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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. VIEW SOLUTION
  • Question 6

    Under what headings will you show the following items in Company's Balance sheet?

    (a) Bills Receivable

    (b) Preliminary Expenses.

    VIEW SOLUTION
  • Question 7
    Write the formula for calculating the amount of depreciation under original cost method if percentage is not given. VIEW SOLUTION
  • Question 8
    Give two examples for Capital expenditures. VIEW SOLUTION
  • 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. VIEW SOLUTION
  • 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. VIEW SOLUTION
  • 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.

    VIEW SOLUTION
  • 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.

     

    VIEW SOLUTION
  • Question 15
    Explain the advantages of Computer accounting. VIEW SOLUTION
  • 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.

    VIEW SOLUTION
  • 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.

    VIEW SOLUTION
  • 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.

    VIEW SOLUTION
  • 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 15 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. VIEW SOLUTION
  • 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.

    VIEW SOLUTION
  • 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.

    VIEW SOLUTION
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