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GOVT. MODEL QUESTION PAPER – 2019-20 – KEY ANSWER
XII STANDARD – ACCOUNTANCY – ENGLISH MEDIUM
Time Allowed : 2.30 Hours
Maximum Marks : 90
PART - I
I. Choose the most suitable from the given four alternatives and write the option code and the
corresponding answer 20 x 1 = 20
1 D It is suitable for all types of
organizations
11 A Capital account of all the partners
2 A Rs.65,000 12 B Rs.8,000 and Rs.4,000
3 D Sale proceedings of furniture 13 C Both (i) and (ii) are correct
4 A Rs.50,000 14 A Rs.700
5 C Interest on loan – Debited to
capital account
15 D Trend Analysis
6 A Not allowed 16 B 110%
S A Goodwill is an intangible asset 17 B Long term solvency
8 C Rs.20,000 18 D 2:1
9 A 1 2 3 4 19 B Withdrawal of cash from bank for
office use
10 C 5:3 20 B Journal Voucher
PART - II
II. Answer any seven questions. Question No.30 is compulsory. 7 x 2 = 14
21. Profit or Loss Statement:
Particulars Rs.
Capital at the end of the year
(+) Drawings
(-) Additional Capital
Adjusted Closing Capital
(-) Opening Capital
Profit made during the year (B/F)
8,50,000
1,50,000
10,00,000
2,00,000
8,00,000
5,00,000
3,00,000
A.VENNILA
PRINCIPAL
MYDEEN MATRIC. HR.SEC. SCHOOL
MELACAUVEY – KUMBAKONAM.
CELL NO.: 8220179521
8608481579
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22. Examples for capital receipts of not-for-profit organisation:
1. Life Membership Fees
2. Legacies
3. Endowment Fund
4. Sale of Fixed Assets
23. Drawings are made in the middle of every month:
Average period = 6
Total Drawings = 20,000 x 12 = 2,40,000
Interest on drawings = Total amount of drawings x Rate of interest x Average period
12
= 2,40,000 x 6/100 x 6/12 = Rs.7,200
24. Circumstances under which goodwill of a partnership firm is valued:
1. Average Profit Method
2. Super Profit Method
25. Journal Entry for General Reserve Distribution:
Date Particulars L.F. Debit
Rs.
Credit
Rs.
31.03.2018 General Reserve A/c Dr.
To Sanjana’s Capital A/c
To Bhavya’s Capital A/c
(Being General Reserve transferred
to old partners’ accounts in the old
profit sharing ratios)
42,000
24,000
18,000
26. Gaining Ratio - Meaning:
The continuing partners may gain a portion of the share of profit of the retiring partner.
Gaining ratio is the proportion of the profit which is gained by the continuing partners.
The gain may be shared by all the partners or some of the partners.
The share gained is calculated as follows: Share Gained = New Share – Old share
Gaining Ratio = Ratio of share gained by the continuing partners.
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27. Journal Entry:
Date Particulars L.F. Debit
Rs.
Credit
Rs.
Bank A/c (50,000 x 12) Dr.
To Equity share application A/c
(Being Application money received)
6,00,000
6,00,000
Bank A/c Dr.
To Equity share Capital A/c (50,000x10)
To Equity share Premium A/c (50,000x2)
(Being Application money received)
6,00,000
5,00,000
1,00,000
28. Financial Statement:
1. Comparative Statement
2. Common-size Statement
3. Trend analysis
4. Fund flow analysis
5. Cash flow analysis
29. Accounting reports used in Tally:
1. Day Book
2. Balance Sheet
30. Current Ratio = Current Assets = 4,80,000 = 2:1
Current Liabilities 2,40,000
PART - III
III. Answer any seven questions. Question No.40 is compulsory. 7 x 3 = 21
31. Difference between Management and Administration:
Sl.No. Basis of
Difference
Double Entry System Incomplete Records
1 Types of accounts
maintained
Personal, real and nominal
accounts are maintained
In general, only personal and cash
accounts are maintained fully. Real
and nominal accounts are not
maintained fully
2 Suitability It is suitable for all types of
organisations
It may be suitable for small sized sole
traders and partnership firm
3 Acceptability Accounting records are
acceptable to all users
including tax authorities
and financial institutions
Accounting records may not be
acceptable to all users.
