12th Accountancy Important 5 Mark Question Paper

St. Britto Hr. Sec. School - Madurai

12th Accountancy Important 5 Mark Question Paper-Aug 2020

Time : 2.00 Hours

Part - A

Generic 5 - Answer All Question

Calculate operating profit ratio under the following cases.
Case 1: Revenue from operations Rs. 8,00,000, Operating profit Rs. 2,00,000.
Case 2: Revenue from operations Rs. 20,00,000, Operating cost Rs. 14,00,000.
Case 3: Revenue from operations Rs. 10,00,000, Gross profit 25% on revenue from operations, Operating expenses Rs. 1,00,000.

From the following details of Rakesh, prepare Trading and Profit and Loss account for the year ended 31st March, 2019 and a Balance Sheet as on that date.

Particulars 31.3.2018
Rs. 31.3.2019
Rs.

Stock of goods 2,20,000 1,60,000

Debtors 5,30,000 6,40,000

Cash at bank 60,000 10,000

Machinery 80,000 80,000

Sundry creditors 3,70,000 4,20,000

Other details:

Particulars Rs. Particulars Rs.

Rent paid 1,20,000 Cash received from debtors 12,50,000

Discount received 35,000 Drawings 1,00,000

Discount allowed 25,000 Cash sales 20,000

Cash paid to creditors 11,00,000 Capital as on 1.4.2018 5,20,000

Particulars	31.3.2018 Rs.	31.3.2019 Rs.
Stock of goods	2,20,000	1,60,000
Debtors	5,30,000	6,40,000
Cash at bank	60,000	10,000
Machinery	80,000	80,000
Sundry creditors	3,70,000	4,20,000

Particulars	Rs.	Particulars	Rs.
Rent paid	1,20,000	Cash received from debtors	12,50,000
Discount received	35,000	Drawings	1,00,000
Discount allowed	25,000	Cash sales	20,000
Cash paid to creditors	11,00,000	Capital as on 1.4.2018	5,20,000

Deepak, Senthil and Santhosh are partners sharing profits and losses equally. They admit Jerald into partnership for 1/3 share in future profits. The goodwill of the firm is valued at Rs.45,000 and Jerald brought cash for his share of goodwill. The existing partners withdraw half of the amount of their share of goodwill. Pass necessary journal entries for adjusting goodwill on the assumption that the fluctuating capital method is followed.

From the following details you are required to calculate credit sales and credit purchases
by preparing total debtors account, total creditors account, bills receivable account and
bills payable account

Particulars Rs. Particulars Rs.

Balances as on 1st April 2018 Balances as on 31st March 2019

Sundry debtors 2,40,000 Sundry debtors 2,20,000

Bills receivable 30,000 Sundry creditors 1,50,000

Sundry creditors 1,20,000 Bills receivable 8,000

Bills payable 10,000 Bills payable 20,000

Other information Rs.

Cash received from debtors 6,00,000 Payments against bill payable 30,000

Discount allowed to customers 25,000 Cash received for bills receivable 60,000

Cash paid to creditors 3,20,000 Bills receivable dishonoured 4,000

Discount allowed by suppliers 10,000 Bad debts 16,000

Particulars	Rs.	Particulars	Rs.
Balances as on 1st April 2018		Balances as on 31st March 2019
Sundry debtors	2,40,000	Sundry debtors	2,20,000
Bills receivable	30,000	Sundry creditors	1,50,000
Sundry creditors	1,20,000	Bills receivable	8,000
Bills payable	10,000	Bills payable	20,000
Other information	Rs.
Cash received from debtors	6,00,000	Payments against bill payable	30,000
Discount allowed to customers	25,000	Cash received for bills receivable	60,000
Cash paid to creditors	3,20,000	Bills receivable dishonoured	4,000
Discount allowed by suppliers	10,000	Bad debts	16,000

Oviya and Kavya are partners in a firm sharing profits and losses in the ratio of 5:3. They admit Agalya into the partnership. Their balance sheet as on 31st March, 2019 is as follows:

Balance Sheet as on 31st March 2019

Liabilities Rs. Assets Rs.

