Tamil Nadu Dge Class 12 Accountancy — Real Previous-Year Papers

Legacy is a : (a) Revenue receipt (b) Revenue expenditure (c) Capital receipt (d) Capital expenditure

On retirement of a partner, general reserve is transferred to the : (a) Capital account of the continuing partners (b) Capital account of all the partners (c) Memorandum Revaluation account (d) Revaluation account

Wages account comes under which of the following heads ? (a) Indirect incomes (b) Direct incomes (c) Indirect expenses (d) Direct expenses

In the absence of an agreement, partners are entitled to : (a) Interest on loan (b) Salary (c) Interest on capital (d) Commission

The mathematical expression that provides a measure of the relationship between two figures is called : (a) Model (b) Conclusion (c) Decision (d) Ratio

If the old profit sharing ratio is more than the new profit sharing ratio of a partner, the difference is called : (a) Sacrificing ratio (b) Gaining ratio (c) Capital ratio (d) None of these

Debt Equity Ratio is a measure of : (a) Profitability (b) Short term solvency (c) Efficiency (d) Long term solvency

A Limited company's sales has increased from ₹ 1,00,000 to ₹ 1,25,000. How does this appear in comparative income statement ? (a) − 120% (b) + 25% (c) − 25% (d) + 120%

If a share of ₹ 10 on which ₹ 8 has been paid up is forfeited, Minimum reissue price is : (a) ₹ 5 per share (b) ₹ 10 per share (c) ₹ 2 per share (d) ₹ 8 per share

The total capitalised value of a business is ₹ 1,00,000; Assets are ₹ 1,50,000 and Liabilities are ₹ 80,000. The value of Goodwill as per the capitalisation method will be : (a) ₹ 1,00,000 (b) ₹ 40,000 (c) ₹ 30,000 (d) ₹ 70,000

Receipts and Payments account is a : (a) Personal A/c (b) Nominal A/c (c) Representative Personal A/c (d) Real A/c

When the average profit is ₹ 45,000 and the normal profit is ₹ 35,000 super profit is : (a) ₹ 10,000 (b) ₹ 25,000 (c) ₹ 15,000 (d) ₹ 5,000

A partner retires from the partnership firm on 30th June. He is liable for all the acts of the firm up to the : (a) Date of his retirement (b) End of the current accounting period (c) Date of his final settlement (d) End of the previous accounting period

What is the amount of Capital of the Proprietor, if his Assets are ₹ 90,000 and Liabilities are ₹ 26,000 ? (a) ₹ 21,000 (b) ₹ 85,000 (c) ₹ 64,000 (d) ₹ 1,06,000

What is a statement of affairs ?

Compute income from subscription for the year 2018 from the following particulars relating to a club. | Particulars | 1.1.2018 (₹) | 31.12.2018 (₹) | | --- | --- | --- | | Outstanding subscription | 3,000 | 5,000 | | Subscription received in advance | 4,000 | 7,000 | Subscription received during the year 2018 : ₹ 45,000.

What is meant by fixed capital method ?

What is Super profit ?

What is meant by Revaluation of assets and liabilities ?

A, B and C are partners sharing profits and losses in the ratio of 5 : 3 : 2. On 31.3.2019, 'A' retired. On the date of retirement, the books of the firm showed a reserve fund of ₹ 1,00,000. Pass journal entry to transfer the reserve fund.

Why are the shares forfeited ?

From the following particulars, prepare comparative income statement of Arul Ltd. | Particulars | 2015-16 (₹) | 2016-17 (₹) | | --- | --- | --- | | Revenue from operations | 50,000 | 60,000 | | Other income | 10,000 | 30,000 | | Expenses | 40,000 | 50,000 |

What is quick ratio ?

Explain how to view Trial balance in Tally.ERP9.

Following are the balances in the books of Thomas as on 31st March 2019. | Particulars | ₹ | Particulars | ₹ | | --- | --- | --- | --- | | Sundry creditors | 6,00,000 | Bills payable | 1,20,000 | | Furniture | 80,000 | Cash in hand | 20,000 | | Land and building | 3,00,000 | Bills Receivable | 60,000 | | Sundry debtors | 3,20,000 | Stock | 2,20,000 | Prepare a Statement of affairs as on 31st March 2019 and calculate capital as at that date.

