Board Paper of Class 12-Commerce 2008 Accountancy (SET 1) - Solutions

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

2. What is Single Entry System?

4. What is Goodwill?

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

2. Concerns established for providing services.

4. A temporary partnership without firm name.

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

Q.1 (D) Select the most appropriate alternative from those given below:  [5 Marks]

1. Subscription received in advance during the accounting year is ______.

a) an income

c) an asset

2. Depreciation is charged on the _____.

a) current assets

c) immovable assets

3. Barin of computer is _____.

a) microprocessor

c) DRAM

4. Unsold Stock of Joint Venture taken over by co-venturer is credited to ____.

a) Co-Venturers’ A/c

c) Joint Bank A/c

5. A one month’s bill drawn on 31^st January, 2007 will be matured on _____.

a) 3^rd March, 2007

c) 29^th February, 2007

Q.1 (E) State whether True/False (with reason):                                        [5 Marks]

2. Drawee has no right to discount the bill with Bank.

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

Shri Amar Patil, Guruwar Peth, Karad, draws a two months bill on Mehul Mahiyar, Mul, payable to Yogesh Ghatkar, CIDCO, Aurangabad, on 31st December, 2007 for Rs 9,500. Shri Mehul Maniyar accepted it on 2^nd January, 2008.

Q.2 M/s Jalaram Mill, Mul, showed a debit balance of Rs. 32,000 to the Machinery A/c on 1^st April, 2001 (Original cost of the machinery was Rs. 40,000). On 1^st October, 2001 the Mill bought additional Machinery for Rs. 15,000 and spent Rs. 1,000 for its installation. One more machinery costing Rs. 20,000 was purchased on 31st March, 2003. Depreciation is charged on 31^st March, every year at 10% p.a. under the Diminishing Balance Method.
On 31^st March, 2004, the machinery which was purchased on 1^st October, 2001 was sold for Rs 12,000.
Prepare − Machinery A/c and Depreciation A/c for the years 2001 – 2002, 2002 − 2003 and 2003 −2004.

OR

Q.2 (A) Maruti and Dinesh are carrying a business in partnership for last 5 years. Goodwill of the firm Is to be valued at 2 years’ purchase at last 5 years’ average profit. The Profits and losses were as under:

Calculate value of Goodwill of firm.

Q.2 (B) Explain the importance of computer in modern age.                                                [5 Marks]

Q.3 Priti owed to Manisha Rs. 9,000. Priti accepted the bill drawn by Manisha for the amount at 4 months.

Before the due date, Priti approached Manisha for renewal of the bill.

These arrangements were carried through.

Give Journal Entries in the books of Manisha.

OR

Q.3 Journalise the following transactions in the books of Motilal:

(a) Bhavna informed Motilal that Jyoti's acceptance for Rs. 3,600 endorsed To Bhavna has been dishonoured and noting charges have been Rs. 150.

(b) Anil renews his acceptance To Motilal for Rs 3,400 by paying Rs. 900 in cash and accepting a new bill for the balance plus interest at 8% p.a. for 3 months.

(c) Prabhakar retired his acceptance To Motilal for Rs. 4,000 by paying Rs. 3,850 in cash.

(d) Bank informed Motilal that Arun's acceptance of Rs. 7,000 which was discounted with bank has been dishonoured with noting charges Rs. 100.  [12 Marks]

Q.4 Yashpal of Udgir and Balu of Latur entered inTo Joint Venture to consign 300 machines to Amol of Amravati to be sold on their joint risk which is in the proportion of 2:3 respectively.

Yashpal sent 120 machines at Rs. 300 each and paid freight Rs. 700 and sundry expenses Rs. 300.

He spent Rs. 4,000 for advertisement and Rs. 1,000 for godown charges.

Prepare

(b) Balu's A/c

in the Ledger of Yashpal.            [12 Marks]

Q5. Mrs. Archana keeps her books on Single Entry System & gives the following information:                            [10 Marks]

Mrs. Archana withdrew from business Rs. 15,000 for personal use. She further introduced fresh capital of Rs. 25,000.

Depreciation is To be charged @10% p.a. on furniture and machinery.

Prepare:

(a) Statement of Affairs as on 31.3.2006.

(c) Statement of Profit and Loss for the year ending 31.3.2007.

Q.6 Following is the Receipts and Payments A/c of Phoenix Cricket Club, Patan        [16 Marks]

Information:

1. Club and 450 members paying an annual subscription of Rs. 10 each.

2. Rs. 20 is still in arrears towards subscription for the year 2005-06.

3. Carry forward Rs. 20 for rent paid in advance.

4. Outstanding salary Rs. 200.

5. Land and Building Rs. 15,000 and furniture Rs. 1,150 in standing in the books on 1st April, 2006 on which depreciation at 5% and 20% is To be written-off respectively.

6. Capital fund on 1.4.2006 was Rs. 16,695.

7. 50% for the entrance fees and full domain are To be capitalized.

Prepare: From the above Receipts and Payments A/c and information, Income and Expenditure A/c for the year ended 31st March, 2007 and Balance Sheet as on that date.

Q.7 Swati, Swity and Sweta were partners sharing profits and losses equally.

Following is their Trial Balance for the year ended 31st March, 2006.

1. Closing stock is valued at Rs. 37,500.

2. Depreciate Furniture @10% p.a. and Land and Building @5% p.a.

3. Goods of Rs 3,000 are purchased on 31.3.2006 are included in the closing stock but the entry is not passed in the books.

4. Insurance is prepaid To the extent of Rs. 1,500.

5. Salaries of Rs. 3,400 and wages of Rs. 4,700 are outstanding.

6. Write off Rs. 1,200 as bad debts from debtors and provide 5% for Reserve for Doubtful Debts.
Prepare: Trading A/c and Profit and Loss A/c for the year ended 31st March, 2006 and Balance sheet as on that date.                                                                                                [20 Marks]