Bunts Sangha’s

S M Shetty High School and Junior College

Book Keeping and Accountancy – Std XII
Application Based Test Std XII – Paper Pattern (20 marks) 1 Hour
Q.1. A. State True or False with reasons: 5 marks
1.
2.
Q.1.B. Select the correct option and rewrite the sentences: 5 marks
1.
2.
3.
4.
5.
Q.1 .C . Calculate the following : 5 marks
1.
2.
3.
4.
5.
Q.2. Prepare specimen of Bills of exchange : 5 marks
( only one specimen will be asked )
 ABT Question Bank – Book keeping and Accountancy
Q.1.A. State True or False with Reasons (5 marks)
1. Balance Sheet is an account.
Ans : This statement is False
Reasons : Balance sheet is not an account but is a statement showing the financial
position of organisation as on particular date. It is a statement of assets and liabilities
of an organisation .

2. Income received in advance is a liability .

Ans : This statement is True
Reasons : Income received in advance is not related to current years but it is related
to next year. Hence it is a liability.

3. Gain ratio means new ratio minus old ratio.

Ans :This statement is True
Reasons : The ratio which the continuing partners acquire on retirement of partner
is called as gain ratio . Therefore gain ratio is equal to new ratio minus old ratio.

4. A partnership firm is automatically dissolved on the death of its partner.

Ans : This statement is False
Reasons : On death of partner the other partners continue the firms business .
Therefore the firm is not dissolved.

5. When a partner takes over any asset of the firm Realisation Account is credited.
Ans: This statement is True.
Reasons : When a partner takes over any asset of the firm , Realisation Account is
credited and partner’s capital or current is debited .

6. Alt+ D are the short key for delete voucher entry.

Ans : This statement is True
Reasons : Alt + D key on the keyboard is used to delete the voucher entry in Tally.

7. Accounting software may not be customized to meet the special requirement of

the users.
Ans : This statement is False
Reasons : Accounting software can be modified as per the requirement of the user.

Q.1.B. Select the correct option and rewrite the sentences (5 marks)
1. If dates of drawings are not given , interest on drawings is charged for __Six_____
months
(a) Three (b) Six (c) Nine (d) Twelve
2. All indirect expenses are debited to Profit and Loss account.
(a) Trading (b) Capital (c) Profit and Loss (d) Current
3. Income and Expenditure Account is Nominal _ Account.
(a) Capital (b) Real (c) Personal (d) Nominal
4. Excess of income over expenditure is termed as Surplus.
(a) Deficit (b) Profit (c) Surplus (d) Loss
5. In case of admission of a partner, the profit or loss on revaluation of assets and
liabilities is shared by Old partners.
(a) All (b) Old (c) New (d) None of these.

6. New ratio= Old Ratio + Gain Ratio.

(a) Gain (b) Equal (c) Sacrifice (d) Current
7. The balance on the capital account of a partners, on his death is transferred to
Legal Heir’s loan account.
(a) Relatives (b) Legal Heir’s loan (c) Partner’s Capital (d) Partner’s Loan

8. Partnership is completely dissolved when the partners of the firm become

Insolvent.
(a ) Solvent (b) Insolvent (c) Creditor (d) Debtor

9. Assets and liabilities are transferred to realization account at their Book values.
(a) Market (b) Purchases (c) Sales (d) Book

10. When a bill is dishonoured , the Drawee is held responsible for noting
charges.
(a) Holder (b) Drawee (c) Drawer (d) Endorser

11. Three extra days are allowed over and above the period of the bill.
(a) Two (b) Three (c) Five (d) Ten

12. The liability of shareholders in joint stock company is Limited .

(a) Joint and several (b) Limited (c) Unlimited (d) Huge

13. The share capital which a company is authorized to issue by its Memorandum of
Association is Authorised Capital/Nominal Capital.
(a) Reserve Capital (b) Issued Capital (c) Paid up capital
(d) Authorised Capital/Nominal Capital

14. Cost of goods sold = Sales – gross profit .

(a) Sales proceeds (b) Sales – net profit (c) Sales – gross profit (d) None of these

15. The common size statements requires Common Base .

(a) Common Base (b) Journal Entries (c) Cash Flow (d) Current Ratio.

16. The information supplied by financial statements are Historical in nature

(a) Universal (b) Historical (c) Complete (d) None of these.

