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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 each:                                                                  [5 Marks]

    1. What is Balance Sheet?

    2. What type of institutions prepare Income and Expenditure Account?

    3. What is Statement of Affairs?

    4. Who is a Payee?

    5. What is Joint Venture?
    VIEW SOLUTION
  • Question 2

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

    1. Amount which is irrecoverable from the debtors.

    2. An expenditure, which is incurred for carrying day-to-day activities.

    3. Realisable amount of the fixed assets at the end of useful life.

    4. The money value of reputation of Business.

    5. Bank account which is operated by all the Co-venturers.
    VIEW SOLUTION
  • Question 3

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

    Group ‘A’ Group ‘B’
    1. Depreciation (a) Partners of Joint Venture
    2. Super Profit (b) Mouse
    3. Noting Charges (c) Normal Profit – Average Profit
    4. Co-Venturers (d) Fixed Assets
    5. Input Device (e) Partners of a partnership firm

     

     

    (f) Dishonour of bill

     

     

    (g) Current Assets

     

     

    (h) Average Profit – Normal Profit
    VIEW SOLUTION
  • Question 4

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

    1. Debit balance of Trading Account shows _______.

    (a) Gross Profit

    (b) Net Profit

    (c) Net Loss

    (d) Gross Loss

    2. The opening capital is greater than the closing, the difference is ____.

    (a) Loss

    (b) Profit

    (c) Assets

    (d) Liabilities

    3. There are ____ parties to a bill of a exchange.

    (a) One

    (b) Two

    (c) Three

    (d) Four

    4. Expenses incurred by Co-Venturers are debited to the ______ account.

    (a) Co-venturers A/c

    (b) Joint Venture A/c

    (c) Joint Bank A/c

    (d) Cash A/c

    5. A set of instructions to computer is _________.

    (a) Programme

    (b) Procedure

    (c) Method

    (d) Scanning
    VIEW SOLUTION
  • Question 5

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

    1. The Receipts and Payments Account records only cash transactions.

    2. A bill can be endorsed only once.

    VIEW SOLUTION
  • Question 6

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

    1. Drawer : Renuka Hazari, 104, Umang, Ambajogai.

    2. Drawee : Vimal Wagikar, Nanded Road, Udgir.

    3. Payee : Radhika Desai, Parli Vaijanath.

    4. Amount : Rs 5,500

    5. Period : 60 days.

    6. Date of bill : 20th November 2007

    7. Date of acceptance : 22nd November 2007  
    VIEW SOLUTION
  • Question 7

    Q.2 Renuka Trading Company Ambajogai purchased furniture on 1st April 2002, for Rs. 50,000. In the same year on 1st October additional furniture was purchased for Rs. 20,000. On 1st October 2003 the furniture purchased on 1st April 2002 was sold for Rs. 30,000 and on the same date, new furniture was purchased for Rs. 25,000. The company charges depreciation at 10% p.a. on Reducing balance method. Prepare Furniture A/c and Depreciation A/c for three years ending on 31.3.03, 31.03.04.and 31.03.05.

    Or

    Q.2 (A) The capital employed of a firm is Rs. 10,00,000. Its Average Profit for last the three years is Rs. 2,00,000 and the normal rate of return in the firm is 15%. Calculate Goodwill at four years purchase of the super profit.

    Q.2 (B) What do you mean by Computer Hardware and Software? Give their uses.  [5 Marks]

    VIEW SOLUTION
  • Question 8

    Q.3 Prakash owes Subhash Rs. 20,000. Prakash accepted a bill for three months drawn by Subhash for Rs. 20,000. Subhash discounted the bill with bank @10% p.a. immediately.
    On the due date the bill was dishonoured. Noting charge amounted to Rs. 100 paid by Bank. Prakash paid half the amount of the bill and the full amount of the noting charges and accepted a fresh bill for the balance including interest Rs. 500.
    Pass journal entries in the books of Subhash and show Prakash Account.

    Or

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

    (a) Hemant informed Sharad that Vasant's acceptance for Rs. 5,000 endorsed to Hemant has been dishonoured and noting charges amounted to Rs. 50

    (b) Pramod renews his acceptance to Sharad for Rs. 15,000 by paying Rs. 5,000 in cash and accepting a fresh bill for balance plus interest @10% p.a. for three months.

    (c) Shishir retired his acceptance to Sharad for Rs. 7,600 by paying Rs. 7,500 in cash.

    (d) Sharad sent a bill of Amol for Rs.10,000 to bank for collection. But bank informed that the bill has been dishonoured by Amol.                                                                                  [12 Marks]

    VIEW SOLUTION
  • Question 9

    Q.4 Krishna of Udgir and Sanjay of Lohara entered into Joint Venture to consign 500 bags of rice to Vijay Traders, Nerul to be sold on their joint risk which in proportion of 3/5 and 2/5 respectively.

    Krishna sent 300 bags of rice @ Rs. 1,200 each paying carriage Rs. 10,000, insurance Rs. 3,000 and other expenses Rs. 2,000. Sanjay sent 200 bags of rice @ Rs. 1,400 each, paying carriage Rs. 8,000 and other expenses Rs. 2,000.

