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model question paper for new syllabus of +2 state board english medium accountancy first chapter
12th Standard
Reg.No. :
Accountancy
Use blue pen only
Time :
01:30:00 Hrs
Total Marks :
75
Part - A
Answer all the following questions
10 x 1 = 10
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
(a)
Rs. 9,000
(b)
Rs. 11,000
(c)
Rs. 21,000
(d)
Rs. 3,000
Opening balance of debtors: Rs. 30,000, cash received: Rs. 1,00,000, credit sales: Rs. 90,000; closing balance of debtors is
(a)
Rs. 30,000
(b)
Rs. 1,30,000
(c)
Rs. 40,000
(d)
Rs. 20,000
The total assets of a proprietor are Rs. 5,00,000. His liabilities Rs. 3,50,000. Then his capital in the business is ____________
(a)
Rs. 8,50,000
(b)
Rs. 1,50,000
(c)
Rs. 3,50,000
(d)
Rs. 4,25,000
Under the net worth method, the basis for ascertaining the profit is ________
(a)
the difference between the capital on two dates
(b)
the difference between the liabilities on two dates
(c)
the different between the gross assets on two dates
(d)
the difference between the gross profit on two dates
A firms total sales is Rs. 80,000 and its credit sales is Rs. 60,000 Then its cash sales is ____________
(a)
Rs. 1,40,000
(b)
Rs. 70,000
(c)
Rs. 20,000
(d)
Rs. 80,000
In single entry system of accounting ___________
(a)
Duel aspects of a transaction is recorded
(b)
Single aspect of transaction is recorded
(c)
Important transaction are recorded
(d)
All of them
Statement of financial position from incomplete accounting record is commonly known as ___________
(a)
Balance sheet
(b)
Cash flow statement
(c)
Statement of affairs
(d)
Statement of financial operations
Identify the correct formula used to ascertain the closing capital
(a)
Opening capital + Net income - Drawings - Assets = Closing capital
(b)
Closing capital = Opening capital + Net loss - Drawings
(c)
Closing capital = Opening capital + Assets + Income - Expenses
(d)
Closing capital = Opening capital + Net income - Drawings
Which of the following formulas is used to calculated the net income for an accounting period?
(a)
Net income = Opening capital + Drwings + Ending capital
(b)
Net income = - Opening capital + Drawings - Ending capital
(c)
Nwt income = - Opening capital + Drawings + Ending capital
(d)
Net income = Opening capital - Total assets
If opening capital Rs. 1,000 and closing capital Rs. 2000. Assuming no drawings during the accounting period, calculated the net income or loss for the period _______
(a) Statement of affairs
(b) Net worth method method
(c) Annuity method
(d) Capital comparison method
(a) Conversion method
(b) Statement of affairs method
(c) Straight line method
(d) Net worth method
Part - C
Answer all the following questions
2 x 2 = 4
Assertion (A): Single Entry System is an incomplete, inaccurate, unscientific and unsystematic system of book keeping.
Reason (R): The name of the system itself shows that the double aspects of business transactions are recorded.
(a) Both (A) and (R) are true and (R) is the correct explanation (A).
(b) Both (A) and (R) are true and (R) is not the correct explanation of (A).
(c) (A) is true, but (R) is false.
(d) (A) is false, but (R ) is true.
Assertion (A): The single entry system is suitable only for sole traders and partnership firms.
Reason (R): Companies cannot keep books on Double entry system because of legal provisions.
(a) Both (A) and (R) are true and (R) is the correct explanation (A).
(b) Both (A) and (R) are true and (R) is not the correct explanation of (A).
(c) (A) is true, but (R) is false.
(d) (A) is false, but (R) is true.
Part - D
Answer all the following questions
5 x 1 = 5
(i) Double Entry System is an incomplete, inaccurate" unscientific and unsystematic system of book keeping.
(ii) The Double entry system is suitable only for sole traders and partnership firms.
(iii) Single Entry System is an incomplete, inaccurate, unscientific and unsystematic system of book keeping.
(a) (i) is correct
(b) (ii) is correct
(c) (iii) is correct
(d) (i) and (ii) are correct
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(iii) is correct
(i) Incomplete records system makes use of Double Entry System partially. It maintains only personal and cash accounts.
