Board Paper of Class 12-Commerce 2012 Accountancy (SET 1) - Solutions

Q.1 (A) Answer in ‘One’ sentence each:                                        [5 Marks]

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

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

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

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

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

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

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

(c) entrance fees

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

(a) scrap value

(c) loss

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

(a) inland bill

(c) foreign bill

(4) Co-venturers’ liability is_________.

(a) limited

(c) unlimited

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

(a) software

(c) programme

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

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

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

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.

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

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 $2\frac{1}{2}$ 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]

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]

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]

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]

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:

Closing statement of affairs of 31.3.2010.

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

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.

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

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: