TrbTnpsc.com s Model Question Paper for Public Exam 2019

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m m s Model Question Paper for Public Exam 2019 ACCOUNTANCY Class: XII-B& E MARKS: 90 Date: 03-01-2019 TIME: 2.30 Hrs Note: m m m m m m Section - I Answer all the questions.

1 m m s Model Question Paper for Public Exam 2019 ACCOUNTANCY Class: XII-B& E MARKS: 90 Date: TIME: 2.30 Hrs Note: m m m m m m Section - I Answer all the questions. Choose the most suitable answer from the given three alternatives and write the option code and the corresponding answer. m m m m I. Choose the correct Answers:- (20x1=20) 1. The financial position of the business can be ascertained by preparing the a) Balance Sheet b) Trial balance c) Capital accounts 2. Packing Charges is shown on the debit side of a) Profit and Loss A/c b) Trading A/c c) Balance Sheet 3. Debtors on `20,400 and on `33,000 cash received from debtors `60,800. Thus credit sale made during the year is a) `73,400 b) `81,200 c) `48, If Adjusting closing capital is more than opening capital it denotes a) Profit b) Loss c) Profit or Loss 5. Total amount of depreciation provided on the written down value 10% p.a. on `20,000 the first three years will be Rs. a) `4,214 b) `5,420 c) `5, The amount of depreciation charged on the machinery will be debited to account. a) Machinery b) Depreciation c) Cash 7. As per section of the Companies Act 1956 Depreciation fixed asset is compulsory a) 205 (2) b) 205 (1) c) 205 (4) 8. When Total Sales is `4,70,000 Credit Sales `2,65,000 then cash sales will be Rs. a) `3,67,500 b) `7,35,000 c) `2,05, Current assets of a business is `90,000 and the current liabilities are `45,000. Current Ratio will be a) 1:2 b) 1:1 c) 2:1 10. The Opening cash balance is `10,500. Furniture sold and Purchases is `12,000 and `8,000 the closing balance is `.? a) `14,500 b) `6,000 c) `10, Supplier is a) Debtors b) Creditors c) None of these 12. Salaries of a partner will be paid only if allowed by the a) Partners b) Partnership Deed c) Government Order 13. The formula is calculate the super profit a) A.P + N.P b) A.P N.P c) A.P X N.P 14. All the time of admission of new partner, of assets and liabilities should be taken up. a) Valuation b) Revaluation c) Cost Price m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m 15. New Ratio = a) Old Share + Sacrifice b) Old Share Sacrifice c) Sacrifice Old Share m m m m m m 1 m m m m m m m m m m m m m m m m m m m m m m m m m m

2 16. Amount due to retiring partner is ascertained by preparing his account incorporating all the adjustments a) Current Account b) Capital Account c) Loan Account 17. A, B, C were sharing profit and losses in the proportion of 1/2, 1/3, and 1/6. A retires the new ratio of B an d C is a) 2:1 b) 1:2 c) 1:3 18. Profit made on re-issue of forfeited shares is transferred to a) General Reserve b) Capital Reserve c) Reserve Capitals 19. The maximum calls that a company can make it a) 1 b) 2 c) A public issue cannot be kept open for more than days. a) 3 b) 10 c) 5 m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m Note: Section - II (7x2=14) Answer any seven questions in which question No.21 is compulsory. 21. What is a bad debt? 22. What is Conversion Method? 23. Write Notes in Efflux ion of time? 24. What is meant by Calls In Advance? m m 25. Calculate the missing information: Closing Capital `1,63,800; Additional Capital `42,300; Drawings `25,200; Loss `12,600 Opening Capital? m m m m m m m m m m m m m m m m 26. A Company Purchased machinery for `1,00,000 its Installation costs amounted to `10,000. Its estimated life is 5 years and the scrap value is `5,000. Calculate the amount and rate of depreciation under straight line method. m m m m 27. From the following, determine the Stock Turnover Ratio? Opening Stock `40,000; Closing Stock `30,000; Purchases `95,000. m m m m 28. X and Y are two partners sharing profits and losses equally. X drew regularly `2,000 at the end of every month during the year. Y draws `4,000 regularly at the beginning of every month during the year. Calculate Interest on Drawings at 10 % p.a. m m m m 29. From the following information prepare Cash budget for June Cash in hand `10,000; Cash purchases `70,000; Cash Sales `1,00,000; Purchase of furniture `2,500. m m m m m m m m 30. Latha Ltd Issued 2,00,000 equity shares of `10 each at a discount of 10% per share. Give journal Entry. m m 2 m m m m m m m m m m m m m m m m m m m m m m m m m m

