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Padasalai.Net’s Special – Centum Coaching Team
Question Paper 2017-2018
Register No : _________
PART – III
ACCOUNTANCY
Time Allowed : 3 Hrs] STD. XII [Maximum Marks : 200
Instructions :-
1) Check the question paper for the fairness of printing. If any lack of fairness, please
inform the Hall Supervisor immediately.
2) Use Black or Blue pen to write and pencil to draw diagrams.
SECTION –A (30 x 1 = 30)
FILL IN THE BLANKS :-
1) Interest on capital is credited to ________ account.
2) The Trial Balance (31.3.12) shows that the Investments @ 10% is ₹ 5,00,000. Interest
received on Investments is ₹ 40,000. Accrued interest on investments is ₹ ______.
3) Under ________ method, the basis for ascertaining profit is the difference between capital on
two dates.
4) Closing Debtors ₹ 2,00,000. Cash received from Debtors ₹ 3,00,000. Then the credit sales is
₹_______.
5) Income tax authorities accept _________ method of calculating depreciation.
6) A machine was purchased for ₹ 1,00,000 on 1.1.2001. This is expected to last for ten years.
Estimated scrap at the end of five years is ₹ 10,000. The rate of depreciation under the
Straight Line Method is _______.
7) ________ ratio measures the amount of expenditure incurred in production, sales and
distribution of output.
8) Fixed Assets ₹ 3,00,000; Depreciation ₹ 1,00,000;
Total Sales ₹ 8,50,000; Sales Returns ₹ 50,000.
From the above data, Fixed Assets Turnover Ratio is ______.
9) Adjusted Profit and Loss Account Method is one of the methods to prepare _______.
10) _______ account is prepared to show how net profit has been distributed among the partners.
11) Three years’ purchase of the last four years average profits is agreed as the value of goodwill.
The profits and losses for the last four years are:
I year ₹ 50,000; II year ₹ 80,000; III year ₹ 30,000(Loss); IV year ₹ 60,000.
The amount of goodwill is ₹_______.
12) If the goodwill decreases at the time of admission of a partner, it results in ________.
13) When the amount due to an outgoing partner is not paid immediately, then it is transferred to
________ account.
14) Capital Reserve is shown on the ________ side of Balance Sheet.
15) A company issued 1,00,000 shares of ₹ 10 each to the public but only 70,000 shares were
subscribed. Its subscribed capital is ₹_______.
CHOOSE AND WRITE THE CORRECT ANSWER.
16) Unearned salaries is _____
a) Income b) Asset c) Liability
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17) Sundry Debtors ₹ 81,200. Write off ₹ 1,200 as bad debts. Create a provision for bad and
doubtful debts @ 5% on Sundry Debtors. The amount of Sundry Debtors after writing off Bad
Debts is
a) ₹ 76,000 b) ₹ 80,000 c) ₹ 77,140
18) Under the single entry system, ______
a) Profit is accurately ascertained
b) Profit is only an estimate
c) Loss could not be ascertained.
19) A firm has assets ₹ 47,500 and liabilities ₹ 17,700. Then its capital is
a) ₹ 29,800 b) ₹ 30,800 c) ₹ 65,200
20) Loss on sale of fixed asset is debited to
a) Profit and Loss Account
b) Fixed Assets Account
c) Depreciation Account
21) Original cost of the machinery is ₹ 1,50,000. Book value of the machinery is ₹ 1,20,000. Loss
on sale of machinery was ₹ 10,000. Selling price of the machinery is _____
a) ₹ 1,30,000 b) ₹ 1,10,000 c) ₹ 1,40,000
22) Which of the following facilitates interfirm and intrafirm comparisons?
a) Financial statement analysis b) Ratio analysis c) Both (a) and (b)
23) Debt – equity ratio is 2 : 1. The amount of equity is ₹ 1,50,000. Then the amount of debt is
a) ₹ 1,50,000 b) ₹ 2,00,000 c) ₹ 3,00,000
24) Which of the following will not appear in a cash budget?
