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Question Paper - Book Keeping and Accountancy 2014 - 2015-H.S.C-12th Board Exam Maharashtra State Board (MSBSHSE)

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SubjectBook Keeping and Accountancy
Year2014 - 2015 (March)


Marks: 80
Q: 1 | Attempt any THREE of the following sub-questions[15]
Q: 1.1 | Answer the following questions in ‘one’ sentence each[5]
Q: 1.1.1[1]

What is ‘liability of partners’ ?

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Q: 1.1.2[1]

What is meant by ‘capital fund’ ?

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Q: 1.1.3[1]

What is ‘gain ratio’ ?

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Q: 1.1.4[1]

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

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Q: 1.1.5[1]

What are Noting Charges?

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Q: 1.2 | Write a word / term / phrase which can substitute each of the following statements:[5]
Q: 1.2.1[1]

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

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Q: 1.2.2[1]

Debit balance of revaluation account.

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Q: 1.2.3[1]

The debentures which are convertible into shares.

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Q: 1.2.4[1]

A person who draws a bill of exchange.

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Q: 1.2.5[1]

An asset which can be converted into cash immediately.

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Q: 1.3 | Select the most appropriate alternative from those given belows and rewrite the statements :[5]
Q: 1.3.1[1]

Dissolution expenses are credited to..............................

  1. Realisation account
  2. Cash/Bank account
  3. Partners’ capital account
  4. Partners’ loan account
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Q: 1.3.2[1]

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

  1. Assets
  2. Liability
  3. Debit
  4. Cash
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Q: 1.3.3[1]

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

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Q: 1.3.4[1]

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

  1. Statement of affairs
  2. Cash account
  3. Drawing account
  4. Debtor’s account
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Q: 1.3.5[1]

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

  1. Liquidity
  2. Profit
  3. Share
  4. Share Capital
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Q: 1.4 | State whether the following statements are True or False :[5]
Q: 1.4.1[1]

Balance sheet is a nominal account.

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Q: 1.4.2[1]

Drawee can transfer the ownership of a bill.

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Q: 1.4.3[1]

Debit balance of insolvent partner’s capital account is known as ‘capital deficiency’.

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Q: 1.4.4[1]

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

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Q: 1.4.5[1]

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

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Q: 1.5 | Prepare a specimen of a Bill of Exchange from the following information[5]

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
view solution
Q: 2 | Attempt any ONE[8]
Q: 2.1[8]

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

Particulars

01.04.2012

Amount (Rs.)

31.03.2013

Amount (Rs.)

Cash in Hand

10000

16000
Cash at Bank2000036000
Stock1600024000
Furniture1800018000
Plant and Machinery6000090000
Creditors1500018000
Debtors2400030000

 

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.

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Q: 2.2[8]
Q: 2.2.1[4]

What are the components of current ratio ?

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Q: 2.2.2[4]

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

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Q: 3 | Attempt any ONE[10]
Q: 3.1[10]

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

LiabilitiesAmount (Rs.)AssetsAmount (Rs.)

Capital A/c

          Akash

          Suraj

 

50000

50000

Furniture2100

General Reserve

10000Stock28700
Sundry creditors60000Land and building35000
Bills payable17000Plant and machinery49000
  Sundry debtors63000
  Cash9200
 187000 187000

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.
view solution
Q: 3.2[10]

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

LiabilitiesAmount (Rs.)AssetsAmount (Rs.)
Creditors34800Cash21600
Bills Payable8800Machinery34800

Capital A/c

        Vaishali

        Madhuri

        Shobha

 

48000

52000

36000

Debtors50000
 Reserved Fund16000Stock25200
  Furniture16000
  Building48000
 195600 195600

 

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.

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Q: 4[10]

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.

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Q: 5 | Attempt any ONE[10]
Q: 5.1[10]

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

LiabilitiesAmount(Rs.)AssetsAmount(Rs.)
Sundry Creditors16000Cash in hand500

Capital A/c

              Aaba

              Baba

 

2000

2000

Stock4500
  Debtors4000
  Plant and machinery5000
  Furniture2000
  Land and Building4000
 20000 20000

 

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.

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Q: 5.2[10]

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.

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Q: 6[12]

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 Balancc Sheet as on that date :

                                         Balance Sheet as on 1st April, 2012

LiabilitiesAmount (Rs.)AssetsAmount (Rs.)
Capital fund1000000Cash in hand6000
Outstanding Salaries22000Cash at bank30000
Medical bill unpaid6000Land and building800000
  Furniture70000
  Equipments120000
  Outstanding Subscription2000
 1028000 1028000

 

                                                     Receipts and Payments Account

                                                      for the year ending 31.03.2013

Dr.                                                                                                                                                   Cr.

ReceiptsAmount (Rs.)PaymentsAmount (Rs.)

To Balance b/d

           Cash in hand

           Cash at bank

 

6000

30000

By Salaries

        (including of previous year)

110000

 

To Subscription

      (includes 2000 received for previous year)

130000

 

By Medicines48000

To Sale of old furniture

        (book value Rs. 30000)

20000

 

By Equipment purchased20000

To Donations

        (revenue)

44000

 

By Taxes3000
To Life membership fees25000By General expenses8600
  

By Balance c/d

          Cash in hand

          Cash at bank

 

15400

50000

 255000 255000

 

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.
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Q: 7[15]

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

Debit BalancesAmount (Rs.)Credit BalancesAmount (Rs.)
Opening stock180000Sales525000
Bills receivable80000Rent22000
Purchase240000Bills payable78000
Bad debts20000Sundry creditors100000
Salary and wages24000

Capital account

          Sanjay

          Keshav

 

500000

300000

Discount9000  
Carriage inward12000  
Travelling expenses13000  
Cash in hand38000  
Furniture280000  
Insurance  12000  
Land and building 400000   
Postage and telegram 7000   
Sundry debtors210000  
 1525000 1525000

 

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.
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