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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 1
    What are the two disadvantages of single entry system? VIEW SOLUTION
  • Question 2
    What are the two methods of maintaining capital accounts in partnership business? VIEW SOLUTION
  • Question 3
    How do you close Revaluation account in admission of a partner? VIEW SOLUTION
  • Question 4
    State the different types of shares that can be issued by a public company. VIEW SOLUTION
  • Question 5
    Give the journal entry for the asset taken by a partner in dissolution of a firm. VIEW SOLUTION
  • Question 6

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

    (a) Share premium

    (b) Discount on issue of shares.

    VIEW SOLUTION
  • Question 9
    State any two limitations of Computerised Accounting. VIEW SOLUTION
  • Question 11
    Ganesh has withdrawn as shown below:
    Rs. 1,000 on   28. 02. 2006
    Rs. 3,000 on   01. 07. 2006
    Rs. 2,000 on   31. 08. 2006
    Rs. 4,000 on   01. 10. 2006.

    Calculate interest on drawings at 12% p.a. under product method for accounting year ended 31. 12. 2006. VIEW SOLUTION
  • Question 12
    A, B and C are partners sharing profits in the ratio of 12, 13 & 16  respectively. A retires from the business. B and C decide to continue as equal partners.

    Calculate the gain ratio of B and C.

    VIEW SOLUTION
  • Question 13
    Ashok, Balu and Chandra are partners sharing profit and loss in the ratio of 2: 2: 1. Their capitals on 1. 1. 2005 was Rs. 50,000, Rs. 30,000 and Rs. 25,000 respectively.

    Ashok died on 1. 7. 2005. Partnership deed provides the following:

    (a) Salary to Ashok Rs. 400 per month.

    (b) Interest on Capital at 10% p.a.

    (c) His share of Goodwill, Profit and Reserve.

    Goodwill of the firm valued at Rs. 25,000. Profit of the firm valued at Rs. 7,000. Reserve of the firm valued at Rs. 15,000. Prepare Ashok's Capital a/c. VIEW SOLUTION
  • Question 14
    ABC Company Limited forfeited 700 shares of Rs. 10 each for non- payment of 1st call Rs. 2 per share and final call of Rs. 3 per share.

    These forfeited shares were reissued as fully paid up at Rs. 8 per share. Give necessary journal entries.

    VIEW SOLUTION
  • Question 15
    What are the features of Computerised Accounting? VIEW SOLUTION
  • Question 16

    Krishna, a retailer kept his books of accounts under single entry system.

    The following information is available:

    Particulars 1. 1. 2006
    (Rs)
    31. 12. 2006
    (Rs)
    Cash in hand 2,000 3,000
    Cash at Bank  4,000 6,000
    Stock 15,000 20,000
    Debtors 18,000 21,500
    Bills Receivable 5,000 15,000
    Bills Payable  8,000 10,000
    Creditors 12,000 8,000
    Machinery 25,000 25,000
    Building 30,000 30,000
    Furniture 10,000 10,000
    Motor van (1. 7. 2006)
    15,000

    During the year, he withdrew Rs. 7,000 for his personal use. On 30. 6. 2006 he has introduced Rs. 9,000 as additional capital.

    Adjustments:

    (a) Depreciate Machinery, Furniture and Motor van by 10% p.a.

    (b) Appreciate building by 5%.

    (c) Allow interest on capital at 6% p.a.

    (d) Write off bad debts Rs. 1,500 and maintain RBD at 5%.

    (e) Prepaid Rent Rs. 800.

    Prepare:

    (i) Statement of Profit or Loss

    (ii) Revised Statement of Affairs. VIEW SOLUTION
  • Question 17

    Ravi and Suri are partners sharing profit and loss in the ratio of 3: 2. Their Balance Sheet as on 31. 12. 2006 was as follows:  

    Balance Sheet
    as on 31. 12. 2006
    Liabilities Amount
    (Rs)
    Assets Amount
    (Rs)
    Creditors 50,000 Cash 10,000
    Bills Payable 25,000 Stock 40,000
    Capital:   Bills Receivable 10,000
    Ravi 50,000   Debtors 41,000  
    Suri 35,000 85,000   Less: Reserve 1,000 40,000
    Profit and Loss a/c 10,000 Furniture 15,000
    Reserve fund 25,000 Building 40,000
        Plant and Machinery 40,000
      1,95,000   1,95,000
           

    Varun was admitted on 1. 1. 2007 for 15 share on the following terms:

    (a)  He brings in Rs. 15,000 as goodwill and Rs. 30,000 as capital.

    (b) Half of the goodwill is to be withdrawn.

    (c) Building is revalued at Rs. 55,000.

    (d) Maintain RBD at 10% on debtors.

    (e) Depreciate furniture and plant and machinery at 10%.

    (f) Outstanding legal expenses Rs. 2,000.

