12th Accountancy Public Exam Official Model Question Paper 2018 2019 Download English Medium

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Higher secondary second year

Accountancy
Model Question paper - I
Time: 2.30 hrs Marks:90
Part-I
Choose the correct answer: 20x1=20
1. Return outwards are deducted from.....................................

a. Purchases
b. Sales
c. Gross Profit
2. The financial position of the business can be ascertained by preparing..............................

a. Trading and Profit loss
b. Trial balance
c. Capital accounts
3. Rent outstanding is.............................

a. Liability
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b. Asset
c. Income
4. Under the net worth method the basis for ascertaining the profit is the difference
between....................
a. The capital on two dates
b. Assets on two dates
c. Liabilities on two dates
5. A firm has capital of Rs.60,000/- and liabilities of Rs.40,000/- then its assets is..............................
a. Rs.1,00,000/-
b. Rs.20,000/-
c. Rs. 40,000/-
6. If selling price is less than the book value of the asset it denotes...........................
a. Profit
b. Loss
c. Expense
7. Cost of asset Rs.5,00,000/-. Rate of depreciation is 10% p.a under diminishing balance method.
Book value of the asset under the end of second year is...............................
a. Rs.4,05,000/-
b. Rs.4,00,000/-
c. Rs.95,000/-
8. The amount of depreciation charged on a machinery will be debited in.............................

a. Machinery account
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b. Depreciation account
c. Cash account
9. Opening stock is Rs.20,000/-. Purchases Rs.4,00,000/- and closing stock is Rs.10,000/-. Cost of
goods sold is..................................
a. Rs.4,30,000/-
b. Rs.4,20,000/-
c. Rs.4,10,000/-
10. Share holders fund include........................

a. Equity share capital, Preference share capital, Reserves and surplus.
b. Loans from banks and financial institutions
c. Equity share capital, Preference share capital, Reserves and surplus and Loans from bank and
financial institutions.
11. Redemption of debenture is an example for..................................

a. Cash receipts
b. Cash payments
c. None of The above
12. Budget is expressed in terms of...................................

a. Money
b. Physical units
c. Money and physical units
13. If a firm is maintaining both “Capital Accounts and Current Accounts of the partners A and B.
Additional capital introduced by B will be recorded in..................................
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a. B’s current account
b. B’s capital account
c. Either B’s capital account or current account
14. When a fixed amount is withdrawn in the beginning of every month, the period calculated for
interest on drawings is................................
a. 11/24
b. 12/24
c. 13/24
15. Revaluation Account is a..................................

a. Real account
b. Nominal account
c. Personal account
16. A & B are sharing profits in the ratio of 3:2. C is admitted as a partner giving him 1/5th share of
profits. This will be given by A & B ....................................
a. Equally
b. In the ratio of their profits
c. In the ratio of their capitals
17. When the amount due to an outgoing partner is not paid immediately, then it is transferred
to.........................
a. Capital account
b. Loan account
c. Cash account
18. ................................ratio is calculated by taking out the difference between new profit sharing ratio
and old profit sharing ratio
a. Gaining
b. Capital
c. Sacrifice
19. Premium on issue of shares can be used for...............................

a. Issue of fully paid bonus shares
b. Distribution of profit
c. Transferring to general reserve
20. The maximum calls a company can make is............................

a. One
b. Two
c. Three
Part-II
Answer any 7 questions: (Question No.21 is compulsory) 7x2=14
21. What is accrued income?
22. Define single entry system.
23. Write notes on Effluxion of time
24. Name any two current assets which are not considered to be liquid assets
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25.
Cash sales
Credit sales
May
1,37,500
1,37,500
June
1,62,500
1,72,500
July
2,37,500
2,00,000
Note: Credit allowed to customers is one month. Show the cash receivables from customers for the
month of June & July.
26. How does the ‘factor efficiency of management’ affect the goodwill of the firm?
27. If the partnership deed does not specify the rate of interest chargeable on drawings, will the
interest still be charged? If yes, at what rate, if not why?
28. State any two purposes of admitting a new partner in a firm.
29. Define gaining ratio
30. Give the meaning of over subscription of shares?
Part-III
31. Give adjusting and transfer entry for depreciation on machinery Rs.25,000/-
32. Calculate the missing figure:
Capital at the end Rs.1,60,000
Capital at the beginning Rs.1,20,000
Profit made during the year Rs.64,000
Additional capital introduced Rs.20,000
Drawings ?
33. Find the rate of depreciation under straight line method.
Cost of plant Rs.2,30,000

Installation charges Rs.20,000
Expected life in years 10 years
Scrap value Rs.50,000
34. Calculate Gross Profit Ratio
Sales Rs.6,50,000
Cost of goods sold Rs.4,80,000
Sales return Rs.50,000
35. What are the characteristics of budget?

36. X and Y are partners sharing profits and losses equally. X draws regularly Rs.3000/- at the beginning
of every month during the year. Y draws regularly Rs.2000/- at the end of every month during the
year. Calculate interest on drawings @ 10% p.a.
37. What are the differences between fixed capital account and fluctuating capital account? (any 3)
38. Ravi and Raja are partners sharing profits in the ratio of 7:3. They admit Rajesh into partnership for
1/5th share, old partners sacrificing equally. Calculate the new profit ratio?
39. A Ltd. Invited applications for issuing 5,00,000 equity shares of Rs.10 each at a premium of Rs.5 per
share. Because of favourable market conditions, the issue was oversubscribed. Suggest the
alternatives available to the board of directors for the allotment of shares.
40. Vinod Company Ltd. Issued 40,000 preference shares of Rs.10 each at a premium of Rs.3. Give
journal entry.
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Answer all the questions:
Part-IV
41. a) Trial balance shows on 31.03.2007, sundry debtors Rs.52,000/-.

