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

Answer in one sentence only.
What is bad debts?

Answer in one sentence only.
In what proportion is general reserve distributed amongst the old partners?

Answer in one sentence only.

Which account is debited on payment of dissolution expenses?

Answer in one sentence only.
Who is Drawer?

Answer in one sentence only.
What is statement of affairs?

Give word / term or phrase for the following statement.

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

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

Winding up of partnership business.

Give word / term or phrase for the following statement.
Encashment of the bill before due date.

Write the word / term / phrase which can substitute the following Statement.
A system of accounting which is not scientific.

Write the word / term / phrase which can substitute the following Statement.

A bill drawn in India and made payable in Japan.

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

The gross profit is transferred to _________________ account.

trading

Profit and loss

capital

current

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

A,B and C are partners sharing profit in the ratio of 5 : 3 : 2 . If B retries , the the new ratio will be  ____________.

5 : 2

5 : 3

3 : 2

1 : 1

Select the most appropriate answer from the alternatives given below and rewrite the sentence :
If shares are issued at its face value, it is called as issue at __________________.

premium

discount

par

none of these

Select the most appropriate answer from the alternatives given below and rewrite the sentence :

The bill drawn on 12th June ,2013 at two months , would be payable on ________.

12th August ,2013

14th August , 2013

15th August 2013

16th August ,2013

Select the appropriate answer from the alternatives given below & rewrite the completed statement
From financial statement analysis, the creditors are interested to know _____________.

liquidity

profit

sale

share capital

State whether the following statement is True or False.

Closing stock is always valued at market price.

True

False

State whether the following statement is True or False.

Receipts and payments account is a real account.

True

False

State, whether the following statements is True or False.
Shares are issued for cash only.

True

False

True

False

State whether following statement are true or false :
Financial statements include only balance sheet.

True 

False

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

Shri Rajesh keeps his books by single entry method .

Following are the details of his business :

During the year Shri RAjesh has withdrawn ₹ 10000 for his private purpose and taken goods of ₹ 2000 for household use. On 1st October 2012 , he sold his household furniture for ₹ 2000 and deposited the same amount in the business bank account.

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

Prepare : Opening and closing statement of affairs and statement of profit or loss for the year ended 31st March , 2013.

State any one limitation of Analysis of Financial Statement.

Explain return on investment (ROI).

Ram and Krishna were partners sharing profits and losses in the proportion of 2/3 and 1/3 respectively. Their balance sheet is as follows :

Balance sheet as on 31st March , 2013

On 1st April 2013 , Hari is admitted in the partnership on the following terms :

(1) Hari should bring in cash ₹ 48000 as capital for 1/5 share in future profit.

(2) Goodwill was raised in the books of the firm for ₹ 18000.

(3) Building is revalued at ₹ 112000 and the value of stock to be reduced by ₹ 6000.

(4) Reserve for doubtful debts be maintained at ₹ 1800.

(5) Ram's loan is to be repaid.

Prepaid : Revaluation account , Capital accounts of partners and Balance sheet of the new firm.

Following is the balance sheet of the firm of Sonu , Monu and Piyu who share profits and losses in the ratio of their capital :

Balance sheet as on 31st March, 2013

Piyu retires from the business on 31st March 2013 and the following adjustments were agreed : 

(1) The stock is to be valued at 92% of its book value.

(2) R.D.D. is to be maintained at 10 % on debtors.

(3) The value of land and buildings is to be appreciated by 20 %.

(4) The goodwill of the firm to be fixed at ₹ 12000. Piyu share in the same be adjusted in the account of accounting partners in gain ratio.

(5) The entire capital of the new firm be fixed at ₹ 160000 between Sonu and Monu in their new profit sharing ratio which is fixed at 3 : 1 by making adjustment for difference in cash and amount payable to piyu paid in cash.

Prepare : Profit and loss adjustment account , Partners' capital account and balance sheet after retirement of piyu.

Sukhdev sold goods to Namdev worth ₹ 30000 on 1st March 2013. Namdev accepted a bill for three months , drawn by Sukhdev on 1st March 2013.
Namdev requested on 21st May 2013 to Sukhdev to receive ₹ 10000 and to draw a new bill for the balance for two months. Sukhdev agreed on condition that interest at 12 5 p.a. for two months is to be provided. 
Sukhdev then drew a new bill for balance amount plus interest at 12 % p.a. for two months .
Namdev accepted the new bill. On due date the new bill was honoured.

Give journal entries in the books of Sukhdev.

Jay , Ajay and Vijay were partners sharing profits and losses in the proportion of 2 : 2 : 1 . Following is their balance sheet as on 31.03.2013.

Balance sheet as on 31st March 2013

On the above date the partners decided to dissolve the firm.

(1) Assets were realised as :

Machinery ₹45000 ; Stock ₹ 18000;

Investment ₹ 21000 ; Debtors ₹ 45000

(2) Dissolution expenses were ₹ 3000.

(3) Goodwill of the firm realised ₹ 24000.

Prepare : (1) Realisation Account (2) Partner's Capital Account (3) Bank Account.

Yogeshwari Co.Ltd. Ambajogai made an issue of 20000 equity shares of ₹ 20 each , payable as follows :

Application ₹ 5 per share ;

Allotment ₹ 10 per share ;

First call ₹ 3 per share , 

Second and final call ₹ 2 per share.

The company received applications for 25000 shaes of which application for 5000 shares were rejected and money refunded.

All the shareholders paid upto second and final call , except Dhiraj , the allotee of 200 shares who faied to pay the final call.

Pass journal entries in the books of Yogeshwari Co. Ltd, Ambajogai.

Following is the balance sheet as on 1.4.2012 and receipts and payments accounts of mahakavi kalidas Library , Nashik . Balance sheet as on 31st March 2013.

Balnce sheet as on 01.04.2012

Receipts and Payments for the year ending 31st March ,2013

Dr.                                                                                              Cr.

Adjustments:

(1) During the current year , furniture was purchased on 1.10.2012. Depreciation furniture @ 10 % p.a.

(2) Depreciate books by ₹ 100000

(3) Membership subscription received during the year includes ₹ 15000 , for the year 2013 - 14 and ₹ 7500 , are outstanding for current year.

(4) Capitalised half (1/2) of the entrance fees.

Prepare : Income and Expenditure account for the year ended 31st March 2013 and Balance sheet as on 31st march , 2013.

Satish and Pradeep are partners in a partnership firm, sharing profit and losses equally. From the following Trial Balance and Adjustment given below, 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.

Balance Sheet as on 31st March 2013

Adjustments :

(1) The closing stock was valued at the market price at ₹ 92000, which is 15 % above its cost price.

(2) Depreciation machinery at 10 % p.a.

(3) Outstanding wages were ₹ 2500

(4) Maintain R.D.D. at 5 % on sundry debtors.