(ii) Thus, Double entry actually refers to incomplete Single entry system or the defective Single entry system.
(iii) Single entry is Debit and credit aspects of all transactions are recorded.
(a) (i) is correct
(b) (ii) is correct
(c) (iii) is correct
(d) (i) and (ii) are correct
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(i) is correct
(i) Single entry is Debit and credit aspects of all transactions are recorded.
(ii) Single Entry System is a system of book keeping in which as a rule, only records of cash and personal accounts are maintained.
(iii) Double Entry System is an incomplete, inaccurate, unscientific and unsystematic system of book keeping.
(a) (i) is correct
(b) (ii) is correct
(c) (iii) is correct
(d) (i) and (ii) are correct
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(ii) is correct
(i) Companies cannot keep books on double entry system because of legal provisions.
(ii) It is always incomplete Single entry varying with circumstances.
(iii) Single entry actually refers to incomplete double entry system or the defective double entry system.
(a) (i) is correct
(b) (ii) is correct
(c) (iii) is correct
(d) (i) and (ii) are correct
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(iii) is correct
(i) Double entry actually refers to incomplete Single entry system or the defective Single entry system.
(ii) Double Entry System is a system of book keeping in which as a rule, only records of cash and personal accounts are maintained.
(iii) If it is desired to calculate profit by preparing Trading and Profit and Loss account under single entry then it is called conversion method.
(a) (i) is correct
(b) (ii) is correct
(c) (iii) is correct
(d) (i) and (ii) are correct
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(iii) is correct
Part - E
Answer all the following questions
5 x 2 = 10
From the following particulars ascertain profit or loss:
Rs.
Capital at the beginning of the year (1st April, 2016)
2,00,000
Capital at the end of the year (31st March, 2017)
3,50,000
Additional capital introduced during the year
70,000
Drawings during the year
40,000
From the following particulars ascertain profit or loss:
Rs.
Capital as on 1st April 2018
1,60,000
Capital as on 31st March, 2019
1,50,000
Additional capital introduced during the year
25,000
Drawings made during the year
30,000
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
From the following details, calculate the capital as on 31st December 2018:
Rs
Capital as on 1st January, 2018
27,500
Goods taken for the personal use of the proprietor
5,000
Profit for the year
10,000
From the following details, calculate the missing figure:
Rs
Capital as on 1st April, 2017
2,50,000
Capital as on 31st March, 2018
2,75,000
Additional capital introduced during the year
30,000
Profit for the year
15,000
Drawings during the year
?
Part - F
Answer all the following questions
5 x 3 = 15
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.
Ahmed does not keep proper books of accounts. Find the profit or loss made by him for the year ending 31st 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%.
Find out credit sales from the following information:
Rs.
Debtors on 1st January 2018
40,000
Cash received from debtors
1,00,000
Discount allowed
5,000
Sales returns
2,000
Debtors on 31st December 2018
Debtors on 31st December 2018
From the following details find out total sales made during the year.
Rs
Debtors on 1st April 2018
50,000
Cash received from debtors during the year
1,50,000
Returns inward
15,000
Bad debts
5,000
Debtors on 31st March 2019
70,000
Cash Sales
1,40,000
Radhika started a small bakery for providing healthy and good quality bakery product at reasonable prices on 1st 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 31st 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
Part - G
Answer all the following questions
5 x 5 = 25
From the following particulars calculate total purchases
Particulars
Rs
Sundry creditors on 1st April, 2017
75,000
Bills payable on 1st 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 31st March, 2018
50,000
Bills payable on 31st March, 2018
80,000
From the following details you are required to calculate credit sales and credit purchases by preparing total debtors account, total creditors account, bills receivable account and bills payable account.
Particulars
Opening
Rs.
Closing
Rs.
Debtors
60,000
55,000
Bills receivable
5,000
1,000
Creditors
25,000
28,000
Bills payable
2,000
3,000
Other information
Cash received from debtors
1,30,000
Discount allowed to customers
5,500
Cash paid to creditors
70,000
Discount allowed by suppliers
3,500
Payments against bill payable
7,000
Cash received for bills receivable
14,000
Bills receivable dishonoured
1,200
Bad debts
3,500
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.
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
Compute the amount of total purchases and total sales of Mr. Amit from the following information for the year ending on March 31, 2018.
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