How will the following items appear in the Final accounts of a Club for the year ending 31st March 2018 ? Receipts and payments Account for the year ended 31st March 2018. | Dr. Receipts | ₹ | ₹ | Cr. Payments | ₹ | | --- | --- | --- | --- | --- | | To subscription | | | | | | 2016-2017 | 10,000 | | | | | 2017-2018 | 50,000 | | | | | 2018-2019 | 5,000 | 65,000 | | | There are 200 members in the Club each paying an annual subscription of ₹ 400 per annum. Subscription still outstanding for the year 2016-2017 is ₹ 2,000.

Sumathi is a partner in a firm. She withdraws ₹ 5,000 p.m. regularly. Interest on Drawings is charged @ 4% p.a. Calculate the interest on Drawings using average period, if she draws (i) at the beginning of every month (ii) in the middle of every month

From the following information, calculate the value of Goodwill under Annuity method. (i) Average profit ₹ 24,000 (ii) Normal profit ₹ 14,000 (iii) Normal rate of return 15% (iv) Years of purchase of goodwill : 5 Present value of ₹ 1 for 5 years at 15% per annum as per the Annuity table is ₹ 3.352.

What are the adjustments required at the time of admission of a partner ?

Kavin, Madhan and Ranjith are partners sharing profits and losses in the ratio of 4 : 3 : 3 respectively. Kavin retires from the firm on 31st December, 2018. On the date of retirement, his capital account shows a credit balance of ₹ 1,50,000. Pass journal entries if (i) The amount due is paid off immediately by cheque. (ii) The amount due is not paid immediately. (iii) ₹ 1,00,000 is paid by cheque and the balance in future.

Write a brief note on calls in advance.

Explain the steps involved in preparing comparative statement.

From the following information calculate capital gearing ratio : Balance sheet (Extract) as on 31.03.2018 | Particulars | Amount (₹) | | --- | --- | | I. EQUITY AND LIABILITIES | | | 1. Shareholders' funds | | | (a) Share capital | | | Equity share capital | 4,00,000 | | 5% Preference share capital | 1,00,000 | | (b) Reserves and Surplus | | | General Reserve | 2,50,000 | | Surplus | 1,50,000 | | 2. Non-current Liabilities | | | Long-term borrowings (6% Debentures) | 3,00,000 | | 3. Current Liabilities | | | Trade Payables | 1,20,000 | | Provision for tax | 30,000 | | Total | 13,50,000 |

What is meant by Contra Voucher ? Write the procedure to record the Contra Voucher.

(a) Ambiga does not keep her books under double entry system. Find the Profit or Loss made by her for the year ending 31st March, 2018. | Particulars | 31.3.2017 (₹) | 31.3.2018 (₹) | | --- | --- | --- | | Cash at bank | 5,000 (Dr) | 60,000 (Cr) | | Cash in hand | 3,000 | 4,500 | | Stock of goods | 35,000 | 45,000 | | Sundry Debtors | 1,00,000 | 90,000 | | Plant and Machinery | 80,000 | 80,000 | | Land and Buildings | 1,40,000 | 1,40,000 | | Sundry Creditors | 1,70,000 | 1,30,000 | Ambiga had withdrawn ₹ 60,000 for her personal use. She had introduced ₹ 17,000 as capital for expansion of her business. Create a provision of 5% on debtors. Plant and Machinery is to be depreciated at 10%. OR (b) What is meant by accounting reports ? What are the steps involved in designing accounting reports ?

