Board Paper of Class 12-Commerce 2008 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 2
State any two rules to be followed in the absence of partnership deed.
VIEW SOLUTION
- Question 3
Mention any two factors which determine the goodwill of a partnership firm.
VIEW SOLUTION
- Question 4
Give the journal entry to close partner’s loan account on dissolution of firm.
VIEW SOLUTION
- Question 5
What is issue of shares at a premium? Give an example.
VIEW SOLUTION
- Question 6
Under what heading do you show the following in Company’s Balance Sheet?
(a) Forfeited Shares Account
(b) Preliminary Expenses.
VIEW SOLUTION
- Question 8
Bring out any two differences between Receipts and Payments account and Income and Expenditure account.
VIEW SOLUTION
- Question 11
Vikas, a partner in a firm has withdrawn the following amounts during the year ended 31. 12. 2007:
Rs. 6,000 on 31. 03. 2007
Rs. 10,000 on 01. 07. 2007
Rs. 4,000 on 31. 10. 2007
Rs. 1,000 on 31. 12. 2007.
Calculate interest on drawings at 6% per annum under product method.
VIEW SOLUTION
- Question 12
Vidya and Vani were partners sharing profits and losses in the ratio of 3: 2. They admit Vijaya as a new partner. The new profit sharing is agreed to be 4: 3: 2.
Calculate the sacrifice ratio of the old partners.
VIEW SOLUTION
- Question 13
Asha, Usha and Nisha were partners in a firm sharing profits and losses in the ratio of 2: 2: 1. On 31. 12. 2006 their Balance Sheet is as follows:
Liabilities
|
Amount
(Rs)
|
Assets
|
Amount
(Rs)
|
Creditors
|
20,000
|
Cash at Bank
|
10,000
|
Reserve fund
|
10,000
|
Debtors
|
30,000
|
Bills Payable
|
10,000
|
Stock
|
20,000
|
Capital:
|
|
Furniture
|
10,000
|
Asha
|
40,000
|
|
Buildings
|
40,000
|
Usha
|
20,000
|
|
|
|
Nisha
|
10,000
|
70,000
|
|
|
|
1,10,000
|
|
1,10,000
|
|
|
|
|
Usha died on 30. 04. 2007. Usha’s executors entitled to claim the following:
(i) Her capital as on the date of last Balance Sheet
(ii) Her share of Reserve Fund
(iii) Salary Rs. 500 per month
(iv) Her share of goodwill. Firm’s goodwill was valued at Rs. 20,000.
(v) Her share of profit upto the date of death on the basis of previous year’s profit which was Rs. 24,000.
Prepare Usha’s Capital Account and ascertain the amount payable to her executors.
VIEW SOLUTION
- Question 14
The Laxmi Company Ltd. issued 10,000 equity shares of Rs. 10 each. The amount payable was as follows:
On application Rs. 2
On allotment Rs. 3
On 1st & Final Call Rs. 5
All the shares were subscribed and all the money received except the 1st & Final Call on 200 shares.
Give Journal entries for issue of shares in the books of the Company.
VIEW SOLUTION
- Question 15
Briefly explain six disadvantages of Computerised Accounting.
VIEW SOLUTION
- Question 16
Mr. Vivek a retail trader has kept his books of accounts under single entry system. The following information is available from his books:
Particulars
|
01. 01. 2007
(Rs)
|
31. 12. 2007
(Rs)
|
Bank Balance
|
15,000
|
—
|
Stock in trade
|
20,000
|
30,000
|
Debtors
|
25,000
|
35,000
|
Creditors
|
30,000
|
40,000
|
Investments
|
10,000
|
20,000
|
Furniture
|
15,000
|
15,000
|
Building
|
40,000
|
40,000
|
Motor Vehicle (01. 07. 2007)
|
–
|
20,000
|
Bank overdraft
|
–
|
10,000
|
During the year, he withdrew Rs. 15,000 cash and goods worth Rs. 5,000 for his household purpose.
Adjustments:
(i) Write off bad debts Rs. 1,000 and maintain R.D.D. at 5% on debtors.
