You are using an out dated version of Internet Explorer.  Some features may not work correctly. Upgrade to   Google Chrome     Dismiss

Select Board & Class

Login

Board Paper of Class 12-Commerce 2013 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 only in ‘One’ sentence :                                       [5 Marks]

    1. What is Trial Balance?

    2. What do you mean by Capital Fund?

    3. Why depreciation is charged?

    4. When is a bill said to be honoured?

    5. If the profit sharing ratio is not decided by the co-venturers, in which ratio will they share profits and losses?

    VIEW SOLUTION
  • Question 2

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

    1. The debit balance of Trading Account.

    2. The expenditure which is recurring in nature.

    3. Money value of the business reputation.

    4. A bill drawn in India and made payable in America.

    5. The account in which banking transactions of joint venture are recorded.
    VIEW SOLUTION
  • Question 3

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

    Group ‘A’ Group ‘B’
    (a) Partnership Deed (1) Central Processing Unit
    (b) Excess of assets over liabilities (2) Purchase price plus installation charges
    (c) CPU (3) Written agreement
    (d) Co-venturer (4) Purchase price less Scrap Value
    (e) Cost of fixed assets (5) Capital
        (6) Partner in joint venture
        (7) Oral agreement
        (8) Liabilities
    VIEW SOLUTION
  • Question 4

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

    1. Expenditure on purchase of a building is a _____.

    (a) Revenue

    (b) Capital

    (c) Recurring

    (d) General

    2. A person on whom a bill of exchange is drawn, is called as ______.

    (a) Drawer

    (b) Drawee

    (c) Payee

    (d) Endorsee

    3. Goods brought into the joint venture by a co-venturer from his own stock is debited to _____.

    (a) Joint Venture Account

    (b) Joint Bank Account

    (c) Company

    (d) All of the above

    4. Single Entry System is more popular for ____.

    (a) Sole trader

    (b) Government

    (c) Company

    (d) All of the above

    5. A sum of money, goods or any asset, given to someone voluntarily, without any compensation is called ____.

    a) Subscription

    b) Donation

    c) Legacy

    d) Capital Fund

    VIEW SOLUTION
  • Question 5

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

    1. Goodwill is a fictitious asset.

    2. A bill of exchange can be endorsed only once.

    VIEW SOLUTION
  • Question 6

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

    1. Drawer _ Rajesh Patil 205, High Towers, M.G. Road, Pune
    2. Drawee _ Rajnath Gandhi, 210, Business House, Main Road, Surat.
    3. Payee _ Vasundhra Joshi 403, Commerce House, Nashik.
    4. Period of bill _ 60 days
    5. Amount of bill _ Rs 9,500
    6. Date of bill _ 5th January, 2011
    7. Date of Accepted _ 10nd January, 2011
    VIEW SOLUTION
  • Question 7

    Q.2 M/s. Ram Brothers, Pune purchased machinery worth Rs 1,25,000 on 1st April, 2006. On 1st October, 2006 they purchased additional machinery worth Rs 50,000.

    On 1st October, 2008, the machinery purchased on 1st April, 2006 was sold by them at 20% below its written down value and on the same date, new machinery worth Rs 75,000 was purchased.

    Depreciation was charged on 31st March every year @ 20% p.a. under diminishing balance method.

    Prepare Machinery Account and Depreciation Account for the years 2006-07, 2007-08 and 2008-09.

    Or

    Q.2 (A) Mahesh and Umesh are partners in a partnership firm carrying on business for the last 10 years.

    You are required to find out the value of goodwill which is to be valued at 212 years’ purchase of last 6 years’ average profit.

    The profit and losses for the six years are:

    Year Amount
    (Rs)
    2003 – 2004 1,50,000 (Profit)
    2004 – 2005 1,00,000 (Loss)  
    2005 – 2006 4,50,000 (Profit)
    2006 – 2007 5,00,000 (Profit)
    2007 – 2008 50,000 (Loss)
    2008 – 2009 5,50,000 (Profit)

    Q.2 (B) Write a short note on E-Commerce.                                                                  [5 Marks]

    VIEW SOLUTION
  • Question 8

    Q.3 For the amount receivable Ms. Jaya draws a bill on Ms. Maya, on 1st January, 2010 for Rs 54,000, for a period of 4 months.

