Q1
mcq
When a partner withdraws regularly a fixed sum of money at the end of every month, period for which interest is to be calculated on the drawings on an average is __________.
- A. 12 months
- B. 5.5 months
- C. 6.5 months
- D. 6 months
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Q2
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The mathematical expression that provides a measure of the relationship between two figures is called __________.
- A. Model
- B. Conclusion
- C. Decision
- D. Ratio
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Q3
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Income and Expenditure Account is prepared to find out :
- A. surplus or deficit
- B. profit or loss
- C. financial position
- D. cash and bank balance
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Q4
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Which of the following statements is not true in relation to admission of a partner ?
- A. The firm is reconstituted under a new agreement
- B. Generally mutual rights of the partners change
- C. The existing agreement does not come to an end
- D. The profits and losses of the previous years are distributed to the old partners
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Q5
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Accounting report prepared according to the requirements of the user is __________.
- A. Trial balance
- B. Routine accounting report
- C. Balance sheet
- D. Special purpose report
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Q6
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Which of the following statement is false ?
- A. Reserve capital can be called at the time of winding up.
- B. Issued capital can never be more than the authorised capital.
- C. Paid up capital is part of called up capital.
- D. In case of under subscription, issued capital will be less than the subscribed capital.
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Q7
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That part of share capital which can be called up only on the winding up of a company is called :
- A. Capital reserve
- B. Authorised capital
- C. Reserve capital
- D. Called up capital
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Q8
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Statement of affairs is a __________.
- A. summary of cash transactions
- B. statement of income and expenditure
- C. summary of credit transactions
- D. statement of assets and liabilities
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Q9
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Donation received for a specific purpose is __________.
- A. Revenue expenditure
- B. Revenue receipt
- C. Capital expenditure
- D. Capital receipt
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Q10
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In the absence of a partnership deed, profits of the firm will be shared by the partners in :
- A. Equal ratio
- B. Capital ratio
- C. Both (a) and (b)
- D. None of these
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Q11
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The excess of assets over liabilities is __________.
- A. capital
- B. loss
- C. profit
- D. cash
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Q12
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The following are the profits of a firm in the last five years : 2014 : ` 4,000 ; 2015 : ` 3,000 ; 2016 : ` 5,000 ; 2017 : ` 4,500 and 2018 : ` 3,500. The average profits of five years is __________.
- A. ` 6,000
- B. ` 12,000
- C. ` 4,000
- D. ` 5,000
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Q13
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The amount received over and above the par value is credited to __________.
- A. Share capital account
- B. Securities premium account
- C. Forfeited shares account
- D. Calls in advance account
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Q14
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The financial statements do not exhibit :
- A. Short-term data
- B. Non-monetary data
- C. Long-term data
- D. Past data
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Q15
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In which voucher type credit purchase of furniture is recorded in Tally ?
- A. Purchase voucher
- B. Receipt voucher
- C. Payment voucher
- D. Journal voucher
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Q16
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Which of the following is true ?
- A. Super profit=Average profit−Normal profit
- B. Super profit=Total profit/number of years
- C. Super profit=Average profit×years of purchase
- D. Super profit=Weighted profit/number of years
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Q17
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Current assets excluding inventory and prepaid expenses is called :
- A. Funds
- B. Reserves
- C. Quick assets
- D. Tangible assets
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Q18
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Revaluation Account is a __________.
- A. Personal Account
- B. Real Account
- C. Impersonal Account
- D. Nominal Account
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Q19
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On revaluation, the increase in liabilities leads to :
- A. Loss
- B. Profit
- C. Gain
- D. None of these
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Q22
short answer
Kavitha is a partner in a firm. She withdraws ` 2,500 p.m. regularly. Interest on drawings is charged @ 4% p.a., calculate the interest on drawings using average period, if she draws at the beginning of every month.
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Q25
short answer
What is meant by retirement of a partner ?
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Q26
short answer
Abdul Ltd, issues 50,000 equity shares of ` 10 each payable fully on application. Pass journal entries if shares are issued at a premium of ` 3 per
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Q27
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nt is a __________.
- A. Personal Account
- B. Real Account
- C. Impersonal Account
- D. Nominal Account
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Q28
short answer
Calculate quick ratio from the following details : Total current liabilities ` 2,40,000; Total current assets ` 4,50,000; inventories ` 70,000; prepaid expenses ` 20,000.
