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Board Paper of Class 12-Commerce 2012 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 partnership deed?

    (2) Which accounts are normally kept under single entry system?

    (3) Which account is credited when depreciation is charged on asset?

    (4) What is the relationship between co-venturers?

    (5) What do you mean by intangible asset?
    VIEW SOLUTION
  • Question 2

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

    (1) A list of debit and credit balances of all ledger accounts.

    (2) The major source of revenue to a non-trading concern from its members.

    (3) Date on which payment of a bill is to be made.

    (4) The account in which banking transactions of joint venture are recorded.

    (5) Excess of average profit over normal profit.
    VIEW SOLUTION
  • Question 3

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

    Group ‘A’ Group ‘B’
    (a) Bad debts (1) Dishonour of cash bill
    (b) Excess of assets over liabilities (2) Indicates profit of joint venture
    (c) Notary public (3) Indicates loss of joint venture
    (d) Credit balance of joint venture a/c (4) System software
    (e) Operating system (5) Drawings

     

    (6) Capital

     

    (7) Recoverable amount from debtors

     

    (8) Non-recoverable amount from debtors
    VIEW SOLUTION
  • Question 4

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

    (1) A gift given by a legal representative as per the will is called ________.

    (a) donation

    (b) subscription

    (c) entrance fees

    (d) legacy

    (2) Gradual and permanent decrease in the value of an asset is called ________.

    (a) scrap value

    (b) cost price

    (c) loss

    (d) depreciation

    (3) A bill which is drawn in one country and made payable in other country is called __________.

    (a) inland bill

    (b) hundi

    (c) foreign bill

    (d) promissory note

    (4) Co-venturers’ liability is_________.

    (a) limited

    (b) fixed

    (c) unlimited

    (d) specific

    (5) Physical devices of computer system are known as ____________.

    (a) software

    (b) hardware

    (c) programme

    (d) humanware
    VIEW SOLUTION
  • Question 5

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

    (1) Indian Cricket Association prepares Profit and Loss Account.

    (2) When the amount of a bill is paid on its due date, it is said to be retired.

    VIEW SOLUTION
  • Question 6

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

    (1) Drawer Mr Avadhoot Raktade
    586, Main Road, Ajara
    (2) Drawee Mr Mukund Aglawe
    133, Chandni Chowk, Panvel
    (3) Amount Rs. 8,800
    (4) Period Two months
    (5) Date of Bill 1st May, 2010
    (6) Date of Acceptance 5th May, 2010
    VIEW SOLUTION
  • Question 7

    Q.2 M/s J. P. Company, Sakri, purchased a motor lorry for Rs. 8,00,000 on 1st April, 2007. Company purchased a second-hand motor lorry for Rs. 3,60,000 on 1st October, 2008. The company charges depreciation @ 10% p.a. on original cost. The financial year of the company ends on 31st March every year. On 30th September 2009, the second-hand motor lorry was sold for Rs. 2,80,000. Prepare: Motor Lorry's Account for the years 2007-2008, 2008-2009 and 2009-2010 and Journal Entries for the year 2009-2010.

    Or

    Q.2 (A) Following is the Balance Sheet of Usha and Sushila who share profits and losses equally.

    Balance Sheet as on 31st March, 2010

    Liabilities

    Amount

    Rs.

    Assets

    Amount

    Rs.

    Capital:

     

    Land and Building

    1,50,000

    Usha

    2,00,000

    Machinery

    1,00,000

    Sushila

    1,00,000

    Debtors

    80,000

    Creditors

    60,000

    Stock

    40,000

    Bills Payable

    40,000

    Bank

    30,000

     

    4,00,000

     

    4,00,000

     

     

     

     

    The net profits for the last three years were Rs. 60,000, Rs. 80,000 and Rs. 1,00,000. It was decided to calculate the value of goodwill at 212 years’ purchase of super profit taking into consideration the standard rate of return on the capital employed at 15%. Calculate the value of goodwill.

