I.FILL IN THE BLANKS · 54) The following is the Trial Balance extracted from the books of …

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Question Paper 2017-2018

12th Standard

Reg.No. :

Accountancy

Time : 03:00:00 Hrs PART-A

Total Marks : 200

I.FILL IN THE BLANKS 15 x 1 = 15 1) Prepaid expenses are shown on the ________ side of the balance sheet. 2) Expenses which have been paid in advance are called as ........... 3) Credit purchase can be ascertained as the balancing figure in the ________. 4) Calculation of profit by preparing Trading and profit and loss account under incomplete double entry is called

............method. 5) Under ________ method, depreciation is calculated on the book value of the asset each year. 6) ___________________ refers to the physical deterioration by the exhaustion of natural resources. 7) Proprietory ratio shows the relationship between _______ and total tangible assets. 8) All solvency ratios are expressed as a............... 9) The term ‘cash’ in cash budget stands for __________ and __________. 10) Budget is a means to achieve the ........... 11) The profits and losses of the business will be shared among the partners in the ________ ratio. 12) At the time of admission, when goodwill is raised, the old partners capital account will be credited in the _______

ratio. 13) At the time of retirement, the revaluation profits of business will be shared by _______ partners. 14) Capital Reserve represents __________ profit. 15) The amount of premium, on issue of shares, is credited to ............

II. Choose and write the correct answer : 15 x 1 = 15

16) Interest on capital is added to (a) Expense A/c (b) Income A/c (c) Capital A/c

17) If provision for bad and doubtful debts is maintained, the loss on account of bad debts is taken to profit

and loss account not directly but via______________ (a) provision for discount on debtors account (b) provision for bad and doubtful debts account (c) provision for discount on creditors account

18) Under the networth method the basis for ascertaining the profit is

(a) the di erence between the capital on two dates. (b) the di erence between the liabilities on two dates. (c) the di erence between the gross assets on two dates.

19) A trader's closing capital is Rs.20,000, his drawings Rs.3,000 his opening capital Rs.14,000.His profit for the year is

.................. (a) Rs.8,000 (b) Rs.9,000 (c) Rs.10,000

20) The amount of depreciation charged on a machinery will be debited to

(a) Machinery account (b) Depreciation account (c) Cash account

21) The cost of an asset is Rs.1,00,000. Depreciation is calculated @ 10% p.a. under straight line method.

Book value of asset at the end of the second year is ______________

(a) Rs.90,000 (b) Rs.80,000 (c) Rs.70,000

22) Operating ratio is equal to (a) 100 – Operating profit ratio (b) 100 + Operating profit ratio (c) Operating profit ratio

23) Liquidity ratios are otherwise called as.................... (a) Short Term Solvency Ratios (b) Profitability Ratios (c) Turnover Ratios

24) Cash budget deals with

(a) Estimated cash receipts (b) Estimated cash payments (c) Estimated cash receipts & Estimated cash payments

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25) The closing cash balance in July is Rs.16,000 the estimated receipts is Rs.18,000 and estimated payments is

Rs.12,000. The opening balance of cash in July will be................. (a) Rs.10,000 (b) Rs.30,000 (c) Rs.17,000

26) In the absence of an agreement profits and losses are divided

(a) in the ratio of capitals (b) in the ratio of time devoted by each partner (c) equally

27) In order to maintain fair dealings, at the time of admission, it is necessary to revalue assets and liabilities of

the firm to their ______.

(a) cost price (b) cost price less depreciation (c) true value

28) A, B and C are sharing profits in the ratio of 2/5 : 2/5 : 1/5. C retired from business and his share was

purchased equally by A and B. Then new profit sharing ratio

shall be (a) A – 1/2 & B – 1/2 (b) A – 3/5 & B – 2/5 (c) A – 2/5 & B – 3/5

29) The balance of forfeited share account is________ in the Balance Sheet.

(a) added to paid up capital (b) added to authorised capital (c) deducted from paid up capital.

30) ..........interest is allowed on calls in advance from the date of receipt till due date. (a) 6% (b) 9% (c) 10.5%

Section - B 16 x 4 = 64 Answer ten questions :

Answer to theory question should not exceed fifty words:

31) Why to charge interest on capital? 32) Commission received given in Trial Balance is Rs.1,000 as on 31st December 1994. Commission accrued

but not yet received Rs.150. Show the adjusting entry. 33) Calculate the missing information:

Drawings Rs.50,000

Additional Capital Rs.10,000

Opening Capital Rs.1,00,000

Profit made during the year Rs.25,000 34) What is conversion method? 35) What is Annuity method of depreciation? 36) Abdul purchased a Machinery on 1st April 2001 for Rs. 2,00,000. A er having used it for three years it was

sold for Rs. 1, 60,000. Depreciation is to be provided at the rate of 10% p.a. on Diminishing Balance Method.

