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# 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
Give the meaning of Single Entry System of Book-keeping. VIEW SOLUTION

• Question 2
State any two contents of Partnership Deed. VIEW SOLUTION

• Question 3
How do you close Revaluation Account on retirement of a partner? VIEW SOLUTION

• Question 4
Give Journal Entry for transfer of realisation loss to partners’ Capital Accounts. VIEW SOLUTION

• Question 5
State any two types of shares of a Public Company. VIEW SOLUTION

• Question 6

Under what heading will you show the following items in Company’s Balance Sheet?

(a) Bills Receivables

(b) 9% Debentures

VIEW SOLUTION

• Question 7
Calculate the amount of annual depreciation of an asset, if the cost of asset is Rs.83,000 with scrap value of Rs. 3,000 and estimated life of 10 years. VIEW SOLUTION

• Question 10
Mention two types of Accounting Packages. VIEW SOLUTION

• Question 11

Pramod, a partner in a firm has withdrawn the following amounts during the year ended 31. 12. 2008 for his domestic use:

Rs. 2,000 on 29. 02. 2008

Rs. 3,000 on 01. 06. 2008

Rs. 5,000 on 31. 08. 2008

Rs. 4,000 on 01. 11. 2008.

Calculate the interest on drawings at 12% p.a. under Product method. VIEW SOLUTION

• Question 12
Raja, Rani and Mantri are partners sharing profits in the ratio of 4 : 3 : 2. Rani retires from partnership. The new ratio of Raja and Mantri is agreed to be 5 : 3.

Calculate their Gain Ratio.

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. 2007 was as follows:

 Balance Sheet as on 31. 12. 2007 Liabilities Amount (Rs) Assets Amount (Rs) Creditors 40,000 Cash in hand 20,000 General Reserve 5,000 Debtors 25,000 Capitals: Stock 30,000 A 20,000 Furniture 10,000 B 40,000 Building 50,000 C 30,000 90,000 1,35,000 1,35,000

B died on 31. 03. 2008 and as per partnership deed his executors were entitled for

(a) his capital balance as on the date of last Balance Sheet.

(b) his share in General Reserve.

(c) his share of goodwill. The goodwill of the firm was valued at Rs. 48,000.

(d) his share of accrued profit, calculated on the basis of last year’s profit. The profit for the last year was Rs. 24,000.

(e) interest on Capital up to the date of death at 9% per annum.

Prepare B’s Capital Account.

VIEW SOLUTION

• Question 14

The Directors of Janata Company Limited, forfeited 500 equity shares of Rs. 100 each for non-payment of First call at Rs. 20 per share and Final call at Rs. 20 per share. These shares were reissued as fully paid at Rs. 80 per share.

Give necessary Journal Entries.

VIEW SOLUTION

• Question 15

Mention any six differences between Manual Accounting and Computerised Accounting.

VIEW SOLUTION

• Question 16

Mr. Raju, a retail trader has kept his books of accounts under Single entry system. The following are available from his books:

 Particulars 01. 01. 2008 (Rs) 31. 12. 2008 (Rs) Cash Balance 5,000 8,000 Stock 24,000 30,000 Bills Receivables 4,000 10,000 Debtors 20,000 28,500 Creditors 18,000 25,000 Motor Car (30. 06. 2008) – 20,000 Bank overdraft 5,000 – Buildings 50,000 50,000 Furniture 15,000 15,000 Investments 20,000 20,000

During the year, Raju withdrew Rs. 12,000 in cash and goods worth Rs. 8,000 for his domestic purpose. He introduced additional capital of Rs. 15,000 on 01. 05. 2008.

(a) Depreciate Furniture and Motor car by 10% p.a.

(b) Appreciate Buildings by 20%.

(c) Write off bad debts Rs. 1,500 and maintain R.B.D. at 5% on debtors.

(d) Allow interest on opening capital at 8%.

(e)  Rent due but not paid Rs. 2,000.

Prepare:

(i) Statement of profit or loss

(ii) Revised Statement of Affairs

VIEW SOLUTION

• Question 17

Ramya and Rakesh are partners sharing profits and losses in the ratio of 3 : 2. 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 57,000 Cash at Bank 21,500 Bills Payable 20,500 Bills Receivable 4,000 General Reserve 20,000 Debtors 60,000 Profit & Loss A/c 5,000 Less: R.B.D. 3,000 57,000 Capital: Stock of goods 35,000 Ramya 60,000 Furniture 10,000 Rakesh 30,000 90,000 Buildings 40,000 Machinery 25,000 1,92,500 1,92,500

On 01. 01. 2009 Tanuja is admitted into partnership on the following terms:

(a) She should bring Rs. 40,000 as capital for $\frac{1}{4}$ share and Rs. 25,000 towards goodwill.

(b) Depreciate machinery and furniture by 10%.

(c) Appreciate buildings by 20%

(d) Increase R.B.D. on debtors to Rs. 6,000.

(e) An amount of Rs. 2,000 due to a creditor, is not likely to be claimed and hence to be written off.

