TAMIL NADU STATE BOARD CLASS 12 ACCOUNTANCY 2025

Select the odd one out.

As per the Indian Partnership Act, 1932, the rate of interest allowed on loans advanced by Partners is :

Closing balance of debtors $20,000$, Cash received $1,40,000$, Credit sales $1,20,000$. Opening balance of debtors :

A, B and C are partners sharing profits in the ratio of $4 : 2 : 3$. C retires. The new profit sharing ratio between A and B will be :

Revenue from operations $4,00,000$, Cost of revenue from operations $1,50,000$, Administration expenses $50,000$ and Selling expenses $8,500$. The Net Profit is :

Contra Voucher is used for :

When shares are issued for purchase of assets, the amount should be credited to :

If the final amount due to a retiring partner is not paid immediately, it is transferred to :

The average Rate of Return of similar concern is considered as :

Which is not the default group in Tally ?

Match List-I with List-II and select the correct answer using the codes given below. List-I List-II (1)Current Ratio (i)Liquidity (2)Net Profit Ratio (ii)Efficiency (3)Debt-Equity Ratio (iii)Long-term Solvency (4)Inventory Turnover Ratio (iv)Profitability

At the time of forfeiture, share capital account is debited with :

Choose the incorrect pair.

Income and Expenditure account is a :

The excess of Assets over Liabilities is :

Which one of the following is not a function of Fund Flow analysis ?

At the time of admission, the Goodwill brought by the new partner may be credited to the Capital accounts of whom ?

Which of the following is true ?

Which of the following is not a tool of Financial Statement analysis ?

There are 500 members in a Club each paying ` 100 as Annual Subscription. Subscription due but not received for the Current year is ` 200; Subscription received in advance is ` 300. Find out the amount of Subscription to be shown in the Income and Expenditure account.

From the following details, calculate the missing figure. Particulars ` Capital as on 1st April 2023 40,000 Capital as on 31st March 2024 50,000 Additional Capital introduced during the year 7,000 Profit for the year 8,000 Drawings during the year ?

What is a Partnership Deed ?

What are Financial Statements ?

Calculate Gross Profit ratio from the following : Revenue from operations ` 2,00,000 Cost of Revenue from operations ` 1,60,000 Purchases ` 1,25,000

What are Accounting Reports ?

What is acquired Goodwill ?

Ananth and Suman are partners sharing profits and losses in the ratio of 3 : 2. They admit Saran for 1/5 share, which he acquires entirely from Ananth. Find out the new Profit Sharing ratio and Sacrificing ratio.

What is meant by retirement of a partner ?

What is Over Subscription ?

Give two examples for Non cash items of Not-for-Profit organisation.

What are the limitations of incomplete records ?

How will the following appear in the Final accounts of Karaikudi Sports Club for the year ending 31st March 2024 ? Particulars ` Tournament fund on 1st April 2023 90,000 Tournament fund investment on 1st April 2023 90,000 Interest received on tournament fund investment 9,000 Donation to tournament fund 10,000 Tournament expenses 60,000

John is a partner in a Partnership firm. As per the Partnership Deed, interest on drawings is charged @ 12% p.a. During the year ended 31st Dec. 2023, he drew as follows. Date ` March 1 6,000 June 1 4,000 September 1 5,000 December 1 2,000 Calculate the amount of interest on drawings by using Product method.

From the following information, calculate the value of Goodwill on the basis of 3 years purchase of average profits of last four years. Year Result Amount 2020 Profit 5,000 2021 Profit 8,000 2022 Profit 6,000 2023 Loss 3,000

Kayalvizhi, Maanvizhi and Kuzhali are partners, sharing profits and losses in the ratio of 5 : 3 : 2. As from 1st April 2023, Vanmathi is admitted into the Partnership and the new profit sharing ratio is decided as 4 : 3 : 2 : 1. The following adjustments are to be made. (a)Increase the value of Premises by ` 60,000. (b)Depreciate stock by ` 5,000, furniture by ` 2,000 and machinery by ` 2,500. (c)Create a provision for doubtful debts of ` 1,000. Pass necessary journal entries.

Distinguish between Sacrificing ratio and Gaining ratio.

Nivetha Ltd., forfeited 100 shares of ` 10 each, ` 8 called up, on which Mayuri had paid application and allotment money of ` 6 per share. Of these, 75 shares were re-issued to Sowmiya by receiving ` 7 per share paid up as ` 8 per share. Pass Journal entries for Forfeiture and Re-issue.

