and loss appropriation account for the year ending 31st December 2018. Assume that the capitals are fluctuating.

12th Standard English Medium Accountancy Subject Accounts of Partnership Firms-Fundamentals Book Back 3 Mark Questions with Solution Part - I - by Question Bank Software - Jun 02, 2021 - View & Read

1)
State any six contents of a partnership deed.
2)
Write a brief note on the applications of the provisions of the Indian Partnership Act, 1932 in the absence of partnership deed.
3)
Akash, Bala, Chandru and Daniel are partners in a firm. There is no partnership deed. How will you deal with the following?
(i) Akash has contributed maximum capital. He demands interest on capital at 10% per annum.
(ii) Bala has withdrawn Rs. 3,000 per month. Other partners ask Bala to pay interest on drawings @ 8% per annum to the firm. But, Bala did not agree to it.
(iii) Akash demands the profit to be shared in the capital ratio. But, others do not agree.
(iv) Daniel demands salary at the rate of Rs. 10,000 per month as he spends full time for the business.
(v) Loan advanced by Chandru to the firm is Rs. 50,000. He demands interest on loan @ 12% per annum.
4)
The capital account of Begum and Fatima on 1st January, 2018 showed a balance of Rs. 50,000 and Rs. 40,000 respectively. On 1st October, 2018, Begum introduced an additional capital of Rs. 10,000 and on 1st May, 2018 Fatima introduced an additional capital of Rs. 9,000. Calculate interest on capital at 4% p.a. for the year ending 31st December, 2018.

5)

From the following balance sheets of Subha and Sudha who share profits and losses in 2 : 3, calculate interest on capital at 5% p.a. for the year ending 31st December, 20

**Balance sheet as on 31st December, 2018**
Liabilities	Rs.	Rs.	Assets	Rs.
Capital accounts			Fixed assets	70,000
Subha	40,000		Current assets	60,000
Sudha	60,000	1,00,000
Current liabilities		30,000
		1,30,000		1,30,000

Drawings of Subha and Sudha during the year were Rs. 8,000 and Rs. 10,000 respectively. Profit earned during the year was Rs. 30,000

12th Standard English Medium Accountancy Subject Accounts of Not-For-Profit Organisation Book Back 3 Mark Questions with Solution Part - II - by Question Bank Software - Jun 02, 2021 - View & Read

1)

From the following particulars of Trichy Educational Society, prepare Receipts and Payments account for the year ended 31^st December, 2018

Particulars	Rs.	Particulars	Rs.
Opening cash balance as on 1.1.2018	20,000	Locker rent received	12,000
Investments made	80,000	Sale of furniture	5,000
Honorarium paid	3,000	General expenses	7,000
Donation received	80,000	Postage	1,000
Audit fees paid	2,000	Subscription received	10,000

2)
How will the following items appear in the final accounts of a club for the year ending 31^st March 2017? A club received subscription of Rs. 25,000 during the year 2016-17. This includes subscription of Rs. 2,000 for 2015-16 and Rs. 1,500 for the year 2017-18. Subscription of Rs. 500 is still outstanding for the year 2016-17.

3)

Compute capital fund of Karur Social Club as on 31.03.2018

Particulars as on 31.03.2018	Rs.
Furniture	50,000
Buildings	40,000
Subscription outstanding for 2017-18	10,000
Subscription received in advance for 2018-19	5,000
Loan borrowed	10,000
Investments	20,000
Cash in hand	4,000
Cash at bank	6,000

4)
State the differences between Receipts and Payments Account and Income and Expenditure Account
5)
How the following items are dealt with in the final accounts of not–for–profit organisation?
a) Sale of sports materials
b) Life membership fees
c) Tournament fund

12th Standard English Medium Accountancy Subject Accounts of Not-For-Profit Organisation Book Back 3 Mark Questions with Solution Part - I - by Question Bank Software - Jun 02, 2021 - View & Read

1)
How annual subscription is dealt with in the final accounts of not–for–profit organisation?

2)

From the information given below, prepare Receipts and Payments account of Kurunji Sports Club for the year ended 31^st December, 2018.

Particulars	Rs.	Particulars	Rs.
Cash in hand (1.1.2018	4,000	Paid for printing charges	2,500
Salaries paid	3,000	Lockers rent received	1,000
Life membership fees received	10,000	Tournament receipts	14,000
Subscription received	15,000	Tournament expenses	10,500
Rent received	2,000	Investments purchased	25,000

(Hint: Wages yet to be paid is a non cash item. Hence, it is excluded in receipts and payments account)

3)

How the following items will appear in the final accounts of a club for the year ending 31^st March 2019?

Dr. Receipts and Payments Account for the year ended 31^st March, 2019 Cr.
Receipts	Rs.	Rs.
To Subscription
2017-2018	10,000
2018-2019	50,000
2019-2020	5,000	65,000

There are 200 members in the club each paying an annual subscription of Rs. 400 per annum. Subscription still outstanding for the year 2017- 2018 is Rs. 2,000.

4)

How will the following appear in the final accounts of Marthandam Women Cultural Association?

	Rs
Stock of sports materials on 1.4.2018	16,000
Sports materials purchased during the year	84,000
Stock of sports materials on 31.3.2019	10,000

5)

How will the following appear in the final accounts of Karaikudi sports club for the year ending 31^st March, 2019?

