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Question Paper (2916-17)
Time : 3:00 hrs ] ACCOUNTANCY Max.Marks : 200
Part - A
I.Fill in the blanks 30x1=30
1.Income received in advance are shown in the .side of the balance sheet
2.Provision for bad and doubtful debts are deducted from . In the balance sheet
3. .is allowed to motivate the debtors to make prompt payment
4.If adjusted capital is less than opening capital it denotes.
5.The total assets are Rs.5,00,000 his liabilities are Rs.3,50,000 his capital is Rs. .
6.If Selling price of the machinery is Rs.5,00,000 and loss on sales Rs.58,000. The book value of machinery is .
7. .method of depreciation is calculated on the book value of an asset
8. . Can be calculated by deducting the cost of goods sold from sales.
9.Absolute Liquid ratio is otherwise known as .
10.Cash budget is useful tool for .
11.Mutual and . Agency is the essence of partnership
12.undistributed loss will appear on the .side of the balance sheet
13.At the time of retirement the revaluation profit will be shared by .
14.Reserve Capital be issued only at the time of .
15.There should be a time gap of . Between two calls
Choose the correct answer:
16.All the items given in the adjustments will appear at . Places in the final accounts
17.The Trial balance as on 31.3.14 shows sundry debtors Rs.50,000. Write off Rs.2,000 as bad debts. The provision for bad
and doubts at 5%,sundry debtors value shown in the balance sheet Rs. .
a)2,400 b)45,600 c) 48,000
18.In single entry system the capital of a business is ascertained by preparing
a) Trading account b) Statement of profit and loss c) statement of affairs
19.Debtors on 1.4.07 Rs.75,000 and on 31.03.08 Rs.90,000 cash received form debtors Rs. 1,50,000. Then credit sales during
the year is Rs. a) 1,85,000 b) 1,65,000 c) 1,25,000
20.Under diminishing balance method depreciation .every year a) decreases b) increases c) remains constant
21. Cost of plant Rs.3,00,000 depreciation is provided under written down value method at 10%. The book value of plant at the
third year is a) Rs.2,18,700 b) Rs. 2,70,000 c) 2,53,000
22.If the selling price is more than book value of asset it is . A) income b) profit C) loss
23.All solvency ratios are expressed in terms of a) proportion b) percentage c) times
24.A firm has current asset Rs.1,20,000 and current liabilities Rs. 40,000 then current ratio will be
a) 2:1 b) 3:1 c) 4:1
25. Budget is an estimate relating to . Period a) Future b) present c) past
26.Under fixed capital method the profit or loss will be transferred to their accounts a) capital b) current c) drawings
27.The formula to calculate the super profit is .
a) Average profit + normal profit b) Average profit Normal profit c) Normal profit Average profit
28.Gaining ratio will be calculated by .
a) New ratio minus old ratio b) old ratio new ratio c) Old ratio minus sacrificing ratio
29.A public issue cant be kept open for more . Days a) 3 b) 7 c) 10
30. According to Table A Interest charged on call in arrear is a) 4% b) 5% c) 6%

Part B
II.Anwer Any Ten question 10*5=50
31.What is out standing expenses ?
32.What is Net worth method ?
33.What is revaluation method of depreciation ?
34.List the methods that can be used for preparing cash budget
35.Define: Ratio
36.What is pro-rate allotment ?
37.What is good will ?
38.Give adjusting and transfer entry for Interest on capital Rs. 10,000

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39.Find out rate of depreciation under straight line method. Cost of an asset Rs. 4,60,000, installation chares Rs.40,000,
expected life 10 years scrap value Rs.1,00,000.
40.Calculate the missing figure.
Closing capital Rs. 36,000; Drawing Rs. 12,000; Additional capital Rs.20,000; opening Capital 25000
41.Determine stock turnover ratio. Opening stock Rs. 15,000; closing stock Rs.25,000; purchases Rs.60,000
42.X and Y are two partners X draws Rs.5,000 at the beginning of every month, Y draws Rs.10,000 at the end of each half
year. Calculate interest on drawings at 10% p.a
43.A and B were sharing profits in the ratio 3:2 C was admintted with 1/10th share in profit . calculate New profit ratio and
sacrificing ratio
44.suresh Ltd., issued 1,00,000 shares at Rs.20 each at a discount of 10%. Give journal entry
Part - C
III.Answer Any Five questions. (Q.No. 45 is compulsory ) 5x 12=60

