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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 differences between Statement of Affairs and Balance Sheet. VIEW SOLUTION
  • Question 3
    Give Journal entry for transferring profit on Revaluation Account in admission of a partner. VIEW SOLUTION
  • Question 6
    State any two items which are shown under the heading 'Fixed Assets'. VIEW SOLUTION
  • Question 8
    Give the meaning of capital expenditure. VIEW SOLUTION
  • Question 11

    On 1.1. 2010 Krishna and Balarama entered into partnership contributing capitals of Rs. 1,00,000 and Rs. 75,000 respectively and sharing profits and losses in the ratio of 3 : 2.

    Balarama is to be allowed a salary of Rs. 20,000 per annum. Interest on capitals is to be allowed at 5% p.a. and 6% p.a. interest is to be charged on drawings.

    During the year, Krishna withdrew Rs. 15,000 and Balarama withdrew Rs. 18,000 for personal use, interest on drawings being Rs. 350 and Rs. 250 respectively. During the year, they earned a profit of Rs. 52,900 before noting the above adjustments.

    Prepare Profit & Loss Appropriation A/ c.

    VIEW SOLUTION
  • Question 12

    Uma and Suma are partners sharing profits and losses in the proportion of 3 : 2 respectively. They agree to admit Rashmi as a new partner. Future profits and losses are to be shared between all partners in the proportion of 8: 7: 5 respectively.

    Find out the sacrifice ratio of old partners. VIEW SOLUTION
  • Question 13

    Black, White and Red are partners sharing profits and losses in the ratio of 2 : 2 : 1.

    Their Balance Sheet as on 31.12.2009 was as under:

     

    Balance Sheet as on 31.12.2009

    Liabilities

    Amount

    (Rs)

    Assets

    Amount

    (Rs)

    Creditors

    60,000

    Cash

    15,000

    Bills Payable

    30,000

    Stock

    45,000

    Reserve fund

    60,000

    Debtors

    60,000

    Capitals:

     

    Furniture

    30,000

    Black

    60,000

     

    Buildings

    1,50,000

    White

    60,000

     

     

     

    Red

    30,000

    1,50,000

     

     

     

    3,00,000

     

    3,00,000

     

     

     

     

    Black died on 01.07.2010. His executors were entitled to the following:

    (a) His capital as on the date of death

    (b) His share of reserve fund.

    (c) His share of Goodwill is Goodwill of the firm is valued at Rs. 1,50,000

    (d) Interest on capital at 9% p.a.

    (e) Profit till the date of death based on the previous year profit. The profit for the year 2009 was Rs. 75,000

    Prepare Black's capital account. VIEW SOLUTION
  • Question 14

    On 01.01.2008 the directors of Balaji Company Limited forfeited 600 equity shares of Rs. 100 each for non-payment of first call money of Rs. 25 per share and final call money of Rs. 15 per share. On 01.02.2008, they were reissued the same at Rs. 88 per share as fully paid up.

    Write the necessary Journal entries.

    VIEW SOLUTION
  • Question 15
    Write any six differences between manual accounting and computerised accounting. VIEW SOLUTION
  • Question 16
    Sri Bharath kept his books under single entry system. He provides the following information:
     

    Particulars

    As on 01.01.2009

     (Rs)

    As on 31.12.2009

    (Rs)

    Cash

    10,000

    16,000

    Bank overdraft

    20,000

    14,000

    Bills receivable

    16,000

    20,000

    Debtors

    30,000

    40,000

    Stock

    24,000

    28,000

    Furniture

    20,000

    20,000

    Machinery

    30,000

    30,000

    Bills Payable

    6,000

    10,000

    Creditors

    14,000

    16,000

    Buildings

    50,000

    50,000


    During the year he has withdrawn cash Rs, 13,000 and goods worth Rs. 7,000 for his personal use. He has also introduced Rs. 12,000 as an additional capital on 01.04.2009.

    Adjustments:

    (a) Reserve 5% on debtors for bad debts

    (b) Allow interest on capital at 12% p.a.

    (c) Depreciate machinery by 10% p.a. and furniture by 5% p.a.

