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Board Paper of Class 12-Commerce 2008 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
    State any two contents of partnership deed. VIEW SOLUTION
  • Question 6
    Under which headings do the following items appear in the Company’s Balance Sheet?

    (a) Share premium

    (b) Discount on issue of shares. VIEW SOLUTION
  • Question 7
    What factors do you take into account in determining the amount of depreciation? VIEW SOLUTION
  • Question 8
    Point out any two differences between Capital expenditure and Revenue expenditure. VIEW SOLUTION
  • Question 11
    Sharada and Laxmi are partners having capitals of Rs. 1,20,000 and Rs. 1,00,000 respectively. Their profit sharing ratio is 3 : 2. On 31.12.2007 their net profit was Rs. 38,500. They decided to allow interest on capital at 5% and salary to Sharada at Rs. 750 per month. Interests on their drawings are Rs. 1,000 and Rs. 500 respectively.

    Prepare Profit and Loss Appropriation Account.

    VIEW SOLUTION
  • Question 12
    Ram and Laxman are partners sharing profits and losses in the ratio of 5 : 3. They admit Bharat into business and the new profit sharing ratio was agreed to be 8 : 5 : 3.

    Calculate the Sacrifice Ratio.

    VIEW SOLUTION
  • Question 13

    A, B and C are partners sharing profits and losses in the ratio of 2 : 2 : 1.

    They get interest at 5% p.a. on their capitals. They receive salaries of Rs. 500, Rs. 400 and Rs. 300 per month respectively. Their Balance Sheet is given below:
     

    Balance Sheet
    as on 31.12.2006

    Liabilities

    Amount
    (Rs)

    Assets

    Amount
    (Rs)

    Creditors

    30,000

    Cash at Bank

    39,000

    Capitals:

     

    Debtors

    49,000

    A

    60,000

    Stock

    32,000

    B

    50,000

    Machinery

    60,000

    C

    40,000

     

     

     

    1,80,000

     

    1,80,000

     

     

     

     

    B died on 01.07.2007. According to the partnership deed, the executors of the deceased partner are entitled to claim:
    (i) Capital of B
    (ii) Interest on capital
    (iii) Salary
    (iv) Share of goodwill.

    The goodwill of the firm is valued at Rs. 40,000.
    B’s drawings upto the date of death are Rs. 4,250.
    Prepare B’s executors account.

    VIEW SOLUTION
  • Question 14

    On 01.01.2007, the directors of Aparna Company Limited resolved that 600 shares of Rs. 100 each are forfeited for the non-payment of first call Rs. 40 and final call of Rs. 10 each.

    On 01.02.2007 the above forfeited shares were reissued as fully paid at Rs. 80 per share.

    Pass Journal entries for the above transactions.

    VIEW SOLUTION
  • Question 15
    Mention any six features of computerised accounting. VIEW SOLUTION
  • Question 16
    Kumar is a merchant, keeping his books of accounts under single entry system. He gave the following information:
     
    Particulars 01.01.2007 (Rs) 31.12.2007 (Rs)
    Sundry debtors 7,800 7,250
    Sundry creditors 4,500 5,450
    Bank overdraft 6,400
    Cash 1,100 2,000
    Bank Balance 3,200
    B/P 3,000
    Stock 6,000 10,000
    Machinery 15,000 15,000
    Motor Car 20,000 20,000

    During the year, he withdrew cash Rs. 5,000 and goods worth Rs. 2,000 for his personal use. He introduced Rs. 10,000 as additional capital on 01.04.2007.
        
    Adjustments:
    (i) Depreciate machinery by 5% per annum and write off Rs. 1,000 from motor car.
    (ii) Write off bad debts Rs. 250 and create R.B.D. at 5% on debtors.
    (iii) Outstanding salary Rs. 500 and Rent due but not received Rs. 1,200.
    (iv) Allow interest on Capital at 5% including additional capital.

    Prepare:
    (a) Statement of Affairs    
    (b) Statement of Profit or Loss    
    (c) Revised Statement of Affairs VIEW SOLUTION
  • Question 17

    M, N and O were partners sharing profits in the ratio of 3 : 2 : 1 respectively.

    Their Balance Sheet as on 31.12.2007 was as follows:

    Balance Sheet
    as on 31.12.2007

    Liabilities

    Amount
    (Rs)

    Assets

    Amount
    (Rs)

    Capital:

     

    Cash

    2,500

    M

    40,000

    Debtors

    9,500

    N

    30,000

    Stock

    25,000

    O

    25,000

    Motor Van

    8,000

    Reserve fund

    9,000

    Machinery

    35,000

    Creditors

    24,000

    Buildings

    45,000

     

     

    Profit & Loss A/c

    3,000

     

    1,28,000

     

    1,28,000

     

     

     

     

    N retires on the above date and the following adjustments were made:

    (a) N’s share of goodwill was valued at Rs. 6,000. It was decided to write off the goodwill.

    (b) Machinery and motor van were reduced by 10% and 5% respectively.

    (c) Stock & Buildings were appreciated by 20% and 10% respectively.

    (d) Provision on debtors was to be created Rs. 1,400 for Bad debts.

    Prepare:

    (i) Revaluation Account

    (ii) Partners’ Capital Accounts

    (iii) Balance Sheet of Continuing Partners.

