PERIODIC TEST – 1 = 2021- 22

CLASS -12TH M.M. -50

ACCOUNTANCY TIME – 2 Hours
Instructions.
1. All questions are compulsory
2. Show Your Working Clearly, wherever required
3. All the parts of questions must be attempted at one place.

1. Subscription received for the year ended 31st march 2016 is Rs 1,80,000 ; subscription outstanding on 31st
march 2015 is Rs 15,000 ( out of which Rs 10,000 is received in 2016 ) and subscription outstanding on 31st
march 2016 is Rs 18,000. What will be the outstanding subscription for the year 2015- 2016 : (1)
(a) Rs 18,000 (b) Rs 15,000 (c) Rs 13,000 (d) Rs 10,000
2. Match the following items in NPO (1)
Description Option
1 Tournament Fund Rs 45,000 and a.Rs 20,000 will be shown in Balance Sheet
Tournament ExpenseRs 40,000 (Liabilities)
2 Tournament Fund Rs 60,000 and b.Rs 12,000 is Debited as expense and Rs.
Tournament Expenses Rs 40,000 18000 is Credited as Income.
3 Tournament Receipts Rs 18,000 and c.Rs 5,000 will be shown in Balance Sheet
Tournament Expenses Rs 12,000 (Liabilities)
4 Tournament Receipts Rs16000 and d. Rs 5,000 will be debited to Income and
Tournament Exp. Rs 21000 Expenditure account.
a) 1-a,2-b,3-c,4-d b) 1-c,2-a,3-b,4-d
d) 1-d,2-c,3-a,4-b c) 1-d,2-c,3-b,4-a
3. Club has 1000 Members each pays an annual subscription of Rs. 100. 15 members did not pay their
subscription for the year. 10 members paid subscription in advance for next year. 5 of them had given
subscription of this year in previous year. Based on these facts, match the following items: (4 x 1) =(4)
1. Subscription Income to be credited in Income and a. Rs. 1,500
Expenditure Account
2. Subscription to be debited in Receipts and Payments Account b. Rs. 500

3. Subscription received in advance in the beginning c. Rs. 1,00,000

4. Subscription received in advance at the end d. Rs. 99,000
4. If average capital employed in a firm is Rs 12,00,000 , actual profit is Rs 1,50,000 and Normal rate of return is
10% per annum . The amount of super profit will be ______ (1)
5. A, B, and C are partner’s sharing profits in the ratio of 5:3:2According to the partnership agreement C is to get a
minimum amount of Rs. 10,000 as his share of profits every year. The net profit for the year ended 31st
March, 2019 amounted to Rs. 40,000. How much amount contributed by A? (1)
a. Rs. 1,350 b. Rs. 1,250 c. Rs. 750 d. Rs. 1,225
6. From the following information calculate the amount of subscriptions outstanding for the year
2018- 19(3)
A club has 250 members each paying on annual redemption of Rs.1,000 each. The receipts &
payments account for the year showed a sum of Rs.2,95,000 received as subscription. The following
additional information is provided.
Subscription outstanding on 31st March, 2018 Rs.60,000
st
Subscription received in advance on 31 March, 2019 Rs.50,000
st
Subscription received in advance on 31 March, 2018 Rs.12,000
OR
From the following information, calculate the amount of medicines to be debited to the Income &
Expenditure Account of Kind Heartz Hospital for the year ended 31st March, 2018: (3)
Stock of medicines on 1.04.2017 Rs.2,47,000
Stock of medicines on 31.03.2018 Rs.3,69,000
 Creditors of medicines on 1.04.2017 Rs.17,85,000
Creditors of medicines on 31.03.2018 Rs.19,37,000
Paid to creditors for medicines during the year ended 31.03.2018 Rs.20,00,000
7. A , B and C are partners sharing profits in the ratio of 5:3:2. Goodwill is appearing in the books at `50,000. D is
admitted to the partnership, the new profit sharing ratio between A, B,C and D being 3:3:2:2. Pass the journal
entries for Goodwill if the new partner D brings `1,00,000 for capital and cash for his share of goodwill. The
goodwill of the firm is valued at `1,20,000 and it is not to appear in the books after D’s admission. (3)
8. Gold, Silver & Bronze were partners. Their capitals were Rs.30,000; Rs.20,000 & Rs.10,000
respectively. According to the partnership deed they were entitled to an interest on capital at 5% p.a. In
addition Silver was also entitled to draw a salary of Rs.500 per month. Bronze was entitled to a
commission of 5% on the profits after charging the interest on capital, but before charging the salary
payable to Silver. The Net Profit for the year were Rs.30,000, distributed in the ratio of their capital
without providing for any of the above adjustments. The profits were to be shared in the ratio of 2:2:1.
Pass the necessary adjustment entry showing the workings clearly. (3)
9. Aditya and Balan are partners sharing profits and losses in 3:2 ratio. They admitted Christopher for 1/4 share in
the profits. The new profit sharing ratio agreed was 2:1:1. Christopher brought ` 50,000 for his capital. His
share of goodwill was agreed to at ` 15,000. Christopher could bring only ` 10,000 out of his share of
goodwill. Record necessary journal entries in the books of the firm? (3)
10. Vikas and Vivek were partners in a firm sharing profits in the ratio of 3 : 2. On 1st April, 2018, they admitted
Vandana as a new partner for 1/8th share in the profits with a guaranteed profit of Rs 1,50,000. New profit-
sharing ratio between Vikas and Vivek will remain same but they decided to bear any deficiency on account
of guarantee to Vandana in the ratio 3 : 2. Profit of the firm for the year ended 31st March, 2019 was Rs
9,00,000. Prepare Profit and Loss Appropriation Account of Vikas, Vivek and Vandana for the year ended
31st March, 2019. (3)
11. Glaxo Club's Balance Sheet as at 1st April, 2018 was as under: (6)
Liabilities (Rs) Assets (Rs)
Capital Fund 2,00,000 Sports Equipments 50,000
Tournament Fund 60,000 Grounds 1,20,000
Subscriptions in Advance 6,000 Billiards Tables 60,000
Salaries Unpaid 11,000 Subscriptions Outstanding 8,000