Particulars	Rs.
Tournament fund on 1^stApril 2018	90,000
Tournament fund investment on 1^st April 2018	90,000
Interest received on tournament fund investment	9,000
Donation to tournament fund	10,000
Tournament expenses	60,000

12th Standard English Medium Accountancy Subject Accounts From Incomplete Records Book Back 3 Mark Questions with Solution Part - II - by Question Bank Software - Jun 02, 2021 - View & Read

1)

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

2)

From the following details, calculate the missing figure:

	Rs
Capital as on 1^st April, 2017	2,50,000
Capital as on 31^st March, 2018	2,75,000
Additional capital introduced during the year	30,000
Profit for the year	15,000
Drawings during the year	?

3)

David does not keep proper books of accounts. Following details are given from his records

Particulars	1.4.2018 Rs.	31.3.2019 Rs.
Cash	43,000	29,000
Stock of goods	1,20,000	1,30,000
Sundry debtors	84,000	1,10,000
Sundry creditors	1,05,000	1,02,000
Loan	25,000	20,000
Business premises	2,50,000	2,50,000
Furniture	33,000	45,000

During the year he introduced further capital of Rs. 45,000 and withdrew Rs. 2,500 per month from the business for his personal use. Prepare statement of profit or loss with the above information.

4)

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

5)
What are the limitations of incomplete records?

12th Standard English Medium Accountancy Subject Accounts From Incomplete Records Book Back 3 Mark Questions with Solution Part - I - by Question Bank Software - Jun 02, 2021 - View & Read

1)

From the following details, calculate the missing figure

Particulars	Rs.
Closing capital as on 31.3.2018	80,000
Additional capital introduced during the year	30,000
Drawings during the year	15,000
Opening capital on 01.4.2017	?
Loss for the year ending 31.3.2018	25,000

2)

From the following details, calculate the missing figure:

Particulars	Rs.
Capital as on 1^st April, 2018	40,000
Capital as on 31^st March, 2019	50,000
Additional capital introduced during the year	7,000
Profit for the year	8,000
Drawings during the year	?

3)

On 1^st April 2018 Subha started her business with a capital of Rs. 1,20,000. She did not maintain proper book of accounts. Following particulars are available from her books as on 31.3.2019.

Particulars	Rs.	Particulars	Rs.
Bank overdraft	50,000	Stock-in-trade	1,60,000
Debtors	1,80,000	Creditors	90,000
Bills receivable	70,000	Bills payable	2,40,000
Computer	30,000	Cash in hand	60,000
Machinery	3,00,000

During the year she withdrew Rs. 30,000 for her personal use. She introduced further capital of Rs. 40,000 during the year. Calculate her profit or loss.

4)

From the following details find out total sales made during the year

Particulars	Rs.
Debtors on 1st January 2018	1,30,000
Cash received from debtors during the year	4,20,000
Sales returns	35,000
Bad debts	15,000
Debtors on 31st December 2018	2,00,000
Cash Sales	4,60,000

5)

From the following particulars calculate total purchases

Particulars	Rs.	Particulars	Rs.
Sundry creditors on 1st January, 2018	30,000	Purchases returns	15,000
Bills payable on 1st January, 2018	25,000	Cash purchases	2,25,000
Paid cash to creditors	1,20,000	Creditors on 31st December, 2018	25,000
Paid for bills payable	30,000	Bills payable on 31st December, 2018	20,000

12th Standard English Medium Accountancy Subject Computerized Accounting System - Tally Book Back 2 Mark Questions with Solution Part - II - by Question Bank Software - Jun 02, 2021 - View & Read

1)
What is automated accounting system?
2)
What are accounting reports?
3)
State any five accounting reports.
4)
What is Accounting Information System (AIS)?
5)
What is a group in Tally ERP 9?

12th Standard English Medium Accountancy Subject Computerized Accounting System - Tally Book Back 2 Mark Questions with Solution Part - I - by Question Bank Software - Jun 02, 2021 - View & Read

1)
What is automated accounting system?
2)
What are accounting reports?
3)
State any five accounting reports.
4)
What is Accounting Information System (AIS)?
5)
What is a group in Tally ERP 9?

12th Standard English Medium Accountancy Subject Ratio Analysis Book Back 2 Mark Questions with Solution Part - II - by Question Bank Software - Jun 02, 2021 - View & Read

1)
What is meant by accounting ratios?
2)
What is quick ratio?
3)
What is meant by debt equity ratio?
4)
State any two limitations of ratio analysis.

5)

Calculate current ratio from the following information:

Particulars	Rs.	Particulars	Rs.
Current investments	80,000	Trade creditors	1,60,000
Inventories	1,60,000	Bills payable	1,00,000
Trade receivables	4,00,000	Expenses payable	1,40,000
Cash and cash equivalents	1,20,000
Prepaid expenses	40,000

12th Standard English Medium Accountancy Subject Ratio Analysis Book Back 2 Mark Questions with Solution Part - I - by Question Bank Software - Jun 02, 2021 - View & Read

1)
Calculate quick ratio of Ananth Constructions Ltd from the information given below.

Particulars Rs.

