Board Paper of Class 12-Commerce 2010 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
Write the Journal entry for transferring the liabilities to the Realisation Account.
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- Question 6
Under what heading do you show the following in company Balance Sheet?
(a) Loans to employees
(b) Proposed dividend.
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- Question 8
Which are the Final accounts of a Non-trading concern?
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- Question 11
Ramesh & Suresh are partners sharing profits and losses in the ratio of 5: 3. Their capitals as on 01. 01. 2008 were Rs. 80,000 and Rs. 60,000 respectively. They earned a profit of Rs. 18,900 as on 31. 12. 2008 before allowing the following:
(a) Interest on capital at 5% p.a.
(b) Annual salary payable to Ramesh Rs. 6,000.
(c) Their drawings being Rs. 5,000 and Rs. 6,000 respectively.
Interest on the same Rs. 200 and Rs. 300 respectively.
Prepare Profit & Loss Appropriation Account.
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- Question 12
Bhaskar, Kumar and Sridhar are partners sharing profits and losses in the ratio of 3: 2: 1. Sridhar retires. His share is gained by Bhaskar and Kumar as .
Calculate new ratio of continuing partners.
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- Question 13
Rama, Uma and Suma are partners sharing profits and losses equally.
Their Balance Sheet as on 31. 12. 2007 is as follows:
Balance Sheet as on 31. 12. 2007 |
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
Creditors |
16,000 |
Fixed Assets |
50,000 |
General Reserve |
6,000 |
Stock |
18,000 |
Capital: |
|
Debtors |
15,000 |
Rama |
25,000 |
|
Cash in hand |
14,000 |
Uma |
25,000 |
|
|
|
Suma |
25,000 |
75,000 |
|
|
|
97,000 |
|
97,000 |
|
|
|
|
Rama died on 01. 05. 2008. Her executor claims the following:
(a) Capital
(b) Share of General Reserve
(c) Share of Commission. Annual Commission Rs. 7,200
(d) Share of Goodwill. Goodwill of the Firm Rs. 18,000
(e) Share of profit upto the date of death — her share Rs. 12,000
Prepare Rama's executor's A/c.
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- Question 14
ABC Company Limited issued 1000, 9% debentures of Rs. 500 each at a premium of Rs. 50 each. The amount payable as follows:
On Application Rs. 100
On Allotment Rs. 350 (including premium)
On First and Final call Rs. 100.
All the money was duly received.
Pass Journal entries in the books of company.
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- Question 15
Mention the six differences between Manual Accounting and Computerised Accounting.
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- Question 16
Srivinayaka, a retailer who kept his books under single entry system, provides the following information:
Particulars |
01. 01. 2008
(Rs) |
31. 12. 2008
(Rs) |
Cash in hand |
25,000 |
35,000 |
Debtors |
35,000 |
45,000 |
Stock |
14,000 |
24,000 |
Creditors |
18,000 |
12,000 |
Bills payable |
8,000 |
6,000 |
Bills receivable |
4,000 |
2,000 |
Bank Balance |
— |
10,000 |
Furniture |
12,000 |
12,000 |
Machinery |
20,000 |
20,000 |
Motor Car (01. 05. 2008) |
— |
30,000 |
Drawings: In cash Rs. 1,000 p.m.
Son's college fee Rs. 6,000.
He sold his private assets for Rs. 12,000 and invested into business.
Adjustments:
(a) Allow interest on opening capital only at 6% p.a.
(b) Depreciate motor car at 10% p.a.
(c) Write off Furniture by Rs. 500.
(d) Bad debts provided Rs. 1,000.
(e) Outstanding electricity charges Rs. 1,200.
(f) Interest earned but not received Rs. 2,000.
Prepare:
(i) Statement of Affairs
(ii) Statement of profit or loss
(iii) Revised Statement of Affairs as on 31. 12. 2008.
VIEW SOLUTION
- Question 17
Suresh and Satish 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) |
Capital: |
|
Buildings |
50,000 |
Suresh |
40,000 |
|
Plant / Machinery |
20,000 |
Satish |
30,000 |
70,000 |
Furniture |
12,000 |
General Reserve |
10,000 |
Stock |
10,000 |
Bills payable |
13,500 |
Debtors |
18,500 |
Creditors |
42,000 |
Cash |
20,000 |
|
|
Profit and Loss A/c |
5,000 |
|
1,35,500 |
|
1,35,500 |
|
|
|
|
On 01. 01. 2009 they admit Girish as a partner for th share on the following terms:
(a) He brought Rs. 40,000 in cash for capital.
(b) Goodwill of the firm raised at Rs. 18,000 (retain in the business)
(c) Appreciate Buildings by 20%.
(d) Depreciate Plant/Machinery by 10%.
(e) Bad debts Rs. 500. Further create RBDD at 5% on Debtors.
(f) Outstanding salary Rs. 500.
(g) Rent paid in advance Rs. 600.
Prepare:
(i) Revaluation A/c
(ii) All the partners' Capital A/c
(iii) Balance Sheet as on 01. 01. 2009.
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- Question 18
Anand, Chethan and Vijay are partners sharing profits and losses in the ratio of 2: 2:1.
