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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 is Capital Fund?

    2. What do you mean by Qualified Acceptance?

    3. What do you mean by Credit Balance of Joint Venture Account?

    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. A system of accounting which records personal accounts and cash accounts.

    2. The method of depreciation under which depreciation is calculated on balance amount.

    3. Officer appointed by the Government for noting of dishonoured bill.

    4. Partners of joint venture business.

    5. The father of modern computer.
    VIEW SOLUTION
  • Question 3

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

    Group ‘A’. Group ‘B’.
    a. Not fort profit concerns (1) Temporaryh Partnership
    b. Opening Statement of Affairs (2) Permanent Partnership
    c. Dishonour of Bill (3) Intangible Asset
    d. Joint Venture (4) Tangible Asset
    e. Goodwill (5) Noting Charges

     

     

    (6) Ascertainment of closing capital

     

     

    (7) Ascertainment of opening capital

     

     

    (8) Sangam College, Sangamner
    VIEW SOLUTION
  • Question 4

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

    1. The Indian Partnership Act came in force since ________.

    (a) 1956

    (b) 1954

    (c) 1932

    (d) 1942

    2. Receipt and Payment Account is a ________.

    (a) Personal Account

    (b) Real Account

    (c) Nominal Account

    (d) None of these

    3. At the end of a financial year balance of Depreciation Account is transferred to __________.

    (a) Asset Account

    (b) Trading Account

    (c) Profit and Loss Account

    (d) None of these

    4. A bill of one month duration is accepted on 12th July, 2007, its due date will be _________.

    (a) 12th August, 2007

    (b) 14th August, 2008

    (c) 14th August, 2007

    (d) 15th August, 2007

    5. A debit balance of Joint Venture Account indicates ____________.

    (a) Profit

    (b)  Loss

    (c) No profit no loss

    (d) None of these

    VIEW SOLUTION
  • Question 5

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

    1. Debit balance of Trading Account indicates Net Loss.

    2. Maximisation of profit is the motive of a “Not for Profit Concern”

    VIEW SOLUTION
  • Question 6

    Q. 1 (F) Prepare a Bill of Exchange from the following details:  [5 Marks]

    1. Drawer: Ajit Patil, Viveknagar, Pune.

    2. Drawee: Sujit Kale, Main Road, Latur.

    3. Payee: Ranjit Jagadale, Nashik.

    4. Amount Rs 5500

    5. Period: Two months.

    6. Date of bill: 22-2-2008

    7. Date of acceptance: 27-2-2008

    8. Accepted bill for Rs 5,000 only.

    VIEW SOLUTION
  • Question 7

    Q.2 On 1st April, 2002 Ganesh Trading Company Ltd., Pune purchased machinery costing Rs. 80,000.

    On 1st October, 2002 additional machinery was purchased for Rs. 40.000.

    On 1st October, 2004 the machinery purchased on 1st April, 2002 was sold for Rs. 50,000.

    On the same date new machinery was purchased for Rs. 20,000.

    Assuming that machinery is depreciated on 31st March every year @10% p.a. by the Fixed Instalment Method.

    Prepare Machinery Account and Depreciation Account for the years 2002-03, 2003-04 and 2004-05.

    OR

    Q.2 (A) Ram and Shyam are carrying on business in partnership for the last 5 years. Goodwill of the firm is to be valued at 3 years purchase of the Average Profit of the last 5 years.

    The Profits and Losses for the last 5 years were:

    Years Amount Rs.
    Profit Loss
    2002-03 64,000  
    2003-04 60,000  
    2004-05
    32,000
    2005-06 28,000  
    2006-07 40,000  

    You are required to calculate the value of goodwill of the firm.

    Q.2 (B) Explain the components of Computer.                                            [5 Marks]

    VIEW SOLUTION
  • Question 8

    Q.3 Narendra accepted a bill of Rs. 8,000 drawn by Surendra at 3 months. Surendra got the bill discounted with Bank for Rs. 7,800. Before the due date Narendra approached Surendra for renewal of the bill. It was agreed to pay Rs. 6,000 immediately together with interest on the remaining amount @10% p.a. for 3 months and for the balance Narendra should accept a new bill for 3 months. These arrangements were carried through.

    But afterwards Narendra became insolvent and only 25% of the amount could be recovered from his estate.

    Pass necessary Journal Entries in the books of Narendra.

    OR

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

    (a) Naresh informs Nilesh that Sanjay's acceptance for Rs. 8,000 endorsed to Naresh has been dishonoured. Noting charges Rs. 200.

    (b) Sujit renews his acceptance to Nilesh for Rs. 4,800 by paying Rs. 1,600 in cash and accepting a new bill for the balance plus interest for 3 months @12% p.a.

    (c) Prakash's acceptance to Nilesh for Rs. 24,000 retired one month before its due date at a discount of 12% p. a.

    (d) Bank informs Nilesh, that dishonour of Prashant's acceptance for Rs. 8,000 discounted with the Bank. Noting charges amounted to Rs. 160.                                                                                  [12 Marks]

    VIEW SOLUTION
  • Question 9

    Q.4 Anand and Pramod entered into joint venture to purchase and sale plots.

    Anand contributed Rs. 10,00,000 and Pramod Rs. 5,00,000 and the amount was deposited into a Joint Bank Account.

    The transactions of the venture were as follows:

    (1) Purchased land for Rs. 5,00,000.

    (2) Incurred development expenses of Rs. 2,00,000.

