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Board Paper of Class 12-Commerce 2014 Accountancy (SET 1) - Solutions

Instructions
i. This paper consists of 7 questions.
ii. All the questions are compulsory.
iii. Question No. 1 carries 15 marks.
iv. Question No. 2 carries 8 marks.
v. Question Nos. 3, 4 and 5 carry 10 marks each.
vi. Question No. 6 carries 12 marks.
vii. Question No. 7 carries 15 marks.
viii. Use of calculator is prohibited.

Note:
i. Question No. 1 consists of five parts (A, B, C, D and E), out of which any three are to be attempted.
ii. There exists an internal choice in question nos. 2, 3 and 5.

  • Question 1

    Q.1 (A) Answer in one sentence only:                                      [5 Marks]

    1. What do you mean by 'carriage inward'?

    2. What is 'due date of a bill'?

    3. What is 'deficit'?

    4. What do you mean by 'sacrifice ratio'?

    5. Which statement is prepared under single entry system to ascertain profit?
    VIEW SOLUTION
  • Question 2

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

    1. The debit balance of trading account.

    2. The excess of total assets over total liabilities of a 'not for profit concern'.

    3. Expenses incurred on dissolution of a partnership firm.

    4. Transfer of title of a bill from a debtor to a creditor.

    5. The statement showing profitability of two different periods and its percentage change.
    VIEW SOLUTION
  • Question 3

    Q.1 (C) Select the most appropriate alternative from the given below and rewrite the statement.                                        [5 Marks]

    1. When shares are forfeited, share capital account is _____________.

    a. debited

    b. credited

    c. adjusted

    d. none of the above

    2. A bill drawn and accepted on 23rd November, 2012 for two months will payable on __________.

    a. 23rd January, 2012

    b. 23rd January, 2013

    c. 25th January, 2013

    d. 26th January, 2013

    3. If the opening capital is Rs. 80,000, closing capital is Rs. 1,80,000, withdrawals are Rs. 10,000 and additional capital brought in is Rs. 20,000, the profit will be Rs. ______________.

    a. 90,000

    b. 1,10,000

    c. 70,000

    d. 1,50,000

    4. Assets and liabilities are transferred to Realisation Account at their _________ value.

    a. market

    b. purchase

    c. sale

    d. book

    5. Share of profit or a deceased partner till the date of his death is ____________

    a. debited to profit and loss adjustment account

    b. credited to profit and loss adjustment account.

    c. debited to profit and loss suspense account.

    d. credited to profit and loss suspense account.
    VIEW SOLUTION
  • Question 4

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

    1. Honour of bill means payment in accordance with the apparent tenor of the bill.

    2. The issue of debenture more than the face value is termed as issue of debenture at par.

    3. Return inward is deducted from purchases.

    4. Ratio analysis is useful for inter – firm comparison.

    5. Renewal is a request by drawee to cancel the old bill and draw a new bill by extending the credit period.
    VIEW SOLUTION
  • Question 5

    Q.1 (E) Prepare a bill of exchange from the following details:                                        [5 Marks]

    Drawer : Ramesh Mishra, L.B.S. Road, Ghatkopar, Mumbai

    Drawee : Nandkumar Sharma, Laxmi Road, Pune

    Payee: Rupesh Kumar Pande, Rajkamal Chowk, Amaravati.

    Period of bill: 90 days

    Amount of bill: Rs. 25,000

    Date of Bill: 17th February, 2014

    Date of Acceptance: 20th February, 2014

    Accepted for: Rs. 20,000 only.

    VIEW SOLUTION
  • Question 6

    Q.2 Mr. Keshav keeps his books on single entry system and disclosed the following information of his business.

    Particular

    1st April, 12
    (Rs.)

    31st March, 13
    (Rs.)

    Investments

     

    30,000

    Bills payable

     

    18,000

    Creditors

    52,500

    69,000

    Furniture

    15,000

    45,000

    Debtors

    60,000

    90,000

    Stock in Trade

    30,000

    37,500

    Cash at Bank

    36,000

    54,000

    Additional information

    (1) Mr. Keshav transferred Rs. 3,000 per month during the first half year and Rs. 2000 per month for the second half year from business account to his personal account.

    (2) He also took goods worth Rs. 7,000 for private use.

    (3) He sold his private asset for Rs. 27,000 and brought the proceeds into his business.

    (4) Furniture to be depreciated by 10%

    (5) Provide reserve for doubtful debts at 5% on debtors.

    Prepare:

    (i) Opening statement of affairs.