Accounts are closed on 31st March of every year. Find out the Profit or Loss on sale of machinery. 37) What are the significance of financial statement analysis? 38) From the following, Calculate Gross Profit Ratio

Gross profit Rs. 50,000

Sales Rs. 5,50,000

Sales returns Rs. 50,000 39) What are the characteristics of a budget? 40) What is partner's current account? 41) X and Y had capitals of Rs.80,000 and Rs.40,000 respectively on 1.1.2000. X introduced additional capital of Rs.10,000

on 30.6.2000. Y withdrew Rs.5,000 from his capital on 1.10.2000. Calculate interest on capital at 5% for the year 2000. 42) Who is an incoming partner ? 43) What do you understand by issue of shares at premium? 44) Vinod Company Ltd. issued 40,000 Preference shares of Rs.10 each at premium of Rs.3. Give journal entry.

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Section - C Answer Any Five questions. Question No.45 which is compulsory Answer to theory questions should not exceed 150 words:

45) a) From the following particulars calculate closing balance of Sundry debtors and Sundry creditors.

Sundry debtors as on 1.4.2002 Rs. 30,000

Sundry creditors as on 1.4.2002 Rs. 41,000

Credit purchases Rs. 1,50,000

Credit sales Rs. 1,70,000

Discount earned Rs. 5,000

Discount allowed Rs. 6,000

Purchase returns Rs. 7,500

Sales returns Rs. 6,500

Cash received from Sundry debtors Rs. 1,50,000

Cash paid to Sundry creditors Rs. 1,40,000 (OR)

b) The following balances have been extracted from the trial balance of Mr.Bharath as on 31.3.2002

Particulars Debit Credit

Rs. Rs.

Debtors 2,01,200

Bad debts 9,400

Provision for bad and doubtful debts 24,000 Provision for discount on debtors 1,200 Discount allowed 18,600

Adjustments: 1. Write o additional bad debts Rs.4,800 2. Create provision of 10% for bad and doubtful debts on debtors. 3. Create provision of 2% for a discount on debtors. Show how these items will appear in profit and loss account and balance sheet.

46) What are the causes of depreciation? 47) Give the format of Cash budget under receipts and payment method. 48) How will you deal with Goodwill at the time of retirement of a partner? 49) Senthil purchased Machinery for Rs.4,00,000 on 1st April 2000. On 1st April 2001, an additional machinery

was purchased for Rs.40,000. Prepare the Asset account for three years. Depreciation is to be provided at

10% p.a. using Straight Line Method. The firm closes its books on 31st March of every year. 50) From the following, you are required to calculate liquidity ratios.

Debtors Rs. 5,000 Creditors Rs. 4,000

Cash in hand Rs. 4,000 Bills payable Rs. 3,000

Cash at Bank Rs. 6,000 Outstanding expenses Rs. 250

Short term investments Rs. 2,000 Bills receivable Rs. 3,000

Prepaid expenses Rs. 1,000 Closing stock Rs. 8,000 51) The average net profits of the firm expected in the future are Rs.54,000 per year. The average capital

employed in the business is Rs.3,00,000. The rate of interest expected from capital invested in the business is

10%. The remuneration of the partners is estimated to be Rs.9000 per annum. Find out the value of goodwill

on the basis of two years purchase of Super Profits. 52) On 1.1.98 Alpha Ltd., issued 1,00,000 shares of Rs.10 each payable Rs.2 on application. The company

received applications for 1,20,000 shares. The excess applications were rejected and money refunded. Pass

necessary entries

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Section – D 6 x 12 = 72

Answer any three of the following questions. [compulsory Q.No : 53 ]

53) a) The books of Mr.Ravishankar revealed the following information on 1.4.2000.

Liabilities Rs. Assets Rs.

