CLASS 12 CBSE

Unit Test -II (2020-21)

CLASS: XII                                                                         MAX MARKS: 80                             

SUB: ACCOUNTANCY                                                     TIME:  3Hrs

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General Instructions:

  • Answer all questions

  • All parts of a question should be attempted at one place.

  •  Questions 1 to 20 (1mark); Questions 21to 22 (3marks); Questions 23to 27 (4marks)

  • Questions 28to 30 (6marks) Questions 31to 32(8marks)

______________________________________________________________________________

  1. Which of the following is not prepared by a NPO

  1. Balance Sheet b) Cash Book c)Trial Balance d) Trading and P&L Account


  1. The title of the account which shows surplus/deficit of NPO is ________________


  1. The relation of partner with the firm is that of:
    (a) An Owner (b) An Agent (c) An Owner and an Agent (d) Manager


  1. Which one of the following is NOT an essential feature of a partnership?
    (A) There must be an agreement (B) The business must be carried on by all the partners
    (C) The business must be carried on for profits (D) There must be a business   


  1. In the absence of Partnership Deed, the interest is allowed on partner’s loan is  6% 

(state True or False)                       


  1. Interest on capital will be paid to the partners if provided for in the partnership deed but out of profits and Reserves (state True or False)


  1. X and Y are partners. X draws a fixed amount at the beginning of every month. Interest on drawings is charged @8% p.a. At the end of the year interest on X’s drawings amounts to *₹2,600. Drawings of A’were :
    (A) ₹8,000 p.m. (B) ₹7,000 p.m. (C) ₹6,000 p.m. (D) ₹5,000 p.m.

  2.  A and B are partners in a firm. They are entitled to interest on their capitals but the net profit was not sufficient for this interest, then the net profit will be distributed among partners in : (CPT, Dec. 2012)
    (A) Agreed Ratio (B) Profit Sharing Ratio (C) Capital Ratio (D) Equally


  1. State the two methods of maintaining capital accounts of partners


  1.  Excess amount that a firm gets over and above the market value of assets at the time of sale of its business is _______________


  1.  A new partner may be admitted into a partnership with the consent of ________________ partners


  1. X and Y are partners sharing profit in the ratio of 3 : 2. Z was admitted with 1/4 share in profits which he acquires equally from X and Y. The new ratio will be ________________

  2. A and B are partners sharing profits and losses as 2 : 1. C is admitted and profit sharing ratio becomes 4 : 3 : 2. Goodwill is valued at ₹94,500. C brings required goodwill in cash. Goodwill amount will be Credited to___________  A ₹21,000


  1.  Why is Goodwill considered as an intangible asset but not a fictitious Asset?


  1.  What is Revaluation Account?


OR

What is Profit and Loss Appropriation Account


  1.   Do you distribute Reserves at the time of Reconstitution of Partnership firm. Why?


  1.  Dividend is paid on Authorized Capital (State True or False)


  1.  Main objective of Common Size Statement of Profit & Loss is To establish relationship between revenue from operations and other items of statement of Profit & Loss


  1.  If total assets of a firm are ₹8,20,000 and its fixed assets are ₹5,90,400, what will be the percentage of current assets on total assets?  28%


  1.  What is Cash Equivalent?

21) On the basis of information given below calculate the amount of medicines to be debited in the ‘Income and Expenditure Account’ of Good Health Hospital for the year ended 31.3.2018 : 

Particulars

1.4.2017
C:\fake\image1.png

31.3.2018
C:\fake\image2.png

Stock of Medicines
Creditors for Medicines

1,75,750
15,06,900

1,44,650
18,20,700

Medicine purchased during the year ended 31.3.2018 were C:\fake\image3.png60,80,700.


OR


Calculate amount of medicines consumed during the year ended 31st March, 2018:                                            ₹
Opening Stock of Medicines                                                                                                       1,00,000

Opening Creditors for Medicines                                                                                                 90,000

Cash purchases of Medicines during the year                                                                        3,00,000

Closing Stock of Medicines                                                                                                         1,50,000

Closing Creditors for Medicines                                                                                                 1,30,000



22) G, S and T are partners in a firm sharing profits in the ratio of 3:2:1. On March 31, 2019, they decided to admit W as a new partner with 1/6th share of profits. On that date the book of the firm shows following balances:
(i) General reserve C:\fake\image28.png30,000

(ii) Profit & Loss Account C:\fake\image29.png12,000 ( Dr. balance)
(iii) Workmen Compensation Reserve C:\fake\image30.png18,000
Record necessary journal entries in the books of the firm on W’s admission

23) The Partnership agreement between Mahesh and Giri provides that:
(i) Profits will be shared equally;

(ii) Mahesh will be allowed a salary of C:\fake\image68.png400 p.m;
(iii) Giri who manages the sales department will be allowed a commission equal to 10% of the net profits, after allowing Mahesh’s salary;
(iv) 7% p.a. interest will be allowed on partner’s fixed capital;
(v) 5% interest will be charged on partner’s annual drawings;
(vi) The fixed capitals of Mahesh and Giri are C:\fake\image69.png1,00,000 and C:\fake\image70.png80,000 respectively. Their annual drawings are C:\fake\image71.png16,000 and C:\fake\image72.png14,000 respectively. The net profit for the year ending March 31, 2013 amounted to 40,000.
Prepare firm’s Profit and Loss Appropriation Account


24) Calculate interest on drawings of Mr. Ashok @ 10% p.a. for the year ended 31st March, 2019, in each of the following alternative cases:
Case 1.  If he withdrew ₹ 7,500 in the beginning of each quarter
Case 2.  If he withdrew ₹ 7,500 at the end of each quarter.
Case 3.  If he withdrew ₹ 7,500 during the middle of each quarter.


