Board Paper of Class 12-Commerce 2009 Accountancy (SET 1) - Solutions
General Instructions:
(i) This question paper contains four Sections A, B, C and D.
(ii) Attempt any 8 questions from Section A,carrying 2 marks each.
(iii) Attempt any 3 questions from Section B, carrying 6 marks each .
(iv) Attempt any 4 questions from Section C, carrying 14 marks each.
(v) Attempt any 2 questions from Section D, carrying 5 marks each.
(vi) All parts of the questions should be attempted at one place.
- Question 1
Give the meaning of Single Entry System of Book-keeping.
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- Question 3
How do you close Revaluation Account on retirement of a partner?
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- Question 4
Give Journal Entry for transfer of realisation loss to partners’ Capital Accounts.
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- Question 6
Under what heading will you show the following items in Company’s Balance Sheet?
(a) Bills Receivables
(b) 9% Debentures
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- Question 7
Calculate the amount of annual depreciation of an asset, if the cost of asset is Rs.83,000 with scrap value of Rs. 3,000 and estimated life of 10 years.
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- Question 11
Pramod, a partner in a firm has withdrawn the following amounts during the year ended 31. 12. 2008 for his domestic use:
Rs. 2,000 on 29. 02. 2008
Rs. 3,000 on 01. 06. 2008
Rs. 5,000 on 31. 08. 2008
Rs. 4,000 on 01. 11. 2008.
Calculate the interest on drawings at 12% p.a. under Product method.
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- Question 12
Raja, Rani and Mantri are partners sharing profits in the ratio of 4 : 3 : 2. Rani retires from partnership. The new ratio of Raja and Mantri is agreed to be 5 : 3.
Calculate their Gain Ratio.
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- Question 13
A,
B and
C are partners sharing profits and losses in the ratio of 2 : 2 : 1.
Their Balance Sheet as on 31. 12. 2007 was as follows:
Balance Sheet
as on 31. 12. 2007 |
| Liabilities |
Amount
(Rs) |
Assets |
Amount
(Rs) |
| Creditors |
40,000 |
Cash in hand |
20,000 |
| General Reserve |
5,000 |
Debtors |
25,000 |
| Capitals: |
|
Stock |
30,000 |
| A |
20,000 |
|
Furniture |
10,000 |
| B |
40,000 |
|
Building |
50,000 |
| C |
30,000 |
90,000 |
|
|
| |
1,35,000 |
|
1,35,000 |
| |
|
|
|
B died on 31. 03. 2008 and as per partnership deed his executors were entitled for
(a) his capital balance as on the date of last Balance Sheet.
(b) his share in General Reserve.
(c) his share of goodwill. The goodwill of the firm was valued at Rs. 48,000.
(d) his share of accrued profit, calculated on the basis of last year’s profit. The profit for the last year was Rs. 24,000.
(e) interest on Capital up to the date of death at 9% per annum.
Prepare B’s Capital Account.
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- Question 14
The Directors of Janata Company Limited, forfeited 500 equity shares of Rs. 100 each for non-payment of First call at Rs. 20 per share and Final call at Rs. 20 per share. These shares were reissued as fully paid at Rs. 80 per share.
Give necessary Journal Entries.
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- Question 15
Mention any six differences between Manual Accounting and Computerised Accounting.
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- Question 16
Mr. Raju, a retail trader has kept his books of accounts under Single entry system. The following are available from his books:
| Particulars |
01. 01. 2008
(Rs) |
31. 12. 2008
(Rs) |
| Cash Balance |
5,000 |
8,000 |
| Stock |
24,000 |
30,000 |
| Bills Receivables |
4,000 |
10,000 |
| Debtors |
20,000 |
28,500 |
| Creditors |
18,000 |
25,000 |
| Motor Car (30. 06. 2008) |
– |
20,000 |
| Bank overdraft |
5,000 |
– |
| Buildings |
50,000 |
50,000 |
| Furniture |
15,000 |
15,000 |
| Investments |
20,000 |
20,000 |
During the year, Raju withdrew Rs. 12,000 in cash and goods worth Rs. 8,000 for his domestic purpose. He introduced additional capital of Rs. 15,000 on 01. 05. 2008.