Adjustments:
7x5=35
1. Bad debts to be written off Rs.2000

2. Provision for bad and doubtful debts be created at 5%
3. Provide discount on debtors at 2%
Pass adjusting entries and also show how these items will appear in the final accounts.
(or)
b) Mr.Suresh keeps his books by incomplete double entry system. He started business with
Rs.1,00,000/- on 01.04.2007. On 30.03.2008 his position was under:
Bank balance Rs.20,000
Stock Rs.30,000
Sundry debtors Rs.70,000
Machinery Rs.50,000
Cash in hand Rs.10,000
Bills receivables Rs.30,000
Sundry creditors Rs.40,000
Bills payable Rs.20,000
Outstanding expenses Rs.5,000
During the year he introduced Rs.35000 as additional capital. He has withdrawn Rs.2000 per
month for his personal use. Find out his profit or loss for the year 2007-2008.
42. a) The following balances are extracted from the books of Mr.Kavin as on 31st March 2004.
Prepare Trading, Profit & Loss A/c and Balance Sheet.
Trial Balance as on 31st March 2004
Debit balances Rs. Credit balances Rs.

Drawings 16,000 Capital 1,20,000
Cash in hand 2,500 Commission 11,000
Stock (1.4.2003) 1,00,000 Bank overdraft 8,500
Purchases 3,00,000 Sales 4,20,000
Wages 50,000 Sundry creditors 50,000
Insurance premium 1,000 Bill payable 25,000
Salaries 15,000
Sundry debtors 1,50,000
6,34,500 6,34,500
Adjustments:
1. Closing stock Rs.1,00,000/-
2. Wages yet to be paid Rs.2,000/-
3. Commission accrued and not yet received Rs.1,000/-
4. Quarterly premium of insurance is paid in advance.
(or)
b) Prepare capital accounts of the partners Ravi and Raja from the following details assuming
that their capitals are fluctuating.
Particulars Ravi Raja
Capital as on 1.1.2001 80,000 50,000
Drawings during 2001 6,000 4,000
Interest on capital @ 6% ? ?
Interest on drawings @ 5% ? ?
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Profit shares of 2001
Partners salary
Commission
8,000
4,000
1,600
6,000
2,000
1,200
Interest on Raja’s loan a/c 4,000 3,000
43. a) The books of Mr.Ravi revealed the following information on 01.04.2000.
Liabilities Rs. Assets Rs.

Capital 83,030 Goodwill 18,540
Sundry creditors 9,010 Furniture 14,010
Sundry debtors 46,830
Cash at bank 12,660
92,040 92,040
Other information:
Cash received from sundry debtors 2,12,460
Drawings 81,600
Salaries paid 18,300
Rent paid 9,450
Cash paid to sundry creditors 90,360
Sundry expenses paid 3,840
Closing stock (31.03.2001) 32,000
Sundry debtors (31.03.2001) 56,700
Sundry creditors (31.03.2001) 16,000
Cash at bank (31.03.2001) 21,570
Prepare Trading and Profit & Loss A/c and Balance Sheet as on 31.03.2001.
(or)
b) Mala and Geetha are partners sharing profits & losses in the ratio of 3:2. They decided to
admit Latha in to partnership and revalue the assets & liabilities as under.
1. To bring into record investment of Rs.12,000/- which had not so far been recorded in the
books of the firm.
2. To depreciate stock, furniture & machinery by Rs.3,000/-, Rs.1,000/- & Rs.5,000/-
respectively.
3. A provision for outstanding liabilities was to be created for Rs.4,000/-.
Give journal entries & show the revaluation account.
44. a) Navin & Nithin were partners of a firm showing profit & loss in the ratio of 7:5. Set out below
was their balance sheet as on 31st December 2004.

Sundry creditors 40,000 Bank 52,000
General reserve 72,000 Sundry debtors 40,000
Workmen’s compensation fund 60,000 Stock 72,000
Capital A/c Machinery 1,60,000
Naveen - 1,20,000/- P & L A/c 48,000
Nithin - 80,000/- 2,00,000
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Nitin retired from the partnership from 1st January 2005 and that Navin will take over the business
on the following terms.
1. Goodwill was to be valued at Rs.36,000/-

2. Machinery was depreciated at 10%
3. Provision for doubtful debts created at 5% on sundry debtors
4. The liability on workmen’s compensation fund is determined at Rs.36,000/-
Show revaluation A/c and Capital A/c & Balance Sheet of the reconstituted firm.
(or)
b. Calculate liquidity ratios from the following particulars :

Particulars Rs. Particulars Rs.
Debtors 5000 Creditors 4000
Cash in hand 4000 Bills payable 3000
Cash at bank 6000 Outstanding expenses 250
Short term investment 2000 Bills receivable 3000
Prepaid expenses 1000 Closing stock 8000
45. a) Sunita Limited issued 1000 shares of Rs.10 each at Rs.12 per share. The amount is payable as
under.
Rs.3/- on application
Rs.5/- on allotment (including premium)

Rs.2/- on first call
Rs.2/- on final call.
1. The company did not make the final call. Mr. Mani was allotted 25 shares. Give Journal
entries for forfeiture in the following case.
Mr. Mani failed to pay first call money and his shares were forfeited.
2. Company made all the calls. Mr. Mani failed to pay first call & final call money, his shares
were forfeited. Give journal Entry for forfeiture
(or)
b) Machinery Account showed a balance of Rs.40,000/- on 1st April 2001. On 1st October 2003,
another machinery was purchased for Rs.48,000/-. On 30th September 2003, a machinery which
has book value of Rs.40,000/- on 01.04.2001 was sold for Rs.24,000/-. Depreciation is to provided
at 10% p.a. on written down value method. The accounting year ends on 31st March.
Prepare Machinery A/c for three years.
46. a) From the following prepare cash budget for August and September 2004.
July August September

