Board Paper of Class 12-Commerce 2007 Accountancy (SET 1) - Solutions
General Instructions:
(i) This question paper contains three Sections A, B, and C.
(ii) Attempt any 8 questions from Section A,carrying 2 marks each.
(iii) Attempt any 3 questions from Section B, carrying 6 marks each .
(iv) Attempt any 4 questions from Section C, carrying 14 marks each.
(v) All parts of the questions should be attempted at one place.
- Question 4
Give journal entry to transfer Realisation A/c profit to partners A and B.
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- Question 6
Under what headings will you show the following items in Company's Balance sheet?
(a) Bills Receivable
(b) Preliminary Expenses.
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- Question 7
Write the formula for calculating the amount of depreciation under original cost method if percentage is not given.
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- Question 11
Surya and Chandra are partners of a firm. Surya is drawing Rs. 2,000 at the end of every two months. Calculate the interest at 12% p.a. on drawings of Surya for the year ending 31st December, 2006 under product method.
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- Question 12
Anil, Sunil, Kamal are partners in a firm. Sunil retires on 31.12.2002.
Sunil's Loan A/c shows a credit balance of Rs. 35,000 on 1.01.2003.
Continuing partners paid Rs. 5,000 to Sunil and agreed to pay the balance of Rs. 30,000 in three yearly equal installments with interest at 12% p.a. Show Sunil's Loan A/c until it is paid off.
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- Question 13
Red, White and Black are partners sharing profits and losses in the ratio of 3 : 2 : 1. On 31.12.2006, their Balance Sheet is as follows:
| Balance Sheet as on 31.12.2006 |
| Liabilities |
Amount
(Rs) |
Assets |
Amount
(Rs) |
| Sundry Creditors |
26,000 |
Cash at Bank |
25,000 |
| Bills Payable |
20,000 |
Debtors |
35,000 |
| Profit and Loss A/c |
18,000 |
Stock |
30,000 |
| Capital: |
|
Furniture |
14,000 |
| Red |
40,000 |
|
Buildings |
30,000 |
| White |
30,000 |
|
Machinery |
20,000 |
| Black |
20,000 |
90,000 |
|
|
| |
1,54,000 |
|
1,54,000 |
| |
|
|
|
Black died on 1.07.2006 and the partnership deed provides in the event of death of a partner that his executors should be entitled to:
(a) his Capital on the date of last Balance Sheet.
(b) his share of undistributed profits or losses.
(c) his share of profit upto the date of death on the basis of previous year profit. The profit for 2005 was Rs. 24,000.
(d) his share of goodwill. Firm's goodwill is valued at Rs. 60,000.
(e) drawings upto the date of death Rs. 3,000.
Prepare Black's Executors A/c.
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- Question 14
The Star Co. Ltd. decided to issue 20,000 equity shares of Rs. 100 each with a premium of Rs. 20. The amount is payable as follows:
on application Rs. 20
on allotment Rs. 60 (including premium amount Rs. 20)
on first and final call Rs. 40.
All the shares were subscribed and all the money received except the first and final call on 1000 shares.
Give Journal entries.
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- Question 16
Mallik, a businessman started his business on 1.01.2006 with an opening capital of Rs. 45,000.
On 1.07.2006 he invested Rs. 15,000 as additional capital. He used Rs. 18,000 for his personal use. His financial position on 31.12.2006 was as follows:
| |
Rs. |
| Stock of goods |
26,000 |
| Sundry debtors |
16,000 |
| Furniture |
6,000 |
| Cash at Bank |
6,000 |
| Cash in hand |
600 |
| Bills Receivable |
4,600 |
| Plant and Machinery |
20,000 |
| Sundry Creditors |
16,000 |
| Loan from Menaka |
6,000 |
Adjustments:
(a) Depreciate furniture by Rs. 600.
(b) Depreciate plant & machinery by 10%.
(c) Outstanding rent Rs. 1,000.
(d) Allow Interest on Capital at 5% p.a.
Prepare:
(i) Statement of profit or loss
(ii) Revised statement of affairs.
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- Question 17
A company acquires lease on Jan. 1, 2000 for a term of 5 years by payment of Rs. 25,000. It is proposed to depreciate the lease by Annuity method, charging 5% Interest. As per Annuity tables, the amount to be written off annually amounts to Rs. 5774.37
Show the (i) Lease Account and (ii) Interest Account for five years.
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- Question 18
Following is the Balance Sheet and Receipts and Payments account of Jayaprakash College Association.
|
Balance Sheet
as on 31.12.2005
|
| Liabilities |
Amount
(Rs) |
Assets |
Amount
(Rs) |
| Capital Fund |
32,000 |
Building |
30,000 |
| Subscription received in advance |
600 |
Subscription O/s |
380 |
| Outstanding expenses |
1,400 |
O/s Rent |
240 |
| Loan |
5,000 |
Cash in hand |
10,000 |
| Income & Expenditure A/c |
1,620 |
|
|
| |
40,620 |
|
40,620 |
| |
|
|
|
|
Receipts and Payments A/c
for the year ended 31.12.2006
|
| Receipts |
Amount
(Rs) |
Payments |
Amount
(Rs) |
| To Balance on 1.01.2006 |
10,000 |
By Expenses |
|
| To Subscriptions |
|
2005 |
1,200 |
|
| 2005 |
200 |
|
2006 |
2,000 |
3,200 |
| 2006 |
2,100 |
|
By Leasehold land |
4,000 |
| 2007 |
150 |
2,450 |
By Interest |
400 |
| To Entrance fees |
800 |
By Refreshment Expenses |
2,000 |
| To Rent |
700 |
By Balance on 31.12.2006 |
8,350 |
| To Income from Refreshments |
4,000 |
|
|
| |
17,950 |
|
17,950 |
| |
|
|
|
Adjustments:
(a) Expenses due but not paid Rs. 500.
