Board Paper of Class 12-Commerce 2010 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
What is the object of preparing the statement of affairs? VIEW SOLUTION
- Question 2
What is fluctuating capital system?VIEW SOLUTION
- Question 3
What is revaluation account?VIEW SOLUTION
- Question 4
Give the journal entry for sale of assets on dissolution of partnership firm. VIEW SOLUTION
- Question 5
What is oversubscription of shares?VIEW SOLUTION
- Question 6
Under what heading do the following items appear in the Company’s Balance Sheet?
(a) Loose tools
(b) Unclaimed dividendVIEW SOLUTION
- Question 7
What is original cost method of depreciation?VIEW SOLUTION
- Question 8
What are Legacies?VIEW SOLUTION
- Question 9
What is computerised accounting?VIEW SOLUTION
- Question 10
Mention two types of accounting packages. VIEW SOLUTION
- Question 11
Suresh, a partner in a firm has withdrawn the following amounts during the year ended 31. 12. 2008 for his personal use.VIEW SOLUTION
Rs. 9,000 on 01. 04. 2008
Rs. 6,000 on 30. 06. 2008
Rs. 5,000 on 01. 09. 2008
Rs. 7,000 on 30. 11. 2008
Calculate the interest on drawings at 8% per annum under product method.
- Question 12
Anil, Bharath and Chandra are partners sharing profits and losses in the ratio of 5 : 4 : 3. Anil retires. Bharath gets th and Chandra gets th of Anil’s share. Calculate the new profit and loss sharing ratio of Bharath and Chandra. VIEW SOLUTION
- Question 13
Pavan, Rakesh and Sohan are partners sharing profits and losses in the ratio of 3 : 2 : 1. Their capital balances on 01. 01. 2008 stood at Rs. 45,000, Rs. 30,000 and Rs. 20,000 respectively.
Rakesh died on 30. 09. 2008. Partnership deed provides the following:
(a) Interest on capital at 10% per annum.
(b) Salary to Rakesh Rs. 800 per month.
(c) His share of goodwill.
(d) His share of profit upto the date of death on the basis of previous year’s profit.
(i) Goodwill of the firm Rs. 27,000
(ii) Profits for the year 2007 Rs. 15,000
Prepare Rakesh’s Capital Account.VIEW SOLUTION
- Question 14
Varun Company Limited forfeited 500 shares of Rs. 100 each for non-payment of the final call money Rs. 25 per share. Later these shares were reissued at Rs. 90 per share.VIEW SOLUTION
Give necessary Journal Entries.
- Question 15
Mention any six advantages of computerised accounting. VIEW SOLUTION
- Question 16
Arun kept his books of account under single entry system. He gave the following information:Particulars01. 01. 2008
(Rs)31. 12. 2008
(Rs)Cash8,5009,600Cash at Bank14,00016,400Stock25,00031,000Debtors16,00020,000Creditors10,4007,500Bills payable3,100—Investments—6,500Furniture15,00015,000Buildings60,00060,000
During the year, he withdrew Rs. 9,000 for personal use. On 01. 05. 2008, he has introduced Rs. 15,000 as additional capital.
(a) Depreciate furniture by 20%
(b) Appreciate buildings by 15%
(c) Allow interest on capital at 6% per annum
(d) Create reserve for doubtful debts at 5% on debtors
(e) Outstanding salary Rs. 4,500
(f) Rent receivable Rs 1,100
(i) Statement of affairs
(ii) Statement of profit or loss
(iii) Revised statement of affairs.VIEW SOLUTION
- Question 17
Ratan and Suraj 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
Profit and Loss A/c.
They admit Vinod to partnership for th share on 01. 01. 2009 based on the following terms:
(a) He should bring in Rs. 20,000 as capital
(b) Buildings to be revalued at Rs. 50,000
(c) Furniture and Machinery to be depreciated at10% and 5% respectively
(d) Reserve for doubtful debts to be provided at 10% on Debtors
(e) Goodwill account to be raised and maintained to the extent of Rs. 25,000.