17. F4 key is used for contra entry.

(a) F4 (b) F5 (c) F6 (d) F7
 18. F7 key is used for non-cash transactions.
(a) F4 (b) F5 (c) F6 (d) F7

Q.1.C. Calculate the followings (5 marks)

1. Drawings of partner Ravi during the year were ₹30,000. Partnership deed
provides for 6% interest on drawings . Calculate the amount of interest on
drawings.
Ans : Interest on drawings = 30,000 x 6 x 6 = ₹900
100 12
2. Debtors at the end of the year amounted ₹25,000. Reserve for doubtful debts is
to be created @3%. Find out the amount of R.D.D.
Ans : R.D.D = 25000 x 3 = ₹750.
100
3. Subscription received ₹12,000. Outstanding subscription of current year ₹2,000
and outstanding subscription of previous year ₹2,500. Find out the amount of
subscription credited to income and expenditure A/c.
Ans : Subscription received during the year ₹12,000
Less : Outstanding subscription for previous year ₹2,500
Add : Outstanding subscription for current year ₹2,000
Subscription credited to income and expenditure A/c. ₹ 11,500

4. Ajay and Vijay are partners sharing profit and losses in the ratio of 3:5. They
decided to admit Sanjay into firm giving him 2/5th share .Find out the new ratio.
Ans : New Ratio = Old Ratio x Balance of 1
Ajay = 3 x 3 = 9
8 5 40
Vijay = 5 x 3 = 15
8 5 40

Sanjay = 2 x 8 = 16
5 8 40

5. Rajesh , Mahesh and Nilesh share profits and losses as 4:3:2. Nilesh retires and
the new ratio of Rajesh and Mahesh is 3:2. Calculate gain ratio .
Ans : Gain Ratio = New Ratio - Old Ratio
Rajesh = 3 - 4 = 7
5 9 45
Mahesh = 2 - 3 = 3
5 9 45
Gain Ratio = 7 : 3
 6. Rekha , Menka and Mukta were sharing profit and losses in the ratio of 2:1:1.
Mukta died. Calculate the share of goodwill due to Mukta as per average profit
method for 3 years purchase of last 4 year’s profit. The profits were ₹1,50,000 ;
₹ 1,30,000 ; ₹70,000 and ₹50,000.

Ans: Average Profit = Total Profit

No. of years
= ₹1,50,000 + ₹ 1,30,000 + ₹70,000 + ₹50,000.
4
= ₹ 1,00,000.
Goodwill of the firm = Average Profit x No. of years purchase
= 1,00,000 x 3 = ₹3,00,000
Mukta’s share of goodwill = Goodwill of Firm x Mukta’s share
= 3,00,000 x 1 = ₹ 75000
4
7. What will be the due date of bill drawn payable after one month drawn on
23rd December,2019?
Ans: Date of Bill 23-12-2019
Add Credit period 1 month
Nominal Due Date 23-01-2020
Add : Days of Grace 3 days
Legal Due Date 26-01-2020
Since , 26th January 2020 being a public holiday , the due date of bill will
be 25-01-2020.

8. Insolvent Partners Capital A/c debit side total is ₹ 10,000 and credit side total
is ₹6,000. Calculate deficiency.
Ans: Debit Side total ₹ 10,000
Less Credit Side total ₹ 6000
Capital Deficiency loss ₹ 4,000

9. Calculate operating ratio from the following : Sales ₹6,00,000 ; Cost of goods sold
₹4,00,000 and Operating Expenses ₹50,000.
Ans : Operating Ratio = Cost of goods sold + operating expenses x 100
Net Sales
= 4,00,000 + 50,000 x 100
6,00,000
= 75%

Q.2.A.Prepare specimen of Bills of exchange from the following Details

1. Drawer : Mr. Amit Shah , Garden Colony , Pune.
2. Drawee : Mr.Kuldeep Nair , MHB Colony , Nashik.
3. Amount : ₹ 5,200/-
4. Period : 3 months
5. Date of Bill : 15th February,2019
6. Accepted on : 18th February , 2019
Q.2.B.Prepare specimen of Bills of exchange from the following Details
1. Drawer : Shri Shailesh Soni, 25 Ganesh Apartment , Chandivali , Mumbai .
2. Drawee : Shri Rahul Sawant , Saraswati Nivas , L.B.S Road , Mumbai
3. Payee : Shri Jagdish Rathod , Jalaram Krupa , M.G. Road , Santacruz
4. Period : 90 days
5. Amount : ₹ 11,580/-
5. Date of Bill: 1st May ,2019
6. Accepted on : 2nd May , 2019