From the following particulars, prepare comparative Income Statement of Barani Ltd. 2022 - 23 2023 - 24 ` ` Revenue from Operations 30,000 45,000 Other Income 4,000 6,000 Expenses 10,000 15,000 Income Tax 30% 30% Particulars

Calculate the current ratio from the following information. Particulars ` Current Investments 40,000 Inventories 2,00,000 Trade Debtors 1,20,000 Bills Receivable 80,000 Cash and Cash equivalents 10,000 Fixed Assets 5,00,000 Trade Creditors 80,000 Bills Payable 50,000 Expenses Payable 20,000 Non-Current Liability 3,00,000

Explain how to view Profit and Loss statement in Tally.ERP 9

David does not keep proper books of accounts. Following details are given from his records. Particulars 1.4.2023 31.3.2024 Cash 43,000 29,000 Stock of Goods 1,20,000 1,30,000 Sundry Debtors 84,000 1,10,000 Sundry Creditors 1,05,000 1,02,000 Loan 25,000 20,000 Business Premises 2,50,000 2,50,000 Furniture 33,000 45,000 During the year he introduced further Capital of ` 45,000 and withdrew ` 2,500 per month from the business for his personal use. Prepare statement of Profit or Loss with the above information. OR Mary does not keep her books under double entry system. From the following details prepare Trading and Profit and Loss account for the year ending 31st March 2023 and a Balance Sheet as on that date. Dr Cr Particulars ` Particulars ` To Balance b/d 1,20,000 By Purchases 1,50,000 To Sales 3,60,000 By Creditors 2,50,000 To Debtors 3,40,000 By Wages 70,000 By Sundry Expenses 1,27,000 By Balance c/d 2,23,000 8,20,000 8,20,000 Cash Book Other information : Particulars 1st April 2022 31st March 2023 Stock of Goods 1,10,000 1,80,000 Sundry Debtors 1,30,000 ? Sundry Creditors 1,60,000 90,000 Furniture and Fittings 80,000 80,000 Additional Information : Credit Purchases 1,80,000 Credit Sales 2,90,000 Opening Capital 2,80,000 Depreciate Furniture and Fittings by 10% p.a.

From the following Receipts and Payments account of Tenkasi Thiruvalluvar Manram, prepare Income and Expenditure account for the year ended 31st March 2022. Receipts ` To Balance b/d Cash in hand 14,000 To Interest received 5,000 To Subscription 55,000 To Legacies 48,000 To Entrance Fees 7,000 To Sale of Furniture 16,000 (Book Value ` 17,000) Payments ` By Salaries 20,000 By Rent 24,000 By Travelling Expenses 2,000 By Printing and Stationery 6,000 By Investments made 50,000 By Sports equipments purchased 33,000 By Balance c/d Cash in hand 10,000 1,45,000 1,45,000 OR

From the following particulars, prepare Comparative Balance Sheet of Malar Ltd. as on 31st March 2021 and 31st March 2022. 31st March 2021 31st March 2022 I. ` ` 1. Shareholder's fund (a) Share Capital 2,00,000 2,50,000 (b) Reserve 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. 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 Particulars EQUITY AND LIABILITIES ASSETS

Salma and Lydia started business on 1st April, 2018 with capitals of ` 4,00,000 and ` 3,00,000 respectively. According to partnership deed, Salma is to be allowed a salary of ` 90,000 per annum. Interest on capital is to be allowed at 5% p.a. and after allowing Salma's salary and interest on capital, the remaining profit/loss is to be divided between the two partners in the ratio 1 : 1. The firm earned a net profit of ` 3,65,000 during the year. Prepare Profit and Loss Appropriation Account.

From the following information, prepare Capital accounts of partners Valarmathi and Aathirai when their capitals are fixed.

Salma and Lydia started a business on 1st April 2018 with Capital of ` 4,00,000 and ` 3,00,000 respectively. According to the Partnership Deed, Salma is to get salary of ` 90,000 per annum, Lydia is to get 25% commission on Profit after allowing salary to Salma and interest on capital @ 5% p.a. and after charging such commission. Profit sharing ratio between the two partners is 1 : 1. During the year, the firm earned a profit of ` 3,65,000. Prepare Profit and Loss Appropriation account. The firm closes its accounts on 31st March every year.

Find out the value of Goodwill by capitalising Super profits. (i) Normal Rate of Return 10%. (ii) Profits for the last four years are ` 30,000, ` 40,000, ` 50,000 and ` 45,000. (iii) A non-recurring income of ` 3,000 is included in the above mentioned profit of ` 30,000. (iv) Average capital employed is ` 3,00,000.