Total current liabilities 1,00,000

Total current assets 2,50,000

Inventories 50,000

Prepaid expenses 15,000

2)

Following is the balance sheet of Magesh Ltd. as on 31st March, 2019:

Particulars	Rs.
I EQUITY AND LIABILITIES
1. Shareholders’ funds
Equity share capital	2,00,000
2. Non-current liabilities
Long term borrowings	50,000
3. Current liabilities
(a) Short-term borrowings	17,000
(b) Trade payables	25,000
(c) Other current liabilities
Expenses payable	3,000
(d) Short-term provisions	5,000
Total	3,00,000
II ASSETS	Rs.
1. Non-current assets
Fixed assets
(a) Tangible assets	1,50,000
(b) Trade receivables	70,000
(c) Cash and cash equivalents	30,000
(d) Other current assets
Prepaid expenses	5,000
Total	3,00,000

Calculate:
(i) Current ratio
(ii) Quick ratio

3)

From the following information, calculate debt equity ratio:

Balance sheet (Extract) as on 31.03.2018
Particulars	Rs.
I EQUITY AND LIABILITIES
1. Shareholders' funds
(a) Share capital
Equity share capital	1,00,000
(b) Reserves and surplus	60,000
2. Non-current liabilities
Long-term borrowings (Debentures)	80,000
3. Current liabilities
(a) Trade payables	50,000
(b) Other current liabilities
Outstanding expenses	30,000
Total	3,20,000

4)

From the following Balance Sheet of Pioneer Ltd. calculate proprietary ratio:

Balance sheet of Pioneer Ltd. as on 31.3.2019
Particulars	Rs.
I EQUITY AND LIABILITIES
1. Shareholders' funds
(a) Share capital
(i) Equity share capital	1,00,000
(ii) Preference share capital	75,000
(b) Reserves and surplus	25,000
2. Non-current liabilities
Long-term borrowings	-
3. Current liabilities
Trade payables	2,00,000
Total	4,00,000
II ASSETS
1. Non-current assets
(a) Fixed assets	2,75,000
(b) Non-current investments	50,000
2. Current assets
Cash and Cash equivalents	75,000
Total	4,00,000

5)

From the following information calculate capital gearing ratio:

Balance Sheet (Extract) as on 31.03.2018
Particulars	Rs.
I EQUITY AND LIABILITIES
1. Shareholders' funds
(a) Share capital
Equity share capital	2,00,000
6% Preference share capital	1,00,000
(b) Reserves and surplus
General reserve	1,25,000
Surplus	75,000
2. Non-current liabilities
Long-term borrowings (8% Debentures)	2,00,000
3. Current liabilities
Trade payables	1,50,000
Provision for tax	50,000
Total	9,00,000

12th Standard English Medium Accountancy Subject Financial Statement Analysis Book Back 2 Mark Questions with Solution Part - II - by Question Bank Software - Jun 02, 2021 - View & Read

1)

From the following particulars, prepare comparative income statement of Abdul Co. Ltd.

Particulars	2015-16 Rs.	2016-17 Rs.
Revenue from operations	3,00,000	3,60,000
Other income	1,00,000	60,000
Expenses	2,00,000	1,80,000
Income tax	30%	30%

2)

From the following balance sheet of Chandra Ltd, prepare comparative balance sheet as on 31st March 2016 and 31^st March 2017.

Particulars	31^st March 2016	31^st March 2017
	Rs.	Rs.
I EQUITY AND LIABILITIES
Shareholders’ fund	1,00,000	2,60,000
Non-current liabilities	50,000	60,000
Current liabilities	25,000	30,000
Total	1,75,000	3,50,000
II ASSETS	1,00,000	2,00,000
Current assets	75,000	1,50,000
Total	1,75,000	3,50,000

3)
What are financial statements?
4)
List the tools of financial statement analysis.
5)
What is working capital?

12th Standard English Medium Accountancy Subject Financial Statement Analysis Book Back 2 Mark Questions with Solution Part - I - by Question Bank Software - Jun 02, 2021 - View & Read

1)

From the following particulars, prepare comparative income statement of Tharun Co. Ltd.

Particulars	2016-17	2017-18
	Rs.	Rs.
Revenue from operations	2,00,000	2,50,000
Other income	50,000	40,000
Expenses	1,50,000	1,20,000

2)

From the following particulars, prepare comparative income statement of Mary Co. Ltd.

Particulars	2015-16 Rs.	2016-17 Rs.
Revenue from operations	4,00,000	5,00,000
Operating expenses	2,00,000	1,80,000
Income tax (% of the profit before tax)	20	50

3)

From the following particulars, prepare comparative balance sheet of Malar Ltd as on 31^st March 2016 and 31^st March 2017.

Particulars	31st March 2016	31st March 2017
	RS.	Rs.
I EQUITY AND LIABILITIES
1. Shareholders’ fund
a) Share capital	2,00,000	2,50,000
b) Reserves and surplus	50,000	50,000
2. Non-current liabilities
Long-term borrowings	30,000	60,000
3. Current liabilities
Trade payables	20,000	60,000
Total	3,00,000	4,20,000
II ASSETS
1. Non-current assets
a) Fixed assets	1,00,000	1,50,000
b) Non - current investments	50,000	75,000
2. Current assets
Inventories	75,000	1,50,000
Cash and cash equivalents	75,000	45,000
Total	3,00,000	4,20,000

4)
List the tools of financial statement analysis.
5)
When is trend analysis preferred to other tools?

12th Standard English Medium Accountancy Subject Company Accounts Book Back 2 Mark Questions with Solution Part - II - by Question Bank Software - Jun 02, 2021 - View & Read

1)
Khan Ltd. issued 50,000 shares of Rs.10 each to the public payable Rs.4 on application, Rs.4 on allotment and Rs.2 on first and final call. Applications were received for 65,000 shares. The directors decided to allot 50,000 shares on pro rata basis and surplus application money was utilised for allotment. Pass journal entries assuming that the amounts due were received.
2)
Jeyam Tyres issued 15,000 ordinary shares of Rs.10 each payable as follows:
Rs.3 on application; Rs.5 on allotment; Rs.2 on first and final call. All money were duly received except one shareholder holding 100 shares failed to pay the call money. Pass the necessary journal entries for call (using calls in arrear account).
3)
What is over-subscription?
4)
Write a short note on securities premium account.
5)
Aruna Mills Ltd. with a registered capital of Rs.5,00,000 in equity shares of Rs.10 each, issued 20,000 of such shares payable as follows; Rs. 4 per share on application,Rs.4 per share on allotment and Rs.2 per share on first and final call. The issue was duly subscribed. All the money payable was duly received. But on allotment, one shareholder paid the entire balance on his holding of 300 shares. Give journal entries to record the above.

