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Board Paper of Class 12-Commerce 2010 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 are Revenue Expenditures?

    2. Who is a Drawer?

    3. What is a Joint Venture?

    4. What is a Computer?

    5. What is a Goodwill?
    VIEW SOLUTION
  • Question 2

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

    1. The incomplete method of accounting system.

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

    3. Payment before the due date of bill.

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

    5. The unit of the computer which is popularly known as heart, brain and nervous system.
    VIEW SOLUTION
  • Question 3

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

    Group ‘A’ Group ‘B’
    (1) Income and Expenditure A/c (a) Withdrawals in cash or kind
    (2) Drawings (b) Negotiable instrument
    (3) Bill of Exchange (c) Similar to Profit and Loss account
    (4) Co-venturers’ Liability (d) Limited
    (5) Intangible Asset (e) Computer

     

     

    (f) Unlimited

     

     

    (g) Goodwill

     

     

    (h) Building
    VIEW SOLUTION
  • Question 4

    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

    (b) 1932

    (c) 1956

    (d) 1934

    2. Receipt and Payment account is a ______ account.

    (a) Personal

    (b) Real

    (c) Nominal

    (d) None of these

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

    (a) Original cost

    (b) Written down value

    (c) Scrap value

    (d) Market value

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

    (a) Two

    (b) Four

    (c) Three

    (d) Five

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

    (a) Joint Bank A/c

    (b) Joint Venture A/c

    (c) Co-Venturers’ A/c

    (d) Debentures A/c
    VIEW SOLUTION
  • Question 5

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

    1. Balance Sheet is an account of business result.

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

    VIEW SOLUTION
  • Question 6

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

    1. Drawer: Subhash Suryawanshi, Main Road, Ajara.

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

    3. Payee: Manoj Desai, Amboli.

    4. Period: 60 days.

    5. Date of bill: 25th May, 2006.

    6. Date of acceptance: 28th May, 2006

    7. Amount of bill: Rs 5,700
    VIEW SOLUTION
  • Question 7

    Q.2 On 1st April, 1995 Avadhoot Traders, Ajara, purchased machinery for Rs. 40,000. On 1st October, 1995 they purchased further machinery costing Rs. 20,000. On 1st October, 1997 they sold machinery which was purchased on 1st 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 31st 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]

    VIEW SOLUTION
  • Question 8

    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

    Q.3 Journalise the following transactions in the books of 'Avadhoot'.

    (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]

    VIEW SOLUTION
  • Question 9

    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.

    1. Purchase of materials Rs. 25,000
    2. Payment of wages Rs. 7,700
    3. Purchase of plant Rs. 4,500
    4. Other charges Rs. 1,100

     

    Apate brings a truck of Rs. 4,000

     

    Bachute brings materials of Rs. 5,500

     

    Chapate brings a mixer worth Rs. 1,000

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

    Bachute took over the mixer and plant for Rs. 2,700.

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

    The contract price was received as per the agreement.

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

    Prepare : 1. Joint Venture Account

     

    2. Joint Bank Account

     

    3. Co-Venturer's Account
    VIEW SOLUTION
  • Question 10

    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.

    Particulars
    Balance as on 1.4.2004
    Balance as on 31.3.2005
    Land and Building Machinery
    Furniture
    Sundry Debtors Stock
    Cash Balance
    Bills Receivable Sundry Creditors Bank Overdraft Bank Balance
    40,000 30,000 10,000 20,000 10,000 5,000 5,000 25,000 5,000
    50,000 40,000 10,000 40,000 25,000 15,000 5,000 25,000
    10,000

    Mr. Balasaheb introduced Rs. 10,000 as further capital.

    He spent Rs. 45,000 from the business for his daughter's marriage.

    Depreciate Land and Building by Rs. 5,000

    Create 5% Reserve for Doubtful Debts on Sundry Debtors.   [10 Marks]

    Prepare :

    1.

    Opening Statement of Affairs.

     

    2.

    Closing Statement of Affairs.

     

    3.

    Statement of Profit and Loss.
    VIEW SOLUTION
  • Question 11

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

    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

         2005-06

         2006-07

    To Donation for Building

    To Receipts from Entertainments

    To Interest

    To Entrance fees

    41,600

     

    4,120

    1,60,000

    50,000

     

    36,440

    3,240

    45,000

    By Salary

    By Lighting

    By General Expenses

    By Entertainments Expenses

    By Taxes Paid

    By Printing and Stationery

    By Expenses paid of 2005-06

    By Investment

    By Fixed Deposit with Ajara Urban Bank

    By Balance c/d

    55,000

    10,000

    15,360

    25,800

    5,000

    9,440

    24,000

    1,20,000

    40,000

     

    35,800

    Total

    3,40,400

    Total

    3,40,400

     

     

     

     

    Adjustments:

    1. Jay Bajrangbali Vyayam Shala has 4500 members paying annual subscription of Rs. 40 each.

    2. Provide for outstanding salary Rs. 5,000.

    3. On 1.4.2006 the assets stood as under:

    (a)

    Land and Building

    Rs. 60,000

    (b)

    Furniture

    Rs. 46,000

    Depreciate the above assets at 10% p. a.

    4. Interest on Investment Rs. 2,000 is not received.

    5. Capital Fund was Rs. 1,27,720 on 1.4.2006.

    6. 50% of the entrance fees is to be capitalized.

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

    Dr.

    Trial Balance as on 31st March, 2007

    Cr.

    Receipts

    Debit
    Amount
     (Rs)

    Particulars

    Credit
    Amount
     (Rs)

    Purchases

    Patents Right

    Building

    Stock (1.04.2006)

    Printing and Stationery

    Sundry Debtors

    Wages and Salaries

    Audit fees

    Sundry Expenses

    Furniture

    10% Investment (Purchased on 30.09.2006)

    Cash

    Provident Fund Contribution

    Carriage Inwards

    Travelling Expenses

    98,000

    4,000

    1,00,000

    15,000

    1,750

    35,000

    11,000

    700

    3,500

    8,000

     

    10,000

    4,000

     

    800

    1,300

    2,700

     

    Capitals :

           Ashok

           Tanaji

    Provident Fund

    Creditors

    Bank Loan

    Sales

    Reserve for

    Doubtful Debts

    Purchase Returns

     

    30,000

    40,000

    7,000

    45,000

    12,000

    1,58,000

     

    250

    3,500

    2,95,750

    2,95,750

     

     

     

     

    Adjustments:

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

    2. On 31st 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]

    VIEW SOLUTION
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