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12th Accountancy 2nd Assignment July 2021 Answer Key

12th Accountancy 2nd Assignment July 2021 Answer Key :- This is the 2nd assignment for 12th standard accountancy with answers.This is a full answerkey for 12th standard accountancy both english and tamil medium students

12th Accountancy EM 2nd Assignment July 2021(With Answers)

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12th Accountancy TM 2nd Assignment July 2021(With Answers)

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Assignment

CLASS: XII SUBJECT: ACCOUNTANCY
Unit (2 and 3)

UNIT : – 2. NON PROFIT ORGANISATION

PART – A

I Choose the best Answer

1.Receipts and Payments account is a


(a) Nominal A/C (b) Real A/C
(c) Personal A/C (d) Representative personal account


2.Balance of receipts and payments account indicate the


(a) Loss incurred during the period
(b) Excess of income over expenditure of the period
(c) Total cash payments during the period
(d) cash and bank balance as on the date


3.Incom and expend e accou this prepared find out


(a Pr it o lo s b) Cash and bank balance
(c) surplus or deficit (d) financial position


4.Subscription due but not received for the current year is__________


(a) An asset (b) A liablity
(c) An expense (d) An item to be ignored


5.Donations received for a specific purpose is _


(a) Revenue receipt (b) Capital receipts
(c) Revenue expenditure (d) Capital expenditure



6.Subscription received is a


a) Revenue expenditure (b) Capital receipts
(c) Revenue receipts (d) Capital expenditure


7.Pick the odd one out


(a) Subscription (b) Entrance fee
(c) Grants (d) Honorarium
.


8.………… is a fee collection from every member only once at the time of his/her admission into the organisation


(a) Entrance fee (b) Life membership fee
(c) Subscription (d) Legacy


9.__ account is a summary of cash and bank transaction of not-for – profit
organization prepared at the end of each financial year


(a) Receipts and payments account
(b) Income and expenditure account
(c) credit and cash account
(d) Debit and Credit


10.Charitable Institution, education institution, cultural societies these are comes under in


(a) Financial Instituions (b) Non Profit organisation
(c) Profit organization (d) None of these



Part – B

II Very Sho t A swer


1.State the meaning of not-for-profit organization


2.What is subscription?


3.What is Legacy?


4.What is Honorarium?


5.Give four examples for capital receipts of not for profit organization


Part – C

III Short Answers


1.What are the features of not for profit organization?
2.State the differences between receipts and payments account and income and expenditure account

3.How the following items will appear in the final accounts of a club for the year ending 31st march 2019?


Receipts and payments account for the year ended 31st march 2019

ReceiptsRs Rs Payments Rs
To subscription
2017-2018
10000
2018-2019
50000
2019-20205000065000

There are 200 members in the club each paying an annual subscription of Rs.400 per annum. Supscription still outstanding for the year 2017-2018 is Rs.2000



4.How will the following appear in the final accounts of vedaranyam sports club? (2.5 Income and Expenditure account)


Opening stock of bats and balls 3000
purchase of bats and balls during the year 17000
sole of old bats and balls 2000
closing stock of bats and balls 4000
5.Comp te income from subscription for the year 2018 om he followin particular
and rela ing t a c ub
Particul rs .1 0 3 12 2018
outstanding subscription
subscription received in
advance

3000
4000

5000
7000

Subscription received during the year 2018 Rs.45000

Part – D

IV. Answer in detail
1.From the following particulars of poombuhar literacy associations prepare receipts
and payments account for the year ended 31st march 2019
Particulars Rs. Particulars Rs.
opening cash in hand
1.4.2018
Bank over draft on
1.4.2018

5,000

4,000

subscriptions received

Repairs and renewals

20,000

2,500

Printing and stationary
Interest paid
Sale of Investments
Refreshments
Outstanding salary
Endorsement fund
receipts
Lighting charges

1,500
3,250
1,000
1,500
2,000
2,000
1,300

Conveyance paid
Books purchased
Insurance premium paid
Sundry receipts
Government grants
received
Sale of refreshments
Depreciation on building
Cash at bank on
31.3.2019

