Board Paper of Class 12-Commerce 2015 Accountancy (SET 1) - Solutions
General Instructions:
(i) This question paper contains four Sections A, B, C and D.
(ii) Attempt any 7 questions from Section A, carrying 2 marks each.
(iii) Attempt any 4 questions from Section B, carrying 5 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
Mention any two modes of payment on settlement to Retiring partner.
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- Question 5
Give the journal entry to close partners loan account on Dissolution of Firm.
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- Question 8
State any two uses of Financial Statement Analysis.
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- Question 10
State any two disadvantages of Data Base Management System.
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- Question 11
Pratham and Chethan are partners sharing profits and losses in the ratio of 3 : 2. On 1-4-2013 they had capitals of Rs 60,000 and Rs 40,000 respectively.
According to their partnership deed they are entitled to the following :
(a) Interest on capital at 6% p.a.
(b) Interest on Drawings at 5% p.a.
(c) Chethan is allowed a salary of Rs 500 p.m. for first 6 months and for the remaining period Rs 1,000 p.m.
(d) Their drawings during the year Pratham Rs 8,000 and Chethan Rs 10,000. Interest on the same Rs 400 and Rs 500 respectively.
The profits for the year before making the above adjustments was Rs 24,100.
Prepare profit and loss appropriation A/c for the year ending 31-3-2014.
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- Question 12
Ramesh and Suresh are partners sharing profits and losses in the ratio of 3 : 2. They admit Satish into partnership for 1/5
th share.
Calculate the new profit sharing ratio of all the partner’s.
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- Question 13
Anil, Sunil and Rahul are the partners sharing profits and losses in the ratio of 3 : 2 : 1. Their capitals as on 1-4-2014 were Rs 70,000 Rs 90,000 and Rs 60,000 respectively.
Anil died on 31-12-2014 and the partnership deed provided the following :
(a) Interest on Anil’s capital at 8% p.a.
(b) Anil’s salary Rs 2,000 p.m.
(c) His share of accrued profit upto the date of death based on previous year’s profit. Firm’s profit for 2013-2014 Rs 24,000.
(d) His share of Goodwill Rs 12,000
Ascertain the amount payable to Anil’s executor by preparing Anil’s Capital A/c.
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- Question 14
Kaveri Co. Ltd. Issued 5,000 5% Debentures at Rs 250 each, at a discount of Rs 50 per debenture payable as follows.
Rs. 50 on Application
Rs. 100 on Allotment
Rs. 50 on first and final call.
All the debentures were subscribed and the money duly received upto the stage of allotment.
Pass the Journal entries related to the above information.
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- Question 15
Karnataka Co. Ltd. had the following on 31-3-2014:
Current Assets |
Rs |
2,40,000 |
Current Liabilities |
Rs |
60,000 |
Quick Assets |
Rs |
1,20,000 |
Calculate :
(i) Current Ratio
(ii) Quick Ratio
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- Question 16
From the following ledger balances prepare Receipts and Payments A/c of Bharani Charitable Trust.
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
Cash in hand |
6,000 |
Subscriptions Received |
12,000 |
Periodicals cost |
600 |
Rent paid |
5,000 |
Furniture bought |
19,000 |
Salary paid |
4,000 |
Legacies received |
18,000 |
Electricity Charges |
800 |
Postage |
200 |
|
|
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- Question 18
Following are the particulars related to Pushpak Co. Ltd., prepare machinery A/c and depreciation A/c for four years, charging depreciation at 10% p.a. on 31
st March every year under straight line method.
(a) Machine “X” purchased on 1-4-2009 at Rs 50,000 and spent further cost of Rs 10,000 for installation.
(b) Machine “Y” purchased on 30-6-2010 at a cost of Rs 40,000.
(c) Machine “X” sold on 30-9-2011 for Rs 42,400.
