12th Accountancy - Study Materials · PDF file Wages Salaries General expenses

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Question Paper (2016-17)
12th
Accountancy Section -A
Answer the following questions: I.Fill in the blanks :
1. Provision for discount on creditors is deducted from _________ in the balance sheet. 2. prepaid expenses are shown on the _______ side of the balance sheet. 3. Trial balance shows bank loan Rs.4,00,000 @ 10% on 01.04.08 ; it shows interest paid as
Rs. 14,000 interest outstanding is ______.
4. Credit purchase can be ascertained as the balancing figure in the _______. 5. If adjusted closing capital is more than opening capital, it denotes _______. 6. The excess of assets over liabilities is ________. 7. ________ method of depreciation is used in the case of lease. 8. Loss in the value of intangible asset is termed as _______. 9. Liquid liabilities means current liabilities less _________. 10. Cash budget is a useful tool for _________. 11. The profits and losses of the business will be shared among the partners in the
_______ratio.
12. The super profit earning capacity of a firm is called _________. 13. At the time of retirement ,the retiring partners remaining balance of capital is transferred
to his __________ account .
14. The unpaid balance in the called up capital is known as ________. 15. The liabilities of share holders are ________ in a company. II. Choose and write the correct answer :
16. Gross profit is transferred to...(a) capital account (b)profit and loss account (c) none 17. The capital of a business is ascertained by preparing
(a) Trading a/c (b) statement of profit & loss (c) statement of affairs 18. The term depletion is used for
(a) intangible assets (b) Fixed asset (c) Natural resources
19. Profit made on sale of fixed asset is debited to . (a) profit and loss account (b) Fixed asset account (c) Depreciation account
20. All profitability ratios are expressed in terms of (a) proportion (b)times (c)percentage
21. current assets of a business concern is Rs.90,000 and current liabilities are Rs.30,000 current ratio will be . (a) 1: 2 (b) 1 : 1 (c) 3 : 1
22. budget is expressed in terms of .. (a) money (b) physical unit (c) both (a) & (b) 23. purchase of furniture is an example for
(a) cash receipts (b) cash payments (c) none of these 24. A partnership business is owned and managed by persons
(a) Two or more (b) seven or more (c) one or more

25. In a partnership, partners share their profits and losses in ratio. (a) Their capital (b) equal (c) agreed
26. Under fluctuating capital system ,the interest on drawings will be transferred to their .. accounts. (a) current (b) drawings (c) capital
27. If the goodwill account is raised for 60,000 the amount is debited to. (a) The capital accounts of partners (b) good will account (c) cash a/c
28. Interest on capital is calculated on the . Capital. (a) Opening (b) closing (c) adjusted
29. When shares are forfeited the share capital of the company will (a) Remain same (b) reduce (c) increase
30. Capital reserve is shown on the .. side of balancesheet. (a) Asset (b) liability (c) all of these
Section - B Answer ten questions : 10 x 5 = 50
Answer to theory question should not exceed fifty words:
31. what are adjusting entry? 32. Define single entry system. 33. What is annuity method of depreciation. 34. What are the advantages of ratio analysis. 35. Write notes on cash budget 36. What is gaining ratio? 37. Write a note on equity shares. 38. Give adjusting entry and transfer entry for the following adjustments
(a) Interest on drawing Rs. 8,000 (b) depreciation on machinery Rs. 7,000 (c) write off bad debits Rs. 3,500
39. Find out the profit of the business for the year 2001 from the particulars given below. capital on 1.4.2001 Rs.40,000 Additional capital Rs. 7,000
Drewings Rs.4,000 closing capital Rs.43,000
40. Mahesh & company purchased a machinery for Rs.1,60,000.on 1.1.2004 this is expected to last for five years .estimated scrap at the end of five years is Rs.20,000
Find out the rate of depreciation under the straight line method.
41. Calculate capital turnover ratio Rs. Rs.
Sales 1,00,000 Equity share capital 82,000
Sales return 27,000 preference share capital 42,000
Loan 22,000 Reserves 17,000
42. Ravi and somu started business on 1stapril 2002 with capitals of Rs. 80,000 and Rs.60,000 respectively. on 1
stjuly 2002 Ravi withdrew Rs.10,000.from his capital. somu
introduced additional capital Rs.20,000 on 30.8.2002. calculate interest on capital at 6%
for the year ending 31st march 2003.
43. Raja and Kannan are sharing profits in the ratio of 4 : 3 Murugan joins and the new ratio amoung Raja ; Kannan and Murugan is 9 : 4 :3 find out the sacrificing ratio.