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Q30
long answer
From the following particulars, prepare comparative income statement of Tharun Co. Ltd. Particulars: Revenue from operations (2016-17: 1,00,000; 2017-18: 1,25,000), Other income (2016-17: 25,000; 2017-18: 20,000), Expenses (2016-17: 75,000; 2017-18: 60,000)
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Q31
long answer
From the following details find out total sales made during the year. Particulars: Debtors on 1st January 2018 1,30,000; Cash received from debtors during the year 4,20,000; Sales returns 35,000; Bad debts 15,000; Debtors on 31st December 2018 2,00,000; Cash sales 4,60,000
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Q32
long answer
Akash, Bala, Chandru and Daniel are partners in a firm. There is no partnership deed. How will you deal with the following? (i) Akash has contributed maximum capital. He demands interest on capital at 10% per annum. (ii) Akash demands the profit to be shared in the capital ratio. But, others do not agree. (iii) Loan advanced by Chandru to the firm is ` 50,000. He demands interest on loan @ 12% per annum.
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Q33
long answer
The profits and losses of a firm for the last four years were as follows : 2015 : ` 15,000 ; 2016 : ` 17,000; 2017 : ` 6,000 (Loss) ; 2018 : ` 14,000. You are required to calculate the amount of goodwill on the basis of 5 years purchase of average profits of the last 4 years.
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Q34
short answer
What are the adjustments required at the time of admission of a partner ?
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Q35
short answer
Distinguish between sacrificing ratio and gaining ratio.
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Q36
long answer
Rajan Ltd. purchased machinery of ` 6,00,000 from Jagan Traders. It issued equity shares of ` 10 each fully paid in satisfaction of their claim. What entries will be made if such issue is made ? (i) shares issued at par. (ii) at a premium of 50%.
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Q37
long answer
From the following particulars of Maria Ltd. and Kala Ltd., prepare common-size income statement for the year ended 31st March 2019. Particulars: Revenue from operations (Maria: 1,00,000; Kala: 2,00,000), Other income (Maria: 10,000; Kala: 30,000), Expenses (Maria: 70,000; Kala: 1,20,000)
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Q38
long answer
From the following information calculate debt equity ratio. Particulars: Equity and Liabilities: 1. Shareholder's Funds: (a) Share capital (Equity share capital 1,00,000), (b) Reserves and surplus 60,000; 2. Non-Current liabilities: Long-term borrowings (Debentures) 80,000; 3. Current liabilities: (a) Trade payables 50,000, (b) Other current liabilities: Outstanding expenses 30,000.
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Q39
short answer
Write a brief note on Accounting Vouchers.
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Q40
long answer
How will the following appear in the final accounts of Marthandam Women Cultural Association? Stock of sports materials on 1.4.2018 : 32,000; Sports materials purchased during the year : 1,68,000; Sale of old sports materials during the year : 1,000; Stock of sports materials on 31.3.2019 : 20,000
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Q41
long answer
From the following particulars calculate total purchases. Particulars: Sundry creditors on 1st April, 2017 75,000; Bills payable on 1st April, 2017 60,000; Paid cash to creditors 3,70,000; Paid for bills payable 1,00,000; Purchases returns 15,000; Cash purchases 3,20,000; Creditors on 31st March, 2018 50,000; Bills payable on 31st March, 2018 80,000
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Q42
long answer
From the following Balance Sheet of Arunan Ltd. as on 31.03.2019. Calculate (i) Debt-equity ratio (ii) Proprietary ratio and (iii) Capital gearing ratio. Particulars: 1. Shareholder's funds: (a) Share capital (Equity: 1,50,000; 8% Pref: 2,00,000), (b) Reserves and surplus 1,50,000; 2. Non-current liabilities: Long-term borrowings (9% Debentures)
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Q43
long answer
From the following Balance Sheet of Arunan Ltd. as on 31.03.2019. Calculate
(i) Debt-equity ratio
(ii) Proprietary ratio and
(iii) Capital gearing ratio
Particulars `
I. Equity and Liabilities
1. Shareholder's funds
(a) Share capital
Equity share capital 1,50,000
8% preference share capital 2,00,000
(b) Reserves and surplus 1,50,000
2. Non-current liabilities
Long-term borrowings (9% Debentures) 4,00,000
3. Current liabilities
(a) Short-term borrowings from banks 25,000
(b) Trade payables 75,000
Total 10,00,000
II. Assets
1. Non-current assets
Fixed Assets 7,50,000
2. Current assets
(a) Inventories 1,20,000
(b) Trade receivables 1,00,000
(c) Cash and cash equivalents 27,500
(d) Other current assets
Expenses paid in advance 2,500
Total 10,00,000
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Q44
long answer
From the following particulars of Tamil Educational Society, prepare Receipts and Payments accounts for the year ended 31st March, 2019.