Capital accounts: Buildings 40,000

Oviya 40,000 Plant 50,000

Kavya 40,000 90,000 Furniture 30,000

Profit and loss appropriation A/c 40,000 Debtors 20,000

General reserve 8,000 Stock 10,000

Workmen’s compensation fund 12,000 Cash 20,000

Sundry creditors 20,000

1,70,000 1,70,000

Pass journal entry to transfer the accumulated profits and reserve on admission.

**Balance Sheet as on 31st March 2019**
Liabilities		Rs.	Assets	Rs.
Capital accounts:			Buildings	40,000
Oviya	40,000		Plant	50,000
Kavya	40,000	90,000	Furniture	30,000
Profit and loss appropriation A/c		40,000	Debtors	20,000
General reserve		8,000	Stock	10,000
Workmen’s compensation fund		12,000	Cash	20,000
Sundry creditors		20,000
		1,70,000		1,70,000

From the following information, compute the value of goodwill by capitalising super profit:
(a) Capital employed is Rs.4,00,000
(b) Normal rate of return is 10%
(c) Profit for 2016: Rs.62,000; 2017: Rs.61,000 and 2018: Rs.63,000

From the following receipts and payment account, prepare income and expenditure account of Kumbakonam Basket Ball Association for the year ended 31st March, 2018

Receipts Rs. Rs. Payments Rs. Rs.

To Balance b/d By Rent of ground paid 12,000

Cash in hand 23,000 By Printing charges 5,000

To Rent of hall received 12,000 6,000 By Insurance for building 2,000

To Subscription received 9,000 By Tournament expenses 16,000

To Life membership fees 7,000 By Audit fees 3,000

To Locker rent received 2,000 By Sports materials purchased 4,000

By Balance c/d

Cash in hand 2,000

Cash at bank 14,000 16,000

59,000 59,000

Receipts	Rs.	Rs.	Payments	Rs.	Rs.
To Balance b/d			By Rent of ground paid		12,000
Cash in hand	23,000		By Printing charges		5,000
To Rent of hall received	12,000	6,000	By Insurance for building		2,000
To Subscription received		9,000	By Tournament expenses		16,000
To Life membership fees		7,000	By Audit fees		3,000
To Locker rent received		2,000	By Sports materials purchased		4,000
			By Balance c/d
			Cash in hand	2,000
			Cash at bank	14,000	16,000
		59,000			59,000

From the following particulars calculate total purchases

Particulars Rs. Particulars Rs.

Sundry creditors on 1st January, 2018 30,000 Purchases returns 15,000

Bills payable on 1st January, 2018 25,000 Cash purchases 2,25,000

Paid cash to creditors 1,20,000 Creditors on 31st December, 2018 25,000

Paid for bills payable 30,000 Bills payable on 31st December, 2018 20,000

Particulars	Rs.	Particulars	Rs.
Sundry creditors on 1st January, 2018	30,000	Purchases returns	15,000
Bills payable on 1st January, 2018	25,000	Cash purchases	2,25,000
Paid cash to creditors	1,20,000	Creditors on 31st December, 2018	25,000
Paid for bills payable	30,000	Bills payable on 31st December, 2018	20,000

Prepare common-size statement of financial position for the following particulars of Yasmin Ltd. and Sakthi Ltd.

Particulars Yasmin Ltd. Sakthi Ltd.

Rs. Rs.

I EQUITY AND LIABILITIES

1. Shareholders’ Fund 2,00,000 3,00,000

a) Share capital 3,00,000 60,000

2. Non-current liabilities

Long-term borrowings 1,50,000 1,80,000

3. Current liabilities

Trade payables 1,00,000 60,000

Total 5,00,000 6,00,000

II ASSETS

1. Non-current assets

a) Fixed assets 2,00,000 3,00,000

b) Non - current investments 50,000 1,20,000

2. Current assets

Inventories 2,00,000 90,000

Cash and cash equivalents 50,000 90,000

Total 5,00,000 6,00,000

Particulars	Yasmin Ltd.	Sakthi Ltd.
	Rs.	Rs.
I EQUITY AND LIABILITIES
1. Shareholders’ Fund	2,00,000	3,00,000
a) Share capital	3,00,000	60,000
2. Non-current liabilities
Long-term borrowings	1,50,000	1,80,000
3. Current liabilities
Trade payables	1,00,000	60,000
Total	5,00,000	6,00,000
II ASSETS
1. Non-current assets
a) Fixed assets	2,00,000	3,00,000
b) Non - current investments	50,000	1,20,000
2. Current assets
Inventories	2,00,000	90,000
Cash and cash equivalents	50,000	90,000
Total	5,00,000	6,00,000

