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

what is trial balance ?

What is 'entrance fees' ?

What is 'qualified acceptance' ?

When is gain ratio required to be calculated ?

What is the formula for calculating gross profit ratio ?

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

Assets which are not recorded in the books of account.

The excess of total assets over total liabilities.

The person in whose favour the bill is transferred.

The proportion in which the continuing partners are benefitted due to retirement of a partner.

The system of accounting normally suitable for a small business organization.

debited

credited

adjusted

none of the above

A bill is drawn on 23rd October, 2016 payable after 3 months, the due date of the bill will be .................

25th January, 2017

26th January, 2017

 24th January, 2017

25th January, 2016

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

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

If any unrecorded liability is paid on dissolution of the firm ___________ is debited.

Cash/Bank Account

Realization Account

Partners' Capital Account 

Partners' Loan Account

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

Return outward are deducted from __________________.

Purchases

Sales

Capital

Debtors

Closing stock is always valued at market price.

Retirement of bill means payment of the bill before due date.

Share forfeited balance is transferred to Capital Reserve Account.

State true or false with reason.

Gross Profit depends upon Net Sales.

True

False

The inland bill which is drawn in and payable in the same country.

Mr. Akash Sane, 42, Sagar, Bandar Road, Ratnagiri, draws a three months bill on Mrs. Magha Kale, Vishram Baag, Sangli, for 16,500 on 1st December 2016, which was accepted on 4th December, 2016, for 15,000 only by Mrs. Megha Kale.

Miss Kalpana started her business with a capital of 1,30,000 on 1st April, 2015. Her financial position on 31st March 2016 was as follows:

Additional information :
1. Miss Kalpana brought additional capital of 20,000 on 30th September, 2015

2. Interest on capital is to be allowed at 5% p.a.

3. She withdrew 10, 000 for personal use.

4. Reserve for doubtful debts is to be provided at 2½ % after writing off bad debts of 1,000.

5. Depreciate vehicles at 10% p.a. and premises at 5 % p.a.

6. Creditors were overvalued by 2,180.

Prepare :
(1) Closing Statement of Affairs as on 31.03.2016.
(2) Statement of Profit or Loss for the year ended 31.03.2016.

State and explain any 'four objectives' of analysis of financial statement from a business concern's point of view.

What are the different cash inflows and cash outflows of investing activities ?

The Balance Sheet of Meena and Heena who shared the profits and losses in the ratio of 2 : 1 is as under :

Balance Sheet as on 31st March, 2016

On 1st April, 2016 Seema was admitted as `1/4` th partner on the following terms :

1. Seema should bring in Rs 1,20,000 towarsds her capital. 

2.Firm's goodwill is valued at Rs 1,44,000 and Seema agreed to bring her share in the firm's goodwill by a cheque.

3.Reserve for doubtful bebts should be maintained at 7.5% on debtors.

4.Increase live stock by Rs 4,400 and write off loose tools by 20%.

5.Outstanding rent Rs 9,040 is paid in full settlement.

Prepare :

1. Profit and Loss Adjustment Account.

2. Partners' Capital Account . 

3. Balance Sheet of the new firm

Ashish, Satish and Manish were partners in business profits and losses in the ratio of 3 : 1 : 1 respectively. Their Balance Sheet as on 31st March, 2016 was as follows :

Balance Sheet as on 31st March, 2016

Manish died on 1st October, 2016 and the partnership deed provided that :

(1) The deceased partner to be given his share of profit upto the date of death on the basis of the profit of the previous year.
(2) His share of goodwill will be calculated on the basis of two years' purchase of average profit of the last four years
The net profits for the last four years were :

First year : Rs 1,40,000,      Second year : Rs 1,10,000

Third year : Rs 90,000.            Fourth year : Rs  60,000.

(3) Plant and machinery to be valued at Rs. 80,000. Reserve for doubtful debts of Rs. 4,000 to be created.

(4) The drawings of Manish upto the date of death amounted to `Rs 40,000.

(5) Interest on capital is to be allowed at 10% p.a. and interest on drawings is charged at 6% p.a.

Prepare :
(1) Profit and Loss Adjustment Account.
(2) Manish's Capital Account.
(3) Wording of Manish's share in profit and goodwill.

Sayali sold goods on credit to Manali of `Rs 40,000. Sayali draws a bill on Manali for 4 months for the amount due. Manali accepted the bill and returned it to Sayali. After a month, Sayali discounted the bill with her bank at 12% p.a.

On the due date, bank informed that the bill is dishonoured and bank paid the noting charges  300. Manali requested Sayali to renew the bill. Sayali agreed on conditions that Manali should pay `Rs 20,000 in cash along with noting charges and accept a new bill for the balance amount with interest at 15% p.a. for 3 months.

These arrangements were carried through. Before the due date Manali was declared insolvent and only 40% of the amount due could be recovered from her private estate as final dividend. Give Journal Entries in the books of Sayali.

Ashwin, Bhavin and Pravin carried on business. They share profits an losses in the ratio of 5 : 3 : 2 respectively. Their Balance Sheet as on 31st March, 2016 was as under :

Balance Sheet as on 31st March, 2016 

On the above date, the firm was dissolved, and the assets realised were as under :

1. Investment Rs 10,000. Stock Rs 48,000, and Debtors Rs  30,000

2. Plant and machinery were taken over by Ashwin at book value.

3. Sundry creditors and Bhavin's loan were paid in full.

4. Realisation expenses incurred Rs 2,000.

Prepare :
(1) Realisation Account
(2) Partners' Capital Account
(3) Bank Account

Aniket Ltd issued 40,000 equity shares of ` 100 each payable as follows :

On application Rs  20
On allotment Rs 30
On first call Rs 30
On second call Rs 20

The company received applications for 50,000 equity shares. Allotment of shares was made on pro-rata basis. Excess application money were adjusted to allotment. Share allotment and calls were made and also received, except Mr. Sanish who was holding 1,000 shares failed to pay both the calls. His shares were forfeited after the second call.
Record the above transactions in the books of Aniket Ltd

Form the following Receipts and payments Account of A. S. C. College of Commerce, Ramanand Nagar, for the year ending 31st March, 2016 and additional information, prepare Income and Expenditure Account for the year ending 31st March, 2016 and Balance Sheet as on that date.

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

Dr.                                                        Cr.

Additional information :

(2) 50% of donations are received for building fund.
(3) Life membership fees are to be capitalised.
(4) Tuition fees includes Rs 12,000 received for the last year.
(5) Outstanding tuition fees for the current year amounted to Rs 4,200.

Given below is the Trial Balance of M/s. Shailesh and Nilesh as on 31st March, 2016. 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. Stock on 31^st March, 2016 was valued at market price of Rs 84,000, which was 20% above its cost price.
2. Depreciate machinery at 10% p.a.
3. Create reserve for bad and doubtful debts at 5% on sundry debtors.
4. Provide interest on capital at 8% p.a.
5. Machinery includes purchase of machinery for Rs 40,000 on 1^st January, 2016.