Select Board & Class

Login

Board Paper of Class 12-Commerce 2009 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 1
    State the two merits of single entry system. 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 8
    State any two features of Income and Expenditure Account. VIEW SOLUTION
  • Question 9
    Give the meaning of Computerised Accounting. 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:

    Balance Sheet
    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:
    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.

    VIEW SOLUTION
  • 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
    (Rs)
    31. 12. 2005
    (Rs)
    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.

    Adjustments:

    (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:

    Balance Sheet
    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 14 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:

    Balance Sheet
    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.

    Balance Sheet
    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 Balance
    as on 31. 12. 2008
    Particulars Debit
    Amount
    (Rs)
    Credit
    Amount
    (Rs)
    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
         

    Adjustments:

    (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
What are you looking for?

Syllabus