12th Standard English Medium Accountancy Subject Company Accounts Book Back 2 Mark Questions with Solution Part - I - by Question Bank Software - Jun 02, 2021 - View & Read

1)
Bharath Ltd. issued 1,00,000 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.5 per share

On allotment Rs.3 per share

On first and final call Rs.2 per share

Application money was received for 1,20,000 shares. Excess application money was refunded immediately. Pass journal entries to record the above.
2)
Sudha Ltd. offered 1,00,000 shares of Rs.10 each to the public payable Rs.3 on application, Rs.4 on share allotment and the balance when required. Applications for 1,40,000 shares were received on which the directors allotted as:
Applicants for 60,000 shares - Full
Applicants for 75,000 shares - 40,000 shares (excess money will be utilised for allotment)
Applicants for 5,000 shares - Nil
All the money due was received. Pass journal entries upto the receipt of allotment.
3)
What is a share?
4)
What is meant by calls in arrear?
5)
Why are the shares forfeited?

12th Standard English Medium Accountancy Subject Retirement and Death of a Partner Book Back 2 Mark Questions with Solution Part - II - by Question Bank Software - Jun 02, 2021 - View & Read

1)
What is gaining ratio?
2)
What is the journal entry to be passed to transfer the amount due to the deceased partner to the executor of the deceased partner?
3)
Rosi, Rathi and Rani are partners of a firm sharing profits and losses equally. Rathi retired from the partnership on 1.1.2018. On that date, their balance sheet showed accumulated loss of Rs. 45,000 on the asset side of the balance sheet. Give the journal entry to distribute the accumulated loss.
4)
Sunil, Sumathi and Sundari are partners sharing profits in the ratio of 3 : 3 : 4. Sundari retires and her share is taken up entirely by Sunil. Calculate the new profit sharing ratio and gaining ratio
5)
Navin, Ravi and Kumar are partners sharing profits in the ratio of 1/2, 1/4 and 1/4 respectively. Kumar retires and his share is taken up by Navin and Ravi equally. Calculate the new profit sharing ratio and gaining ratio.

12th Standard English Medium Accountancy Subject Retirement and Death of a Partner Book Back 2 Mark Questions with Solution Part - I - by Question Bank Software - Jun 02, 2021 - View & Read

1)
What is the purpose of calculating gaining ratio?
2)
Dheena, Surya and Janaki are partners sharing profits and losses in the ratio of 5:3:2. On 31.3.2018, Dheena retired. On the date of retirement, the books of the firm showed a reserve fund of Rs. 50,000. Pass journal entry to transfer the reserve fund.
3)
Kayal, Mala and Neela are partners sharing profits in the ratio of 2:2:1. Kayal retires and the new profit sharing ratio between Nila and Neela is 3:2. Calculate the gaining ratio.
4)
Ramu, Somu, Gopu are partners sharing profits in the ratio of 3 : 5 : 7. Gopu retires and the share is purchased by Ramu and Somu in the ratio of 3 : 1. Find the new profit sharing ratio and gaining ratio
5)
Mani, Gani and Soni are partners sharing the profits and losses in the ratio of 4:5:6. Mani retires from the firm. Calculate the new profit sharing ratio and gaining ratio.

12th Standard English Medium Accountancy Subject Admission of a Partner Book Back 2 Mark Questions with Solution Part - II - by Question Bank Software - Jun 02, 2021 - View & Read

1)
Kavitha and Radha are partners of a firm sharing profits and losses in the ratio of 4:3. They admit Deepa on 1.1.2019. On that date, their balance sheet showed debit balance of profit and loss account being accumulated loss of Rs. 70,000 on the asset side of the balance sheet. Give the journal entry to transfer the accumulated loss on admission.
2)
Hari and Saleem are partners sharing profits and losses in the ratio of 5:3. They admit Joel for 1/8 share, which he acquires entirely from Hari. Find out the new profit sharing ratio and sacrificing ratio.
3)
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.
4)
Prasanth and Nisha are partners sharing profits and losses in the ratio of 3:2. They admit Ramya as a new partner. Prasanth surrenders 2/5 of his share and Nisha surrenders 2/5 of her share in favour of Ramya. Calculate the new profit sharing ratio and sacrificing ratio.
5)
Mahesh and Dhanush are partners sharing profits and losses in the ratio of 2:1. Arun is admitted for 1/4 share which he acquired equally from both Mahesh and Dhanush. Calculate the new profit sharing ratio and sacrificing ratio.