    Q.2 (B) What is a Computer? Explain limitations of computerised accounting systems.                                        [5 Marks]

    VIEW SOLUTION
  • Question 8

    Q.3 Vicky owes Rs. 12,000 to Bunty and accepts 3 months' bill drawn by Bunty who discounts the same after a month at 10% p. a. with his bank. On due date the bill has been dishonoured and noting charges amounted to Rs. 100. Vicky then paid 25% of the amount of the bill and full amount of noting charges by crossed cheque and accepted a new bill for the balance plus interest at 12% p. a. for 3 months. New bill was sent to the bank for collection by Bunty. On due date the bank collected the amount of the new bill from Vicky and debited the bank charges Rs. 70 to Bunty's account. Pass Journal Entries in the books of Bunty and Bunty's account in the ledger of Vicky.

    Or

    Q.3 Journalise the following transactions in the book's of Bhaskar.

    (a) Suresh informed Bhaskar that Nishad's acceptance for Rs. 2,500 endorsed to Suresh has been dishonoured and noting charges amounted to Rs. 25.

    (b) Rajesh renews his acceptance to Bhaskar for Rs. 7,500 by paying Rs. 2,500 in cash and accepting a fresh bill for the balance plus interest @ 10% p. a. for three months.

    (c) Mandar retired his acceptance to Bhaskar for Rs. 3,800 by paying Rs. 3,750 in cash.

    (d) Bhaskar sent a bill of Dayaram for Rs. 5,000 to the bank for collection. But the bank informed that the bill has been dishonoured by Dayaram.  [12 Marks]

    VIEW SOLUTION
  • Question 9

    Q.4 Surekha and Sangita decided to undertake a venture jointly. They agreed to share profits and losses in the ratio of 3 : 2. Surekha supplied from her own stock goods worth Rs. 4,00,000 and paid Rs. 9,900 for freight and Rs. 2,400 for insurance. Sangita purchased goods of Rs. 3,90,000 for the venture and paid Rs 14,000 for selling expenses. Sangita accepted a bill for 3 months of Rs. 1,90,000 drawn by Surekha as an advance. The bill was discounted immediately by Surekha for Rs. 1,84,000 and the amount of discount was charged to Joint Venture Account. Sangita sold all the goods for Rs. 10,00,000. At end of the venture, the accounts were settled. Give journal entries in the books of Surekha.  [12 Marks]

    VIEW SOLUTION
  • Question 10

    Q.5 Mr. Prabhakar is a retail trader. He had no proper methods of accounting. But the following information is made available to you.                                                                                                            [10 Marks]

    Particulars

    Amount
    Rs.
    1.4.2009

    Amount
    Rs.
    31.3.2010

    Sundry Debtors

    Sundry Creditors

    Bank overdraft

    Stock

    Cash in hand

    Bills receivable

    Furniture

    Motor Van

    Computer

    10% Govt. Bonds

    45,000

    60,000

    80,000

    65,000

    2,000

    60,000

    10,000

    80,000

    60,000

    50,000

    70,000

    40,000

    80,000

    8,000

    80,000

    10,000

    80,000

    1,20,000

    10,000

    Adjustments:

    (1) On 1st October, 2009 Mr. Prabhakar had withdrawn Rs. 40,000 for his personal use.

    (2) 10% Government Bonds were purchased of Rs. 10,000 on 1st October, 2009.

    (3) He had also withdrawn Rs. 30,000 for his daughter's marriage.

    (4) Depreciate furniture by 10% and write off Rs. 2,000 from motor van.

    (5) Rs 2,000 is written off as bad debts and provide 5% R.D.D. on debtors.

    (6) Allow interest on capital at 10% p.a.

    (7) Charge interest on drawings Rs. 2,000.

    Prepare after taking into consideration the adjustments:

    Opening statement of affairs of 1.4.2009.

