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    12th Accountancy Assignment 2021 with Answerkey (TNSCERT ) English Medium

    radangfx Posted on

    12th Accountancy Assignment EM:- Hello Students recently Tamilnadu school department seek assignments from the school students, So we shared the assignment paper in pdf and we also provide an answer key for all subjects all class assignments in pdf

    பனிரெண்டாம் வகுப்பு ஒப்படைப்பு 2021 உங்களுக்காக விடையுடன் கொடுக்க பட்டுள்ளது ,மிக நேர்த்தியாக வடிவமைக்க பட்ட இந்த விடை குறிப்புகளை நீங்கள் கீழே உள்ள PDF லிங்க்கை கிளிக் செய்வதன் மூலம் டவுன்லோட் செய்து கொள்ளலாம்

    இந்த விடை குறிப்பில் உள்ள தவறுகளை சுட்டிக்காட்ட விரும்பினால் கேளே குறிப்பிடவும் ,உடனுக்குடன் தவறான விடையை மற்றயமைக்க படும்

    Click Here to Download 12th Accountancy Assignment

    12th Accountancy Assignment Answer – English Medium

    CLASS: 12 SUBJECT: ACCOUNTANCY

    UNIT : – 1. ACCOUNTS FROM INCOMPLETE RECORDS

    PART – A

    I. Multiple Choice Questions

    1. ______________ can not maintain accounting records under single entry system as per legal requirement
    (a) companies  (b) Sole proprietors
    (c) partnership firms  (d) petty shops
    Answer (c) partnership firms 
    2. Single entry system is an __________ system
    (a) Double entry  (b) Scientific
    (c) complete  (d) incomplete double entry
    Answer  (d) incomplete double entry
    3.Select the correct equation
    (a) Assets + Liabilities = Capital (b) Liabilities – Capital = Assets
    (c) Assets – Liabilities = Capital (d) Assets + Capital = Liabilities
    Answer (a) Assets + Liabilities = Capital
    4.Acceptances received from customers
    (a) Debited in Total Debtors a/c (b) Credited in Total Creditors a/c
    (c) Credited in Bills payable a/c (d) Credited in Total Debtors a/c
    Answer  
    5.Credit purchases can be obtained as a balancing figure in _______
    (a) Bills payable a/c   (b) Total debtors a/c
    (c) Total creditors a/c  (d) Bills Receivable a/c
    Answer (c) Total creditors a/c 
    6.Creditors on 01-01-2013 – Rs.80,000 and on 31-12-2013 – Rs.65,000 cash paid to creditors – Rs.1,10,000. Find out the credit purchases during the year 2013 was Rs.________
    (a) Rs.1,95,000   (b) Rs.95,000
    (c) Rs.1,50,000 (d) Rs.1,60,000

    7.Debtors on 01-04-2015 Rs.1,00,000 and on 31-03-2016 is Rs.90,000 cash received from Debtors During the year was Rs.1,60,000 Then credit sales is ________
    (a) Rs.2,40,000 (b) Rs.1,50,000
    (c) Rs.3,00,000  (d) Rs.1,60,000
    8.When accounting records are maintained under single entry system as per ______ accounts are maintained
    (a) Real and personal  (b) Personal and nominal
    (c) Real and nominal (d) Cash and personal
       
    9.Statement of affairs is a
    (a) statement of income and expenditure (b) Statement of Assets and liabilities
    (c) Summary of cash transactions (d) Summary of credit transactions
       
    10.The excess of assets over liabilities is  
    (a) Loss  (b) cash
    (c) capital  (d) profit
       

    PART – B

    II. Very Short Answer

    1.State the accounts generally maintained by small sized sloe trader when double entry accounting system is not followed
    • Generally cash account and the personal accounts of customers and creditors are maintained by small sized sole trader. When double entry accounting system is not followed.

    2.From the following particulars ascertain profit or loss

     Particulars Amount Rs.

    Capital at the beginning of the year Apr -2019 2,50,000

    Capital at the end of the year Mar-2020 4,25,000

    Additional capital introduced during the year 25,000

    Drawing during the year 35,000
    3. State the procedure for calculating profit or loss through statement of affairs
    • The difference between the closing capital and the opening capital is taken as profit or loss of the business. Due adjustments are to be made for any withdrawal of capital from the business and for the additional capital introduced in the business.
    • Adjusting closing capital = Closing capital + Drawings – Opening capital.
    • Closing capital + Drawings – Additional capital – Opening capital = Proft/Loss.