Cash and Bank Balances 39,000

2,77,000 2,77,000

Receipts and Payments Account for the year ended 31st March, 2019 was:
RECEIPTS AND PAYMENTS ACCOUNT
for the year ended 31st March, 2019
Dr. Cr.
Receipts (Rs) Payments (Rs)
To Opening Balance 39,000 By Wages and Salaries 60,000
To Subscriptions 1,81,000 By Upkeep of Grounds 10,000
To Sale of Old Materials 1,500 By Stationery 15,000
To Sale of Sports Equipment 6,000 By Audit Fee 2,000
(Book value Rs 10,000) By Expenses on Tournament 65,000
To Entrance Fees 2,000 By Sports Equipments 20,000
To Life Membership Fees 50,000 By 5% Investments 40,000
To Donations for Tournament 20,000 (On 1st October, 2018)
By Cash and Bank Balances 87,500
2,99,500 2,99,500
 Subscriptions still to be received are Rs 5,500 but subscriptions already received include Rs 4,000 for next
year. Salaries still unpaid are Rs 6,000. Sports Equipments are now valued at Rs 45,000. Prepare Income and
Expenditure Account and the Balance Sheet, after charging 10% depreciation on Billiards Tables.
12. X and Y are partners sharing profits and losses in the ratio of 3: 2 with capitals of Rs.50,000 and Rs. 30,000 respectively.
Each partner is entitled to 6% interest on his capital. X is entitled to a salary of Rs. 800 per month together with a
commission of 10% of net 'Profit remaining after deducting interest on capitals and salary but before charging any
commission. Y is entitled to a salary of Rs. 600 per. month together with-a commission of 10% of Net profit remaining
after deducting interest on capitals and salary and after charging all commissions. The profits for the year prior to
calculation of interest on capital but after charging salary of partners amounted to Rs. 40,000.
Prepare Profit and Loss appropriation Account and Partners' Capital Accounts. (6)
13. Prepare Income & Expenditure A/c & Balance Sheet of Leo Club Mumbai for the yr. ended 31st Dec. 2019 from
the following: (6)
Receipts & Payments A/c
(for the year ended 31st December, 2019)
Receipts Rs. Payments Rs.
Cash in hand b/d 4500 Salaries (11 months) 1100
Subscriptions: 2018 – 100 Tournament exp. 1600
2019- 2400 2700
2020 - 200
Investments 1000
Furniture 400
Sale of old furniture (Costing Rs.200) 140 Stationery 1200
Tournament Receipts 2000 Sports expenses 15000
Sports Fund 10000 Misc. expenses 200
Donations for Sports 3000 Rent paid up-to Feb. 2020 1400
Cash in hand 440
22340 22340
The club has 300 members each paying an annual subscription of Rs.10. Rs.70 are still outstanding for the
year 2018. In 2018, 10 members had paid their subscription for 2019 in advance. Stock of stationery in 2018
was Rs.100 & in 2019 Rs.140.
On 1-1-2019, club owned Land & Building valued at Rs.20,000& furniture of Rs.1300. Interest accrued
on investment @6% p.a. for 3 months.
14. Amit and Sumit are partners sharing profits and losses in the ratio of 3 : 2. Their Balance Sheet as at 31st
March, 2018 is given below:
Liabilities ₹ Assets ₹
Capital A/cs: Land and Building 3,20,000
Amit 1,76,000 4,30,000 Investments (Market Value ` 3,00,000 50,000
