Board Paper of Class 12-Commerce 2009 Accountancy (SET 1) - Solutions
General Instructions:
(i) This question paper contains four Sections A, B, C and D.
(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) Attempt any 2 questions from Section D, carrying 5 marks each.
(vi) All parts of the questions should be attempted at one place.
- Question 4
Give Journal Entry for Realisation Expenses paid on dissolution of firm.
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- Question 5
What is issue of shares at a discount? Give one example.
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- Question 6
Under what heading are the following items shown in the company's Balance Sheet?
(a) Preliminary Expenses
(b) Share Premium.
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- Question 8
State any two features of Income and Expenditure Account.
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- Question 11
Mr. Praveen, a partner in a firm withdrew Rs. 2,000 at the beginning of each month for his private use. Calculate interest on drawings of Praveen at 12% p.a. for the year ended 31-12-2008 under Average Period Method.
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- Question 12
Suresh, Ramesh and Mahesh are partners in a firm sharing profits and losses in the ratio of 2: 2: 1 respectively. Ramesh retires from the firm. Suresh and Mahesh agrees to share the future profits equally.
Calculate the benefit ratio of partners.
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- Question 13
A, B and C are partners sharing profits and losses in the ratio of 2: 2: 1.
Their Balance Sheet as on 31. 12. 2005 was as follows:
Balance Sheet
as on 31. 12. 2005 |
| Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
| S. Creditors |
30,000 |
Cash in hand |
10,000 |
| Capital: |
|
Debtors |
25,000 |
| A |
15,000 |
|
Stock |
40,000 |
| B |
25,000 |
|
Plant & Machinery |
40,000 |
| C |
30,000 |
70,000 |
|
|
| Reserve Fund |
15,000 |
|
|
| |
1,15,000 |
|
1,15,000 |
| |
|
|
|
A died on 30. 06. 2006. His executors should be entitled to:
(a) his capital on the date of last Balance Sheet.
(b) his proportion of reserve on the date of last Balance Sheet
(c) his proportion of profit to the date of death, on the basis of previous year's profit.
(d) his share of goodwill is calculated on the basis of three years' purchase of average profits of the past four years. The profit of the firm for the past four years were:
2002 - Rs. 23,000; 2003 - Rs. 20,000; 2004 - Rs. 19,000 and 2005 - Rs. 18,000.
You are required to ascertain the amount payable to the executors of the deceased partner.
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- Question 14
Bharat Company issued 1,000 6% debentures of Rs. 100 each payable as under:
(a) on application Rs. 20
(b) on allotment Rs. 30
(c) on first and final calls Rs. 50.
All the debentures were subscribed and amounts were duly received. Pass necessary Journal Entries.
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- Question 15
What are the advantages of computerised accounting?
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- Question 16
Priyadarshini keeps her books on single entry system. From the following information, prepare a Statement of profits or losses for the year ended 31-12-2005 and a Revised Statement of Affairs as on that date:
| Particulars |
01. 01. 2005
(Rs) |
31. 12. 2005
(Rs) |
| Machinery |
20,000 |
20,000 |
| Furniture |
2,000 |
2,000 |
| Motor car |
10,000 |
10,000 |
| Debtors |
10,000 |
16,000 |
| Stock |
12,000 |
13,000 |
| Cash |
8,000 |
5,000 |
| Creditors |
20,000 |
10,000 |
| Buildings |
25,000 |
25,000 |
During the year, she has withdrawn Rs. 3,800 for personal use and used goods valued Rs. 1,200 for domestic purpose. She had also introduced Rs. 5,000 as additional capital during the year.
Adjustments:
(a) Provide 5% interest on opening capital
(b) Reserve 10% on debtors for Bad debts
(c) Outstanding salaries Rs. 300
(d) Depreciate Machinery by 5% and Furniture by 10%.
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- Question 17
Rama and Bheema are partners sharing profits and losses in the ratio of 2 : 1. Their Balance Sheet as on 31. 12. 2008 was as follows:
Balance Sheet
as on 31. 12. 2008 |
| Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
| Creditors |
50,000 |
Cash |
2,400 |
| Bank Loan |
20,400 |
Vehicles |
30,000 |
| Reserve |
15,000 |
B/R |
20,000 |
| Profit & Loss A/c |
15,000 |
Debtors |
70,000 |
|
| Capital: |
|
Less - Reserve |
4,000 |
66,000 |
| Rama |
90,000 |
|
Stock |
62,000 |
| Bheema |
70,000 |
1,60,000 |
Furniture |
20,000 |
| |
|
Machinery |
60,000 |
| |
2,60,400 |
|
2,60,400 |
| |
|
|
|
Kumar is admitted into partnership on the following terms:
(a) He should bring Rs. 80,000 as capital for share and Rs. 30,000 towards goodwill.
(b) Goodwill is withdrawn by the old partners
(c) Machinery is depreciated by 10%
(d) Furniture is written down by Rs. 2,000
(e) Increase R.B.D. by Rs. 2,400
(f) An amount of Rs. 4,400 due to a creditor is not likely to be claimed and hence to be written off.
Prepare:
(i) Revaluation Account
(ii) Partners’ Capital Account
(iii) New Balance Sheet.