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32. Calculation of income from subscription for the year ending 31st March 2020
Particulars Rs. Rs.
Subscription received during the year 2020
(+) Subscription received for 2020 in 2019
Subscription outstanding for 2020
4,000
5,000
45,000
9,000
(-) Subscription outstanding in 2020
Subscription received in advance for 2021 in 2020
3,000
6,000
54,000
9,000
Income from subscription for the year 2020 44,000
Balance Sheet as on 31st March, 2020
Liabilities Rs. Assets Rs.
Subscription received in advance for
2021 in 2020
6,000
Subscription outstanding
for 2020
5,000
33. There is no partnership deed, deals with the following :
i. No interest on capital is payable to any partner. Ravi is not entitled to interest on capital.
ii. Profits should be distributed equally.
iii. Interest on loan is payable at 6% per annum. Therefore Kumar is to get interest at 6% per
annum on Rs.50,000.
34. Factors determining the calue of goodwill in a partnership firm:
i. Good Quality of goods or services offered:
If a firm enjoys good reputation among the customers and general public for the good
quality of its products or services, the value of goodwill for the firm will be high.
ii. Efficiency of management:
A firm having efficient management will earn more profits and the value of its goodwill
will be higher compared to a firm with less efficient managerial personnel.
iii. Degree of Competition:
In the case of business enterprises having no competition or negligible competition, the
value of goodwill will be high.
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35. Journal Entries:
Date Particulars L.F. Debit
Rs.
Credit
Rs.
Building A/c Dr.
To Revaluation A/c
(Being appreciation in value of building)
40,000
40,000
Revaluation A/c Dr.
To Machinery A/c
To Furniture A/c
To Unrecorded Liability A/c
(Being decrease in assets recorded and
provision made)
32,000
14,000
12,000
6,000
Revaluation A/c
To Ajay’s Capital A/c
To Devan’s Capital A/c
(Being profit on revaluation transferred to
old partners account in the old ratio)
8,000
5,000
3,000
Revaluation Account
Particulars Rs. Particulars Rs.
To Machinery A/c
To Furniture A/c
To Unrecorded Liability A/c
To Profit on revaluation transferred to
Ajay’s Capital A/c
Devan’s Capital A/c
5,000
3,000
14,000
12,000
6,000
8,000
40,000
By Building A/c 40,000
40,000
36. Journal Entries:
Date Particulars L.F. Debit
Rs.
Credit
Rs.
(i) Nandhini’s Capital A/c Dr.
To Bank A/c
(Being Amount due paid immediately)
1,00,000
1,00,000
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(ii) Nandhini’s Capital A/c Dr.
To Nandhini’s Loan A/c
(Being Amount due transferred to loan A/c)
1,00,000
1,00,000
(iii) Nandhini’s Capital A/c Dr.
To Bank A/c
To Nandhini’s Loan A/c
(Being Rs.50,000 paid and balance
transferred to loan A/c)
1,00,000
50,000
50,000
37. Journal Entries:
Date Particulars L.F. Debit
Rs.
Credit
Rs.
(i) Equity Share Capital A/c (20x7) Dr.
To Equity share first call A/c (20x2)
To Forfeited shares A/c (20x5)
(Forfeited of 20 shares, Rs.7 called up)
140
40
100
(ii) Bank A/c (15x6) Dr.
Forfeited shares A/c (15x1)
To Equity Share Capital A/c (15x7)
(Reissue of 15 forfeited shares @ Rs.6 per share)
90
15
105
(iii) Forfeited shares A/c Dr.
To capital Reserve A/c
(Gain on reissue of forfeited shares transferred
to capital reserve account)
60
60
38. Inventory Conversion Period:
Inventory conversion period is the time taken to sell the inventory.