    Maya accepts the bill and returns it to Jaya, who gets the bill discounted with bank @ 8% p.a. Before due date, Maya approaches Jaya and requests to accept Rs 36,000 in cash and draw a second bill for the balance.

    Jaya draws a new bill for the balance plus interest @ 12% p. a. for two months on 4th May, 2010 as per the request and received the accepted bill from Maya.

    Jaya sends the bill to the bank for collection. Maya honours her acceptance on the due date.

    Pass Journal entries in the books of Ms. Jaya and show Ms. Jaya's account in the books of Ms. Maya.

    Or

    Q.3 Journalise the following transactions in the books of Jwala:

    (a) Abdul informed Jwala that John's acceptance endorsed to Abdul for Rs 16,000 has been dishonoured and noting charges amounted to Rs 200.

    (b) Sony renews her acceptance to Jwala for Rs 24,000 by paying half the amount of the bill in cash together with interest @10% p.a. on balance due and accepting a fresh bill for 3 months.

    (c) Trupti who had given an acceptance to Jwala for Rs 36,000 was declared insolvent and could pay only 40% of the amount due.

    (d) Raja's acceptance to Jwala for Rs 6,000 was endorsed to Rani in full settlement of her account for Rs 6,300.   [12 Marks]

    VIEW SOLUTION
  • Question 9

    Q.4 Devendra of Ahmednagar and Mahendra of Pune entered into joint venture to consign goods to Virendra of Jalgaon to be sold on their joint risk, which is proportion of 4/5 and 1/5 respectively.

    Devendra sent goods worth Rs 10,00,000 paying carriage and freight Rs 12,000 and other expenses Rs 4,500.

    Mahendra sent goods worth Rs 6,00,000 paying carriage and freight Rs 9,500 and other expenses Rs 3,400.

    Devendra drew a bill of exchange on Mahendra for Rs 90,000 as an advance which was discounted for Rs 84,000 by Devendra.

    The amount of discount, Rs 6,000 was to be treated as joint venture expense.

    Virendra sold all the goods for Rs 19,00,000. He deducted his sales commission @ 5% on total sales and expenses Rs 12,000 from the sales proceeds.

    Virendra remitted Rs 11,00,000 to Devendra and the balance to Mahendra both by bank draft.

    The co-venturers settled their accounts.

    You are required to prepare Joint Venture A/c, Mahendra's A/c and Virendra's A/c in the books of Devendra.                                                                                                    [12 Marks]

    VIEW SOLUTION
  • Question 10

    Q.5  Mr. Yogesh keeps his books on Single Entry system. From the following particulars, prepare Opening and Closing Statement of Affairs and Statement of Profit and Loss.                                          [10 Marks]

    Particulars

    Amount
    (Rs)
    on 1.4.2009

    Amount
    (Rs)
    on 31.3.2010

    Bank balance

    Cash balance

    Sundry debtors

    Stock

    Furniture

    Machinery

    Sundry creditors

    Bills payable

    36,000

    7,500

    90,000

    60,000

    9,000

    60,000

    36,000

    16,500

    27,000

    9,000

    1,20,000

    90,000

    9,000

    90,000

    60,000

    27,000

    Additional information:

    (1) Mr. Yogesh has withdrawn Rs 22,500 from the business for his personal use.

    (2) He has introduced additional capital of Rs 7,500 in the business on 1st January, 2010.

    (3) Additions to machinery were made on 1st January, 2010.

    (4) Depreciate furniture and machinery @ 10% p.a.

    (5) Maintain reserve for doubtful debts @ 2% on sundry debtors.

    (6) Closing stock is overvalued by 20% in the books.

    VIEW SOLUTION
  • Question 11

    Q.6 Following is the Balance Sheet as on 1.4.2009 and the Receipts and Payments Account for the year ending 31.3.2010 of Bright Students Junior College, Pune.

