Maharashtra State BoardHSC Commerce 12th Board Exam
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Book Keeping and Accountancy 2011-2012 HSC Commerce 12th Board Exam Question Paper Solution

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Book Keeping and Accountancy
Marks: 100Academic Year: 2011-2012
Date: March 2012

[20]1
[5]1.A | Answer in ‘One’ sentence each
[1]1.A.1
Answer in one sentence only.
What is a partnership deed?
Concept: Meaning and Definitions of Partnership and Partnership Deed
Chapter: [0.01] Introduction to Partnership
[1]1.A.2

Which accounts are normally kept under single entry system?

Concept: Meaning of Single Entry
Chapter: [0.06] Single Entry System
[1]1.A.3

Which account is credited when depreciation is charged on asset?

Concept: Effects of Adjustments-Depreciation
Chapter: [0.02] Partnership Final Accounts [0.05] Accounts of “Not for Profit” concerns
[1]1.A.4

What is the relationship between co-venturers?

Concept: Meaning and Definitions of Partnership and Partnership Deed
Chapter: [0.01] Introduction to Partnership
[1]1.A.5
What do you mean by intangible asset?
Concept: Partnership Final Accounts
Chapter: [0.01] Introduction to Partnership and Partnership Final Accounts [0.02] Partnership Final Accounts
[5]1.B | Write a word / term / phrase which can substitute each of the following statements
[1]1.B.1
A list of debit and credit balances of all ledger accounts ?
Concept: Accounting Treatment of Bill - Journal Entries and Ledger
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
[1]1.B.2

The major source of revenue to a non-trading concern from its members.

Concept: Accounts of “Not for Profit” Concerns
Chapter: [0.02] Accounts of ‘Not for Profit’ Concerns [0.05] Accounts of “Not for Profit” concerns
[1]1.B.3
Date on which payment of a bill is to be made.
Concept: Bill of Exchange Examples and Solutions
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
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[1]1.B.4

The account in which banking transactions of joint venture are recorded.

Concept: Meaning and Definitions of Partnership and Partnership Deed
Chapter: [0.01] Introduction to Partnership
[1]1.B.5
Excess of average profit over normal profit.
Concept: Admission of a Partner - Treatment of Goodwill
Chapter: [0.03] Reconstitution of Partnership
[5]1.C | Match the following pairs:
Group ‘A’ Group ‘B’
(a) Bad debts (1) Dishonour of cash bill
(b) Excess of assets over liabilities (2) Indicates profit of joint venture
(c) Notary public (3) Indicates loss of joint venture
(d) Credit balance of joint venture a/c (4) System software
(e) Operating system (5) Drawings

 

(6) Capital

 

(7) Recoverable amount from debtors

 

(8) Non-recoverable amount from debtors
Concept: Effects of Adjustments-Bad and Doubtful Debts
Chapter: [0.02] Partnership Final Accounts [0.06] Single Entry System
[5]1.D | Select the most appropriate alternative from those given below:
[1]1.D.1

A gift given by a legal representative as per the will is called ________.

donation

 subscription

entrance fees

legacy

Concept: Nature and Types of Share and Share Capital
Chapter: [0.08] Company Accounts
[1]1.D.2

Gradual and permanent decrease in the value of an asset is called ________.

 

scrap value

cost price

loss

depreciation

Concept: Additional Information - Depreciation on Fixed Asset
Chapter: [0.06] Single Entry System
[1]1.D.3

A bill which is drawn in one country and made payable in other country is called __________.

inland bill

 hundi

foreign bill

promissory note

Concept: Bill of Exchange Examples and Solutions
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
[1]1.D.4

Co-venturers’ liability is_________.

limited

 fixed
 

 unlimited

 

 specific

Concept: Meaning and Definitions of Partnership and Partnership Deed
Chapter: [0.01] Introduction to Partnership
[1]1.D.5

Physical devices of computer system are known as ____________.

software

 hardware

 programme

humanware

Concept: Meaning and Definitions of Partnership and Partnership Deed
Chapter: [0.01] Introduction to Partnership
[5]1.E | State with reasons whether the following statements are True or False
[2]1.E.1
Indian Cricket Association prepares Profit and Loss Account ?
Concept: Not for Profit Concerns
Chapter: [0.05] Accounts of “Not for Profit” concerns
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[3]1.E.2

When the amount of a bill is paid on its due date, it is said to be retired ?