    VIEW SOLUTION
  • Question 18

    The following is the Balance Sheet of X, Y & Z as on 31.12.2007:
     

    Balance Sheet as on 31.12.2007

    Liabilities

    Amount
    (Rs)

    Assets

    Amount
    (Rs)

    Creditors

    15,000

    Cash

    6,500

    Bills Payable

    1,800

    Debtors

    8,600

    Reserve fund

    6,000

    Investments

    10,000

    Capital:

     

    Stock

    13,700

    X

    22,000

    Furniture

    5,100

    Y

    12,000

    Buildings

    12,900

    Z

    10,000

    Goodwill

    10,000

     

     

     

     

     

    66,800

     

    66,800

     

     

     

     

    It was decided to dissolve the partnership firm on the following terms:

    (a) X took over goodwill at Rs. 12,000 and furniture at Rs. 4,500.

    (b) Y took over creditors at book value.

    (c) Z took over Bills payable at book value.

    (d) The other assets realised as under:

    Debtors Rs. 8,000, Investments Rs. 8,950, Stock Rs. 15,600 and Buildings Rs. 15,750.

    (e) Realisation expenses amounted to Rs. 600.

    Prepare:

    (i) Realisation Account

    (ii) Partners’ Capital Accounts

    (iii) Cash Account.

    VIEW SOLUTION
  • Question 19
    Following is the Trial Balance of Jogi Company Ltd.  as on 31.12.2007:
     

    Trial Balance
    as on 31.12.2007

    Particulars

    Debit

    Amount
    (Rs)

    Credit

    Amount
    (Rs)

    Stock

    8,000

    Purchases and Sales

    30,000

    70,000

    Wages

    8,500

    Returns

    2,000

    1,500

    Freight

    2,000

    Salaries

    6,000

    Discounts

    6,000

    1,000

    Sundry expenses

    2,000

    B/R

    1,000

    Debtors & Creditors

    14,000

    5,700

    Land & Buildings

    20,000

    Preliminary expenses

    7,400

    Machinery

    8,000

    Furniture

    11,500

    Investments

    9,000

    Cash in hand

    4,600

    Cash at Bank

    6,000

    Loose tools

    10,000

    Goodwill

    10,000

    Reserve fund

    3,800

    Share Capital (600 shares of Rs. 100 each)

    60,000

    Loan

    10,000

    Profit and Loss Appropriation Account

    4,000

    Debentures

    10,000

     

    1,66,000

    1,66,000

         

    Adjustments:

    (a) Closing stock Rs. 12,000.

    (b) Write off Rs. 1,200 Bad debts.

    (c) Write off Rs. 3,400 from preliminary expenses.

    (d) Provide for dividend Rs. 7,000.

    (e) Depreciate machinery at 5%.

    (f) Transfer Rs. 1,000 to Reserve fund.

    Prepare Final Account of the company in the prescribed form.

    VIEW SOLUTION
  • Question 20

    On 01.01.2004 Krishna & Company purchased a machinery for Rs. 1,00,000.

    On 01.01.2005 another machinery was purchased for Rs. 60,000.

    On 30.06.2006, a part of the machinery costing Rs. 30,000, which was purchased on 01.01.2005 was sold for Rs. 22,500.

    Depreciation was charged at 10% p.a. under diminishing balance method. Show machinery account and depreciation account for four years. VIEW SOLUTION
  • Question 21
    The following is the Balance Sheet of Vijay Library as on 01.01.2006:
     

    Balance Sheet as on 01.01.2006

    Liabilities

    Amount
    (Rs)

    Assets

    Amount
    (Rs)

    Outstanding Rent

    200

    Cash in hand

    1,400

    Capital fund

    23,800

    Books

    14,000

     

     

    Furniture

    8,000

     

     

    Outstanding Subscription

    600

     

    24,000

     

    24,000

     

     

     

     

    The Receipts and Payments account of the Library for the year ending 31.12.2006 is as under:

    Receipts and Payments Account
    for the year ending 31.12.2006

    Receipts

    Amount
    (Rs)

    Payments

    Amount
    (Rs)

    To Cash Balance

    1,400

    By Rent

    2,400

    To Subscriptions

    12,000

    By Printing

    1,200

    To Entrance Fees

    2,000

    By Office Expenses

    2,800

    To Donations

    4,000

    By Books bought (31.12.2006)

    10,000

    To Sale of old papers

    1,000

    By Investment

    2,000

    To Sundry receipts

    600

    By Closing Balance

    2,600

     

    21,000

     

    21,000

     

     

     

     

    Adjustments:

    (a) Outstanding rent on 31.12.2006 was Rs. 300.

    (b) Subscription receivable for the year 2006 amounted to Rs. 400.

    (c) Subscription received in advance for the year 2007 was Rs. 800.

    (d) Half of the Entrance fees and half of the Donations are to be capitalised.

    (e) Depreciate books at 10% and furniture at 5%.

    Prepare:

    (i) Income and Expenditure A/c

    (ii) Balance Sheet as on 31.12.2006. VIEW SOLUTION
  • Question 22
    Prepare Capital Accounts of two partners with five imaginary figures. VIEW SOLUTION
  • Question 23
    Prepare a Machinery Account for two years with imaginary figures under fixed installment method. VIEW SOLUTION
  • Question 24
    Prepare an Income and Expenditure Account with five imaginary figures. VIEW SOLUTION
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