SEC:12TH COMMERCE DATE:14/07/2021

TIME:01:30 Hrs Max Marks:40M

UNIT TEST -1
ACCOUNTANCY

General Instruction:

1. Question No. 1 to 10 are very shorts consist of 1 mark each.

2. Question No.11 and 12 are short questions carrying 3 marks each.
3. Question No. 13 is short question carrying 4 marks.
4. Question No.14 and 15 are long questions carrying 6 marks
5. Question No.16 is long question carrying 8 marks
6. There is no overall choice. However an internal choice has been provided.

SECTION – A 10 x 1M=10M

1. If fixed amount is withdrawn on 15th day of every month, for what period the interest
on total drawings will be calculated.
2. Name any two items that are shown on the debit side of profit and loss appropriation
account.
3. What is the nature of “Revaluation A/c”?
a) Personal Account b) Real Account
c) Nominal A/c d) None of the above
4. What is meant by super profit ?
5. What will be the accounting treatment of goodwill when new partner cannot bring
his share of goodwill in cash?
6. X and Y share profit in the ratio of 3:1. They admit Z for one-third share in the future
profit. What will be the new profit sharing ratio?
7. Sacrificing ratio is used to distribute ____ in case of admission of a partner.
a) Reserves b) Goodwill
c) Revaluation profit d) Balance is profit & loss A/c
8. Write one difference between Capital Receipt and Revenue Receipt ?
9. How would you calculate the amount of consumable item?
10. A club has 500 members each paying annual subscription of Rs.100, subscription
received in advance Rs.10000. Subscription received during the year Rs.30000.
Calculate the amount of outstanding subscription?

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 SECTION – B 2 x 3M=6M

11. The following information relates to a partnership firm:

a) Profits for the last five years:
2012 Rs. 80,000 2015 Rs.1,50,000
2013 Rs.1,00,000 2016 Rs.2,70,000
2014 Rs.2,00,000
b) Average Capital Employed is Rs.5,00,000.
c) Rate of normal profit 20%.
Find out the value of goodwill on the basis of:
i) Three year’s purchase of average profits
ii) Three year’s purchase of super profits.
iii) Capitalisation of super profits.
12. A and B are partners in a firm sharing profits in the ratio of 7: 3. C is admitted as a
new partner. A sacrifices 2/7th of his share in profits in favour of C and B 1/7 th of his
share in favour of C. Calculate the new profit sharing ratio between A, B and C.

SECTION – C 1 x 4M=4M

13. Mudit and Uday are partners in a firm sharing profits in the ratio 2:3. Their capital
accounts as on April 1, 2015 showed balances of Rs.70,000 and Rs.60,000
respectively. The drawings of Mudit and Uday during the year 2015 were RS.16,000
and Rs.12,000 respectively. Both the amounts were withdrawn on 1 st January 2016. It
was subsequently found that the following items had been omitted while preparing
the final accounts for the year ended 31st march 2016.
a) Interest on capitals @ 6% p.a.;
b) Interest on drawings @ 6% p.a.;
c) Mudit was entitled to a commission of Rs.4,000 for the whole year.
Showing your workings clearly pass a rectifying entry in the books of the firm
(OR)
As per Receipt and Payment Account for the year ended on March 31, 2017, the
subscriptions received were Rs.2,50,000. Additional Information given is as follows:
1. Subscriptions Outstanding on 1.4.2016 Rs.50,000
2. Subscriptions Outstanding on 31.3.2017 Rs.35.000
3. Subscriptions Received in Advance as on 1.4.2016 Rs.25,000
4. Subscriptions Received in Advance as on 31.3.2017 Rs.30,000
Ascertain the amount of income from subscriptions for the year 2016-17 and show
how relevant items of subscriptions appear in opening and closing balance sheets.

SECTION – D 2 x 6M=12M

14. Sarita and Vandana were partners in a firm sharing profits in the ratio of their
capitals contributed on commencement of business which were Rs.4,00,000 and
Rs.3,00,000 respectively. The firm started business on April 1, 2018. According to
the partnership agreement:
i) Every year, in case of profit, Rs.50,000 or 10% of the profit, whichever is more,

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 will be donated for providing school fees of specially abled children.
ii) Interest on capital is to be allowed at 12% p.a. and interest on Drawings is to be
charged at 10% p.a.
iii) Sarita and Vandana are to get a monthly salary of Rs.10,000 and Rs.15,000
respectively.
The profits for year ended March 31, 2019 before making above appropriations was
Rs.6,00,000. The drawings of Sarita and Vandana were Rs.2,00,000 and Rs.2,50,000,
respectively. Interest on drawings amounted to Rs.10,000 for Sarita and Rs.12,500 for
Vandana.
You are required to prepare Profit and Loss appropriation Account and Partner’s
Capital Accounts assuming that their capitals are fluctuating.

