Board Paper of Class 12-Commerce 2011 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 4
Give the journal entry for the asset taken over by partner in case of dissolution of firm.
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- Question 6
Under what heading do you show the following in the Company's Balance Sheet?
(a) Stock-in-Trade
(b) Provision for Income Tax
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- Question 10
Mention any
two advantages of Computerised Accounting.
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- Question 11
Rahul and Rohit are partners having capitals of Rs. 60,000 and Rs. 40,000 as on 01.01.2007 respectively. They shared profits and losses in the ratio of 3 : 2. At the end of the year 2007 their net profit is Rs. 40,000. According to Partnership Deed
(i) Interest on capital is at 5% p.a.
(ii) Rohit is allowed annual commission of Rs. 10,000.
(iii) Drawings during the year, Rahul withdrew Rs. 6,000 and Rohit Rs. 8,000 for personal use. Interest on the same being Rs. 400 and Rs. 600 respectively.
(iv) Rohit's annual salary is Rs. 6,000.
Prepare Profit and Loss Appropriation Account.
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- Question 12
Ramesh, Suresh and Jagadeesh are partners sharing profits & losses in the ratio of 4 : 3 : 2. Suresh retires from the firm. New profit sharing ratio of Ramesh and Jagadeesh is 5 : 3 respectively.
Find out Gain Ratio of Ramesh and Jagadeesh.
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- Question 13
Ashok, Babu and Chandru were partners sharing profits and losses in the ratio of 3 : 2 : 1 respectively. Their Capitals as on 01.01.2007 stood at Rs. 40,000, Rs. 50,000 and Rs. 60,000 respectively. On 31.3.2007 Babu died.
The deceased partner's share in accrued profits up to the date of death is Rs. 6,000. The Goodwill of the deceased partner's share is Rs. 18,000. Babu's salary is Rs. 1,000 p.m. His drawings up to the date of death amounted to Rs. 5,000.
Prepare Babu's Capital Account.
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- Question 14
Bharat Cement Co. Ltd. issued 10000 Equity shares of Rs. 100 each payable as follows:
On Application Rs. 20
On Allotment Rs. 30
On Call Rs. 50
All the shares were subscribed and the amount was duly received.
Give the necessary journal entries in the books of the company.
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- Question 16
Mr. Vijay, a retail trader kept his books of accounts under Single Entry System. The following information is available from his business records.
Particulars
|
01. 01. 2006
(Rs)
|
31. 12. 2006
(Rs)
|
Cash in hand
|
5,000
|
10,000
|
Balance at Bank
|
6,000
|
8,000
|
Stock
|
20,000
|
30,000
|
Debtors
|
30,000
|
42,000
|
Creditors
|
20,000
|
25,000
|
Bills Receivable
|
5,000
|
8,000
|
Bills Payable
|
3,000
|
5,000
|
Furniture
|
20,000
|
20,000
|
Machinery
|
50,000
|
50,000
|
Buildings
|
60,000
|
60,000
|
During the year he withdrew Rs. 500 per month and goods Rs. 12,000 from the business for his domestic use. He introduced Rs. 10,000 into the business on 30.6.2006.
Adjustments:
(i) Appreciate Buildings by 20%
(ii) Depreciate Furniture and Machinery at 10% p.a. each
(iii) Write off Bad debts Rs. 2,000
(iv) Allow Interest on Capital at 10% per annum
(v) Outstanding Salary Rs. 1,000.
Prepare:
(a) Statement of Affairs
(b) Statement of profit or loss
(c) Revised Statement of Affairs on 31.12.2006.
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- Question 17
Praveen and Kiran are partners sharing profits and losses in the ratio of 3 : 2. Their Balance Sheet as on 31.12.2006 is as follows:
Balance Sheet as on 31. 12. 2006
|
Liabilities
|
Amount
(Rs)
|
Assets
|
Amount
(Rs)
|
Creditors
|
20,000
|
Cash at Bank
|
7,500
|
Bills Payable
|
22,500
|
Stock
|
9,000
|
Reserve Fund
|
7,500
|
Debtors
|
Rs. 20,000
|
|
Capitals:
|
|
Less: R.B.D.
|
Rs. 1,000
|
19,000
|
Praveen
|
Rs. 30,000
|
|
Bills Receivable
|
3,500
|
Kiran
|
Rs. 20,000
|
50,000
|
Furniture
|
5,000
|
Profit & Loss A/c
|
15,000
|
Machinery
|
17,500
|
|
|
Buildings
|
46,000
|
|
|
Investment
|
7,500
|
|
1,15,000
|
|
1,15,000
|
|
|
|
|
On 01.01.2007, they admitted Madan for th share in the future profit on the following terms:
(i) Madan should bring in Rs. 30,000 as Capital and Rs. 20,000 towards Goodwill
(ii) Goodwill is withdrawn by the old partners
(iii) Depreciate Furniture and Machinery by 10% each
(iv) Increase RBD by Rs. 2,000
(v) Building is revalued at Rs. 60,000
(vi) Outstanding Legal Expenses Rs. 450 to be provided.
Prepare:
(a) Revaluation Account
(b) Partners' Capital Accounts
(c) Balance Sheet of the new firm.
