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KARNATAKA Class 12 Commerce: 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 rules to be followed in the absence of partnership deed. VIEW SOLUTION
  • Question 3
    Mention any two factors which determine the goodwill of a partnership firm. VIEW SOLUTION
  • Question 4
    Give the journal entry to close partner’s loan account on dissolution of firm. VIEW SOLUTION
  • Question 5
    What is issue of shares at a premium? Give an example. VIEW SOLUTION
  • Question 6
    Under what heading do you show the following in Company’s Balance Sheet?

    (a) Forfeited Shares Account

    (b) Preliminary Expenses. VIEW SOLUTION
  • Question 8
    Bring out any two differences between Receipts and Payments account and Income and Expenditure account. VIEW SOLUTION
  • Question 10
    State any two features of computerised accounting. VIEW SOLUTION
  • Question 11
    Vikas, a partner in a firm has withdrawn the following amounts during the year ended 31. 12. 2007:

    Rs. 6,000 on 31. 03. 2007
    Rs. 10,000 on 01. 07. 2007
    Rs. 4,000 on 31. 10. 2007
    Rs. 1,000 on 31. 12. 2007.

    Calculate interest on drawings at 6% per annum under product method. VIEW SOLUTION
  • Question 12
    Vidya and Vani were partners sharing profits and losses in the ratio of 3: 2. They admit Vijaya as a new partner. The new profit sharing is agreed to be 4: 3: 2.

    Calculate the sacrifice ratio of the old partners. VIEW SOLUTION
  • Question 13
    Asha, Usha and Nisha were partners in a firm sharing profits and losses in the ratio of 2: 2: 1. On 31. 12. 2006 their Balance Sheet is as follows:
     

    Liabilities

    Amount
    (Rs)

    Assets

    Amount
    (Rs)

    Creditors

    20,000

    Cash at Bank

    10,000

    Reserve fund 

    10,000

    Debtors

    30,000

    Bills Payable

    10,000

    Stock

    20,000

    Capital:

     

    Furniture

    10,000

    Asha

    40,000

     

    Buildings

    40,000

    Usha

    20,000

     

     

     

    Nisha

    10,000

    70,000

     

     

     

    1,10,000

     

    1,10,000

     

     

     

     

    Usha died on 30. 04. 2007. Usha’s executors entitled to claim the following:

    (i) Her capital as on the date of last Balance Sheet

    (ii) Her share of Reserve Fund

    (iii) Salary Rs. 500 per month

    (iv) Her share of goodwill. Firm’s goodwill was valued at Rs. 20,000.

    (v) Her share of profit upto the date of death on the basis of previous year’s profit which was Rs. 24,000.

    Prepare Usha’s Capital Account and ascertain the amount payable to her executors. VIEW SOLUTION
  • Question 14
    The Laxmi Company Ltd. issued 10,000 equity shares of Rs. 10 each. The amount payable was as follows:

    On application Rs. 2
    On allotment Rs. 3
    On 1st & Final Call Rs. 5

    All the shares were subscribed and all the money received except the 1st & Final Call on 200 shares.

    Give Journal entries for issue of shares in the books of the Company. VIEW SOLUTION
  • Question 15
    Briefly explain six disadvantages of Computerised Accounting. VIEW SOLUTION
  • Question 16

    Mr. Vivek a retail trader has kept his books of accounts under single entry system. The following information is available from his books:

    Particulars

    01. 01. 2007
    (Rs)

    31. 12. 2007
    (Rs)

    Bank Balance

    15,000

    Stock in trade

    20,000

    30,000

    Debtors

    25,000

    35,000

    Creditors

    30,000

    40,000

    Investments

    10,000

    20,000

    Furniture

    15,000

    15,000

    Building

    40,000

    40,000

    Motor Vehicle (01. 07. 2007)

    20,000

    Bank overdraft

    10,000

    During the year, he withdrew Rs. 15,000 cash and goods worth Rs. 5,000 for his household purpose.

    Adjustments:
    (i) Write off bad debts Rs. 1,000 and maintain R.D.D. at 5% on debtors.
    (ii) Depreciate Furniture and Motor vehicles at 10%.
    (iii) Appreciate Building at 20%.
    (iv) Interest on overdraft outstanding Rs. 500.
    (v)  Allow interest on capital at 8% p.a.

    Prepare:
    (a) Statement of affairs
    (b) Statement showing profit or loss
    (c) Revised statement of affairs as on 31. 12. 2007. VIEW SOLUTION
  • Question 17
    Naveen, Nutan and Praveen were partners in a business sharing profits and losses in the ratio of 4 : 3 : 1 respectively.

    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

    28,000

    Cash at Bank

    7,000

    General Reserve

    4,000

    Bills Receivable

    9,000

    Bills Payable

    20,000

    Debtors

    20,000

    Capital:

     

    Stock

    30,000

    Naveen

    25,000

     

    Machinery

    24,000

    Nutan

    15,000

     

    Furniture

    10,000

    Praveen

    10,000

    50,000

    Profit & Loss A/c

    2,000

     

    1,02,000

     

    1,02,000

     

     

     

     


    Nutan retired on the above date subject to the following terms:
     

    (a) Machinery be depreciated by 5%.

    (b) That stock be appreciated by 10%

    (c) A bad debts reserve is to be created at 5% on debtors.

    (d) The goodwill of the firm be valued at Rs. 8,000 and same should be shown in the Balance Sheet of the continuing partners.