Particulars
(Rs) (Rs) (Rs)
Cash purchases 2,00,000 4,00,000 6,00,000
Cash sales 5,50,000 6,50,000 9,50,000
Credit purchases 2,90,000 4,90,000 6,50,000
Credit Sales 5,50,000 6,90,000 8,00,000
Expenses 1,00,000 1,20,000 1,40,000
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1.
2.
Estimated opening balance of cash on 1st August Rs.1,60,000/-.
Credit allowed by suppliers and to customers is one month.
3. Expenses are payable in the same month.
4. Dividend receivable in August is Rs.32,000/-
5. Commission payable in September is Rs.5,40,000/-
(or)
b) A and B are partners sharing profits in the ratio of 3:2 with capitals of Rs.50,000/- & Rs.40,000/-
respectively. Interest on capital is agreed at 8% p.a. Interest on drawings is fixed at 10% p.a. The
drawings of partners were Rs.15,000/- and Rs.10,000/-. A is entitled to a salary of Rs.12,000/- p.a.
and B is entitled to get a commission of 10% on net profit before charging such commission. Net
profit of the firm before making the above adjustment was Rs.60,000/- for the year ended 31st
March 2005.
Prepare Profit & Loss Appropriation A/c.
47. a) Sun Ltd. Offered for subscription of 20,000 shares of Rs.10/- each payable at a premium of
Rs.2.50 per share.
Rs.2.50/- on application
Rs.5.00/- on allotment (including premium)
Rs.3.00/- on first call
Rs.2.00/-on final call
Applications were received for 30,000 shares. Applications for 5000 shares were rejected.
Applications money for other 5000 shares was applied towards the amount due on allotment. The
balance money was received in due time. Pass journal entries.
(or)
b) Calculate Stock Turnover Ratio and Gross Profit Ratio

From the following Trading Account of Charles & Co. for the year ended 31.03.2004.
To opening stock 40,000 By sales 2,00,000
To purchases 1,20,000 By closing stock 20,000
To carriage 10,000
To gross profit 50,000
2,20,000 2,20,000
*********
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Accountancy
Model Question paper - II
Part-I
1. Trial balance shows sundry debtors Rs.75,000/- as on 31.12.2005. Write off bad debts Rs.5000/-.
Provide 5% for bad & doubtful debts. The amount of provision for bad and doubtful debts
is......................................................
a. Rs.3,750/-
b. Rs.4,000/-
c. Rs.3,500/-
2. Interest on drawings is deducted from.....................................

a. Income
b. Capital
c. Expenses
3. Trial balance shows bank loan Rs.7,00,000/- at 10% on 01.04.2015. Interest paid Rs.50,000/-.
Interest outstanding is..................................as on 31.03.2015.
a. Rs.20,000/-
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b. Rs.70,000/-
c. Rs.50,000/-
4. Debtors on 01.04.2004 is Rs.39,600/- and on 31.03.2005 is Rs.49,900/-. Cash received from debtors
during the year is Rs.69,500/-. Credit sales during the year is...........................................
a. Rs.20,000/-
b. Rs.59,200/-
c. Rs.79,800/-
5. Incomplete records are generally used by................................

a. Small traders
b. Government
c. Company
6. Under written down value method depreciation......................................

a. Increases every year
b. Constant every year
c. Decreases every year
7. Cost of an asset is Rs.2,00,000/-. Rate of depreciation is 10% per annum. Depreciation is calculated
under straight line method. Book value of the asset at the end of third year is................................
a. Rs.1,40,000/-
b. Rs.1,60,000/-
c. Rs.1,80,000/-
8. Under straight line method rate of depreciation is calculated on

a. Cost
b. Written down value
c. Cost less scrap value
9. Gross profit ratio establishes the relationship between........................................

a. Gross profit & total sales
b. Gross profit & credit sales
c. Gross profit & cash sales.
10. All solvency ratios are expressed in terms of............................................

a. Proportion
b. Times
c. Percentage
11. Cost of goods sold Rs.4,00,000/-, Average stock Rs.80,000/- stock turnover ratio is............................
a. 5 times
b. 4 times
c. 7 times
12. Budget is an estimate relating to .................................period.

a. Future
b. Current
c. Past
13. Opening balance of cash in January is Rs.15,000/-. Estimated cash receipts are Rs.20,000/- and
estimated cash payments are Rs.10,000/-. The opening balance of cash in February will
be...................................
a. Rs.25,000/-
b. Rs.35,000/-
c. Rs.45,000/-
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14. Unless the partnership deed provides for it partners are.................................
a. Entitled to salary
b. Not entitled to salary
c. Active partner will get salary
15. Under fluctuating capital method the profits of partners will be transferred to
their.....................accounts.
a. Current
b. Drawings
c. Capital
16. The excess of average profit over normal profit is...........................

a. Super profit
b. Goodwill
c. Undistributed profit.
17. In admission profit from revaluation of assets and liabilities will be transferred to the capital
accounts of old partners in the.............................
a. Old profit ratio
b. Sacrifice ratio
c. New ratio
18. A, B & C are partners sharing profits in the ratio of 4:3:2. C retires and the new ratio of A &
B.............................
a. 4:3
b. 3:2
c. 4:2
19. The amount credited to share forfeiture is Rs.500/-. The loss on issue of forfeited share is Rs.200/-.
Capital Reserve will be..................................
a. Rs.200/-
b. Rs.300/-
c. Rs.500/-
20. According to companies (Amendments Act) 2000. A company limited by share can
issue.....................kinds of shares.
a. 1
b. 2
c. 3
Part-II
21. What is a prepaid expense?