Their Balance Sheet on 31. 12. 2008 was as follows:
Balance Sheet as on 31. 12. 2008 |
Liabilities |
Amount (Rs)
|
Assets |
Amount (Rs)
|
Creditors |
15,000 |
Cash in hand |
21,000 |
Anand's loan |
5,000 |
Debtors |
26,000 |
|
Bills payable |
10,000 |
Less: RBDD |
1,000 |
25,000 |
Bank loan |
8,000 |
Bills receivable |
5,000 |
Reserve Fund |
12,000 |
Investment |
18,000 |
Profit & Loss A/c |
10,000 |
Machinery |
25,000 |
Capital: |
|
Furniture |
16,000 |
Anand |
20,000 |
|
|
|
Chethan |
20,000 |
|
|
|
Vijay |
10,000 |
50,000 |
|
|
|
1,10,000 |
|
1,10,000 |
|
|
|
|
On the above date firm dissolved subject to the following conditions:
(a) |
Assets Realised: |
Debtors |
Rs. |
24,000 |
|
|
Bills Receivable |
Rs. |
4,000 |
|
|
Investment |
Rs. |
15,000 |
|
|
Machinery |
Rs. |
22,000 |
(b) Chethan took the Furniture for Rs. 10,000.
(c) Creditors and Bills payable are paid at a discount of 5%.
(d) Bank loan paid in full.
(e) Unrecorded Investment realised Rs. 4,000.
(f) Dissolution expenses Rs. 2,250.
Prepare:
(i) Realisation Account
(ii) Partners' Capital Account
(iii) Cash Account.
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- Question 19
From the following information prepare Machinery Account and Depreciation Account for four years in the books of Mr. Pratham:
(a) Machine No. 1 purchased on 01. 01. 2002 Rs. 30,000.
(b) Machine No. 2 purchased on 01. 08. 2003 Rs. 20,000.
(c) Machine No. 1 sold on 01. 07. 2004 for Rs. 18,800.
Depreciation charged at 12% p.a. under original cost method.
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- Question 20
Following is the Receipts and Payments Account of Mysore Cricket Club as on 31. 12. 2008:
Receipts and Payments A/c
for the year ending 31. 12. 2008 |
Receipts |
Amount
(Rs) |
Payments |
Amount
(Rs) |
To Balance b/d |
12,000 |
By Sports equipment |
15,000 |
To Subscriptions |
|
Printing & stationery |
1,000 |
2007 |
2,000 |
|
By Periodicals |
200 |
2008 |
15,000 |
|
By Investment |
10,000 |
2009 |
1,000 |
18,000 |
By Rent |
|
To Legacies |
12,000 |
2007 |
500 |
|
To Entrance fee |
8,000 |
2008 |
4,500 |
5,000 |
To Sale of old sports equipment (cost Rs. 2,000) |
1,500 |
By Upkeep of ground |
2,000 |
To Interest |
2,000 |
By Salary |
5,000 |
|
|
By Tournament Expenses |
5,300 |
|
|
By Balance c/d |
10,000 |
|
53,500 |
|
53,500 |
|
|
|
|
Ledger balances as on 01. 01. 2008:
Sports equipment Rs. 12,000, Furniture Rs. 18,000, Outstanding Rent Rs. 500, Subscription outstanding Rs. 2,000
Adjustments:
(a) Capitalise 50% of Legacies and Entrance fee
(b) Subscription Receivable Rs. 1,200
(c) Owing for Rent Rs. 600
(d) Depreciate Furniture at 10% and Sports materials by Rs. 2,000.
Prepare:
(i) Beginning Balance Sheet
(ii) Income and Expenditure account
(iii) Balance Sheet as on 31. 12. 2008.
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- Question 21
Following is the Trial Balance of Varsha Company Limited as on 31. 12. 2008:
Trial Balance
as on 31. 12. 2008 |
Particulars |
Debit Amount
(Rs) |
Credit
Amount
(Rs) |
Share Capital (10,000 equity shares of Rs. 10 each) |
– |
1,00,000 |
Stock ( 01-01-2008 ) |
20,000 |
– |
Purchases / Sales |
1,25,000 |
1,75,000 |
Returns |
5,000 |
8,000 |
Carriage on purchases |
2,000 |
– |
Salary |
12,000 |
– |
Debtors / Creditors |
32,000 |
20,000 |
Reserve Fund |
– |
18,000 |
10% Debentures |
– |
90,000 |
Interest on Debentures |
9,000 |
– |
Cash in hand |
18,000 |
– |
Investment |
32,000 |
– |
Provision for Taxation |
– |
17,500 |
Dividend |
8,000 |
– |
Preliminary expenses |
6,000 |
– |
Goodwill |
20,000 |
– |
P/L Appropriation A/c |
– |
18,000 |
Unsecured loan |
– |
5,000 |
Power and Fuel |
2,000 |
– |
Wages |
4,000 |
– |
Rent |
5,000 |
2,500 |
Reserve for bad debts |
– |
5,000 |
Buildings |
54,000 |
– |
Furniture |
25,000 |
– |
Machinery |
80,000 |
– |
|
4,59,000 |
4,59,000 |
|
|
|
Adjustments:
(a) Closing stock as on 31. 12. 2008 Rs. 90,000
(b) Depreciate Building and Machinery at 10%
(c) Reserve for bad debts at 5%
(d) Transfer Rs. 16,000 to Reserve Fund
(e) Outstanding salary Rs. 1,800
(f) Write off of preliminary expenses.
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- Question 22
Prepare opening Statement of Affairs with five imaginary figures to find out opening capital.
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- Question 23
How do you treat the following in the absence of partnership deed?
(a) Interest on capital
(b) Interest on drawings
(c) Interest on loan
(d) Distribution of profit or loss
(e) Salary to partner.
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- Question 24
Classify the following into Capital & Revenue:
(a) Legacies
(b) Purchase of computer
(c) Subscription
(d) Honorarium
(e) Printing and Stationery.
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