    Balance Sheet as on 1.4.2009

    Liabilities

    Amount Rs

    Assets

    Amount Rs

    Capital fund (Balancing figure)

    13,18,000

    Building

    Furniture

    Books

    Bank deposits

    Tuition fees receivable

    Cash in hand

    Cash at bank

    10,00,000

    1,20,000

    60,000

    1,00,000

    10,000

    19,000

    9,000

    13,18,000

    13,18,000

     

     

     

     

     

      Receipts and Payment Account  

    Dr.

    for the year ending 31.03.2010

    Cr.

    Receipts

    Amount
    Rs

    Payments

    Amount
    Rs

    To Balance b/d

     

    By Salaries to teachers

    1,80,000

    Cash in hand

    9,000

    By Salaries to office staff

    30,000

    Cash at bank

    19,000

    By Books purchased on 1.1.2010

    20,000

    To Tuition fees

     

    By Printing and stationary

    41,000

     2008-2009 :

    10,000

     

    By Office rent

    10,000

    2009-2010 :

    1,70,000

    1,80,000

    By Repair to Jr. College building

    24,000

    To Fine collected

    5,200

    By Sports expenses

    8,600

    To Admission fees

    20,000

    By Annual gathering expenses

    14,000

    To Donations

    1,00,000

    By Furniture (Purchased on 1.1.2010)

    80,000

    To Interest on bank deposits

    5,000

    By Balance c/d

     

    To Government grant (Revenue)

    2,00,000

    Cash in hand

    2,600

     

     

    Cash at bank

    1,28,000

     

    5,38,200

     

    5,38,200

     

     

     

     

     

    Additional information:

    (1) For the current year (2009–2010) tuition fees receivable (outstanding) Rs 24,000.

    (2) Donations are to be capitalized.

    (3) Salary to teachers is outstanding Rs 12,000.

    (4) Depreciate books @ 20% p. a. and furniture @ 10% p. a.

    You are required to prepare:

    (a) Income and Expenditure Account for the year ending 31.3.2010.

    (b) Balance Sheet as on 31.3.2010.                                            [16 Marks]

    VIEW SOLUTION
  • Question 12

    Q.7 Abhijeet and Sujeet are partners sharing profits and losses in the ratio of 35  and   25respectively. From the following trial balance and adjustments, prepare Trading, Profit and Loss Account for the year ended 31st March, 2010 and the Balance Sheet as on that date.                                                                                                [20 Marks]

    Trial Balance as on 31st March, 2010

    Debit Balance

    Amount (Rs)

    Credit Balance

    Amount (Rs)

    Drawing accounts :

        Abhijeet

        Sujeet

    Land and building

    Plant (Addition on 1.1.2010, Rs 20,000)

    Opening stock

    Wages

    Cash at bank

    Sundry debtors

    Purchases

    Carriage

    Rent, rates and insurance

    Furniture

    Salaries

    Bad debts

    Office expenses

     

    6,000

    4,000

    1,70,000

    90,000

     

    44,000

    13,500

    6,500

    69,200

    1,22,500

    2,100

    4,500

    50,000

    7,600

    3,200

    5,400

    Capital accounts :

        Abhijeet

        Sujeet

    Sales

    Sundry creditors

    Bank overdraft

    Reserve for doubtful debts

    Outstanding expenses

    Sundry income

    Pre-received rent

    10% Bank loan

    (Taken on 1st Oct., 2009)

     

    1,32,000

    88,000

    1,69,000

    81,900

    80,000

    2,000

    4,600

    4,000

    5,000

    32,000

     

    5,98,500

    5,98,500

     

     

     

     


    Adjustments −

    (1) Closing stock was valued at cost Rs 34,000 and at market price Rs 40,000.

    (2) Depreciate plant @ 10% p. a.

    (3) Insurance was prepaid Rs 600.

    (4) Office expenses include personal expenses of Sujeet Rs 800.

    (5) Maintain R.D.D. at 5% on sundry debtors.

    VIEW SOLUTION
What are you looking for?

Syllabus