Sri Venkateswara Vidhyalaya Senior Secondary School

Chennai – 77
Grade: XII Monthly Test I – Term II (2021 – 22) Marks: 40
Exam No. ___________ Accountancy Time: 2 hour

GENERAL INSTRUCTIONS:
1) There are 12 questions in the question paper. All questions are compulsory.
2) Question nos. 1 to 3 and 10 are short answer type–I questions carrying 2 marks each.
3) Question nos. 4 to 6 and 11 are short answer type–II questions carrying 3 marks each.
4) Question nos. 7 to 9 and 12 are long answer type questions carrying 5 marks each.
5) There is no overall choice. However, an internal choice has been provided in 3 questions of three marks and
1 question of five marks.
SECTION- A
1) Extract of a Receipt and Payment Account for the year ended on March 31, 2015: (2)
Payments:
Stationery Rs. 23,000
Additional Information:
Details April 1, 2014 March 31, 2015
Stock of stationery 4,000 3,000
Creditors for stationery 9,000 2,500

2) Show how you would deal with the following items in the financial (2)
DETAILS DEBIT CREDIT
Prize Fund 80,000
Prize Fund Investments 80,000
Income from Prize Fund Investments Prizes 8,000
awarded 6,000

3) Give 2 examples for operating activities and financial activities each. (2)

SECTION- B
4) From the following particulars relating to Silver Point, prepare a Receipt and Payment account for the year
ending March 31, 2017. (3)
Particulars amount Particulars Amt
Opening cash balance 1,000 Sale of old sports materials 1,200
Opening bank balance 7,200 Donation received for pavilion 4,600
Subscriptions collected for: Rent paid 3,000
2015-16- Rs. 500 Sports materials purchases 4,800
2016-17 Rs. 7,600 Purchase of refreshments 600
2017-18 Rs. 900 9,000 Expenses for maintenance 2,000
Sale of refreshments 1,000 Salary paid 2,500
Entrance fees received 1,000 Tournament expenses 2,400
Furniture purchased 1,500
Office expenses 1,200
Closing cash in hand 400
(OR)
From the Receipt and Payment Account given below, prepare the Income and Expenditure Account of Clean
Delhi Club for the year ended March 31, 2017.
 Receipt and Payment Account for the year ending March 31, 2017
Receipts amount Payments amount
Balance b/d 3,200 Salary 1,500
(Cash in hand) Rent 800
Subscriptions 22,500 Electricity 3,500
Entrance Fees 1,250 Taxes 1,700
Donations 2,500 Printing and Stationery 380
Rent of hall 750 Sundry expenses 920
Sale of investments 3,000 Books purchased 7,500
Govt. bonds 10,000
Fixed deposit with bank 5,000 5,000
(on 31.03.2017)
Balance c/d
Cash in hand 400
Cash at bank 1,500
1,900
_________ ______
33,200 33,200
_________ ______

5) 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: (3)
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.

6) Following is the extracts from the balance sheets of Zee Ltd.: (3)
st st
Particulars 31 march 2018 31 march 2017
Equity share capital 8,00,000 8,00,000
10% preference share capital 6,00,000 6,00,000
Surplus I.e., balance in statement of 7,20,000 4,00,000
profit and loss
Unpaid dividend 20,000 ------
Additional information: proposed equity dividends for the year 2016-17 and 2017-18, are ₹1,60,000 &
₹2,00,000 respectively. An interim dividend of ₹ 40,000 on equity shares was paid. Show net profit before tax
and extraordinary items.
(OR)
Calculate net profit before tax and extraordinary items of premier sales Ltd. From its balance sheets as it and
31st march ,2018
Particulars Note no. 31st march 2018 31st march 2017
1. Equity and liabilities
shareholders' funds
Share capital 5,00,000 5,00,000
Reserve and surplus (surplus I.e., balance in 2,00,000 1,45,000
statement of profit and loss)
2. Current liabilities
Trade payable
Other current liabilities 90,000 50,000
Short term provision 20,000 10,000
Total 50,000 30,000
1 8,60,000 7,35,000
Assets
1. non-current assets
Fixed assets
Non-current Investments 4,50,000 4,00,000
2. Current assets 1,50,000 1,50,000
Total 2,60,000 1,85,000
8,60,000 7,35,000
NOTE TO ACCOUNTS
PARTICULARS 31st march 2018 31st march 2017
1. Short term provisions
Provision for tax 50,000 30,000

I) proposed dividend for the year ended 31st march 2017 and 2018 are ₹50,000 and ₹75,000 respectively.
Ii) Interim dividend paid during the year was ₹10,000.
SECTION-C
7) From the following Receipt and Payment Account and additional information relating to Excellent Cricket
Club, prepare Income and Expenditure Account for the year ended March 31, 2015 and Balance Sheet as on
date. (5)
Receipts amount Payments amount
Balance b/d 18,000 Balance b/d 16,000
Subscription 2,50,000 Upkeep of pavilion 1,15,000
Admission fees 15,000 Tournament expense 40,000
Sale of sports material 2,500 Rates and insurance 10,000
Hire of ground 28,000 Telephone 3,500
Subscription for tournament Postage 4,000
Life membership fees 60,000 Printing and stationery 26,000
Donation for tournament 20,000 Sundry expenses 4,400
6,00,000 Secretary honorarium 30,000
Grass seeds 2,600
Investment 6,00,000
Purchase of sports material 68,000
Balance c/d
74,000
Total Total
9,93,500 9,93,500

Assets at the beginning of the year were: Rs.

