12th Accountancy - Unit 1 Question Paper

 


 

XII STD     UNIT-1             ACCOUNTANCY             TIME: 1.30 Hrs        MARK: 50

PART – A

I. Choose the correct Answers:                                                                           10 x 1 = 10

1. Statement of affairs is a 

          a) Statement of Income and Expenditure    b) Statement of assets and Liabilities

          c) Summary of cash transactions                d) Summary of credit transactions

2. The excess of assets over liabilities is

          a) Loss                                                        b) Cash      

          c) Capital                                                    d) Profit

3. The amount of credit sales can be computed from

          a) Total Debtors Account                             b) Total Creditors Account

          c) Bills Receivable account                          d) Bills Payable Account

4. Incomplete records are generally maintained by

          a) A company                                              b) Government

          c) Small sized sole trader business              d) Multinational Enterprises

5. What is the amount of capital of the proprietor of his assets are Rs.85,000 and liabilities    

    are Rs. 21,000

a)    Rs. 85,000                                             b) Rs. 1,06,000             

b)   c) Rs. 21,000                                         d) Rs. 64,000

6. The difference between the total assets of total liabilities is taken as

          a) Drawings                                                b) Capital                      

          c) Profit                                                       d) Loss

7. The capital of a business is ascertained by preparing

          a) Trading account                                      b) Statement of profit or loss   

          c) Balance sheet                                          d) Statement of affairs

8. _______is suitable only for sole traders and partnership firms

          a) Double entry system                               b) Single entry System

          c) Both (a) and (b)                                       d) None of these

9. Incomplete records are those records which are not kept under _______system

          a) Single Entry                                            b) Double Entry   

          c) Book keeping                                           d) None of these

10. Companies cannot keep books on single entry system because of

          a) Tax properties                                         b) Legal Provisions        

c) Both (a) and (b)                              d) None of these 

 

 

PART – B

Answer all the questions:                                                                                    4 x 2 = 8

11. What is a Statement of affairs?

12. What is meant by incomplete records?

13. From the following particulars ascertain profit or loss

          Closing Capital – 7,00,000                Opening capital – 4,00,000

          Additional capital – 1,40,000            Drawings – 80,000

14. Calculate the missing information

          Closing capital – 64,000                    Drawings – 9,600

          Additional capital – 16,000               Profit – 19,200

PART – C

Answer all the questions:                                                                                  4 x 3 = 12

15. What are the features of incomplete records? (Any three)

16. What are the limitations of incomplete records? (Any three) 

17. On 1st April 2018 Kumar started her business with a capital of Rs. 60,000. She did not

      Maintain proper book of accounts. Following particulars are available forms her books

      as on 31.03.2019.

          Bank overdraft – 25,000          Stock in trade – 80,000

          Debtors – 90,000                     Creditors – 45,000

          Bills receivable – 35,000          Bills payable – 1,20,000

          Computer – 15,000                  Cash in hand – 30,000

          Machinery – 1,50,000.

          During the year she withdrew Rs.15,000 for her personal use. She introduced further

          Capital of Rs.20,000 during the year. Calculate her profit or loss.

18. From the following particulars, calculate the total sales

          Opening Debtors – 2,50,000                       Bills receivable dishonored – 15,000

          Opening Bills receivable – 60,000               Returns inward – 50,000

          Cash received from debtors – 7,25,000       Bad debts – 30,000

          Closing bills receivables – 90,000                Cash sales – 3,15,000

          Cash received for bills receivable – 1,60,000   Closing debtors – 2,40,000

PART – D

Answer all the questions:                                                                                  4 x 5 = 20

19. State the difference between double entry system and incomplete records?

20. Differentiate between statement of affairs and balance sheet?

 

 

 

 

 

21. Harini does not keep his books under double entry system. Find the profit or loss made

          By him for the year ending 31st March 2019.

          Particulars                                                 01.04.2018                   31.03.2019

          Bank                                                                    2,500 (Dr)             30,000 (Cr)

          Cash                                                                      1,500                    2,250

          Stock                                                                     17,500                  22,500

          Debtors                                                                 50,000                  45,000

          Plant and Machinery                                           40,000                  40,000

          Buildings                                                              70,000                  70,000

          Creditors                                                               85,000                  65,000

          Harini had withdrawn Rs.30,000 for his personal use. He had   introduced       

          Rs. 8,500 as capital for expansion of his business. Create a provision of 5%       

          On debtors. Plant and Machinery is to be depreciated at 10%

 

22. Vijay does not keep his books under double entry system. From the following

          Information prepare trading and profit and loss account and balance sheet as on

          31-12-2018:

          Particulars                                        1-1-2018             31-12-2018

          Machinery                                                   1,20,000               1,20,000

          Cash at bank                                              50,000                  66,000

          Debtors                                                       1,40,000               2,00,000

          Stock                                                           90,000                  44,000

          Bills receivable                                            40,000                  76,000

          Bank loan                                                   90,000                  90,000

          Creditors                                                     50,000                  42,000

          Other details:

          Cash sales – 40,000                          Credit Sales – 3,60,000

          Cash purchases – 16,000                  Credit Purchases – 1,04,000

          Wages – 12,000                                 Salaries – 47,000

          Advertisement – 14,000                     Interest on bank loan – 9,000

          Drawings – 1,20,000                         Additional capital – 42,000

          Adjustments:

          a) Write off depreciation of 10% on machinery.

          b) Create a reserve of 1% on debtors for doubtful debts.  

 

Prepared by Mr. A. Boopathi 





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