    4. From the following details, calculate the capital as on 31st Dec-2019

     Particulars Amount

    Capital as on January -2019                                   1,00,000

    ADD:Drawing during the year                                  30,000

    Additional capital introduced during the year           15,000

    Profit for the year                                                      60,000

    Particulars Rs
    Closing Capital 1,45,000
    (+) Drawings 30,000
    (-) Additional Capital 1,75,000
      15,000
    Adjusted Capital 1,60,000
      1,00,000
    Profit 60,000

    5.From the following details, calculate credit sales

    Particulars

    		 Rs
    Debtors on 1st April,2018 1,00,000
    Cash Recerived from Debtors 2,30,000
    Discount Allowed 5,000
    Returns Inward 25,000
    Debtors on 31st March 2019 1,20,000

    Answer

    Dr                                                                                                                                                     Cr

    Particulars Rs Particulars Rs
    To Balance b/d 1,00,000 By Cash Received 2,30,000
    To Cr.Sales (B/F) 2,80,000 By Disc, Allow  5,000
        By Return Inward 25,000
        By Balance C/D 1,20,000
          3,80,000
    PART-C III. Short Answer
    1.What are the limitations of incomplete records?

    Limitations of Incomplete records:

    • 1. Lack of proper maintenance of records – It is an unscientific and unsystematic way of maintaining records. Real and nominal accounts are not maintained properly.
    • 2. Difficulty in preparing trial balance – As accounts are not maintained for all items, the accounting records are incomplete. Hence, it is difficult to prepare trail balance to check the arithmetical accuracy of accounts.
    • 3. Difficulty in ascertaining true profitability of the business – Profit is found out based on available information and estimates. Hence, it is difficult to prepare ascertain true profit as the trading and profit and loss account cannot be prepared with accuracy.
    • 4. Difficulty in ascertaining financial position – In general, only the estimated values of assets and liabilities are available from incomplete records. Hence, it is difficult to ascertain true and fair view of state of affairs or financial position as on a particular date
    • 5. Errors and frauds cannot be detected easily – As only partial records are available, it may not be possible to have internal checks in maintaining accounts to detect errors and frauds.
    • 6. Unacceptable to government and other activities – As accounts maintained are incomplete, these may not comply with the legal requirements. Hence, government, tax authorities and other legal authorities do not accept accounts prepared from incomplete records.
    2.State any three procedure for calculating profit and loss through statement of affairs
    • The difference between the closing capital and the opening capital is taken as profit or loss of the business. Due adjustments are to be made for any withdrawal of capital from the business and for the additional capital introduced in the business.
    • Adjusting closing capital = Closing capital + Drawings – Opening capital.
    • Closing capital + Drawings – Additional capital – Opening capital = Proft/Loss.
    3.Calculating the missing Figure:

    Capital as on 1st April 2018 Rs.40,000 Capital as on 31st March 2019 Rs.50,000

    Additional capital introducing Rs.7,000 during the year Profit for the year Rs.8,000 Drawing for the year?

    Particulars Rs
    (+) Drawings 50,000
      5,000
    (-) Additional Capital 55,000
    Adjusted Capital 7,000
    (-) Opening Capital 48,000
      40,000
    Profit 8,000
    4.Write any three difference between Balance sheet and Statement of affairs?
      Basics of Distinction Statement of Affairs Balance Sheet
    1 Objective Statement of affairs is generally prepared to find out the capital of the business Balance sheet is prepared to ascertain the financial positiion of the business
    2 Accounting System Statement of affairs is prepared when double entry system is not strictly followed Balance sheet is prepared when accounting are maintained under double entry system
    3 Basis of Preparation It is not fully based on ledger balances, Wherever possible ledger balances are taken,Some items are taken from some sourses documentes and some items are more estimates It is prepared exclusively on the basis of ledger balances
    4 Reliability It is not reliable as it is based on incompleted records It is reliable as it is prepared under double entry system
    5 Missing Items It is not reliable as it is based on incomplete record Since both the aspects of all transactions are dully recorded, items omitted can be traced easily
           


    5.Find out credit sales from the following information

    Debtors on 1st January 2018 Rs.40,000

    Cash received from debtors Rs.1,00,000

    Discount allowed Rs.5,000

    Sales returns Rs.2,000

    Debtors on 31st December 2018 Rs.60,000 (1.8.1 steps to be followed to prepare final accounts
       
       
       
       

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