    (e) That the total capital of the new firm be fixed at Rs. 50,000 between Naveen and Praveen. The new profit sharing ratio of the remaining partners was agreed at 6: 4. The capital adjustments are to be made in cash.

    Prepare:

    (i) Revaluation Account

    (ii) Partner’s Capital Accounts

    (iii) Balance Sheet of Continuing Partners.

    VIEW SOLUTION
  • Question 18
    Shruti, Shilpa and Shreya were partners in a firm, sharing profits and losses in the ratio of 2 : 2 : 1. Their Balance Sheet on the date of dissolution was as follows:
     

    Balance Sheet
    as on 31. 12. 2006

    Liabilities

    Amount
    (Rs)

    Assets

    Amount
    (Rs)

    Creditors

    30,000

    Cash at Bank

    6,000

    Bills Payable

    20,000

    Debtors

    30,000

    Shreya’s loan

    8,000

    Stock

    30,000

    General Reserve

    10,000

    Furniture

    22,000

    Capital:

     

    Machinery

    20,000

    Shruti

    40,000

     

    Building

    50,000

    Shilpa

    30,000

     

     

     

    Shreya

    20,000

    90,000

     

     

     

    1,58,000

     

    1,58,000

     

     

     

     


    The assets realised as follows:
    (a) Debtors realised 10% less than the book value, the stock realised 15% more than the book value, building realised Rs. 60,000.
    (b) The furniture was taken over by Shruti at Rs. 20,000.
    (c) The machinery was taken over by Shilpa at Rs. 15,000.
    (d) Creditors and bills payable were paid off at a discount of 5%.
    (e) Cost of dissolution amounted to Rs. 1,500.

    Prepare:
    (i) Realisation Account
    (ii) Partner’s Capital Accounts
    (iii) Bank Account. VIEW SOLUTION
  • Question 19
    (i) On 01. 01. 2002, a firm bought Machine X costing Rs. 28,000 and spent Rs. 2,000 for its installation.
    (ii) Machine Y was purchased on 01. 07. 2003 for Rs. 40,000.
    (iii) Machine X was sold on 30. 04. 2004 for Rs. 23,000.
        
    Depreciation is to be charged at 10% per annum under Diminishing Balance Method.

    Show (i) Machinery Account and (ii) Depreciation Account for 4 years ending on 31. 12. 2005. VIEW SOLUTION
  • Question 20
    The following is the Balance Sheet of Public Library, Mysore, as on 01. 01. 2006 was as follows:
     

    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

     

     

     

     

     

    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 & Stationery

    1,200

    To Entrance Fees

    2,000

    By Office Expenses

    2,800

    To Donations

    4,000

    To Books bought (01. 07. 2006)

    10,000

    To Sale of old papers

    1,000

    By Investment in Securities

    2,000

    To Sundry receipts

    600

    By Closing Balance

    2,600

     

    21,000

     

    21,000

     

     

     

     

     

    Adjustments:
    (i) Outstanding rent on 31. 12. 2006 was Rs. 300.
    (ii) Subscriptions outstanding for the year 2006 amounted to Rs. 400 and Received in advance for the year 2007 was Rs. 800.
    (iii) Half of Entrance fees and entire donations are to be capitalised.
    (iv) Depreciation 10% per annum on Books and 5% per annum on Furniture is to be calculated.

    Prepare Income and Expenditure Account for the year ending 31. 12. 2006 and also Balance Sheet as on that date. VIEW SOLUTION
  • Question 21
    From the following Trial Balance of the Arunodaya Company Ltd. Prepare company final accounts as on 31. 03. 2007 in the prescribed form:
     

    Trial Balance
    as on 31. 03. 2007

    Particulars

    Debit

    Amount
    (Rs)

    Credit

    Amount
    (Rs)

    Called up Capital (20,000 shares of Rs. 5 each)

    -

    1,00,000

    Calls-in-arrears

    4,000

    -

    Stock on 01. 04. 2006

    34,000

    -

    Purchases and Sales

    1,05,000

    2,08,000

    Returns

    8,000

    5,000

    Freight

    6,000

    -

    Salaries

    15,000

    -

    Director's fees

    9,800

    -

    Preliminary expenses

    12,000

    -

    Debtors and Creditors

    24,000

    28,000

    Furniture

    20,000

    -

    Building

    50,000

    -

    Goodwill

    64,000

    -

    Investments

    34,000

    -

    Interest on Investments

    -

    3,000

    P & L Appropriation A/c

    -

    20,000

    Reserve Fund

    -

    30,000

    Bad debts

    3,200

    -

    Cash at Bank

    35,000

    -

    10% Debentures

    -

    56,000

    Dividend

    26,000

    -

     

    4,50,000

    4,50,000

     

     

     


    Adjustments:
    (a) Closing stock was valued at Rs. 30,000.
    (b) Transfer Rs. 5,000 to Reserve Fund.
    (c) Half of Preliminary expenses should be written off.
    (d) Provide for outstanding debenture Interest for full year.
    (e) Provide for Reserve for doubtful debts at 5%. VIEW SOLUTION
  • Question 22
    Prepare Capital Accounts of two partners under Fluctuating Capital System with five imaginary figures. VIEW SOLUTION
  • Question 23
    Prepare a Revaluation Account with five imaginary figures. VIEW SOLUTION
  • Question 24

    Classify the following Receipts into Capital and Revenue:

    (a) Life membership fees

    (b) Sale of old sports materials

    (c) Subscriptions

    (d) Tuition fees

    (e) Prize amount Rs. 1 lakh received from Lottery. VIEW SOLUTION
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