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OBJECTIVE
ACCOUNTANCYClass XII
Code : 9672
Price : ` 50/-
ISBN : 978-93-5167-864-9
Dr. S. K. Singh M. Com., Ph. D.
Recipient of
Rashtriya Gaurav Award,
Asian Admirable Achiever &
included in Asia/Pacific
Who's who
Dr. S. K. Singh M. Com., Ph. D.
Recipient of
Rashtriya Gaurav Award,
Asian Admirable Achiever &
included in Asia/Pacific
Who's who
Thoroughly Revised Edition
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First Part–Objective Questions
BIHAR SCHOOL EXAMINATION BOARD
(SENIOR SECONDARY), PATNA
Based on
and Question Paper Pattern, 2015
Revised Examination Pattern
Type of Questions
01 to 40 Multiple Choice Questions 40 × 1 = 40
Total = 40 Total Marks = 40
No. of Questions Marks
01 10 10 × 3 = 30
11 to 15 Long Answer Type Questions 5 × 6 = 30
Total = 15 Total Marks = 60
No. of Questions Type of Questions Marks
to Short Answer Type Questions
MARKING SCHEME
2nd Part–Non-Objective Questions
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v/;k; i`"B&la[;k
1.1. 1—3
1. Accounting for Partnership Firms—Fundamentals 4—7
2. Reconstitution of Partnership—Change in Profit Sharing Ratio Among the 7—10
Existing Partners
3. Goodwill : Meaning, Nature, Factors Affecting and Methods of Valuation 10—12
4. Reconstitution of Partnership : Admission of a Partner 13—17
5. Reconstitution of Partnership—Retirement of a Partner 18—21
6. Reconstitution of Partnership—Death of a Partner 21—24
7. Dissolution of a Partnership Firm 24—27
1. Issue of Shares 28—31
2. Forfeiture and Re-issue of Shares 32—34
3. Issue of Debentures 34—36
4. Redemption of Debentures 37—39
5. Financial Statements of a Company: Balance Sheet 40—42
6. Financial (Statement) Analysis 42—44
7. Tools of Financial Analysis : Comparative Statements 45—46
9. Accounting Ratios 46—51
10. Cash Flow Statement 52—56
l 1—14
l 1—2
l 1—3
Accounting for Not-for-Profit Organisations
Latest Model Paper
OMR Sheet
Board Examination Paper
ContentsContentsContents
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Dr. Singh & Gupta
Dr. Singh & Gupta
Dr. Singh & Gupta
Dr. Sharma & Gupta
Dr. Anupam Agrawal
Accountancy
Prob. & Sol. in Accountancy
Project Work in Accountancy
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“The reading of all good books is likea conversation with the finest man.”
English Edition & Solution of this book is also availableEnglish Edition & Solution of this book is also available
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Chapter 1.1ACCOUNTING FOR NOT-FOR-PROFIT
ORGANISATIONS
Instruction : In the following questions there are four options of which only one is correct. Youhave to choose the correct option and mark in the answer sheet :
1. Sale of old newspapers is—
(A) Capital Receipt (B) Revenue Receipt (C) Asset (D) Profit
2. Income and expenses related to the prize fund is shown in—
(A) Income and Expenditure Account (B) Assets side of the Balance Sheet
(C) Liabilities side of the Balance Sheet (D) Cash Account
3. Life membership fees of non-trading concerns is—
(A) Capital Receipts (B) Revenue Receipts (C) Both (D) None of these
4. Legacies should be treated as—
(A) Liability (B) A Revenue Receipt (C) A Capital Receipt (D) None of these
5. Payment of Honorarium to secretary is treated as— (B.S.E.B., 2012, 13)
(A) Capital Expenditure (B) Revenue Expenditure
(C) Cash Expenses (D) None of these
6. Specific donation is—
(A) Capital Receipt (B) Revenue Receipt (C) Asset (D) None of these
7. Income and Expenditure Account records—
(A) Capital items (B) Revenue items (C) A and B both (D) None of these
8. Outstanding subscription is a/an— (B.S.E.B., 2013)
(A) Income (B) Asset (C) Liability (D) None of these
9. Entrance fee, unless otherwise stated, is treated as—
(A) Revenue Receipts (B) Capital Receipts
(C) Liability (D) None of these
10. Life membership fee received by a Club is—
(A) Revenue Receipt (B) Capital Receipt
(C) A and B both (D) None of these
11. All receipts of capital nature are shown in—
(A) Income and Expenditure A/c (B) Balance Sheet
(C) P. & L. A/c (D) None of these
