Board Paper of Class 12-Commerce 2009 Accountancy (SET 1) - Solutions
(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 1
State the two merits of single entry system. VIEW SOLUTION
- Question 2
What is fixed capital system? VIEW SOLUTION
- Question 3
What is 'Benefit Ratio'? VIEW SOLUTION
- Question 4
Give Journal Entry for Realisation Expenses paid on dissolution of firm. VIEW SOLUTION
- Question 5
What is issue of shares at a discount? Give one example. VIEW SOLUTION
- Question 6
Under what heading are the following items shown in the company's Balance Sheet?(a) Preliminary Expenses
(b) Share Premium.VIEW SOLUTION
- Question 7
State any two causes of depreciation. VIEW SOLUTION
- Question 8
State any two features of Income and Expenditure Account. VIEW SOLUTION
- Question 9
Give the meaning of Computerised Accounting. VIEW SOLUTION
- Question 10
What is a file in computer? VIEW SOLUTION
- Question 11
Mr. Praveen, a partner in a firm withdrew Rs. 2,000 at the beginning of each month for his private use. Calculate interest on drawings of Praveen at 12% p.a. for the year ended 31-12-2008 under Average Period Method. VIEW SOLUTION
- Question 12
Suresh, Ramesh and Mahesh are partners in a firm sharing profits and losses in the ratio of 2: 2: 1 respectively. Ramesh retires from the firm. Suresh and Mahesh agrees to share the future profits equally.
Calculate the benefit ratio of partners.VIEW SOLUTION
- Question 13
A, B and C are partners sharing profits and losses in the ratio of 2: 2: 1.
Their Balance Sheet as on 31. 12. 2005 was as follows:
as on 31. 12. 2005
Liabilities Amount (Rs) Assets Amount (Rs) S. Creditors 30,000 Cash in hand 10,000 Capital: Debtors 25,000 A 15,000 Stock 40,000 B 25,000 Plant & Machinery 40,000 C 30,000 70,000 Reserve Fund 15,000 1,15,000 1,15,000
A died on 30. 06. 2006. His executors should be entitled to:
(a) his capital on the date of last Balance Sheet.
(b) his proportion of reserve on the date of last Balance Sheet
(c) his proportion of profit to the date of death, on the basis of previous year's profit.
(d) his share of goodwill is calculated on the basis of three years' purchase of average profits of the past four years. The profit of the firm for the past four years were:VIEW SOLUTION
2002 - Rs. 23,000; 2003 - Rs. 20,000; 2004 - Rs. 19,000 and 2005 - Rs. 18,000.
You are required to ascertain the amount payable to the executors of the deceased partner.
- Question 14
Bharat Company issued 1,000 6% debentures of Rs. 100 each payable as under:(a) on application Rs. 20
(b) on allotment Rs. 30(c) on first and final calls Rs. 50.
All the debentures were subscribed and amounts were duly received. Pass necessary Journal Entries. VIEW SOLUTION
- Question 15
What are the advantages of computerised accounting? VIEW SOLUTION
- Question 16
Priyadarshini keeps her books on single entry system. From the following information, prepare a Statement of profits or losses for the year ended 31-12-2005 and a Revised Statement of Affairs as on that date:
Particulars 01. 01. 2005
31. 12. 2005
Machinery 20,000 20,000 Furniture 2,000 2,000 Motor car 10,000 10,000 Debtors 10,000 16,000 Stock 12,000 13,000 Cash 8,000 5,000 Creditors 20,000 10,000 Buildings 25,000 25,000
During the year, she has withdrawn Rs. 3,800 for personal use and used goods valued Rs. 1,200 for domestic purpose. She had also introduced Rs. 5,000 as additional capital during the year.
(a) Provide 5% interest on opening capital
(b) Reserve 10% on debtors for Bad debts
(c) Outstanding salaries Rs. 300
(d) Depreciate Machinery by 5% and Furniture by 10%.VIEW SOLUTION
- Question 17
Rama and Bheema are partners sharing profits and losses in the ratio of 2 : 1. Their Balance Sheet as on 31. 12. 2008 was as follows:
as on 31. 12. 2008
Liabilities Amount (Rs) Assets Amount (Rs) Creditors 50,000 Cash 2,400 Bank Loan 20,400 Vehicles 30,000 Reserve 15,000 B/R 20,000 Profit & Loss A/c 15,000 Debtors 70,000 Capital: Less - Reserve 4,000 66,000 Rama 90,000 Stock 62,000 Bheema 70,000 1,60,000 Furniture 20,000 Machinery 60,000 2,60,400 2,60,400
Kumar is admitted into partnership on the following terms:
(a) He should bring Rs. 80,000 as capital for share and Rs. 30,000 towards goodwill.