    (d) Appreciate buildings by 20% p.a.

    (e) Salary payable Rs. 1,000 and commission receivable Rs. 2,000.

    Prepare:

    (i) Statement of affairs

    (ii) Statement of profit or loss

    (iii) Revised statement of affairs. VIEW SOLUTION
  • Question 17

    Madan, Mohan and Murthy were partners in a firm sharing profits and losses in the ratio of 25, 25 and 15 respectively. The following was their Balance Sheet as on 31.03.2009:

    Balance Sheet as on 31.03.2009

    Liabilities

    Amount

    (Rs)

    Assets

    Amount

    (Rs)

    Creditors

    30,000

    Cash

    14,500

    Bills payable

    15,000

    Debtors

    30,000

     

    Reserve fund

    30,000

    (-) Reserve

    1,500

    28,500

    Profit & Loss A/c

    10,000

    Stock

    45,000

    Capitals:

     

    Machinery

    60,000

    Madan

    60,000

     

    Motor van

    12,000

    Mohan

    45,000

     

    Buildings

    60,000

    Murthy

    30,000

    1,35,000

     

     

     

    2,20,000

     

    2,20,000

     

     

     

     

    Mohan retires on the above date subject to the following adjustments:

    (a) Machinery is to be depreciated by 10% and Motor van by 15%

    (b) Stock is to be appreciated by 20% and Buildings by 10%

    (c) Provision for doubtful debts is to be increased by Rs. 1,200

    (d) Goodwill of the firm is to be valued at Rs. 36,000 and is to be shown in the Balance Sheet of the continuing partners.

    Prepare:

    (i) Revaluation Account

    (ii) Partners' Capital Accounts

    (iii) Balance Sheet of continuing partners.

    VIEW SOLUTION
  • Question 18
    Kavya, Kavitha and Karishma are partners sharing profits and losses in the ratio of 3 : 2 : 1. They agreed to dissolve their firm as on 31.12.2007 on which date the Balance Sheet was as follows:
     

    Balance Sheet as on 31.12.2007

    Liabilities

    Amount

    (Rs)

    Assets

    Amount

    (Rs)

    Creditors

    60,000

    Cash at Bank

    30,000

    Bills payable

    18,000

    Bill receivable

    24,000

    Kavya's loan

    40,000

    Stock

    40,000

    Reserve Fund

    36,000

    Debtors

    80,000

    Capitals:

     

    Motor car

    20,000

    Kavya

    90,000

     

    Investments

    30,000

    Kavitha

    60,000

     

    Furniture

    26,000

    Karishma

    30,000

    1,80,000

    Machinery

    60,000

     

     

    Profit & Loss A/c

    24,000

     

    3,34,000

     

    3,34,000

     

     

     

     

    (a) Assets realised as follows:

    Stock Rs. 44,000, Debtors Rs. 90,000, Machinery Rs. 56,000 and B/R Rs. 20,000

    (b) Furniture is taken over by Kavya at Rs. 30,000, Kavitha took over investments at Rs. 40,000 and Karishma took over Motor car at Rs. 14,600.

    (c) Creditors and Bills payable paid off at 10% discount.

    (d) Realisation expenses amounted to Rs 8,000.

    Prepare:

    (i) Realisation Account

    (ii) Partners' Capital Accounts

    (iii) Bank Account

    VIEW SOLUTION
  • Question 19

    On 01.01.2006 a firm acquired a lease costing Rs. 50,000 for a term of 4 years. It was proposed to depreciate it on the annuity method charging interest at 6% per annum. With reference to the annuity table, to write off Re. 1 at 6% over a period of 4 years the amount to be charged is 0.288591.

    Show Lease account and Interest account for all four years.

    VIEW SOLUTION
  • Question 20
    Following is the Trial Balance of Praja Company Limited as on 31.03.2010:
     

    Trial Balance as on 31.03.2010

    S. No.

    Particulars

    Debit

    Amount

    (Rs)

    Credit

    Amount

    (Rs)

    1.

    Share capital (2400 shares of Rs. 100 each)

    -

    2,40,000

    2.

