Board Paper of Class 12-Commerce 2010 Accountancy (SET 1) - Solutions

Q.1 (A) Answer in ‘One’ sentence each:  [5 Marks]

2. Who is a Drawer?

4. What is a Computer?

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

2. The gradual and permanent decrease in the value of fixed assets due to any cause.

4. An account opened in the bank in a joint name of the co-venturers.

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

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

1. The Indian Partnership Act is in force since ______.

(a) 1933

(c) 1956

2. Receipt and Payment account is a ______ account.

(a) Personal

(c) Nominal

3. Under Fixed Installment Method depreciation is charged on ______.

(a) Original cost

(c) Scrap value

4. There are _____ parties to a bill of exchange.

(a) Two

(c) Three

5. Expenses of Joint Venture business are debited to ______.

(a) Joint Bank A/c

(c) Co-Venturers’ A/c

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

2. The main objective of not for profit organizations is to earn profit.

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

2. Drawee: Madhukar Bharati, Amboli Road, Sawantwadi.

4. Period: 60 days.

6. Date of acceptance: 28th May, 2006

Q.2 On 1^st April, 1995 Avadhoot Traders, Ajara, purchased machinery for Rs. 40,000. On 1^st October, 1995 they purchased further machinery costing Rs. 20,000. On 1^st October, 1997 they sold machinery which was purchased on 1^st April, 1995 for Rs. 28,780. Depreciation on machinery was provided at the rate of 10% p. a. on Diminishing Balance Method. The financial year closes on every 31^st March. Prepare: Machinery A/c and Depreciation A/c for three years: 1995-96, 1996-97 and 1997-98.

Or

Q.2 (A) The capital of a Partnership firm is Rs. 3,00,000. Profit for the last 4 years was Rs. 32,500, Rs 35,000, Rs. 36,000 and Rs. 39,000. The reasonable return on the capital employed is 11%. Calculate the value of goodwill on the basis of 3 years purchases of super profit.
 

Q.2 (B) Explain the role of Computer in accounting.  [5 Marks]

Q.3 Madhav accepted a bill of Rs. 40,000 drawn by Kashinath at 3 months. Kashinath got the bill discounted with his bank for Rs. 39,000. Before the due date, Madhav approached Kashinath for renewal of the bill. It was agreed to pay Rs 30,000 immediately together with interest on the remaining amount at 10% p. a. for 3 months and for the balance Madhav accepted a new bill for 3 months. These arrangements were carried through. But afterwards Madhav became insolvent. Only 35% of the amount could be recovered from his estate.

1. Pass necessary Journal Entries in the books of 'Madhav'.

2. Prepare Madhav's A/c in the books of 'Kashinath'.

Or

(a) Nandini informs Avadhoot that Nisha's acceptance for Rs. 5,000 endorsed to Nandini has been dishonoured. Noting charges amounted to Rs. 100.

(b) Dhanashri renews her acceptance to Avadhoot for Rs. 2,400 by paying Rs. 1,200 in cash and accepting a new bill for the balance plus interest at 12% p.a. for 3 months.

(c) Honagekar's acceptance to Avadhoot Rs. 6,000 retired one month before its due date at a discount of 20% p.a.

(d) Bank informs to Avadhoot that the dishonour of Shashikala's acceptance for Rs. 4,000 discounted with the bank. Noting charges amounted to Rs. 70.

(e) Avadhoot sent a bill of Pravin for Rs. 6,000 to the bank for collection.                                                              [12 Marks]

Q.4 Apate, Bachute and Chapate undertook construction of the Cultural Hall of a Company at a contract price of Rs. 60,000 payable in Cash Rs. 40,000 and Rs. 20,000 in the form of Debentures  of a company. They shared profits and losses in the ratio of 3 : 2 : 1 respectively. Apate Rs. 30,000, Bachute Rs. 20,000, Chapate Rs. 10,000.

The following payments are made out through Joint Bank Account.

At the close of the venture the unused materials were taken by Apate for Rs. 500.

The truck was sold in the market for Rs. 2,200.

Chapate agreed to take over the debentures at Rs. 19,000.           [12 Marks]

Q.5 Mr. Balasaheb is dealing in the business of fruits. He maintains his accounting record with single entry. The following figures are taken from his record.

Q.6 Following is the summary of Receipts and Payments of Jay Bajrangbali Vyayam Shala, Ajara for the year ending on 31.03.2007.

Q.7 Ashok and Tanaji are Partners sharing Profits and Losses in the ratio 2 : 3 respectively. Their Trial Balance as on 21^st March, 2007 is given below. You are required to prepare Trading and Profit and Loss Account for the year ended 31^st March, 2007 and Balance Sheet as on that date after taking into account the given adjustments.

Adjustments:

1. Closing stock is valued at the cost of Rs. 15,000 while its market price is Rs. 18,000

2. On 31^st March, 2007 the stock of stationery was Rs. 500.

3. Provided reserve for bad and doubtful debts at 5% on debtors.

4. Depreciate building at 5% and patent rights at 10%.

5. Interest on capitals is to be provided at 5% p. a.

6. Goods worth Rs. 10,000 were destroyed by fire.

The Insurance company admitted a claim for Rs. 8,000.    [20 Marks]