    (ii) Closing statement of affairs.

    (iii) Statement of Profit and Loss for the year ended 31st March, 2013.

    Or

    Q.2 A. What are the different 'Cash inflows' and 'Cash outflows' of operating activity?

    Q.2 B. State and explain any 'four objectives' of financial statement analysis from business point of view                    [5 Marks]

    VIEW SOLUTION
  • Question 7

    Q.3 Mrs. Shehal and Mrs. Meenal are equal partners in a business. Their balance sheet is as follows.

    Balance Sheet as on 31st March, 2013 

    Liabilities

    Amount

    Rs.

    Assets

    Amount

    Rs.

    Capital A/c's

     

    Premises

    20,500

    Snehal

    80,000

     

    Investments

    10,500

    Meenal

    45,000

    1,25,000

    Equipments

    5,000

    Creditors

    46,000

    Bills Receivable

    18,000

    General reserve

    20,000

    Debtors

    1,10,000  

     

     

     

    ( - ) R.D.D.

    11,000

    99,000

     

     

    Bank Balance

    38,000

     

    1,91,000

     

    1,91,000

     

     

     

     

    They agreed to admit Mr. Komal on 1st April, 2013 on the following terms:

    (1) Komal should bring Rs. 50,000 towards her capital for one fourth (1/4th) Share in future profit.

    (2) Goodwill to be raised in the books of the firm for Rs. 40,000.

    (3) R.D.D. to be maintained at 5% on debtors.

    (4) Premises to be valued at Rs. 30,000 and equipments to be written off fully.

    (5) Creditors allowed a discount of Rs. 1,000 and they were paid off immediately.

    Prepare: Profit and Loss Adjustment Account, Partner's Capital Accounts and Balance Sheet of the new firm.

    Or

    Q.3 Pravin, Prakash and Paresh were partners sharing profits and losses in the proportion to their capitals. Their balance sheet of the firm on 31st March, 2013 was as under.

    Balance sheet as on 31st March, 2013

    Liabilities

    Amount

    (Rs.)

    Assets

    Amount

    (Rs.)

    Capital A/c's:

     

    Land and Building

    80,000

    Pravin

    60,000

    Investments

    40,000

    Prakash

    40,000

    Debtors

    32,000

     

    Paresh

    20,000

    Less: R.D.D.

    4,000

    28,000

    Creditors

    56,000

    Stock

    36,000

    Reserve Fund

    36,000

    Cash

    28,000

     

    2,12,000

     

    2,12,000

     

     

     

     

    Paresh died on 1st August, 2013 and the following adjustments were made:

    (1) Assets were valued as – Land and building Rs. 88,000. Investments Rs. 36,000 and Stock Rs. 34,000.

    (2) All debtors were good.

    (3) Goodwill of the firm valued at two times the average profit of the last 4 years' profit.

    (4) Paresh's share of profit upto his death to be calculated on the basis of average profit of the last two years.

    (5) Profits for the last four years were: Rs. 12,000, Rs. 24,000, Rs. 14,000 and Rs. 22,000.

    Prepare:

    i. Profit and Loss Adjustment Account.

    ii. Paresh's Capital Account, showing the amount payable to his executor.

    iii. Give working of Paresh's share in Goodwill and Profit.         [10 Marks]

    VIEW SOLUTION
  • Question 8
    Q.4 Journalise the following transactions in the books of Kedarnath:

    1. Badrinath informs Kedarnath that Aloknath's Acceptance of Rs. 16,000 endorsed to Badrinath has been dishonoured and noting charges amounted to Rs. 500.

    2. Somnath renews his acceptance of Rs. 14,400 to Kedarnath by paying cash Rs. 4,400 and accepting a new bill for 2 months for the balance plus interest @ 12% p.a.

    3. Vishwanath retired his acceptance for Rs. 10,500 to Kedarnath by paying in cash Rs. 10,250

    4. Recovered only 50% of the amount due from his private estate of Ramnath, who declared as insolvent, against his bill of Rs. 12,500.                                          [10 Marks]

    VIEW SOLUTION
  • Question 9

    Q.5 Devendra and Ganesh were partners sharing profits and losses in the ratio of 3 : 2. They dissolved the partnership firm on 31st March, 2013 when their position was as follows:
    The assets realised as follows:

                Balance Sheet as on 31.03.2013

    Liabilities

    Amount
    Rs.

    Assets

    Amount
    Rs.

    Sundry Creditors

    12,500

    Debtors

    56,250

     

    Bank Overdraft

    10,000

      Less: R.D.D.

