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Board Paper of Class 12-Commerce 2010 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
    Mention two merits of single entry system. VIEW SOLUTION
  • Question 4
    Write the Journal entry for transferring the liabilities to the Realisation Account. VIEW SOLUTION
  • Question 5
    Give the meaning of forfeiture of shares. VIEW SOLUTION
  • Question 6

    Under what heading do you show the following in company Balance Sheet?

    (a) Loans to employees

    (b) Proposed dividend.

    VIEW SOLUTION
  • Question 8
    Which are the Final accounts of a Non-trading concern? VIEW SOLUTION
  • Question 11

    Ramesh & Suresh are partners sharing profits and losses in the ratio of 5: 3. Their capitals as on 01. 01. 2008 were Rs. 80,000 and Rs. 60,000 respectively. They earned a profit of Rs. 18,900 as on 31. 12. 2008 before allowing the following:

    (a) Interest on capital at 5% p.a.

    (b) Annual salary payable to Ramesh Rs. 6,000.

    (c) Their drawings being Rs. 5,000 and Rs. 6,000 respectively.

    Interest on the same Rs. 200 and Rs. 300 respectively.

     Prepare Profit & Loss Appropriation Account.

    VIEW SOLUTION
  • Question 12

    Bhaskar, Kumar and Sridhar are partners sharing profits and losses in the ratio of 3: 2: 1. Sridhar retires. His share is gained by Bhaskar and Kumar as 124 and 18.

    Calculate new ratio of continuing partners.

    VIEW SOLUTION
  • Question 13

    Rama, Uma and Suma are partners sharing profits and losses equally.

    Their Balance Sheet as on 31. 12. 2007 is as follows:

    Balance Sheet as on 31. 12. 2007
    Liabilities Amount (Rs) Assets Amount (Rs)
    Creditors 16,000 Fixed Assets 50,000
    General Reserve 6,000 Stock 18,000
    Capital:   Debtors 15,000
    Rama 25,000   Cash in hand 14,000
    Uma 25,000      
    Suma 25,000 75,000    
      97,000   97,000
           

    Rama died on 01. 05. 2008. Her executor claims the following:

    (a) Capital

    (b) Share of General Reserve

    (c) Share of Commission. Annual Commission Rs. 7,200

    (d) Share of Goodwill. Goodwill of the Firm Rs. 18,000

    (e) Share of profit upto the date of death — her share Rs. 12,000

    Prepare Rama's executor's A/c.

    VIEW SOLUTION
  • Question 14

    ABC Company Limited issued 1000, 9% debentures of Rs. 500 each at a premium of Rs. 50 each. The amount payable as follows:

    On Application Rs. 100

    On Allotment Rs. 350 (including premium)

    On First and Final call Rs. 100.

    All the money was duly received.
     
    Pass Journal entries in the books of company.

    VIEW SOLUTION
  • Question 15
    Mention the six differences between Manual Accounting and Computerised Accounting. VIEW SOLUTION
  • Question 16

    Srivinayaka, a retailer who kept his books under single entry system, provides the following information:

    Particulars 01. 01. 2008
    (Rs)
    31. 12. 2008
    (Rs)
    Cash in hand 25,000 35,000
    Debtors 35,000 45,000
    Stock 14,000 24,000
    Creditors 18,000 12,000
    Bills payable 8,000 6,000
    Bills receivable 4,000 2,000
    Bank Balance 10,000
    Furniture 12,000 12,000
    Machinery 20,000 20,000
    Motor Car (01. 05. 2008) 30,000

    Drawings:  In cash Rs. 1,000 p.m.

     Son's college fee Rs. 6,000.

     He sold his private assets for Rs. 12,000 and invested into business.

     Adjustments:

    (a) Allow interest on opening capital only at 6% p.a.

    (b) Depreciate motor car at 10% p.a.

    (c) Write off Furniture by Rs. 500.

    (d) Bad debts provided Rs. 1,000.

    (e) Outstanding electricity charges Rs. 1,200.

    (f) Interest earned but not received Rs. 2,000.

     Prepare:

    (i) Statement of Affairs

    (ii) Statement of profit or loss

    (iii) Revised Statement of Affairs as on 31. 12. 2008.

    VIEW SOLUTION
  • Question 17

    Suresh and Satish 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)
    Capital:   Buildings 50,000
    Suresh 40,000   Plant / Machinery 20,000
    Satish 30,000 70,000 Furniture 12,000
    General Reserve 10,000 Stock 10,000
    Bills payable 13,500 Debtors 18,500
    Creditors 42,000 Cash 20,000
        Profit and Loss A/c 5,000
      1,35,500   1,35,500
           

    On 01. 01. 2009 they admit Girish as a partner for 14th share on the following terms:

    (a) He brought Rs. 40,000 in cash for capital.

    (b) Goodwill of the firm raised at Rs. 18,000 (retain in the business)

    (c) Appreciate Buildings by 20%.

    (d) Depreciate Plant/Machinery by 10%.

    (e) Bad debts Rs. 500. Further create RBDD at 5% on Debtors.

    (f) Outstanding salary Rs. 500.

    (g) Rent paid in advance Rs. 600.

     Prepare:

    (i) Revaluation A/c

    (ii) All the partners' Capital A/c

    (iii) Balance Sheet as on 01. 01. 2009.

    VIEW SOLUTION
  • Question 18

    Anand, Chethan and Vijay are partners sharing profits and losses in the ratio of 2: 2:1.