    Reserve fund

    -

    15,200

    3.

    Stock (01.04.2009)

    32,000

    -

    4.

    Purchases and Sales

    1,20,000

    2,80,000

    5.

    Returns

    8,000

    6,000

    6.

    Wages

    34,000

    -.

    7.

    Freight

    8,000

    -

    8.

    Salaries

    24,000

    -

    9.

    Sundry expenses

    24,000

    -

    10.

    Discounts

    10,000

    6,000

    11.

    Bill receivable

    4,000

    -

    12.

    Debtors and Creditors

    56,000

    22,800

    13.

    Land and Buildings

    80,000

    -

    14.

    Preliminary expenses

    29,600

    -

    15.

    Machinery

    32,000

    -

    16.

    Furniture

    46,000

    -

    17.

    Investments

    36,000

    -

    18.

    Cash in hand

    18,400

    -

    19.

    Cash at Bank

    24,000

    -

    20.

    Loose Tools

    40,000

    -

    21.

    Goodwill

    40,000

    -

    22.

    Loan

    -

    40,000

    23.

    Profit & Loss Appropriation A/ c

    -

    16,000

    24.

    Debentures

    -

    40,000

    Total

    6,66,000

    6,66,000

     

     

     

    Adjustments:

    (a) Closing stock Rs. 48,000

    (b) Depreciate machinery at 5% p.a.

    (c) Write off Rs. 4,800 as bad debts.

    (d) Write off Rs. 13,600 from preliminary expenses

    (e) Provide for dividend Rs. 28,000

    (f) Transfer Rs. 4,000 to Reserve fund.

    Prepare Final accounts of the company is statutory form.

    VIEW SOLUTION
  • Question 21
    Following is the opening Balance Sheet and Receipts and Payments are related to Lions Club, Bellary:
     

    Opening Balance Sheet as on 31.12.2007

    Liabilities

    Amount

    (Rs)

    Assets

    Amount

    (Rs)

    Capital fund

    Subscription for 2008

    O/s Office expenses

    Bank loan

    1,50,000

    15,000

    6,000

    69,000

    Buildings

    Furniture

    Sports materials

    O/s Subscription

    O/s Rent

    Cash

    1,35,000

    45,000

    30,000

    15,000

    6,000

    9,000

     

    2,40,000

     

    2,40,000

     

     

     

     

     

    Receipts and Payments A/c for the year ended 31.12.2008

    Receipts

    Amount

    (Rs)

    Payments

    Amount

    (Rs)

    To Cash Balance as on 01.01.2008

    9,000

    By Office expenses

     

    To Subscriptions

     

    2007

    6,000

     

    2007

    15,000

     

    2008

    24,000

    30,000

    2008

    45,000

     

    By Salary

    36,000

    2009

    6,000

    66,000

    By Subscriptions to newspapers

    9,000

    To Entrance fee

    15,000

    By Bank loan paid

    39,000

    To Rent

    30,000

    By Sports material

    15,000

    To Sale of old newspapers

    3,000

    By Cash balance as on 31.12.2008

    6,000

    To Donations

    12,000

     

     

     

    1,35,000

     

    1,35,000

     

     

     

     

    Adjustments:

    (a) Subscriptions O/s for current year Rs. 9,000

    (b) Salary outstanding Rs. 3,000

    (c) Depreciate sports materials by Rs. 6,000

    (d) Half of the donations and entire entrance fee are to be capitalised.

    (e) Appreciate buildings by Rs. 15,000

    Prepare:

    (i) Income and Expenditure Account

    (ii) Balance sheet as on 31.12.2008.

    VIEW SOLUTION
  • Question 22
    Prepare Capital accounts of two partners under fluctuating capital system with five imaginary figures. VIEW SOLUTION
  • Question 23
    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 24

    Classify the following items into Capital and Revenue:

    (a) Sale of sports materials

    (b) Purchase of computer for office use

    (c) Sale of old newspapers and periodicals

    (d) Benefit show expenses

    (e) Honorarium paid to a surgeon by a hospital VIEW SOLUTION
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