3 m m m m m m m m m m m m m m m m m m m m m m m m Note: Section III (7x3=21) Answer any seven questions in which question No.31 is compulsory. m m m m 31. Following are the balances extracted from the trial balance of Mr.Hariharan as on Sundry Debtors `65,000 Bad Debts `2,500 Provision for Bad & Doubtful Debts `1,500 Adjustments: i ) Write off `1,500 as bad debts ii) Provide for Bad and Doubtful debts at 3% on Sundry Debtors. Show how these items will appear in the final accounts. m m m m m m m m 32. Mrs.Vandana Started business with `1,20,000 as capital on during the year she has withdrawn at the rate of `1,000 per month. She introduced `20,000 as additional capital. Her position on was as follows: Bank Balance `18,000 Stock `80,000 Debtors `50,000 Furniture `5,000 Cash in hand `3,500 Creditors `22,000 Outstanding Expenses `1,500 She keeps her books under single entry system. Determine her profit or loss for the year m m m m m m m m m m m m 33. What are the needs for Providing Depreciation? 34. Define Budget, What are the characteristics of a budget? List the methods that can be used for the preparation of the Cash budget? m m m m 35. Write Short Notes on : a) Current Account b) Super Profit Method c) Gaining Ratio m m m m 36. Sri & Co purchased a machinery worth `3,00,000 on 1st October They spent `20,000 on its erection. The firm writes off depreciation at the rate of 10% on the Straight Line method. Prepare Machinery Account and Depreciation account for first three years. m m m m 37. From the following details calculate : a) Gross Profit Ratio b) Net Profit Ratio c) Stock Turnover Ratio Sales `1,50,000; Closing Stock `31,000; Cost of goods Sold `1,20,000; Debtors `15,000; Opening Stock `29,000; Administration Expenses `15, Kavin and Kumar are two partners sharing profits in the ratio of 4:3, Kalai is admitted for 1/3rd share of profits. Good will of the firm is to be valued at 2 years purchase of 3 years profits. Which have been `48,000 `52,000 and `68,000 Give Journal Entries if : m m m m m m m m m m 3 m m m m m m m m m m m m m m m m m m m m m m m m m m

4 m m m m m m m m m m m m m m a) There is a good will in the books of the firm b) The Good will account appears at `42,000 in the bank c) The Good will already existing in the book is `1,61,000 m m m m 39. The directors of a company forfeited 500 Shares of `10 each fully called up for nonpayment of first call of `2 per share and final call of `3 per shares fully paid up. Pass Necessary entries to record the above and prepare Share Forfeiture account. m m m m 40. On Alpha Ltd., issued 1,00,000 shares of `10 each payable `2 On application. The company received applications for 1,20,000 shares. The excess applications were rejected and money refunded. Pass necessary entries. m m m m Note: Section IV (7x5=35) Answer all the questions. 41.(a) Pass necessary adjusting entries for the following adjustments: a) Closing Stock Rs.6,00,000 b) Provide 6% Interest on Capital of Rs.16,00,000 c) Rent Received in advance Rs.5,000 d) Interest accrued on Investments Rs.2,000 e) Insurance Premium prepaid Rs.1,000 f) Wages Outstanding Rs.15,000 (b) A, B and C were partners in a firm sharing profits in the ratio of 4:3:2. C retired. What would be their new ratio and gaining ratio in each of the following cases? a) If C s share was taken up by A and B equally b) If C s Share was taken up by A and B in the Original ratio c) If C s Share was taken up by A and B in the ratio of 2:1 d) If C s Share was taken up entirely by A m m m m m m m m m m m m m m m m 42.(a) Shannaz withdrew the following amounts from her firm, for personal use during the year ending March 31, Calculate interest on drawings by product method, if the rate of interest to be charged is 7% p.a. Amount Date (Rs.) April 1, ,000 June 30, ,000 October 31, ,000 December 31, ,000 March 1, ,000 (b) 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 form Capital invested in the business is 10%. The Remuneration of the partners is estimated to be Rs.9,000 per annum. Find out the value of goodwill on the basis of two years purchase of super profit. m m m m m m m m m m m m m m m m m m m m m m m m m m 43.(a) --- (b) From the following, prepare a cash budget for June & July m m m m m m m m m m m m m m m m m m m m m m m m m m m m

