Board Paper of Class 12-Commerce 2013 Accountancy (SET 1) - Solutions
Instructions
i. This paper consists of 7 questions.
ii. All the questions are compulsory.
iii. Question No. 1 carries 20 marks.
iv. Question No. 2 carries 10 marks.
v. Question Nos. 3 and 4 carry 12 marks each.
vi. Question No. 5 carries 10 marks.
vii. Question No. 6 carries 16 marks.
viii. Question No. 7 carries 20 marks.
ix. Use of calculator is prohibited.
Note:
i. Question No. 1 consists of six parts (A, B, C, D, E and F), out of which any four are to be attempted.
ii. There exists an internal choice in question nos. 2 and 3.
- Question 1
Q.1 (A) Answer only in ‘One’ sentence : [5 Marks]
1. What is Trial Balance?
2. What do you mean by Capital Fund?
3. Why depreciation is charged?
4. When is a bill said to be honoured?
5. If the profit sharing ratio is not decided by the co-venturers, in which ratio will they share profits and losses?
VIEW SOLUTION
- Question 2
Q.1 (B) Write the word/term/phrase which can substitute each of the following statements: [5 Marks]
1. The debit balance of Trading Account.2. The expenditure which is recurring in nature.
3. Money value of the business reputation.4. A bill drawn in India and made payable in America.
5. The account in which banking transactions of joint venture are recorded.VIEW SOLUTION
- Question 3
Q.1 (C) Match the following pairs: [5 Marks]
VIEW SOLUTIONGroup ‘A’ Group ‘B’ (a) Partnership Deed (1) Central Processing Unit (b) Excess of assets over liabilities (2) Purchase price plus installation charges (c) CPU (3) Written agreement (d) Co-venturer (4) Purchase price less Scrap Value (e) Cost of fixed assets (5) Capital (6) Partner in joint venture (7) Oral agreement (8) Liabilities
- Question 4
Q.1 (D) Select the most appropriate alternative from those given below: [5 Marks]
1. Expenditure on purchase of a building is a _____.
(a) Revenue
(b) Capital(c) Recurring
(d) General2. A person on whom a bill of exchange is drawn, is called as ______.
(a) Drawer
(b) Drawee(c) Payee
(d) Endorsee3. Goods brought into the joint venture by a co-venturer from his own stock is debited to _____.
(a) Joint Venture Account
(b) Joint Bank Account(c) Company
(d) All of the above4. Single Entry System is more popular for ____.
(a) Sole trader
(b) Government(c) Company
(d) All of the above5. A sum of money, goods or any asset, given to someone voluntarily, without any compensation is called ____.
a) Subscription
b) Donation
c) Legacyd) Capital Fund
VIEW SOLUTION
- Question 5
Q.1 (E) State whether the following statements are True or False: [5 Marks]
1. Goodwill is a fictitious asset.2. A bill of exchange can be endorsed only once.
VIEW SOLUTION
- Question 6
Q.1 (F) From the following details prepare a format of Bill of Exchange: [5 Marks]
VIEW SOLUTION1. Drawer _ Rajesh Patil 205, High Towers, M.G. Road, Pune 2. Drawee _ Rajnath Gandhi, 210, Business House, Main Road, Surat. 3. Payee _ Vasundhra Joshi 403, Commerce House, Nashik. 4. Period of bill _ 60 days 5. Amount of bill _ Rs 9,500 6. Date of bill _ 5th January, 2011 7. Date of Accepted _ 10nd January, 2011
- Question 7
Q.2 M/s. Ram Brothers, Pune purchased machinery worth Rs 1,25,000 on 1st April, 2006. On 1st October, 2006 they purchased additional machinery worth Rs 50,000.
On 1st October, 2008, the machinery purchased on 1st April, 2006 was sold by them at 20% below its written down value and on the same date, new machinery worth Rs 75,000 was purchased.
Depreciation was charged on 31st March every year @ 20% p.a. under diminishing balance method.