Adjustments:
(a) Depreciate Furniture and Motor car by 10% p.a.
(b) Appreciate Buildings by 20%.
(c) Write off bad debts Rs. 1,500 and maintain R.B.D. at 5% on debtors.
(d) Allow interest on opening capital at 8%.
(e) Rent due but not paid Rs. 2,000.
Prepare:
(i) Statement of profit or loss
(ii) Revised Statement of Affairs
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- Question 17
Ramya and Rakesh are partners sharing profits and losses in the ratio of 3 : 2. Their Balance Sheet as on 31. 12. 2008 was as follows:
| Balance Sheet as on 31. 12. 2008 |
| Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
| Creditors |
57,000 |
Cash at Bank |
21,500 |
| Bills Payable |
20,500 |
Bills Receivable |
4,000 |
| General Reserve |
20,000 |
Debtors |
60,000 |
|
| Profit & Loss A/c |
5,000 |
Less: R.B.D. |
3,000 |
57,000 |
| Capital: |
|
Stock of goods |
35,000 |
| Ramya |
60,000 |
|
Furniture |
10,000 |
| Rakesh |
30,000 |
90,000 |
Buildings |
40,000 |
| |
|
Machinery |
25,000 |
| |
1,92,500 |
|
1,92,500 |
| |
|
|
|
On 01. 01. 2009 Tanuja is admitted into partnership on the following terms:
(a) She should bring Rs. 40,000 as capital for share and Rs. 25,000 towards goodwill.
(b) Depreciate machinery and furniture by 10%.
(c) Appreciate buildings by 20%
(d) Increase R.B.D. on debtors to Rs. 6,000.
(e) An amount of Rs. 2,000 due to a creditor, is not likely to be claimed and hence to be written off.
Prepare:
(i) Revaluation Account
(ii) Partners’ Capital Accounts
(iii) New Balance Sheet
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- Question 18
Arun, Kiran and Arjun were partners sharing profits and losses equally. Their Balance Sheet as on 31. 12. 2008 was as follows:
| Balance Sheet as on 31. 12. 2008 |
| Liabilities |
Amount
(Rs) |
Assets |
Amount (Rs) |
| Sundry Creditors |
12,000 |
Cash at Bank |
6,000 |
| Bills Payable |
16,000 |
Bills Receivable |
6,000 |
| Bank Loan |
8,000 |
Debtors |
26,000 |
|
| Arun’s Loan |
22,000 |
Less: R.B.D |
1,000 |
25,000 |
| Reserve Fund |
12,000 |
Stock |
20,000 |
| Capitals: |
|
Investments |
8,000 |
| Arun |
40,000 |
|
Furniture |
10,000 |
| Kiran |
30,000 |
|
Machinery |
25,000 |
| Arjun |
20,000 |
90,000 |
Building |
60,000 |
| |
1,60,000 |
|
1,60,000 |
| |
|
|
|
On the above date the firm was dissolved and the assets were realised as follows:
(a) Bills receivable Rs. 5,000, Debtors Rs. 23,500, Stock Rs. 18,000, Machinery Rs. 20,000 and Building Rs. 75,000.
(b) Investments were taken by Kiran at Rs. 10,000 and furniture was taken over by Arjun at Rs. 8,000.
(c) All the liabilities were paid in full and dissolution expenses amount to Rs. 2,500.
Prepare:
(i) Realisation Account
(ii) Partners’ Capital Accounts
(iii) Bank Account
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- Question 19
Following are the Opening Balance Sheet and Receipts and Payments Account of Bangalore Sports Club, Bangalore.