15. Prepare Income and Expenditure Account for the year ended March 31, 2015 from
the following Information
Receipt and Payment Account for the year ending March 31,2015
Receipts Amount Payments Amount
(Rs.) (Rs.)
Balance b/d 41,000 Salaries and Wages:
Subscriptions: 2013-14 4,800
2013-14 7,200 2014-15 83,200 88,000
2014-15 3,37,600 Sundry expenses 37,000
2015-16 12,000 3,56,800 Freehold land 60,000
Entrance fees 16,000 Stationery 16,000
Locker rent 58,000 Rates 24,000
Revenue from refreshment 48,000 Refreshment expenses 37,500
Income from Investments 56,000 Telephone charges 4,000
Investments 2,50,000
Audit fee 6,000
Balance c/d 53,300

5,75,800 5,75,800
The following additional Information is provided to you:
1. There are 1800 members each paying an annual subscription of Rs.200 Rs.8,000
were in arrears for 2013-14 as on April 1, 2014.
2. On March 31, 2015 the rates were prepaid to June 2015; the charge paid every year
being Rs.24,000.
3. There was an outstanding telephone bill for Rs.1,400 on March 31, 2015.
4. Outstanding sundry expenses as on March 31, 2014 total Rs.2,800.
5. Stock of stationery as on March 31, 2014 was Rs.2000; on March 31, 2015 was
Rs.3,600.
6. On March 31, 2014 Building stood at Rs.4,00,000 and it was subject to depreciation
@ 2.5% p.a.
7. Investment on March 31, 2014 stood at Rs.8,00,000.
8. On March 31, 2015, Income accrued on investments purchased during the year
amounted to Rs.1,500.
(OR)

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 A, B and C are partners sharing profits and losses in the ratio of 5:3:2. From 1 st April,
2018, they dedide to share future profits and losses equally. Their Balance Sheet as at
31st March, 2018 stood as follows:

Liabilities Rs. Assets Rs.

Sundry Creditors 50,000 Land and Buildings 4,00,000
Salaries Payable 25,000 Computers 60,000
Outstanding Expenses 20,000 Stock 2,00,000
General Reserve 50,000 Sundry Debtors 3,00,000
Workmen Compensation Less: Provision for
Reserve 70,000 Doubtful debts 25,000 2,75,000
Capital Accounts: Cash at Bank 30,000
A 4,00,000 Cash in Hand 10,000
B 2,50,000 Advertisement Suspense 40,000
C 1,50,000 8,00,000

10,15,000 10,15,000

Partners agreed that:

i) Value of Land and Building be increased to Rs.5,00,000 and stock be
decreased by Rs.20,000
ii) Provision for doubtful debts to be written back, since all debtors are good.
iii) Out of salaries payable, Rs.15,000 was not payable.
iv) Outstanding expenses are to be written back, being not payable.
v) A provision for Workmen Compensation Claim to be made for Rs.30,000.
vi) Goodwill is valued at Rs.60,000.
vii) B was to carry out the work for reconstitution of the firm at a remuneration
(including expenses) of Rs.10,000. Expenses paid by B amounted to Rs.4,000.
Pass Journal entries and prepare Revaluation Account.

SECTION – E 1 x 8M=8M

16. Following is the Balance Sheet of A, B and C who share profits and losses of the
business in the ratio of 3 : 2 : 1.
Liabilities Rs. Assets Rs.
Capital A/cs Furniture 95,000
A 1,20,000 Business Premises 2,05,000
B 1,20,000 Stock-in-Trade 40,000
C 1,20,000 3,60,000 Debtors 28,000
Sundry Creditors 20,000 Cash at Bank 15,000
Outstanding Salaries and Cash in Hand 4,200
Wages 7,200

3,87,200 3,87,200
st
On 1 April, 2016, they admit D as a partner on the following conditions:
i) D will bring Rs.1,20,000 as his Capital and also Rs.30,000 as Goodwill

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 premium for a quarter of the share in the future profit/loss of the firm.
ii) The values of the fixed assets of the firm will be increased by 10% before the
admission of D.
iii) The future profits and losses of the firm will be shared equally by the partners.
Show Revaluation Account, Partner’s Capital Accounts and the opening Balance Sheet
of the new firm to include the above-mentioned transactions assuming that the
conditions were duly satisfied.

(OR)

Following is the Receipt and Payment Account of Friendship Club in respect of the
year on 31.3.2016.
Receipt and Payment Account for the year endi9ng March 31, 2016
Receipts Amount Payment Amount
(Rs.) (Rs.)
Opening cash in hand 10,000 Salaries 20,000
Subscription: Stationery 4,500
2014-15 15,000 Rates and Taxes 1,500
2015-16 20,000 Telephone charges 7,500
2016-17 5,000 40,000 8% govt. securities at par 25,000
Profit from sports 17,800 Sundry expenses 500
Interest on 8% govt. securities 5,000 Courier service charges 300
Closing cash in hand 13,500
72,800 72,800
Additional Information:
1. There are 500 members, each paying an annual subscription of Rs.50,
Rs.17,500 being in arrears for 2014-15 at the beginning of 2015-16. During
2014-15, subscriptions were paid in advance by 40 members for 2015-16.
2. Stock of stationery on March 31, 2015, was Rs.1,500 and on March 31,
2016, Rs.2,000.
3. On March 31, 2016, the rates and taxes were prepaid to the following
January 31, the annual charge being Rs.1,500.
4. Telephone bill unpaid as on March 31, 2015 Rs.3,000 and on March 31,
2016 Rs.1,500.
5. Sundry expenses accruing at 31.3.2015 were Rs.250 and at March 31, 2016
Rs.300.
6. On March 31, 2015 Building stood in the books at Rs.2,00,000 and it is
required to write off depreciation @ 10% p.a.
7. Value of 8% Government Securities on March, 31, 2015 was Rs.75,000
which were purchased at that date at Par. Additional Government Securities
worth Rs.25,000 are purchased on March 31, 2016.
You are required to prepare:
a) An Income and Expenditure Account for the year ended on 31.3.2016
b) A Balance Sheet on that date.

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