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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
• Q11

Suraj, a partner in a firm, has withdrawn the following amounts during the year ended on 31. 12. 2013:

Rs. 6,000 on 31. 3. 2013
Rs. 10,000 on l. 7. 2013
Rs. 4,000 on 31. 10. 2013
Rs. 1,000 on 31. 12. 2013

Calculate interest on drawings at 6% per annum under Product method.

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• Q12

Rama. Lakshmana and Bharatha are partners in a firm sharing profits and losses in the ratio of 2: 2: 1 respectively. Lakshmana retires from the firm. Rama and Bharatha agree to share the future profits equally.

Calculate the Benefit Ratio of the remaining partners.

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• Q13

Anand, Ramesh and Suresh are partners sharing profits and losses in the ratio of 3: 2: 1. Their capital balances on 1. 1. 2013 stood at Rs. 45,000, Rs. 30,000 and Rs. 20,000 respectively. Ramesh died on 30. 9. 2013. Partnership deed provides the following:

(a) Interest on capital at 10% per annum.

(b) Salary to Ramesh Rs. 1,000 per month.

(c) His share of goodwill.

(d) His share of profit up to the date of death on the basis of previous year's profit.

(i) Total goodwill of the firm Rs. 27,000.

(ii) Profit of the firm for the year 2012 Rs. 15,000.

You are required to ascertain the amount payable to Ramesh’s Executors by preparing Executor's Account.

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• Q14

ABC Co. Limited forfeited 500 shares of Rs. 100 each for non-payment of the final call money of Rs. 25 per share. Later, these shares were re-issued at Rs. 80 per share.

Give necessary Journal entries in the books of ABC Co. Ltd.

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• Q15

Write any six differences between Manual Accounting and Computerised Accounting.

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• Q16

Vijay Kumar is a merchant keeping his books of accounts under Single Entry system. He gave the following information:

 Particulars 1. 1. 2013 (Rs) 31. 12. 2013 (Rs) Sundry Debtors 7,800 7,250 Sundry Creditors 4,500 5,450 Bank Overdraft 6,400 – Cash 1,100 2,000 Cash in Bank – 3,200 Bills Payable – 3,000 Stock 24,000 40,000 Machinery 60,000 60,000 Motor Car 80,000 80,000

During the year, he withdrew cash Rs. 5,000 and goods worth Rs. 5,000 for his personal use. He introduced Rs. 10,000 as fresh capital (additional) as on 1. 4. 2013.

(a) Depreciate Machinery by 5% per annum and write off Rs. 4,000 from Motor Car.

(b) Write off Bad Debts Rs. 250 and create 5% on debtors as RBD.

(c) Outstanding Salary Rs. 1,000 and Commission due but not received Rs. 1,000.

(d) Allow interest on capital at 5% including on additional capital.

Prepare:

(i) Statement of affairs

(ii) Statement of Profit or Loss

(iii) Revised statement of affairs as on 31. 12. 2013.

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• Q17

Vani and Sandhya are partners sharing profits and losses in the ratio of 3: 2. Their Balance Sheet as on 31. 12. 2013 was as follows:

 Balance Sheet as on 31. 12. 2013 Liabilities Amount (Rs) Assets Amount (Rs) Creditors 57,000 Cash at Bank 21,500 Bills Payable 20,500 Bills Receivable 4,000 Reserve 20,000 Debtors 60,000 Profit & Loss A/c 5,000 Less: RBD 3,000 57,000 Capitals: Stock 35,000 Vani 60,000 Furniture 10,000 Sandhya 30,000 90,000 Buildings 40,000 Machinery 25,000 1,92,500 1,92,500

On l. 1. 2014 Lakshmi is admitted into partnership on the following terms:

(a) She should bring Rs. 40,000 as capital for $\frac{1}{4}$share and 25,000 towards goodwill.

(b) Depreciate machinery and furniture by 10%.

(c) Appreciate Buildings by 20%.

(d) Increase RBD on Debtors by Rs. 3,000.

(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 A/c

(ii) Partners' Capital Accounts

(iii) Bank Account

(iv) New Balance Sheet as on 1. 1. 2014.

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• Q18

Narayana and Raghurama are partners in a firm sharing profits and losses equally.