25)   Mona, Neha and Priya are partners in a firm. They contributed Rs. 50,000 each as capital three years ago. At that time, Priyanka agreed to look after the business as Mona and Nisha were busy. The profits for the past three years were Rs. 15,000, Rs. 15,000 and Rs. 50,000 respectively. While going through the books of accounts, Mona noticed that the profit had been distributed in the ratio of 1 : 1 : 2. When she enquired from Priyanka about this, Priyanka answered that since she looked after the business she should get more profit. Mona disagreed and it was decided to distribute profit equally retrospectively for the last three years.

You are required to make necessary correction in the books of accounts of Mona, Neha and Priya by passing an adjustment entry.

OR


X, Y, and Z sharing profits and losses in the ratio 1:2:2, decided to share future profits equally with effect from 1st April 2016. On that date, the Profit and Loss Account showed a credit balance of ₹1,20,000. Partners do not want to distribute the profit but prefer to record the change in the profit-sharing ratio by passing an adjustment entry. You are required to give the adjusting entry.




26) A, B, C, and D are partners in firm sharing profits and losses in the ratio of 2:2:1:1. They decided to share profits in future in the ratio of 4:3:2:1. For this purpose goodwill of the firm was valued at ₹1,80,000. There was also a reserve of ₹60,000 in the books of the firm.

Find out the sacrifice and gaining ratio and pass necessary journal entry assuming that partners do not want to distribute the reserve.


27) A partnership firm earned net profits during the last three years ended 2018- Rs 17,000; 2019 –  Rs 20,000; 2020- Rs 23,000; The capital investment in the firm throughout the above mentioned period has been Rs 80,000. Having regard to the risk involved 15% is considered to be a fair return on the capital. Calculate the value of goodwill on the basis of two years purchase of average super profit earned during the above mentioned three years.


28) Give  journal entries for any four in the books of the firm on admission of a partner:-
(i) A Provision of 5% is to be created for doubtful debts on debtors which were C:\fake\image107.png34,000.
(ii) Debtors and provision for debtors appeared at C:\fake\image108.png40,000 and C:\fake\image109.png2,000 respectively, all debtors are now considered good.
(iii) Patents were valueless (Book value of patents C:\fake\image110.png5,000)
(iv) Unrecorded liability for creditors is fixed C:\fake\image111.png6,000.
(v) A claim for damages of C:\fake\image112.png20,000 was settled for C:\fake\image113.png16,000.
(vi) A typewriter written off completely was taken by a partner for C:\fake\image114.png4,000


29)Following is the Receipts and Payments Account of Radhika Club for the year ended 31.3.2018
C:\fake\image57.pngAdditional Information:
(i) Subscriptions outstanding as on 31.3.2017 were C:\fake\image58.png2,000 and on 31.3.2018 C:\fake\image59.png3,000.
(ii) On 31.3.2018 salary outstanding was C:\fake\image60.png4,000 and rent outstanding was C:\fake\image61.png1,000.
(iii) On 1.4.2017 the Club owned furniture C:\fake\image62.png20,000 and books C:\fake\image63.png18,000.

Prepare Income and Expenditure Account of the Club for the year ended 31.3.2018 and ascertain the Capital Fund on 31.3.2017.






30) a)  From the following information, prepare a comparative statement of profit and loss for the year 2009-2010
important-questions-for-class-12-accountancy-cbse-tools-of-financial-statements-analysis-2
Other Information
(i)Income tax is calculated @ 50%.
(ii)Manufacturing expenses are 50% of the total of that category.


b) Under which sub-headings will the following items be placed in the balance sheet of a company as per Schedule III, Part I of the Companies Act, 2013.
(i)Capital reserves (ii)Bonds (iii)Loans repayable on demand
(iv)Vehicles v)Goodwill (vi)Loose tools 


31) Jay, Vijay and Karan were partners sharing profits in the ratio of capitals as on 1.4.02019 which were 10,00,000; 10,00,000 and 5,00,000 respectively. The partnership deed provided for the following 

i) A monthly salary of 15,000 each to Jay and Vijay

ii) Kiran was guaranteed a profit of 5,00,000 and Jay guaranteed that he will earn an annual fee of 2,00,000. Any deficiency arising because of guarantee to Karan will be borne by Jay and Vijay in 3:2

During the year ended 31st March, 2020 Jay earned fee fo 1,75,000and the profits of the firm amounted to Rs15,00,000

Prepare Profits and Loss Appropriation Account and the Capital Accounts of Jay Vijay and Karan for the year 31st March, 2020


32)  A and B are partners in a firm sharing profits in the ratio of 3:2


OR

Qadir and Rishab are partners sharing profits in the ratio of 3:2. Their Balance Sheet as at 31st March, 2020 is given below