    (3) Pramod paid registration fees of Rs. 25,000

    (4)  34 land was sold for Rs. 7,52,500.

    (5) The remaining land was taken over by Anand for Rs. 2,00,000.

    (6) The accounts between co-ventures were settled at the end of the Joint Venture.

    Pass the necessary Journal Entries to record the above transactions.                                                      [12 Marks]
    VIEW SOLUTION
  • Question 10
    Q.5 Miss Sunita keeps her books on Single Entry System and the following information is disclosed.
     

    Particulars

    31-3-2006 Rs.

    31-3-2007
    Rs.

    Cash at Bank

    Stock in Trade

    Debtors

    Furniture

    Sundry Creditors

    Bills Payable

    Investments

    18,000

    15,000

    30,000

    7,500

    26,250

    27,000

    18,750

    45,000

    7,500

    34,500

    9,000

    15,000

     

    (1) Miss Sunita transferred Rs. 150 each month during first half year and Rs. 100 each month for the remaining period from her business to her private Banking Account by way of drawing and took away Rs. 350 worth of goods for private use.

    (2) Miss Sunita sold her private vehicle for Rs. 3,500 and proceeds were utilized for business.

    (3) Furniture is to be depreciated by 10% and Reserve for doubtful debts is to be maintained at 5% on debtors. Prepare: (1) Opening Statement of Affairs. (2) Closing Statement of Affairs. (3) Statement of Profit or Loss for the year ending 31st March, 2007.                                                                                                                  [10 Marks]

    VIEW SOLUTION
  • Question 11

    Q.6 From the following Receipts and Payments Accounts of Sangameshwar Sports Club for the year ending 31st March, 2007, you are required to prepare Income and Expenditure Account for the year ending 31st March, 2007 and Balance Sheet as on that date.

    Receipts and Payments Account

    For the year ended on 31st March, 2007

    Dr.

     

    Cr.

    Receipts

    Amount
    Rs.

    Payments

    Amount
    Rs.

    To Balance (1-4-06)

        Cash in Hand

        Cash at Bank

    To Subscriptions

    To Donations

    To Entrance fees

    To Interest

    To Miscellaneous

         Receipts

     

    15,000

    2,15,000

    1,25,000

    2,25,000

    1,25,000

    15,000

    15,000

     

    By Salaries

    By Wages

    By Postage and Telegram

    By Printing and Stationery

    By Hire of Ground

    By Sports Material

          (Purchased on 1-1-07)

    By Insurance

    By Balance (31-3-07)

    Cash in Hand

    Cash at Bank

    40,000

    40,000

    15,000

    25,000

    15,000

    2,00,000

     

    50,000

     

    10,000

    3,40,000

     

     

    Total

    7,35,000

    Total

    7,35,000

     
    Adjustments:

    1. Subscription include Rs. 2,000 received for the year 2005-2006 and subscription of Rs. 5,000 is due to for current year but not received yet.

    2. Assets as on April 01, 2006 were as follows:

    (a) Building Rs. 3,00,000

    (b) Sports Material Rs 2,50,000

    (c) Investments Rs. 1,50,000

    (d) Furniture Rs. 1,50,000

    3. Provide depreciation on Building, Sports Material and Furniture at 5% p.a.

    4. Capitalise 50% of Donations and Entrance Fees.

    5. Insurance of Rs. 5,000 is paid in advance.

    6. Salaries are outstanding at Rs. 5,000 and Interest Rs. 5,000 is due but not received.

    7. Capital Fund was Rs. 10,82,000 as on 1-4-2006.                                                                                                             [16 Marks]

    VIEW SOLUTION
  • Question 12

    Q.7 Ajay and Vijay were partners sharing profits and losses equally. The Trial Balance of their firm was as under:

    Trial Balance as on 31st March, 2007

    Dr.

     

    Cr.

    Particulars

    Debit
    Amount
     (Rs)

    Particulars

    Credit
    Amount
     (Rs)

    Opening Stock

    Purchases

    Wages

    Investment

    Carriage Outward

    Printing and Stationery

    Insurance

    Salaries

    Postage and Telegram

    Machinery

    Furniture

    Debtors

    Bills Receivable

    Cash at Bank

    Advertisement

    Bad Debts

    Carriage Inwards

    15,000

    45,700

    9,900

    3,500

    4,600

    3,400

    750

    10,000

    700

    26,800

    6,400

    25,000

    4,000

    6,000

    1,000

    250

    4,500

    Capitals Accounts :

           Ajay

           Vijay

    Bills Payable

    Outstanding Salaries

    Sales

    Creditors

    Bank Overdraft

     

    40,000

    25,000

    6,000

    1,700

    79,800

    12,000

    3,000

     

    1,67,500

     

    1,67,500

    Adjustments:

    1. Closing stock was valued at Rs. 40,200.

    2. Goods of Rs. 4,000 were burnt by fire and Insurance Company admitted the claim for Rs. 3,200.

    3. Prepaid insurance was Rs. 200.

    4. Carriage inwards included Rs. 1,000 paid for transport and octroi on new machinery purchased on 1-4-2006.

    5. Depreciate Machinery by 10% and Furniture by 15% p.a.

    6. Outstanding wages were Rs. 2,100.

    You are required to prepare Trading Account and Profit & Loss Account for the year ended 31st March, 2007 and Balance Sheet as on that date.   [20 Marks]

     

    VIEW SOLUTION
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