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Board Paper of Class 12-Commerce 2011 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 any two types of Single Entry System.

    VIEW SOLUTION
  • Question 4
    Give the journal entry for the asset taken over by partner in case of dissolution of firm. VIEW SOLUTION
  • Question 6

    Under what heading do you show the following in the Company's Balance Sheet?

    (a) Stock-in-Trade

    (b) Provision for Income Tax

    VIEW SOLUTION
  • Question 7
    Mention any two methods of Depreciation. VIEW SOLUTION
  • Question 10
    Mention any two advantages of Computerised Accounting. VIEW SOLUTION
  • Question 11

    Rahul and Rohit are partners having capitals of Rs. 60,000 and Rs. 40,000 as on 01.01.2007 respectively. They shared profits and losses in the ratio of 3 : 2. At the end of the year 2007 their net profit is Rs. 40,000. According to Partnership Deed

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

    (ii)  Rohit is allowed annual commission of Rs. 10,000.

    (iii)  Drawings during the year, Rahul withdrew Rs. 6,000 and Rohit Rs. 8,000 for personal use. Interest on the same being Rs. 400 and Rs. 600 respectively.

    (iv)  Rohit's annual salary is Rs. 6,000.

    Prepare Profit and Loss Appropriation Account. VIEW SOLUTION
  • Question 12

    Ramesh, Suresh and Jagadeesh are partners sharing profits & losses in the ratio of 4 : 3 : 2. Suresh retires from the firm. New profit sharing ratio of Ramesh and Jagadeesh is 5 : 3 respectively.

    Find out Gain Ratio of Ramesh and Jagadeesh. VIEW SOLUTION
  • Question 13

    Ashok, Babu and Chandru were partners sharing profits and losses in the ratio of 3 : 2 : 1 respectively. Their Capitals as on 01.01.2007 stood at Rs. 40,000, Rs. 50,000 and Rs. 60,000 respectively. On 31.3.2007 Babu died.

    The deceased partner's share in accrued profits up to the date of death is Rs. 6,000. The Goodwill of the deceased partner's share is Rs. 18,000. Babu's salary is Rs. 1,000 p.m. His drawings up to the date of death amounted to Rs. 5,000.

    Prepare Babu's Capital Account.

    VIEW SOLUTION
  • Question 14

    Bharat Cement Co. Ltd. issued 10000 Equity shares of Rs. 100 each payable as follows:

    On Application Rs. 20

    On Allotment Rs. 30

    On Call Rs. 50

    All the shares were subscribed and the amount was duly received.

    Give the necessary journal entries in the books of the company. VIEW SOLUTION
  • Question 16
    Mr. Vijay, a retail trader kept his books of accounts under Single Entry System. The following information is available from his business records.
     

    Particulars

    01. 01. 2006

    (Rs)

    31. 12. 2006

    (Rs)

    Cash in hand

    5,000

    10,000

    Balance at Bank

    6,000

    8,000

    Stock

    20,000

    30,000

    Debtors

    30,000

    42,000

    Creditors

    20,000

    25,000

    Bills Receivable

    5,000

    8,000

    Bills Payable

    3,000

    5,000

    Furniture

    20,000

    20,000

    Machinery

    50,000

    50,000

    Buildings

    60,000

    60,000

    During the year he withdrew Rs. 500 per month and goods Rs. 12,000 from the business for his domestic use. He introduced Rs. 10,000 into the business on 30.6.2006.

    Adjustments:

    (i) Appreciate Buildings by 20%

    (ii) Depreciate Furniture and Machinery at 10% p.a. each

    (iii) Write off Bad debts Rs. 2,000

    (iv) Allow Interest on Capital at 10% per annum

    (v) Outstanding Salary Rs. 1,000.

    Prepare:

    (a) Statement of Affairs

    (b) Statement of profit or loss

    (c) Revised Statement of Affairs on 31.12.2006.

    VIEW SOLUTION
  • Question 17

    Praveen and Kiran 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)

    Creditors

    20,000

    Cash at Bank

    7,500

    Bills Payable

    22,500

    Stock

    9,000

    Reserve Fund

    7,500

    Debtors

    Rs. 20,000

     

    Capitals:

     

      Less: R.B.D.

    Rs. 1,000

    19,000

    Praveen

    Rs. 30,000

     

    Bills Receivable

    3,500

    Kiran

    Rs. 20,000

    50,000

    Furniture

    5,000

    Profit & Loss A/c

    15,000

    Machinery

    17,500

     

     

    Buildings

    46,000

     

     

    Investment

    7,500

     

    1,15,000

     

    1,15,000

     

     

     

     

    On 01.01.2007, they admitted Madan for 14th share in the future profit on the following terms:

    (i) Madan should bring in Rs. 30,000 as Capital and Rs. 20,000 towards Goodwill

    (ii) Goodwill is withdrawn by the old partners

    (iii)  Depreciate Furniture and Machinery by 10% each

    (iv) Increase RBD by Rs. 2,000

    (v) Building is revalued at Rs. 60,000

    (vi) Outstanding Legal Expenses Rs. 450 to be provided.

    Prepare:

    (a) Revaluation Account

    (b) Partners' Capital Accounts

    (c) Balance Sheet of the new firm. VIEW SOLUTION
  • Question 18

    Harish and Suresh are partners sharing profits and losses equally, agreed to dissolve their partnership on 31.12.2007. Their Balance Sheet was as follows:

    Balance Sheet as on 31. 12. 2007

    Liabilities

    Amount

    (Rs)

    Assets

    Amount

    (Rs)

    Creditors

    25,000

    Cash at Bank

    10,000

    Bills Payable

    10,000

    Stock

    18,000

    Suresh 's loan

    10,000

    Debtors

    Rs. 25,000

     

    Reserve Fund

    5,000

      Less: R.B.D.