Particulars ` Particulars `
Opening cash balance as on 1.4.2018 18,000
Building purchased 2,10,000
Rent paid 6,000
Staff salary 55,000
Scholarship given 15,200
Subscription received 2,65,000
Entrance fees received 18,500
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Q45
long answer
Akash, Mugesh and Sanjay are partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. Their balance sheet as on 31st March, 2017 is as follows :
Liabilities ` ` Assets `
Capital accounts : Buildings 1,10,000
Akash 40,000 Vehicle 30,000
Mugesh 60,000 Stock in trade 26,000
Sanjay 30,000 1,30,000 Debtors 25,000
Profit and Loss appropriation A/c 12,000 Cash in hand 15,000
General reserve 24,000
Workmen compensation fund 18,000
Bills payable 22,000
2,06,000 2,06,000
Pass journal entry to transfer accumulated profit general reserve and workmen compensation fund and prepare the capital account of the partners.
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Q46
long answer
From the following information, calculate the value of goodwill based on 3 years purchase of super profit.
(i) Capital employed : ` 2,00,000
(ii) Normal rate of return : 15%
(iii) Average profit of the business: ` 42,000
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Q47
long answer
Joy company issued 10,000 equity shares at ` 10 per share payable ` 5 on application, ` 3 on allotment and ` 2 on first and final call. The public subscribed for 9,000 shares. The directors allotted all the 9,000 shares and duly received the money. Pass the necessary journal entries.
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Q48
long answer
From the following particulars, prepare comparative balance sheet of Malar Ltd. as on 31st March, 2016 and 31st March, 2017.
31st March, 2016 ` 31st March, 2017 `
I. Equity and Liabilities
1. Shareholder's fund
(a) Share capital 2,00,000 2,50,000
(b) Reserves and surplus 50,000 50,000
2. Non-current liabilities
Long-term borrowings 30,000 60,000
3. Current liabilities
Trade payables 20,000 60,000
Total 3,00,000 4,20,000
II. Assets
1. Non-current assets
(a) Fixed assets 1,00,000 1,50,000
(b) Non-current investments 50,000 75,000
2. Current assets
Inventories 75,000 1,50,000
Cash and cash equivalents 75,000 45,000
Total 3,00,000 4,20,000
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Q49
long answer
From the following Receipts and Payment Account of Ooty Recreation Club, prepare income and expenditure account for the year ended 31.03.2018.
Receipts ` Payments `
To opening balance Cash in hand 5,000
By sports materials purchased 10,000
To rent received 10,000
By stationery paid 7,000
To sale of investments 8,000
By computer purchased 25,000
To subscription received 54,000
By salaries 20,000
By closing balance Cash in hand 15,000
77,000 77,000
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Q50
long answer
Sriram and Raj are partners sharing profits and losses in the ratio of 2 : 1. Nelson joins as a partner on 1st April, 2017.
The following adjustments are to be made :
(i) Increase the value of stock by ` 5,000.
(ii) Bring into record investment of ` 7,000 which had not been recorded in the books of the firm.
(iii) Reduce the value of office equipment by ` 10,000.
(iv) A provision would also be made for outstanding wages for ` 9,500.
Give journal entries and prepare revaluation account.
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Q51
long answer
From the following particulars, calculate total sales.
Particulars ` Particulars `
Debtors on 1st April 2018 2,50,000
Bills receivable dishonoured 15,000
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Q52
long answer
From the following Receipts and Payment Account of Ooty Recreation Club, prepare income and expenditure account for the year ended 31.03.2018.
Receipts: Cash in hand 5,000; Rent received 10,000; Sale of investments 8,000; Subscription received 54,000.
Payments: Sports materials purchased 10,000; Stationery paid 7,000; Computer purchased 25,000; Salaries 20,000; Closing balance (Cash in hand) 15,000.
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Q53
long answer
From the following particulars, calculate total sales: Debtors on 1st April 2018 2,50,000; Bills receivable on 1st April 2018 60,000; Cash received from debtors 7,25,000; Cash received for bills receivable 1,60,000; Bad debts 30,000; Bills receivable dishonoured 15,000; Returns inward 50,000; Bills receivable on 31st March 2019 90,000; Sundry debtors on 31st March 2019 2,40,000; Cash sales 3,15,000.
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Q54
short answer
Kayal, Mala and Neela are partners sharing profits in the ratio of 2 : 2 : 1. Kayal retires and the new profit sharing ratio between Mala and Neela is 3 : 2. Calculate the gaining ratio.
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Q55
short answer
Sunil, Sumathi and Sundari are partners sharing profits in the ratio of 3 : 3 : 4. Sundari retires and her share is taken up entirely by Sunil. Calculate the new profit sharing ratio and gaining ratio.