A shorter inventory conversion period indicated more efficiency in the management of inventory.
Calculation Methods
Inventory conversion period = Number of days in a year
(In Days) Inventory Turnover Ratio
Inventory conversion period = Number of months in a year
(In Months) Inventory Turnover Ratio
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39. Application of Computerized Accounting System (CAS):
1. Report Generation
2. Data Import / Export
3. Taxation
1. Report Generation:
CAS helps to generate various routine and special purpose reports.
2. Data Import / Export
Accounting data and information can be imported from or exported to other users within the
organization as well as outside the organization.
3. Taxation
CAS helps to compute various taxed and to deduct these and deposit the same to the
Government account.
40. Comparative Income Statement:
Particulars 2019 2020
Absolute amount
of increase (+) or
decrease (-)
Percentage
increase (+) or
decrease (-)
Rs. Rs. Rs. %
Revenue from operations
Less: Operating Expenses
4,00,000
2,00,000
5,00,000
1,80,000
+ 1,00,000
- 20,000
+ 25
- 10
Profit Before Tax
Less: Income Tax
2,00,000
40,000
3,20,000
1,60,000
+ 1,20,000
+ 1,20,000
+ 60
+ 300
Profit After Tax 1,60,000 1,60,000 - -
PART - IV
IV. Answer all questions. 7 x 5 = 35
41.a. In the books of Rajan:
Calculation of Opening Capital
Statement of affairs as on 1st January, 2019
Particulars Rs. Particulars Rs.
Sundry creditors
Bank loan
Bills payable
Capital (B/F)
1,30,000
60,000
80,000
2,50,000
5,20,000
Cash at bank
Stock of goods
Debtors
Plant and Machinery
80,000
1,80,000
90,000
1,70,000
5,20,000
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Calculation of Closing Capital
Statement of affairs as on 31st December, 2019
Particulars Rs. Particulars Rs.
Sundry creditors
Bank loan
Bills payable
Capital (B/F)
1,95,000
60,000
45,000
3,00,000
6,00,000
Cash at bank
Stock of goods
Debtors
Plant and Machinery
90,000
1,40,000
2,00,000
1,70,000
6,00,000
Statement of Profit or Loss
Particulars Rs.
Closing Capital as on 31.12.2019
(+) Drawings (2,500 x 12)
(-) Additional Capital
Adjusted Closing Capital
(-) Opening Capital
Profit made during the year (B/F)
3,00,000
30,000
3,30,000
50,000
2,80,000
2,50,000
30,000
[OR]
41.b. Bills Receivable A/c
Particulars Rs. Particulars Rs.
To Balance b/d
To Debtors (B/R Balancing Figure)
30,000
42,000
72,000
By Cash A/c
By Debtors A/c
(Bills dishonoured)
By Balance c/d
60,000
4,000
8,000
72,000
Total Debtors A/c
Particulars Rs. Particulars Rs.
To Balance b/d
To Bills Receivable A/c
(Bills dishonoured)
To Sales (Credit) B/F
2,40,000
4,000
6,59,000
8,03,000
By Cash A/c
By Discount Allowed A/c
By Bad Debts A/c
By Bills receivable A/c
(Bills received)
By Balance c/d
6,00,000
25,000
16,000
42,000
2,20,000
8,03,000
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Bills Payable A/c
Particulars Rs. Particulars Rs.
To Cash A/c
To Balance c/d
30,000
20,000
50,000
By Balance b/d
By Creditors (B/P Balancing
Figure)
10,000
40,000
50,000
Total Creditors A/c
Particulars Rs. Particulars Rs.
To Cash A/c
To Discount Received A/c
To Bills Payable A/c
(Bills received)
To Balance c/d
3,20,000
10,000
40,000
1,50,000
5,20,000
By Balance b/d
By Purchase (Credit) B/F
1,20,000
4,00,000
5,20,000
42.a. In the books of Tenkasi Thiruvalluvar Manram
Income and Expenditure Account for the year ended 31st March, 2019
Expenditure Rs. Income Rs.
