Book Keeping and Accountancy Set 1 2017-2018 HSC Commerce (English Medium) 12th Standard Board Exam Question Paper Solution

Answer the following questions in only 'one' sentence each:

To which account gross profit is transfered?

Answer in one sentence only.

What is revaluation account?

Answer in one Sentence only :
What is meant by share premium?

Answer the following question in one sentence only.
What is due date of bill?

Answer in one sentence only.
Which type of accounts are maintained under Single Entry System?

Give the word / term or phrase which can substitute the following statement.
An amount contributed by the partners into the business.

Give word / term or phrase for the following statement.
A person who draws a bill of exchange.

Give the word / term or phrase which can substitute the following statement.

The debentures which are converted into shares.

Give the word / term or phrase which can substitute the following statement.

Those three extra days which are allowed over and above the period of bill.

Give the word / term or phrase which can substitute the following statement.

An asset which can be converted into cash immidiately.

Select the most appropriate alternative from those given below and rewrite the statement.

Wages paid for installation of machinery should be debited to _________________ account.

machinery

wages

trading

profit and loss

Select the most appropriate alternative from those given below and rewrite the statement.

The profit or loss from revaluation of assets and liabilities on retirement of a partner is shared by______________

All partners

The remaining partners 

Only the retiring partner

none of these

Select the most appropriate answer from the alternative given below and rewrite the sentence.

In case of admission of a partner, the profit or loss on revaluation of assets and liabilities is shared by _________________ partners.

all

old

new

none of these

Select the most appropriate answer from the alternative given below and rewrite the sentence.

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
The Capital balances are ascertained by preparing _______________.

Statement of affairs

Cash Account

Drawing account

Debtors Account

State whether the following statement is True or False.
The final balancing amount of Income and Expenditure Account represents either surplus or Deficit.

True

False

State whether the following statement is True or False.

At the time of disolution of a partnership firm all assets should be transfered to realiasation account.

True

False

State whether the following statement is True or False.

Bill of exchange is in instrument in writing, which contains unconditional order.

True

False

Write True or False
Noting charges are payable to the Notary public on honour of a bill.

True

False

State whether the following statement is True or False.

Ratio analysis is useful for inter-firm comparision

True

False

Prepare a format of a bill of exchange from the following information:

Mrs. Sunita keeps her books on Single entry System and gives the following information:

Additional Information:
Mrs. sunita withdrew from business Rs. 30,000 for personal use. She further introduced fresh capital of 50,000. Depreciation is to be charged @10% p.a on plant and building.

Prepare: 
(a) Statement of Affairs as on 01.04.2015
(b) Statement of Affairs as on 31.03.2016
(c) Statement of Profit or Loss for the year ending 31.03.2016

State any one limitation of Analysis of Financial Statement.

Explain return on investment (ROI).

Darshan and Amar were partners sharing profit and losses in the proportion of 2: 1. Their balance sheet is as follows:

Balance sheet as on 31st March 2016

On 1st April, 2016 Ranjit is admitted in the partnership on the following terms.

(1) Ranjit should bring in cash Rs 48,000 as capital for 1/5th share in future profits.
(2) Goodwill was raised in the books of the firm for Rs 18,000
(3) Building is revalued st RS 1,12,000 and tghe value of stock to be reduced by Rs 6,000
(4) Reserve for doubtful debts be maintained at Rs 1,800.
(5) Pawans loand is to be repaid.

Prepare: 
(1) Revaluation A/c 
(2) Capital A/cs of partners and 
(3) Balance sheet of the new firm

The Balance sheet of samarth traders is as follows. The partners share profits and losses as 5 : 2 : 3,

Balance sheet as on 31st March, 2016

Dinankar retired from the business on 1st April, 2016 on the following terms:

(1) The assets are revalued as under:
(a) Stock at Rs 14000
(b) Building is appreciated by 10%
(c) Reserve for doubtful debts is to be increased upto Rs 500.
(d) Plant and machinery is to be depreciated by 10%
(2) The goodwill of the retiring partner is valued at Rs 40,000 and the remaining partners decided that goodwill be written back in their new profit sharing ratio which will be 5 : 3.
(3) Dinankar is to be paid Rs 2220 in cash on his retirement and the balance is to be transferred to his loan account.

Prepare : 
(1) Profit and loss Adjustment account
(2) Capital Account of partners
(3) Balance sheet of new firm

On 7th March 2016 Ram drwas a bill on Rohit for Rs 8000 at 3 months. rohit accepts it and returns to Ram. Ram then sends the bill to his bank for collection. 
On due date Rohit finds himself unable to make the payment of the bill and requests Ram to renew it. Ram Agreed on the condition that Rohit should pay Rs 5000 in cash and should accept new bill for the balance at 2months with interest Rs 200. These Arrangements were carried through.
Before due date Rohit was declared as involvent and Rs 1500 colud be recovered form his private estate as first and final divident. 
Give Journal Entries in the books of Ram.

Following is the balance sheet as on 31 st march 2016 of M/s . Jay and Ajay :

Balance sheet as on 31st MArch 2016

The firm was dissolved on 31st March , 2016 and the assets realised were as under :

(1) Jay look over the investment at ₹ 27600 and Ajay took over the furniture at ₹ 84000.

(2) The assets were realised as follows : 

Stock              73500 ;

Debtors          22500 ;

Machinery      84000 ;

Building         42000  

(3) The creditors were paid off at a discount of 900 and other liabilities were paid in full.

(4) Dissolution expenses were 4200

(5) Jay and Ajay were sharing profits and losses in the ratio of 3 : 2.

Prepare :

1) Realisation Account

2) Capital Account of all partners

3) Bank Account

Manish and Co. Ltd. made an issue of 40000 equity shares of 20 each payable as follows :

Application                      ₹ 5 per share

Allotment                         ₹ 10 per share

First call                           ₹  3 per share

Second call and
final call                           ₹ 2 per share

The company received applications for 50000 share of which applications for 10000 shares were rejected and money refunded . All the shareholders paid upto second call except Sunita , the allotee of 400 shares , failed to pay the final call. the expenses of issuing amounted to ₹ 6000 .

Pass Journal entries in the books of Manish and Co . Ltd.

Following is the Receipts and payments Accounts and additional information of Jeevan Hospital , Kolhapur . Prepare Incomeand Expenditure Account for the year ending 31st March , 2016 and the balance Sheet as on that date.

Receipts and Payments Account for the year
ended on 31st March , 2016

Dr.                                                                                            Cr.

Additional information :

(1) Outstanding subscription for 2015 - 2016 is 10000.

(2) Hospital equipment and furniture were purchased on 01.10.2015 and both the assets were to be depreciated @ 20 % p.a.

(3) Life membership fees are to be capitalized.

(4) Staff salary for current yera is outstanding ₹ 15000

(5) On 01.04.2015 the hospital had the following assets and liabilities :

Land             ₹ 500000;

Investment  ₹ 100000 ;

Bank loan    ₹ 400000 ;

Ambulance  ₹ 205000  

(6) Capital fund as on 01.04.2015 was ₹ 432000.

From the following Trial Balance of M/s . Patil and Desai , you are required to prepare Trading and profit and loss Account for the year ended 31st March , 2016 and Balance Sheet as on that date :

Trial Balance as on 31.03.2016

Adjustments : 

(1) Closing stock in hand was valued at ₹ 61000.

(2) Goods distributed as free samples were ₹ 3000.

(3) Outstanding salaries ₹ 900

(4) Provide reserve for doubtful debts at 5 % on sundry debtors.

(5) Depreciate machinery at 5 % p.a.