Board Paper of Class 12-Commerce 2013 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 Single Entry System of Book-keeping? VIEW SOLUTION
- Question 2
What is Fluctuating Capital System? VIEW SOLUTION
- Question 3
What is Sacrifice Ratio? VIEW SOLUTION
- Question 4
Pass the Journal Entry for the payment of Realisation Expenses. VIEW SOLUTION
- Question 5
What is ‘Debenture’? VIEW SOLUTION
- Question 6
Name any two current assets which appear in the Balance Sheet of a company. VIEW SOLUTION
- Question 7
State two methods of charging depreciation. VIEW SOLUTION
- Question 8
What is Revenue Expenditure? VIEW SOLUTION
- Question 9
Name two Accounting Packages. VIEW SOLUTION
- Question 10
What is a ‘Flow-chart’? VIEW SOLUTION
- Question 11
Uma and Leela were partners in a firm sharing profits in the ratio of 3 : 2. Their capitals were Rs. 25,000 and Rs. 20,000 respectively. It was agreed to allow interest on capitals at 10% p.a. Their respective interests on the drawings amounted to Rs. 150 and Rs. 200. Uma was allowed a salary of Rs. 500 per month.
The profits of the firm before making the above adjustments were Rs. 12,150.
Prepare Profit and Loss Appropriation Account. VIEW SOLUTION
- Question 12
Sachin, Dev and Burman were partners sharing profits and losses in the ratio of 4 : 3 : 2.
Dev retired from the business firm. Sachin and Burman decided to continue as equal partners. Calculate the Gain ratio of old partners. VIEW SOLUTION
- Question 13
Following is the Balance Sheet of Ram. Manohar and Lohia who share profits in the ratio of 2 : 2 : 1.
Balance Sheetas on 31.12.2004LiabilitiesAmountRsAssetsAmountRs
Creditors27,000 Cash11,700 Bank Overdraft7,000 Bills Receivable26,000 Bills Payable14,000 Debtors21,600 Reserve fund20,000 Stock13,700 Capital: Furniture8,000 Ram12,000 Machinery33,000 Manohar16,000 Lohia18,00046,0001,14,0001,14,000
On 1st July, 2005 Lohia died and his dependents are entitled to get the following :
i) His share of Capital and Reserve fund.
ii) His share of Profit to the date of death calculated on the basis of average profits of last two years which were 2004 – Rs. 10,500, 2003 – Rs. 9,500.
iii) His share of Goodwill which is valued at three times the average profits of the last two years.
Prepare Lohia’s Executors Account. VIEW SOLUTION
- Question 14
Rahul held 200 equity shares of Rs. 10 each in ABC Company, on which he had paid the following :
Rs. 2 on Application
Rs. 3 on Allotment
Rs. 3 on First Call.
Rahul could not pay the Final Call of Rs. 2 per share. Hence his shares were forfeited by the directors of the company and later reissued to Vikram at Rs. 8 per share.
Pass the necessary Journal Entries for Forfeiture and Re-issue of shares. VIEW SOLUTION
- Question 15
What is Computerised Accounting? Name the areas in which it is commonly used. VIEW SOLUTION
- Question 16
Anil is a small merchant keeping his books of accounts under Single Entry system. He gives you the following information :
Debtors7,8007,200 Creditors4,5005,450 Bank Overdraft6,400– Cash in hand1,1006,250 Bills Payable –3,000 Stock of Goods6,00010,000 Plant & Machinery15,00015,000 Motor Car20,00020,000 Buildings30,00030,000
During the year he withdrew Rs. 2,000 in cash and goods worth Rs. 500 for his personal use. On 1. 7. 2004 he introduced Rs. 10,000 towards additional capital into the business.
i) Appreciate Buildings by 20%.
ii) Depreciate machinery and motor car by 5%.
iii) Provide a reserve of 5% for bad debts.
iv) Rent due but not received Rs. 1,200.
v) Allow interest on capital at 5% on opening and closing capitals.
i) Statement of Affairs
ii) Statement of Profit and Loss
iii) Revised Statement of Affairs as at 31st December, 2004. VIEW SOLUTION
- Question 17
Ashwini and Bharani are partners sharing profits and losses in the ratio of 3 : 2. Their Balance Sheet as at 31. 12. 2011 was as follows :
as at 31.12.2011
Profit & Loss A/c
They admit Kratika into the partnership firm on 1. 1. 2012 on the following terms :
i) She pays Rs. 20,000 as capital for share and Rs. 10,000 as goodwill.
ii) Ashwini and Bharani withdrew half of the goodwill amount.
iii) Stock and furniture are reduced by 10%.
iv) A reserve of 6% is to be provided for Bad Debts.
v) Building to be appreciated by 25%.