22. What is net worth method?
23. How do you calculate profit or loss on sale of an asset?
24. Current ratio of a company is 2:1. What do you infer about the firm’s liability to repay the dues?
25. List the methods that can be used for the preparation of the cash budget.
26. Give two circumstances in which the fixed capitals of partners may change.
27. Partnership deed does not specify the rate of interest payable on loan. At what rate interest will be
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paid, if any? Give reasons
28. State whether the revaluation a/c is debited or credited to record the increase in the amount of
creditors. Why?
29. What are the differences between over subscription and under subscription? (any 2)
30. What do you mean by calls in arrears?
Part-III
31. Give adjusting and transfer entry for interest on drawings Rs.2,000/-
32. Calculate credit sales: Rs.
Opening sundry debtors 50,000
Cash received from sundry debtors 80,000
Discount allowed to sundry debtors 2,000
Sales return 5,000
Closing sundry debtors 75,000
st
33. A machine was purchased on 1 April 2002 for Rs.75,000/-. After having used it for three years it
was sold for Rs.35,000/-. Depreciation is to be provided every year at the rate of 10% p.a. on
diminishing balance method. Accounts are closed on 31st March every year. Find out profit or loss
as sale of machinery. (Give only the working notes)
34. Calculate Debt Equity Ratio.
Equity shares 1,00,000 General Reserve 75,000

Debentures 75,000 Sundry creditors 40,000
Outstanding Expenses 10,000
35. State the advantages of cash budget.
36. ‘X’ and ‘Y’ had capitals of Rs.80,000/- and Rs.40,000/- respectively on 01.01.2000. ‘X’ introduced
additional capital of Rs.10,000/- on 30.06.2000. ‘Y’ withdraw Rs.5,000/- from his capital on
01.10.2000. Calculate interest on capital at 5% for the year 2000.
37. What are the differences between sacrificing ratio & gaining ratio? (any 3)
38. M, N & U are partners sharing profits in the ratio of 4:3:3. U retires and his share is taken up by
M & N in the ratio of 3:2. Calculate new ratio.
39. Raja Ltd. Issued 500 shares of Rs.100/- each at a discount of Rs.10/-. Give journal entry assuming
all shares are subscribed.
40. On 01.01.2016 Beta Ltd. Issued 50,000 shares of Rs.10/- each payable Rs.2/- on application. The
company received application for 1,20,000 shares. The excess applications were rejected & money
refunded. Pass necessary entries.
Part-IV
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Answer all the questions:
41. Following balances are extracted from books of Mr.Kishore as on 31.03.2002.

7x5=35
Debit balances Rs. Credit balances Rs.

Drawings 40,000 Capital 2,00,000
Cash in hand 17,000 Sales 1,60,000
Cash at bank 65,000 Sundry creditors 45,000
Wages 10,000
Purchases 20,000
Stock (01.04.2001) 60,000
Buildings 1,00,000
Bills receivable 29,000
Rent 4,500
Commission 2,500
General expenses 8,000
Furniture 5,000
4,05,000 4,05,000
Adjustments:
Closing stock Rs.40,000
Interest on Capital @ 6%
Interest on Drawing @5%
Wages to be paid Rs. 1000
Rent Paid Rs. 900
Prepare trading and profit & loss A/C for the year ending 31.03.2002
(or)
b. D and J are partners sharing profits in the ratio of 3:2. They decided to admit Vijayan for 1/5th
share of future profit. Goodwill of the firm is to be valued at Rs.50,000/-. Give journal entries, if
any.
a. There is no goodwill in the books of the firm.
b. Goodwill appears at Rs.30,000/-
c. Goodwill appears at Rs.60,000/-
42. a. The balances appear in Bharani’s books which are kept on single entry basis:
Particulars 1st April 2000 31st March 2001

Furniture 4,000 4,000
Stock 10,000 12,000
Sundry debtors 12,000 8,000
Cash 20,000 40,000
Sundry creditors 4,000 7,000
Bills receivable 2,000 1,000
Loan (Dr.) - 1,000
Investments - 4,000
His drawings during the year were Rs.4,000/-. Depreciate on furniture by 10% and provide a
reserve for bad and doubtful debts at 5% on sundry debtors.
Prepare statement of profit or loss for the year 2000 - 2001
(or)
b) A and B are sharing profits in the ratio of 6:4, admits C as a partner with 1/3rd share in profits
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on 1st January 2000. The terms agreed upon were:
a. C to contribute Rs.25,000/- as capital
b. Goodwill of the firm valued at Rs.26,000/-
c. Land & Building appreciated by 40%
d. Depreciate Plant & Machinery by 10%
e. Provision for doubtful debts was to be increased by Rs.800/-
f. A liability of Rs.1000/- included in sundry creditors is not likely to arise.
Balance sheet of A & B as on 31.12.1999 before C’s admission was as follows:
Sundry creditors 29,000 Cash 9,000
Bills payable 6,000 Land & Building 25,000
Plant & Machinery 30,000
General reserve 16,000 Stock 15,000
Capital A-50,000 Sundry debtors – 20,000
B-35,000
85,000
Less: Provision for bad & doubtful 1,000 19,000
Goodwill 10,000
Profit & Loss a/c 28,000
1,36,000 1,36,000
Prepare Revaluation account and partners capital account after C Admission
43. a) Mrs.Pramila maintained her account books on single entry system. From the following
information available in her records. Prepare Trading, P&L a/c for the year ending 31.03.2003 and
a Balance Sheet as on that date depreciating machinery at 10% p.a.
Cash Book
Receipts Rs. Payments Rs.
To bal c/d 16,000 By (cash) purchases 28,000
To (cash) sales 80,000 By sundry creditors 40,000
To sundry debtors 60,000 By general expenses 12,000
By wages 4,000
By drawings 16,000
By bal c/d 56,000
1,56,000 1,56,000
Other information:
Particulars 31.03.2002 31.03.2003