    Their Balance Sheet on 31. 12. 2008 was as follows:

    Balance Sheet as on 31. 12. 2008
    Liabilities
    Amount (Rs)
    Assets
    Amount (Rs)
    Creditors 15,000 Cash in hand 21,000
    Anand's loan 5,000 Debtors 26,000  
    Bills payable 10,000   Less: RBDD 1,000 25,000
    Bank loan 8,000 Bills receivable 5,000
    Reserve Fund 12,000 Investment 18,000
    Profit & Loss A/c 10,000 Machinery 25,000
    Capital:   Furniture 16,000
    Anand 20,000      
    Chethan 20,000      
    Vijay 10,000 50,000    
      1,10,000   1,10,000
           

    On the above date firm dissolved subject to the following conditions:

    (a) Assets Realised: Debtors Rs. 24,000
        Bills Receivable Rs. 4,000
        Investment Rs. 15,000
        Machinery Rs. 22,000

    (b) Chethan took the Furniture for Rs. 10,000.

    (c) Creditors and Bills payable are paid at a discount of 5%.

    (d) Bank loan paid in full.

    (e) Unrecorded Investment realised Rs. 4,000.

    (f) Dissolution expenses Rs. 2,250.

    Prepare:

    (i) Realisation Account

    (ii) Partners' Capital Account

    (iii) Cash Account.

    VIEW SOLUTION
  • Question 19

    From the following information prepare Machinery Account and Depreciation Account for four years in the books of Mr. Pratham:

    (a) Machine No. 1 purchased on 01. 01. 2002 Rs. 30,000.

    (b) Machine No. 2 purchased on 01. 08. 2003 Rs. 20,000.

    (c) Machine No. 1 sold on 01. 07. 2004 for Rs. 18,800.

    Depreciation charged at 12% p.a. under original cost method.

    VIEW SOLUTION
  • Question 20

    Following is the Receipts and Payments Account of Mysore Cricket Club as on 31. 12. 2008:  

    Receipts and Payments A/c
    for the year ending 31. 12. 2008
    Receipts Amount
    (Rs)
    Payments Amount
    (Rs)
    To Balance b/d 12,000 By Sports equipment 15,000
    To Subscriptions   Printing & stationery 1,000
    2007 2,000   By Periodicals 200
    2008 15,000   By Investment 10,000
    2009 1,000 18,000 By Rent  
    To Legacies 12,000 2007 500  
    To Entrance fee 8,000 2008 4,500 5,000
    To Sale of old sports equipment (cost Rs. 2,000) 1,500 By Upkeep of ground 2,000
    To Interest 2,000 By Salary 5,000
        By Tournament Expenses 5,300
        By Balance c/d 10,000
      53,500   53,500
           

    Ledger balances as on 01. 01. 2008:

    Sports equipment Rs. 12,000, Furniture Rs. 18,000, Outstanding Rent Rs. 500, Subscription outstanding Rs. 2,000

    Adjustments:

    (a) Capitalise 50% of Legacies and Entrance fee

    (b) Subscription Receivable Rs. 1,200

    (c) Owing for Rent Rs. 600

    (d) Depreciate Furniture at 10% and Sports materials by Rs. 2,000.

    Prepare:

    (i) Beginning Balance Sheet

    (ii) Income and Expenditure account

    (iii) Balance Sheet as on 31. 12. 2008.

    VIEW SOLUTION
  • Question 21

    Following is the Trial Balance of Varsha Company Limited as on 31. 12. 2008:

    Trial Balance
    as on 31. 12. 2008
    Particulars Debit Amount
    (Rs)
    Credit
    Amount
    (Rs)
    Share Capital (10,000 equity shares of Rs. 10 each) 1,00,000
    Stock ( 01-01-2008 ) 20,000
    Purchases / Sales 1,25,000 1,75,000
    Returns 5,000 8,000
    Carriage on purchases 2,000
    Salary 12,000
    Debtors / Creditors 32,000 20,000
    Reserve Fund 18,000
    10% Debentures 90,000
    Interest on Debentures 9,000
    Cash in hand 18,000
    Investment 32,000
    Provision for Taxation 17,500
    Dividend 8,000
    Preliminary expenses 6,000
    Goodwill 20,000
    P/L Appropriation A/c 18,000
    Unsecured loan 5,000
    Power and Fuel 2,000
    Wages 4,000
    Rent 5,000 2,500
    Reserve for bad debts 5,000
    Buildings 54,000
    Furniture 25,000
    Machinery 80,000
      4,59,000 4,59,000
         

    Adjustments:

    (a) Closing stock as on 31. 12. 2008 Rs. 90,000

    (b) Depreciate Building and Machinery at 10%

    (c) Reserve for bad debts at 5%

    (d) Transfer Rs. 16,000 to Reserve Fund

    (e) Outstanding salary Rs. 1,800

    (f) Write off 13 of preliminary expenses.

    VIEW SOLUTION
  • Question 22
    Prepare opening Statement of Affairs with five imaginary figures to find out opening capital. VIEW SOLUTION
  • Question 23

    How do you treat the following in the absence of partnership deed?

    (a) Interest on capital

    (b) Interest on drawings

    (c) Interest on loan

    (d) Distribution of profit or loss

    (e) Salary to partner.



     

    VIEW SOLUTION
  • Question 24

    Classify the following into Capital & Revenue:

    (a) Legacies

    (b) Purchase of computer

    (c) Subscription

    (d) Honorarium

    (e) Printing and Stationery. VIEW SOLUTION
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