To Salary
To Rent
To Travelling Expenses
To Printing and Stationery
To Sale of Furniture (17,000-16,000)
To Surplus
(Excess income over expenditure)
20,000
24,000
2,000
6,000
1,000
14,000
67,000
By Interest Received
By Subscription
By Entrance fees
5,000
55,000
7,000
67,000
[OR]
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42.b. In the books of Kurunji Sports Club
Receipts and Payments Account for the year ended 31st December, 2018
Receipts Rs. Payments Rs.
To Balance b/d
Cash in hand
To Life membership fees
To Subscription
To Rent
To Locker Rent
To Tournament Receipts
4,000
10,000
15,000
2,000
1,000
14,000
46,000
By Salary
By Printing charges
By Tournament Expenses
By Investment Purchase
By Balance c/d
Cash in hand
3,000
2,500
10,500
25,000
5,000
46,000
43.a. Partners’ Capital Account
Date Particulars Raja Rani Date Particulars Raja Rani
2019
Dec 31
To Balance c/d
1,10,000
1,10,000
2019
Jan 1
Jun 1
2020
Jan 1
By Balance b/d
By Bank
(Addi. Capital)
By Balance b/d
1,00,000
10,000
80,000
30,000
1,10,000 1,10,000 1,10,000 1,10,000
1,10,000
1,10,000
Partners’ Current Account
Date Particulars Raja
Rs.
Rani
Rs.
Date Particulars Raja
Rs.
Rani
Rs.
To Drawings
To Interest on
Drawings
To Balance c/d
20,000
500
12,500
13,000
300
6,700
By Balance b/d
By Profit or Loss
Appropriation A/c
By Interest on capital
By Salary
By Commission
By Balance b/d
5,000
10,000
6,300
9,000
2,700
3,000
8,000
5,400
2,400
1,200
33,000 20,000 33,000 20,000
12,500 6,700
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43.b. Journal Entries:
Date Particulars L.F. Debit
Rs.
Credit
Rs.
2018
Dec. 31
Interest on Capital Dr.
To Alagappan’s Capital A/c
To Ulagappan’s Capital A/c
(Interest on capital @ 5% provided)
1,500
1,000
500
Profit and loss appropriation A/c Dr.
To Interest on capital A/c
(Interest on capital account closed)
1,500
1,500
Alagappan’s Capital A/c Dr.
Ulagappan’s Capital A/c Dr.
To Interest on Drawings
(Interest on drawings charged)
200
300
500
Interest on Drawings A/c Dr.
To Profit and loss appropriation A/c
(Interest on drawings account closed)
500
500
Profit and loss appropriation A/c Dr.
To Alagappan’s Capital A/c
To Ulagappan’s Capital A/c
(Profit transferred)
17,000
13,600
3,400
Profit and Loss Appropriation account for the year ended 31st December, 2018
Date Particulars Raja
Rs.
Rani
Rs.
Date Particulars Raja
Rs.
Rani
Rs.
To Drawings
To Interest on
Drawings
To Balance c/d
20,000
500
12,500
13,000
300
6,700
By Balance b/d
By Profit or Loss
Appropriation A/c
By Interest on capital
By Salary
By Commission
By Balance b/d
5,000
10,000
6,300
9,000
2,700
3,000
8,000
5,400
2,400
1,200
33,000 20,000 33,000 20,000
12,500 6,700
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44.a. Calculation of weighted average profit
Year Profits
(a)
Rs.
Weights
(b)
Weighted Profits
(a x b)
Rs.
