Tamilnadu Board Class 12 Accountancy Sample Papers 2011

Sample Question Paper

ACCOUNTANCY

Time : 3 Hrs Class - XII


1. What is an adjusting entry?

2. Mention any two limitations of incomplete double entry.

3. What is Annuity method of depreciation?

4. What are the advantages of Ratio Analysis?

5. Write notes on Cash budget.

6. Mention any two differences between fixed capital method and fluctuating capital method.

7. What is forfeiture of shares?

8. Give adjusting entry and transfer entry for Depreciation on machinery Rs.5,000.

9. From the following information, find out total sales.
Rs.Opening Sundry debtors 1,00,000
Cash received from Sundry debtors 1,60,000
Discount allowed to Sundry debtors 4,000
Sales Return 10,000
Closing debtors 1,50,000
Cash Sales - Rs.76,000.10

10. Tmt.Selvi & Company purchased an asset for Rs. 50,000. Depreciation is to be provided annually according to the straight line method. The useful life of asset is 10 years and residual value is Rs.5000. You are required to find out the rate of depreciation.

11. From the following particulars, calculate Debt-Equity ratio
Equity share capital 4,00,000
General Reserve 2,00,000
Long term loan 1,00,000
Debentures 2,00,000

12. J and K were partners sharing profits in the ratio of 3:2. J draws Rs.5,000 at the end of each quarter. K draws Rs.10,000 at the end of each half year. Calculate interest on their drawings at 10% p.a. for the year ending 31.3.2005.

13. Banu and Kala were sharing profits in the ratio of 4:3. Priya was admitted in the business as a partner with 3/7 th share in the profits of the firm, which she takes 2/7 th from Banu and 1/7 th from Kala. Find out new profit ratio and the sacrificing ratio.

14. Z Ltd., forfeited 300 shares of Rs.10 each fully called up for non payment of final call money of Rs.4 per share. Out of these 250 shares were reissued for a total payment of Rs.2,000. Pass necessary journal entries.

15.The Trial Balance on 31.3.2002, shows Sundry Debtors Rs.1,25,000. Bad debts Rs.8,000.
Adjustment:
1.  Bad Debts to be written off Rs.5,000.
2.  Provide @ 5% Provision for bad and doubtful debts and
3.  Provide @ 2% Provision for discount on debtors.
Pass adjustment entries and also show how these items will appear in the final accounts.

16. Ravi and Arun are partners in a firm sharing Profits and Losses in the ratio of 3:2. Their capitals on 1.4.03 were Rs.1,60,000 and Rs.1,20,000 respectively. Drawings of the partners during the year were Ravi Rs.12,000 and Arun Rs.8,000. Following details are also given:
a) Interest on Capital at and on drawings at 6% p.a.
b) Ravi and Arun to get a salary of Rs.10,000 p.a.
c) Ravi to get a commission of 10% on the net profit before charging such commission.
The net profit of the firm for the year ended 31.3.04 before making of the above adjustments was Rs.60,000. Show the Profit and Loss Appropriation account and Capital Accounts of the partners.12

17. The directors of Ashok Ltd. forfeited 3000 shares of Rs.10 each fully called up, for nonpayment of first call Rs.3 and final call Rs.2 per share.
Out of these 2000 shares were reissued at Rs. 7 each as fully paid. Give necessary journal entries and prepare ledger account for forfeiture and capital reserve account.

18.A and B were partners, sharing profits in the ratio of 3:2. They admit C as a new partner for 1/3 share on April 1 st 2000 under the following terms:
a) C has to bring Rs.25,000 as Capital.
b) Goodwill is valued at Rs.26,000.
c) Land and Building be appreciated by 40%
d) Depreciate plant and machinery by 10%.
e) The provision for bad and doubtful debts was to be increased by Rs.800.
f) A liability of Rs.1,000 included in creditors is not necessary.