12. All items of revenue in nature are shown in—
(A) Income and Expenditure A/c (B) Balance Sheet
(C) A and B both (D) None of these
13. Which of the following is not a not-for-profit organisation—
(A) School (B) Hospital (C) Club (D) Partnership Firm
14. The excess of assets over liabilities in non-trading concerns is treated as—
(A) Capital Fund (B) Capital (C) Profit (D) Net Profit
15. Subscriptions received in advance by a Club are shown on .......... side of the Balance Sheet—
(A) Assets Side (B) Liabilities Side (C) Debit Side (D) Credit Side
16. Which of the following is not an income—
(A) Subscription (B) Donation (C) Sale of Ticket (D) Endowment Fund
17. Income and Expenditure A/c includes—
(A) Revenue Items (B) Capital Items (C) Both (A) and (B) (D) None of these
OBJECTIVE ACCOUNTANCY
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18. Most transactions in non-trading concerns are—
(A) Cash (B) Credit (C) Both (A) and (B) (D) None of these
19. The main object of non-profit organisation is—
(A) To earn the Profit (B) To Serve the Society
(C) To Prepare Profit & Loss A/c (D) All the above
20. Subscription received by an organisation is—
(A) Capital Receipt (B) Revenue Receipt
(C) Both ‘A’ and ‘B’ (D) None of the above
21. Entrance fees received by a Club is treated as—
(A) Revenue Receipt (B) Capital Receipt
(C) Revenue Expenditure (D) None of these
22. Receipts and Payments A/c is a summary of—
(A) All Capital Receipts and Payments
(B) All Revenue Receipts and Payments
(C) All Revenue and Capital Receipts and Payments
(D) None of the above
23. Subscription received during the year ̀ 50,000; Subscriptions outstanding at the end of the year ̀
8,000; Subscription outstanding at the beginning of the year ` 6,000. Net Income from
subscription will be—
(A) ` 48,000 (B) ` 64,000 (C) ` 52,000 (D) ` 36,000
24. Subscription received during the year ` 1,80,000; Subscriptions outstanding at the end of the
year ` 20,000; Subscriptions received in advance at the end of the year ` 10,000. The amount of
subscription to be credited to Income and Expenditure Account will be—
(A) ` 2,10,000 (B) ` 1,90,000 (C) ` 1,70,000 (D) ` 2,00,000
25. In case specific fund is maintained, the expenses exceeding the amount of the funds, should be
recorded on—
(A) Liabilities side of the Balance Sheet
(B) Debit side of the Income and Expenditure Account
(C) Credit side of the Income and Expenditure Account
(D) Assets side of the Balance Sheet
26. All receipts from sale of consumable items are treated as—
(A) Capital Receipts (B) Revenue Receipts (C) Both ‘A’ and ‘B’ (D) None of these
27. Subscriptions received in cash during the year ` 5,000, amount received in advance for the next
year is ` 300. Amount outstanding for current year was ` 400. The amount to be credited to the
Income and Expenditure Account is—
(A) ` 4,000 (B) ` 5,100 (C) ` 4,200 (D) ` 4,600
28. If income is ` 16,000 and ‘deficit’ debited to capital fund is ` 4,300, then expenditure is—
(A) ` 16,000 (B) ` 4,300 (C) ` 20,300 (D) None of these
29. Balance of Income and Expenditure Account shows—
(A) Cash in hand (B) Capital Fund
(C) Net Profit (D) Excess of Income over Expenditure or vice-versa
30. Property received as a result of the will of the deceased person is calledµ (B.I. E.C., 2012)
(A) Legacy (B) Honorarium (C) Donation (D) Subscription
31. Legacies should be treated as—
(A) A Liability (B) A Revenue Receipts
(C) An Income (D) None of these
32. Life membership fees received by Club is shown in— (B.S.E.B., 2009, 11)
(A) Income and Expenditure A/c (B) Balance Sheet
(C) Receipts and Payments A/c (D) None of these
2 SBPD Publications Financial Accounting—XII
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33. For non-trading organisation honorarium is— (B.S.E.B., 2010, 11)
(A) A Capital Expenditure (B) A Revenue Expenditure
(C) An Income (D) None of these
34. Receipts & Payments A/c is a— (B.S.E.B., 2010)
(A) Personal A/c (B) Real A/c (C) Nominal A/c (D) None of these
35. Income & Expenditure A/c is a—
(A) Personal A/c (B) Real A/c (C) Nominal A/c (D) None of these
