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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. To which account is gross profit transferred?

    2. What do you mean by revenue expenditure?

    3. What do you mean by scrap value?

    4. What do you mean by renewal of bill?

    5. When is Joint Bank Account opened?
    VIEW SOLUTION
  • Question 2

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

    1. Debit balance of profit and loss account.

    2. Excess of income over expenditure in case of ‘Not for Profit’ Concern.

    3. Excess of average profit over normal profit

    4. Payment of bill before the due date

    5. A partnership for specific purpose and for temporary period
    VIEW SOLUTION
  • Question 3

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

    Group A Group B
    1. Refund Fund (a) A nerve centre of the computer
    2. Opening Capital (b) Real account
    3. Control Unit (c) Nominal account
    4. Joint Venture A/c (d) Sale proceeds of used assets
    5. Residual Value (e) Statement of affairs

     

     

    (f) Liability side

     

     

    (g) Asset side

     

     

    (h) Super computer

                                                                                        

    VIEW SOLUTION
  • Question 4

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

    1. Which of the following items will not appear in the balance sheet of a club?

    (a) Subscriptions received in advance

    (b) Special donation received during the year

    (c) Subscription due for the year

    (d) Entrance fees paid by new members

    2. A bill of exchange is called a __________ by one who is entitled to receive the amount due on it.

    (a) Bills payable

    (b) Draft

    (c) Bills receivable

    (d) Promissory note

    3. Expenses incurred by co-venturer are debited to ______________.

    (a) Joint venture A/c

    (b) Co-venturers A/c

    (c) Joint bank A/c

    (d) Agent’s A/c

    4. Single entry system is _________ record.

    (a) Complete

    (b) Scientific

    (c) Accurate

    (d) Incomplete

    5. Subscription received in advance during the accounting year is ________.

    (a) an income

    (b) an expense

    (c) an asset

    (d) a liability
    VIEW SOLUTION
  • Question 5

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

    1. The expenditure incurred on installation of machinery is revenue expenditure.

    2. If discounted bill is honoured the drawer does not record this transaction.

    VIEW SOLUTION
  • Question 6

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

    1. Drawer: Shreenath Patil, Bridavan Dham, Nasik.

    2. Drawee: Narayan Shastri, Shiv Colony, Dadar, Mumbai.

    3. Payee: Gopal Sharma, Samrat Nagar, Thane.

    4. Amount of bill: Rs. 9,990.

    5. Period of bill: 90 days.

    6. Date of bill: 15th October, 2007.

    7. Date of acceptance: 19th October, 2007.
    VIEW SOLUTION
  • Question 7

    Q.2 On 1st April, 2004 Saikripa Enterprises purchased two computers of Rs. 40,000 each. On 1st   October, 2004 they purchased one more computer for Rs. 40,000.

    On 1st October, 2006 they sold one of the computer, which was purchased on 1st April, 2004 for Rs. 18,780.

    Depreciation on computers was provided @ 10% p.a. on diminishing balance method and the financial year closes on 31st March every year.

    Prepare: Computer A/c & depreciation A/c for years 2004-05, 2005-06 and 2006-07.      [10 Marks]
                                                                                                             
                                                                                                OR

    Q.2 (A) The following is the Balance Sheet of Snehal and Minal.

    Balance Sheet as on 31st March, 2008

    Liabilities

    Amount

    Rs.

    Assets

    Amount

    Rs.

    Capitals:

     

    Land and Building

    2,70,000

    Snehal

    1,50,000

    Furniture

    1,00,000

    Minal

    2,00,000

    Stock

    27,500

    Reserve Fund

    31,000

    Sundry Debtors

    12,500

    Sundry Creditors

    25,000

    Cash

    10,000

    Bills Payable

    29,000

    Prepaid Advertisement

    15,000

     

    4,35,000

     

    4,35,000

     

     

     

     

    Profits of the firm for the last three years were Rs 55,000, Rs 65,000 and Rs 75,000. Normal rate of return on capital employed is 10% p.a.
    You are required to find out the value of goodwill at 312 years’ purchase of super profit for the last 3 years.                        