Prepare Machinery Account and Depreciation Account for the years 2006-07, 2007-08 and 2008-09.
Or
Q.2 (A) Mahesh and Umesh are partners in a partnership firm carrying on business for the last 10 years.
You are required to find out the value of goodwill which is to be valued at years’ purchase of last 6 years’ average profit.The profit and losses for the six years are:
Year Amount
(Rs)2003 – 2004 1,50,000 (Profit) 2004 – 2005 1,00,000 (Loss) 2005 – 2006 4,50,000 (Profit) 2006 – 2007 5,00,000 (Profit) 2007 – 2008 50,000 (Loss) 2008 – 2009 5,50,000 (Profit) Q.2 (B) Write a short note on E-Commerce. [5 Marks]
VIEW SOLUTION
- Question 8
Q.3 For the amount receivable Ms. Jaya draws a bill on Ms. Maya, on 1st January, 2010 for Rs 54,000, for a period of 4 months.
Maya accepts the bill and returns it to Jaya, who gets the bill discounted with bank @ 8% p.a. Before due date, Maya approaches Jaya and requests to accept Rs 36,000 in cash and draw a second bill for the balance.Jaya draws a new bill for the balance plus interest @ 12% p. a. for two months on 4th May, 2010 as per the request and received the accepted bill from Maya.
Jaya sends the bill to the bank for collection. Maya honours her acceptance on the due date.Pass Journal entries in the books of Ms. Jaya and show Ms. Jaya's account in the books of Ms. Maya.
OrQ.3 Journalise the following transactions in the books of Jwala:
(a) Abdul informed Jwala that John's acceptance endorsed to Abdul for Rs 16,000 has been dishonoured and noting charges amounted to Rs 200.
(b) Sony renews her acceptance to Jwala for Rs 24,000 by paying half the amount of the bill in cash together with interest @10% p.a. on balance due and accepting a fresh bill for 3 months.
(c) Trupti who had given an acceptance to Jwala for Rs 36,000 was declared insolvent and could pay only 40% of the amount due.
(d) Raja's acceptance to Jwala for Rs 6,000 was endorsed to Rani in full settlement of her account for Rs 6,300. [12 Marks]
VIEW SOLUTION
- Question 9
Q.4 Devendra of Ahmednagar and Mahendra of Pune entered into joint venture to consign goods to Virendra of Jalgaon to be sold on their joint risk, which is proportion of 4/5 and 1/5 respectively.
Devendra sent goods worth Rs 10,00,000 paying carriage and freight Rs 12,000 and other expenses Rs 4,500.Mahendra sent goods worth Rs 6,00,000 paying carriage and freight Rs 9,500 and other expenses Rs 3,400.
Devendra drew a bill of exchange on Mahendra for Rs 90,000 as an advance which was discounted for Rs 84,000 by Devendra.The amount of discount, Rs 6,000 was to be treated as joint venture expense.
Virendra sold all the goods for Rs 19,00,000. He deducted his sales commission @ 5% on total sales and expenses Rs 12,000 from the sales proceeds.Virendra remitted Rs 11,00,000 to Devendra and the balance to Mahendra both by bank draft.
The co-venturers settled their accounts.You are required to prepare Joint Venture A/c, Mahendra's A/c and Virendra's A/c in the books of Devendra. [12 Marks]
VIEW SOLUTION
- Question 10
Q.5 Mr. Yogesh keeps his books on Single Entry system. From the following particulars, prepare Opening and Closing Statement of Affairs and Statement of Profit and Loss. [10 Marks]
Particulars
Amount
(Rs)
on 1.4.2009Amount
(Rs)
on 31.3.2010Bank balance
Cash balance
Sundry debtors
Stock
Furniture
Machinery
Sundry creditors
Bills payable
36,000
7,500
90,000
60,000
9,000
60,000
36,000
16,500
27,000
9,000
1,20,000
90,000
9,000
90,000
60,000
27,000
Additional information:
(1) Mr. Yogesh has withdrawn Rs 22,500 from the business for his personal use.
