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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
    What is the object of preparing the statement of affairs? VIEW SOLUTION
  • Question 4
    Give the journal entry for sale of assets on dissolution of partnership firm. VIEW SOLUTION
  • Question 6

    Under what heading do the following items appear in the Company’s Balance Sheet?

    (a) Loose tools

    (b) Unclaimed dividend

    VIEW SOLUTION
  • Question 7

    What is original cost method of depreciation?

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    Suresh, a partner in a firm has withdrawn the following amounts during the year ended 31. 12. 2008 for his personal use.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

    VIEW SOLUTION
  • Question 12
    Anil, Bharath and Chandra are partners sharing profits and losses in the ratio of 5 : 4 : 3. Anil retires. Bharath gets 14th and Chandra gets 16 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.

    Give necessary Journal Entries.

    VIEW SOLUTION
  • 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:

    Particulars
    01. 01. 2008

    (Rs)

    31. 12. 2008

    (Rs)

    Cash
    8,500
    9,600
    Cash at Bank
    14,000
    16,400
    Stock
    25,000
    31,000
    Debtors
    16,000
    20,000
    Creditors
    10,400
    7,500
    Bills payable
    3,100
    Investments
    6,500
    Furniture
    15,000
    15,000
    Buildings
    60,000
    60,000

    During the year, he withdrew Rs. 9,000 for personal use. On 01. 05. 2008, he has introduced Rs. 15,000 as additional capital.
     
    Adjustments:

    (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

     
    Prepare:

    (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

    Liabilities

    Amount

    (Rs)

    Assets

    Amount

    (Rs)

    Creditors

    13,500

    Cash

    6,500

    Bills Payable

    7,500

    Stock

    21,000

    General Reserve

    15,000

    Debtors

    18,000

    Capitals:

     

    Bills Receivable

    5,500

    Ratan

    Rs. 60,000

     

    Furniture

    10,000

    Suraj

    Rs. 30,000

    90,000

    Machinery

    24,000

     

     

    Buildings

    40,000

     

     

    Profit and Loss A/c.

    1,000

     

    1,26,000

     

    1,26,000

     

     

     

     

    They admit Vinod to partnership for 16th 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.
     

    Prepare:

    (i) Revaluation Account

    (ii) Capital Accounts of Partners

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

    VIEW 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

    Liabilities

    Amount

    (Rs)

    Assets

    Amount

    (Rs)

    Creditors

    25,000

    Cash

    9,000

    Bills Payable

    17,000

    Debtors

    27,000

    Prakash’s Loan A/c.

    10,000

    Stock

    15,000

    Reserve Fund

    18,000

    Investments

    5,000

    Capitals:

     

    Furniture

    14,000

    Mohan

    Rs. 30,000

     

    Goodwill

    20,000

    Nagaraju

    Rs. 20,000

     

    Buildings

    40,000

    Prakash

    Rs. 10,000

    60,000

     

     

     

    1,30,000

     

    1,30,000

     

     

     

     

    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.

    Prepare:

    (i) Realisation Account

    (ii) Capital Accounts of Partners

    (iii) Cash Account

    VIEW 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. 07
    Liabilities

    Amount

    (Rs)

    Assets

    Amount

    (Rs)

    Outstanding Salary
    3,500
    Cash
    10,500
    Pre-received Subscriptions
    2,000
    Sports Materials
    25,000
    Capital Fund
    92,000
    Furniture
    12,000
     
     
    Land and Building
    50,000
     
    97,500
     
    97,500
     
     
     
     
     
    Receipts and Payments A/c for the year ended 31. 12. 08.
    Receipts

    Amount

    (Rs)

    Payments

    Amount

    (Rs)

    To Balance b/d
    10,500
    By Salary
    23,000
    To Subscriptions
    42,000
    By Sports Materials (01. 07. 2008)
    14,000
    To Entrance Fees
    5,000
    By Investments
    10,000
    To Sale of old newspapers
    1,500
    By Postage
    1,200
    To Sports Fees
    7,200
    By Electricity Charges
    2,300
     
     
    By Up-keep of Grounds
    4,500
     
     
    By Balance c/d
    11,200
     
    66,200
     
    66,200
     
     
     
     

    Adjustments:

    (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%.

     Prepare:

    (i) Income and Expenditure Account

    (ii) Balance Sheet
    VIEW 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

    Particulars

    Debit

    Amount

    (Rs)

    Credit

    Amount

    (Rs)

    Called up Share Capital

    1,00,000

    Calls in Arrear

    3,000

    Stock (01. 01. 2008 )

    14,000

    Purchases and Sales

    55,000

    1,40,000

    Returns

    5,000

    3,000

    Freight

    3,400

    Wages

    11,600

    Salaries

    13,000

    Director’s Fees

    3,200

    Postage

    1,300

    Printing Charges

    2,500

    General Expenses

    4,500

    Interest on Investments

    3,300

    Interim Dividend

    5,000

    Investments

    15,000

    Goodwill

    40,000

    Buildings

    85,000

    Machinery

    30,000

    Furniture

    16,000

    Bills receivable and Bills payable

    12,000

    17,000

    Debtors and Creditors

    24,000

    15,200

    Debentures

    50,000

    Reserve Fund

    20,000

    Profit and Loss Appropriation A/c.

    12,000

    Cash at Bank

    17,000

     

    3,60,500

    3,60,500

     

     

     

    Adjustments:

    (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 government

    VIEW SOLUTION
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