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Board Paper of Class 12-Commerce 2011 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 Fixed Capital Method?

    2. What do you mean by Capital Expenditure?

    3. Under which method of depreciation amount of depreciation changes every year?

    4. What is retirement of Bill of Exchange?

    5. What do you mean by credit balance of Joint Venture Account?
    VIEW SOLUTION
  • Question 2

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

    1. The statement showing list of Debit and Credit balances of all ledger accounts.

    2. Fees paid by persons to become members of a ‘Not for Profit’ concern.

    3. Excess of Average Profit over Normal Profit.

    4. The person who endorses bill.

    5. A temporary partnership formed for carrying out a particular venture.
    VIEW SOLUTION
  • Question 3

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

    Group ‘A’ Group ‘B’
    (1) Accrued Income (a) Single Entry System
    (2) Impersonal Accounts are not maintained (b) Volatile Memory
    (3) RAM (c) Asset side
    (4) Agent who sells goods of Joint Venture (d) Charges paid for erection of New Machinery
    (5) Installation Charges (e) Liability side

     

      (f) Double Entry

     

     

    (g) Non-volatile memory

     

     

    (h) Entitled for commission on sale
    VIEW SOLUTION
  • Question 4

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

    1. Income and Expenditure Account includes items of ____ nature only.

    (a) capital

    (b) revenue

    (c) fixed

    (d) non-recurring

    2. Noting charges are paid when a bill is ____.

    (a) honoured

    (b) dishonoured

    (c) renewed

    (d) retired

    3. Unsold stock of Joint Venture taken over by co-venturer is credited to ____.

    (a) Co-venturer’s account

    (b) Joint venture account

    (c) Joint bank account

    (d) Stock account

    4. Under Single Entry System, additional capital brought in during the year is _____ closing capital in order to calculate profit.

    (a) added to

    (b) deducted from

    (c) added twice to

    (d) deducted twice from

    5. Subscription received in advance during the accounting year is _______.

    (a) an income

    (b) an expenditure

    (c) an asset

    (d) a liability
    VIEW SOLUTION
  • Question 5

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

    1. While calculating the average profit, the losses are ignored.

    2. Drawer and payee of a bill of exchange may be one and the same person.

    VIEW SOLUTION
  • Question 6

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

    Shri Suraj Patil Bazarpeth, Sawantwadi, draws a bill for a period of 4 months on Anita Desai, M.G Road, Pune, on 1st January, 2011 for Rs 19,500.

    Anita Desai accepted the bill on 4th January, 2011.

    VIEW SOLUTION
  • Question 7

    Q.2 Shri Yashraj and Company, Kolhapur, purchased furniture for Rs 60,000 on 1.4.2007.

    On 1.10.2009 the company sold out a part of the furniture for Rs 6,000, the original cost of which on 1.4.2007 was Rs 12,000.

    The company charges depreciation at the rate of 10% p.a. on Reducing Balance method. The financial year of the company ends on 31st March, every year.

    Prepare: Furniture Account and Depreciation Account for the years 2007-08, 2008-09, 2009-10.

    Or

    Q.2 (A) Following is the Balance Sheet of Anil and Sunil.

    Balance Sheetas on 31st March, 2008

    Liabilities

    Amount

    (Rs)

    Assets

    Amount

    (Rs)

    Capitals :

     

     

     

     

    Anil

    3,60,000

    Machinery

    3,60,000

    Sunil

    2,40,000

    Computer

    60,000

    Profit and Loss A/c

    60,000

    Stock in trade

    2,70,000

    Creditors

    93,000

    Debtors

    1,26,000

    Bank overdraft

    87,000

    Cash

    24,000

     

     

     

     

     

    8,40,000

     

    8,40,000

     

     

     

     

     

    The Profit and Losses for the last 5 years were:

    Years

    2003-04

    2004-05

    2005-06

    2006-07

    2007-08

    (Rs)

    1,50,000

    1,80,000

    72,000

    12,000

    60,000

    (Profit)

    (Profit)

    (Profit)

    (Loss)

    (Profit)

    You are required to calculate the value of Goodwill at 5 years’ purchase of super profit assuming that the normal rate of return is 10% on capital employed in the similar business.