a) Wages b) Depreciation c) Machinery bought
25) In the absence of partnership deed, partners shall
a) be paid salaries
b) not to be paid salaries
c) paid salaries to those who work for the firm
26) On admission of a new partner balance of General Reserve Account should be transferred to
the capital account of
a) all partners in their new profit sharing ratio
b) old partners in their old profit sharing ratio
c) old partners in their new profit sharing ratio
27) The loss or gain on account of revaluation at the time of retirement is shared by
a) All partners b) Retiring partner c) Remaining partners
28) Normally companies can issue shares at ________% of discount
a) Twenty b) Ten c) Five
29) Calls-in-arrears is shown in the Balance Sheet as
a) Deduction from called up capital
b) Addition to paid up capital
c) Addition to issued capital
30) Menasha Limited forfeited 500 shares of ₹ 10 each fully called up for nonpayment of final
call of ₹ 2 per share. These shares were subsequently reissued @ ₹ 8 each. The amount
transferred to capital reserve will be
a) ₹ 1,000 b) ₹ 4,000 c) ₹ 3,000
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SECTION – B (10 x 5 = 50)
Note :
Answer any 10 questions.
Answers of theory questions should not exceed 50 words.
31) Write notes on Provision for bad and Doubtful debts.
32) What is the meaning for incomplete records?
33) What is Depreciation fund method of depreciation?
34) What are current assets?
35) Define Budget.
36) Explain the methods by which the partners’ capital accounts are maintained.
37) What do you mean by Securities Premium Account?
38) The Trial Balance shows the value of machinery on 31.3.2009 as ₹ 50,000. Machinery is to
be depreciated at 10%. Pass adjusting entry and transfer entry.
39) Calculate the Sundry debtors at the end.
Opening Sundry Debtors ₹ 40,000; Total sales ₹ 1,60,000;
Returns Inward ₹ 5,000; Cash sales ₹ 20,000;
Discount allowed ₹ 5,000; Cash received from Debtors ₹ 78,000.
40) Robert & Co. purchased a Machinery on 1st April 2012 for ₹ 75,000. After having used it for
three years, it was sold for ₹ 35,000. Depreciation is to be provided every year at the rate of
10% per annum on Diminishing Balance method. Accounts are closed on 31st March every
year. Find out the profit or loss on sale of machinery.
41) Compute Proprietary ratio from the following data :
Tangible fixed assets ₹ 7,00,000; Current assets ₹ 2,50,000;
Intangible assets ₹ 1,50,000; Shareholder’s equity ₹ 4,40,000.
42) P and Q are partners sharing profits in the ratio of 3:2. They admit R for 1/5th share which
acquires equally from P and Q. Calculate new profit sharing ratio and sacrificing ratio.
43) G, P and S were partners of a firm sharing profit and losses in the ratio of 3:2:1. In view of G’s
retirement, goodwill was valued at two year’s purchase of the average profits of last three
years which were ₹ 16,000, ₹ 30,000 and ₹ 26,000. Pass entry.
44) Sridhar Ltd., issued 20,000 shares of Rs.100 each at discount of 10%. Give journal entry.
SECTION – C (5 x 12 = 60)
Note :
Answer any 5 questions including Qn. No 45, which is compulsory.
Answers of theory questions should not exceed 100 words.
45) A) The following balances have been extracted from the trial balance of Mr. Ashok.
Trial Balance of Mr. Ashok as on 31st March, 2012
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Particulars Debit (₹) Credit (₹)
Debtors
Bad debts
Provision for bad & doubtful debts
Provision for Discount on debtors
Discount allowed
2,01,200
9,400
---
---
18,600
---
---
24,000
1,200
---
Adjustments:
1. Write off additional bad debts ₹ 4,800.
2. Create Provision of 10% for bad & doubtful debts on debtors.
3. Create Provision of 2% for discount on debtors.
Pass adjusting entries and show how these items will appear in the final accounts.
[OR]
B) Ram and Raja are equal partners in a business in which the books are kept by single
entry. On 1.4.2014 their position was as under:
Liabilities ₹ Assets ₹
Capital Accounts :
Ram 2,50,000
Raja 2,50,000
5,00,000
Cash in hand 5,000
Cash at bank 15,000
Bills receivable 30,000
Bills payable 20,000 Stock 1,00,000
Sundry Creditors 30,000 Sundry Debtors 25,000
Furniture 1,25,000
Plant and Machinery 2,50,000
5,50,000 5,50,000
On 31.3.2015 their position was as under:
₹ ₹
Cash in hand 2,000; Cash at bank 10,000
Sundry Creditors 35,000; Sundry Debtors 30,000
Bills receivable 26,000; Stock 1,10,000
Bills payable 10,000.
