Board Paper of Class 12-Commerce 2014 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
State two features of Single Entry System. VIEW SOLUTION
- Question 2
Mention any two rules to be followed in the absence of Partnership Deed. VIEW SOLUTION
- Question 3
What is Revaluation Account?VIEW SOLUTION
- Question 4
Give the Journal entry for the asset taken over by partner in case of dissolution of firm. VIEW SOLUTION
- Question 5
What do you mean by Issue of shares at par? Give an example.VIEW SOLUTION
- Question 6
Under what heading do you show the following in Company Balance Sheet?
(a) Loans to Employees
(b) Proposed Dividend.VIEW SOLUTION
- Question 7
What is Depreciation?VIEW SOLUTION
- Question 8
What are non-trading concerns? Give an example. VIEW SOLUTION
- Question 9
Mention two features of Computerised Accounting. VIEW SOLUTION
- Question 10
What is Data Processing?VIEW SOLUTION
- Question 11
Suraj, a partner in a firm, has withdrawn the following amounts during the year ended on 31. 12. 2013:
Rs. 6,000 on 31. 3. 2013
Rs. 10,000 on l. 7. 2013
Rs. 4,000 on 31. 10. 2013
Rs. 1,000 on 31. 12. 2013
Calculate interest on drawings at 6% per annum under Product method.VIEW SOLUTION
- Question 12
Rama. Lakshmana and Bharatha are partners in a firm sharing profits and losses in the ratio of 2: 2: 1 respectively. Lakshmana retires from the firm. Rama and Bharatha agree to share the future profits equally.VIEW SOLUTION
Calculate the Benefit Ratio of the remaining partners.
- Question 13
Anand, Ramesh and Suresh are partners sharing profits and losses in the ratio of 3: 2: 1. Their capital balances on 1. 1. 2013 stood at Rs. 45,000, Rs. 30,000 and Rs. 20,000 respectively. Ramesh died on 30. 9. 2013. Partnership deed provides the following:
(a) Interest on capital at 10% per annum.
(b) Salary to Ramesh Rs. 1,000 per month.
(c) His share of goodwill.
(d) His share of profit up to the date of death on the basis of previous year's profit.
(i) Total goodwill of the firm Rs. 27,000.
(ii) Profit of the firm for the year 2012 Rs. 15,000.
You are required to ascertain the amount payable to Ramesh’s Executors by preparing Executor's Account.VIEW SOLUTION
- Question 14
ABC Co. Limited forfeited 500 shares of Rs. 100 each for non-payment of the final call money of Rs. 25 per share. Later, these shares were re-issued at Rs. 80 per share.VIEW SOLUTION
Give necessary Journal entries in the books of ABC Co. Ltd.
- Question 15
Write any six differences between Manual Accounting and Computerised Accounting. VIEW SOLUTION
- Question 16
Vijay Kumar is a merchant keeping his books of accounts under Single Entry system. He gave the following information:Particulars1. 1. 2013
(Rs)31. 12. 2013
(Rs)Sundry Debtors7,8007,250Sundry Creditors4,5005,450Bank Overdraft6,400–Cash1,1002,000Cash in Bank–3,200Bills Payable–3,000Stock24,00040,000Machinery60,00060,000Motor Car80,00080,000
During the year, he withdrew cash Rs. 5,000 and goods worth Rs. 5,000 for his personal use. He introduced Rs. 10,000 as fresh capital (additional) as on 1. 4. 2013.
(a) Depreciate Machinery by 5% per annum and write off Rs. 4,000 from Motor Car.
(b) Write off Bad Debts Rs. 250 and create 5% on debtors as RBD.
(c) Outstanding Salary Rs. 1,000 and Commission due but not received Rs. 1,000.
(d) Allow interest on capital at 5% including on additional capital.
(i) Statement of affairs
(ii) Statement of Profit or Loss
(iii) Revised statement of affairs as on 31. 12. 2013.VIEW SOLUTION
- Question 17
Vani and Sandhya are partners sharing profits and losses in the ratio of 3: 2. Their Balance Sheet as on 31. 12. 2013 was as follows:
Balance Sheet as on 31. 12. 2013 Liabilities Amount
Creditors 57,000 Cash at Bank 21,500 Bills Payable 20,500 Bills Receivable 4,000 Reserve 20,000 Debtors 60,000 Profit & Loss A/c 5,000 Less: RBD 3,000 57,000 Capitals: Stock 35,000 Vani 60,000 Furniture 10,000 Sandhya 30,000 90,000 Buildings 40,000 Machinery 25,000 1,92,500 1,92,500
On l. 1. 2014 Lakshmi is admitted into partnership on the following terms:
(a) She should bring Rs. 40,000 as capital for share and 25,000 towards goodwill.
(b) Depreciate machinery and furniture by 10%.
(c) Appreciate Buildings by 20%.
(d) Increase RBD on Debtors by Rs. 3,000.