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Q56
long answer
Prepare common-size statement of financial position for the following particulars of Yasmin Ltd. and Sakthi Ltd.:
Equity and Liabilities:
1. Shareholder's fund: (a) Share capital 2,00,000 / 3,00,000 (b) Reserves and surplus 50,000 / 60,000
2. Non-current liabilities: Long-term borrowings 1,50,000 / 1,80,000
3. Current liabilities: Trade payables 1,00,000 / 60,000
Total 5,00,000 / 6,00,000
Assets:
1. Non-current assets: (a) Fixed assets 2,00,000 / 3,00,000 (b) Non-current investments 50,000 / 1,20,000
2. Current assets: Inventories 2,00,000 / 90,000; Cash and cash equivalents 50,000 / 90,000
Total 5,00,000 / 6,00,000
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Q57
long answer
From the following statement of profit and loss of Mukesh Ltd. Calculate: (i) Gross profit ratio (ii) Net profit ratio.
Statement of Profit and Loss:
Revenue from operations 2,50,000; Income from investment 20,000; Total revenues 2,70,000; Purchase of stock in trade 90,000; Changes in inventories 10,000; Expenses on Employee benefits 15,000; Other expenses 55,000; Provision for Tax 25,000; Total Expenses 1,95,000; Profit for the year 75,000.
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Q58
short answer
Explain any five applications of computerised accounting systems.
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Q59
mcq
assets over liabilities is __________.
- A. capital
- B. loss
- C. profit
- D. cash
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Q60
long answer
From the following particulars, prepare comparative income statement of Tharun Co. Ltd. Particulars 2016-17 ` 2017-18 ` Revenue from operations 1,00,000 1,25,000 Other income 25,000 20,000 Expenses 75,000 60,000
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Q61
long answer
From the following details find out total sales made during the year. Particulars ` Debtors on 1st Janu
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Akash, Bala, Chandru and Daniel are partners in a firm. There is no partnership deed. How will you deal with the following ? (i)Akash has contributed maximum capital. He demands inte rest on capital at 10% per annum. (ii)Akash demands the profit to be shared in the capital ratio. But, others do not agree. (iii)Loan advanced by Chandru to the firm is ` 50,000. He demands interest on loan @ 12% per annum.
Q62
short answer
Akash, Bala, Chandru and Daniel are partners in a firm. There is no partnership deed. How will you deal with the following? (i) Akash has contributed maximum capital. He demands interest on capital at 10% per annum.
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Q63
short answer
Akash, Bala, Chandru and Daniel are partners in a firm. There is no partnership deed. How will you deal with the following? (ii) Akash demands the profit to be shared in the capital ratio. But, others do not agree.
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Q64
short answer
Akash, Bala, Chandru and Daniel are partners in a firm. There is no partnership deed. How will you deal with the following? (iii) Loan advanced by Chandru to the firm is ` 50,000. He demands interest on loan @ 12% per annum.
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Q65
long answer
From the following information calculate debt equity ratio. Particulars: Share capital (Equity) 1,00,000; Reserves and surplus 60,000; Long-term borrowings (Debentures) 80,000; Trade payables 50,000; Outstanding expenses 30,000.
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Q66
long answer
(b) From the following Balance Sheet of Arunan Ltd. as on 31.03.2019. Calculate (i) Debt-equity ratio (ii) Proprietary ratio and (iii) Capital gearing ratio. Balance Sheet Data provided.
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Q67
long answer
From the following particulars of Tamil Educational Society, prepare Receipts and Payments accounts for the year ended 31st March, 2019.
Particulars: Opening cash balance as on 1.4.2018 18,000; Rent paid 6,000; Scholarship given 15,200; Entrance fees received 18,500; Building purchased 2,10,000; Staff salary 55,000; Subscription received 2,65,000.
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Q68
long answer
Akash, Mugesh and Sanjay are partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. Their balance sheet as on 31st March, 2017 is as follows:
Liabilities: Capital accounts (Akash 40,000; Mugesh 60,000; Sanjay 30,000) = 1,30,000; Profit and Loss appropriation A/c 12,000; General reserve 24,000; Workmen compensation fund 18,000; Bills payable 22,000. Total = 2,06,000
Assets: Buildings 1,10,000; Vehicle 30,000; Stock in trade 26,000; Debtors 25,000; Cash in hand 15,000. Total = 2,06,000
Pass journal entry to transfer accumulated profit general reserve and workmen compensation fund and prepare the capital account of the partners.