2015 10,000 1 10,000
2016 12,000 2 24,000
2017 16,000 3 48,000
2018 18,000 4 72,000
Total 10 1,54,000
Weighted average profit = Total of weighted profits = 1,54,000 = 15,400
Total of weights 10
Goodwill = Weighted average profit x Number of years of purchases
= 15,400 x 3 = Rs. 46,200
[OR]
44.b. Solution
Average profit = Total Profit = 30,000 + 32,000 + 35,000 + 37,000 + 40,000
Number of years 5
Average profit = 1,74,000 = Rs.34,800
5
Average Profit = Average profit before fair remuneration to the partners = 32,800
Less: Fair remuneration to the partners = 2,800
Average profit = 32,000
Normal profit = Capital employed x Normal rate of return
= 1,20,000 x 20/100 = Rs.24,000
Super profit = Average Profit - Normal Profit
= 32,000 - 24,000 = Rs.8,000
Goodwill = Super Profit x Number of years of purchase
= 8,000 x 5 = Rs.40,000
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45.a.
Partners’ Capital Account
Particulars Baskar
Rs.
Shankar
Rs.
Sellathurai
Rs.
Particulars Baskar
Rs.
Shankar
Rs.
Sellathurai
Rs.
To Balance c/d
5,20,000
3,20,000
1,50,000
By Balance b/d
By Profit or Loss A/c
By Workmen
Compensation Fund
By Bank A/c
By Bank A/c
(Share of Goodwill)
By Revaluation A/c
By Balance b/d
4,00,000
72,000
30,000
--
9,000
9,000
3,00,000
48,000
20,000
--
6,000
6,000
--
--
--
1,50,000
--
--
5,20,000 3,80,000 1,50,000 5,20,000 3,80,000 1,50,000
5,20,000
3,20,000 1,50,000
Balance Sheet as on 31st March, 2018
Liabilities Rs. Rs. Assets Rs. Rs.
Capital
Baskar
Shankar
Sellathurai
Creaditors
Workman
Compendation Fund
5,20,000
3,80,000
1,50,000
10,50,000
1,20,000
10,000
11,80,000
Computer
Motor Car
(+) Appreciation
Stock
(-) Decrease
Debtors
(-) Decrease
Bank *
Investment
1,60,000
40,000
4,00,000
20,000
3,60,000
10,000
40,000
2,00,000
3,80,000
3,50,000
2,05,000
5,000
11,80,000
Working Note
Bank = Balance B/d + Sellathurai’s Capital + Sellathurai’s Share of Goodwill
2,05,0000 = 40,000 + 1,50,000 + 15,000
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45.b.
Revaluation Account
Particulars Rs. Particulars Rs.
To Stock A/c
To Provision for doubtful debts A/c
To Profit on revaluation transferred to
Mani’s Capital A/c
Rama’s Capital A/c
Meena’s Capital A/c
4,000
3,000
3,000
5,000
1,000
10,000
16,000
By Building A/c 16,000
16,000
Partners’ Capital Account
Particulars Mani
Rs.
Rama
Rs.
Meena
Rs.
Particulars Mani
Rs.
Rama
Rs.
Meena
Rs.
To Mani’s Loan A/c
To Balance c/d
66,000
--
--
62,000
--
62,000
By Balance b/d
By Revaluation A/c
By Profit and Loss A/c
By Balance b/d
50,000
4,000
12,000
50,000
3,000
9,000
50,000
3,000
9,000
66,000 62,000 62,000 66,000 62,000 62,000
--
62,000 62,000
46.a. Journal Entries in the books of Latha Ltd.,
Date Particulars L.F. Debit
Rs.
Credit
Rs.
Bank A/c (1,40,000 x 3) Dr.
To Equity Share Application A/c
(Application Money Received)
4,20,000
4,20,000
Equity Share Application A/c (1,00,000 x 3) Dr.
To Equity Share Capital A/c
(Transfer of share application money to share
capital A/c)
3,00,000
3,00,000
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Equity Share Application A/c (5,000 x 3) Dr.
To Bank A/c
(Excess application money refunded)
15,000
15,000
Equity Share Application A/c (35,000 x 3) Dr.
To Share Allotment A/c
(Excess share application money utilized for
allotment)
1,05,000
1,05,000
Equity Share Allotment A/c (1,00,000 x 4) Dr.