12th Standard English Medium Accountancy Subject Admission of a Partner Book Back 2 Mark Questions with Solution Part - I - by Question Bank Software - Jun 02, 2021 - View & Read

1)
Vimala and Kamala are partners, sharing profits and losses in the ratio of 4:3. Vinitha enters into the partnership and she acquires 1/14 from Vimala and 1/14 from Kamala. Find out the new profit sharing ratio and sacrificing ratio.
2)
Prema and Chandra share profits in the ratio of 5:3. Hema is admitted as a partner. Prema surrendered 1/8 of her share and Chandra surrendered 1/8 of her share in favour of Hema. Calculate the new profit sharing ratio and sacrificing ratio.
3)
Selvam and Senthil are partners sharing profit in the ratio of 2:3. Siva is admitted into the firm with 1/5 share of profit. Siva acquires equally from Selvam and Senthil. Calculate the new profit sharing ratio and sacrificing ratio.
4)
Ambika, Dharani and Padma are partners in a firm sharing profits in the ratio of 5:3:2. They admit Ramya for 25% profit. Calculate the new profit sharing ratio and sacrificing ratio.
5)
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.

12th Standard English Medium Accountancy Subject Goodwill In Partnership Accounts Book Back 2 Mark Questions with Solution Part - II - by Question Bank Software - Jun 02, 2021 - View & Read

1)
From the following information, find out the value of goodwill by capitalisation method:
(a) Average profit = Rs. 60,000
(b) Normal rate of return = 10%
(c) Capital employed = Rs. 4,50,000
2)
From the following information, calculate the value of goodwill on the basis of 3 years purchase of average profits of last four years.

Year Result Amount
Rs.

2015 Profit 5,000

2016 Profit 8,000

2017 Loss 3,000

2018 Profit 6,000
3)
What is acquired goodwill?
4)
What is super profit?
5)
What is normal rate of return?

12th Standard English Medium Accountancy Subject Goodwill In Partnership Accounts Book Back 2 Mark Questions with Solution Part - I - by Question Bank Software - Jun 02, 2021 - View & Read

1)
A partnership firm has decided to value its goodwill for the purpose of settling a retiring partner. The profits of that firm for the last four years were as follows:
2015: Rs. 40,000; 2016: Rs. 50,000; 2017: Rs. 48,000 and 2018: Rs. 46,000
The business was looked after by a partner. No remuneration was paid to him. The fair remuneration of the partner valued at comes to Rs. 6,000 per annum.
Find out the value of goodwill, if it is valued on the basis of three years purchase of the average profits of the last four years
2)
The following are the profits of a firm in the last five years:
2014: Rs. 10,000; 2015: Rs. 11,000; 2016: Rs. 12,000; 2017: Rs. 13,000 and 2018: Rs. 14,000
Calculate the value of goodwill at 2 years purchase of average profit of five years.
3)
What is goodwill?
4)
What is super profit?
5)
State any two circumstances under which goodwill of a partnership firm is valued.

12th Standard English Medium Accountancy Subject Accounts of Partnership Firms-Fundamentals Book Back 2 Mark Questions with Solution Part - II - by Question Bank Software - Jun 02, 2021 - View & Read

1)
Mannan and Ramesh share profits and losses in the ratio of 3:1. The capital on 1^stApril 2017 was Rs. 80,000 for Mannan and Rs. 60,000 for Ramesh and their current accounts show a credit balance of Rs. 10,000 and Rs. 5,000 respectively. Calculate interest on capital at 5% p.a. for the year ending 31^st March 2018 and show the journal entries.
2)
The capital account of Arivazhagan and Srinivasan on 1^stJanuary 2017 showed a balance of Rs. 15,000 and Rs. 10,000 respectively. On 1^st July 2017, Arivazhagan introduced an additional capital of Rs. 5,000 and on 1st September 2017 Srinivasan introduced an additional capital of Rs. 10,000. Calculate interest on capital at 6% p.a. for the year ending 31^st December 2017.
3)
Rajan is a partner who withdrew Rs. 30,000 during the year 2018. Interest on drawings is charged at 10% per annum. Calculate interest on drawings on 31st December, 2018.
4)
Vennila and Eswari are partners. Vennila draws Rs.5,000 at the beginning of each half year. Interest on drawings is chargeable at 4% p.a. Calculate interest on drawings for the year ending 31^st December 2018 using average period.
5)
Define partnership.

12th Standard English Medium Accountancy Subject Accounts of Partnership Firms-Fundamentals Book Back 2 Mark Questions with Solution Part - I - by Question Bank Software - Jun 02, 2021 - View & Read

1)
What is the journal entry to be passed for providing interest on capital to a partner?
2)
Mannan and Ramesh share profits and losses in the ratio of 3:2 and their capital on 1st April, 2018 was Mannan Rs. 1,50,000 and Ramesh Rs. 1,00,000 respectively and their current accounts show a credit balance of Rs. 25,000 and Rs. 20,000 respectively. Calculate interest on capital at 6% p.a. for the year ending 31^st March, 2019 and show the journal entries.
3)
Santhosh is a partner in a partnership firm. As per the partnership deed, interest on drawings is charged at 6% per annum. During the year ended 31st December, 2018 he withdrew as follows:

Date Rs.

February 1 2,000

May 1 10,000

July 1 4,000

October 1 6,000

Calculate the amount of interest on drawing.
4)
Mathew is a partner who withdrew Rs.20,000 during the year 2018. Interest on drawings is charged at 10% per annum. Calculate interest on drawings on 31st December 2018.
5)
Ram and Shyam were partners. Ram withdrew Rs. 18,000 at the beginning of each half year. Interest on drawings is chargeable @ 10% p.a. Calculate interest on the drawings for the year ending 31st December 2018 using average period.