(a) From the information given below, prepare Receipts and Payments account of Chennai Mahalakshmi Mahalir Mandram for the year ended 31st December, 2019. | Particulars | ₹ | Particulars | ₹ | | --- | --- | --- | --- | | Cash balance as on 1.1.2019 | 2,000 | Fire insurance premium paid | 1,500 | | Bank balance as on 1.1.2019 | 3,000 | Subscription received | 8,500 | | Sale of old newspapers | 500 | Furniture purchased | 6,000 | | Stationery purchased | 6,000 | Purchase of newspapers | 700 | | Audit fees paid | 2,000 | Depreciation on furniture | 900 | | Entrance fees received | 3,000 | Cash balance as on 31.12.2019 | 2,500 | | Sundry charges | 6,000 | Conveyance paid | 1,000 | | Scholarships given | 2,000 | Sale of furniture | 4,000 | | Interest on investments | 2,000 | | | OR (b) Velu and Seenu are partners in a firm sharing profits and losses in the ratio of 4 : 1. On 1st January 2018, their capitals were ₹ 40,000 and ₹ 20,000 respectively. The Partnership Deed specifies the following : (i) Interest on Capital is to be allowed at 5% per annum. (ii) Interest on Drawings charged to Velu and Seenu are ₹ 400 and ₹ 600 respectively. (iii) The net profit of the firm before considering interest on capital and interest on drawings amounted to ₹ 36,000. Give necessary journal entries and prepare profit and loss appropriation account for the year ending 31st December 2018. Assume that the capitals are fluctuating.

(a) From the following information, prepare capital accounts of partners Amutha and Amuthini, when their capitals are fluctuating. | Particulars | Amutha (₹) | Amuthini (₹) | | --- | --- | --- | | Capital on 1st January 2018 [Cr. balance] | 5,00,000 | 4,00,000 | | Drawings during 2018 | 70,000 | 40,000 | | Interest on Drawings | 2,000 | 1,000 | | Share of Profit for 2018 | 52,000 | 40,000 | | Interest on Capital | 30,000 | 24,000 | | Salary | 45,000 | Nil | | Commission | Nil | 21,000 | OR (b) Mani and Madhesh are partners in a firm sharing Profits and Losses in the ratio of 3 : 2. Their Balance Sheet as on 31st March, 2017 is as follows : | Liabilities | ₹ | ₹ | Assets | ₹ | ₹ | | --- | --- | --- | --- | --- | --- | | Capital accounts : | | | Machinery | | 30,000 | | Mani | 40,000 | | Furniture | | 10,000 | | Madhesh | 30,000 | 70,000 | Stock | | 10,000 | | Sundry Creditors | | 30,000 | Debtors | 21,000 | | | | | | Less : Provision for Doubtful debts | 1,000 | 20,000 | | | | | Bank | | 30,000 | | | | 1,00,000 | | | 1,00,000 | Madhu is admitted on 1.4.2017 subject to the following conditions : (i) He has to bring a Capital of ₹ 10,000 (ii) Machinery is valued at ₹ 24,000 (iii) Furniture to be depreciated by ₹ 3,000 (iv) Provision for Doubtful debts should be increased to ₹ 3,000 (v) Unrecorded trade receivables of ₹ 1,000 would be brought into books now. Prepare Revaluation Account and Capital Account of partners after admission.

(a) From the following information relating to Priya Enterprises, calculate the value of Goodwill on the basis of 4 years purchase of the average profits of 3 years. (i) Profit for the years ending 31st December 2016, 2017 and 2018 were ₹ 1,75,000, ₹ 1,50,000 and ₹ 2,00,000 respectively. (ii) A non-recurring income of ₹ 45,000 is included in the profit of the year 2016. (iii) The closing stock of the year 2017 was over-valued by ₹ 30,000. OR (b) The Balance Sheet of Roja and Raja on 31st March, 2018 is as follows : | Liabilities | ₹ | ₹ | Assets | ₹ | | --- | --- | --- | --- | --- | | Capital accounts : | | | Buildings | 50,000 | | Roja | 50,000 | | Stock | 8,000 | | Raja | 30,000 | 80,000 | Sundry Debtors | 60,000 | | General Reserve | | 40,000 | Cash at Bank | 32,000 | | Workmen compensation fund | | 10,000 | | | | Sundry Creditors | | 20,000 | | | | | | 1,50,000 | | 1,50,000 | They share the Profits and Losses in the ratio of 3 : 1. They agreed to admit Kalpana into the Partnership firm for 1/4 share of profit which she gets entirely from Roja. Following are the conditions : (i) Kalpana has to bring ₹ 20,000 as Capital. Her share of Goodwill is valued at ₹ 4,000. She could not bring cash towards goodwill. (ii) Depreciate buildings by 10%. (iii) Stock to be revalued at ₹ 6,000. (iv) Create provision for Doubtful debts at 5% on debtors. Prepare Revaluation Account and Capital Account after admission.

