Book Keeping and Accountancy 2015-2016 HSC Commerce (English Medium) 12th Standard Board Exam Question Paper Solution

Answer the following question in one sentence.
What is Trial Balance?

Answer the following question in one sentence.
What shows credit balance of revaluation account ?

Answer the following question in one sentence.
What are ‘convertible debentures’ ?

Answer the following question in one sentence.
Who is ‘Payee’ ?

Answer the following question in one sentence only.
What is single entry system?

Give the word / term or phrase which can substitute the following statement.  
The accounts which are prepared at the end of each financial year.

Write a word / term / phrase which can substitute of the following statement.
The fees paid by a person who wants to become a life member of the concern, for his whole life.

Write a word / term / phrase as a substitute of the following statement.
The acknowledgement of debt under common seal of company.

Write a word / term / phrase which can substitute of the following statement :
Payment of the bill before its due date.

Give one word/term/ phrase for the following statement
Critical evaluation of financial statement to measure profitability.

Select the most appropriate alternative from those given below and rewrite the statement.
All indirect expenses are debited to ____________ account.

Trading

Capital

Profit and Loss

Current

Select the most appropriate answer from the alternatives given below:
Share of profit of a deceased partner till the date of death is _____________.

debited to P/L Adjustment A/c

credited to P/L Adjustment A/c

debited to P/L Suspense A/c

credited to P/L Suspense A/c

If an asset is taken over by partner from firm his capital account will be ___________.

credited

debited

added

none of these

Select the most appropriate alternative from those given below and rewrite the statement.
There are ____________ parties to the Bill of Exchange.

Two

Three

Four

Five

Select the most appropriate answer the alternatives given below and rewrite the Sentence
Further capital introduced during the year is _______________ from closing capital in order to find-out the correct profit.

added

deducted

divided

ignored

State whether the following statement is True or False.
All receipts are the items of revenue income.

True

False

State whether the following statement is True or False.
At the time of dissolution loan from partner will be transferred to Realisation Account.

True

False

State whether the following statement is True or False.
A Bill of Exchange is a negotiable instrument.

True

False

State whether the following statement is True or False.
Acceptance without making any change in the terms of bill is called general acceptance.

True

False

State whether following statement is true or false.
Ratio Analysis is useful for inter-firm comparison.

True

False

Mrs. Shailaja keeps her books under single entry system and gives the following information.

Explain the limitations of analysis of financial statements.

Explain the operating activities on cash flow .

Following is the balance sheet of Harish and Girish

               Balance Sheet as on 31^st March, 2010

They admitted Shirish on 1^st April 2010 on the following conditions:

1) For his 1/3^rd share in the future profits Shirish brings Rs 2,00,000 as his Capital.

2) It is decided to raise goodwill by Rs 90,000 and write it off fully after Shirish’s admission.

3) Equipments and plant to be depreciated by 20% and10% respectively and Building to be appreciated by 15%.

4) Bills Payable were retired for Rs 35,000

5) All debtors are considered good.

6) Furniture of the book value Rs 12,000 was taken over by Harish at 40% of the book value.

Prepare, revaluation A/c, Partner’s Capital Account and Balance Sheet of the new firm.

Anita, Sunita and Kavita were partners sharing profits and losses in the ratio 3:3:2. Their Balance Sheet as on 31st March 2013 is as below :
                   Balance Sheet as on 31st March, 2013.

Journalise the following transactions in the books of Jaydeep.
(A) Arvind renews his acceptance of Jaydeep of Rs. 7,000 with interest Rs. 500 for two months.
(B) Bank informed Jaydeep that Mahadev’s acceptance of Rs. 4,000 which was discounted and dishonoured. Bank charged noting charges Rs. 80.
(C) Hanumant informed Jaydeep that Kazi’s acceptance for Rs. 7,000 endorsed to Hanumant has been dishonoured, noting charges Rs. 85.
(D) Datta honoured his acceptance of Rs. 4,900, which was sent to bank for collection. Bank debited Rs. 100 for bank charges.
(E) Radhika retired her acceptance to Jaydeep of Rs. 9,000 by paying Rs. 8,700.

Rahul, Rohit and Ramesh were partners in a firm sharing profits and losses in the ratio of 2:2:1 respectively. The Balance Sheet as on 31.03.2013 was as follows :
                               Balance Sheet as on 31st Mar, 2013

Following is the Receipts and Payments Account of Chamber of Commerce, Amaravati for the year ending 31st March 2012 and some additional information.

Prepare Income and Expenditure A/c for the year ended 31st March, 2012 and Balance Sheet as on that date.

Dhiraj and Suraj are partners sharing profits and losses in the ratio of 2 : 1. From the following Trial Balance and adjustments, prepare Trading and Profit and Loss account for the year ended 31st March, 2013 and balance sheet as on that date :
Trial Balance as on 31.03.2013