    6,250

    50,000

    Reserve Fund

    15,000

    Stock

    1,12,500

    Capital Accounts:

     

    Furniture

    25,000

    Devendra

    1,15,000

     

    Motor Car

    37,500

    Ganesh

    75,000

    1,90,000

    Cash in hand

    2,500

     

    2,27,500

     

    2,27,500

     

     

     

     

     

    (1) Debtors Rs. 45,000, stock Rs. 1,00,000 and goodwill Rs. 12,500

    (2) Motor car was taken over by Devendra for Rs. 35,000 and furniture by Ganesh for Rs. 30,000.

    (3) The creditors were paid Rs. 11,250 in full settlement.

    (4) The realisation expenses were Rs. 5,000.

    Pass necessary journal entries in the books of the firm.

    Or

    Q.5 Khandelwal Co. Ltd. made an issue of 40,000 equity shares of Rs. 20 each, payable as follows:

    Application: Rs. 5 per share

    Allotment: Rs. 10 per share.

    First Call: Rs. 3 per share.

    Second and Final Call: Rs. 2 per share.

    The company received applications for 45,000 shares of which applications for 5,000 shares were rejected and the money refunded. All the shareholders paid upto second call except Sachin, the allottee of 2,000 shares, failed to pay final call.

    Pass Journal Entries for the above transactions in the books of Khandelwal Co. Ltd. [10 Marks]

    VIEW SOLUTION
  • Question 10

    Q.6 Following is the Receipts and Payments Account of Chamber of Commerce, Amaravati for the year ending 31st March, 2012 and some additional information.                        [12 Marks]

    Receipts and Payments Account
    For the year ended March 31, 2012

    Receipts

    Amount

    Payments

    Amount

    To balance b/d (Cash at bank)

    11,960

    By Printing and Stationery

    6,950

    To Subscription

    (Including Rs. 2,500 for 2010–11)

    36,500

    By Repairs

    2,100

    To Sale of furniture

    (Books value Rs. 18,000)

    12,000

    By Rent

    8,500

    To Donation for building fund

    27,000

    By Books

    20,000

    To Admission fees (Revenue)

    5,050

    By Travelling expenses

    2,000

       

    By Investments

    40,000

       

    By Insurance

    1,700

       

    By Balance c/d (Cash at bank)

    11,260

           
     

    92,510

     

    92,510

     

     

     

     


    Additional information:

    Particulars

    1.04.2011

    31.03.2012

    Outstanding Subscription

    3,000

    5,000

    Furniture

    32,000

    12,600

    Building Fund

    1,45,000

     

    Capital Fund

    1,51,960

     

    Investment

    2,50,000

     
     
    Prepare Income and Expenditure A/c for the year ended 31st March, 2012 and Balance Sheet as on that date.
    VIEW SOLUTION
  • Question 11

    Q.7 Miss Meena and Miss Reena are in partnership sharing profits and losses in the ratio of 3 : 2.

    From the following trial balance and adjustments, you are required to prepare Trading Account, Profit and Loss Account for the year ended 31st March, 2013 and Balance Sheet as on that date.
    Trial Balance as on 31.03.2013

    Trial Balance as on 31.03.2013

    Particulars

    Credit
    Amount
     (Rs)

    Particulars

    Credit
    Amount
     (Rs)

    Building

    4,00,000

    Capital Accounts:

     

    Plant and Machinery

    1,20,000

    Meena

    3,00,000

     

    Purchases

    6,50,000

    Reena

    2,00,000

    5,00,000

    Carriage

    7,000

    Sales

    8,14,000

    Opening Stock

    90,000

    Sundry Creditors

    1,80,000

    Wages

    35,000

    Bank Overdraft

    20,000

    Sundry Debtors

    1,50,000

       

    Salaries

    28,000

       

    Postage and Telegram

    4,000

       

    Insurance

    5,000

       

    Bad Debts

    3,000

       

    Rent

    4,000

       

    Discount

    3,000

       

    Drawings:

         

    Meena

    10,000

         

    Reena

    5,000

    15,000

       
     

    15,14,000

     

    15,14,000

     

     

     

     

    Adjustments:

    1. Stock on hand on 31st March, 2013 was valued at Rs. 1,10,000.

    2. Depreciate plant and machinery at 10% p.a.

    3. Create reserve for doubtful debts at 5% on sundry debtors.

    4. Salaries include Rs. 2,500 as advance to workers.

    5. Partners are allowed interest at 5% p.a. on their capitals.               [15 Marks]

    VIEW SOLUTION
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