    Rs. 3,000

    22,000

    Capitals:

     

    Bill Receivable

    5,000

    Harish

    Rs. 40,000

     

    Motor Car

    10,000

    Suresh

    Rs. 30,000

    70,000

    Furniture

    12,000

     

     

    Machinery

    16,000

     

     

    Buildings

    23,000

     

     

    Profit & and Loss A/c

    4,000

     

    1,20,000

     

    1,20,000

     

     

     

     

    The assets realised as follows:

    (i) Stock Rs. 25,000, Debtors Rs. 20,000, Bills Receivable Rs. 4,000, Motor Car Rs. 10,000, Furniture Rs. 8,000, Machinery Rs. 15,000 and Buildings Rs. 20,000

    (ii) Creditors are taken over by Harish at Book value

    (iii) Bills payable were paid by the firm at 5% discount

    (iv) Realisation expenses amounted to Rs. 2,000.

    Prepare:

    (a) Realisation Account

    (b) Partners' Capital Accounts

    (c) Bank Account.

    VIEW SOLUTION
  • Question 19

    On 01.01.2003 a firm purchased Machinery costing Rs. 40,000. On 01.07.2005 it sold the machinery purchased on 01.01.2003 for Rs. 30,000 and on the same date a new Machinery was purchased for Rs. 20,000. Depreciation was charged annually @ 10% per annum on original cost method.

    Show the Machinery Account and Depreciation Account for four years.

    VIEW SOLUTION
  • Question 20
    Given below is the Receipts and Payments Account of Union Sports Club for the year ended 31.12.2006.
     

    Receipts and Payments Account

    for the year ended 31.12.2006

    Receipts

    Amount

    (Rs)

    Payments

    Amount

    (Rs)

    To Balance b/d (01.01.2006)

    6,000

    By Printing

    2,000

    To Subscription

    16,800

    By Rent & Taxes

    4,000

    To Miscellaneous Receipts

    1,600

    By Salary

    4,000

    To Tournament fund

    21,000

    By Wages

    2,000

    To Sales of old newspapers

    100

    By Upkeep of grounds

    3,000

    To Entrance Fees

    6,000

    By Sports Materials

    15,000

    To Drama proceeds

    2,500

    By Balance c/d (31.12.2006)

    24,000

     

    54,000

     

    54,000

     

     

     

     

     

    Balance Sheet as on 31.12.2005

    Liabilities

    Amount

    (Rs)

    Assets

    Amount

    (Rs)

    Subscription for 2006

    1,000

    Cash

    6,000

    Capital Fund

    40,000

    Subscription outstanding

    2,000

     

     

    Furniture

    20,000

     

     

    Sports Materials

    13,000

     

    41,000

     

    41,000

     

     

     

     

    Adjustments:

    (i) At the end of the year subscriptions were outstanding to the extent of Rs. 1,000

    (ii) Furniture is to be depreciated by 10%

    (iii) Half of the entrance fees are to be capitalised.

    Prepare Income and Expenditure Account for the year ended on 31.12.2006 and a Balance Sheet on that date.

    VIEW SOLUTION
  • Question 21

    From the following Trial Balance of Vijay Trading Co. Ltd. & the adjustments given below, prepare Final Accounts of the company.

    Trial Balance as on 31.12.2006

    Particulars

    Debit

    Amount

    (Rs)

    Credit

    Amount

    (Rs)

    Called up Capital

    -

    1,20,000

    Buildings

    40,000

    -

    Reserve Fund

    -

    70,000

    Furniture

    20,000

    -

    Wages

    10,000

    -

    Salaries

    5,000

    -

    Debtors and Creditors

    60,000

    80,000

    Bills Receivable & Bills Payable

    25,000

    10,000

    Interim Dividend

    10,000

    -

    Audit fees

    7,000

    -

    Freight

    6,000

    -

    Printing•& Stationery

    6,000

    -

    Purchases & Sales

    1,20,000

    1,80,000

    Loose Tools

    20,000

    -

    Profit & Loss Appropriation A/c.

    -

    10,000

    Cash in hand

    21,000

    -

    Calls-in-Arrears

    10,000

    -

    Goodwill

    40,000

    -

    Investments

    40,000

    -

    Opening Stock

    30,000

    -

    Returns

    10,000

    5,000

    10% debentures

    -

    5,000

    Total

    4,80,000

    4,80,000

     

     

     

    Adjustments:

    (i) Closing stock was valued at Rs. 50,000 on 31.12.2006

    (ii) Depreciate Furniture at 10% and Buildings at 5%

    (iii) Provision for doubtful debts at 5% on Debtors are to be made

    (iv) Transfer to General Reserve Rs. 5,000

    (v) Provide Interest on debentures for one year.

    VIEW SOLUTION
  • Question 22

    Prepare an executor's Loan Account with imaginary figures assuming that his account would be settled in two annual equal instalments along with interest.

    VIEW SOLUTION
  • Question 23

    Prepare Profit and Loss Appropriation account of a company with 5 imaginary figures.

    VIEW SOLUTION
  • Question 24

    Classify the following into Capital and Revenue items:

    (a) Cost of computer purchased by a college

    (b) Repair to a lecture hall

    (c) Interest on deposits

    (d) Depreciation on Assets

    (c) Sale proceeds of fixed assets. VIEW SOLUTION
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