Board Paper of Class 12-Commerce 2014 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 2
Mention any two rules to be followed in the absence of Partnership Deed.
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- Question 4
Give the Journal entry for the asset taken over by partner in case of dissolution of firm.
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- Question 5
What do you mean by Issue of shares at par? Give an example.
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- Question 6
Under what heading do you show the following in Company Balance Sheet?
(a) Loans to Employees
(b) Proposed Dividend.
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- Question 11
Suraj, a partner in a firm, has withdrawn the following amounts during the year ended on 31. 12. 2013:
Rs. 6,000 on 31. 3. 2013
Rs. 10,000 on l. 7. 2013
Rs. 4,000 on 31. 10. 2013
Rs. 1,000 on 31. 12. 2013
Calculate interest on drawings at 6% per annum under Product method.
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- Question 12
Rama. Lakshmana and Bharatha are partners in a firm sharing profits and losses in the ratio of 2: 2: 1 respectively. Lakshmana retires from the firm. Rama and Bharatha agree to share the future profits equally.
Calculate the Benefit Ratio of the remaining partners.
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- Question 13
Anand, Ramesh and Suresh are partners sharing profits and losses in the ratio of 3: 2: 1. Their capital balances on 1. 1. 2013 stood at Rs. 45,000, Rs. 30,000 and Rs. 20,000 respectively. Ramesh died on 30. 9. 2013. Partnership deed provides the following:
(a) Interest on capital at 10% per annum.
(b) Salary to Ramesh Rs. 1,000 per month.
(c) His share of goodwill.
(d) His share of profit up to the date of death on the basis of previous year's profit.
(i) Total goodwill of the firm Rs. 27,000.
(ii) Profit of the firm for the year 2012 Rs. 15,000.
You are required to ascertain the amount payable to Ramesh’s Executors by preparing Executor's Account.
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- Question 14
ABC Co. Limited forfeited 500 shares of Rs. 100 each for non-payment of the final call money of Rs. 25 per share. Later, these shares were re-issued at Rs. 80 per share.
Give necessary Journal entries in the books of ABC Co. Ltd.
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- Question 15
Write any
six differences between Manual Accounting and Computerised Accounting.
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- Question 16
Vijay Kumar is a merchant keeping his books of accounts under Single Entry system. He gave the following information:
Particulars
|
1. 1. 2013
|
31. 12. 2013
|
Sundry Debtors
|
7,800
|
7,250
|
Sundry Creditors
|
4,500
|
5,450
|
Bank Overdraft
|
6,400
|
–
|
Cash
|
1,100
|
2,000
|
Cash in Bank
|
–
|
3,200
|
Bills Payable
|
–
|
3,000
|
Stock
|
24,000
|
40,000
|
Machinery
|
60,000
|
60,000
|
Motor Car
|
80,000
|
80,000
|
During the year, he withdrew cash Rs. 5,000 and goods worth Rs. 5,000 for his personal use. He introduced Rs. 10,000 as fresh capital (additional) as on 1. 4. 2013.
Adjustments:
(a) Depreciate Machinery by 5% per annum and write off Rs. 4,000 from Motor Car.
(b) Write off Bad Debts Rs. 250 and create 5% on debtors as RBD.
(c) Outstanding Salary Rs. 1,000 and Commission due but not received Rs. 1,000.
(d) Allow interest on capital at 5% including on additional capital.
Prepare:
(i) Statement of affairs
(ii) Statement of Profit or Loss
(iii) Revised statement of affairs as on 31. 12. 2013.
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- Question 17
Vani and Sandhya are partners sharing profits and losses in the ratio of 3: 2. Their Balance Sheet as on 31. 12. 2013 was as follows:
Balance Sheet as on 31. 12. 2013 |
Liabilities |
Amount
(Rs) |
Assets |
Amount
(Rs) |
Creditors |
57,000 |
Cash at Bank |
21,500 |
Bills Payable |
20,500 |
Bills Receivable |
4,000 |
Reserve |
20,000 |
Debtors |
60,000 |
|
Profit & Loss A/c |
5,000 |
Less: RBD |
3,000 |
57,000 |
Capitals: |
|
Stock |
35,000 |
Vani |
60,000 |
|
Furniture |
10,000 |
Sandhya |
30,000 |
90,000 |
Buildings |
40,000 |
|
|
Machinery |
25,000 |
|
1,92,500 |
|
1,92,500 |
|
|
|
|
On l. 1. 2014 Lakshmi is admitted into partnership on the following terms:
(a) She should bring Rs. 40,000 as capital for share and 25,000 towards goodwill.
(b) Depreciate machinery and furniture by 10%.
(c) Appreciate Buildings by 20%.
(d) Increase RBD on Debtors by Rs. 3,000.
(e) An amount of Rs. 2,000 due to a creditor is not likely to be claimed and hence to be written off.
Prepare:
(i) Revaluation A/c
(ii) Partners' Capital Accounts
(iii) Bank Account
(iv) New Balance Sheet as on 1. 1. 2014.
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- Question 18
Narayana and Raghurama are partners in a firm sharing profits and losses equally.