(a) Vivek, Vishal, and Vimal are partners in a firm sharing Profits and Losses equally. Their Balance Sheet as on 31st March, 2018 is as follows : | Liabilities | ₹ | ₹ | Assets | ₹ | ₹ | | --- | --- | --- | --- | --- | --- | | Capital accounts | | | Furniture | | 60,000 | | Vivek | 60,000 | | Machinery | | 1,20,000 | | Vishal | 70,000 | | Sundry debtors | 33,000 | | | Vimal | 70,000 | 2,00,000 | Less : Provision for doubtful debts | 3,000 | 30,000 | | Bills Payable | | 80,000 | Bills Receivable | | 50,000 | | | | | Cash at Bank | | 20,000 | | | | 2,80,000 | | | 2,80,000 | Vimal retired on 31st March, 2019 subject to the following conditions : (i) Machinery is valued at ₹ 1,50,000. (ii) Value of furniture brought down by ₹ 10,000. (iii) Provision for Doubtful debts should be increased to ₹ 5,000. (iv) Investment of ₹ 30,000 not recorded in the books is to be recorded now. Pass necessary journal entries and prepare Revaluation account. OR (b) Poornima Ltd. issued 1,00,000 ordinary shares of ₹ 10 each, payable at ₹ 2 on application, ₹ 4 on allotment, ₹ 2 on First call and ₹ 2 on Final call. All the shares are subscribed and amount was duly received. Pass journal entries.

(a) Calculate trend percentages for the following particulars of Palai Ltd. (₹ in lakhs) | Particulars | Year 1 | Year 2 | Year 3 | | --- | --- | --- | --- | | I. Equity and Liabilities | | | | | Shareholders' fund | 250 | 275 | 300 | | Non-current Liabilities | 100 | 125 | 100 | | Current Liabilities | 50 | 40 | 80 | | Total | 400 | 440 | 480 | | II. Assets : | | | | | Non-current Assets | 300 | 360 | 390 | | Current Assets | 100 | 80 | 90 | | Total | 400 | 440 | 480 | OR (b) From the following statement of Profit and Loss of Sujatha Ltd. Calculate. (i) Gross profit ratio (ii) Net profit ratio Statement of Profit and Loss. | Particulars | Amount (₹) | | --- | --- | | I. Revenue from operations | 5,00,000 | | II. Other income — Income from investment | 40,000 | | III. Total revenues (I + II) | 5,40,000 | | IV. Expenses : | | | Purchase of stock in trade | 1,80,000 | | Changes in inventories | 20,000 | | Employee benefits expense | 30,000 | | Other expenses | 1,10,000 | | Provision for tax | 50,000 | | Total expenses | 3,90,000 | | V. Profit for the year | 1,50,000 |

(a) From the following particulars, calculate Total Sales. | Particulars | ₹ | Particulars | ₹ | | --- | --- | --- | --- | | Debtors on 1st April, 2018 | 2,50,000 | Bills Receivable dishonoured | 15,000 | | Bills Receivable on 1st April, 2018 | 60,000 | Returns inward | 50,000 | | Cash received from Debtors | 7,25,000 | Bills Receivable on 31st March, 2019 | 90,000 | | Cash received for bills Receivable | 1,60,000 | Sundry debtors on 31st March, 2019 | 2,40,000 | | Bad debts | 30,000 | Cash sales | 3,15,000 | OR (b) Anbu Ltd. issued 10,000 Equity shares of ₹ 10 each at par payable on Application ₹ 3 per share, on Allotment ₹ 3 per share, on First call ₹ 2 per share and on Second and Final call ₹ 2 per share. The issue was fully subscribed and all the amounts were duly received with the exception of 100 shares held by Subbu, who failed to pay the Second and Final call. His shares were forfeited and reissued to Hema at ₹ 7 per share. Journalise the above transactions.