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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 the following in ‘one’ sentence each:                 [5 Marks]
     
    (1) What is ‘balance sheet’?
     
    (2) What is ‘deficit’?
     
    (3) What is ‘Sacrifice ratio’?

    (4) What is ‘allotment of shares’?

    (5) Who is a ‘drawer’?
    VIEW SOLUTION
  • Question 2
    Q.1  (B) Write a word / term / phrase which can substitute each of the following statements:            [5 Marks]
     
    (1) Debit balance on realisation account.

    (2) The three extra days which are allowed over and above the period of the bill.

    (3) Expenses which are due but not paid at the end of the year.

    (4) A statement similar to a balance sheet.

    (5) An asset which can be converted into cash immediately.
    VIEW SOLUTION
  • Question 3
    Q.1  (C) Select the most appropriate answer from the alternatives given below and rewrite the sentences:                 [5 Marks]
     
    (1) The profit or loss from revaluation on retirement of partners is shared by _____________
    (a) all the partners
    (b) the remaining partners
    (c) only the retiring partners
    (d) none of these

    (2) Purchase of stationery is a ________ expenditure.
    (a) capital
    (b) revenue
    (c) long term
    (d) deferred revenue

    (3) _____________ means payment of the bill before due date.
    (a) Discounting of bill
    (b) Retirement of bill
    (c) Renewal of bill
    (d) Endorsement of bill

    (4) Generally incomplete records are maintained by the __________
    (a) trader
    (b) company
    (c) society
    (d) government

    (5) The interest on drawings is transferred to ___________ side of the profit and loss account.
    (a) debit
    (b) credit
    (c) asset
    (d) liability
    VIEW SOLUTION
  • Question 4
    Q.1  (D) State whether the following statements are True or False:                   [5 Marks]
     
    (1) The debenture holder is the owner of the company.

    (2) The person, to whom or as per his order amount of bill is payable, is a payee.

    (3) Government is not interested in the analysis of financial statement.

    (4) On dissolution, the cash or bank account is closed automatically.

    (5) A bill can’t be deposited into a bank for collection.
    VIEW SOLUTION
  • Question 5
    Q.1  (E) Prepare a specimen of a Bill of Exchange from following information. [5 Marks]
     
    Drawer: Rahul Chaudhari, 105 Ghodbunder Road, Thane

    Drawee: Prakash Patil, 207, Ganga Road, Nashik

    Payee: Sonal Chaudhari, M.G. Road, Dhule

    Period of bill: 60 days

    Amount of bill: Rs. 10,000

    Date of bill : 15th December, 2013

    Date of acceptance: 18th December, 2013
    VIEW SOLUTION
  • Question 6
    Q.2  Mrs. Asha keeps her books on Single Entry System and gives the following information:
                                                                                                                       [8 Marks]
     
    Particulars 31.3.2011
    Amount
    (Rs)
    31.3.2012
    Amount
    (Rs)
    Cash at Bank 10,000 64,000
    Sundry debtors 50,000 80,000
    Stock in Trade 60,000 10,000
    Furniture 40,000 40,000
    Machinery 1,00,000 1,00,000
    Bills Payable 10,000 10,000
    Sundry Creditors 30,000 40,000

    Mrs. Asha withdrew from business Rs. 30,000 for personal use. She further introduced fresh capital of Rs. 50,000.
    Depreciation is to be charged @ 10% p.a. on furniture and machinery.

    Prepare:
     
    (a) Statement of affairs as on 31.3.2011

    (b) Statement of affairs as on 31.3.2012

    (c) Statement of Profit or Loss for the year ending 31.3.2012.
     
    OR
     
     Q.2 (A) What are the investing activities of cash flow?                      [4 Marks]
     
     Q.2 (B) State the limitations of analysis of financial statements.        [4 Marks] VIEW SOLUTION
  • Question 7
    Q.3  Anil and Sunil were partners sharing profits and losses in the ratio of 2:1 respectively. Their Balance Sheet was as follows:          [10 Marks]
     
    Balance Sheet as on 31st March, 2010
    Liabilities Amount (Rs) Assets Amount (Rs)
    Capital A/c   Cash at Bank 4,000
    Anil 24,000 Debtors 15,000
    Sunil 16,000 Stock 23,500
    Trade Creditors 26,000 Furniture 5,000
    Anil’s Loan A/c 6,500 Building 25,000
      72,500   72,500
           

    On 1st April, 2010, Ram is admitted in the partnership on the following terms:
    (1) Ram should bring in cash of Rs. 12,000 as capital for 1/5th share in future profit.
    (2) Goodwill A/c is raised in the books of the firm for Rs. 4,500.
    (3) Building is revalued at Rs. 28,000 and the value of stock be reduced by Rs. 1,500.
    (4) Reserve for doubtful debts be provided at 5% on debtors.