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Q69
long answer
From the following particulars, prepare comparative balance sheet of Malar Ltd. as on 31st March, 2016 and 31st March, 2017.
31st March, 2016 and 2017 values:
I. Equity and Liabilities: Share capital (2,00,000 / 2,50,000), Reserves and surplus (50,000 / 50,000), Long-term borrowings (30,000 / 60,000), Trade payables (20,000 / 60,000). Totals (3,00,000 / 4,20,000).
II. Assets: Fixed assets (1,00,000 / 1,50,000), Non-current investments (50,000 / 75,000), Inventories (75,000 / 1,50,000), Cash and cash equivalents (75,000 / 45,000). Totals (3,00,000 / 4,20,000).
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Q70
short answer
Sunil, Sumathi and Sundari are partners sharing profits in the ratio of 3 : 3 : 4. Sundari retires and her share is taken up
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Q71
long answer
Prepare common-size statement of financial position for the following particulars of Yasmin Ltd. and Sakthi Ltd. (Yasmin Ltd. equity/liabilities: Share capital 2,00,000; Reserves 50,000; Long-term borrowings 1,50,000; Trade payables 1,00,000. Assets: Fixed assets 2,00,000; Non-current investments 50,000; Inventories 2,00,000; Cash 50,000. Sakthi Ltd. equity/liabilities: Share capital 3,00,000; Reserves 60,000; Long-term borrowings 1,80,000; Trade payables 60,000. Assets: Fixed assets 3,00,000; Non-current investments 1,20,000; Inventories 90,000; Cash 90,000.)
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Q72
long answer
From the following statement of profit and loss of Mukesh Ltd. Calculate (i) Gross profit ratio (ii) Net profit ratio. (Revenue from operations 2,50,000; Income from investment 20,000; Purchase 90,000; Change in inventories 10,000; Employee benefits 15,000; Other expenses 55,000; Tax 25,000).
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Q73
long answer
From the following particulars, prepare comparative income statement of Tharun Co. Ltd. Particulars 2016-17 ` 1,00,000 25,000 75,000 2017-18 ` 1,25,000 20,000 60,000
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Akash, Bala, Chandru and Daniel are partners in a firm. There is no partnership deed. How will you deal with the following ?
Q74
short answer
Akash has contributed maximum capital. He demands interest on capital at 10% per annum.
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Q75
short answer
Akash demands the profit to be shared in the capital ratio. But, others do not agree.
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Q76
short answer
Loan advanced by Chandru to the firm is ` 50,000. He demands interest on loan @ 12% per annum.
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Q77
long answer
From the following particulars of Maria Ltd. and Kala Ltd., prepare common-size income statement for the year ended 31st March 2019.
Particulars | Maria Ltd. ` | Kala Ltd. `
Revenue from operations | 1,00,000 | 2,00,000
Other income | 10,000 | 30,000
Expenses | 70,000 | 1,20,000
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Q78
long answer
From the following Balance Sheet of Arunan Ltd. as on 31.03.2019. Calculate (i) Debt-equity ratio (ii) Proprietary ratio and (iii) Capital gearing ratio.
[Table provided in source containing Shareholder's funds, Non-current liabilities, Current liabilities, and Assets]
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Q79
long answer
Akash, Mugesh and Sanjay are partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. Their balance sheet as on 31st March, 2017 is as follows: [Balance Sheet data with Capital accounts, P&L Appropriation, General reserve, Workmen compensation fund, and Assets like Buildings, Vehicle, Stock, Debtors, Cash]
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Q80
long answer
From the following particulars, prepare comparative balance sheet of Malar Ltd. as on 31st March, 2016 and 31st March, 2017.
[Balance sheet table provided with Share capital, Reserves, Long-term borrowings, Trade payables, Fixed assets, Investments, Inventories, and Cash]
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Q81
long answer
Prepare common-size statement of financial position for the following particulars of Yasmin Ltd. and Sakthi Ltd.
Particulars: Yasmin Ltd. (Share capital: 2,00,000, Reserves and surplus: 50,000, Long-term borrowings: 1,50,000, Trade payables: 1,00,000, Total: 5,00,000, Fixed assets: 2,00,000, Non-current investments: 50,000, Inventories: 2,00,000, Cash and cash equivalents: 50,000, Total: 5,00,000). Sakthi Ltd. (Share capital: 3,00,000, Reserves and surplus: 60,000, Long-term borrowings: 1,80,000, Trade payables: 60,000, Total: 6,00,000, Fixed assets: 3,00,000, Non-current investments: 1,20,000, Inventories: 90,000, Cash and cash equivalents: 90,000, Total: 6,00,000).
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