| Balance Sheet as on 01. 01. 2008 |
| Liabilities |
Amount
(Rs) |
Assets |
Amount
(Rs) |
| O/S Rent |
1,800 |
Cash Balance |
8,550 |
| Capital Fund |
61,350 |
Bank Balance |
10,000 |
| |
|
O/S Subscriptions |
800 |
| |
|
Sports Materials |
35,000 |
| |
|
Furniture |
8,800 |
| |
63,150 |
|
63,150 |
| |
|
|
|
|
Receipts and Payments Account
for the year ended 31. 12. 2008
|
| Receipts |
Amount
(Rs) |
Payments |
Amount
(Rs) |
| To Cash Balance |
8,550 |
By Rent & Taxes |
8,900 |
| To Bank Balance |
10,000 |
By Salary |
10,500 |
| To Admission Fees |
5,450 |
By Legal Charges |
850 |
| To Donations |
13,500 |
By General Expenses |
1,750 |
| To Subscriptions |
23,000 |
By Sports Materials |
6,000 |
| To Interest |
530 |
By Office Expenses |
4,300 |
| To Sports Fees |
1,200 |
By Investments |
15,000 |
| |
|
By Cash Balance |
6,930 |
| |
|
By Bank Balance |
8,000 |
| |
62,230 |
|
62,230 |
| |
|
|
|
Adjustments:
(a) Outstanding Subscriptions Rs. 1,800.
(b) Rent due Rs. 900 and Legal charges outstanding Rs. 150.
(c) Write off depreciation Rs. 600 on Furniture and Rs. 4,000 on Sports materials.
(d) Donations are to be capitalised.
Prepare:
(i) Income and Expenditure Account
(ii) Balance Sheet as on 31. 12. 2008.
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- Question 20
On 01. 01. 2005 Anand & Company purchased a machinery for Rs. 48,000 and spent Rs. 2,000 for its installation. On 30. 06. 2007 a machinery which was purchased on 01. 01. 2005 was sold for Rs. 38,000. On 01. 07. 2007 an another machinery was purchased for Rs. 40,000. Depreciation is to be charged at 10% p.a. under Diminishing Balance Method.
Show (i) Machinery Account and (ii) Depreciation Account for 4 years ending on 31. 12. 2008.
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- Question 21
Following is the Trial Balance of Mangala Company Limited, Mangalore.
| Trial Balance as on 31. 12. 2008 |
| Particulars |
Debit
Amount
(Rs) |
Credit
Amount
(Rs) |
| Share Capital (30,000 equity shares of Rs. 10 each) |
– |
3,00,000 |
| Reserve Fund |
– |
1,25,000 |
| Salary |
10,000 |
– |
| Furniture |
50,000 |
– |
| Building |
2,00,000 |
– |
| 9% Debentures |
– |
1,50,000 |
| Stock on 01. 01. 2008 |
65,000 |
– |
| Purchases and Sales |
1,50,000 |
2,60,000 |
| Returns |
5,000 |
10,000 |
| Goodwill |
50,000 |
– |
| Investments |
80,000 |
– |
| Calls-in-Arrears |
25,000 |
– |
| Cash at Bank |
30,000 |
– |
| Profit & Loss App. A/c |
– |
25,000 |
| Vehicles |
50,000 |
– |
| Preliminary Expenses |
30,000 |
– |
| Freight |
7,000 |
– |
| Audit Fees |
8,000 |
– |
| Bills Receivables & Payables |
35,000 |
10,000 |
| Dividend |
20,000 |
– |
| Debtors and Creditors |
1,50,000 |
1,20,000 |
| Wages |
35,000 |
– |
| |
10,00,000 |
10,00,000 |
| |
|
|
Adjustments:
(a) Stock on 31. 12. 2008 was valued at Rs. 1,25,000.
(b) Depreciate Furniture and Building at 10% per annum.
(c) Provide R.B.D. on debtors at 5%.
(d) Transfer Rs. 30,000 to Reserve Fund.
(e) Interest on Debenture was outstanding for one year.
Prepare Final Accounts in the prescribed form.
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- Question 22
Prepare Profit & Loss Appropriation A/c of a partnership firm with at least five imaginary figures.
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- Question 23
Prepare a Statement of Affairs with five imaginary figures.
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- Question 24
Classify the following items into Capital and Revenue:
(a) Cost of computer purchased by a College
(b) Sale of old newspapers and magazines
(c) Legacies received
(d) Subscriptions received
(e) Amount spent for upkeep of grounds
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