    Q.2 (B) Explain in brief, the importance of computers in modern age.  [5 Marks] VIEW SOLUTION
  • Question 8

    Q.3 Ms. Smita purchases goods from Mr. Ramesh on 1st April, 2010 for Rs 36,000. Smita accepts a bill for 2 months drawn by Ramesh for the same amount on the same day.

    Ramesh discounts the bill with the Bank for Rs 35,100 on 2nd April, 2010. On due date the bill is dishonoured, noting charges are Rs 60.
    Smita pays Rs 18,000 in cash with noting charges.

    A fresh bill drawn by Ramesh is accepted by her for the balance including interest Rs 450 for two months.

    The new bill is retired one month before the due date at the rebate of Rs 250. Pass Journal entries in the books of Ms. Smita.

    Or

    Q.3 Journalise the following transactions in the books of Mr. Vivek :

    (a) On 1st January, 2010, Sameer informs Vivek that Mahesh's acceptance for Rs 32,000 endorsed to Sameer has been dishonoured. Noting charges Rs 800.

    (b) On 1st February, 2010, Subhash renews his acceptance to Vivek for Rs 30,000 by paying Rs 14,000 in cash and accepting fresh bill for the balance plus interest @ 10% p.a. for 3 months.

    (c) On 5th February, 2010, Dinesh retired his acceptance to Vivek for Rs 12,000 by paying Rs 11,600 in cash.

    (d) On 1st March, 2010 Vivek sent a bill of Sohan for Rs 20,000 to Bank for collection. Bank informed that the bill has been dishonoured by Sohan.                                            [12 Marks]

    VIEW SOLUTION
  • Question 9

    Q.4 Rokadimal of Rajkot and Gunjal of Pune, entered into a Joint Venture to purchase and sale goods and agreed to share profit and losses in the proportion of 4 : 1 respectively.

    Rokadimal sent goods of Rs 4,00,000 to Gunjal for sale.

    Rokadimal paid Rs 11,500 for carriage.

    Rokadimal drew a bill of Rs 95,000 on Gunjal, which he accepts.

    Rokadimal discounted this bill with the bank for Rs 92,000.

    The amount of discount is to be treated as joint venture expenditure.

    Gunjal paid Rs 13,500 got advertisement.

    Gunjal sold all the goods for Rs 5,00,000.

    Gunjal paid Rs 7,000 for selling expenses and he is entitled for a commission on sales at 5% Co-venturers settled their accounts.

    Give Journal Entries in the books of Gunjal of Pune.  [12 Marks]
    VIEW SOLUTION
  • Question 10

    Q.5 Following incomplete information is available from the records maintained by Mr. Premnath.

    Particulars

    1.4.2009
    Rs.

    31.3.2010
    Rs.

    Cash Balance

    Bank Balance

    Sundry Debtors

    Stock

    Furniture

    Creditors

    10% Bank Loan

    12,000

    26,000

    20,000

    24,000

    24,000

    20,000

    20,000

    13,000

    30,000

    26,000

    26,000

    24,000

    20,000

    20,000

    Additional Information :

    (1) Mr. Premnath introduced additional capital in the business amounted to Rs 15,000 on 1st January, 2010.

    (2) He has paid life insurance premium Rs 10,000 from the business account and withdrawn goods worth Rs 5,000 for his personal use.

    (3) Write off Rs 1,000 as bad debts and maintain reserve for doubtful debts at 5% on remaining debtors.

    (4) Provide depreciation at 5% p.a. on furniture.

    (5) The closing balance of sundry creditors has been overvalued by Rs 2,000 in the books of account.

    (6) Provide Interest on Capital and Bank Loan @ 10% p.a.

    Prepare :

    (i) Statement of Affairs as on 1.4.2009.

    (ii) Statement of Affairs as on 31.3.2010.