(2) He has introduced additional capital of Rs 7,500 in the business on 1st January, 2010.
(3) Additions to machinery were made on 1st January, 2010.
(4) Depreciate furniture and machinery @ 10% p.a.
(5) Maintain reserve for doubtful debts @ 2% on sundry debtors.
(6) Closing stock is overvalued by 20% in the books.
VIEW SOLUTION
- Question 11
Q.6 Following is the Balance Sheet as on 1.4.2009 and the Receipts and Payments Account for the year ending 31.3.2010 of Bright Students Junior College, Pune.
Balance Sheet as on 1.4.2009
Liabilities
Amount Rs
Assets
Amount Rs
Capital fund (Balancing figure)
13,18,000
Building
Furniture
Books
Bank deposits
Tuition fees receivable
Cash in hand
Cash at bank
10,00,000
1,20,000
60,000
1,00,000
10,000
19,000
9,000
13,18,000
13,18,000
Receipts and Payment Account Dr.
for the year ending 31.03.2010
Cr.
Receipts
Amount
RsPayments
Amount
RsTo Balance b/d
By Salaries to teachers
1,80,000
Cash in hand
9,000
By Salaries to office staff
30,000
Cash at bank
19,000
By Books purchased on 1.1.2010
20,000
To Tuition fees
By Printing and stationary
41,000
2008-2009 :
10,000
By Office rent
10,000
2009-2010 :
1,70,000
1,80,000
By Repair to Jr. College building
24,000
To Fine collected
5,200
By Sports expenses
8,600
To Admission fees
20,000
By Annual gathering expenses
14,000
To Donations
1,00,000
By Furniture (Purchased on 1.1.2010)
80,000
To Interest on bank deposits
5,000
By Balance c/d
To Government grant (Revenue)
2,00,000
Cash in hand
2,600
Cash at bank
1,28,000
5,38,200
5,38,200
Additional information:(1) For the current year (2009–2010) tuition fees receivable (outstanding) Rs 24,000.
(2) Donations are to be capitalized.(3) Salary to teachers is outstanding Rs 12,000.
(4) Depreciate books @ 20% p. a. and furniture @ 10% p. a.You are required to prepare:
(a) Income and Expenditure Account for the year ending 31.3.2010.(b) Balance Sheet as on 31.3.2010. [16 Marks]
VIEW SOLUTION
- Question 12
Q.7 Abhijeet and Sujeet are partners sharing profits and losses in the ratio of and respectively. From the following trial balance and adjustments, prepare Trading, Profit and Loss Account for the year ended 31st March, 2010 and the Balance Sheet as on that date. [20 Marks]
Trial Balance as on 31st March, 2010
Debit Balance
Amount (Rs)
Credit Balance
Amount (Rs)
Drawing accounts :
Abhijeet
Sujeet
Land and building
Plant (Addition on 1.1.2010, Rs 20,000)
Opening stock
Wages
Cash at bank
Sundry debtors
Purchases
Carriage
Rent, rates and insurance
Furniture
Salaries
Bad debts
Office expenses
6,000
4,000
1,70,000
90,000
44,000
13,500
6,500
69,200
1,22,500
2,100
4,500
50,000
7,600
3,200
5,400
Capital accounts :
Abhijeet
Sujeet
Sales
Sundry creditors
Bank overdraft
Reserve for doubtful debts
Outstanding expenses
Sundry income
Pre-received rent
10% Bank loan
(Taken on 1st Oct., 2009)
1,32,000
88,000
1,69,000
81,900
80,000
2,000
4,600
4,000
5,000
32,000
5,98,500
5,98,500
Adjustments −(1) Closing stock was valued at cost Rs 34,000 and at market price Rs 40,000.
(2) Depreciate plant @ 10% p. a.
(3) Insurance was prepaid Rs 600.
(4) Office expenses include personal expenses of Sujeet Rs 800.
(5) Maintain R.D.D. at 5% on sundry debtors.
VIEW SOLUTION