    Prepare:
    (a) Profit and Loss Adjustment account.
    (b) Capital Accounts of partners.
    (c) Balance Sheet of the new firm.

    OR

    Q.3  Supriya, Surekha and Sujata were partners sharing profits and Losses in the ration of 2:2:1 respectively. Their Balance Sheet as on 31st March, 2012 was as follows:        [10 Marks]
     
    Balance Sheet as on 31st march, 2012
    Liabilities Amount (Rs) Assets Amount
    (Rs)
    Capital A/c   Land and Building 50,000
    Supriya 40,000 Stock 30,000
    Surekha 40,000
    Debtors    
        37,500  
    Sujata 20,000
    (–) R.D.D.
          2,500 35,000
    Reserve Fund 10,000 Furniture 10,000
    Creditors 16,000 Cash at Bank 5,000
    Outstanding Expenses 4,000    
      1,30,000   1,30,000
           

    Sujata died on 1st July, 2012 and the adjustments were agreed to as per the deed as follows:
    (1) Land and Building to be valued at Rs. 60,000 and all debtors were good.
    (2) Stock be depreciated by 10%.
    (3) The drawings of Sujata up to the date of her death amounted to Rs. 2,000.
    (4) Interest on capital was to be allowed at 10% p.a.
    (5) The deceased partner’s share of goodwill is to be valued at 2 years’ purchase of average profit of last 3 years.
    The profits were:
    2009 – 10 = Rs. 15,000
    2010 – 11 = Rs. 17,000
    2011 – 12 = Rs. 13,000
    (6) The deceased partner’s share of profit up to the date of her death should be based on average profit of the last two years.

    You are required to prepare:
    (a) Profit and Loss Adjustment Account.
    (b) Sujata’s Capital Account showing the balance payable to her Executor’s Loan Account.
    (c) Working notes for calculation of (a) Goodwill and (b) Profit till the date of Sujata’s death.
    VIEW SOLUTION
  • Question 8
    Q.4  On 14th May, 2012 Rohit sold goods on credit to Devidas for Rs. 30,000. On the same date Rohit draws a bill on Devidas for Rs. 30,000 at 4 months. Devidas accepted it and returned to Rohit. On 17th June, 2012 Rohit discounted the bill with his bank @ 10% p.a. On due date Devidas finds himself unable to make payment of the bill and requests Rohit to renew it. Rohit accepted the proposal on the condition that Devidas should pay Rs. 10,000 on account along with interest Rs. 500 in cash and should accept a new bill for the balance at 2 months. These arrangements were carried through. Give Journal Entries in the books of Rohit. [10 Marks]                                                                                                                                                                                                                         VIEW SOLUTION
  • Question 9
    Q.5  Uday and Prabhakar are partners sharing profits and losses in the proportion of 3/5 and 2/5 respectively. They dissolved their partnership firm on 31st March, 2012 when their financial position was as under.    [10 Marks]
     
    Balance Sheet as on 31st March, 2012
    Liabilities Amount
    (Rs)
    Assets Amount
    (Rs)
    Sundry Creditors 15,000 Cash at bank 3,000
    Uday’s Wife’s Loan         30,000
    Debtors  
        67,500  
    Capital A/c  
    (–) R.D.D. 
          7,500 60,000
    Uday 1,38,000 Stock 1,35,000
    Prabhakar 90,000 Machinery 45,000
        Furniture 30,000
      2,73,000   2,73,000
           
    The assets were realised as under:
    Goodwill Rs. 15,000, Stock Rs. 1,20,000 and Debtors Rs. 54,000.
    Machinery was taken over by Prabhakar at Rs. 40,000 and furniture by Uday at book value.
    Uday agreed to discharge his wife’s loan.
    The creditors were paid at a rebate of Rs. 3,000
    The expenses of dissolution amounted to Rs. 6,000
    Pass necessary Journal Entries in the books of the firm.
     