Sundry debtors 18,000 ?
Sundry creditors 28,800 ?
Stock 20,000 32,000
Machinery 80,000 80,000
Furniture 6,000 6,000
Additional information:
Discount allowed 2,800
Discount received 3,400
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Credit sales 68,800
Credit purchases 28,200
(or)
X, Y & Z were partners of a firm sharing profit & losses in proportion of their capital. Balance sheet
as on 31.12.1994 stood as under.
Balance Sheet

Sundry creditors 10,500 Cash at bank 8,000
Reserve fund 24,000 Sundry debtors – 10,000
Capital Accounts: Less: Provision for bad & doubtful 500 9,500
X - 45,000 Stock 9,000
Y - 30,000 Machinery 24,000
Z - 15,000 90,000 Land and Buildings 38,000
Good will 24,000
P&L A/C 12,000
1,24,500 1,24,500
st
On 1 January 1995, ‘Z’ retired from the firm.
a. Goodwill was estimated at Rs.18,000/-
b. Provision for doubtful debts reduced by Rs.300/-
c. That out of the amount of insurance which was debited entirely to profit & loss a/c Rs.1000/-
be carried forward for unexpired insurance.
d. Machinery depreciated by 5%
e. Provision of Rs.1,100/- be made in respect of an outstanding bill for repairs.
f. ‘Z’ be paid Rs.5,000/- cash and the balance be transferred to his loan a/c.
Prepare revaluation A/c and capital A/c of reconstituted Partnership
44. a) From the following calculate profitability ratios.

Trading and Profit & Loss A/c of Sudha & Co for the year ending 31.03.2004
To opening stock 1,99,000 By sales 17,00,000
To purchases 11,19,000 By closing stock 2,98,000
To gross profit 6,80,000
19,98,000 19,98,000
To administration expenses 3,00,000 By gross profit 6,80,000
To selling expenses 60,000 By interest 18,000
To financial expenses 30,000
To loss on sale of plant 8,000
To net profit 3,00,000
6,98,000 6,98,000
(or)
b) Asha Ltd. Invited applications for 10,000 equity shares of Rs.100/- each at a discount of Rs.10/-
per share (allowed at the time of allotment).
Amount payable was as follows:
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Rs.30/- on application
Rs.30/- on allotment
Rs.30/- on first & final call
Public applied for 9000 shares and these shares were allotted. All money due was collected with
the exception of first and final call on 400 shares. Subsequently these shares were forfeited. 200
of these shares were reissued as fully paid for a payment of Rs.80/- per share.
Journalise the above transactions in the books of the company.
45. a) Following are the balances extracted from the trial balance of Mr.Kishore as on 31.03.2005.
Particulars Rs. Rs.

Bad debts 2,500
Provision for bad & doubtful debts 1,500
Adjustments:
1. Write off Rs.1500/- as bad debts.
2. Provide for bad & doubtful debts.
3. 3% on sundry debtors. (or)
b) A company forfeited 400 shares of Rs.10/- each on which the final call money of Rs.3 per shares
was not received, the final call of Rs.2/- is yet to be made. These shares were subsequently
reissued at Rs.7/- per shares at Rs.8/- paid up. Pass necessary journal entries and prepare ledger
accounts for share forfeiture and capital reserve.
46. a) From the following information prepare cash budget for three months from October 2003
onwards.
1. Opening cash balance in October Rs.6,000/-

2. Cash sales October-Rs.50,000/-, November-Rs.40,000/- & December-Rs30,000/-.
3. Credit purchases: September Rs.20,000
October Rs.24,000
November Rs.28,000
December Rs.32,000
Period of credit allowed by suppliers is one month.
4. Dividend to be received in December Rs.8,000/-

5. Advance tax Rs.6,000/- payable in October.
6. Sale of an asset for Rs.24,000/- during November.
(or)
b) On 1st April 2001, Excel company limited purchased a machine for Rs.56,000/-. On the date of
purchase it was estimated that the effective life of the machine will be 10 years and after 10 years
its scrap value will be Rs.6000/-.
Prepare machine a/c and depreciation a/c for three years. Depreciation is charged on straight line
method. Accounts are closed on 31st March of every year.
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47. a) Amar and Akbar were partners in a firm sharing profits and losses in the ratio of 3:2. Capitals on
01.04.2004 were Rs.1,50,000/- & Rs.1,00,000/- respectively. Net profit of the firm for the year
ended 31st March 2005 before making adjustments for the following items was Rs.70,000/-.
Drawings of the partners during the year were Amar Rs.15,000/- & Akbar Rs.10,000/-.
Their partnership deed provided for the following:
a. Interest on capital at 6% p.a.
b. Interest on drawings at 8% p.a being Amar Rs.600/- & Akbar Rs.400/-
c. Amar and Akbar to get a salary of Rs.10,000/- each per annum.
d. Amar to get a commission of Rs.3,600/-. Show P&L app A/c and capital Account of partner.
Show P&L Appropriation A/c and Capital Account of partner.
(or)
b) On 1st October 2000, a company purchased a plant for Rs.6,00,000/-. They spent Rs.40,000/- on
its erection. The firm writes off depreciation at the rate of 20% on reducing balance method. The
books are closed on 31st March every year
Prepare plant A/c & Depreciation A/c for three years.
*********
Accountancy
Model Question paper - III

Part-I
1. Closing stock is valued at cost price or Price which ever is less.

