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Board Paper of Class 12-Commerce 2009 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 Statement of Profit and Loss?

    2. What is Reducing Balance Method?

    3. What are the methods of Valuation of Goodwill?

    4. What do you mean by Debit balance of Joint Venture Account?

    5. What do you mean by Discounting of bill?
    VIEW SOLUTION
  • Question 2

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

    1. The balance which cannot be recovered from the debtors.

    2. An accounting system where rules of debit and credit are not followed.

    3. Money value of business reputation.

    4. A person entered into a joint venture.

    5. The Gifts received from legal representative as per the will of deceased person.
    VIEW SOLUTION
  • Question 3

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

    Group ‘A’ Group ‘B’
    1. Opening Stock (a) Amount of depreciation remains constant
    2. Fixed Installment Method (b) Trading Account
    3. Software (c) Revenue Income
    4. Joint Bank Account (d) Capital Income
    5. Subscription (e) Balance Sheet

     

     

    (f) Converting symbolic language

     

     

    (g) Separate set of books

     

     

    (h) Utility program
    VIEW SOLUTION
  • Question 4

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

    1. Interest on the capital of partner is debited to _____.

    (a) Trading Account

    (b) Profit and Loss Account

    (c) Partners’ Capital Account

    (d) Partners’ Current Account

    2. Computer is a/an ______.

    (a) Mechanical device

    (b) Automation device

    (c) Electronic device

    (d) Electric device

    3. Joint venture is a _____.

    (a) Trading concern

    (b) Non-Trading concern

    (c) Religious concern

    (d) Public concern

    4. A donation received for specific purpose is a ____.

    (a) Capital Receipt

    (b) Revenue Receipt

    (c) Liability

    (d) Asset

    5. A bill drawn and accepted on 12th June, 2007 for two months will be due for payment on____.

    (a) 12th August, 2007

    (b) 15th August, 2007

    (c) 16th August, 2007

    (d) 14th August, 2007
    VIEW SOLUTION
  • Question 5

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

    1. Non-commercial concerns with ‘no profit’ base prepare Income and Expenditure Account in place of Profit and Loss Account.

    2. Noting charges are borne by Drawer.

    VIEW SOLUTION
  • Question 6

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

    1.  Drawer :  Mrs. Archana Patil, Vikram Nagar, Patan
    2.  Drawee :  Mrs. Nalini Maniyar, Jalaram Krupa, Mul.
    3.  Payee : Mrs. Sheela Ghatkar, Mangal Yog, CIDCO, Aurangabad.
    4. Amount of bill : Rs 17,575
    5. Period of bill : 60 days
    6. Date of bill : 28th December, 2007
    7. Accepted on :  2nd January, 2008
    8. Accepted for :  90 days
    VIEW SOLUTION
  • Question 7

    Q.2 M/s J.K. Company, Maroda, purchased machinery for Rs. 80,000 on 1st April, 2002.

    Company purchased additional machinery for Rs. 36,000 on 1st October, 2003.

    The company charges depreciation @10% p.a. on the original cost.

    The financial year of the company ends on 31st March each year.

    On 30th September 2004 a part of the machinery, original cost of which was Rs. 30,000 on 1st April, 2002 was sold by the company for 22,000.

    Prepare Machinery Account for 3 years and give Journal Entries for the year 2002-2003.

    OR

    Q.2 (A) The net profits of Suchak Trading Company after providing taxation for the past five years are as under:
     
    Year Amount
    (Rs)
    2001 – 02 80,000 Profit
    2002 – 03 85,000 Profit
    2003 – 04 92,000 Profit
    2004 – 05 1,05,000 Profit
    2005 – 06 1,18,000 Profit

    The Capital employed in the business is Rs 8,00,000.

    The normal rate of return expected in this type of industry is 10% p.a.

    Calculate value of Goodwill at ‘two’ times of super profit.

    Q.2 (B) What are the Characteristics of Computer?                                               [5 Marks] VIEW SOLUTION
  • Question 8

    Q.3 Sanjay drew on Pappu a bill for Rs. 12,000 at 3 months. Pappu accepted it.

    On the same day Sanjay discounted the bill with his bank at 10% p.a.

    On due date, Pappu dishonoured the bill. Noting charges were Rs. 200.

    Pappu paid Rs. 4,000 in cash and accepted a new bill for balance amount.

    Sanjay endorsed the new bill to Vinayak.

    Pass Journal entries in the book of Sanjay and show Sanjay's account in the ledger of Pappu.

    OR

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

    (a) Sonam informs Ranbir that Salman's acceptance for Rs. 3,200 endorsed to Sonam has been dishonoured and the noting charges amounted to Rs. 80.

    (b) Ravindra renews his acceptance to Ranbir for Rs. 4,800 by paying Rs. 1,800 in cash and accepts a fresh bill for the balance, plus interest at 12% p.a. for 2 months.

    (c) Dilip's acceptance to Ranbir for Rs. 8,000 is retired on month before the due date at a discount of 12% p.a.

    (d) The bank informs Ranbir that Shirin's acceptance for Rs. 5,500 to Ranbir discounted with the bank earlier has been dishonoured and the noting charges amounted to Rs. 75. [12 Marks]

    VIEW SOLUTION
  • Question 9

    Q.4 Shivaji of Solapur and Sambhaji of Satara entered into a joint venture to purchase and sale goods and agreed to share profits and losses in the proportion of 3:2 respectively.

