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Board Paper of Class 12-Commerce 2008 Accountancy (SET 1) - Solutions

Instructions
i. This paper consists of 7 questions.
ii. All the questions are compulsory.
iii. Question No. 1 carries 20 marks.
iv. Question No. 2 carries 10 marks.
v. Question Nos. 3 and 4 carry 12 marks each.
vi. Question No. 5 carries 10 marks.
vii. Question No. 6 carries 16 marks.
viii. Question No. 7 carries 20 marks.
ix. Use of calculator is prohibited.

Note:
i. Question No. 1 consists of six parts (A, B, C, D, E and F), out of which any four are to be attempted.
ii. There exists an internal choice in question nos. 2 and 3.

  • Question 1

    Q.1 (A) Answer in one sentence:                              [5 Marks]

    1. What is Balance Sheet?

    2. What is Single Entry System?

    3. What do you mean by Fixed Installment Method?

    4. What is Goodwill?

    5. When Joint Bank A/c is opened?
    VIEW SOLUTION
  • Question 2

    Q.1  (B) Write the word/term/phrase which can substitute each of the following statement:                              [5 Marks]

    1. A partner who lends only his name to the firm.

    2. Concerns established for providing services.

    3. Profit earned over and above normal profit.

    4. A temporary partnership without firm name.

    5. A person who endorses the bill.
    VIEW SOLUTION
  • Question 3

    Q.1 (C) Match the following pairs:                                                                    [5 Marks]

    Group ‘A’ Group ‘B’
    1. Unpaid Expenses (a) Electronic Device
    2. Single Entry System (b) Partnership Firm
    3. Computer (c) Drawee
    4. Co-Venture (d) Asset side
    5. Maker of bill (e) Unscientific
        (f) Liability side
        (g) Drawer
        (h) Joint Venture
    VIEW SOLUTION
  • Question 4

    Q.1 (D) Select the most appropriate alternative from those given below:  [5 Marks]

    1. Subscription received in advance during the accounting year is ______.

    a) an income

    b) an expense

    c) an asset

    d) a liability

    2. Depreciation is charged on the _____.

    a) current assets

    b) intangible assets

    c) immovable assets

    d) fixed assets

    3. Barin of computer is _____.

    a) microprocessor

    b) RAM

    c) DRAM

    d) DOS

    4. Unsold Stock of Joint Venture taken over by co-venturer is credited to ____.

    a) Co-Venturers’ A/c

    b) Joint Venture A/c

    c) Joint Bank A/c

    d) Stock A/c

    5. A one month’s bill drawn on 31st January, 2007 will be matured on _____.

    a) 3rd March, 2007

    b) 28th February, 2007

    c) 29th February, 2007

    d) 2nd March, 2007
    VIEW SOLUTION
  • Question 5

    Q.1 (E) State whether True/False (with reason):                                        [5 Marks]

    1. Receipts and Payment A/c is Nominal A/c.

    2. Drawee has no right to discount the bill with Bank.

    VIEW SOLUTION
  • Question 6

    Q.1 (F) From the following details prepare a format of Bill of Exchange:   [5 Marks]

    Shri Amar Patil, Guruwar Peth, Karad, draws a two months bill on Mehul Mahiyar, Mul, payable to Yogesh Ghatkar, CIDCO, Aurangabad, on 31st December, 2007 for Rs 9,500. Shri Mehul Maniyar accepted it on 2nd January, 2008.

    VIEW SOLUTION
  • Question 7

    Q.2 M/s Jalaram Mill, Mul, showed a debit balance of Rs. 32,000 to the Machinery A/c on 1st April, 2001 (Original cost of the machinery was Rs. 40,000). On 1st October, 2001 the Mill bought additional Machinery for Rs. 15,000 and spent Rs. 1,000 for its installation. One more machinery costing Rs. 20,000 was purchased on 31st March, 2003. Depreciation is charged on 31st March, every year at 10% p.a. under the Diminishing Balance Method.
    On 31st March, 2004, the machinery which was purchased on 1st October, 2001 was sold for Rs 12,000.
    Prepare − Machinery A/c and Depreciation A/c for the years 2001 – 2002, 2002 − 2003 and 2003 −2004.

     

    OR

    Q.2 (A) Maruti and Dinesh are carrying a business in partnership for last 5 years. Goodwill of the firm Is to be valued at 2 years’ purchase at last 5 years’ average profit. The Profits and losses were as under:

    Year
    Amount
    (Rs)
    2000 – 2001
    19,000 (Profit)
    2001 – 2002
    33,000 (Profit)
    2002 – 2003
    18,000 (Loss)
    2003 – 2004
    14,000 (Profit)
    2004 – 2005
    32,000 (Profit)

    Calculate value of Goodwill of firm.


    Q.2 (B) Explain the importance of computer in modern age.                                                [5 Marks]

    VIEW SOLUTION
  • Question 8

    Q.3 Priti owed to Manisha Rs. 9,000. Priti accepted the bill drawn by Manisha for the amount at 4 months.

    Manisha endorsed the same bill to Shital.

    Before the due date, Priti approached Manisha for renewal of the bill.

    Manisha agreed on the condition that Rs. 3,000 be paid immediately together with interest on the remaining amount at 8% p.a. for 3 months and Priti should accept a new bill.

    These arrangements were carried through.

    However, before due date Priti became insolvent and only 50% of the amount could be recovered from her estate.

    Give Journal Entries in the books of Manisha.

    OR

    Q.3 Journalise the following transactions in the books of Motilal:

    (a) Bhavna informed Motilal that Jyoti's acceptance for Rs. 3,600 endorsed To Bhavna has been dishonoured and noting charges have been Rs. 150.