a. Book Value b. Market Price c. Selling Price.
2. Trial balance shows sundry creditors Rs.35000. Provide 2% discount on Sundry
Creditors. ____________________ will be the sundry creditors shown in balance sheet.
a. Rs. 30,000 b. Rs. 30,600 c. Rs, 29,400
3. Gross profit is transferred to
a. Capital account b. Profit & loss A/c. c. Trading Account
4. Single entry system is
a. a scientific method b. an Incomplete double entry system
c. Double entry system
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5. Credit purchase is obtained from
a. Trading Account
6. The term depletion is used for

b. Total Debtors A/c c. Total Creditors A/c
a. Intangible Assets b. Fixed assets c. Natural resources.
7. Total amount of depreciation provided on the written down value method at the rate of
10% p..a on Rs. 10,000 for first three years will be
a. Rs. 2107 b. Rs. 2710 c. Rs. 2701
8. Loss on sale of fixed asset appear on the
a. credit side of depreciation account
b. debit side of fixed asset account
c. Credit side of fixed asset account.
9. Operating ratio is equal to
a. 100-operating profit ratio b. 100+operating profit ratio
c. Operating profit ratio
10. Current assets of a business concern is Rs. 60,000 and current Liabilities are Rs. 30,000
current ratio will be
a. 1:2 b. 1:1 c. 2:1
11. All activity ratios are expressed in terms of

a. Proportion b. Times c. Percentages
12. Cash budget deals with

a. Estimated cash receipts b. Estimated cash payments
c. Estimated cash receipts and Estimated cash payments.
13. The minimum number of persons in a partnership firm is

a. one b. Two c. Seven
14. Interest on capital is calculated on the

a. Opening capital b. Closing capital c. Average capital
15. In order to maintain fair dealings at the time of admission, it is necessary to revalue asset
and liabilities of the firm and show them at
a. Cost price b. Good will A/c c. Revaluation A/c.
16. On admission of a Partner if good will account is to be raised this should be debited to.
a. Partners capital A/c b. Good will A/c c. Revaluation A/c.
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17. A,B,C are sharing profits in the ratio of 2/5, 2/5, 1/5 C retired from the business and his
share was purchased equally by A&B. Then new profit sharing ratio shall be.
a. A-1/2 & B-1/2 b. A-3/5 & B-2/5 c. A-2/5 & B-3/5
18. A company issued 1,00,000 shares of Rs. 10 each to the public but only 75,000 shares were
subscribed. Its unsubscribed capital is
a. Rs. 10,00,000 b. Rs. 7,50,000 c. Rs. 2,50,000
19. The balance of forfeited share account is in Balance
sheet
a. Added to paid up capital b. added to authorized capital
c. deducted from paid up capital.
20. Capital reserve is shown on the side of Balance sheet.
a. Asset b. Liability c. Both.
SECTION -II
Answer any seven question in which question No: 21 is compulsory 7 × 2 = 14

21. What is income received in advance?
22. What is conversion method?
23. Define depreciation.

24. Give any 2 example for non. operating expenses.
25. Give 4 examples for cash receipts
26. If the partners capital accounts are fixed where will you record the following items?
a. Fresh capital introduced by the partners
b. Salary payable to partners.
27. How will you treat undistributed profits and losses at the time of admission of a partner.
Give entries?
28. X, Y, Z were partner showing profits & losses in the ratio of 3:2:1. In view of X’s retirement
good will was valued at two years purchase of the average profits of last three years
which were Rs. 16,000, Rs. 30,000 & Rs. 26,000. Pass entry for a good will.
29. What is meant by calls in advance?
30. a. State the name of capital which refers to that amount which is stated in memorandum of
Association as the share capital of company.
b. D Ltd invited applications for issuing 10,00,000 equity shares of Rs. 10 each. Public
applied for 8,55,000 shares. Can the company proceed for allotment of shares. Give
reason in support of your answer.
SECTION -III
Answer any seven question in which question No: 31 is compulsory 7 × 3 = 21
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31. Give adjusting and transfer entry for depreciation at 10% p.a on machinery of Rs. 50,000
32. Trial balance (31.03.15) Shows the following
Dr Cr
Bank Loan @ 10% (31.03.15) - 20,00,000
Interest Paid Rs. 1,20,000 -
Provide Interest outstanding,

Pass adjusting entry and show how it will appear in Balance sheet.
33. From the following find out sundry creditors at the end
Rs
Opening sundry Creditors 38,000
Cash paid to Sundry Creditors 80,000
Discount received 2,000
Returns outwards 9,600
Credit Purchases 1,02,400
34. What are the reasons for providing depreciation? (any 3)

35. Why are the different users of accounting interested in the analysis of financial statements?
(any 3)
36. Enumerate the steps in the preparation of cash budget.
37. P, Q, & R were partners s haring profits in the ratio of 3:2:1 P draws Rs. 5000 at the end
of each quarter. Q draws Rs. 5,000 at the end of each half year. R draws Rs. 2000 on
01.05.2004, Rs. 3,000 on 31.11.2004, Rs. 5,000 on 30.11.2004 Calculate interest on
drawings at 10% P.a for the year ending 31.03.2005.
38. Ramesh, Rajesh & Rakesh are partners sharing profit in the ratio of 5:4:3 Ramesh retires
and his share is taken up entirely by Rajesh calculated new ratio.
39. A, B and C are partners sharing profits and losses in the ratio of 5:3:2 respectively. A retires
from the firm on 1st April 2005. After his retirement his capital accounts shows a credit
balance of Rs. 1,35,000 after the necessary adjustment are made. Give journal entries if any.
a. amount due is paid off immediately
b. When the amount due is not paid immediately.
c. Rs. 45,000 is paid and balance in future.
40. A company has been incorporated with an autherised capital of Rs., 40,00,000 divided
into 4,00,000 shares of Rs. 10 each. It offered 3,80,000 shares to the public, but only
3,60,000shares were subscribed for. The directors called for an amount of Rs. 6 Per share.
All the amounts were received except the call money of Rs. 2 on 2000 shares. Calculated
the amount of different categories of shares capital show it in Balance sheet of company.
SECTION -IV
Answer All question 7 × 5 = 35
41. a. Trial balance shows sundry debtors as Rs. 1,25,000. Bad debt Rs. 4,000 as on 31.03.2003.
Adjustments
(a) Rs 5000 to be written off as bad debt
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(b) provide 5% provision for bad doubtful debts
(c) provide 1 1/2 % provision for discount on Debtors
Give journal entries and show how these items will appear in final accounts.
b. From the following information calculate the value of goodwill at three years
purchase of super profit
(i) Average capital employed in the business Rs. 6,00,000
(ii) Net trading profits of the firm for the past three years were
Rs. 1,07,600 Rs. 90700 Rs. 1,12,500
(iii) Rate of interest expected from capital having to the risk involved is 12%
(iv) Fair remuneration to then partner for their service Rs. 12,000p.a
42. a. Ram & shyam were partner sharing profits & losses equally. The accounts are maintained
under single entry system.
on 31.3.2002 their positions was as follows.
Liabilities Assets
Sundry Cash at Bank 4,0000
creditors 1,00,000 SundryDebtors 1,60,000
Loan 40,000 Stock 40,000
Capital plant& Machinery 60,000
Ram 8000
shyam 8000
3,00,00 3,00,000
0
The position of the firm on 31.3.2003 was as follow.
Sundry creditoss 1,20,000

