12th ACCOUNTANCY PADVIKSHA BLOG ONLINE TEST
TOTAL MARKS: 30
DURATION: 1:30 Hours
PART A - 15 MARKS
ATTEND ALL QUESTIONS
I- MCQ MULTIPLE CHOICE QUESTIONS: EACH QUESTION CARRIES 1 MARK ( TOTAL MARKS - 5)
1. Incomplete records are generally maintained by
(a) A company
(b) Government
(c) Small sized sole trader business
(d) Multinational enterprises
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2. The excess of assets over liabilities is
(a) Loss
(b) Cash
(c) Capital
(d) Profit
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3. The amount of credit sales can be computed from
(a) Total debtors account
(b) Total creditors account
(c) Bills receivable account
(d) Bills payable account
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4. What is the amount of capital of the proprietor, if his assets are ` 85,000 and liabilities are ` 21,000?
(a) ` 85,000
(b) ` 1,06,000
(c) ` 21,000
(d) ` 64,000
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5. 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
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II - SHORT ANSWER QUESTIONS - TOTAL- 10 MARKS - EACH QUESTION CARRIES 2 MARKS
1. From the following particulars ascertain profit or loss:
Capital at the beginning of the year (1st April, 2018) 5,00,000
Capital at the end of the year (31st March, 2019) 8,50,000
Additional capital introduced during the year 1,20,000
Drawings during the year 70,000
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2. What are the limitations of incomplete records? (write any 3)
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3. What is a statement of affairs?
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4. From the following details, calculate the missing figure. `
Closing capital as on 31.3.2019 1,90,000
Additional capital introduced during the year 50,000
Drawings during the year 30,000
Opening capital on 1.4.2018 ?
Loss for the year ending 31.3.2019 40,000
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5. State any 3 differences between double entry system and incomplete records.
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PART B - 15 MARKS
EACH QUESTION CARRIES 5 MARKS
1. State the procedure for calculating profit or loss through statement of affairs.
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2. Find out credit sales from the following information: `
Debtors on 1st January 2018 40,000
Cash received from debtors 1,00,000
Discount allowed 5,000 Sales returns 2,000
Debtors on 31st December 2018 60,000
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3. Following are the balances in the books of Thomas as on 31st March 2019.
Sundry creditors 6,00,000
Bills payable 1,20,000
Furniture 80,000
Cash in hand 20,000
Land and building 3,00,000
Bills receivable 60,000
Sundry Debtors 3,20,000
Stock 2,20,000
Prepare a statement of affairs as on 31st March 2019 and calculate capital as at that date.
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