12th Standard English Medium Accountancy Subject Accounts of Not-For-Profit Organisation Book Back 2 Mark Questions with Solution Part - II - by Question Bank Software - Jun 02, 2021 - View & Read

1)
State the meaning of not–for–profit organisation
2)
What is legacy?
3)
Give four examples for capital receipts of not–for–profit organisation.
4)
How will the following items appear in the final accounts of a club for the year ending 31st March 2017? Received subscription of Rs. 40,000 during the year 2016-17. This includes subscription of Rs. 5,000 for 2015 - 16 and Rs. 3,000 for the year 2017-18. Subscription of 1,000 is still outstanding for the year 2016 - 17.
5)
From the following particulars, show how the item ‘subscription’ will appear in the Income and Expenditure Account for the year ended 31-12-2018? Subscription received in 2018 is Rs.50,000 which includes Rs.5,000 for 2017 and Rs.7,000 for 2019. Subscription outstanding for the year 2018 is Rs 6,000. Subscription of Rs.4,000 was received in advance for 2018 in the year 2017.

12th Standard English Medium Accountancy Subject Accounts of Not-For-Profit Organisation Book Back 2 Mark Questions with Solution Part - I - by Question Bank Software - Jun 02, 2021 - View & Read

1)
Write a short note on life membership fees.
2)
Give four examples for revenue receipts of not–for–profit organisation.
3)
Compute income from subscription for the year 2018 from the following particulars relating to a club

Particulars 1.1.2018
Rs. 31.12.2018
Rs.

Outstanding subscription 3,000 5,000

Subscription received in advance 4,000 7,000

Subscription received during the year 2018: Rs.45,000.
4)
Show how the following items appear in the income and expenditure account of Sirkazhi Singers Association?

Rs.

Stock of stationery on 1.4.2018 2,600

Purchase of stationery during the year 6,500

Stock of stationery on 31.3.2018 2,200

5)

Compute capital fund of Salem Sports Club as on 1.4.2019.

Particulars	Rs.	Particulars	Rs.
Sports equipment	30,000	Prize fund	10,000
Computer	25,000	Prize fund investments	10,000
Subscription outstanding for 2018-19	5,000	Cash in hand	7,000
Subscription received in advance for 2019-20	8,000	Cash at bank	21,000

12th Standard English Medium Accountancy Subject Accounts From Incomplete Records Book Back 2 Mark Questions with Solution Part - II - by Question Bank Software - Jun 02, 2021 - View & Read

1)

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

2)

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

3)

From the following particulars, prepare bills receivable account and compute the bills received from the debtors

Particulars	Rs
Opening bills receivable	20,000
Closing bills receivable	30,000
Cash received for bills receivable	60,000
Bills receivable dishonoured	5,000

4)
What is meant by incomplete records?
5)
What is a statement of affairs?

12th Standard English Medium Accountancy Subject Accounts From Incomplete Records Book Back 2 Mark Questions with Solution Part - I - by Question Bank Software - Jun 02, 2021 - View & Read

1)

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

2)
State the accounts generally maintained by small sized sole trader when double entry accounting system is not followed.

3)

From the following particulars ascertain profit or loss:

Particulars	Rs.
Capital at the beginning of the year (1^stApril, 2018)	5,00,000
Capital at the end of the year (31^st March, 2019)	8,50,000
Additional capital introduced during the year	1,20,000
Drawings during the year	70,000

4)

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

5)
From the following details, calculate credit purchases

Particulars Rs.

Opening creditors 1,70,000

Purchase returns 20,000

Cash paid to creditors 4,50,000

Closing creditors 1,90,000

12th Standard English Medium Accountancy Subject Computerized Accounting System - Tally Book Back 1 Mark Questions with Solution Part - II - by Question Bank Software - Jun 02, 2021 - View & Read

1)
Accounting report prepared according to the requirements of the user is
2)
Function key F11 is used for
3)
Which submenu displays groups, ledgers and voucher types in Tally?
4)
What are the predefined Ledger(s) in Tally?
(i) Cash
(ii) Profit & Loss A/c
(iii) Capital A/c
5)
Contra voucher is used for

12th Standard English Medium Accountancy Subject Computerized Accounting System - Tally Book Back 1 Mark Questions with Solution Part - I - by Question Bank Software - Jun 02, 2021 - View & Read

1)
Which is not the default group in Tally?
2)
Salary account comes under which of the following head?
3)
Rs. 25,000 withdrawn from bank for office use. In which voucher type, this transaction will be recorded?
4)
In which voucher type credit purchase of furniture is recorded in Tally
5)
Which of the following options is used to view Trial Balance from Gateway of Tally?

12th Standard English Medium Accountancy Subject Ratio Analysis Book Back 1 Mark Questions with Solution Part - II - by Question Bank Software - Jun 02, 2021 - View & Read

1)
The mathematical expression that provides a measure of the relationship between two figures is called
2)
Current ratio indicates
3)
Current assets excluding inventory and prepaid expenses is called
4)
Debt equity ratio is a measure of

5)

Match List I with List II and select the correct answer using the codes given below:

List I	List II
(i) Current ratio	1. Liquidity
(ii) Net profit ratio	2. Efficiency
(iii) Debt-equity ratio	3. Long term solvency
(iv) Inventory turnover ratio	4. Profitability

12th Standard English Medium Accountancy Subject Ratio Analysis Book Back 1 Mark Questions with Solution Part - I - by Question Bank Software - Jun 02, 2021 - View & Read