(ii) Depreciate Furniture and Motor vehicles at 10%.
(iii) Appreciate Building at 20%.
(iv) Interest on overdraft outstanding Rs. 500.
(v) Allow interest on capital at 8% p.a.
Prepare:
(a) Statement of affairs
(b) Statement showing profit or loss
(c) Revised statement of affairs as on 31. 12. 2007.
VIEW SOLUTION
- Question 17
Naveen, Nutan and Praveen were partners in a business sharing profits and losses in the ratio of 4 : 3 : 1 respectively.
Their Balance Sheet as on 31. 12. 2006 was as follows:
Balance Sheet as on 31. 12. 2006
|
Liabilities
|
Amount
(Rs)
|
Assets
|
Amount
(Rs)
|
Creditors
|
28,000
|
Cash at Bank
|
7,000
|
General Reserve
|
4,000
|
Bills Receivable
|
9,000
|
Bills Payable
|
20,000
|
Debtors
|
20,000
|
Capital:
|
|
Stock
|
30,000
|
Naveen
|
25,000
|
|
Machinery
|
24,000
|
Nutan
|
15,000
|
|
Furniture
|
10,000
|
Praveen
|
10,000
|
50,000
|
Profit & Loss A/c
|
2,000
|
|
1,02,000
|
|
1,02,000
|
|
|
|
|
Nutan retired on the above date subject to the following terms:
(a) Machinery be depreciated by 5%.
(b) That stock be appreciated by 10%
(c) A bad debts reserve is to be created at 5% on debtors.
(d) The goodwill of the firm be valued at Rs. 8,000 and same should be shown in the Balance Sheet of the continuing partners.
(e) That the total capital of the new firm be fixed at Rs. 50,000 between Naveen and Praveen. The new profit sharing ratio of the remaining partners was agreed at 6: 4. The capital adjustments are to be made in cash.
Prepare:
(i) Revaluation Account
(ii) Partner’s Capital Accounts
(iii) Balance Sheet of Continuing Partners.
VIEW SOLUTION
- Question 18
Shruti, Shilpa and Shreya were partners in a firm, sharing profits and losses in the ratio of 2 : 2 : 1. Their Balance Sheet on the date of dissolution was as follows:
Balance Sheet
as on 31. 12. 2006
|
Liabilities
|
Amount
(Rs)
|
Assets
|
Amount
(Rs)
|
Creditors
|
30,000
|
Cash at Bank
|
6,000
|
Bills Payable
|
20,000
|
Debtors
|
30,000
|
Shreya’s loan
|
8,000
|
Stock
|
30,000
|
General Reserve
|
10,000
|
Furniture
|
22,000
|
Capital:
|
|
Machinery
|
20,000
|
Shruti
|
40,000
|
|
Building
|
50,000
|
Shilpa
|
30,000
|
|
|
|
Shreya
|
20,000
|
90,000
|
|
|
|
1,58,000
|
|
1,58,000
|
|
|
|
|
The assets realised as follows:
(a) Debtors realised 10% less than the book value, the stock realised 15% more than the book value, building realised Rs. 60,000.
(b) The furniture was taken over by Shruti at Rs. 20,000.
(c) The machinery was taken over by Shilpa at Rs. 15,000.
(d) Creditors and bills payable were paid off at a discount of 5%.
(e) Cost of dissolution amounted to Rs. 1,500.
Prepare:
(i) Realisation Account
(ii) Partner’s Capital Accounts
(iii) Bank Account.
VIEW SOLUTION
- Question 19
(i) On 01. 01. 2002, a firm bought Machine X costing Rs. 28,000 and spent Rs. 2,000 for its installation.
(ii) Machine Y was purchased on 01. 07. 2003 for Rs. 40,000.
(iii) Machine X was sold on 30. 04. 2004 for Rs. 23,000.
Depreciation is to be charged at 10% per annum under Diminishing Balance Method.
Show (i) Machinery Account and (ii) Depreciation Account for 4 years ending on 31. 12. 2005.
