TAMIL NADU STATE BOARD CLASS 12 ACCOUNTANCY 2026

Incomplete records are generally maintained by :

What is the amount of Capital of the Proprietor, if his Assets are ` 90,000 and Liabilities are ` 26,000 ?

Receipts and Payments account is a :

Legacy is a :

Which of the following is shown in Profit and Loss appropriation account ?

In the absence of an agreement, partners are entitled to :

When the average profit is ` 45,000 and the normal profit is ` 35,000 super profit is :

The total capitalised value of a business is ` 1,00,000; Assets are ` 1,50,000 and Liabilities are ` 80,000. The value of Goodwill as per the capitalisation method will be :

On Revaluation, the increase in the value of assets leads to :

If the old profit sharing ratio is more than the new profit sharing ratio of a partner, the difference is called :

A partner retires from the partnership firm on 30th June. He is liable for all the acts of the firm up to the :

On retirement of a partner, general reserve is transferred to the :

The amount received over and above the par value is credited to :

If a share of ` 10 on which ` 8 has been paid up, the amount of forfeiture per share will be :

If a share of ` 10 on which ` 8 has been paid up is forfeited, Minimum reissue price is :

The term “fund” refers to :

A Limited company’s sales has increased from ` 1,00,000 to ` 1,25,000. How does this appear in comparative income statement ?

The mathematical expression that provides a measure of the relationship between two figures is called :

Debt Equity Ratio is a measure of :

Function key F11 is used for :

Wages account comes under which of the following heads ?

What is a statement of affairs ?

Compute income from subscription for the year 2018 from the following particulars relating to a club. Particulars 1.1.2018 ` 31.12.2018 ` Outstanding subscription 3,000 5,000 Subscription received in advance 4,000 7,000 Subscription received during the year 2018 : ` 45,000.

What is meant by fixed capital method ?

What is Super profit ?

What is meant by Revaluation of assets and liabilities ?

A, B and C are partners sharing profits and losses in the ratio of 5 : 3 : 2. On 31.3.2019, ‘A’ retired. On the date of retirement, the books of the firm showed a reserve fund of ` 1,00,000. Pass journal entry to transfer the reserve fund.

Why are the shares forfeited ?

From the following particulars, prepare comparative income statement of Arul Ltd. Particulars 2015-16 ` 2016-17 ` Revenue from operations 50,000 60,000 Other income 10,000 30,000 Expenses 40,000 50,000

What is quick ratio ?

Explain how to view Trial balance in Tally.ERP 9.

Following are the balances in the books of Thomas as on 31st March 2019. Particulars ` Particulars ` Sundry creditors 6,00,000 Bills payable 1,20,000 Furniture 80,000 Cash in hand 20,000 Land and building 3,00,000 Bills Receivable 60,000 Sundry debtors 3,20,000 Stock 2,20,000 Prepare a Statement of affairs as on 31st March 2019 and calculate capital as at that date.

How will the following items appear in the Final accounts of a Club for the year ending 31st March 2018 ? Dr. Cr. Receipts ` ` Payments ` To subscription 2016-2017 10,000 2017-2018 50,000 2018-2019 5,000 65,000 Receipts and payments Account for the year ended 31st March 2018. There are 200 members in the Club each paying an annual subscription of ` 400 per annum. Subscription still outstanding for the year 2016-2017 is ` 2,000.

Sumathi is a partner in a firm. She withdraws ` 5,000 p.m. regularly. Interest on Drawings is charged @ 4% p.a. Calculate the interest on Drawings using average period, if she draws (i) at the beginning of every month (ii) in the middle of every month

From the following information, calculate the value of Goodwill under Annuity method. (i) Average profit ` 24,000 (ii) Normal profit ` 14,000 (iii) Normal rate of return 15% (iv) Years of purchase of goodwill : 5 Present value of ` 1 for 5 years at 15% per annum as per the Annuity table is ` 3.352.

What are the adjustments required at the time of admission of a partner ?

Kavin, Madhan and Ranjith are partners sharing profits and losses in the ratio of 4 : 3 : 3 respectively. Kavin retires from the firm on 31st December, 2018. On the date of retirement, his capital account shows a credit balance of ` 1,50,000. Pass journal entries if (i) The amount due is paid off immediately by cheque. (ii) The amount due is not paid immediately. (iii) ` 1,00,000 is paid by cheque and the balance in future.

Write a brief note on calls in advance.

Explain the steps involved in preparing comparative statement.

From the information given below, prepare Receipts and Payments account of Chennai Mahalakshmi Mahalir Mandram for the year ended 31st December, 2019.

Velu and Seenu are partners in a firm sharing profits and losses in the ratio of 4 : 1. On 1st January 2018, their capitals were ` 40,000 and ` 20,000 respectively. The Partnership Deed specifies the following : (i) Interest on Capital is to be allowed at 5% per annum. (ii) Interest on Drawings charged to Velu and Seenu are ` 400 and ` 600 respectively. (iii) The net profit of the firm before considering interest on capital and interest on drawings amounted to ` 36,000. Give necessary journal entries and prepare profit and loss appropriation account for the year ending 31st December 2018. Assume that the capitals are fluctuating.

From the following information, prepare capital accounts of partners Amutha and Amuthini, when their capitals are fluctuating.

Mani and Madhesh are partners in a firm sharing Profits and Losses in the ratio of 3 : 2. Their Balance Sheet as on 31st March, 2017 is as follows : Liabilities ` ` Assets ` ` Capital accounts : Machinery 30,000 Mani 40,000 Furniture 10,000 Madhesh 30,000 70,000 Stock 10,000 Sundry Creditors 30,000 Debtors 21,000 Less : Provision for Doubtful debts 1,000 20,000 Bank 30,000 1,00,000 1,00,000 Madhu is admitted on 1.4.2017 subject to the following conditions : (i) He has to bring a Capital of ` 10,000 (ii) Machinery is valued at ` 24,000 (iii) Furniture to be depreciated by ` 3,000 (iv) Provision for Doubtful debts should be increased to ` 3,000 (v) Unrecorded trade receivables of ` 1,000 would be brought into books now. Prepare Revaluation Account and Capital Account of partners after admission.