i) Revaluation Account
ii) Capital Accounts of the partners
iii) Balance Sheet of the new firm. VIEW SOLUTION
- Question 18
Ganga, Jamuna and Saraswati were equal partners in a firm. Their Balance Sheet was as follows:
Balance Sheetas at 31.12.2012LiabilitiesAmountRsAssetsAmountRs
Creditors50,000 Cash at Bank 25,000 Bills Payable20,000 Stock30,000 Bank Loan10,000 Debtors40,000 Reserve Fund15,000 Bills Receivable10,000 Capital: Machinery20,000 Ganga60,000 Furniture20,000 Jamuna40,000 Investments10,000 Saraswati30,0001,30,000 Motor Car20,000 Buildings50,0002,25,000 2,25,000
On the above date the firm was dissolved and realisation went as follows :
i) The Assets were sold as below :
Stock—Rs.30,400 Debtors —Rs.42,600 Bills Receivable—Rs. 9,000 Machinery—Rs.15,000 Furniture—Rs.18,000
ii) Ganga took over the buildings at Rs. 60,000. Jamuna took over Motor Car at Rs. 26,600 and Saraswati took over the investments at Rs. 10,000.
iii) All the liabilities were paid in full.
iv) Realisation expenses are amounted to Rs. 5,000.
i) Realisation Account
ii) Partners’ Capital Accounts
iii) Bank Account. VIEW SOLUTION
- Question 19
On 1. 1. 2009 a firm purchased a second hand machinery for Rs. 40,000 and spent Rs. 10,000 for its repair and installation and decided to write-off depreciation at the rate of 10% under Diminishing Balance method.
On 1. 7. 2010, one more machinery was purchased for Rs. 25,000.
On 30th June, 2011, the machinery which was purchased on 1. 1. 2009 was sold for Rs. 38,000.
Prepare Machinery Account and Depreciation Account for 4 years. Books are closed on December 31 every year. VIEW SOLUTION
- Question 20
The Trial Balance of MNT Company, Bangalore is given below :
Trial Balanceas at 31. 12. 2011Sl. No.ParticularsDebitBalance(Rs)CreditBalance(Rs)1.
Share Capital (1,000 shares of Rs 10 each)—1,00,0002. Opening Stock14,000—3. Purchases1,55,000—4. Purchases Returns—3,0005. Sales—2,40,0006. Sales Returns5,000—7. Wages15,000—8. Salaries19,200—9. Postage3,800—10. Interest on Investments—3,30011. Rent9,500—12. Investments15,000—13. Goodwill40,000—14. Buildings85,000—15. Machinery30,000—16. Furniture16,000—17. Bills Receivable12,000—18. Bills Payable—17,00019. Debtors24,000—20. Creditors—15,20021. Reserve fund—70,00022. Profit & Loss App. Account—12,00023. Cash at Bank17,000—4,60,5004,60,500
i) Closing Stock Rs 25,000.
ii) Depreciate Machinery and Furniture by 10%.
iii) Proposed Dividend Rs. 20,000.
iv) Outstanding Salary Rs. 2,000.
v) Transfer Rs 20,000 to Reserve Fund.
Prepare the final accounts of MNT Company and the Balance Sheet as at 31. 12. 2011. VIEW SOLUTION
- Question 21
Following is the Receipts and Payments Account of Karnataka College Library.
Receipts and Payments Accountfor the year ended 31.12.2005
Dr.Cr.Receipts Amount(Rs)PaymentsAmount(Rs) To Balance b/d3,000 By Salary6,300 To Entrance fees2,000 By Insurance500 To Subscriptions15,000 By Library Books (1. 1. 2005)4,000 To Sale of old papers100 By Repairs1,300 To Rent of Lecture hall2,700 By Furniture (1.1.2005)6,000 To Proceeds from Lectures1,200 By Office Expenses1,800 To Interest1,000 By Newspapers600 By Balance c/d4,50025,00025,000
Opening Assets on 1. 1. 2005 :
Buildings—Rs.50,000ii) Investments—Rs.10,000iii) Library Books—Rs.18,000 iv) Furniture—Rs.8,000v) Cash—Rs. 3,000
i) Subscriptions outstanding for the current year is Rs. 2,500.
ii) Rs. 1,000, towards the rent of lecture hall is due.
iii) A sum of Rs. 100 was prepaid for insurance.
iv) Depreciate buildings at 5%.
v) Library Books and furniture are to be depreciated at 10%.
i) Income and Expenditure Account.
ii) Balance Sheet. VIEW SOLUTION
- Question 22
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 the partners. VIEW SOLUTION
- Question 23
Prepare Profit and Loss Appropriation Account of a Company with five imaginary figures. VIEW SOLUTION
- Question 24
Prepare Machinery Account for two years with imaginary figures under Fixed Instalment method. VIEW SOLUTION