Board Paper of Class 12-Commerce 2015 Accountancy (SET 1) - Solutions

Pratham and Chethan are partners sharing profits and losses in the ratio of 3 : 2. On 1-4-2013 they had capitals of Rs 60,000 and Rs 40,000 respectively.
According to their partnership deed they are entitled to the following :
  The profits for the year before making the above adjustments was Rs 24,100.
Prepare profit and loss appropriation A/c for the year ending 31-3-2014. VIEW SOLUTION

Ramesh and Suresh are partners sharing profits and losses in the ratio of 3 : 2. They admit Satish into partnership for 1/5^th share.
Calculate the new profit sharing ratio of all the partner’s. VIEW SOLUTION

Anil, Sunil and Rahul are the partners sharing profits and losses in the ratio of 3 : 2 : 1. Their capitals as on 1-4-2014 were Rs 70,000 Rs 90,000 and Rs 60,000 respectively.
Anil died on 31-12-2014 and the partnership deed provided the following :
 

Ascertain the amount payable to Anil’s executor by preparing Anil’s Capital A/c.

VIEW SOLUTION

Kaveri Co. Ltd. Issued 5,000 5% Debentures at Rs 250 each, at a discount of Rs 50 per debenture payable as follows.
Rs. 50 on Application
Rs. 100 on Allotment
Rs. 50 on first and final call.
All the debentures were subscribed and the money duly received upto the stage of allotment.
Pass the Journal entries related to the above information. VIEW SOLUTION

Karnataka Co. Ltd. had the following on 31-3-2014:
 

Current Assets	Rs	2,40,000
Current Liabilities	Rs	60,000
Quick Assets	Rs	1,20,000

 
Calculate : VIEW SOLUTION

From the following ledger balances prepare Receipts and Payments A/c of Bharani Charitable Trust.
 

Particulars	Amount (Rs)	Particulars	Amount (Rs)
Cash in hand	6,000	Subscriptions Received	12,000
Periodicals cost	600	Rent paid	5,000
Furniture bought	19,000	Salary paid	4,000
Legacies received	18,000	Electricity Charges	800
Postage	200

VIEW SOLUTION

Explain the stages of data processing cycle. VIEW SOLUTION

Following are the particulars related to Pushpak Co. Ltd., prepare machinery A/c and depreciation A/c for four years, charging depreciation at 10% p.a. on 31^st March every year under straight line method.

(a) Machine “X” purchased on 1-4-2009 at Rs 50,000 and spent further cost of Rs 10,000 for installation.
(b) Machine “Y” purchased on 30-6-2010 at a cost of Rs 40,000.
(c) Machine “X” sold on 30-9-2011 for Rs 42,400. VIEW SOLUTION

Srikanth, Girish and Manju are partners sharing profits and losses equally. Their balance sheet as on 31-3-2014 was as follows :
 

Balance Sheet as on 31.3.2014
Liabilities		Amount Rs	Assets	Amount Rs
Creditors		30,000	Cash	24,000
Bills payable		20,000	Bills receivables	28,000
Bank overdraft		25,000	Stock	36,000
Reserve Fund		15,000	Investments	9,000
Capitals			Debtors	20,000
Srikanth	60,000		Furniture	25,000
Girish	50,000		Machinery	32,000
Manju	30,000	1,40,000	Buildings	50,000
			Profit-loss A/c	6,000
		2,30,000		2,30,000

VIEW SOLUTION

Girija and Sudha are partners sharing profits and losses in the ratio of 3 : 2. They dissolved their firm on 31-3-2014.
 

Balance Sheet as on 31.3.2014
Liabilities		Amount Rs	Assets		Amount Rs
Creditors		20,000	Bank		15,000
Bills Payable		17,000	Debtors	25,000
Girija’s Loan		21,000	Less: Provision	1,000	24,000
Reserve Fund		10,000	Investments		10,000
P/L A/c		12,000	Stock		14,000
Capitals :			Furniture		16,000
Girija	44,000		Motor car		30,000
Sudha	40,000	84,000	Computer		25,000
			Buildings		30,000
		1,64,000			1,64,000

The details available are:

(a) Assets realised as follows :
 

Debtors	Rs 22,000
Stock	Rs 16,000
Furniture	Rs 14,000
Motor car	Rs 25,000
Buildings	Rs 40,000

 
(b) Investment is taken over by Girija at Book value.
(c) Computer is taken over by Sudha at 10% less.
(d) All liabilities are paid in full.
(d) Realisation on Expenses Rs 2,500.