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- Question 19
Srikanth, Girish and Manju are partners sharing profits and losses equally. Their balance sheet as on 31-3-2014 was as follows :
Balance Sheet
as on 31.3.2014 |
Liabilities |
Amount Rs |
Assets |
Amount Rs |
Creditors |
30,000 |
Cash |
24,000 |
Bills payable |
20,000 |
Bills receivables |
28,000 |
Bank overdraft |
25,000 |
Stock |
36,000 |
Reserve Fund |
15,000 |
Investments |
9,000 |
Capitals |
|
Debtors |
20,000 |
Srikanth
|
60,000 |
|
Furniture |
25,000 |
Girish
|
50,000 |
|
Machinery |
32,000 |
Manju
|
30,000 |
1,40,000 |
Buildings |
50,000 |
|
|
|
Profit-loss A/c |
6,000 |
|
2,30,000 |
|
2,30,000 |
|
|
|
|
Manju retired on 1-4-204 from the business and the following adjustments are to be made.
(a) Goodwill of the firm is created Rs 18,000 (Retain in the business).
(b) Maintain provision for doubtful debts at 5% on Debtors.
(c) Increase stock by Rs 4,000.
(d) Depreciate Machinery and Furniture by 10% each.
Prepare :
(i) Revaluation A/c
(ii) Goodwill A/c
(iii) All the partner’s capital A/c
(iv) Balance Sheet as on 1-4-2014
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- Question 20
Girija and Sudha are partners sharing profits and losses in the ratio of 3 : 2. They dissolved their firm on 31-3-2014.
Balance Sheet
as on 31.3.2014 |
Liabilities |
Amount Rs |
Assets |
Amount Rs |
Creditors |
20,000 |
Bank |
15,000 |
Bills Payable |
17,000 |
Debtors
|
25,000 |
|
Girija’s Loan |
21,000 |
Less: Provision
|
1,000 |
24,000 |
Reserve Fund |
10,000 |
Investments |
10,000 |
P/L A/c |
12,000 |
Stock |
14,000 |
Capitals : |
|
Furniture |
16,000 |
Girija
|
44,000 |
|
Motor car |
30,000 |
Sudha
|
40,000 |
84,000 |
Computer |
25,000 |
|
|
|
Buildings |
30,000 |
|
1,64,000 |
|
1,64,000 |
|
|
|
|
The details available are:
(a) Assets realised as follows :
Debtors
|
Rs 22,000 |
Stock
|
Rs 16,000 |
Furniture
|
Rs 14,000 |
Motor car
|
Rs 25,000 |
Buildings
|
Rs 40,000 |
(b) Investment is taken over by Girija at Book value.
(c) Computer is taken over by Sudha at 10% less.
(d) All liabilities are paid in full.
(d) Realisation on Expenses Rs 2,500.
Prepare :
(i) Realisation A/c
(ii) Partners capital A/c
(iii) Bank A/c
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- Question 21
Varsha Co. Ltd. issued 10,000 Preference Shares at Rs 100 each at a premium of Rs 5 per share payable as follows :
Rs 10 on Application
Rs 45 on Allotment (including premium)
Rs 30 on First call
Rs 20 on Final call
All the shares were subscribed and the money duly received except on final call for 500 shares. The Directors forfeited these shares and re-issued at Rs 90 each fully paid.
Pass the necessary Journal Entries related to the above information.
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- Question 22
Following is the Trial Balance of Kumar Co. Ltd., Davanagere, as on 31-3-2014.