45.a) The Trial balance shows on 31.3.2011 as follows sundry debtors Rs. 65,000
Adjustments:
1.Bad debts to be written off Rs. 5,000;
2.Create provision for bad and doubtful debts @5%on debtors
3.Create discount on debtors @ 2% on debtors, pass adjusting entries and also show how this item will appear in final a/c
(Or)
b) Vijayan maintain book on single Entry
1.1.2001 31.12.2001
Rs. Rs He has taken Rs.14,000 from his business and introduce
cash in hand 4000 6000 additional capital s.10,000. Depreciate furniture by 10%.
cash at bank 2000 4000 Prepare statement showing profit or loss .
stock 24000 34000
furniture 60000 60000
debtors 20000 25000
creditors 10000 14000
46.What are causes of depreciation ?
47.Define budget what are characteristics and advantages of cash budget
48.What are factors affecting good will?
49.Kumaran brothers purchased a machinery on 1.4.1999 for Rs. 5,00,000 and on 31.03.2002 the machinery was sold for
Rs.3,75,000. The firm charges depreciation at 10% on straight line method. The books are closed on 31st March every year.
Prepare Machinery A/c and depreciation A/c for three years.
50. From the following details calculate
1. Gross Profit Ratio; 2. Net Profit Ratio;3. Stock Turnover Ratio;4. Debtors Turnover Ratio
Sales 1,50,000; Cost of Goods Sold 1,20,000; Opening Stock 29,000;
Closing Stock 31,000 Debtors 15,000 Administration Expenses 15,000
51.A and B are partners sharing profit and losses in the ratio 3:2. Their capital on 1.4.14 were Rs.60,000 and
Rs.40,000 respectively. The net profit of the firm for the year 31.3.15 before making adjustments Rs.54,000
Interest on capital 6% interest on drawings at 8% . A get salary of Rs.8,400 p.a. B get a commission of 10% Net
profit before charging such commission. Drawings of partners were A Rs.6,000 and B Rs. 4,000 show profit and
loss appropriation account and capital accounts of partners .
52.The directors forfeited 10,000 shares of Rs.100 each for non payment of final call. Rs.20 per share of these
shares 6,000 were reissued at Rs.70 per share. Give entries and prepare forfeiture account and capital reserve
account.
Part D
IV. Answer Any Three question (Q.No .53 Compulsory)
53.a) Mr.Ram maintains his book under single entry system. Prepare trading profit & loss A/c and balance sheet for
the year ending 31.03.2014
31.03.2013 31.03.2014 Other details : DrawingsRs.55,000; Discount received Rs.15,000; Discount allowed
Stock 1,00,000 50,000 Rs.10,000, Sundry expenses Rs.20,000; Cash paid to creditors Rs.4,50,000, cash
Debtors 2,50,000 3,50,000 received from debtors Rs.5,35,000. Sales return Rs.15,000, cash sales Rs.5,000,
Cash 25,000 40,000 purchases return Rs.5,000, charge depreciation on furniture @5%
Furniture 10,000 10,000
Creditors 1,50,000 1,75,000
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(Or)
b) Pallavan, Pandian and Chozhan were carrying on partnership business sharing profits in the ratio of 3 : 2: 1. On
March 31, 2005, the Balance Sheet of the firm stood as follows:
Chozhan retired on April 1, 2005 on the following
Liabilities Rs. Rs. Assets Rs.
terms:
Creditors 30,000 Bank 65,000 1. Building to be appreciated by Rs. 15,000
General Reserve 15,000 Debtors 40,000 2. Provision for doubtful debts to be made at 6% on
Capitals: Stock 80,000 debtors
Pallavan 2,00,000 Building 2,50,000 3. Goodwill of the firm is valued at Rs.18,000.
4. Rs.50,000 to be paid to chozhan immediately and
Pandian 1,20,000 Profit and Loss A/c 30,000
the balance transferred to his loan account. Prepare
Chozhan 1,00,000 4,20,000 Revaluation Account, Capital Accounts, Bank
4,65,000 4,65,000 Account and the Balance Sheet after Chozhans
retirement.

54.prepare Trading and Profit or Loss account and Balance sheet as on 31.3.2003
Debit balance Rs. Credit balance Rs. Adjustments:
Purchases 90,000 Capital 1,80,000
Building 1,50,000 sales 1,70,000 1.Closing stock Rs.50,000
Opening stock 30,000 creditors 11,000 2.Prepaid wages Rs.1,000
Debtors 50,000 Bank loan 10% 1,00,000
Furniture 25,000 3.Depreciate @10% on building
Wages 5,000
4. Write off bad debts Rs.2,000
Rent 10,000
Interest 6,000 5.Provide interest on bank loan outstanding.
Bad debts 10,000
Salaries 15,000
Cash 20,000
General expenses 50,000
4,61,000 4,61,000
55. Calculate Current Ratio, Liquid ratio, Absolute liquid ratio, Debtors turnover and Creditors turnover ratio from
the following Balance Sheet
liabilities Rs. Assest Rs.
Equity Share Capital 55,000 Land & Buildings 20,000
Preference share capital 15,000 Plant & Machinery 22,000
General Reserve 25,000 Furniture & fixtures 3,000
Debentures 35,000 Stock 47,000
Bills payable 3,000 Bills Receivable 10,000
Bank overdraft 3,000 Debtors 23,000
Creditors 8,000 Short term investments 5,000
Outstanding expenses 6,000 Prepaid expenses 1,000
Cash 19,000
1,50,000 1,50,000
Additional information: Credit sales Rs. 1,65,000 Credit purchases Rs. 44,000

56. From the following information prepare cash budget for the month of March, April and May 2010
Credit sales Credit purchases office expenses
1.Opening balance of Cash as on 1.3.2010 Rs.45000
January 180000 120000 36000 2.Credit allowed by suppliers is Two month
February 210000 90000 30000 3.Credit allowed to customers is one moth
March 240000 105000 27000 4.Office expenses are payable in the same month
April 225000 150000 36000 5.Interest payable in April Rs.10500
May 216000 165000 33000

57.Ashok Ltd company issued 4,00,000 shares of Rs.10 each at a premium of Rs.2 payable as follows.
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On Application Rs.2
On Allotment Rs.5 (including premium)
On First call Rs.3
On Final Call Rs.2
All the shares were fully subscribed. Both the calls were made and all the money was duly received. Pass entries
prepare Bank account, share capital account, securities premium a/c and balance sheet.

----- All the best -----

Please Send Your Answer Scripts To This Address:
Mr. P. Suresh (Teacher)
No: 21/20, NORTH STREET,
KARUGAMPALAYAM, ICHIPPATTI POST, PALLADAM TK,
TIRUPPUR DIST-641668

P.SURESH., M.Com., B.Ed., D.T.Ed, PGT COMMERCE & ACCOUNTANCY , 9944558401

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