Select Board & Class

Login

Board Paper of Class 12-Commerce 2013 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 Single Entry System of Book-keeping? VIEW SOLUTION
  • Question 4
    Pass the Journal Entry for the payment of Realisation Expenses. 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 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 Sheet
    as on 31.12.2004
    Liabilities
    Amount
    Rs
    Assets
    Amount
    Rs
    Creditors
    27,000
    Cash
    11,700
    Bank Overdraft
    7,000
    Bills Receivable
    26,000
    Bills Payable
    14,000
    Debtors
    21,600
    Reserve fund
    20,000
    Stock
    13,700
    Capital:   Furniture
    8,000
      Ram
    12,000
      Machinery
    33,000
      Manohar
    16,000
         
      Lohia
    18,000
    46,000
       
     
    1,14,000
     
    1,14,000
           

    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 :
     
    Particulars
    01.01.2004
    (Rs)
    31.12.2004
    (Rs)
    Debtors
    7,800
    7,200
    Creditors
    4,500
    5,450
    Bank Overdraft
    6,400
    Cash in hand
    1,100
    6,250
    Bills Payable
    3,000
    Stock of Goods
    6,000
    10,000
    Plant & Machinery
    15,000
    15,000
    Motor Car
    20,000
    20,000
    Buildings
    30,000
    30,000

    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.
    Adjustments:
    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.
    Prepare
    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 :
     

    Balance Sheet

    as at 31.12.2011

    Liabilities

    Amount

    Rs

    Assets

    Amount

    Rs

    Creditors

    10,000

    Cash

    25,000

    Bills Payable

    35,000

    Bills Receivable

    5,000

    Reserve fund

    10,000

    Debtors

    15,000

    Capital:

     

    Stock

    19,500

    Ashwini

    30,000

     

    Furniture

    10,500

    Bharani

    10,000

    40,000

    Buildings

    25,000

    Profit & Loss A/c

     

    5,000

     

     

     

    1,00,000

     

    1,00,000

     

     

     

     


    They admit Kratika into the partnership firm on 1. 1. 2012 on the following terms :

    i) She pays Rs. 20,000 as capital for 15 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%.

    Prepare

    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 Sheet
    as at 31.12.2012
    Liabilities
    Amount
    Rs
    Assets
    Amount
    Rs
    Creditors
    50,000
    Cash at Bank 25,000
    Bills Payable
    20,000
    Stock
    30,000
    Bank Loan
    10,000
    Debtors
    40,000
    Reserve Fund
    15,000
    Bills Receivable
    10,000
    Capital:   Machinery
    20,000
       Ganga
    60,000
      Furniture
    20,000
       Jamuna
    40,000
      Investments
    10,000
       Saraswati
    30,000
    1,30,000
    Motor Car
    20,000
          Buildings
    50,000
     
    2,25,000
      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.

    Prepare:

    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 Balance
    as at 31. 12. 2011
    Sl. No.
    Particulars
    Debit
    Balance
    (Rs)
    Credit
    Balance
    (Rs)
    1.
    Share Capital    
     
    (1,000 shares of Rs 10 each)
    1,00,000
    2.
    Opening Stock
    14,000
    3.
    Purchases
    1,55,000
    4.
    Purchases Returns
    3,000
    5.
    Sales
    2,40,000
    6.
    Sales Returns
    5,000
    7.
    Wages
    15,000
    8.
    Salaries
    19,200
    9.
    Postage
    3,800
    10.
    Interest on Investments
    3,300
    11.
    Rent
    9,500
    12.
    Investments
    15,000
    13.
    Goodwill
    40,000
    14.
    Buildings
    85,000
    15.
    Machinery
    30,000
    16.
    Furniture
    16,000
    17.
    Bills Receivable
    12,000
    18.
    Bills Payable
    17,000
    19.
    Debtors
    24,000
    20.
    Creditors
    15,200
    21.
    Reserve fund
    70,000
    22.
    Profit & Loss App. Account
    12,000
    23.
    Cash at Bank
    17,000
     
     
    4,60,500
    4,60,500
           

    Adjustments:

    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 Account
    for the year ended 31.12.2005
    Dr.
     
    Cr.
    Receipts
    Amount
    (Rs)
    Payments
    Amount
    (Rs)
    To Balance b/d
    3,000
    By Salary
    6,300
    To Entrance fees
    2,000
    By Insurance
    500
    To Subscriptions
    15,000
    By Library Books (1. 1. 2005)
    4,000
    To Sale of old papers
    100
    By Repairs
    1,300
    To Rent of Lecture hall
    2,700
    By Furniture (1.1.2005)
    6,000
    To Proceeds from Lectures
    1,200
    By Office Expenses
    1,800
    To Interest
    1,000
    By Newspapers
    600
     
     
    By Balance c/d
    4,500
     
    25,000
     
    25,000
           

    Opening Assets on 1. 1. 2005 :
     
    i)
    Buildings
    Rs.
    50,000
    ii)
    Investments
    Rs.
    10,000
    iii)
    Library Books
    Rs.
    18,000
    iv) Furniture
    Rs.
    8,000
    v)
    Cash
    Rs.
    3,000

    Adjustments

    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%.

    Prepare:

    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
What are you looking for?

Syllabus