The following is the Balance Sheet of Mani, Madhesh and Madhu as on 31st March, 2017: Liabilities: Capital accounts — Mani `40,000; Madhesh `30,000; Sundry Creditors `30,000. Assets: Machinery `30,000; Furniture `10,000; Stock `10,000; Debtors `21,000 less Provision for Doubtful Debts `1,000; Bank `30,000. Madhu is admitted on 1.4.2017 subject to the following conditions: (i) He has to bring a Capital of `10,000 (ii) Machinery is valued at `24,000 (iii) Furniture to be depreciated by `3,000 (iv) Provision for Doubtful debts should be increased to `3,000 (v) Unrecorded trade receivables of `1,000 would be brought into books now. Prepare Revaluation Account and Capital Account of partners after admission.

From the following information relating to Priya Enterprises, calculate the value of Goodwill on the basis of 4 years purchase of the average profits of 3 years. (i) Profit for the years ending 31st December 2016, 2017 and 2018 were `1,75,000, `1,50,000 and `2,00,000 respectively. (ii) A non-recurring income of `45,000 is included in the profit of the year 2016. (iii) The closing stock of the year 2017 was over-valued by `30,000. OR

The Balance Sheet of Roja and Raja on 31st March, 2018 is as follows: Liabilities ` ` Assets ` ` Capital accounts: Buildings 50,000 Roja 50,000 Stock 8,000 Raja 30,000 80,000 Sundry Debtors 60,000 General Reserve 40,000 Cash at Bank 32,000 Workmen compensation fund 10,000 Sundry Creditors 20,000 1,50,000 1,50,000 They share the Profits and Losses in the ratio of 3 : 1. They agreed to admit Kalpana into the Partnership firm for 1/4 share of profit which she gets entirely from Roja. Following are the conditions: (i) Kalpana has to bring `20,000 as Capital. Her share of Goodwill is valued at `4,000. She could not bring cash towards goodwill. (ii) Depreciate buildings by 10%. (iii) Stock to be revalued at `6,000. (iv) Create provision for Doubtful debts at 5% on debtors. Prepare Revaluation Account and Capital Account after admission.

Purna Variare Company issued 1,00,000 ordinary shares at `10 each. On application `2, on allotment `4, on first call `2 and on second call `2 to be paid. All shares were subscribed and all the amounts were received. Pass journal entries.

Vivek, Vishal, and Vimal are partners in a firm sharing Profits and Losses equally. Their Balance Sheet as on 31st March, 2018 is as follows: Liabilities ` ` Assets ` ` Capital accounts: Furniture 60,000 Vivek 60,000 Machinery 1,20,000 Vishal 70,000 Sundry debtors 33,000 Vimal 70,000 2,00,000 Less: Provision for doubtful debts 3,000 30,000 Bills Payable 80,000 Bills Receivable 50,000 Cash at Bank 20,000 2,80,000 2,80,000 Vimal retired on 31st March, 2019 subject to the following conditions: (i) Machinery is valued at `1,50,000. (ii) Value of furniture brought down by `10,000. (iii) Provision for Doubtful debts should be increased to `5,000. (iv) Investment of `30,000 not recorded in the books is to be recorded now. Pass necessary journal entries and prepare Revalu

Poornima Ltd. issued 1,00,000 ordinary shares of ` 10 each, payable at ` 2 on application, ` 4 on allotment, ` 2 on First call and ` 2 on Final call. All the shares are subscribed and amount was duly received. Pass journal entries.

Calculate trend percentages for the following particulars of Palai Ltd. Year 1 Year 2 Year 3 I. Equity and Liabilities Shareholders' fund 250 275 300 Non-current Liabilities 100 125 100 Current Liabilities 50 40 80 Total 400 440 480 II. Assets: Non-current Assets 300 360 390 Current Assets 100 80 90 Total 400 440 480 ` in lakhs

From the following statement of Profit and Loss of Sujatha Ltd. Calculate: (i) Gross profit ratio (ii) Net profit ratio Statement of Profit and Loss Particulars Amount ` I. Revenue from operations 5,00,000 II. Other income Income from investment 40,000 III. Total revenues (I + II) 5,40,000 IV. Expenses: Purchase of stock in trade 1,80,000 Changes in inventories 20,000 Employee benefits expense 30,000 Other expenses 1,10,000 Provision for tax 50,000 Total expenses 3,90,000 V. Profit for the year 1,50,000

From the following particulars, calculate Total Sales. Particulars ` Particulars ` Debtors on 1st April, 2018 2,50,000 Bills Receivable dishonoured 15,000 Bills Receivable on 1st April, 2018 60,000 Returns inward 50,000 Cash received from Debtors 7,25,000 Bills Receivable on 31st March, 2019 90,000 Cash received for bills Receivable 1,60,000 Sundry debtors on 31st March, 2019 2,40,000 Bad debts 30,000 Cash sales 3,15,000

Anbu Ltd. issued 10,000 Equity shares of ` 10 each at par payable on Application ` 3 per share, on Allotment ` 3 per share, on First call ` 2 per share and on Second and Final call ` 2 per share. The issue was fully subscribed and all the amounts were duly received with the exception of 100 shares held by Subbu, who failed to pay the Second and Final call. His shares were forfeited and reissued to Hema at ` 7 per share. Journalise the above transactions.