Plant & Machinery and Furniture are to be depreciated by 10%.
Drawings : Ram ₹ 30,000; Raja ₹ 25,000.
Ascertain the profit or loss for the year ended 31.3.2015.
46) On April 1, 2011 Machinery was purchased for ₹ 4,00,000. On 1st October 2012, a new
machine costing ₹ 2,40,000 was purchased. On 30th September 2013, the machinery
purchased on 1st April 2011 having become obsolete was sold for ₹ 2,40,000. The
accounting year ends on 31st December and depreciation is to be provided at 10% p.a. under
straight line method.
Pass journal entries & prepare necessary ledger accounts for three years.
47) M and N are partners sharing profits in the ratio of 3 : 2 with capitals of ₹ 50,000 and
₹ 40,000 respectively. Interest on capital is agreed at 8% p.a. Interest on drawings is fixed
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at 10% p.a. The drawings of the partners were ₹ 15,000 and ₹ 10,000, the interest being,
for M ₹ 750 and for N ₹ 500. M is entitled to a salary of ₹ 12,000 p.a. and N is entitled to
get a commission of 10% on the Net Profit after charging such commission. The Net Profit of
the firm before making the above adjustments was ₹ 60,000 for the year ended 31st March,
2015.
Prepare the profit and loss appropriation account and capital accounts as on 31.03.2015.
48) Explain the following :
a) External causes of depreciation.
b) Factors affecting the amount of depreciation.
49) Define Budget. What are its characteristics and advantages?
50) a) Explain any four factors affecting goodwill.
b) Any two differences between sacrificing ratio and gaining ratio.
51) From the Balance Sheet given below, calculate Current Ratio, Liquid ratio and Debt – equity
Ratio.
Balance Sheet of Ram & Co. Ltd. as on 31.3.2004
Liabilities ₹ Assets ₹
Share Capital
Reserves
5% Debentures
Bank overdraft
Liquid liabilities
40,000
15,000
70,000
70,000
1,00,000
Fixed Assets
Liquid Assets
Investments (long term)
Preliminary expenses
Prepaid expenses
Inventory
1,65,000
70,000
35,000
10,000
5,000
10,000
2,95,000 2,95,000
52) M Company Ltd. issued 1000 shares of ₹ 10 each at discount of ₹ 1 payable as follows:
₹ 3 on Application;
₹ 3 on Allotment (along with discount);
₹ 3 on First & Final call.
All shares were duly subscribed and money was received except from a shareholder who
failed to pay the final call amount on 100 shares. The directors forfeited the shares after
giving due notice. Later these shares were reissued for ₹ 8 fully paid.
Pass entries to record forfeiture and reissue & prepare share forfeiture account and capital
reserve account.
SECTION – D (3 x 20 = 60)
Note :- Answer any 3 questions including Qn. No 53 which is compulsory.
53) A) Mrs. Pramila maintained her account books on single entry system. From the following,
prepare Trading account and Profit & Loss account for the year ending 31.3.2003 and a
Balance Sheet as on that date, depreciating machinery @ 10% p.a.
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CASH BOOK
Receipts ₹ Payments ₹
To Balance b/d
To (cash) sales
To Sundry Debtors
16,000
80,000
60,000
By (cash) purchases
By sundry creditors
By General expenses
By Wages
By Drawings
By Balance c/d
28,000
40,000
12,000
4,000
16,000
56,000
1,56,000 1,56,000
[OR]
B) Riya, Sidhu and Vaidya were partners of a firm sharing profits and losses in proportion to
their capitals. Their balance sheet as on 31st December 2014 stood as under:
Liabilities ₹ Assets ₹
Creditors
Reserve fund
Capital accounts :
Veda : 30,000
Suda : 60,000
Priya : 90,000
21,000
48,000
1,80,000
Cash at Bank
Debtors 20,000
Less: PBD 1,000
Stock
Goodwill
Land and Building
Machinery
16,000
19,000
18,000
48,000
1,00,000
48,000
2,49,000 2,49,000
On 1st January, 2015, Sidhu retired from the firm on the following terms:
(a) Goodwill of the firm was estimated at ₹ 36,000.
(b) The land and building was appreciated by 10%
(c) Provision for doubtful debts was reduced by ₹ 600.