1)
To test the liquidity of a concern, which of the following ratios are useful?
(i) Quick ratio
(ii) Net profit ratio
(iii) Debt-equity ratio
(iv) Current ratio
Select the correct answer using the codes given below:
2)
Proportion of share holder's funds to total assets is called
3)
Which one of the following is not correctly matched?
4)
Current liabilities Rs. 40,000; Current assets Rs. 1,00,000 ; Inventory Rs. 20,000. Quick ratio is
5)
Cost of revenue from operations Rs. 3,00,000; Inventory in the beginning of the year Rs. 60,000; Inventory at the close of the year Rs. 40,000. Inventory turnover ratio is

12th Standard English Medium Accountancy Subject Financial Statement Analysis Book Back 1 Mark Questions with Solution Part - II - by Question Bank Software - Jun 02, 2021 - View & Read

1)
Which of the following statements is not true?
2)
Which of the following tools of financial statement analysis is suitable when data relating to several years are to be analysed?
3)
Which of the following is not a tool of financial statement analysis?
4)
Which of the following statements is not true?
5)
In a common-size balance sheet, if the percentage of non-current assets is 75, what would be the percentage of current assets?

12th Standard English Medium Accountancy Subject Financial Statement Analysis Book Back 1 Mark Questions with Solution Part - I - by Question Bank Software - Jun 02, 2021 - View & Read

1)
Balance sheet provides information about the financial position of a business concern
2)
The financial statements do not exhibit
3)
The term ‘fund’ refers to
4)
A limited company’s sales has increased from Rs.1,25,000 to Rs.1,50,000. How does this appear in comparative income statement?
5)
Expenses for a business for the first year were Rs. 80,000. In the second year, it was increased to Rs. 88,000. What is the trend percentage in the second year?

12th Standard English Medium Accountancy Subject Company Accounts Book Back 1 Mark Questions with Solution Part - II - by Question Bank Software - Jun 02, 2021 - View & Read

1)
A preference share is one
(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
2)
At the time of forfeiture, share capital account is debited with
3)
The amount received over and above the par value is credited to
4)
When shares are issued for purchase of assets, the amount should be credited to
5)
If a share of Rs.10 on which Rs.8 has been paid up is forfeited. Minimum reissue price is

12th Standard English Medium Accountancy Subject Company Accounts Book Back 1 Mark Questions with Solution Part - I - by Question Bank Software - Jun 02, 2021 - View & Read

1)
That part of share capital which can be called up only on the winding up of a company is called:
2)
After the forfeited shares are reissued, the balance in the forfeited shares account should be transferred to
3)
Which of the following statement is false?

4)

Match the pair and identify the correct option

(1) Under subscription	(i) Amount prepaid for calls
(2) Over subscription	(ii) Subscription above the offered shares
(3) Calls in arrear	(iii) Subscription below the offered shares
(4) Calls in advance	(iv) Amount unpaid on calls

5)
Supreme Ltd. forfeited 100 shares of Rs.10 each for non-payment of final call of Rs.2 per share. All these shares were re-issued at Rs.9 per share. What amount will be transferred to capital reserve account?

12th Standard English Medium Accountancy Subject Retirement and Death of a Partner Book Back 1 Mark Questions with Solution Part - II - by Question Bank Software - Jun 02, 2021 - View & Read

1)
On retirement of a partner from a partnership firm, accumulated profits and losses are distributed to the partners in the
2)
On revaluation, the increase in liabilities leads to
3)
If the final amount due to a retiring partner is not paid immediately, it is transferred to
4)
A, B and C are partners sharing profits in the ratio of 2:2:1. On retirement of B, goodwill of the firm was valued as Rs. 30,000. Find the contribution of A and C to compensate B:
5)
X, Y and Z were partners sharing profits and losses equally. X died on 1st April 2019. Find out the share of X in the profit of 2019 based on the profit of 2018 which showed Rs. 36,000.

12th Standard English Medium Accountancy Subject Retirement and Death of a Partner Book Back 1 Mark Questions with Solution Part - I - by Question Bank Software - Jun 02, 2021 - View & Read

1)
A partner retires from the partnership firm on 30^th June. He is liable for all the acts of the firm up to the
2)
On retirement of a partner, general reserve is transferred to the
3)
At the time of retirement of a partner, determination of gaining ratio is required
4)
‘ A’ was a partner in a partnership firm. He died on 31^st March 2019. The final amount due to him is Rs. 25,000 which is not paid immediately. It will be transferred to
5)
A, B and C are partners sharing profits in the ratio of 4:2:3. C retires. The new profit sharing ratio between A and B will be

12th Standard English Medium Accountancy Subject Admission of a Partner Book Back 1 Mark Questions with Solution Part - II - by Question Bank Software - Jun 02, 2021 - View & Read

1)
Revaluation A/c is a
2)
The profit or loss on revaluation of assets and liabilities is transferred to the capital account of
3)
At the time of admission, the goodwill brought by the new partner may be credited to the capital accounts of

4)

Match List I with List II and select the correct answer using the codes given below:

List I	List II
(i) Sacrificing ratio	1. Investment fluctuation fund
(ii) Old profit sharing ratio	2. Accumulated profit
(iii) Revaluation Account	3. Goodwill
(iv) Capital Account	4. Unrecorded liability

5)
James and Kamal are sharing profits and losses in the ratio of 5:3. They admit Sunil as a partner giving him 1/5 share of profits. Find out the sacrificing ratio.

12th Standard English Medium Accountancy Subject Admission of a Partner Book Back 1 Mark Questions with Solution Part - I - by Question Bank Software - Jun 02, 2021 - View & Read

1)
On revaluation, the increase in the value of assets leads to
2)
If the old profit sharing ratio is more than the new profit sharing ratio of a partner, the difference is called
3)
Which of the following statements is not true in relation to admission of a part _________.
4)
Select the odd one out
5)
Balaji and Kamalesh are partners sharing profits and losses in the ratio of 2:1. They admit Yogesh into partnership. The new profit sharing ratio between Balaji, Kamalesh and Yogesh is agreed to 3:1:1. Find the sacrificing ratio between Balaji and Kamalesh.