    Prepare:

    (i) Revaluation account

    (ii) Capital accounts and

    (iii) New Balance Sheet.

    VIEW SOLUTION
  • Question 18

    Following is the Balance Sheet of A, B and C Ltd. who share profit and loss in proportion of 12, 13 and 16 dissolved on 31. 12. 2005.  

    Balance Sheet
    as on 31. 12. 2005
    Liabilities Amount
    (Rs)
    Assets Amount
    (Rs)
    Creditors 12,000 Cash 11,000
    Bills Payable 5,000 Debtors 8,000  
    A's Loan a/c 8,000   Less: Reserve 400 7,600
    Capital:   Stock 12,400
    A 20,000   Furniture 5,000
    B 15,000   Motor van 15,000
    C 10,000 45,000 Building 25,000
    Reserve 6,000    
      76,000   76,000
           

    Adjustments:

    (a) Assets realised as follows:

    Debtors Rs. 10,800; Stock Rs. 16,000; Furniture Rs. 6,000; Motor van Rs. 15,000; Building Rs. 30,000.

    (b) Expenses of realisation amounted to Rs. 600.

    (c) Creditors and Bills payable were paid in full.

    (d) Outstanding Liability of Rs. 200 was also paid.

    Prepare necessary Ledger accounts. VIEW SOLUTION
  • Question 19
    On 1. 1. 2000 a firm purchased a lease costing Rs. 50,000 for a term of 5 years. It is proposed to depreciate the Lease by Annuity method charging 5% interest. With reference to Annuity Tables show that Rs. 11,548.75 to be depreciated every year.

    Show Lease account and Depreciation account for all the five years.

    VIEW SOLUTION
  • Question 20

    Following is the Receipts and Payments a/c and Balance Sheet of Karnataka Sports Club, Bangalore.  

    Balance Sheet
    as on 31. 12. 2005
    Liabilities Amount
    (Rs)
    Assets Amount
    (Rs)
    Outstanding Salary 1,600 Cash 26,200
    Outstanding Rent 400 Outstanding subscription 2,400
    Subscription received in advance 2,000 Investment 2,600
    Capital fund 65,400 Sports Material 21,800
        Furniture 16,400
           
      69,400   69,400
           
     
    Receipts and Payments A/c
    as on 31. 12. 2006
    Receipts Amount
    (Rs)
    Payments Amount
    (Rs)
    To Balance b/d 26,200 By Rent  
    To Subscription   2005 400  
    2005  2,400   2006 4,400 4,800
    2006  45,100   By Salary  
    2007 2,100 49,600 2005 1,600  
    To Donation 16,200 2006 23,200  
    To Entrance fee 32,600 2007 1,200 26,000
    To Interest 1,400 By Printing 7,600
    To Sale of sports materials (Original cost Rs. 8,000) 1,000 By General Expenses 5,400
        By Furniture 24,000
        By Sports Material 28,800
        By Balance c/d 30,400
      1,27,000   1,27,000
           

    Adjustments:

    (a) Subscriptions outstanding Rs. 2,800

    (b) Printing unpaid Rs. 500

    (c) Interest accrued Rs. 400

    (d) Depreciate furniture by 10% & sports material by 10%.

    (e) Capitalise 50% of Donations.

    Prepare:

    (i) Income and Expenditure Account

    (ii) Balance Sheet.

    VIEW SOLUTION
  • Question 21

    Following is the Trial Balance of Balaji Trading Company Limited.  

    Trial Balance as on 31.12.2005
    Particulars Debit
    Amount
    (Rs)
    Credit
    Amount
    (Rs)
    Share Capital 1,25,000
    Calls in arrears 2,000
    Stock 1. 1. 2005 17,000
    Purchases and Sales 52,500 1,04,000
    Returns 4,000 2,500
    Freight 3,000
    Salary 7,500
    Director's fees 4,900
    Preliminary expenses 6,000
    Debtors and Creditors 12,000 34,000
    Furniture 10,000
    Building 25,000
    Goodwill 45,000
    Investment 17,000
    Bills Receivable and Payable 5,000 10,000
    Interest 1,500
    Profit and Loss a/c 10,000
    Machinery 40,000
    Vehicles 50,000
    Reserve Fund 15,000
    Dividend paid 3,000
    Bad debts 1,600
    Cash at Bank 14,500
    Trade Mark 25,000
    10% Debentures 28,000
    Cash in hand 25,000
    Overdraft 40,000
      3,70,000 3,70,000
         

    Adjustments:

    (a) Closing stock valued at Rs. 45,000.

    (b) Provide RBD on debtors at 10%.

    (c) Depreciate Building & Furniture at 10% each.

    (d) Transfer Rs. 10,000 to Reserve fund.

    (e) Half of the preliminary expenses be written off.

    (f) Provide outstanding debenture interest for full year.

    Prepare Final Accounts. VIEW SOLUTION
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