Board Paper of Class 12-Commerce 2011 Accountancy (SET 1) - Solutions

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

2. What do you mean by Capital Expenditure?

4. What is retirement of Bill of Exchange?

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

2. Fees paid by persons to become members of a ‘Not for Profit’ concern.

4. The person who endorses bill.

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

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

1. Income and Expenditure Account includes items of ____ nature only.

(a) capital

(c) fixed

2. Noting charges are paid when a bill is ____.

(a) honoured

(c) renewed

3. Unsold stock of Joint Venture taken over by co-venturer is credited to ____.

(a) Co-venturer’s account

(c) Joint bank account

4. Under Single Entry System, additional capital brought in during the year is _____ closing capital in order to calculate profit.

(a) added to

(c) added twice to

5. Subscription received in advance during the accounting year is _______.

(a) an income

(c) an asset

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

2. Drawer and payee of a bill of exchange may be one and the same person.

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

Anita Desai accepted the bill on 4th January, 2011.

Q.2 Shri Yashraj and Company, Kolhapur, purchased furniture for Rs 60,000 on 1.4.2007.

The company charges depreciation at the rate of 10% p.a. on Reducing Balance method. The financial year of the company ends on 31^st March, every year.

Prepare: Furniture Account and Depreciation Account for the years 2007-08, 2008-09, 2009-10.

Or

Q.2 (A) Following is the Balance Sheet of Anil and Sunil.

Q.3 Ms. Smita purchases goods from Mr. Ramesh on 1^st April, 2010 for Rs 36,000. Smita accepts a bill for 2 months drawn by Ramesh for the same amount on the same day.

A fresh bill drawn by Ramesh is accepted by her for the balance including interest Rs 450 for two months.

Or

(a) On 1^st January, 2010, Sameer informs Vivek that Mahesh's acceptance for Rs 32,000 endorsed to Sameer has been dishonoured. Noting charges Rs 800.

(b) On 1^st February, 2010, Subhash renews his acceptance to Vivek for Rs 30,000 by paying Rs 14,000 in cash and accepting fresh bill for the balance plus interest @ 10% p.a. for 3 months.

(c) On 5^th February, 2010, Dinesh retired his acceptance to Vivek for Rs 12,000 by paying Rs 11,600 in cash.

(d) On 1^st March, 2010 Vivek sent a bill of Sohan for Rs 20,000 to Bank for collection. Bank informed that the bill has been dishonoured by Sohan.                                            [12 Marks]

Q.4 Rokadimal of Rajkot and Gunjal of Pune, entered into a Joint Venture to purchase and sale goods and agreed to share profit and losses in the proportion of 4 : 1 respectively.

Rokadimal paid Rs 11,500 for carriage.

Rokadimal discounted this bill with the bank for Rs 92,000.

Gunjal paid Rs 13,500 got advertisement.

Gunjal paid Rs 7,000 for selling expenses and he is entitled for a commission on sales at 5% Co-venturers settled their accounts.

Q.5 Following incomplete information is available from the records maintained by Mr. Premnath.

Additional Information :

(1) Mr. Premnath introduced additional capital in the business amounted to Rs 15,000 on 1st January, 2010.

(2) He has paid life insurance premium Rs 10,000 from the business account and withdrawn goods worth Rs 5,000 for his personal use.

(3) Write off Rs 1,000 as bad debts and maintain reserve for doubtful debts at 5% on remaining debtors.

(4) Provide depreciation at 5% p.a. on furniture.

(5) The closing balance of sundry creditors has been overvalued by Rs 2,000 in the books of account.

(6) Provide Interest on Capital and Bank Loan @ 10% p.a.

(i) Statement of Affairs as on 1.4.2009.

(ii) Statement of Affairs as on 31.3.2010.

(iii) Statement of Profit or Loss for the year ended 31st March, 2010.   [10 Marks]

Q.6 Following is the Balance Sheet and Receipts and Payments Account of the Memorial Hospital, Sawantwadi, Prepare Income and Expenditure A/c for the year ended on 31.03.2010 and the Balance Sheet as on that date.

(1) Outstanding subscriptions Rs 12,000.

(2) Capitalise the amount of membership fees.

(3) Prepaid Taxes Rs 500.

(4) Outstanding Salary Rs 12,000.

(5) Write off depreciation Rs 20,000 from Land and Building and Rs 30,000 from Equipments.

(6) Outstanding Medicine bill as on 1.4.2009 is still due. [16 Marks]

Q.7 From the following Trial Balance of M/s Sanjay and Vijay, you are require to prepare Trading and Profit and Loss A/c for the year ended on 31st March, 2010 and Balance Sheet as on that date after taking into consideration the additional information given below :

Additional Information:

(1) Closing Stock was valued at Rs 25,000.

(2) Unused Postage Stamps of Rs 250.

(3) Uninsured goods worth Rs 8,000 were stolen from the godown.

(4) Leasehold property is to be run for 10 years w.e.f.1.10.2009.

(5) Depreciate Plant and Machinery at 10% p.a.

(6) Our customer Mr. Ajay became insolvent and could not pay his debts of Rs 2,000.                                                        [20 Marks]