    (iii) Statement of Profit or Loss for the year ended 31st March, 2010.   [10 Marks]

    VIEW SOLUTION
  • Question 11

    Q.6 Following is the Balance Sheet and Receipts and Payments Account of the Memorial Hospital, Sawantwadi, Prepare Income and Expenditure A/c for the year ended on 31.03.2010 and the Balance Sheet as on that date.

    Balance Sheet as on 01.04.2009

    Liabilities

    Amount
    Rs.

    Assets

    Amount
    Rs.

    Capital Fund

    Outstanding

    Salaries

    Medical Bill unpaid

    10,04,000

     

    22,000

    6,000

    Cash in Hand

    Cash at Bank

    Land and Building

    Furniture

    Equipments

    Outstanding Subscriptions

    6,000

    34,000

    8,00,000

    70,000

    1,20,000

    2,000

     

    10,32,000

     

    10,32,000

     

     

     

     

     

    Receipts and Payments Account

    for the year ending 31.03.2010

    Dr.

     

    Cr.

    Receipts

    Amount
    Rs.

    Payments

    Amount
    Rs.

    To Balance b/d

         Cash in hand

         Cash at Bank

    To Subscriptions

           (Includes Rs 2,000

    received for previous year)

    To Sale of furniture

          (Book Value Rs 30,000)

    To Donations (Revenue)

    To Life Membership Fees

     

    6,000

    34,000

    1,30,000

     

     

    20,000

     

    44,000

    25,000

    By Salaries

    (Including of the previous year)

    By Medicines

    By Equipments purchased

    By Taxes

    By General Expenses

    By Balance c/d

        Cash in Hand

        Cash at Bank

     

    1,10,000

     

    52,000

    20,000

    3,000

    8,600

     

    15,400
    50,000

     

    2,59,000

     

    2,59,000

     

     

     

     

     

    Consider the following adjustments:

    (1) Outstanding subscriptions Rs 12,000.

    (2) Capitalise the amount of membership fees.

    (3) Prepaid Taxes Rs 500.

    (4) Outstanding Salary Rs 12,000.

    (5) Write off depreciation Rs 20,000 from Land and Building and Rs 30,000 from Equipments.

    (6) Outstanding Medicine bill as on 1.4.2009 is still due. [16 Marks]

    VIEW SOLUTION
  • Question 12

    Q.7 From the following Trial Balance of M/s Sanjay and Vijay, you are require to prepare Trading and Profit and Loss A/c for the year ended on 31st March, 2010 and Balance Sheet as on that date after taking into consideration the additional information given below :

    Trial Balance as on 31st March, 2010

    Particulars

    Debit
    Amount
     (Rs)

    Credit
    Amount
     (Rs)

    Sundry Debtors and Creditors

    Bills Receivable and Bills Payable

    Purchases and Sales

    Return Inward

    Salaries and Wages

    Carriage outward

    Insurance Premium

    Postage and Telegram

    Plant and Machinery

    Advertisement

    Import Duty

    Bad Debts

    Printing and Stationery

    Cash in Hand

    Leasehold Premises

    Opening Stock

    Dividend Received

    Outstanding Audit fees

    10% Bank Loan (Taken on 1.10.2009)

    Capital Accounts : Sanjay

                                   Vijay

    45,800

    28,200

    98,500

    2,000

    26,000

    1,800

    2,200

    1,750

    70,000

    3,000

    2,100

    1,000

    2,400

    1,850

    80,000

    12,000

     

    72,700

    40,000

    1,10,000

     

     

     

     

     

     

     

     

     

     

     

     

     

    1,500
    4,400

    60,000

    45,000

    45,000

     

    Total

    3,78,600

    3,78,600

    Additional Information:

    (1) Closing Stock was valued at Rs 25,000.

    (2) Unused Postage Stamps of Rs 250.

    (3) Uninsured goods worth Rs 8,000 were stolen from the godown.

    (4) Leasehold property is to be run for 10 years w.e.f.1.10.2009.

    (5) Depreciate Plant and Machinery at 10% p.a.

    (6) Our customer Mr. Ajay became insolvent and could not pay his debts of Rs 2,000.                                                        [20 Marks]

    VIEW SOLUTION
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