2,750
10,000
4,000
750
6,000

1,500
2,000
2,000

2.Compute capital fund of Karur social club as on 31.3.2018
particulars as on 31.3.2018 Rs
Furniture
Buildin s
Subscri tion uts nd ng for 201 -1
Subscription received in advance for 2018-19
Loan borrowed
Investments
Cash in hand
cash at bank

50000
40000
10000
5000
10000
20000
4000
6000

UNIT : – 3. ACCOUNTS OF PARTNERSHIOP FIRMS- FUNDAMENTALS

PART – A

I Choose the best answer

  1. The maximum number of partners in a partnership firm is
    (a) 25 (b) 50
    (c) 10 (d) 20

2.The persons who entered into partnership are collectively known as
(a) Partners (b) Owners
(c) Firm (d) Organisation

3._ method only capital account maintained for each partner
(a) Fixed capital (b) Fluctuating capital method
(c) Both a and b (d) None of the above

  1. In a partnership business, agreement is
    (a) Compulsory (b) Optional
    (c) Not necessary (d) None of these

5._ c n b computed by dir ct me hod n produc meth d
(a) In erest n d aw ngs (b) ntere t o capital
(c) Partners salary (d) Partners commission

  1. In the absence of an agreement among the partners interest on capital is
    (a) Not allowed (b) Allowed at bank rate
    (c) Allowed @ 5% per annum (d) Allowed @ 6% per annum

7.Which of the following is shown in profit and loss appropriation account?
(a) office expenses (b) salary of staff
(c) partners salary (d) interest on bank loan

8.When a partner withdraws regularly a fixed sum of money at the middle of every
month period for which interest is to be calculated on the drawings on an average is
(a) 5.5. Months (b) 6 Months
(c) 12 Months (d) 6.5 Months

9.In the absence of an agreement partners are entitled to
(a) Salary (b) Commission
(c) Interest on loan (d) Interest on capital

10.Profit after interest on drawings, interest on capital and remuneration is Rs.10500
Geetha a partner is entitled to receive commission @5% on profits after charging such
commission find out commission
(a) Rs. 50 (b) Rs.150
(c) Rs.550 (d) Rs.500

PART – B

II Very Short Answers
1.Define partnership
2.What is a partnership deed?
3.What are the final accounts prepared by the partnership forms?
4.What is meant by fixed capital method?
5.Roja and malligai share profits and losses in the ratio of 3:1 The capital on 1st April
2019 was Rs.80000 for Roja and Rs.60000 for Malligai and their current accounts
show a credit balance of Rs.10000 and Rs.5000 respectively. Calculate interest on
capital @ 5% a f r t e year nd ng 1s ma ch 020
Par – C

III. Short Answer.

1.State any six contents of a partnership deed
2.Give the format of capital account under fluctuating capital method
3.Give the journal entries to be made in the books of the partnership firm
4.Give the methods of calculating interest on drawings
5.kavitha and vanitha share profits and losses in the ratio of 3:2 and their capital on
1st April 2018 was kavitha Rs.150000 and vanitha Rs.100000 respectively and their
current account show a credit balance of Rs.25000 and 20000 respectively. Calculate
interest on capital at 6% p.a for the year ending 31st march 2019 and show the
journal entries
T

Part – D

IV.Write in detail.

1.From the following information prepare capital accounts of partners Bala and
Pragadees when their capitals are fluctuating

Particulars

Bala
Rs.

Pragadees
Rs.

capital on January 2018 (Cr.)

Drawings during 2018

Interest on drawings

Shar f fit for 2018

Interest n ca ital

salary

commission

200000

40000

1000

21000

1 000

18000

Nil

175000

35000

500

16500

1 500

Nil

2500

2.Meha and sneka are partners in a firm sharing profits and losses in the ratio of 4:1
On 1st January 2020, their capitals were Rs.20000 and Rs.10000 respectively. The
partnership deed specifies the following
a) Interest on capital is to be allowed at 5% p.a
b) interest on drawings charged to meha and snekha are Rs 200 and Rs.300
respectively
c) The net profit of the firm before considering interest on capital and interst on
drawings amounted to Rs.18000. Give necessary journal entries and prepare profit

.

and Loss appropriation account for the year ending 31st December 2020. Assume that
the capitals are fluctuating

3 COMMENTS

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