    Q.2 (B) Explain the components of computer hardware.                                                                  

    VIEW SOLUTION
  • Question 8

    Q.3 Shridhar owed Rs. 24,000 to Giridhar, hence accepted a bill drawn on him by Giridhar at 3 months on 12th March, 2007. On the same date Giridhar endorsed it to Murlidhar.

    On 12th June, 2007 Shridhar requested Giridhar for the renewal of the bill. Giridhar agreed on the condition that Shridhar should pay half the amount due immediately by cheque and should accept a bill for the balance along with interest @ 10% p.a. for 2 months.

    These arrangements were carried through. On the same date, Giridhar sent the new bill to the bank for collection. On the due date, the new bill was honoured and bank charges debited were Rs. 100.

    Give Journal Entries and show Shridhar's A/c in the books of Giridhar.

    OR

    Q.3 Journalise the following transactions in the books of Ashwin.

    (a) Bank informed that Sachin's acceptance for Rs. 5,750 sent to bank for collection had been honoured and bank charges debited were Rs. 50.

    (b) Nitin renewed his acceptance for Rs. 7,200 by paying Rs. 2,200 in cash and accepting a new bill for the balance plus interest @ 8% p.a. for 3 months.

    (c) Discharged our acceptance to Pravin for Rs. 4,250 by endorsing Bhavin's acceptance to us for Rs. 4,000.

    (d) Jatin who had accepted Ashwin's bill of Rs. 8,500 was declared insolvent and only 40% of the amount due could be recovered from his estate.                        [12 Marks]

    VIEW SOLUTION
  • Question 9

    Q.4 Rajaram and Sitaram entered into joint venture to construct an office building for Bajrang Enterprises and decided to share profits and losses in the ratio of 3:2. Rajaram and Sitaram contributed Rs. 2,50,000 and Rs. 1,50,000 respectively. The money was deposited into a joint bank account.

    Rajaram supplied equipment and tools valued Rs. 4,00,000 and building materials valued Rs. 3,50,000 were supplied by Sitaram. The following expenses were paid through joint bank account.
    Payment of wages Rs. 3,00,000, Staff salaries Rs. 1,75,000, Architect's fees Rs. 50,000 and Sundry expenses Rs. 25,000. On completion of construction, Bajrang Enterprises paid Rs. 20,00,000 out of which Rs. 15,00,000 in cash and the balance of Rs. 5,00,000 in fully paid-up shares of Rs. 10 each. These shares were taken over at Rs. 12 each by Rajaram and Sitaram in equal ratio. At the close of joint venture, equipment and tools were taken up by Rajaran at an agreed value Rs. 1,50,000 and unused materials were taken by Sitaram for Rs. 50,000.

    Prepare: (a) Joint Venture Account (b) Joint Bank Account (c) Co-venturer's Account in the Books of Joint Venture.            [12 Marks]

    VIEW SOLUTION
  • Question 10

    Q.5 Mr. Suryakant maintains books on Single Entry and who gives you the following information:

    Particulars

    31-3-2006

    31-3-2007

    Cash in hand

    Cash at bank

    Stock

    Sundry Debtors

    Investments

    Furniture

    Machinery

    Sundry Creditors

    Outstanding Expenses

    500

    2,500

    20,000

    25,000

    20,000

    10,000

    25,000

    10,000

    3,000

    2,000

    5,000

    30,000

    40,000

    20,000

    25,000

    40,000

    10,000

    2,000

    Additional information:

    1. Mr. Suryakant introduced further capital of Rs. 20,000 on 1st July, 2006 and had withdrawn Rs. 10,000 during the year.