Stock 80,000
Plant & Machinery 1,00,000
Sundry debtors 1,50,000
Cash at bank 60,000
Depreciate plant & Machinery by 10% p.a Drawings Ram Rs. 10,000 Shyam Rs. 6000
Find out the profit or loss during the year 2002-03
(or)
(b) Ashok brothers purchased a machinery on 1.1.2000 for Rs. 5,00,000. On 1.1.2002 the
machinery was sold for Rs. 4,00,000. The firm charges depreciation at the rate of 15% P.a on
straight line method. The books are closed an 31st March every year.
Prepare Machinery Account & Depereciation Accounts.
43. (a) (i) Calculate Debtors turnover ratio.
Total Sales 1,75,000
Sales return 10,000
Closing Debtors 12,000
Cash Sales 35,000
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Opening Debtors 8,000
(ii) Calculate Creditors turnover ratio

Total Purchases 85,000
purchase return 5,000
Closing Creditors 15,000
Cash Purchases 20,000
Opening Creditors 25,000
(or)
(b) prepare cash budget for the month of March & April 2006
Month Credit Purchases Credit Sales Administration &
Selling expenses
January 75,000 1,50,000 1,20,000
February 1,00,000 1,35,000 1,35,000
March 85,000 1,75,000 65,000
April 1,25,000 1,20,000 70,000
Additional Information
(i) Expected cash balance on 1.3.2006 is Rs 80,000
(ii) Suppliers allowed a credit period of two months
(iii) A credit Period of one month is allowed to customes
(iv) Expenses are paid in the same month
(v) Sale of fixed asset Rs 25,000 in April
44. (a) The following is the balance - sheet of seetha and Geetha sharing profits in the ratio
of 3:2 as on 31.3.2005
Liabilites Rs. Asset Rs.
Sundry creditors 80,000 Bank s 10,000
Bills payable 20,000 Sundry debtors 30,000
Capital accounts Stock 20,000
Seetha 4,000 Machinery 40,000
Geetha 3,000 70,000
Land & Buildings 70,000
1,70,000 1,70,000
On 1.4.2005 they deceded ot admit Latha into the partnership on the following terms.
(a) Lathe shall bring in a capital of Rs 30,000
(b) Good will of the firm valued at Rs 20,000
(c) Land & buildings appreciated by 10%
(d) provision for out standing liability be Created at Rs 2000.
prepare Revaluation A\C & Capital A\C only.
(or)
(b) GG Ltd had issued 50,000 equity shares of Rs. 10 each. Incomplete Journal entries
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related to the issued are given. You are required to complete the blanks.
Date
2015 Jan 10
particulars
To
Dr
Lf Dr(Rs)
?
Cr(Rs)
?
(Amount received on application

for 70000 shares
@ Rs. 3 per share.
Jan 16 Equity Share Application A/c ? ?
To ___________________
To ___________________
(Transfer of Application money to
Share capital, money refused on 20000
shares)
Jan 31 ? ?
Dr
(Amount due on allotment @ Rs.
4 per share
Feb 20 Dr ? ?
To
(Balance received an allotment)
April 1 Dr ? ?
To
(First & final call money due)
April 20 Dr ? ?
To
(Money received on 49500 Shares
to wards first on final call
45. (a) Ashwin Ltd issued 1,70,000 shares of Rs. 10 each at discount of 10%. The shares were
payable as under.
On Application Rs. 3
On Allotment Rs. 4 (with adjustment of discount Rs.1)
On Ist & final call Rs.2
Public applied for 160,000 shares and the shares have been duty allotted. All moneys were
duty received. pass journal entries.
(or)
(b) A firm, bought a machinery on 1.1.2002 for Rs. 5,00,000 on 31.12.2003 the machinery
was sold for Rs 3,90,000 The firm charges depreciation at the rate of 10% pa on diminishing
balance method . The books are closed an 31st March every year.
Prepare Machinery A\C & Depreciation A\C
46. (a) Prepare cash budget for the month of April May & June 2006
from the following information.
Month Sales (Rs) Purchases(Rs) Expenses(Rs)

March 2006 4,00,000 3,00,000 40,000
April 2006 5,00,000 5,00,000 60,000
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May 2006
June 2006
Additional Information
6,00,000
8,00,000
3,00,000
5,00,000
70,000
90,000
(i) All sales are for cash.