(b) Subscriptions due but not received Rs. 100.
(c) Salary due but not paid Rs. 200.
(d) Depreciation on Building Rs. 2,000.
(e) Half of the Entrance fees to be capitalised.
Prepare:
(i) Income and Expenditure for the year ending 31.12.2006.
(ii) Balance Sheet as on that date.
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- Question 19
Sarat and Bharat are sharing profits and losses in the ratio of 2 : 1. On 31.12.2006 their Balance Sheet was as follows:
| Balance Sheet as on 31.12.2006 |
| Liabilities |
Amount
(Rs) |
Assets |
Amount (Rs) |
| Creditors |
12,000 |
Cash in hand |
10,000 |
| Bills Payable |
8,000 |
Debtors |
5,000 |
| Reserve Fund |
9,000 |
Stock |
10,000 |
| Capital Account: |
|
Furniture |
4,000 |
| Sarat |
20,000 |
|
Building |
40,000 |
| Bharat |
20,000 |
40,000 |
|
|
| |
69,000 |
|
69,000 |
| |
|
|
|
They admit Lalit into partnership giving him share in the future profit on the following terms:
(a) The new partner should bring Rs. 25,000 as his capital.
(b) Value of Buildings is to be appreciated by Rs. 7,000.
(c) Furniture to be depreciated by Rs. 800.
(d) Stock is valued at 10% less than the book value.
(e) The Goodwill Account is to be raised at Rs. 24,000.
(f) There is an outstanding printing bill for Rs. 400.
Prepare:
(i) Revaluation Account
(ii) Partners' Capital Accounts
(iii) Opening Balance Sheet of the new firm.
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- Question 20
Roopa, Deepa and Kirpa were partners sharing profits and losses in the ratio of 2 : 1 : 1. Their Balance Sheet as on 31.12.2006 was as follows:
| Balance Sheet as on 31.12.2006 |
| Liabilities |
Amount
(Rs) |
Assets |
Amount
(Rs) |
| Bills Payable |
2,300 |
Cash in hand |
1,000 |
| Creditors |
5,700 |
Bills Receivable |
400 |
| Reserve |
4,000 |
Stock |
20,000 |
| Capital: |
|
Debtors |
7,000 |
|
| Roopa |
30,000 |
|
Less: Provision |
400 |
6,600 |
| Deepa |
20,000 |
|
Joint Life Policy |
4,000 |
| Kripa |
20,000 |
70,000 |
Machinery |
50,000 |
| |
82,000 |
|
82,000 |
| |
|
|
|
The firm was dissolved on the above date and the details available are:
(a) Roopa took over the Joint Life Policy for Rs. 5,000.
(b) Amount realised as follows:
| Stock |
Rs. 22,000 |
| Debtors |
Rs. 4,100 |
| Machinery |
Rs. 58,000 |
| Bills on hand realised in full. |
(c) Realisation Expenses paid Rs. 500.
Prepare:
(i) Realisation Account
(ii) Partners' Capital Accounts
(iii) Cash Account.
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- Question 21
Following is the Trial Balance of Sundar Company Limited, Hubli.
| Trial Balance as on 31.12.2006 |
| Particulars |
Debit Amount
(Rs) |
Credit
Amount
(Rs)
|
| Share Capital (25,000 shares of Rs. 10 each) |
– |
2,50,000 |
| Stock (1.01.2006) |
45,000 |
– |
| Wages |
40,000 |
– |
| Purchases and Sales |
1,25,000 |
2,00,000 |
| Freight |
10,000 |
– |
| Salary |
10,000 |
– |
| Rent |
5,000 |
– |
| Discount |
4,000 |
3,000 |
| Sundry Expenses |
3,500 |
– |
| Bad debts |
1,000 |
– |
| Profit and Loss A/c |
– |
11,000 |
| Dividend |
2,500 |
– |
| Interim Dividend |
1,500 |
– |
| Debtors and Creditors |
35,000 |
24,000 |
| Buildings |
80,000 |
– |
| Machinery |
25,000 |
– |
| Investments |
75,000 |
– |
| Reserve Fund |
– |
12,000 |
| Loans to Employees |
2,000 |
– |
| Cash |
25,500 |
– |
| 6% Debentures |
– |
50,000 |
| Calls in arrears |
10,000 |
– |
| Goodwill |
50,000 |
|
| |
5,50,000 |
5,50,000 |
| |
|
|
Adjustments:
(a) Stock on 31.12.2006 Rs. 50,000.
(b) Transfer Rs. 3,000 to Reserve Fund.
(c) RBD at 5%.
(d) Depreciate Machinery at 10%.
(e) Outstanding interest on debentures for one year.
Prepare Final Accounts.
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