    Sanjay received an advance of Rs. 40,000 from Krishna on account of venture. All the bags of rice were sold by Vijay Traders for Rs. 9,00,000 out of which they deducted 2% for expenses and 3% for their commission on total sales.

    Vijay Traders remitted Rs. 4,00,000 to Krishna by Bank draft and the balance to Sanjay by one month's bill.
    Co-venturers settled their accounts.

    Prepare : (i) Joint Venture A/c, (ii) Sanjay A/c and (iii) Vijay Traders A/c in the books of Krishna.                                                                                            [12 Marks]

    VIEW SOLUTION
  • Question 10

    Q.5 Harshada keeps her books on single entry system and following information is disclosed by her.

    Particulars

    31.3.2005
    Rs.

    31.3.2006
    Rs.

    Cash at Bank

    Stock in Trade

    Debtors

    Furniture

    Sundry Creditors

    Bills Payable

    Loan from Vimal

    Investment

    10,000

    8,000

    15,000

    20,000

    20,000

    1,000

    15,000

    10,000

    25,000

    20,000

    30,000

    5,000

    3,000

    12,000

    Harshada had withdrawn Rs. 2,500 in cash and took goods worth Rs. 500 for her private use from business.

    She sold her private car for Rs. 10,000 and invested it as additional capital.

    Furniture is to be depreciated by 10% and Reserve for Doubtful Debts is to be maintained @ 5% on Debtors.

    Prepare Opening and Closing Statement of Affairs and Profit/Loss statement for the year ending 31.03.2006.                         [10 Marks]

    VIEW SOLUTION
  • Question 11

    Q.6  Dr. Arjun Patil commenced Medical practice on 1.04.2006. He has prepared the following Receipts and Payments Account for the years 31.03.2007.                                [16 Marks]

    Receipts and Payments Account

    For the year 31st March, 2007

    Dr.

     

    Cr.

    Receipts

    Amount
    Rs.

    Payments

    Amount
    Rs.

    To Cash introduced (Capital Fund)

    To Income from Visits

    To Receipts from Dispensary

    To Miscellaneous receipts

    To Interest received on Investment

    To Receipts from Operation fees

    30,000

    40,000

    80,000

    1,000

    500

    10,000

    By Furniture

    By Honorarium to Doctor

    By Equipments

    By Purchase of Drugs

    By Compounders Salary

    By Rent of Dispensary

    By Conveyance charges

    By Stationery

    By Operation Expenses

    By Lighting

    By Journals and Newspapers

    By Telephone expenses

    By Investments

    By Balance c/d (Closing balance)

    40,000

    10,000

    50,000

    10,000

    12,000

    6,000

    2,000

    600

    8,000

    400

    800

    500

    7,200

    14,000

    Total

    1,61,500

    Total

    1,61,500

    Adjustment :

    (a) Rs. 5,000 were still to be received on account of the visits.

    (b) Compounders salary of Rs. 3,000 and Bill of stationary Rs. 1,000 and Rent of dispensary Rs. 1,000 are outstanding.

    (c) 25% amount of conveyance charges were for private use.

    (d) Stock of Drugs on hand was estimated at Rs. 2,000.

    (e) Furniture and Equipments are to be depreciated at 10%.

    Prepare − Income and Expenditure Account for year ended 31st March 2007 and Balance Sheet as on that date from the above information. VIEW SOLUTION
  • Question 12

    Q.7 Ganga and Godawari are partners sharing profits and losses equally. The Trial Balance of their firm on 31st March, 2007 was as following.                                    [20 Marks]

    Trial Balance as on 31st March, 2007

    Particulars

    Debit
    Amount
     (Rs)

    Credit
    Amount
     (Rs)

    Stock (1.4.2006)

    Purchases and Sales

    Return Inward

    Carriage

    Power and Fuel

    Wages

    Trade Expenses

    Debtors and Creditors

    Salaries

    Insurance

    Postage

    Commission

    Plant and Machinery

    Furniture

    Advertisement

    Buildings

    Drawings:

        Ganga

        Godawari

    Capital:

        Ganga

        Godawari

    12% Bank loan taken on 1.10.2006

    Cash in hand

    80,000

    4,00,000

    30,000

    7,500

    40,000

    35,000

    8,000

    80,000

    72,000

    6,000

    3,000

    8,000

    2,00,000

    80,000

    15,000

    4,00,000

     

    8,000

    10,000

     

     

     

     

    7,500

     

     

    7,68,000

     

     

     

     

     

    60,000

     

     

     

    12,000

     

     

     

     

     

     

     

     

    2,50,000

    2,50,000

    1,50,000

     

     

    14,90,000

    14,90,000

    Adjustment :

    (a) Stock on 31.3.2007 was valued at Cost price Rs. 1,00,000 and Market price Rs. 1,20,000

    (b) Depreciate Plant and Machinery and Buildings at 20% and 10% respectively.

    (c) Insurance is paid for one year ending on 30.06.2007.

    (d) Goods withdrawn by Ganga for her personal use of Rs. 10,000 during the year were not recorded in the books.

    (e) Provide Rs. 10,000 as Bad debts and Reserve for Doubtful Debts is to be maintained at 5% on Debtors.

    Prepare Trading Account, Profit and Loss Account for the year ending on 31st March 2007 and Balance Sheet as on that date after making the above adjustments. VIEW SOLUTION
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