(e) An amount of Rs. 2,000 due to a creditor is not likely to be claimed and hence to be written off.
(i) Revaluation A/c
(ii) Partners' Capital Accounts
(iii) Bank Account
(iv) New Balance Sheet as on 1. 1. 2014.VIEW SOLUTION
- Question 18
Narayana and Raghurama are partners in a firm sharing profits and losses equally.
Their Balance Sheet as on 31. 12. 2013 was as follows:
Balance Sheet as on 31. 12. 2013 Liabilities Amount
Creditors 35,000 Cash at Bank 20,000 Bills Payable 10,000 Debtors 45,000 Narayana's Loan 27,000 Bills Receivable 15,000 Reserve 18,000 Stock 40,000 Capitals: Building 60,000 Narayana 60,000 Motor Vehicle 30,000 Raghurama 70,000 Profit & Loss A/c 10,000 2,20,000 2,20,000
On the above date, they decided to dissolve the firm on the following terms:
(a) The Assets realised as follows:
Debtors Rs. 42,000 Bills Receivable Rs. 15,000 Stock Rs. 60,000 Building Rs. 40,000 Motor Vehicle Rs. 22,000
(b) Creditors and Bills Payable paid in full.
(c) Dissolution expenses paid Rs. 2,000.
(i) Realisation Account
(ii) Partners' Capital Accounts
(iii) Bank Account.VIEW SOLUTION
- Question 19
A company acquires lease on 1. 1. 2010 for a term of 4 years, by payment, of Rs. 1,00,000. It is proposed to depreciate the lease by Annuity Method, charging 5% Interest.
As per annuity tables, the amount to be written off annually comes to Rs. 28,201.18.
(i) Lease Account for four years and
(ii) Interest Account for four years.VIEW SOLUTION
- Question 20
Following is the Trial Balance of Bangalore Company Limited, Bangalore.
Trial Balance as on 31. 12. 2013 Particulars Debit
Share Capital 30,000 equity shares @ Rs. 10 each _ 3,00,000 Reserve Fund – 1,25,000 Salary 10,000 – Furniture 50,000 – Building 2,00,000 – 10% Debentures – 1,50,000 Opening Stock 65,000 – Purchases and Sales 1,50,000 2,60,000 Returns 5,000 10,000 Goodwill 50,000 – Investments 80,000 – Calls in arrears 25,000 – Cash at Bank 30,000 – Profit and Loss Appropriation A/c – 25,000 Vehicles 50,000 – Preliminary Expenses 30,000 – Freight 7,000 – Audit Fees 8,000 – Bills Receivable 35,000 – Bills Payable – 10,000 Dividend 20,000 – Debtors and Creditors 1,50,000 1,20,000 Wages 35,000 – 10,00,000 10,00,000
(a) Closing stock was valued at Rs. 1,25,000 on 31. 12. 2013.
(b) Depreciate Furniture and Building at 10% per annum.
(c) Provide RBD on Debtors at 5%.
(d) Transfer Rs. 30,000 to Reserve Fund
(e) Interest on debenture was outstanding at 10% for one year.
Prepare the Final Accounts of the company for the year ended 31.12. 2013 in the prescribed form.VIEW SOLUTION
- Question 21
Following are the Balance Sheet and Receipts and Payments Account of Chikmagalur Sports Club, Chikmagalur.Balance Sheet as on 31. 12. 2012LiabilitiesAmount(Rs)AssetsAmount(Rs)Outstanding Salary3,500Cash10,500Pre-received Subscription2,000Sports materials25,000Capital Fund92,000Furniture12,000Land & Building50,00097,50097,500Receipts and Payments A/c for the year ended 31. 12. 2013ReceiptsAmount(Rs)PaymentsAmount(Rs)To Balance b/d10,500By Salary23,000To Subscriptions42,000By Sports Materials (1. 7. 2013)14,000To Entrance Fees5,000By Investments10,000To Sale of old newspapers1,500By Postage1,200To Sports Fees7,200By Electricity Charges2,300By Up-keep of grounds4,500By Balance c/d11,20066,20066,200
(a) Outstanding-subscriptions for 2013 Rs. 1,000.
(b) Outstanding salary as on 31. 12. 2013 Rs. 4,500.
(c) Half of the entrance fees to be capitalised.
(d) Depreciate Sports materials at 20% per annum and furniture at 5% per annum.
(i) Income and Expenditure Account on 31. 12. 2013.
(ii) Balance Sheet on 31. 12. 2013.VIEW SOLUTION
- Question 22
Prepare a statement of affairs to find out opening capital with five imaginary figures. VIEW SOLUTION
- Question 23
Prepare a Machinery Account for two years with imaginary figures under Diminishing Balance Method of depreciation.VIEW SOLUTION
- Question 24
Classify the following into Capital and Revenue:
(b) Purchase of Computer
(d) Life Membership Fees
(e) Printing and StationeryVIEW SOLUTION