(i) Revaluation Account
(ii) Capital Accounts of Partners
(iii) Balance Sheet as on 01. 01. 2009VIEW SOLUTION
- Question 18
Mohan, Nagaraju and Prakash are partners sharing profits and losses in the ratio of 4 : 3 : 2. Their Balance sheet as on 31. 12. 2008 was as follows:
Balance Sheet as on 31. 12. 2008
Prakash’s Loan A/c.
On the above date the firm was dissolved. The assets realised as follows:
(a) Debtors realised 10% less than the book value and investments realised 20% more than the book value. Buildings realised Rs. 60,000, stock realised Rs. 12,000 and furniture sold for Rs. 15,000.
(b) Goodwill taken by Mohan at Rs. 15,000
(c) Creditors and Bills payable settled at discount of 5%
(d) Realisation expenses Rs. 2,000.
(i) Realisation Account
(ii) Capital Accounts of Partners
(iii) Cash AccountVIEW SOLUTION
- Question 19
On 01. 01. 2005 a firm purchased a lease costing Rs. 50,000 for a term of 4 years. It is proposed to depreciate the lease by Annuity method charging 5% interest. With reference to Annuity tables to write off Re. 1 at 5% over a period of 4 years the amount to be charged is 0.282012.
Show Lease account and Interest account for all four years. VIEW SOLUTION
- Question 20
Following are the Balance sheet and Receipts and Payments A/c. of Diamond Sports Club, Davanagere.Balance Sheet as on 31. 12. 07Liabilities
(Rs)Outstanding Salary3,500Cash10,500Pre-received Subscriptions2,000Sports Materials25,000Capital Fund92,000Furniture12,000Land and Building50,00097,50097,500Receipts and Payments A/c for the year ended 31. 12. 08.Receipts
(Rs)To Balance b/d10,500By Salary23,000To Subscriptions42,000By Sports Materials (01. 07. 2008)14,000To Entrance Fees5,000By Investments10,000To Sale of old newspapers1,500By Postage1,200To Sports Fees7,200By Electricity Charges2,300By Up-keep of Grounds4,500By Balance c/d11,20066,20066,200
(a) Outstanding subscription for 2008 Rs. 1,000
(b) Outstanding salary as on 31. 12. 2008 Rs. 4,500
(c) Half of the Entrance fees to be capitalised
(d) Depreciate sports materials at 20% per annum and furniture at 5%.
(i) Income and Expenditure Account(ii) Balance SheetVIEW SOLUTION
- Question 21
Following is the Trial Balance of Vishwas Trading Company Ltd. as on 31. 12. 2008:
Trial Balance as on 31. 12. 2008
Called up Share Capital
Calls in Arrear
Stock (01. 01. 2008 )
Purchases and Sales
Interest on Investments
Bills receivable and Bills payable
Debtors and Creditors
Profit and Loss Appropriation A/c.
Cash at Bank
(a) Closing stock valued at Rs. 15,000
(b) Outstanding salary Rs. 2,000
(c) Depreciate machinery at 10% and Furniture at 5%
(d) Make a provision for tax Rs. 12,000
(e) Transfer Rs. 15,000 to Reserve fund
(f) Proposed dividend Rs. 7,500.
Prepare Final Accounts.VIEW SOLUTION
- Question 22
Prepare an Executor’s Loan Account showing the repayment in two annual equal instalments along with interest with imaginary figures. VIEW SOLUTION
- Question 23
Prepare a Machinery Account for two years with imaginary figures under diminishing method of depreciation. VIEW SOLUTION
- Question 24
Classify the following items into Capital and Revenue:
(a) Sale of furniture
(b) Annual whitewashing and painting expenses to buildings
(c) Sale of old newspapers
(d) Donations for construction of buildings
(e) Annual maintenance grant received from governmentVIEW SOLUTION