    Closing statement of affairs of 31.3.2010.

    Statement showing Profit or Loss for the year ended on 31.3.2010.

     

    VIEW SOLUTION
  • Question 11

    Q.6 Following is the Receipts and Payments Account and additional information of Kalpana Hospital, Sakri.                                                                                 [16 Marks]

    Receipts and Payments Account for 
    the year ended on 31st March, 2010
    Dr.
    Cr.
    Receipts
    Amount
    Rs.
    Payments
    Amount
    Rs.
    To Balance b/d
    6,000
    By Medicines
    10,000
    To Subscriptions:
     
    By Honorarium to Doctors
    75,000
    2008-2009
    7,500
     
    By Ambulance Maintenance
    44,000
    2009-2010
    95,000
     
    By Hospital Equip. purchased
    30,000
    2010-2011
    15,000
    1,17,500
    By Furniture purchased
    25,000
    To Donations
    55,000
    By Fixed Deposits
    1,00,000
    To Life Membership Fees
    25,000
    By Balance c/d (31.3.10)
    69,500
    To Hospital Receipts (Revenue)
    1,50,000
     
     
     
    3,53,500
     
    3,53,500
     
     
     
     

    Additional Information:

    (1) Outstanding subscription for 2009-2010 is amounted to Rs. 5,000.

    (2) Hospital equipments and furniture were purchased on 1.10.2009 and both were to be depreciated at 20% p. a.

    (3) Life membership fees are to be capitalized.

    (4) Donations represent donations for Building fund.

    (5) Staff salary for the current year is outstanding Rs. 7,500.

    (6) On 1.4.2009, the hospital had the following assets and liabilities:
    Land Rs. 2,50,000, Investments Rs. 50,000, Ambulance Rs. 1,02,500, Bank Loan Rs. 2,00,000.

    (7) Capital Fund as on 1.4.2009 was amounted to Rs. 2,16,000.
    Prepare: Income and Expenditure Account for the year ending 31st March, 2010 and the Balance Sheet as on that date.

    VIEW SOLUTION
  • Question 12

    Q.7 Following is the Trial Balance of Jitesh and Pritesh. The partners share profits and losses equally.                                                                      [20 Marks]

     Trial Balance as on 31st March, 2010

    Particulars

    Debit
    Balance
     (Rs)

    Credit
    Balance
     (Rs)

    Capital - Jitesh

               - Pritesh

    Bills Receivable and Bills Payable

    Opening Stock

    Purchases and Sales

    Returns

    Salaries

    Wages

    Conveyance

    Commission

    Miscellaneous Expenses

    Warehouse Rent

    Brokerage

    Dock Charges

    Insurance

    Goodwill

    Land and Building

    Shares in Bajaj Ltd.

    Cash in hand

    Sundry Debtors and Creditors

    Motor Van

     

     

    40,000

    70,000

    1,94,000

    3,000

    15,600

    28,400

    2,200

    3,200

    9,000

    3,000

    4,200

    4,800

    76,000

    1,80,000

    50,000

    3,600

    56,000

    60,000

    2,00,000

    1,20,000

    50,000

    3,63,000

    4,000

    6,000

     

     

     

    60,000

    8,03,000

    8,03,000

     

     

     

    Adjustments−

    (1) Closing stock was valued at Rs. 75,000.

    (2) Depreciate land and building and motor van at 5% p. a.

    (3) Insurance is paid for the year ended 31st May, 2010.

    (4) Jitesh has taken goods of Rs. 3,000 for his personal use.

    (5) Books of Rs. 8,000 were destroyed by fire and the Insurance Company admitted a claim of Rs. 6,400 only.

    (6) Commission due but not received Rs. 1,600.

    Prepare after taking into account the adjustments:

    Trading and Profit and Loss account for the year ended 31st March 2010 and Balance Sheet as on that date.
    VIEW SOLUTION
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