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A.B.PALANI., M.Com.,M.A(Eco)., M.Sc(Psy)., M.Phil., M.B.A., M.Ed.,B.G.L., P.G.D.G.C., D.S.M., Contact No:98840 73781. Shri A.B.

Parekh Gujarathi Vidya Mandir Higher Secondary School,Chennai-3.

VERY VERY EASY WAY TO GET 200/200 IN XII- ACCOUNTANCY NOTES PREPARED BY: A.B.PALANI., M.Com.,M.A(Eco)., M.Sc(Psy)., M.Phil., M.B.A., M.Ed.,B.G.L., P.G.D.G.C., D.S.M., Contact No:98840 73781. Shri A.B.Parekh Gujarathi Vidya Mandir Higher Secondary School,Chennai-3.

SECTION-B
Q.38 ENTRY FOR DEPRECIATION Depreciation a/c...Dr To machinery a/c (Depreciation provided) Profit and loss a/c...Dr To depreciation a/c (Depreciation transferred) OR ENTRY FOR INTEREST OUTSTANDING Interest on bank loan a/c...Dr To outstanding interest on loan a/c OR xxx xxx xxx xxx xxx xxx

A.B.PALANI., M.Com.,M.A(Eco)., M.Sc(Psy)., M.Phil., M.B.A., M.Ed.,B.G.L., P.G.D.G.C., D.S.M., Contact No:98840 73781. Shri A.B.Parekh Gujarathi Vidya Mandir Higher Secondary School,Chennai-3.

ENTRY FOR BABDETS Bad debts a/c...Dr To Sundry Debtors a/c (Written off Bad Debts) Profit and loss a/c...Dr To Sundry Debtors a/c (Bad debts transferred) OR ENTRY FOR INTEREST ON CAPTAL Interest on capital a/c...Dr To capital a/c (Provided interest on capital) Profit and loss a/c...Dr To interest on capital a/c (Interest on capital transferred) OR ENTRY FOR INTEREST ON DRAWINGS Capital a/c...Dr To interest on drawings a/c (provide interest on drawings) Interest on drawings a/c...Dr To profit and loss a/c xxx xxx xxx xxx xxx xxx xxx xxx xxx xxx xxx xxx

(interest on drawings transferred To profit and loss a/c)

A.B.PALANI., M.Com.,M.A(Eco)., M.Sc(Psy)., M.Phil., M.B.A., M.Ed.,B.G.L., P.G.D.G.C., D.S.M., Contact No:98840 73781. Shri A.B.Parekh Gujarathi Vidya Mandir Higher Secondary School,Chennai-3.

Q .39 CALCULATION OF MISSING FIGURE Statement of profit and loss a/c Closing capital (CC) Add:- Drawings(D) Rs. XXX XXX

XXX Less:- Opening Capital(OC) XXX

XXX Less:- Additional Capital(AC) XXX

Profit /Loss made during the year(P) /(L)

XXX

OR

CC+D=OC+AC+P
(Closing capital+ drawings = opening capital+ additional capital+ profit)

Q40. Amount of depreciation = Total cost residual value/ estimated life Rate of depreciation= amount of depreciation/ Total cost x 100

A.B.PALANI., M.Com.,M.A(Eco)., M.Sc(Psy)., M.Phil., M.B.A., M.Ed.,B.G.L., P.G.D.G.C., D.S.M., Contact No:98840 73781. Shri A.B.Parekh Gujarathi Vidya Mandir Higher Secondary School,Chennai-3.

Q 41. A)Fixed assets turn over = net sales/ fixed assets Net Sales= cash sales + credit sales - sales return Fixed assets= fixed assets- depreciation

B)Stock turn over ratio = cost of goods sold/ average stock Average stock= opening stock= closing stock / 2

C) Debt Equity Ratio = Total long term debt / Share holders fund Total long term debt = Debentures + long term loans Share holder fund= Equity share capital +Reserves Q 42. Interest on capital:Amount x Rate Of Interest / 100 Interest on drawings:Interest on drawings = drawings x rate/100 x 13/24 x 12 (Beginning of every month) OR Interest on drawings = drawings x rate/100 x 11/24 x 12 (At the end of the month)

Q 43. Valuation of Goodwil 1st year profit = xxxx 2nd year profit = xxxx 3rd year profit = xxxx xxxx Less :- Loss Total Profit xxxx xxxx

A.B.PALANI., M.Com.,M.A(Eco)., M.Sc(Psy)., M.Phil., M.B.A., M.Ed.,B.G.L., P.G.D.G.C., D.S.M., Contact No:98840 73781. Shri A.B.Parekh Gujarathi Vidya Mandir Higher Secondary School,Chennai-3.

Average Profit = Total Profit / Number of years Calculation of Goodwill = Average Profit X No of years Purchase

Q 44. A) Share capital a/c ...Dr To share forfeiture a/c To share first call a/c To share final call a/c ( being share forfeited) Bank a/c...Dr Share forfeiture a/c...Dr To share capital a/c ( being shares reissued) Forfeiture share a/c... Dr xxx To capital reserve a/c ( being shares forfeited) B) Bank a/c...Dr To share capital a/c To security premium a/c xxx xxx xxx xxx xxx xxx xxx xxx xxx xxx xxx

(issued ---- number of shares @ a premium of Rs.----) C) Bank a/c...Dr xxx

Discount on issue a/c...Dr xxx To share capital a/c xxx

(---- number of shares were issued at Rs.---- each at a discount of of ----%)

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