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- Question 18
Harish and Suresh are partners sharing profits and losses equally, agreed to dissolve their partnership on 31.12.2007. Their Balance Sheet was as follows:
Balance Sheet as on 31. 12. 2007
|
Liabilities
|
Amount
(Rs)
|
Assets
|
Amount
(Rs)
|
Creditors
|
25,000
|
Cash at Bank
|
10,000
|
Bills Payable
|
10,000
|
Stock
|
18,000
|
Suresh 's loan
|
10,000
|
Debtors
|
Rs. 25,000
|
|
Reserve Fund
|
5,000
|
Less: R.B.D.
|
Rs. 3,000
|
22,000
|
Capitals:
|
|
Bill Receivable
|
5,000
|
Harish
|
Rs. 40,000
|
|
Motor Car
|
10,000
|
Suresh
|
Rs. 30,000
|
70,000
|
Furniture
|
12,000
|
|
|
Machinery
|
16,000
|
|
|
Buildings
|
23,000
|
|
|
Profit & and Loss A/c
|
4,000
|
|
1,20,000
|
|
1,20,000
|
|
|
|
|
The assets realised as follows:
(i) Stock Rs. 25,000, Debtors Rs. 20,000, Bills Receivable Rs. 4,000, Motor Car Rs. 10,000, Furniture Rs. 8,000, Machinery Rs. 15,000 and Buildings Rs. 20,000
(ii) Creditors are taken over by Harish at Book value
(iii) Bills payable were paid by the firm at 5% discount
(iv) Realisation expenses amounted to Rs. 2,000.
Prepare:
(a) Realisation Account
(b) Partners' Capital Accounts
(c) Bank Account.
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- Question 19
On 01.01.2003 a firm purchased Machinery costing Rs. 40,000. On 01.07.2005 it sold the machinery purchased on 01.01.2003 for Rs. 30,000 and on the same date a new Machinery was purchased for Rs. 20,000. Depreciation was charged annually @ 10% per annum on original cost method.
Show the Machinery Account and Depreciation Account for four years.
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- Question 20
Given below is the Receipts and Payments Account of Union Sports Club for the year ended 31.12.2006.
Receipts and Payments Account
for the year ended 31.12.2006
|
Receipts
|
Amount
(Rs)
|
Payments
|
Amount
(Rs)
|
To Balance b/d (01.01.2006)
|
6,000
|
By Printing
|
2,000
|
To Subscription
|
16,800
|
By Rent & Taxes
|
4,000
|
To Miscellaneous Receipts
|
1,600
|
By Salary
|
4,000
|
To Tournament fund
|
21,000
|
By Wages
|
2,000
|
To Sales of old newspapers
|
100
|
By Upkeep of grounds
|
3,000
|
To Entrance Fees
|
6,000
|
By Sports Materials
|
15,000
|
To Drama proceeds
|
2,500
|
By Balance c/d (31.12.2006)
|
24,000
|
|
54,000
|
|
54,000
|
|
|
|
|
Balance Sheet as on 31.12.2005
|
Liabilities
|
Amount
(Rs)
|
Assets
|
Amount
(Rs)
|
Subscription for 2006
|
1,000
|
Cash
|
6,000
|
Capital Fund
|
40,000
|
Subscription outstanding
|
2,000
|
|
|
Furniture
|
20,000
|
|
|
Sports Materials
|
13,000
|
|
41,000
|
|
41,000
|
|
|
|
|
Adjustments:
(i) At the end of the year subscriptions were outstanding to the extent of Rs. 1,000
(ii) Furniture is to be depreciated by 10%
(iii) Half of the entrance fees are to be capitalised.
Prepare Income and Expenditure Account for the year ended on 31.12.2006 and a Balance Sheet on that date.
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- Question 21
From the following Trial Balance of Vijay Trading Co. Ltd. & the adjustments given below, prepare Final Accounts of the company.
Trial Balance as on 31.12.2006
|
Particulars
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
Called up Capital
|
-
|
1,20,000
|
Buildings
|
40,000
|
-
|
Reserve Fund
|
-
|
70,000
|
Furniture
|
20,000
|
-
|
Wages
|
10,000
|
-
|
Salaries
|
5,000
|
-
|
Debtors and Creditors
|
60,000
|
80,000
|
Bills Receivable & Bills Payable
|
25,000
|
10,000
|
Interim Dividend
|
10,000
|
-
|
Audit fees
|
7,000
|
-
|
Freight
|
6,000
|
-
|
Printing•& Stationery
|
6,000
|
-
|
Purchases & Sales
|
1,20,000
|
1,80,000
|
Loose Tools
|
20,000
|
-
|
Profit & Loss Appropriation A/c.
|
-
|
10,000
|
Cash in hand
|
21,000
|
-
|
Calls-in-Arrears
|
10,000
|
-
|
Goodwill
|
40,000
|
-
|
Investments
|
40,000
|
-
|
Opening Stock
|
30,000
|
-
|
Returns
|
10,000
|
5,000
|
10% debentures
|
-
|
5,000
|
Total
|
4,80,000
|
4,80,000
|
|
|
|
Adjustments:
(i) Closing stock was valued at Rs. 50,000 on 31.12.2006
(ii) Depreciate Furniture at 10% and Buildings at 5%
(iii) Provision for doubtful debts at 5% on Debtors are to be made
(iv) Transfer to General Reserve Rs. 5,000
(v) Provide Interest on debentures for one year.
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- Question 22
Prepare an executor's Loan Account with imaginary figures assuming that his account would be settled in two annual equal instalments along with interest.
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- Question 23
Prepare Profit and Loss Appropriation account of a company with 5 imaginary figures.
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- Question 24
Classify the following into Capital and Revenue items:
(a) Cost of computer purchased by a college
(b) Repair to a lecture hall
(c) Interest on deposits
(d) Depreciation on Assets
(c) Sale proceeds of fixed assets.
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