(ii) Lag in payment of expenses one month
(iii) period of credit allowed by suppliers is one month
(iv) Opening cash balance on 1th April 2006 is Rs. 60,000
(or)
(b) Mr. Arul maitained his accounts books on single entry systerm. on 01.04.2005 his
Capital was Rs,5,00,000
Additional information
Rs.
Opening stock 2,50,000
Cash received from sindry dobtors 50,000
Cash sales 2,00,000
Cash paid to Sundry Creditor 60,000
Opening Sundry debtors 40,000
Opening Sundry Creditous 1,83,000
Business expenses 1,20,800
Land& Building (31.03.2006) 4,00,000
Furniture (31.03.2006) 7,200
Closing Stock 2,60,000
Closing Sundry Debtors 80.000
Closing Sundry Creditors 2,00,000
Closing cash balance 55,000
Prepare Trading & Profit & loss Account for the year ended 31.03.2006 and Balance-Sheet
as an that date.
47. (a) Prepare Trading Profit & loss A\C and Balance sheet as on 31.3.2005 from the following
final balance of Mr. Imran.
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Drawing & Capital
Bank overdraft
Purchases & sales
Debit
8000
6,60,000
30,600
-
Credit
1,50,000
25,200
9,00,000
-
Furniture
PATENTS 1,20,000 -
Debtors & Creditors 1,00,000 79,800
Opening Stock 1,32,000 -
Discount - 2400
Fuel & gas 4000 -
Wages 20,000 -
Salaries 54,000 -
Advertisement 13,200 -
Carriage on purchases 10,800 -
Carriage on sales 800 -
Income Tax 4,000 -
11,57,400 11,00,000
Adjustments
(i) Closing stock Rs. 1,20,000
(ii) Create provision for discount on creditors @ 2%
(iii) provide 10% depreciation on patents(or)
(b) Lalitha, Jothi and Kanaga were partners of a firm sharing profit & losses in the ratio of
3:2:3 Balance sheet as on 31st December 2003 is as under
Balance Sheet
Liabilities Rs Assets Rs.
Bills payable 32,000 Cash in hand 750
Sundry creditors 62500 Cash at bank 2,04,500
Capitals Book debts 89,000
Lalitha 2,00,000 Stock 1,11,500
Jothi 1,25,000 Furniture 17,500
Kanaga 1,50,000 4,75,000 Plant & Machinery 48,750
Profit & loss A\C 22,000 Building 1,20,000
outstanding expenses 500
5,92,000 5,92,000
Lalitha retired on 1st January 2004 from partnership on the following terms
(a) Goodwill of the firm to be valued at Rs. 30,000
(b) Assets are to be valued as under Stock Rs. 1,00,000, Furniture Rs. 15,000 Plant & Machinery
Rs. 45,000 Building Rs. 1,00,000
(c) A provision for doubtful debts be created at Rs. 4250
(d) Lalitha was paid off immediately prepare revaluation a\c, Capital a/c of the
reconstituted partnership.
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Higher secondary second year

Choose the correct answer: 20x1=20

1. Return outwards are deducted from.....................................

2. The financial position of the business can be ascertained by preparing..............................

3. Rent outstanding is.............................

8. The amount of depreciation charged on a machinery will be debited in.............................

10. Share holders fund include........................

11. Redemption of debenture is an example for..................................

12. Budget is expressed in terms of...................................

15. Revaluation Account is a..................................

19. Premium on issue of shares can be used for...............................

20. The maximum calls a company can make is............................

33. Find the rate of depreciation under straight line method.

Cost of plant Rs.2,30,000

34. Calculate Gross Profit Ratio

35. What are the characteristics of budget?

41. a) Trial balance shows on 31.03.2007, sundry debtors Rs.52,000/-.

1. Bad debts to be written off Rs.2000

Trial Balance as on 31st March 2004

Debit balances Rs. Credit balances Rs.

43. a) The books of Mr.Ravi revealed the following information on 01.04.2000.

Liabilities Rs. Assets Rs.

Liabilities Rs. Assets Rs.

www.Padasalai.Net 3,72,000 3,72,000

1. Goodwill was to be valued at Rs.36,000/-

b. Calculate liquidity ratios from the following particulars :

Rs.5/- on allotment (including premium)

July August September

b) Calculate Stock Turnover Ratio and Gross Profit Ratio

Particulars Rs. Particulars Rs.

To opening stock 40,000 By sales 2,00,000

To purchases 1,20,000 By closing stock 20,000

To gross profit 50,000

Higher secondary second year

Choose the correct answer: 20x1=20

2. Interest on drawings is deducted from.....................................

5. Incomplete records are generally used by................................

6. Under written down value method depreciation......................................

8. Under straight line method rate of depreciation is calculated on

9. Gross profit ratio establishes the relationship between........................................

10. All solvency ratios are expressed in terms of............................................

12. Budget is an estimate relating to .................................period.

16. The excess of average profit over normal profit is...........................

Answer any 7 questions: (Question No.21 is compulsory) 7x2=14

21. What is a prepaid expense?

Answer any 7 questions: (Question No.31 is compulsory) 7x3=21

34. Calculate Debt Equity Ratio.

Equity shares 1,00,000 General Reserve 75,000

35. State the advantages of cash budget.

41. Following balances are extracted from books of Mr.Kishore as on 31.03.2002.

Debit balances Rs. Credit balances Rs.

Particulars 1st April 2000 31st March 2001

Particulars 31.03.2002 31.03.2003

Liabilities Rs. Assets Rs.

44. a) From the following calculate profitability ratios.

Amount payable was as follows:

Journalise the above transactions in the books of the company.

Particulars Rs. Rs.

1. Opening cash balance in October Rs.6,000/-

4. Dividend to be received in December Rs.8,000/-

Higher secondary second year

Model Question paper - III

Choose the correct answer: 20x1=20