Playground - 5,00,000
Cash in hand -18,000
Stock of sports materials- 85,000
Printing and Stationery- 11,000
Subscription's receivable- 28,000
Donations and Surplus on account of tournament are to be kept in Reserve for a permanent pavilion.
Subscriptions due on March 31, 2015 were Rs. 42,000. Write-off fifty per cent of sports materials and thirty per
cent of printing and stationery.
(OR)
From the trial balance and other information given below for a school, prepare Income and Expenditure
Account for the year ended on 31.3.2017 and a Balance Sheet as on that date:
Debit Amt Credit Amt
Building 6,25,000 1,00,000 Admission fees 12,500
Furniture 1,50,000 Tuition fees 5,00,000
Library books 5,00,000 Creditors for supplies 15,000
Investment @ 12 % 5,00,000 Hall rent 10,000
Salaries 40,000 Sundry receipts 30,000
Stationery 18,000 Legacies (general) 3,50,000
General expense 15,000 General fund 10,00,000
Sports expense 50,000 Donation for library books 62,500
Bank 2,000 Sale of old furniture 20,000
Cash -------------------- --------------
20,00,000 20,00,000
Additional Information:
(i) Tuition fee yet to be received for the year are Rs. 25,000.
(ii) Salaries yet to be paid amount to Rs.30,000.
(iii) Furniture costing Rs. 40000 was purchased on October 1, 2016.
(iv) The book value of the furniture sold was Rs. 50,000 on April 1, 2016.
(v) Depreciation is to be charged @ 10% p.a. on furniture, 15% p.a. on Library books, and 5% p.a. on building.

8) From the following Receipt and Payment Account for the year ending March 31, 2015 of Negi's Club,
prepare Income and Expenditure Account for the same period:
(5)
Receipt and Payment Account for the year ending March 31, 2015
Receipts Amt Payments Amt
Balance b/d 25,000 Purchase of furniture 5,000
Subscriptions (1.7.2014)
2013 – 1,500 Salaries 2,000
2014- 10,000 Telephone expense 300
2015- 500 Electric charges 600
-------------------- 12,000 Postage and stationery 150
Donations 2,000 Purchase of books 2,500
Hall rent 300 Entertainment and expenses 900
Interest on bank deposit 450 Purchase of 5% Govt bonds
Entrance fees 1,000 (1.7.2014) 8,000
Sundry expense
Balance c/d 600
Cash
bank 300
20,400

-------------- --------------
40,750 40,750
The following additional information is available:
(i) Salaries outstanding – Rs. 1,500;
(ii) Entertainment expenses outstanding – Rs. 500;
(iii) Bank interest receivable – Rs. 150;
(iv) Subscriptions accrued – Rs. 400;
(v) 50 per cent of entrance fees is to be capitalized;
(vi) Furniture is to be depreciated at 10 per cent per annum.

9) Calculate the cash flow from the operating activities from the following:
I) profit for the year is ₹ 7,00,000 after considering the following items: (5)
Particulars ₹
Depreciation on fixed assets 40,000
Goodwill amortized 20,000
Gain on sale of land 90,000
Appropriation of profit towards general reserve 60,000

Ii) following is the position of the current assets and current liabilities.
Particulars Closing balance ₹ Opening balance ₹
Trade payables 50,000 75,000
Trade receivables 75,000 60,000
Prepaid expenses 10,000 18,000

10) following are the extracts from the balance sheets of MAH Ltd. As at 31st march ,2018: (2)
particulars 31st march 2018 31st march ,2017
Surplus I.e., balance in statement of profit 10,00,000 5,00,000
and loss
Dividend payable 50,000 ---------
Additional information: proposed dividend for the year ended 31st march 2017 and 2018 are ₹4,00,000 and
₹5,00,000 respectively.
Prepare a note to show net profit before tax and extraordinary items
11) From the following information, calculate the net profit before tax and extraordinary items (3)
Surplus I.e., balance in statement of profit and loss (opening) – 1,00,000
Surplus I.e., balance in statement of profit and loss (closing) - 3,36,000
Dividend paid in the current year – 72,000
Interim dividend paid during the year – 90,000
Transfer to reserve – 1,00,000
Provision for the tax for current year – 1,50,000
Refund of tax – 3,000
Loss due to earthquake – 2,00,000
Insurance proceeds from the earthquake disaster settlement – 1,00,000
12) Compute cash flow from the following operating activities from the following information (5)
Particulars ₹
Nonprofit after provision for tax and payment of dividend 2,15,000
Provision for tax 45,000
Final dividend paid during the year 50,000
Depreciation 25,000
Loss on sale of machinery 10,000
Patents amortized 30,000
Gain on sale of land 70,000
Income tax refund 30,000