Concept: Important Terms of Bills of Exchange - Due Date
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
[5]1.F

From the following information prepare a format of a Bill of Exchange:   

(1) Drawer Mr Avadhoot Raktade
586, Main Road, Ajara
(2) Drawee Mr Mukund Aglawe
133, Chandni Chowk, Panvel
(3) Amount Rs. 8,800
(4) Period Two months
(5) Date of Bill 1st May, 2010
(6) Date of Acceptance 5th May, 2010
Concept: Bill of Exchange Examples and Solutions
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
[10]2 | Attempt any one of the following .
[10]2.A

M/s J. P. Company, Sakri, purchased a motor lorry for Rs. 8,00,000 on 1st April, 2007. Company purchased a second-hand motor lorry for Rs. 3,60,000 on 1st October, 2008. The company charges depreciation @ 10% p.a. on original cost. The financial year of the company ends on 31st March every year. On 30th September 2009, the second-hand motor lorry was sold for Rs. 2,80,000. Prepare: Motor Lorry's Account for the years 2007-2008, 2008-2009 and 2009-2010 and Journal Entries for the year 2009-2010.

Concept: Effects of Adjustments-Depreciation
Chapter: [0.02] Partnership Final Accounts [0.05] Accounts of “Not for Profit” concerns
[5]2.B

Following is the Balance Sheet of Usha and Sushila who share profits and losses equally.

Balance Sheet as on 31st March, 2010

Liabilities

Amount

Rs.

Assets

Amount

Rs.

Capital:

 

Land and Building

1,50,000

Usha

2,00,000

Machinery

1,00,000

Sushila

1,00,000

Debtors

80,000

Creditors

60,000

Stock

40,000

Bills Payable

40,000

Bank

30,000

 

4,00,000

 

4,00,000

The net profits for the last three years were Rs. 60,000, Rs. 80,000 and  Rs. 1,00,000. It was decided to calculate the value of goodwill at\[2\frac{1}{2}\] years’ purchase of super profit taking into consideration the standard rate of return on the capital employed at 15%. Calculate the value of goodwill.

Concept: Retirement Or Death of a Partner - Adjustment of Accumulated Profits and Losses
Chapter: [0.03] Reconstitution of Partnership
[5]2.C

What is a Computer? Explain limitations of computerised accounting systems ?

Concept: Introduction of Final Accounts
Chapter: [0.02] Partnership Final Accounts
[12]3
[12]3.A

Vicky owes Rs. 12,000 to Bunty and accepts 3 months' bill drawn by Bunty who discounts the same after a month at 10% p. a. with his bank. On due date the bill has been dishonoured and noting charges amounted to Rs. 100. Vicky then paid 25% of the amount of the bill and full amount of noting charges by crossed cheque and accepted a new bill for the balance plus interest at 12% p. a. for 3 months. New bill was sent to the bank for collection by Bunty. On due date the bank collected the amount of the new bill from Vicky and debited the bank charges Rs. 70 to Bunty's account. Pass Journal Entries in the books of Bunty and Bunty's account in the ledger of Vicky.

Concept: Accounting Treatment of Bill - Journal Entries and Ledger
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
[12]3.B

Journalise the following transactions in the book's of Bhaskar.

(a) Suresh informed Bhaskar that Nishad's acceptance for Rs. 2,500 endorsed to Suresh has been dishonoured and noting charges amounted to Rs. 25.

(b) Rajesh renews his acceptance to Bhaskar for Rs. 7,500 by paying Rs. 2,500 in cash and accepting a fresh bill for the balance plus interest @ 10% p. a. for three months.

(c) Mandar retired his acceptance to Bhaskar for Rs. 3,800 by paying Rs. 3,750 in cash.

(d) Bhaskar sent a bill of Dayaram for Rs. 5,000 to the bank for collection. But the bank informed that the bill has been dishonoured by Dayaram.

Concept: Accounting Treatment - Retaining the Bill Till Due Date. Honour Or Dishonour, Insolvency of the Drawee Or Acceptor
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
[12]4

Surekha and Sangita decided to undertake a venture jointly. They agreed to share profits and losses in the ratio of 3 : 2. Surekha supplied from her own stock goods worth Rs. 4,00,000 and paid Rs. 9,900 for freight and Rs. 2,400 for insurance. Sangita purchased goods of Rs. 3,90,000 for the venture and paid Rs 14,000 for selling expenses. Sangita accepted a bill for 3 months of Rs. 1,90,000 drawn by Surekha as an advance. The bill was discounted immediately by Surekha for Rs. 1,84,000 and the amount of discount was charged to Joint Venture Account. Sangita sold all the goods for Rs. 10,00,000. At end of the venture, the accounts were settled. Give journal entries in the books of Surekha.