Syed, Samuel and Sudhakar are partners in a firm sharing profits and losses equally. As per the terms of the partnership deed, Samuel is allowed a monthly salary of Rs.2,000 and Sudhakar is allowed a commission of Rs.6,000 per annum for their contribution to the business of the firm. You are required to pass the necessary journal entry. Assume that their capitals are fluctuating.

The following are the profits of a firm in the last five years:
2014: Rs.10,000; 2015: Rs.11,000; 2016: Rs.12,000; 2017: Rs.13,000 and 2018: Rs.14,000
Calculate the value of goodwill at 2 years purchase of average profit of five years.

What is normal rate of return?

Thangam Ltd. issued 50,000 shares of Rs.10 each at a premium of Rs.2 per share payable as follows:

On application Rs.5

On allotment Rs.5 (including premium)

On first and final call Rs.2

Issue was fully subscribed and the amounts due were received except Priya to whom 500 shares were allotted who failed to pay the allotment money and fist and final call money. Her shares were forfeited. All the forfeited shares were reissued to Devi at Rs.8 per share. Pass journal entries.

Arun and Selvam are partners who maintain their capital accounts under fixed capital method. From the following particulars, prepare capital accounts of partner

Particulars Arun
Rs. Selvam
Rs.

Capital on 1st January, 2018 2,20,000 1,50,000

Current account on 1st January, 2018 4,250(Dr.) 10,000(Cr.)

Additional capital introduced during the year Nil 70,000

Withdrew for personal use 10,000 20,000

Interest on drawings 750 600

Share of profit for 2018 22,000 15,000

Interest on capital 1,100 750

Commission 6,900 Nil

Salary Nil 6,850

Particulars	Arun Rs.	Selvam Rs.
Capital on 1st January, 2018	2,20,000	1,50,000
Current account on 1st January, 2018	4,250(Dr.)	10,000(Cr.)
Additional capital introduced during the year	Nil	70,000
Withdrew for personal use	10,000	20,000
Interest on drawings	750	600
Share of profit for 2018	22,000	15,000
Interest on capital	1,100	750
Commission	6,900	Nil
Salary	Nil	6,850

Anbu is a partner in a partnership firm. As per the partnership deed, interest on drawings is charged at 12% p.a. During the year ended 31st December 2018 he drew as follows:

Date Rs

March 1 6,000

June 1 4,000

September 1 5,000

December 1 2,000

Calculate the amount of interest on drawings by using product method.

Date	Rs
March 1	6,000
June 1	4,000
September 1	5,000
December 1	2,000

Find out the value of goodwill by capitalising super profits:
(a) Normal Rate of Return 10%
(b) Profits for the last four years are Rs.30,000, Rs.40,000, Rs.50,000 and Rs.45,000.
(c) A non-recurring income of Rs.3,000 is included in the above mentioned profit of Rs.30,000.
(d) Average capital employed is Rs.3,00,000.

From the following particulars of Neithal Ltd, calculate trend percentages.

Particulars Rs.in lakhs

2015-16 2016-17 2017-18

Revenue from operations 150 135 90

Other income 25 5 15

Expenses 125 75 50

Income tax 40% 40% 40%

Particulars	Rs.in lakhs
	2015-16	2016-17	2017-18
Revenue from operations	150	135	90
Other income	25	5	15
Expenses	125	75	50
Income tax	40%	40%	40%

From the following particulars, calculate the trend percentages of Anu Ltd.

Particulars Rs.in thousands

Year 1 Year 2 Year 3

I EQUITY AND LIABILITIES

Shareholders’ Fund 500 550 600

Non-current liabilities 200 250 240

Current liabilities 100 80 120

Total 800 880 960

II ASSETS

Non-current assets 600 720 780

Total 800 880 960

Particulars	Rs.in thousands
	Year 1	Year 2	Year 3
I EQUITY AND LIABILITIES
Shareholders’ Fund	500	550	600
Non-current liabilities	200	250	240
Current liabilities	100	80	120
Total	800	880	960
II ASSETS
Non-current assets	600	720	780
Total	800	880	960

Following is the balance sheet of Lakshmi Ltd. as on 31st March, 2019:

Particulars Rs.