Prepare:

(i) Revaluation Account

(ii) Partners’ Capital Accounts

(iii) New Balance Sheet

VIEW SOLUTION

• Question 18

Arun, Kiran and Arjun were partners sharing profits and losses equally. Their Balance Sheet as on 31. 12. 2008 was as follows:

 Balance Sheet as on 31. 12. 2008 Liabilities Amount (Rs) Assets Amount (Rs) Sundry Creditors 12,000 Cash at Bank 6,000 Bills Payable 16,000 Bills Receivable 6,000 Bank Loan 8,000 Debtors 26,000 Arun’s Loan 22,000 Less:  R.B.D 1,000 25,000 Reserve Fund 12,000 Stock 20,000 Capitals: Investments 8,000 Arun 40,000 Furniture 10,000 Kiran 30,000 Machinery 25,000 Arjun 20,000 90,000 Building 60,000 1,60,000 1,60,000

On the above date the firm was dissolved and the assets were realised as follows:

(a) Bills receivable Rs. 5,000, Debtors Rs. 23,500, Stock Rs. 18,000, Machinery Rs. 20,000 and Building Rs. 75,000.

(b) Investments were taken by Kiran at Rs. 10,000 and furniture was taken over by Arjun at Rs. 8,000.

(c) All the liabilities were paid in full and dissolution expenses amount to Rs. 2,500.

Prepare:

(i) Realisation Account

(ii) Partners’ Capital Accounts

(iii) Bank Account

VIEW SOLUTION

• Question 19

Following are the Opening Balance Sheet and Receipts and Payments Account of Bangalore Sports Club, Bangalore.

 Balance Sheet as on 01. 01. 2008 Liabilities Amount (Rs) Assets Amount (Rs) O/S Rent 1,800 Cash Balance 8,550 Capital Fund 61,350 Bank Balance 10,000 O/S Subscriptions 800 Sports Materials 35,000 Furniture 8,800 63,150 63,150
 Receipts and Payments Account for the year ended 31. 12. 2008 Receipts Amount (Rs) Payments Amount (Rs) To Cash Balance 8,550 By Rent & Taxes 8,900 To Bank Balance 10,000 By Salary 10,500 To Admission Fees 5,450 By Legal Charges 850 To Donations 13,500 By General Expenses 1,750 To Subscriptions 23,000 By Sports Materials 6,000 To Interest 530 By Office Expenses 4,300 To Sports Fees 1,200 By Investments 15,000 By Cash Balance 6,930 By Bank Balance 8,000 62,230 62,230

(a) Outstanding Subscriptions Rs. 1,800.

(b) Rent due Rs. 900 and Legal charges outstanding Rs. 150.

(c) Write off depreciation Rs. 600 on Furniture and Rs. 4,000 on Sports materials.

(d) Donations are to be capitalised.

Prepare:

(i) Income and Expenditure Account

(ii) Balance Sheet as on 31. 12. 2008. VIEW SOLUTION

• Question 20

On 01. 01. 2005 Anand & Company purchased a machinery for Rs. 48,000 and spent Rs. 2,000 for its installation. On 30. 06. 2007 a machinery which was purchased on 01. 01. 2005 was sold for Rs. 38,000. On 01. 07. 2007 an another machinery was purchased for Rs. 40,000. Depreciation is to be charged at 10% p.a. under Diminishing Balance Method.

Show (i) Machinery Account and (ii) Depreciation Account for 4 years ending on 31. 12. 2008.

VIEW SOLUTION

• Question 21

Following is the Trial Balance of Mangala Company Limited, Mangalore.

 Trial Balance as on 31. 12. 2008 Particulars Debit Amount (Rs) Credit Amount (Rs) Share Capital (30,000 equity shares of Rs. 10 each) – 3,00,000 Reserve Fund – 1,25,000 Salary 10,000 – Furniture 50,000 – Building 2,00,000 – 9% Debentures – 1,50,000 Stock on 01. 01. 2008 65,000 – Purchases and Sales 1,50,000 2,60,000 Returns 5,000 10,000 Goodwill 50,000 – Investments 80,000 – Calls-in-Arrears 25,000 – Cash at Bank 30,000 – Profit & Loss App. A/c – 25,000 Vehicles 50,000 – Preliminary Expenses 30,000 – Freight 7,000 – Audit Fees 8,000 – Bills Receivables & Payables 35,000 10,000 Dividend 20,000 – Debtors and Creditors 1,50,000 1,20,000 Wages 35,000 – 10,00,000 10,00,000

(a) Stock on 31. 12. 2008 was valued at Rs. 1,25,000.

(b) Depreciate Furniture and Building at 10% per annum.

(c) Provide R.B.D. on debtors at 5%.

(d) Transfer Rs. 30,000 to Reserve Fund.

(e) Interest on Debenture was outstanding for one year.

Prepare Final Accounts in the prescribed form.

VIEW SOLUTION

• Question 22

Prepare Profit & Loss Appropriation A/c of a partnership firm with at least five imaginary figures.

VIEW SOLUTION

• Question 23
Prepare a Statement of Affairs with five imaginary figures. VIEW SOLUTION

• Question 24

Classify the following items into Capital and Revenue:

(a) Cost of computer purchased by a College

(b) Sale of old newspapers and magazines

(e) Amount spent for upkeep of grounds VIEW SOLUTION
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