Sumit 2,54,000 3,00,000 55,000) Debtors 10,000 2,90,000
Loan from 30,000 Less: Provision for 1,10,000
Puneet General 10,000 Doubtful Debts Stock 50,000
Reserve 50,000 Cash at Bank
Employees’ Provident Fund 8,20,000 8,20,000
Creditors
They decided to admit Puneet as a new partner from 1st April, 2018 on the following terms:
(i) Amit will give 1/3rd of his share and Sumit will give 1/4th of his share to Puneet.
(ii) Puneet’s Loan Account will be converted into his Capital.
(iii) The Goodwill of the firm is valued at ₹3,00,000. Puneet will bring his share of Goodwill
in cash and the same was immediately withdrawn by the partners.
(iv) Based on the valuation of an Architect, Land and Building was found undervalued by
₹ 1,00,000. Architect was paid ` 10,000 as his fee for Valuation Report.
 (v) Stock was found overvalued by ₹50,000.
(vi) Provision for Doubtful Debts will be made equal to 5% of Debtors.
(vii) Investments are to be valued at their market price.
It was decided that the total capital of the firm after admission of new partner would be ` 10,00,000. Capital
Accounts of Partners will be readjusted on the basis of their profit-sharing ratio and excess or deficiency
will be adjusted in cash.
Prepare (i) Revaluation Account; (ii) Partners’ Capital Accounts; and (iii) Balance Sheet of the
firm after admission of new partner. (8)
Or
X and Y are partners sharing profits and losses in the ratio of 3 : 2. They admit Z as a new partner from 1st
April, 2018. They have decided to share future profits in the ratio of 4 : 3 : 3. The Balance Sheet as at 31st
March, 2018 is given below:
Liabilities ₹ Assets ₹
X’s Capital 4,40,000 Goodwill 85,000
Y’s Capital 6,35,000 Land and Building 1,50,000
Workmen Compensation Reserve 50,000 Investment (Market value ₹ 1,12,500) 1,25,000
Investment Fluctuation Reserve 25,000 Debtors 2,50,000
Employees’ Provident Fund 85,000 Less: Provision for Doubtful Debts 25,000 2,25,000
Z’s Loan 7,50,000 Stock 7,50,000
Bank Balance 6,25,000
Advertisement Suspense A/c 25,000
19,85,000 19,85,000
Terms of Z’s admission are as follows:
Z contributes proportionate capital and 60% of his share of goodwill by cheque.
Goodwill is to be valued at 2 years’ purchase of super profit of last three completed years. Profits for the years
ended 31st March were:
2016—Rs. 12,00,000; 2017—Rs.23,25,000; 2018—Rs. 34,50,000.
The normal profit is Rs. 13,25,000 with same amount of capital invested in similar industry.
a. Land and Building was found undervalued by Rs. 2,50,000.
b. Stock was found overvalued by Rs.77,500.
c. Provision for Doubtful Debts is to be made equal to 5% of the debtors.
d. Claim on account of Workmen Compensation is Rs. 25,000.
e. Workmen Compensation Reserve and Investment Fluctuation Reserve are to appear in the books of the
new firm after adjusting Workmen Compensation Claim and difference between the book value and
market value of investment. This adjustment is to be made through Partners’ Current Accounts.
Prepare Revaluation Account, Partners’ Capital Accounts and Balance Sheet of the new firm. (8)