36. Which of the following is not a not-for-profit organisation—
(A) College (B) Sports Club (C) Maruti Udyog (D) Hospital
37. Income and Expenditure Account is prepared—
(A) By Business Organisation (B) By Industrial Organisation
(C) By Not-for-profit Organisation (D) By all Organisations
38. Receipts and Payments Account usually indicates—
(A) Surplus (B) Capital Fund (C) Debit Balance (D) Credit Balance
39. Income and Expenditure Account generally indicates—
(A) Surplus/Deficit (B) Cash Balance (C) Capital Fund (D) Net Profit/Loss
40. Donation received for specific objective will be shown—
(A) In Income and Expenditure A/c (B) On Liabilities side of B/S
(C) On Assets side of B/S (D) In none of these
41. The excess of assets over liabilities in non-trading concerns is treated as— (B.S.E.B., 2010)
(A) Capital Fund (B) Capital (C) Profit (D) Net Profit
42. In non-trading concerns, excess of income over expenditure is called—
(A) Profit (B) Surplus (C) Loss (D) Deficit
43. In not-for-profit organisations, excess of expenditure over income is called—
(A) Loss (B) Profit (C) Deficit (D) Surplus
[Ans. 1. (B), 2. (A), 3. (A), 4. (C), 5. (B), 6. (A), 7. (B), 8. (B), 9. (A), 10. (B), 11. (B), 12. (A), 13. (D),
14. (A), 15. (B), 16. (D), 17. (A), 18. (C), 19. (B), 20 (B), 21. (A), 22. (C), 23. (C), 24. (B), 25. (B),
26. (B), 27. (B), 28. (C), 29. (D), 30. (A), 31, (A), 32. (B), 33. (B), 34. (B), 35. (C), 36. (C), 37. (C),
38. (C), 39. (A), 40. (B), 41. (A), 42. (B), 43. (C).]
Explanation of Answers
23. Subscriptions received during the ` 24. Subscriptions received during the `
year 50,000 year 1,80,000
Add : Subscriptions O/S at the end of Add : Subscriptions O/S at the end of
year 8,000 year 20,000
58,000 2,00,000
Less : Subscriptions O/S at the Less : Advance subscriptions at the
beginning of year 6,000 end of year 10,000
Net Income from subcriptions 52,000 Subscriptions to be Credited to
27. Subscriptions received during the Income and Expenditure A/c 1,90,000
year 5,000 28. Expenditure = Income + Deficit
Less : Advance Subscriptions for next = ` 16,000 + 4,300 = ` 20,300
year 300
4,700
Add : Outstanding subscriptions for
current year 400
Subscriptions to be credited to
Income and Expenditure A/c 5,100
Objective Accountancy 3
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Chapter 1ACCOUNTING FOR PARTNERSHIP FIRMS :
FUNDAMENTALS
Instruction : In the following questions there are four options of which only one is correct. Youhave to choose the correct option and mark in the answer sheet :
1. Partner's salary is debited to—
(A) Trading Account (B) Profit and Loss Account
(C) Profit & Loss Appropriation Account (D) None of these
2. Current Account of the partners should be opened, when capital are—
(A) Fluctuating (B) Fixed (C) Circulating (D) None of these
3. Maximum Number of Partnership firm performing banking business is—
(A) 20 (B) 15 (C) 10 (D) None of these
4. Liability of a partner is—
(A) Limited (B) Unlimited
(C) Limited to Capital (D) None of these
5. Partnership Deed is also called—
(A) Prospectus (B) Articles of Association
(C) Principles of Partnership (D) Articles of Partnership
6. The relationship of partners with the firm is—
(A) As Manager (B) As Servant
(C) As Agent (D) As Monopolist
7. Preparation of Partnership Deed is :
(A) Compulsory (B) Not Compulsory
(C) Unnecessary (D) Partly Compulsory
8. In which year did the Partnership Act passed ?
(A) 1932 (B) 1956 (C) 1947 (D) 1952
9. Partnership Agreement can be :
(A) Oral (B) Written (C) Oral or Written (D) None of these
10. The interest on Partners’ Capital Accounts is to be credited to—
(A) Profit and Loss A/c (B) Interest A/c
(C) Partners’ Capital A/c (D) None of these
11. In the absence of any Partnership Agreement, the profits or losses of the firm are divided—
(A) In Capital Ratio (B) In Equal Ratio
(C) In any of these two ratios (D) None of these
12. In the absence of partnership deed, the partner will be allowed interest on the amount advancedto the firm by him at the rate of— (B.S.E.B., 2010)
(A) 4% p. a. (B) 5% p. a. (C) 6% p. a. (D) 8% p. a.