    (b) Anil renews his acceptance To Motilal for Rs 3,400 by paying Rs. 900 in cash and accepting a new bill for the balance plus interest at 8% p.a. for 3 months.

    (c) Prabhakar retired his acceptance To Motilal for Rs. 4,000 by paying Rs. 3,850 in cash.

    (d) Bank informed Motilal that Arun's acceptance of Rs. 7,000 which was discounted with bank has been dishonoured with noting charges Rs. 100.  [12 Marks]

    VIEW SOLUTION
  • Question 9

    Q.4 Yashpal of Udgir and Balu of Latur entered inTo Joint Venture to consign 300 machines to Amol of Amravati to be sold on their joint risk which is in the proportion of 2:3 respectively.

    Yashpal sent 120 machines at Rs. 300 each and paid freight Rs. 700 and sundry expenses Rs. 300.

    Balu sent 120 machines at Rs. 250 each and paid for insurance Rs. 500 and carriage Rs. 500. Amol sold all the machines at Rs. 400 each.

    He spent Rs. 4,000 for advertisement and Rs. 1,000 for godown charges.

    Amol deducted 5% commission on sales and sent Rs. 80,000 To Yashpal and balance to Balu by bank draft.

    Prepare

    (a) Joint Venture A/c

    (b) Balu's A/c

    (c) Amol's A/c

    in the Ledger of Yashpal.            [12 Marks]

    VIEW SOLUTION
  • Question 10

    Q5. Mrs. Archana keeps her books on Single Entry System & gives the following information:                            [10 Marks]

    Particulars 31.3.2006 31.3.2007
    Cash at Bank Sundry debtors Stock in trade Furniture Machinery Bills Payable Sundry Creditors 5,000 25,000 30,000 20,000 50,000 5,000 15,000 32,000 40,000 50,000 20,000 50,000 5,000 20,000

    Mrs. Archana withdrew from business Rs. 15,000 for personal use. She further introduced fresh capital of Rs. 25,000.

    Depreciation is To be charged @10% p.a. on furniture and machinery.

    Prepare:

    (a) Statement of Affairs as on 31.3.2006.

    (b) Statement of Affairs as on 31.3.2007.

    (c) Statement of Profit and Loss for the year ending 31.3.2007.

    VIEW SOLUTION
  • Question 11

    Q.6 Following is the Receipts and Payments A/c of Phoenix Cricket Club, Patan        [16 Marks]


    Receipts and Payments Account for the year ended 31st March, 2007
    Dr.
     
    Cr.
    Receipts
    Amount
    Rs.
    Payments
    Amount
    Rs.
    To balance b/d
    1,040
    By Salaries
    1,300
    To Subscription
     
    By Entertainment expenses
    645
    2005-06
    85
    By Electricity charges
    234
    2006-07
    4,000
    By General expenses
    350
    2007-08
    103
    By Rent and Taxes
    120
    To Donation
    1,200
    By Investments
    3,000
    To Entertainment receipts
    876
    By Printing and Stationery
    241
    To Interest
    81
    By Expenses of 2005-06
    600
    To Entrance fees
    1,000
    By Fixed Deposit
    1,000
     
     
    By Balance c/d
    895
     
    8,385
     
    8,385
     
     
     
     

    Information:

    1. Club and 450 members paying an annual subscription of Rs. 10 each.

    2. Rs. 20 is still in arrears towards subscription for the year 2005-06.

    3. Carry forward Rs. 20 for rent paid in advance.

    4. Outstanding salary Rs. 200.

    5. Land and Building Rs. 15,000 and furniture Rs. 1,150 in standing in the books on 1st April, 2006 on which depreciation at 5% and 20% is To be written-off respectively.

    6. Capital fund on 1.4.2006 was Rs. 16,695.

    7. 50% for the entrance fees and full domain are To be capitalized.

    Prepare: From the above Receipts and Payments A/c and information, Income and Expenditure A/c for the year ended 31st March, 2007 and Balance Sheet as on that date.

    VIEW SOLUTION
  • Question 12

    Q.7 Swati, Swity and Sweta were partners sharing profits and losses equally.

    Following is their Trial Balance for the year ended 31st March, 2006.

    Trial Balance as on 31st March, 2006

    Particulars

    Debit
    Amount
    (Rs)

    Credit
    Amount
    (Rs)

    Purchases and Sales

    1,04,000

    1,95,300

    Salaries

    11,300

     

    Stock (1.4.2005)

    28,000

     

    Debtors and creditors

    24,200

    36,000

    Bills Receivable and Bills Payable

    62,400

    18,100

    Land and Building

    48,300

     

    Returns

    6,300

    2,600

    Wages

    25,100

     

    Cash at Bank

    30,000

     

    Insurance

    4,500

     

    Advertisement

    9,300

     

    Furniture

    18,700

     

    Rent and Taxes

    4,700

     

    Interest

     

    4,800

    Capitals:

     

     

    Swati

     

    60,000

    Swity

     

    40,000

    Sweta

     

    20,000

     

    3,76,800

    3,76,800


    Adjustments:

    1. Closing stock is valued at Rs. 37,500.

    2. Depreciate Furniture @10% p.a. and Land and Building @5% p.a.

    3. Goods of Rs 3,000 are purchased on 31.3.2006 are included in the closing stock but the entry is not passed in the books.

    4. Insurance is prepaid To the extent of Rs. 1,500.

    5. Salaries of Rs. 3,400 and wages of Rs. 4,700 are outstanding.

    6. Write off Rs. 1,200 as bad debts from debtors and provide 5% for Reserve for Doubtful Debts.
    Prepare: Trading A/c and Profit and Loss A/c for the year ended 31st March, 2006 and Balance sheet as on that date.                                                                                                [20 Marks]

    VIEW SOLUTION
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