Book Keeping and Accountancy 2014-2015 HSC Commerce (English Medium) 12th Standard Board Exam Question Paper Solution

What is ‘liability of partners’ ?

What is meant by ‘capital fund’ ?

Answer in one sentence only.

What is the gain ratio?

What do you mean by ‘issue of shares at premium’?

Answer the following question in one sentence only.

What are Noting Charges?

Give word / term or phrase for the following statement.

Excess of income over expenditure of a ‘not for profit’ concern.

Write the Word/Term/Phrase which can substitute the following statement:

Debit balance of revaluation Account.

The debentures which are convertible into shares.

A person who draws a bill of exchange.

Give one word/term/phrase for the following statement.

An asset which can be converted into cash immediately.

Dissolution expenses are credited to ______.

Realisation account

Cash/Bank account

Partners’ capital account

Partners’ loan account

Pre-paid expenses are shown on the ....................... side of balance sheet.

1. Assets
2. Liability
3. Debit
4. Cash

A bill is drawn on 23rd Sept., 2013 at 4 months would be payable on .................................

A. 24th Jan. 2014

B. 25th Jan. 2014

C. 26th Jan. 2014

D. 25th Jan. 2013

Capital balance is ascertained by preparing....................................

1. Statement of affairs
2. Cash account
3. Drawing account
4. Debtor’s account

From financial statement analysis the creditors are interested to know .............................

1. Liquidity
2. Profit
3. Share
4. Share Capital

Balance sheet is a nominal account.

Drawee can transfer the ownership of a bill.

State whether the following statement is True or False with reason.

The debit balance of insolvent partner’s Capital Account is known as a capital deficiency.

True

False

A bill drawn in India and payable in Japan is a foreign bill.

Under single entry system it is not possible to prepare trial balance.

Prepare a specimen of Bill of Exchange from the following information:-

1. Drawer - Shri Mahesh Patil, Plot No. 25, "Ganesh Nivas" Mahesh Nagar, Koregaon.
2. Drawee - Shri Vijay Jadhav, "Saket" M.G. Road, Pune 11.
3. Payee - Shri Sanjay Bornare, Vaijapur.
4. Period of Bill - 60 days
5. Date of Bill - 16th March, 2013
6. Amount of Bill - Rs. 15000
7. Date of Acceptance - 20th March, 2013

Mr. Anil keeps his books by single entry method. Following are the details of his business

During the year Mr. Anil has withdrawn Rs. 10000 for his private purpose and bought goods of Rs. 2000 for household use.

On 1st October 2012, he sold his household furniture for Rs. 2000 and deposited the same amount in the business bank account.

Provide depreciation on machinery @10% p.a. (assuming additions were made on 1st October, 2012) and on furniture @5%.

Prepare:

(a) Opening Statement of Affairs.

(b) Closing Statement of Affairs.

(c) Statement of Profit or Loss for the year ended 31st March 2013.

What are the components of current ratio ?

State the objectives of financial statements from the view point of a business concern.

Akash and Suraj are partners in a firm sharing profits and losses in the ratio 3 : 2. Their balance sheet as on 31st March, 2013 was as follows:

                       Balance Sheet as on 31st March, 2013

They agreed to admit Sanjay in their partnership on 1st April, 2013, on the following terms :

1. Sanjay should bring Rs. 1,500, as his share of goodwill in the firm, and Rs. 2,000 as his capital.
2. Reserve for doubtful debts is to be provided @ 5% on debtors.
3. Land and building be depreciated at 10% p. a.
4. Plant and machinery to be depreciated @ 5% and stock to be depreciated @ 10% p. a.
5. The new profit sharing ratio will be 2: 1: 1.

Prepare :

1. Revaluation Account.
2. Partners’ Capital Accounts.
3. New Balance Sheet of the firm.

Given below is the balance sheet of Vaishali, Madhuri and Shobha, who were sharing profits and losses in the ratio of 3 : 3 : 2.

                                                           Balance Sheet as on

                                                             31st March, 2012

On 1st April, 2012 Shobha retired from the firm on the following terms:

1. Assets be revalued as under:

Stock Rs. 24,000, Machinery Rs. 32,000, Furniture Rs. 16,800.

2. R.D.D. be maintained at 4% on debtors.

3. An item of Rs. 400 from creditors is no longer a liability and hence should be properly adjusted.

4. The amount due to Shobha be transferred to her loan account.

Pass necessary Journal Entries in the books of the firm.

Ramesh sold goods to Ganesh on credit for Rs. 20,000. Ganesh accepted a bill of Rs. 20,000 for 3 months, drawn by Ramesh on the same date.

On the due date Ganesh dishonoured his acceptance. Then Ganesh approached Ramesh and requested for renewal of the bill.

Ramesh agreed on the condition that Ganesh should pay Rs. 10,000 in cash and accept a new bill for 2 months for the balance amount plus interest Rs. 200.

The new bill was drawn by Ramesh and accepted by Ganesh.

However one month before the due date Ganesh retired his acceptance by paying Rs. 9,900.

Pass necessary Journal Entries in the books of Ramesh.

Mr. Aaba and Mr. Baba are equal partners whose Balance Sheet as on 31 st March, 2012 was as under:

                                                               Balance Sheet as on

                                                                  31st March, 2012

Due to weak financial position of the partners the firm is dissolved.

Aaba and Baba are not able to contribute anything from their private estate, hence they are declared insolvent.

The assets are realised as follows :-

Stock Rs. 3,000, Plant and Machinery Rs. 3,000, Furniture Rs. 1,000, Land and Building Rs. 2,000 and Debtors Rs. 1,000 only.

Realisation expenses amounted to Rs. 500.

You are required to prepare necessary Ledger Accounts to close the books of the firm.

Joshi - Patil Ltd. issued 2,000, 10% debentures of Rs. 100 each, payable Rs. 20 on application and the balance on allotment. Company received applications for 2,500 debentures, out of which applications for 2,000 were alloted fully and remaining applications were rejected and the money refunded.

Journalise the above transactions, assuming that all the sums were received.

Following is the Balance Sheet and Receipts and Payments Account of the Sevagiri Hospital, Satara.

Prepare Income and Expenditure account for the year ended on 31 st March, 2013 and Balance Sheet as on that date :

                                         Balance Sheet as on 1st April, 2012

Receipts and Payments Account for the year ending 31.03.2013

Consider the following adjustments :

1. Outstanding subscription Rs. 15,000.
2. Capitalise the amount of life membership fees.
3. Pre-paid taxes Rs. 500.
4. Outstanding salary Rs. 12,000.
5. Write off depreciation Rs. 20,000 from land and building and Rs. 30,000 from equipments.
6. Outstanding medicine bill as on 01.04.2012 is still due.

From the following Trial Balance of M/s Sanjay and Keshav, you are required to prepare Trading and Profit and Loss account, for the year ended 31st March 2013 and Balance Sheet as on that date after taking into account the following additional information:

                                                          Trial Balance as on 31st March, 2013

Additional information:

1. Insurance paid in advance Rs. 3,000.
2. Depreciation provided on furniture at 10%.
3. Salary and wages outstanding Rs. 6,000.
4. Rent received in advance Rs. 5,000.
5. Closing stock as on 31.03.2013 Rs. 2,00,000.