Trial Balance
as on 31. 3. 2014 |
Sl. No. |
Name of Accounts |
Debit Balance (Rs) |
Credit Balance (Rs) |
1. |
Share Capital 10,000 Eq. Shares of Rs 10 each |
— |
1,00,000 |
2. |
Stock on 1-4-2013 |
75,000 |
— |
3. |
Purchases/Sales |
1,05,000 |
2,30,000 |
4. |
Returns |
10,000 |
5,000 |
5. |
Wages |
15,000 |
— |
6. |
Salaries |
20,000 |
— |
7. |
Gas and Water |
9,000 |
— |
8. |
Sundry Expenses |
1,000 |
— |
9. |
Preliminary Expenses |
12,000 |
— |
10. |
Commission |
6,000
|
5,000 |
11. |
Debtors/Creditors |
30,000 |
20,000 |
12. |
Goodwill |
25,000 |
— |
13. |
Furniture |
10,000 |
— |
14. |
Plant and Machinery |
40,000 |
— |
15. |
Buildings |
50,000 |
— |
16. |
P/L Appropriation A/c |
— |
24,500 |
17. |
Reserve Fund |
— |
24,000 |
18. |
Bad Debts |
2,000 |
— |
19. |
Investments |
25,000 |
— |
20. |
Interest on Investment |
— |
1,500 |
21. |
Cash at Bank |
20,000 |
— |
22. |
10% Debentures |
— |
50,000 |
23. |
Interest on Debentures |
5,000 |
— |
|
|
4,60,000 |
4,60,000 |
|
|
|
|
Adjustments :
(a) Depreciate buildings at 10%
(b) Write off
of preliminary Expenses
(c) Transfer Rs 10,000 to Reserve Fund
(d) Dividend declared at 10% for the current year
(e) Closing Stock Rs 1,25,000.
Prepare :
(i) Income Statement for the year ending 31-3-2014.
(ii) Position statement.
VIEW SOLUTION
- Question 23
From the following Balance Sheets of Narayan Industries Ltd., computer the trend percentage using 31-3-2011 as the base year.
Particulars |
31-3-2011 (Rs) |
31-3-2012 (Rs) |
31-3-2013 (Rs) |
Share Capital |
1,00,000 |
1,25,000 |
1,50,000 |
Reserves |
50,000 |
75,000 |
75,000 |
Loans |
1,00,000 |
50,000 |
25,000 |
Creditors |
1,50,000 |
2,00,000 |
1,00,000 |
Buildings |
1,00,000 |
1,25,000 |
1,50,000 |
Plant and Machinery |
1,00,000 |
1,25,000 |
50,000 |
Stock |
1,25,000 |
1,25,000 |
75,000 |
Debtors |
50,000 |
50,000 |
50,000 |
Cash at Bank |
25,000 |
25,000 |
25,000 |
VIEW SOLUTION
- Question 24
Following is the Balance Sheet and Receipts and Payments Account of Bengaluru Education Society.
Balance Sheet
as on 31.3.2013
|
Liabilities |
Amount Rs |
Assets |
Amount Rs |
O/S Salaries |
5,000 |
Cash at Bank |
22,000 |
Building Fund |
50,000 |
Books |
25,000 |
Capital Fund |
72,500 |
Furniture |
30,000 |
|
|
Buildings |
50,000 |
|
|
O/S Subscription |
500 |
|
1,27,500 |
|
1,27,500
|
|
|
|
|
Receipts and Payments Account
for the year ended 31.3.2014 |
Dr. |
|
Cr. |
Receipts |
Amount (Rs) |
Payments |
Amount (Rs) |
To Balance b/d |
22,000 |
By Salaries |
20,000 |
To Subscriptions |
18,800 |
By Printing and Stationery |
2,000 |
To Entrance fee |
10,000 |
By Office expenses |
4,000 |
To Sale of old Newspaper |
200 |
By Books Bought (1-4-2013) |
5,000 |
|
|
By Newspaper Subscription |
500 |
|
|
By Refreshment Expenses |
600 |
|
|
By E-mail charges |
200 |
|
|
By Balance c/d |
18,700 |
|
51,000 |
|
51,000 |
|
|
|
|
Adjustments :
(a) O/S subscription for 31-3-2014 Rs 5,000.
(b) O/S Salary for 31-3-2014 Rs 600.
(c) Half of the Entrance fee is to be capitalised.
(d) Depreciate Furniture at 10% and Books at 30%.
Prepare :
(i) Income and Expenditure A/c for the year ending 31-3-2014
(ii) Balance Sheet.
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- Question 25
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 losses
(e) Salary to partner.
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- Question 26
Write the pro-forma of Vertical Balance Sheet of the Joint Stock Company with
appropriate heads.
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- Question 27
Prepare the tree diagram of hierarchical data base model.
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