    OR

    Q.5  Milind and Co. Ltd. issued 20,000 equity shares of Rs. 100 each payable as under:        
                                                                                                                        [10 Marks]
    On Application Rs. 20 per share.
    On Allotment Rs. 35 per share.
    On First Call Rs. 25 per share.
    On Second Call Rs. 20 per share.
    The company received applications for 30,000 equity shares. Applications for 20,000 shares were accepted and allotted shares. Applications for 10,000 shares were rejected and refunded in full. The money due on allotment and both the calls was received in full. The expenses of issue amounted to Rs. 5,000. Pass necessary journal entries in the books of the company.
    VIEW SOLUTION
  • Question 10
    Q.6  From the following Balance Sheet and Receipts and Payments A/c of Vidya Mandir High School, Alibag. Prepare Income and Expenditure Account for the year ended 31st March, 2008 and Balance Sheet as on that date.               [12 Marks]  
     
    Balance Sheet as on 1st April, 2007
    Liabilities Amount (Rs) Assets Amount (Rs)
    Entrance Fees 6,000 Furniture 16,800
    Capital Fund 1,03,800 Laboratory 20,000
        Library 25,000
        Investment 40,000
        Cash in hand 1,000
        Cash at bank 3,000
        Outstanding Tuition Fees 4,000
      1,09,800   1,09,800
           
     
    Receipts and Payments Account for the year ended 
    31st March, 2008
    Receipts Amount (Rs) Payments Amount (Rs)
    To Balance b/d   By Furniture Purchased 5,400
    Cash in hand 1,000 By Salaries 60,000
    Cash at bank 3,000 By Rent 28,000
    To Tuition Fees 80,000 By Sundry Expenses 15,200
    To Term Fees 26,200 By Annual Gathering Expenses 11,300
    To Government Grant 16,000 By Insurance 4,000
    To Donation of Library 30,000 By Closing Balance  
    To Interest on Investment 2,000 Cash at bank 34,300
      1,58,200   1,58,200
           

    Adjustments:

    1. Tuition fees still receivable are Rs. 10,000.
    2. Salaries still payable are Rs. 30,000
    3. Insurance premium is paid for one year ending 30.9.2008.
    4. Rent paid in advance Rs. 4,000.
    5. Depreciate furniture and library at 10%.

    Depreciation to be charged on the closing balances of the assets. VIEW SOLUTION
  • Question 11
    Q.7  Jitesh and Lailesh are in partnership sharing profits and losses in the ratio of 2:1. From the following Trial Balance and adjustments given below, you are required to prepare Trading and Profit and Loss A/c for the year ended 31st March, 2013 and the Balance Sheet as on that date:
                                                                                                                                                                                               [15 Marks]
     
    Trial Balance as on 31st March, 2013
    Particulars Debit
    Amount
    (Rs)
    Credit
    Amount

    (Rs)
    Prepaid Insurance 800  
    Insurance 2,000  
    R.B.D.D.   1,000
    Discount 800  
    Postage and telephone 3,200  
    Salaries 56,000  
    Debtors and Creditors 66,000 68,000
    Wages 24,000  
    Opening Stock 48,000  
    Carriage 1,000  
    Purchases and Sales 1,93,200 3,01,600
    Return inwards and outwards 5,600 9,200
    Bank overdraft   1,20,800
    Plant & Machinery 24,000  
    Land & Building 1,76,000  
    Capital    
    Jitesh   52,000
    Lailesh   48,000
    Total 6,00,600 6,00,600
         

    Adjustments:
    1. Write off Rs. 2,000 for bad debts and provide R.B.D.D. 5% on debtors.
    2. Goods worth Rs. 4,000 were distributed as free samples.
    3. Closing stock on 31.03.2013 was valued at the cost Rs. 56,000 while its market price was Rs. 60,000.
    4. Salaries were outstanding Rs. 2,000.
    5. Depreciate:
    Land and Building @ 5% p.a. and
    Plant & Machinery @ 10% p.a. 
    VIEW SOLUTION
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