Prepare :
(i) Realisation A/c
(ii) Partners capital A/c
(iii) Bank A/c VIEW SOLUTION

Varsha Co. Ltd. issued 10,000 Preference Shares at Rs 100 each at a premium of Rs 5 per share payable as follows :
All the shares were subscribed and the money duly received except on final call for 500 shares. The Directors forfeited these shares and re-issued at Rs 90 each fully paid.
Pass the necessary Journal Entries related to the above information. VIEW SOLUTION

Following is the Trial Balance of Kumar Co. Ltd., Davanagere, as on 31-3-2014.
 

Trial Balance as on 31. 3. 2014
Sl. No.	Name of Accounts	Debit Balance (Rs)	Credit Balance (Rs)
1.	Share Capital 10,000 Eq. Shares of Rs 10 each	—	1,00,000
2.	Stock on 1-4-2013	75,000	—
3.	Purchases/Sales	1,05,000	2,30,000
4.	Returns	10,000	5,000
5.	Wages	15,000	—
6.	Salaries	20,000	—
7.	Gas and Water	9,000	—
8.	Sundry Expenses	1,000	—
9.	Preliminary Expenses	12,000	—
10.	Commission	6,000	5,000
11.	Debtors/Creditors	30,000	20,000
12.	Goodwill	25,000	—
13.	Furniture	10,000	—
14.	Plant and Machinery	40,000	—
15.	Buildings	50,000	—
16.	P/L Appropriation A/c	—	24,500
17.	Reserve Fund	—	24,000
18.	Bad Debts	2,000	—
19.	Investments	25,000	—
20.	Interest on Investment	—	1,500
21.	Cash at Bank	20,000	—
22.	10% Debentures	—	50,000
23.	Interest on Debentures	5,000	—
		4,60,000	4,60,000

Adjustments :
(a) Depreciate buildings at 10%
(b) Write off $\frac{1}{3}$ of preliminary Expenses
(c) Transfer Rs 10,000 to Reserve Fund
(d) Dividend declared at 10% for the current year
(e) Closing Stock Rs 1,25,000.

Prepare :
(i) Income Statement for the year ending 31-3-2014.
(ii) Position statement. VIEW SOLUTION

From the following Balance Sheets of Narayan Industries Ltd., computer the trend percentage using 31-3-2011 as the base year.
 

Particulars	31-3-2011 (Rs)	31-3-2012 (Rs)	31-3-2013 (Rs)
Share Capital	1,00,000	1,25,000	1,50,000
Reserves	50,000	75,000	75,000
Loans	1,00,000	50,000	25,000
Creditors	1,50,000	2,00,000	1,00,000
Buildings	1,00,000	1,25,000	1,50,000
Plant and Machinery	1,00,000	1,25,000	50,000
Stock	1,25,000	1,25,000	75,000
Debtors	50,000	50,000	50,000
Cash at Bank	25,000	25,000	25,000

VIEW SOLUTION

Following is the Balance Sheet and Receipts and Payments Account of Bengaluru Education Society.
 

Balance Sheet as on 31.3.2013
Liabilities	Amount Rs	Assets	Amount Rs
O/S Salaries	5,000	Cash at Bank	22,000
Building Fund	50,000	Books	25,000
Capital Fund	72,500	Furniture	30,000
		Buildings	50,000
		O/S Subscription	500
	1,27,500		1,27,500

 

Receipts and Payments Account for the year ended 31.3.2014
Dr.					Cr.
Receipts		Amount (Rs)	Payments	Amount (Rs)
To Balance b/d		22,000	By Salaries	20,000
To Subscriptions		18,800	By Printing and Stationery	2,000
To Entrance fee		10,000	By Office expenses	4,000
To Sale of old Newspaper		200	By Books Bought (1-4-2013)	5,000
			By Newspaper Subscription	500
			By Refreshment Expenses	600
			By E-mail charges	200
			By Balance c/d	18,700
		51,000		51,000

Adjustments :
(a) O/S subscription for 31-3-2014 Rs 5,000.
(b) O/S Salary for 31-3-2014 Rs 600.
(c) Half of the Entrance fee is to be capitalised.
(d) Depreciate Furniture at 10% and Books at 30%.
 
Prepare :
(i) Income and Expenditure A/c for the year ending 31-3-2014
(ii) Balance Sheet. VIEW SOLUTION

How do you treat the following in the absence of partnership deed?
(a) Interest on capital
(b) Interest on drawings
(c) Interest on loan
(d) Distribution of profit or losses
(e) Salary to partner. VIEW SOLUTION

Write the pro-forma of Vertical Balance Sheet of the Joint Stock Company with
appropriate heads. VIEW SOLUTION

Prepare the tree diagram of hierarchical data base model. VIEW SOLUTION