(d) Out of the amount of insurance which was debited entirely to profit and loss
account, ₹ 2,000 be carried forward for unexpired insurance.
(e) A provision of ₹ 3,000 was made in respect of an outstanding bill for repairs.
Show Revaluation A/c, Capital A/c and the Balance Sheet of the reconstituted partnership.
Other Information:- 31.03.02 (₹) 31.03.03 (₹)
Sundry Debtors
Sundry Creditors
Stock
Machinery
Furniture
18,000
28,800
20,000
80,000
6,000
??
??
32,000
80,000
6,000
Additional Information: -
Discount allowed
Discount received
Credit sales
Credit purchases
2,800
---
68,800
28,200
---
3,400
---
---
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54) From the following details, Calculate :-
Gross Profit Ratio, Net Profit Ratio, Inventory Turnover Ratio and Debtors Turnover Ratio.
₹ ₹
Sales 1,50,000 Opening inventory 29,000
Debtors 15,000 Cost of Goods Sold 1,20,000
Closing inventory 31,000 Admin Expenses 15,000
55) From the following Trial Balance of Mr. Bala as on 31st March 2013, prepare Trading and
Profit and Loss account and Balance sheet taking into account the adjustments.
Trial Balance
Debit Balances ₹ Credit Balances ₹
Business premises 1,20,000 Capital 1,50,000
Furniture 30,600 Bank overdraft 25,200
Patents 5,000 Sales 9,03,000
Stock (1.4.2012) 1,32,000 Sundry creditors 79,800
Sundry debtors 1,08,000 Rent 6,000
Purchases 6,60,000 Discount 2,400
Cash at Bank 3,170 Provision for doubtful debts 7,000
Wages 24,000 Suspense A/c 1,500
Fuel & Power 4,730
Advertisement 13,200
Carriage on sales 10,800
Salaries 42,000
General expenses 8,400
Insurance 10,000
Income tax 3,000
11,74,900 11,74,900
Adjustments:
a) Stock on 31.3.2013 was ₹ 1,20,000.
b) Salaries yet to be paid ₹ 3,000.
c) Insurance paid in advance ₹ 1,000.
d) Depreciate furniture and business premises @ 10% & patents @ 20%.
e) Rent received in advance ₹ 2,000.
f) Interest on capital @ 7% to be provided.
56) Siam Ltd. issued 5,000 shares of ₹ 100 each at ₹ 120 payable as follows:
₹ 25 on application;
₹ 45 on allotment (including premium);
₹ 20 on first Call; and
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₹ 30 on final Call.
8,000 shares were applied for and applicants of 3,000 shares were rejected. All the money
due on shares were duly received except final call on 500 shares.
Give the Journal entries and prepare share capital account, share premium account and
Bank account. Also prepare Balance Sheet.
57) Prepare a cash budget for the months – March to May 2015 from the following information:
Months
2015
Credit
Sales
(₹)
Credit
Purchase (₹)
Wages
(₹)
Manufacturing
Expenses (₹)
Office
Expenses
(₹)
Sales
Expenses
(₹)
January 60,000 36,000 9,000 4,000 2,000 4,000
February 62,000 38,000 8,000 3,000 1,500 5,000
March 64,000 33,000 10,000 4,500 2,500 4,500
April 58,000 35,000 8,500 3,500 2,000 3,500
May 56,000 39,000 9,500 4,000 1,000 4,500
June 60,000 34,000 8,000 3,000 1,500 4,500
Additional information :
1) Cash balance on 1st March 2015 ₹ 8,000.
2) Plant costing ₹ 16,000 is due for delivery in May, payable 10% on delivery and the
balance after 3 months.
3) Advance tax of ₹ 8,000 each is payable in January and April.
4) Period of credit allowed to customers one month
5) Period of credit allowed by suppliers two months.
6) Lag in payment of manufacturing expenses is ½ month.
7) Lag in payment of office and selling expenses is one month.
-----o0o-----
Answer Script Send To This Address:
Mr. MUHAMMAD EBRAHIM SHAMEEM, B.Com., C.A. (Inter)
2C, PRANAV SRUTHI APARTMENTS, NOLAMBUR UNION ROAD,
MOGAPPAIR WEST, CHENNAI – 37.
Cell Number: 8807112255
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