13. In partnership firm, profits and losses are shared—
(A) Equally (B) In the ratio of Capitals
(C) As per Agreement (D) None of these
14. Which one of the following is not the feature of partnership—
(A) Agreement (B) Sharing of Profit
(C) Limited Liability (D) Two or more than two persons
15. Profit and Loss Appropriation Account is prepared to—
(A) Create Reserve Fund (B) Find out Net Profit
(C) Find out Divisible Profit (D) None of these
16. In an ordinary partnership, maximum number of partners are—
(A) 20 (B) 10 (C) 15 (D) 5
4 SBPD Publications Financial Accounting—XII
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17. Which of the following is an appropriation of profit—
(A) Interest on Loan (B) Interest on Capital
(C) Salary (D) Rent
18. When time of withdrawals are not mentioned, interest on drawings is charged—
(A) for 6½ months (B) for 6 months (C) for 5½ months (D) for 12 months
19. When drawings are made at the end of every month of certain amount, then interest will be
calculated on total drawings for—
(A) 6½ months (B) 6 months (C) 5½ months (D) 1 month
20. For the firm, interest on drawing is a—
(A) Gain (B) Expense (C) Loss (D) None of these
21. In the absence of partnership deed, partners are not entitled to receive—
(A) Salaries (B) Commission
(C) Interest on Capital (D) All of these
22. If a fixed amount is withdrawn on the first day of every quarter, the interest on total drawingswill be calculated for—
(A) For 6 months (B) For 6.5 months (C) For 5.5 months (D) For 7.5 months
23. Anukalp and Karan are partners with the capital of ̀ 25,000 and ` 15,000 respectively. Interest
payable on capital is 10% p.a. Find the interest on capital for both the partners when the profits
earned by the firms is ` 2,400.—
(A) ` 2,500 and ` 1,500 (B) ` 1,500 and ` 900
(C) ` 1,200 and ` 1,200 (D) None of these
24. Features of a partnership firm are—
(A) Two or more persons
(B) Sharing profit and losses in the agreed ratio
(C) Business carried on by all or any of them acting for all
(D) All of the above
25. What time would be taken into consideration if equal monthly amount is drawn as drawings at
the beginning of each month ?—
(A) 7 months (B) 6 months (C) 5 months (D) 6.5 months
26. What balance does a partner’s current account has ?
(A) Debit balance (B) Credit balance
(C) A or B (D) None of these
27. A draws ` 1,000 per month on the last day of every month. If the rate of interest is 5% p.a., then
the total interest on drawings will be—
(A) ` 325 (B) ` 275 (C) ` 300 (D) ` 350
28. In the absence of an agreement, partners are entitled to— (C.P.T., 2007 Feb.)
(A) Salary (B) Profit share in capital ratio
(C) Interest an loan and advances (D) Commission
29. Fluctuating capital account is credited with— (C.P.T., 2007 Nov.)
(A) Interest on capital (B) Profit of the year
(C) Remuneration of partners (D) All of these
30. In the absence of an agreement between partners, the interest to be allowed on partner’scapital— (B.S.E.B., 2012, C.P.T., 2010 June, 2009, 13)
(A) 8% (B) 6% (C) 9% (D) None of these
31. Interest on Partner’s capital is—
(A) An expenditure (B) An appropriation (C) A gain (D) None of these
32. Calculate interest on drawing @12% p.a. for Gambhir if he withdrew ` 2,000 once at the
beginning of each month—
(A) ` 1,560 (B) ` 1,500 (C) ` 1,200 (D) ` 1,000
Objective Accountancy 5
Objective Accountancy Class 12th
Publisher : Sbpd Publications ISBN : 9789351678649 Author : Dr. S.K Singh
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