    Shivaji sent goods of Rs. 75,000 to Sambhaji for sale.

    Shivaji paid Rs. 5,500 for freight and insurance.

    He drew a bill for Rs. 30,000 on Sambhaji.

    Sambhaji paid Rs. 3,000 for carriage.

    Sambhaji sold Goods for Rs. 1,25,000 and paid selling expenses Rs. 2,500.

    He remitted the balance to Shivaji after charging 5% commission on sales.

    Coventurers settled their accounts.

    Give Journal Entries in the books of Shivaji.                                                                                    [12 Marks]

    VIEW SOLUTION
  • Question 10

    Q.5 Following records of Mr. Raj were kept on single entry system. [10 Marks]

    Particulars 31.3.2006 Rs. 31.3.2007 Rs.
    Stock
    Furniture
    Plant and Machinery
    Loan taken
    Bank Balance
    Debtors
    Creditors

    15,000

    53,500

    42,500

    21,000

    1,900

    43,000

    18,000

    14,000

    44,000

    55,500

    21,000

    2,100

    35,000

    14,900

    Mr. Raj invested Rs. 4,000 in the business.

    Also he had withdrawn Rs. 15,000 for his private expenses from business.
    Rs. 500 to be provided for bad debts.

    Depreciate plant and machinery @ 5% and furniture @ 5%.

    Prepare:

    1. Statement of Affairs as on 31.3.2006.

    2. Statement of Affairs as on 31.3.2007.

    3. Statement of Profit and Loss for the year ended on 31.3.2007

    VIEW SOLUTION
  • Question 11

    Q.6 The following is the Receipts and Payments Account of Modern Sports Club, Satara, for the year ended on 31st March, 2007.

    Receipts and Payments Account for the
    year ended on 31st March, 2007

    Dr.

     

    Cr.

    Receipts

    Amount

    Rs.

    Payments

    Amount

    Rs.

    To Balance b/d

    To Subscription

    To Entrance fees

    To Interest on Investments

    To Proceeds from Matches

    To Life member fees

    1,490

    13,600

    520

     

    840


    5,180
    5,000

    By Upkeep the Garden

    By Wages

    By Salary

    By Ground rent

    By Printing

    By Postage

    By Bank Balance

    By Balance c/d

    9,500

    2,360

    7,000

    210

    930

    190

    5,000

    1,440

     

    26,630

     

    26,630

    Adjustments:

    (a) Ledger balance of the Club as on 31.3.2006 were: Capital fund Rs. 66,430, Club house and ground Rs. 40,000, Investments, Rs. 18,640, Furniture Rs. 6,400, Outstanding subscription Rs. 600.

    (b) Printing includes Rs. 200, Upkeep of garden includes Rs. 500 and Subscription includes Rs. 400 for the previous year.

    (c) Entrance fees are to be capitalized.

    (d) The Rotary Club of Satara owed Rs. 210 for the use of club hall.

    (e) Provide 10% depreciation of furniture.

    (f) Subscription outstanding for the current year were Rs. 1,000.

    Prepare: Income and Expenditure Account for the year ended 31st March, 2007 and Balance Sheet as on that date.  [16 Marks]

    VIEW SOLUTION
  • Question 12

    Q.7 From the following Trial Balance and Adjustments of Kumbhar and Maroti you are required to prepare Trading and Profit and Loss Account for the year ended on 31st March, 2005 and Balance Sheet as on that date.                                              [20 Marks]

    Dr.

    Trial Balance as on 31st March, 2005

    Cr.

    Particulars

    Debit
    Amount
     (Rs)

    Particulars

    Credit
    Amount
     (Rs)

    Stock (1.4.2004)

    35,000

    Sales

    3,30,000

    Salary and Wages

    4,200

    Discount

    4,000

    Cash

    10,000

    Creditors

    20,000

    Purchases

    2,25,200

    Bank Overdraft

    10,000

    Sundry Expenses

    13,600

    Interest on Investments

    8,000

    Wages

    12,000

    Capitals:

     

    Bills Receivable

    6,000

    Kumbhar

    60,000

    Travelling Expense

    2,000

    Maroti

    40,000

    Bad debts

    3,000

     

     

    Factory Expenses

    8,000

     

     

    Commission

    4,000

     

     

    Investments

    20,000

     

     

    Debtors

    40,000

     

     

    Tools and Equipments

    6,000

     

     

    Furniture

    12,000

     

     

    Goodwill

    21,000

     

     

    Building

    50,000

     

     

     

    4,72,000

     

    4,72,000

    Adjustments:

    1. Partners share Profits and Losses in the ratio of their Capitals.

    2. Closing stock is valued at Cost Price Rs. 40,000 and at Market Price Rs. 45,000.

    3. Kumbhar has withdrawn goods worth Rs. 1,200 for his own use, but no entry is made in the books.

    4. Uninsured goods worth Rs. 12,000 were lost by fire.

    5. Rs. 450 are to be written off as bad debts.

    6. Unpaid Expense:

    Salary and Wages Rs. 800

    Rent Rs. 1,200.

    7. Depreciation building @7½% p.a.

    VIEW SOLUTION
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