5 m m m m m m Particulars May ` June ` July ` Cash purchases 50,000 1,00,000 1,50,000 Cash sales 1,37,500 1,62,500 2,37,500 Credit purchases 72,500 1,22,500 1,62,500 Credit sales 1,37,500 1,72,500 2,00,000 Expenses 25,000 30,000 35,000 i) Estimated Opening Balance of Cash on 1st June Rs.40,000 ii) Credit Allowed by Suppliers and to Customers is one month iii) Expenses are payable in the same month iv) Dividend receivable in June is Rs.8,000 v) Commission payable in July is Rs.1,35, (a) From the Trading & Profit and Loss account of Fashion World ltd., ascertain the Profitability ratios. Trading and Profit & Loss Account of for the year ending Particulars ` Particulars ` To Opening stock 20,000 By Sales 1,60,000 To Purchases 1,20,000 By Closing stock 32,000 To Gross profit c/d 52,000 1,92,000 1,92,000 To Administration expenses 12,000 By Gross profit 52,000 To Selling expenses 8,000 By Dividend 400 To Finance expenses 4,000 To Loss on sale of furniture 500 To Net profit 27,900 52,400 52,400 Credit Purchases during the year `10,40,000; Credit Sales during the year `4,26,000. m m m m m m m m (b) m m m m 45.(a) --- m m (b) m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m From the following balance sheet, Calculate Debtors Turnover, Creditors Turnover, Capital Turnover & Fixed assets Turnover Ratio. Balance Sheet ason Liabilities ` Assets ` Share capital 4,00,000 Land & Building 3,00,000 Reserves 2,40,000 Plant & Machinery 1,60,000 Creditors 2,60,000 Stock 2,96,000 6% Debentures 60,000 Debtors 1,42,000 Cash 62,000 9,60,000 9,60,000 m m m m m m m m m m m m Baskar & Brothers purchased a Machinery on for `5,70,000. The firm writes off depreciation at 10% on reducing balance method. The books are closed on 31st March every year. Pass the necessary Journal Entries, prepare machinery account and depreciation account for the first three years. m m m m m m 5 m m m m m m m m m m m m m m m m m m m m m m m m m m

6 46.(a) m m m m m m m m (b) m m m m m m m m m m m m m m m m A and B are partners of a firm sharing profits and losses in proportion to capital. Their balance sheet as on is a under: Liabilities ` Assets ` Creditors 60,000 Bank 12,000 Bills payable 40,000 Debtors 40,000 Capital accounts: A - 60,000 Stock 40,000 m m B - 40,000 1,00,000 m m m m m m Plant 90,000 Furniture 18,000 2,00,000 2,00,000 They decided to admit C in to the partnership with effect from 1st April 2005 on the following terms: a) C Shall bring in a capital of `50,000 for 1/5th Share of profits. b) Goodwill is to be valued at `40,000. c) Plant and Furniture was to be depreciated by 5%. d) Provision for doubtful debts be created at 1½ % on sundry debtors. Show Revaluation account, Capital accounts, bank account and balance sheet of the reconstituted partnership. From the following Particulars Calculate closing balance of Sundry debtors and Sundry Creditors Sundry Debtors as on `30,000; Credit Purchases `1,50,000; Sundry Creditors as on `41,000; Credit Sales `1,70,000; Discount earned `5,000; Discount Allowed `6,000; Purchase returns `7,500; Sales Returns `6,500; Cash received from Sundry Debtors `1,50,000; Cash paid to Sundry Creditors `1,40,000. m m m m m m m m m m m m m m m m 47.(a) Baba Ltd Company issued 30,000 Shares off `100 each at a Premium of `20 as follows : On Application - ` 25; On Allotment - ` 45 (Including Premium) On First Call - ` 25; On Final Call - ` 25 All the Shares were fully subscribed. Both the calls were made and all the money was duly received. Pass in Journal Entries Prepare Bank Accounts and Balance Sheet. (b) X and Y are partners in a firm showing profits and losses in the ratio 3:2. Their Capitals on were `1,60,000 and `1,20,000 respectively. The Net profit of the firm for the year ended 31st March 2004 before making adjustments for the above items was `60,000. Drawings of the partners during the year were. X `12,000 and Y `8,000. Their Partnership deed provided for the following: i) Interest on Capital at 5 % p.a. ii) Interest on Drawings at 6 % p.a. iii) X and Y to get a salary for `10,000 each per annum. iv) X to get a commission of 10% on the net profit before charging such commission Show the Profit and Loss Appropriation account and Capital accounts of the partners. m m m m m m m m m m m m m m m m Best of Luck (Commerce Department Trinity Academy, Namakkal ) m m m m m m 6 m m m m m m m m m m m m m m m m m m m m m m m m m m

Part-I. Choose the correct answer: 20x1=20

Part-I. Choose the correct answer: 20x1=20 Higher secondary second year Accountancy Model Question paper - II Time: 2.30 hrs Marks:90 Part-I Choose the correct answer: 20x1=20 1. Trial balance shows sundry debtors Rs.75,000/- as on 31.12.2005.