I EQUITY AND LIABILITIES

1. Shareholders’ funds

Equity share capital 4,00,000

2. Non-current liabilities 2,00,000

Long term borrowings

3. Current liabilities

(a) Short-term borrowings 50,000

(b) Trade payables 3,10,000

(c) Other current liabilities

Expenses payable 15,000

(d) Short-term provisions 25,000

Total 10,00,000

II ASSETS

1. Non-current assets

(a) Fixed assets 4,00,000

Tangible assets

2. Current assets

(a) Inventories 1,60,000

(b) Trade debtors 3,20,000

(c) Cash and cash equivalents 80,000

(d) Other current assets

Prepaid expenses 40,000

Total 10,00,000

Calculate:
(i) Current ratio
(ii) Quick ratio

Particulars	Rs.
I EQUITY AND LIABILITIES
1. Shareholders’ funds
Equity share capital	4,00,000
2. Non-current liabilities	2,00,000
Long term borrowings
3. Current liabilities
(a) Short-term borrowings	50,000
(b) Trade payables	3,10,000
(c) Other current liabilities
Expenses payable	15,000
(d) Short-term provisions	25,000
Total	10,00,000
II ASSETS
1. Non-current assets
(a) Fixed assets	4,00,000
Tangible assets
2. Current assets
(a) Inventories	1,60,000
(b) Trade debtors	3,20,000
(c) Cash and cash equivalents	80,000
(d) Other current assets
Prepaid expenses	40,000
Total	10,00,000

Antony and Ranjith started a business on 1st April 2018 with capitals of Rs.4,00,000 and Rs.3,00,000 respectively. According to the Partnership Deed, Antony is to get salary of Rs.90,000 per annum, Ranjith is to get 25% commission on profit after allowing salary to Antony and interest on capital @ 5% p.a. but after charging such commission. Profit-sharing ratio between the two partners is 1:1. During the year, the firm earned a profit of Rs.3,65,000.
Prepare profit and loss appropriation account. The firm closes its accounts on 31st March every year.

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On application	Rs.5
On allotment	Rs.5 (including premium)
On first and final call	Rs.2

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12th Accountancy Important 5 Mark Question Paper

St. Britto Hr. Sec. School - Madurai

12th Accountancy Important 5 Mark Question Paper-Aug 2020

Part - A

Generic 5 - Answer All Question

From the following information, compute the value of goodwill by capitalising super profit: (a) Capital employed is Rs.4,00,000 (b) Normal rate of return is 10% (c) Profit for 2016: Rs.62,000; 2017: Rs.61,000 and 2018: Rs.63,000

The following are the profits of a firm in the last five years: 2014: Rs.10,000; 2015: Rs.11,000; 2016: Rs.12,000; 2017: Rs.13,000 and 2018: Rs.14,000 Calculate the value of goodwill at 2 years purchase of average profit of five years.

What is normal rate of return?

From the following particulars of Neithal Ltd, calculate trend percentages. Particulars Rs.in lakhs 2015-16 2016-17 2017-18 Revenue from operations 150 135 90 Other income 25 5 15 Expenses 125 75 50 Income tax 40% 40% 40%

Comment

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From the following information, compute the value of goodwill by capitalising super profit:
(a) Capital employed is Rs.4,00,000
(b) Normal rate of return is 10%
(c) Profit for 2016: Rs.62,000; 2017: Rs.61,000 and 2018: Rs.63,000

The following are the profits of a firm in the last five years:
2014: Rs.10,000; 2015: Rs.11,000; 2016: Rs.12,000; 2017: Rs.13,000 and 2018: Rs.14,000
Calculate the value of goodwill at 2 years purchase of average profit of five years.

From the following particulars of Neithal Ltd, calculate trend percentages.

Particulars Rs.in lakhs

2015-16 2016-17 2017-18

Revenue from operations 150 135 90

Other income 25 5 15

Expenses 125 75 50

Income tax 40% 40% 40%