44. The directors of a company forfeited 300 equity shares of Rs. 10.each fully called up on which the final call of Rs.2 has not been paid. the shares well re-issued upon payment of
Rs.2,000.journalise the above transactions.
Section - C Answer Any Five questions. Question No.45 which is compulsory 5 x 12 = 60
Answer to theory questions should not exceed 150 words:
45. A) thetrial balance shows on 31.3.2003 the following sundry debtors Rs.1,50,000 and bad debits Rs.20,000.
Adjustments ;
1) Bad debts to be written off Rs.8,000 2) Provide for bad and doubtful debts at 5% per annum. 3) Provide for provision for discount on debtors at 2% per annum.
Pass entries and show how these items will appear in the final accounts. [OR]
B)prakash company purchased a machinery on 1.6.2005 for Rs.4,50,000.
On 1stoctober2007.it purchased another machinery for Rs.2,00,000.
on 1stoct 2007 ; it sold off the first machinery purchased on 1.6.2005 for
Rs.2,70,000. Accounts are closed every year on 31st March. Depreciation is written
off at 10% per annum on diminishing balance method. Prepare machinery a/c and
depreciation a/c for the first 3 years.
46. Define depreciation .what are the reasons for providing depreciations? 47. Define cash budget. mention the features and limitation of cash budget . 48. In the absence of partnership deed ,how are the following items dealt in the books of
accounts of a firm ?
(a) Interest on partners loan (b) profit sharing ratio (c) interest on drawings 49. Geetha and padma were partners sharing profits and losses equality. the accounts are
maintained on single entry system.
On 31.3.2002 their position was as follows:
Liabilities Rs Assets Rs
Sundry creditors 2,25,000 Cash at bank 20,000
Loan 60,000 Sundry debtors 2,75,000
Capital Geetha 90,000
Geetha70,000
Padma 80,000 1,50,000 plant &Machinary 50,000
_________ __________
4,35,000 4,35,000
The position of the firm on 31.3.2003 was follows :
Sundry creditors 2,25,000
Stock 1,80,000
plant&Machinary 1,00,000
Sundry debtors 2,65,000
Cash at bank 40,000

Depreciate plant & Machinery by 10%
Drawings :Geetha Rs.10,000 ; padma Rs. 6,000.
Find out the profit & loss made during the year 2002 2003,
50. From the following balance sheet of ragavan industries ltd; you required to calculate debt equity ratio, proprietary ratio, current ratio, fixed assets turnover ratio.
Balance sheet as on 31.3.2002.
Liabilities Rs Assets Rs
Share capital 1,20,000 Fixed Assets 1,60,000
General reserve 20,000 Current Assets 80,000
Debenturer 30,000
Current liabilities 60,000
_______ ________
2,40,000 2,40,000
Additional information : Credit sales during the year was Rs.5,20,000.
51. Prepare the capital accounts of the partnerssuresh and shudagar from the following details assuming that their capitals are fluctuating.
Particulars Suresh Shudagar
Capital as on 1.1.2003 Rs. 1,30,000 Rs. 1,00,000
Drawings during 2003 Rs. 8,000 Rs. 6,000
Interest on capital at 6% ? ?
Interest on drawings at 5% ? ?
Profit shares of 2003 Rs. 10,000 Rs. 8,000
Partners salary _ Rs. 4,000
Commission Rs. 2,400 Rs. 1,500
Interest on shudagar loan a/c _ Rs. 5,000
52. B company forfeited 100 equity shares of Rs. 100 each issued at premium of 10% ( to be paid at the time of allotment ) on which first call money of Rs. 30 per share was
not received. Final call of Rs. 10 is yet to

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12th Accountancy - Study Materials · PDF file Wages Salaries General expenses