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- Question 18
Rashmi and Geetha are partners sharing profits and losses in the ratio of 3: 2. Their Balance Sheet as on 31-12-2006 is as follows:
Balance Sheet
as on 31. 12. 2006 |
| Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
| Sundry Creditors |
10,000 |
Cash at Bank |
5,000 |
| Bills Payable |
10,000 |
Investments |
5,000 |
| Rashmi's Loan |
5,000 |
Bills Receivable |
10,000 |
| Reserve Fund |
10,000 |
Debtors |
20,000 |
| Capitals: |
|
Stock |
15,000 |
| Rashmi |
30,000 |
|
Machinery |
15,000 |
| Geetha |
40,000 |
70,000 |
Furniture |
5,000 |
| |
|
Buildings |
20,000 |
| |
|
Goodwill |
10,000 |
| |
1,05,000 |
|
1,05,000 |
| |
|
|
|
On the above date the firm was dissolved and the assets were realised as follows:
(a) Bills Receivable Rs. 7,500, Sundry Debtors and Stock 10% less than the book value; value of the Machinery is to be increased @ 5%. Buildings realised Rs. 12,000. Goodwill is considered worthless.
(b) Furniture and investments were taken over by Rashmi and Geetha @ Rs. 4,000 each respectively. Dissolution expenses were Rs. 600. All the liabilities were discharged in full. Show the necessary Ledger Accounts.
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- Question 19
On 01-01-2005 Mr. Pradeep purchased Machinery for Rs. 30,000. On 30-06-2007 he sold a part of the machinery costing Rs. 10,000 for Rs. 7,200. On the same day he bought new machinery for Rs. 8,000. Every year depreciation was charged at 10% per annum on Straight Line Method.
Show the Machinery Account and Depreciation Account for four years.
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- Question 20
Following is the Balance Sheet and Receipts and Payments Account of Bellary Sports Club, Bellary.
Balance Sheet
as on 31. 12. 2007 |
| Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
| Outstanding Salary |
4,000 |
Cash Balance |
14,600 |
| Capital Fund |
65,000 |
Outstanding Subscriptions |
2,400 |
| |
|
Sports Materials |
32,000 |
| |
|
Furniture |
20,000 |
| |
69,000 |
|
69,000 |
| |
|
|
|
Receipts and Payments Account
for the year ended 31. 12. 2008 |
| Receipts |
Amount (Rs) |
Payments |
Amount (Rs) |
| To Balance b/d |
14,600 |
By Salary |
20,000 |
| To Subscriptions |
26,000 |
By Purchase of Sports Materials |
12,000 |
| To Building donation |
50,000 |
By Investments |
40,000 |
| To Entrance fees |
4,000 |
To Fixed deposit |
20,000 |
| To Sale of old newspapers |
400 |
By Postage |
600 |
| To Admission Fees |
2,400 |
By General Expenses |
800 |
| To Rent |
14,000 |
By Lighting charges |
2,600 |
| |
|
By Balance c/d |
15,400 |
| |
1,11,400 |
|
1,11,400 |
| |
|
|
|
Adjustments:
(a) Subscriptions outstanding for the year 2008 - Rs. 6,000
(b) Subscriptions received in advance for the year 2009 - Rs. 2,000
(c) Depreciate Sports Materials by Rs. 10,000 and Furniture by Rs. 1,000
(d) Capitalise Entrance fees
(e) Outstanding salaries Rs. 3,600 and lighting charges Rs. 600.
Prepare:
(i) Income and Expenditure Account
(ii) Balance Sheet as on 31. 12. 2008.
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- Question 21
Following is the Trial Balance of Laxmi Ltd., Hospet, as on 31-12-2008.
|
Trial Balance
as on 31. 12. 2008
|
| Particulars |
Debit
Amount
(Rs) |
Credit
Amount
(Rs) |
| Share Capital (8,000 shares of Rs. 10 each) |
– |
80,000 |
| Stock on 01-01-2008 |
51,000 |
– |
| Purchases and Sales |
2,20,000 |
3,30,000 |
| Returns |
3,800 |
– |
| General Expenses |
1,800 |
– |
| Wages |
12,000 |
– |
| Salaries |
18,700 |
– |
| Travelling Expenses |
3,200 |
– |
| Advertising |
1,550 |
– |
| Rent and Taxes |
4,900 |
– |
| Discount Received |
– |
2,200 |
| Bank Interest |
850 |
– |
| Bad Debts |
2,500 |
– |
| Buildings |
95,000 |
– |
| Plant and Machinery |
98,000 |
– |
| Sundry Debtors and Creditors |
45,000 |
55,500 |
| Loan |
– |
25,000 |
| Cash |
1,400 |
– |
| Reserve Fund |
– |
23,000 |
| Preliminary Expenses |
11,000 |
– |
| Profit and Loss Account (Cr) |
– |
55,000 |
| |
5,70,700 |
5,70,700 |
| |
|
|
Adjustments:
(a) Dividend at 15% on Share capital is to be provided
(b) Transfer Rs. 10,000 to Reserve fund
(c) Depreciate Plant and Machinery at 10%
(d) Provide depreciation on Buildings at 5%
(e) Stock on 31-12-2008 was valued at Rs. 12,000.
Prepare Trading, Profit and Loss Account, Profit and Loss Appropriation Account and Balance Sheet in the prescribed form.
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- Question 22
Prepare a proforma of a company Balance Sheet (with heads only).
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- Question 23
Prepare Executor's Account with at least five imaginary figures.
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- Question 24
Classify the following receipts into revenue and capitals:
(a) Legacies received
(b) Sale proceeds of computers
(c) Subscription received
(d) Interest on investments
(e) Building donations received.
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