To Equity Share Capital A/c
(Share Allotment money due)
4,00,000
4,00,000
Bank A/c Dr.
To Equity Share Allotment A/c
(Share Allotment money received)
2,95,000
2,95,000
Working note:
Shares
Applied for
Shares
Allotted
Application
money
received
Application
money
Appropriation
towards Allotment
money
Refunded
60,000
75,000
5,000
60,000
40,000
---
1,80,000
2,25,000
15,000
1,80,000
1,20,000
---
----
1,05,000
---
---
15,000
46.b. Journal Entries in the books of Vikram Company
(i) When final call money is not paid
Date Particulars L.F. Debit
Rs.
Credit
Rs.
Equity share capital A/c (50 x 10) Dr.
To Equity Share second and final call A/c (50x3)
To Forfeited shares A/c (50 x 7)
(50 shares forfeited)
500
150
350
(ii) When allotment, final call money and second call money is not paid
Date Particulars L.F. Debit
Rs.
Credit
Rs.
Equity share capital A/c (50 x 10) Dr.
Equity share premium A/c (50 x 1) Dr.
To Equity Share allotment A/c (50x3)
To Equity Share first call A/c (50x3)
To Equity Share second and final call A/c (50x3)
To Forfeited shares A/c (50 x 2)
(50 shares forfeited)
500
50
150
150
150
100
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(iii) When allotment and first call money is not paid
Date Particulars L.F. Debit
Rs.
Credit
Rs.
Equity share capital A/c (50 x 7) Dr.
Equity share premium A/c (50 x 1) Dr.
To Equity Share allotment A/c (50x3)
To Equity Share first call A/c (50x3)
To Forfeited shares A/c (50 x 2)
(50 shares forfeited)
350
50
150
150
100
47.a. Common-Size balance sheet of Saleem Ltd as on
31st March, 2019 and 31st March, 2020
Particulars
Absolute
amount on
31st March
2019
Percentage of
total assets on
31st March
2019
Absolute
amount on 31st
March 2020
Percentage of
total assets on
31st March
2020
Rs. Rs. Rs. Rs.
I. EQUITY AND LIABILITIES
1. Shareholders’ Fund
a. Share Capital
b. Reserves and surplus
2. Non-current liabilities
a. Long term borrowings
3. Current liabilities
a. Trade payables
Total
5,00,000
4,00,000
8,00,000
3,00,000
20,00,000
25
20
40
15
100
6,00,000
3,60,000
2,40,000
--
12,00,000
50
30
20
--
100
II. ASSETS
1. Non-current assets
a. Fixed assets
b. Non-current investments
2. Current liabilities
a. Inventories
b. Cash and Cash equivalents
Total
10,00,000
5,00,000
3,00,000
2,00,000
20,00,000
50
25
15
10
100
6,00,000
2,40,000
1,20,000
2,40,000
12,00,000
50
20
10
20
100
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47.b.
(i) Gross Profit Ratio = Gross Profit x 100 = 4,000 x 100 = 20%
Revenue from operations 20,000
Cost of revenue from operations = Purchase of stock-in-trade+Changes in inventory+Direct expenses
= 17,000 - 1,000 + 0 = Rs. 16,000
Gross Profit = Revenue from operations - Cost of revenue from operations
= 20,000 - 16,000 = 4,000
(ii) Net Profit Ratio = Net Profit after tax x 100 = 1,500 x 100 = 7.5%
Revenue from operations 20,000
(Note: It is assumed that there is no tax payable)
(iii) Operating Cost Ratio = Operating cost x 100 = 18,400 x 100 = 92%
Revenue from operations 20,000
Operating cost = Cost of revenue from operations + Operating expenses
= 16,000 + 2,400 = 18,400
Operating expenses = Other Expenses = 2,400
(iv) Operating Profit Ratio = Operating profit x 100 = 1,600 x 100 = 8%
Revenue from operations 20,000
Operating Profit = Revenue from operations - Operating cost
= 20,000 - 18,400 = 1,600
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