(b) Goodwill is withdrawn by the old partners
(c) Machinery is depreciated by 10%
(d) Furniture is written down by Rs. 2,000
(e) Increase R.B.D. by Rs. 2,400
(f) An amount of Rs. 4,400 due to a creditor is not likely to be claimed and hence to be written off.Prepare:
(i) Revaluation Account
(ii) Partners’ Capital Account
(iii) New Balance Sheet.VIEW SOLUTION
- Question 18
Rashmi and Geetha are partners sharing profits and losses in the ratio of 3: 2. Their Balance Sheet as on 31-12-2006 is as follows:
as on 31. 12. 2006
Liabilities Amount (Rs) Assets Amount (Rs) Sundry Creditors 10,000 Cash at Bank 5,000 Bills Payable 10,000 Investments 5,000 Rashmi's Loan 5,000 Bills Receivable 10,000 Reserve Fund 10,000 Debtors 20,000 Capitals: Stock 15,000 Rashmi 30,000 Machinery 15,000 Geetha 40,000 70,000 Furniture 5,000 Buildings 20,000 Goodwill 10,000 1,05,000 1,05,000
On the above date the firm was dissolved and the assets were realised as follows:
(a) Bills Receivable Rs. 7,500, Sundry Debtors and Stock 10% less than the book value; value of the Machinery is to be increased @ 5%. Buildings realised Rs. 12,000. Goodwill is considered worthless.
(b) Furniture and investments were taken over by Rashmi and Geetha @ Rs. 4,000 each respectively. Dissolution expenses were Rs. 600. All the liabilities were discharged in full. Show the necessary Ledger Accounts.VIEW SOLUTION
- Question 19
On 01-01-2005 Mr. Pradeep purchased Machinery for Rs. 30,000. On 30-06-2007 he sold a part of the machinery costing Rs. 10,000 for Rs. 7,200. On the same day he bought new machinery for Rs. 8,000. Every year depreciation was charged at 10% per annum on Straight Line Method.
Show the Machinery Account and Depreciation Account for four years.VIEW SOLUTION
- Question 20
Following is the Balance Sheet and Receipts and Payments Account of Bellary Sports Club, Bellary.
as on 31. 12. 2007
Liabilities Amount (Rs) Assets Amount (Rs) Outstanding Salary 4,000 Cash Balance 14,600 Capital Fund 65,000 Outstanding Subscriptions 2,400 Sports Materials 32,000 Furniture 20,000 69,000 69,000 Receipts and Payments Account
for the year ended 31. 12. 2008
Receipts Amount (Rs) Payments Amount (Rs) To Balance b/d 14,600 By Salary 20,000 To Subscriptions 26,000 By Purchase of Sports Materials 12,000 To Building donation 50,000 By Investments 40,000 To Entrance fees 4,000 To Fixed deposit 20,000 To Sale of old newspapers 400 By Postage 600 To Admission Fees 2,400 By General Expenses 800 To Rent 14,000 By Lighting charges 2,600 By Balance c/d 15,400 1,11,400 1,11,400
Adjustments:(a) Subscriptions outstanding for the year 2008 - Rs. 6,000
(b) Subscriptions received in advance for the year 2009 - Rs. 2,000(c) Depreciate Sports Materials by Rs. 10,000 and Furniture by Rs. 1,000
(d) Capitalise Entrance fees(e) Outstanding salaries Rs. 3,600 and lighting charges Rs. 600.
Prepare:(i) Income and Expenditure Account
(ii) Balance Sheet as on 31. 12. 2008.VIEW SOLUTION
- Question 21
Following is the Trial Balance of Laxmi Ltd., Hospet, as on 31-12-2008.Trial Balanceas on 31. 12. 2008
Share Capital (8,000 shares of Rs. 10 each) – 80,000 Stock on 01-01-2008 51,000 – Purchases and Sales 2,20,000 3,30,000 Returns 3,800 – General Expenses 1,800 – Wages 12,000 – Salaries 18,700 – Travelling Expenses 3,200 – Advertising 1,550 – Rent and Taxes 4,900 – Discount Received – 2,200 Bank Interest 850 – Bad Debts 2,500 – Buildings 95,000 – Plant and Machinery 98,000 – Sundry Debtors and Creditors 45,000 55,500 Loan – 25,000 Cash 1,400 – Reserve Fund – 23,000 Preliminary Expenses 11,000 – Profit and Loss Account (Cr) – 55,000 5,70,700 5,70,700
(a) Dividend at 15% on Share capital is to be provided
(b) Transfer Rs. 10,000 to Reserve fund
(c) Depreciate Plant and Machinery at 10%
(d) Provide depreciation on Buildings at 5%
(e) Stock on 31-12-2008 was valued at Rs. 12,000.
Prepare Trading, Profit and Loss Account, Profit and Loss Appropriation Account and Balance Sheet in the prescribed form.VIEW SOLUTION
- Question 22
Prepare a proforma of a company Balance Sheet (with heads only). VIEW SOLUTION
- Question 23
Prepare Executor's Account with at least five imaginary figures.VIEW SOLUTION
- Question 24
Classify the following receipts into revenue and capitals:
(a) Legacies received
(b) Sale proceeds of computers
(c) Subscription received
(d) Interest on investments
(e) Building donations received.VIEW SOLUTION