VIEW SOLUTION
- Question 20
The following is the Balance Sheet of Public Library, Mysore, as on 01. 01. 2006 was as follows:
Balance Sheet
as on 01. 01. 2006
|
Liabilities
|
Amount
(Rs)
|
Assets
|
Amount
(Rs)
|
Outstanding Rent
|
200
|
Cash in hand
|
1,400
|
Capital fund
|
23,800
|
Books
|
14,000
|
|
|
Furniture
|
8,000
|
|
|
Outstanding Subscription
|
600
|
|
24,000
|
|
24,000
|
|
|
|
|
Receipts and Payments Account
for the year ending 31. 12. 2006
|
Receipts
|
Amount
(Rs)
|
Payments
|
Amount
(Rs)
|
To Cash Balance
|
1,400
|
By Rent
|
2,400
|
To Subscriptions
|
12,000
|
By Printing & Stationery
|
1,200
|
To Entrance Fees
|
2,000
|
By Office Expenses
|
2,800
|
To Donations
|
4,000
|
To Books bought (01. 07. 2006)
|
10,000
|
To Sale of old papers
|
1,000
|
By Investment in Securities
|
2,000
|
To Sundry receipts
|
600
|
By Closing Balance
|
2,600
|
|
21,000
|
|
21,000
|
|
|
|
|
Adjustments:
(i) Outstanding rent on 31. 12. 2006 was Rs. 300.
(ii) Subscriptions outstanding for the year 2006 amounted to Rs. 400 and Received in advance for the year 2007 was Rs. 800.
(iii) Half of Entrance fees and entire donations are to be capitalised.
(iv) Depreciation 10% per annum on Books and 5% per annum on Furniture is to be calculated.
Prepare Income and Expenditure Account for the year ending 31. 12. 2006 and also Balance Sheet as on that date.
VIEW SOLUTION
- Question 21
From the following Trial Balance of the Arunodaya Company Ltd. Prepare company final accounts as on 31. 03. 2007 in the prescribed form:
Trial Balance
as on 31. 03. 2007
|
Particulars
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
Called up Capital (20,000 shares of Rs. 5 each)
|
-
|
1,00,000
|
Calls-in-arrears
|
4,000
|
-
|
Stock on 01. 04. 2006
|
34,000
|
-
|
Purchases and Sales
|
1,05,000
|
2,08,000
|
Returns
|
8,000
|
5,000
|
Freight
|
6,000
|
-
|
Salaries
|
15,000
|
-
|
Director's fees
|
9,800
|
-
|
Preliminary expenses
|
12,000
|
-
|
Debtors and Creditors
|
24,000
|
28,000
|
Furniture
|
20,000
|
-
|
Building
|
50,000
|
-
|
Goodwill
|
64,000
|
-
|
Investments
|
34,000
|
-
|
Interest on Investments
|
-
|
3,000
|
P & L Appropriation A/c
|
-
|
20,000
|
Reserve Fund
|
-
|
30,000
|
Bad debts
|
3,200
|
-
|
Cash at Bank
|
35,000
|
-
|
10% Debentures
|
-
|
56,000
|
Dividend
|
26,000
|
-
|
|
4,50,000
|
4,50,000
|
|
|
|
Adjustments:
(a) Closing stock was valued at Rs. 30,000.
(b) Transfer Rs. 5,000 to Reserve Fund.
(c) Half of Preliminary expenses should be written off.
(d) Provide for outstanding debenture Interest for full year.
(e) Provide for Reserve for doubtful debts at 5%.
VIEW SOLUTION
- Question 22
Prepare Capital Accounts of two partners under Fluctuating Capital System with five imaginary figures.
VIEW SOLUTION
- Question 23
Prepare a Revaluation Account with five imaginary figures.
VIEW SOLUTION
- Question 24
Classify the following Receipts into Capital and Revenue:
(a) Life membership fees
(b) Sale of old sports materials
(c) Subscriptions
(d) Tuition fees
(e) Prize amount Rs. 1 lakh received from Lottery.
VIEW SOLUTION