Captial 83,030 Goodwill 18,540

Sundry Creditors 9,010 Furniture 14,010

92,040 Sundry debtors 46,830 Cash at bank 12,660 92,040

OTHER INFORMATION :

Cash received from sundry debtors 2,14,460

Drawings 81,600

Wages paid 2,000 Salaries paid 18,300 Rent paid 9,450 Cash paid to sundry creditors 90,360 Sundry expenses paid 3,840 Closing stock (31.3.2001) 32,000 Sundry debtors (31.3.2001) 56,700 Sundry creditors (31.3.2001) 16,000 Cash at bank (31.3.2001) 21,570 Prepare Trading account and Profit and Loss account and a Balance Sheet as on 31.3.2001.

(OR) b) Prasanna and Nirmala were partners sharing profit and loss in the ratio of 7:5. Their Balance Sheet as

on 31st December, 1994 is as under:

Liabilities Rs. Assets Rs.

Capitals : Land & Buildings 80,000 Prasanna : 60,000 Plant & Machinery 20,000 Nirmala : 50,000 1,10,000 Investments 40,000

Reserve fund 20,000 Stock 22,000 Sundry creditors 32,000 Sundry Debtors 10,000

Bills Payable 13,600 Less : Provision

for doubtful debts 400 9,600 Cash 4,000 1,75,600 1,75,600 They decided to admit Parimala into the partnership with e ect from 1st January, 1994 on the following terms.

(a) Parimala shall bring in a capital of Rs.40,000 for 1/3rd share of profits (b) Goodwill of the firm was valued at Rs.72,000. (c) Land was to be revalued at Rs.90,000 and investments Rs.50,000. (d) Stock was to be written down by Rs.4,000 (e) Provision for doubtful debts was to be increased Rs.600. (f) Creditors includes Rs.1,000 no longer payable and this sum was to be written o . Show revaluation account, capital accounts of partners and the

Balance Sheet of the reconstituted partnership.

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54) The following is the Trial Balance extracted from the books of Mr.Kumar as on 31.12.96. Prepare Trading

and Profit and Loss account and Balance sheet on 31.12.96.

Debit Balances Rs. Credit Balance Rs.

Buildings 30,000 Capital 40,000 Machinery 31,400 Purchase returns 2,000 Furniture 2,000 Sales 2,80,000 Motor Car 16,000 Sundry Creditors 9,600 Purchases 1,88,000 Discount received 1,000 Sales returns 1,000 Provision for bad and doubtful debts 600 Sundry Debtors 30,000

General Expenses 1,600

Cash at Bank 9,400

Rates and Taxes 1,200

Bad Debts 400

Insurance premium 800

Discount allowed 1,400

Opening stock 20,000

3,33,200 3,33,200 Adjustments: (i) Outstanding rates and taxes Rs.1,600. (ii) Insurance Premium Prepaid Rs.200. (iii) Maintain Provision for bad and doubtful debts at 5% on debtors. (iv) Depreciate Motor car by 10%, Furniture by 4% and Buildings by 3%.

(v) Stock on 31.12.96 Rs. 20,000. 55) From the following, calculate Profitability ratios. Trading & Profit and Loss Account of Ambika & Co for the

year ending 31.3.2004 .

Dr. Cr. Particulars Rs. Particulars Rs. To Opening stock 1,99,000 By Sales 17,00,000 To Purchases 11,19,000 By Closing stock 2,98,000 To Gross Profit 6,80,000

To Administration expenses 19,98,000

By Gross Profit 19,98,000

3,00,000 6,80,000 To Selling expenses 60,000 By Interest 18,000 To Finance expenses 30,000

To Loss on sale of Plant 8,000

To Net Profit 3,00,000

6,98,000 6,98,000

56) Prepare cash budget for April, May and June 2005. Credit Credit Wages & Other

Month Sales PurchaseDirect Expenses

Rs. Rs. Rs.

February1,70,0001,00,000 50,000

March 3,25,0002,00,000 60,000

April 4,40,0003,00,000 70,000

May 5,75,0004,00,000 80,000

June 6,60,0005,00,000 90,000 a) Expected cash balance on 1st April Rs.80,000. b) Credit allowed by suppliers is two months and to customers is two

months. c) Lag in payment of wages is one month. 57) Shenbagam Ltd. issued 20,000 shares of Rs.100 each

payable Rs.25 on Application Rs.25 on Allotment

Rs.20 on First call and

Rs.30 on Final call 18,000 shares were subscribed for and all the shares were allotted. All money due was received except the Final call money on 250 shares. Pass journal entries.

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I.FILL IN THE BLANKS · 54) The following is the Trial Balance extracted from the books of …