12th Standard English Medium Accountancy Subject Goodwill In Partnership Accounts Book Back 1 Mark Questions with Solution Part - II - by Question Bank Software - Jun 02, 2021 - View & Read

1)
Super profit is the difference between
2)
The average rate of return of similar concerns is considered as
3)
Which of the following is true?
4)
Identify the incorrect pair
5)
When the average profit is Rs. 25,000 and the normal profit is Rs. 15,000, super profit is __________

12th Standard English Medium Accountancy Subject Goodwill In Partnership Accounts Book Back 1 Mark Questions with Solution Part - I - by Question Bank Software - Jun 02, 2021 - View & Read

1)
Which of the following statements is true?
2)
Super profit is the difference between
3)
When the average profit is Rs. 25,000 and the normal profit is Rs. 15,000, super profit is __________
4)
Book profit of 2017 is Rs. 35,000; non-recurring income included in the profit is Rs. 1,000 and abnormal loss charged in the year 2017 was Rs. 2,000, then the adjusted profit is __________
5)
The total capitalised value of a business is Rs. 1,00,000; assets are Rs. 1,50,000 and liabilities are Rs. 80,000. The value of goodwill as per the capitalisation method will be

12th Standard English Medium Accountancy Subject Accounts of Partnership Firms-Fundamentals Book Back 1 Mark Questions with Solution Part - II - by Question Bank Software - Jun 02, 2021 - View & Read

1)
In the absence of an agreement among the partners, interest on capital is
2)
Which of the following is shown in Profit and loss appropriation account?
3)
When a partner withdraws regularly a fixed sum of money at the middle of every month, period for which interest is to be calculated on the drawings on an average is
4)
In the absence of an agreement, partners are entitled to
5)
Profit after interest on drawings, interest on capital and remuneration is Rs. 10,500. Geetha, a partner, is entitled to receive commission @ 5% on profits after charging such commission. Find out commission.

12th Standard English Medium Accountancy Subject Accounts of Partnership Firms-Fundamentals Book Back 1 Mark Questions with Solution Part - I - by Question Bank Software - Jun 02, 2021 - View & Read

1)
In the absence of a partnership deed, profits of the firm will be shared by the partners in
2)
As per the Indian Partnership Act, 1932, the rate of interest allowed on loans advanced by partners is
3)
When fixed capital method is adopted by a partnership firm, which of the following items will appear in capital account?
4)
Which of the following is the incorrect pair?
5)
Pick the odd one out

12th Standard English Medium Accountancy Subject Accounts of Not-For-Profit Organisation Book Back 1 Mark Questions with Solution Part - II - by Question Bank Software - Jun 02, 2021 - View & Read

1)
Receipts and payments account is a
2)
Balance of receipts and payments account indicates the
3)
Income and Expenditure Account is prepared to find out
4)
Subscription due but not received for the current year is
5)
Donations received for a specific purpose is

12th Standard English Medium Accountancy Subject Accounts of Not-For-Profit Organisation Book Back 1 Mark Questions with Solution Part - I - by Question Bank Software - Jun 02, 2021 - View & Read

1)
Receipts and payments account records receipts and payments of
2)
Income and expenditure account is a
3)
Which of the following should not be recorded in the income and expenditure account?
4)
Legacy is a
5)
There are 500 members in a club each paying Rs. 100 as annual subscription. Subscription due but not received for the current year is Rs. 200; Subscription received in advance is Rs. 300.Find out the amount of subscription to be shown in the income and expenditure account

12th Standard English Medium Accountancy Subject Accounts From Incomplete Records Book Back 1 Mark Questions with Solution Part - II - by Question Bank Software - Jun 02, 2021 - View & Read

1)
Statement of affairs is a
2)
The excess of assets over liabilities is
3)
The amount of credit sales can be computed from
4)
What is the amount of capital of the proprietor, if his assets are Rs. 85,000 and liabilities are Rs. 21,000?
5)
Opening balance of debtors: Rs. 30,000, cash received: Rs. 1,00,000, credit sales: Rs. 90,000; closing balance of debtors is

12th Standard English Medium Accountancy Subject Accounts From Incomplete Records Book Back 1 Mark Questions with Solution Part - I - by Question Bank Software - Jun 02, 2021 - View & Read

1)
Incomplete records are generally maintained by
2)
Opening statement of affairs is usually prepared to find out the
3)
Which of the following items relating to bills payable is transferred to total creditors account?
4)
Which one of the following statements is not true in relation to incomplete records?
5)
When capital in the beginning is Rs. 10,000, drawings during the year is Rs. 6,000, profit made during the year is Rs. 2,000 and the additional capital introduced is 3,000, find out the amount of capital at the end

On application	Rs.5 per share
On allotment	Rs.3 per share
On first and final call	Rs.2 per share

Particulars	Rs.
Total current liabilities	2,00,000
Total current assets	4,00,000
Inventories	70,000
Prepaid expenses	30,000

(i) Average profit	Rs. 14,000
(ii) Normal Profit	Rs. 4,000
(iii) Normal rate of return	15%
(iv) Years of purchase of goodwill	5

On application	Rs.5
On allotment	Rs.5 (including premium)
On first and final call	Rs.2

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