    2. Interest on capital is allowed at 10% p.a.

    3. Additions to furniture and machinery were made on 1st October, 2006.

    4. Write off depreciation on furniture and machinery at 10% p.a.

    5. Create reserve for doubtful debts at 5% on Sundry debtors.

    Prepare:(a) Statement of Affairs. (b) Statement of Profit and Loss for the year ended 31st March, 2007.                            [10 Marks] VIEW SOLUTION
  • Question 11

    Q.6 From the following Balance Sheet and Receipts and Payments A/c of Padmavati High School, Thane, prepare Income and Expenditure A/c for the year ended 31-03-2007 and balance sheet as on that date.                                              [16 Marks]

    Balance Sheet as on 31st March, 2006

    Liabilities

    Amount

    Rs.

    Assets

    Amount 

    Rs.

    Entrance Fees

    Capital Fund

    30,000

    5,19,000

    Furniture

    Computer Laboratory

    Library

    Investment

    Cash in Hand

    Cast at Bank

    Outstanding Tuition Fees

    84,000

    1,00,000

    1,25,000

    2,00,000

    5,000

    15,000

    20,000

     

    5,49,000

     

    5,49,000

     

     

     

     

     

    Receipts and Payment Account for year ended 31st March, 2007

    Receipts

    Amount
    Rs.

    Payments

    Amount
    Rs.

    To Balance b/d

         Cash in Hand

         Cash at Bank

    To Tuition fees

    To Terms fees

    To Government grant (Salary)

    To Sundry receipts

    To Sale of old newspapers

    To Interest on investments

    To Donation of library

     

    5,000

    15,000

    4,00,000

    1,20,000

    1,04,500

    11,000

    500

    10,000

    1,50,000

    By Furniture purchased

    By Salaries

    By Rent

    By Sundry expenses

    By Stationery

    By Annual gathering expenses

    By Repairs of buildings

    By Insurance

    By Balance b/d

         Cash in Hand

         Cash at Bank

    52,000

    3,00,000

    1,40,000

    27,000

    49,000

    24,000

    32,500

    20,000

     

    44,500

    1,27,000

     

    8,16,000

     

    8,16,000

     

     

     

     

    VIEW SOLUTION
  • Question 12

    Q.7 From the following Trial Balance of Hari and Om, you are required to prepare Trading and Profit and Loss Account for the year ended 31st March, 2009 and Balance Sheet as on that date. They share profits and losses in their capital ratio.

    Particulars

    Debit

    Amount

    (Rs)

    Particulars

    Credit

    Amount

    (Rs)

    Drawings-Hari

    2,500

    Capital Accounts

    Hari

    40,000

    Om

    2,000

     

    Om

    20,000

    Opening Stock

    14,000

    Sundry Creditors

    27,000

    Purchases

    58,200

    Sales

    1,06,000

    Trade Expenses

    1,200

    Reserve for Doubtful Debts

    900

    Royalties

    3,100

    Bills Payable

    18,000

    Wages and Salaries

    7,400

     

     

    Advertisement

    4,100

     

     

    Salaries

    5,500

     

     

    Plant and Machinery

    22,000

     

     

    Freehold Property

    18,000

     

     

    Office Rent

    2,000

     

     

    Furniture

    7,000

     

     

    Motor Van

    20,000

     

     

    Bills Receivable

    8,000

     

     

    Sundry Debtors

    30,000

     

     

    Cash in Hand

    5,000

     

     

    Bad Debts

    500

     

     

    General Expenses

    1,400

     

     

     

    2,11,900

     

    2,11,900

     

     

     

     

    Adjustments:

    (i) Closing Stock was valued at cost Rs 38,000 while its Market Price was Rs 40,000.

    (ii) Uninsured goods worth Rs 5,000 were stolen.

    (iii) Goods worth Rs 5,000 are sold and delivered on 31st March, 2009, but no entry is passed in Sales Book.

    (iv) Depreciate Plant and Machinery at 10% and Motor Van at 15%.

    (v) Bills receivable includes a dishonoured bill of Rs 2,000.

    (vi) Create a Reserve for Doubtful Debts at 5% on Debtors.                                      [20 Marks]


     

    VIEW SOLUTION
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