Their Balance Sheet as on 31. 12. 2013 was as follows:
Balance Sheet as on 31. 12. 2013 |
Liabilities |
Amount
(Rs) |
Assets |
Amount
(Rs) |
Creditors |
35,000 |
Cash at Bank |
20,000 |
Bills Payable |
10,000 |
Debtors |
45,000 |
Narayana's Loan |
27,000 |
Bills Receivable |
15,000 |
Reserve |
18,000 |
Stock |
40,000 |
Capitals: |
|
Building |
60,000 |
Narayana |
60,000 |
Motor Vehicle |
30,000 |
Raghurama |
70,000 |
Profit & Loss A/c |
10,000 |
|
2,20,000 |
|
2,20,000 |
|
|
|
|
On the above date, they decided to dissolve the firm on the following terms:
(a) The Assets realised as follows:
Debtors |
Rs. |
42,000 |
Bills Receivable |
Rs. |
15,000 |
Stock |
Rs. |
60,000 |
Building |
Rs. |
40,000 |
Motor Vehicle |
Rs. |
22,000 |
(b) Creditors and Bills Payable paid in full.
(c) Dissolution expenses paid Rs. 2,000.
Prepare:
(i) Realisation Account
(ii) Partners' Capital Accounts
(iii) Bank Account.
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- Question 19
A company acquires lease on 1. 1. 2010 for a term of 4 years, by payment, of Rs. 1,00,000. It is proposed to depreciate the lease by Annuity Method, charging 5% Interest.
As per annuity tables, the amount to be written off annually comes to Rs. 28,201.18.
Show
(i) Lease Account for four years and
(ii) Interest Account for four years.
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- Question 20
Following is the Trial Balance of Bangalore Company Limited, Bangalore.
Trial Balance as on 31. 12. 2013 |
Particulars |
Debit
Amount
(Rs) |
Credit
Amount
(Rs) |
Share Capital 30,000 equity shares @ Rs. 10 each |
_ |
3,00,000 |
Reserve Fund |
– |
1,25,000 |
Salary |
10,000 |
– |
Furniture |
50,000 |
– |
Building |
2,00,000 |
– |
10% Debentures |
– |
1,50,000 |
Opening Stock |
65,000 |
– |
Purchases and Sales |
1,50,000 |
2,60,000 |
Returns |
5,000 |
10,000 |
Goodwill |
50,000 |
– |
Investments |
80,000 |
– |
Calls in arrears |
25,000 |
– |
Cash at Bank |
30,000 |
– |
Profit and Loss Appropriation A/c |
– |
25,000 |
Vehicles |
50,000 |
– |
Preliminary Expenses |
30,000 |
– |
Freight |
7,000 |
– |
Audit Fees |
8,000 |
– |
Bills Receivable |
35,000 |
– |
Bills Payable |
– |
10,000 |
Dividend |
20,000 |
– |
Debtors and Creditors |
1,50,000 |
1,20,000 |
Wages |
35,000 |
– |
|
10,00,000 |
10,00,000 |
|
|
|
Adjustments:
(a) Closing stock was valued at Rs. 1,25,000 on 31. 12. 2013.
(b) Depreciate Furniture and Building at 10% per annum.
(c) Provide RBD on Debtors at 5%.
(d) Transfer Rs. 30,000 to Reserve Fund
(e) Interest on debenture was outstanding at 10% for one year.
Prepare the Final Accounts of the company for the year ended 31.12. 2013 in the prescribed form.
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- Question 21
Following are the Balance Sheet and Receipts and Payments Account of Chikmagalur Sports Club, Chikmagalur.
Balance Sheet as on 31. 12. 2012
|
Liabilities
|
|
Assets
|
|
Outstanding Salary
|
3,500
|
Cash
|
10,500
|
Pre-received Subscription
|
2,000
|
Sports materials
|
25,000
|
Capital Fund
|
92,000
|
Furniture
|
12,000
|
|
|
Land & Building
|
50,000
|
|
97,500
|
|
97,500
|
|
|
|
|
Receipts and Payments A/c for the year ended 31. 12. 2013
|
Receipts
|
|
Payments
|
|
To Balance b/d
|
10,500
|
By Salary
|
23,000
|
To Subscriptions
|
42,000
|
By Sports Materials (1. 7. 2013)
|
14,000
|
To Entrance Fees
|
5,000
|
By Investments
|
10,000
|
To Sale of old newspapers
|
1,500
|
By Postage
|
1,200
|
To Sports Fees
|
7,200
|
By Electricity Charges
|
2,300
|
|
|
By Up-keep of grounds
|
4,500
|
|
|
By Balance c/d
|
11,200
|
|
66,200
|
|
66,200
|
|
|
|
|
Adjustments:
(a) Outstanding-subscriptions for 2013 Rs. 1,000.
(b) Outstanding salary as on 31. 12. 2013 Rs. 4,500.
(c) Half of the entrance fees to be capitalised.
(d) Depreciate Sports materials at 20% per annum and furniture at 5% per annum.
Prepare:
(i) Income and Expenditure Account on 31. 12. 2013.
(ii) Balance Sheet on 31. 12. 2013.
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- Question 22
Prepare a statement of affairs to find out opening capital with five imaginary figures.
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- Question 23
Prepare a Machinery Account for two years with imaginary figures under Diminishing Balance Method of depreciation.
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- Question 24
Classify the following into Capital and Revenue:
(a) Legacies
(b) Purchase of Computer
(c) Subscriptions
(d) Life Membership Fees
(e) Printing and Stationery
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