Explain the commonly used voucher types in Tally.ERP 9

Veena and Pearl are partners in a firm sharing profits and losses in the ratio of 2 : 1. Their Balance Sheet as on 31st March 2018 is as follows. Liabilities ` ` Assets ` Capital accounts : Buildings 60,000 Veena 60,000 Machinery

(a) Veena and Pearl are partners in a firm sharing profits and losses in the ratio of 2 : 1. Their Balance Sheet as on 31st March 2018 is as follows. Liabilities ` ` Assets ` Capital accounts : Buildings 60,000 Veena 60,000 Machinery 30,000 Pearl 40,000 1,00,000 Debtors 20,000 General Reserve 30,000 Stock 10,000 Workmen Cash at bank 30,000 Compensation Fund 10,000 Sundry Creditors 10,000 1,50,000 1,50,000 Deri is admitted on 1.4.2018 subject to the following conditions : (i)The new Profit sharing ratio among Veena, Pearl and Deri is 5 : 3 : 2. (ii)Deri has to bring a capital of ` 30,000. (iii)Stock to be depreciated by 20%. (iv)Anticipated claim on Workmen Compensation Fund is ` 1,000. (v)Unrecorded investment of ` 11,000 has to be brought into books. (vi)The Goodwill of the firm is valued at ` 30,000 and Deri brought cash for his share of Goodwill. The existing partners withdraw the entire amount brought by Deri towards Goodwill. Prepare the necessary ledger accounts and Balance Sheet after admission. OR

(b) Saritha and Subha are partners, sharing profits and losses in the ratio of 5 : 3. The firm’s Balance Sheet as on 31st Dec. 2022 was as follows. Liabilities ` ` Assets ` ` Capital accounts : Buildings 34,000 Saritha 48,000 Furniture 6,000 Subha 40,000 88,000 Investments 20,000 Creditors 37,000 Debtors 40,000 Outstanding Wages 8,000 Less : Provision for bad debts 3,00037,000 Bills receivable 12,000 Stock 16,000 Bank 8,000 1,33,000 1,33,000 On 31st December 2022 Arivumathi was admitted into the Partnership for 1/4 share of profit with ` 12,000 as Capital subject to the following adjustments. (i)Furniture is to be re-valued at ` 5,000 and building is to be re-valued at ` 50,000. (ii)Provision for doubtful debts is to be increased to ` 5,500. (iii)An unrecorded investment of ` 6,000 is to be brought into account. (iv)An unrecorded liability ` 2,500 has to be recorded now. Prepare Revaluation Account and Capital Account of Partners after admission.

(a) Vijaya, Kavitha and Roseline are partners who share profits and losses in their Capital ratio. Their Balance Sheet as on 31.12.2017 is as follows. Liabilities ` ` Assets ` Capital account Plant and Machinery 45,000 Vijaya 30,000 Stock 22,000 Kavitha 30,000 Debtors 15,000 Roseline 20,000 80,000 Cash at bank 10,000 General Reserve 8,000 Cash in hand 4,000 Creditors 8,000 96,000 96,000 Balance Sheet as on 31st December 2017

Vijaya, Kavitha and Roseline are partners who share profits and losses in their Capital ratio. Their Balance Sheet as on 31.12.2017 is as follows.

Roseline died on 31.3.2018. On the death of Roseline, the following adjustments are made.

(i)Plant and Machinery is to be valued at ` 54,000

(ii)Stock is to be depreciated by ` 1,000

(iii)Goodwill of the firm is valued at ` 24,000

(iv)Share of profit of Roseline is to be calculated from the closing of the last Financial year to the date of death on the basis of the average of the three completed years’ profits before death.

Profit for 2015, 2016 and 2017 were ` 66,000, ` 60,000 and ` 66,000 respectively.

Prepare the necessary ledger accounts and the Balance Sheet immediately after the death of Roseline.

Following is the balance sheet of Sivakami Ltd., as on 31st March 2019.

Calculate : (i)Current ratio (ii)Quick ratio

Vairam Ltd. purchased furniture worth of ` 5,50,000 from Ravi Furniture Ltd. It issued equity shares of ` 10 each fully paid in satisfaction of their claim. What entries will be made if such issue is : (i)at par (ii)at premium of 10%

Saranya Ltd. issued 20,000 equity shares of ` 10 each to the public at par. The details of the amount payable on the shares are as follows. On Application ` 3 per share On Allotment ` 4 per share On First and Final call ` 3 per share Application money was received on 30,000 shares. Excess application money was refunded immediately. Pass Journal entries to record the above.