Their Balance Sheet as on 31. 12. 2013 was as follows:

 Balance Sheet as on 31. 12. 2013 Liabilities Amount (Rs) Assets Amount (Rs) Creditors 35,000 Cash at Bank 20,000 Bills Payable 10,000 Debtors 45,000 Narayana's Loan 27,000 Bills Receivable 15,000 Reserve 18,000 Stock 40,000 Capitals: Building 60,000 Narayana 60,000 Motor Vehicle 30,000 Raghurama 70,000 Profit & Loss A/c 10,000 2,20,000 2,20,000

On the above date, they decided to dissolve the firm on the following terms:

(a) The Assets realised as follows:

 Debtors Rs. 42,000 Bills Receivable Rs. 15,000 Stock Rs. 60,000 Building Rs. 40,000 Motor Vehicle Rs. 22,000

(b) Creditors and Bills Payable paid in full.

(c) Dissolution expenses paid Rs. 2,000.

Prepare:

(i) Realisation Account

(ii) Partners' Capital Accounts

(iii) Bank Account.

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• Q19

A company acquires lease on 1. 1. 2010 for a term of 4 years, by payment, of Rs. 1,00,000. It is proposed to depreciate the lease by Annuity Method, charging 5% Interest.

As per annuity tables, the amount to be written off annually comes to Rs. 28,201.18.
Show

(i) Lease Account for four years and

(ii) Interest Account for four years.

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• Q20

Following is the Trial Balance of Bangalore Company Limited, Bangalore.

 Trial Balance as on 31. 12. 2013 Particulars Debit Amount (Rs) Credit Amount (Rs) Share Capital 30,000 equity shares @ Rs. 10 each _ 3,00,000 Reserve Fund – 1,25,000 Salary 10,000 – Furniture 50,000 – Building 2,00,000 – 10% Debentures – 1,50,000 Opening Stock 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 and Loss Appropriation A/c – 25,000 Vehicles 50,000 – Preliminary Expenses 30,000 – Freight 7,000 – Audit Fees 8,000 – Bills Receivable 35,000 – Bills Payable – 10,000 Dividend 20,000 – Debtors and Creditors 1,50,000 1,20,000 Wages 35,000 – 10,00,000 10,00,000

(a) Closing stock was valued at Rs. 1,25,000 on 31. 12. 2013.

(b) Depreciate Furniture and Building at 10% per annum.

(c) Provide RBD on Debtors at 5%.

(d) Transfer Rs. 30,000 to Reserve Fund

(e) Interest on debenture was outstanding at 10% for one year.

Prepare the Final Accounts of the company for the year ended 31.12. 2013 in the prescribed form.

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• Q21

Following are the Balance Sheet and Receipts and Payments Account of Chikmagalur Sports Club, Chikmagalur.

 Balance Sheet as on 31. 12. 2012 Liabilities Amount (Rs) Assets Amount (Rs) Outstanding Salary 3,500 Cash 10,500 Pre-received Subscription 2,000 Sports materials 25,000 Capital Fund 92,000 Furniture 12,000 Land & Building 50,000 97,500 97,500
 Receipts and Payments A/c for the year ended 31. 12. 2013 Receipts Amount (Rs) Payments Amount (Rs) To Balance b/d 10,500 By Salary 23,000 To Subscriptions 42,000 By Sports Materials (1. 7. 2013) 14,000 To Entrance Fees 5,000 By Investments 10,000 To Sale of old newspapers 1,500 By Postage 1,200 To Sports Fees 7,200 By Electricity Charges 2,300 By Up-keep of grounds 4,500 By Balance c/d 11,200 66,200 66,200

(a) Outstanding-subscriptions for 2013 Rs. 1,000.

(b) Outstanding salary as on 31. 12. 2013 Rs. 4,500.

(c) Half of the entrance fees to be capitalised.

(d) Depreciate Sports materials at 20% per annum and furniture at 5% per annum.

Prepare:

(i) Income and Expenditure Account on 31. 12. 2013.

(ii) Balance Sheet on 31. 12. 2013.

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• Q22

Prepare a statement of affairs to find out opening capital with five imaginary figures.

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• Q23

Prepare a Machinery Account for two years with imaginary figures under Diminishing Balance Method of depreciation.

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• Q24

Classify the following into Capital and Revenue:

(a) Legacies

(b) Purchase of Computer

(c) Subscriptions

(d) Life Membership Fees

(e) Printing and Stationery

VIEW SOLUTION

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