Concept: Partnership Final Accounts
Chapter: [0.01] Introduction to Partnership and Partnership Final Accounts [0.02] Partnership Final Accounts
[12]5

 Mr. Prabhakar is a retail trader. He had no proper methods of accounting. But the following information is made available to you.  

Particulars

Amount
Rs.
1.4.2009

Amount
Rs.
31.3.2010

Sundry Debtors

Sundry Creditors

Bank overdraft

Stock

Cash in hand

Bills receivable

Furniture

Motor Van

Computer

10% Govt. Bonds

45,000

60,000

80,000

65,000

2,000

60,000

10,000

80,000

60,000

50,000

70,000

40,000

80,000

8,000

80,000

10,000

80,000

1,20,000

10,000

Adjustments:

(1) On 1st October, 2009 Mr. Prabhakar had withdrawn Rs. 40,000 for his personal use.

(2) 10% Government Bonds were purchased of Rs. 10,000 on 1st October, 2009.

(3) He had also withdrawn Rs. 30,000 for his daughter's marriage.

(4) Depreciate furniture by 10% and write off Rs. 2,000 from motor van.

(5) Rs 2,000 is written off as bad debts and provide 5% R.D.D. on debtors.

(6) Allow interest on capital at 10% p.a.

(7) Charge interest on drawings Rs. 2,000.

Prepare after taking into consideration the adjustments:

Opening statement of affairs of 1.4.2009.

Closing statement of affairs of 31.3.2010.

Statement showing Profit or Loss for the year ended on 31.3.2010.

 

 

Concept: Issue of Shares for Consideration Other than Cash
Chapter: [0.08] Company Accounts
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[16]6

Following is the Receipts and Payments Account and additional information of Kalpana Hospital, Sakri.

Receipts and Payments Account for 

the year ended on 31st March, 2010

Dr.

Cr.

Receipts

Amount
Rs.

Payments

Amount
Rs.

To Balance b/d

6,000

By Medicines

10,000

To Subscriptions:

 

By Honorarium to Doctors

75,000

2008-2009

7,500

 

By Ambulance Maintenance

44,000

2009-2010

95,000

 

By Hospital Equip. purchased

30,000

2010-2011

15,000

1,17,500

By Furniture purchased

25,000

To Donations

55,000

By Fixed Deposits

1,00,000

To Life Membership Fees

25,000

By Balance c/d (31.3.10)

69,500

To Hospital Receipts (Revenue)

1,50,000

 

 

 

3,53,500

 

3,53,500

Additional Information:

(1) Outstanding subscription for 2009-2010 is amounted to Rs. 5,000.

(2) Hospital equipments and furniture were purchased on 1.10.2009 and both were to be depreciated at 20% p. a.

(3) Life membership fees are to be capitalized.

(4) Donations represent donations for Building fund.

(5) Staff salary for the current year is outstanding Rs. 7,500.

(6) On 1.4.2009, the hospital had the following assets and liabilities:
Land Rs. 2,50,000, Investments Rs. 50,000, Ambulance Rs. 1,02,500, Bank Loan Rs. 2,00,000.

(7) Capital Fund as on 1.4.2009 was amounted to Rs. 2,16,000.
Prepare: Income and Expenditure Account for the year ending 31st March, 2010 and the Balance Sheet as on that date.

Concept: Preparation of Income and Expenditure Account and Closing Balance Sheet
Chapter: [0.05] Accounts of “Not for Profit” concerns
[20]7

Following is the Trial Balance of Jitesh and Pritesh. The partners share profits and losses equally.

 Trial Balance as on 31st March, 2010

Particulars

Debit
Balance
 (Rs)

Credit
Balance
 (Rs)

Capital - Jitesh

           - Pritesh

Bills Receivable and Bills Payable

Opening Stock

Purchases and Sales

Returns

Salaries

Wages

Conveyance

Commission

Miscellaneous Expenses

Warehouse Rent

Brokerage

Dock Charges

Insurance

Goodwill

Land and Building

Shares in Bajaj Ltd.

Cash in hand

Sundry Debtors and Creditors

Motor Van

 

 

40,000

70,000

1,94,000

3,000

15,600

28,400

2,200

3,200

9,000

3,000

4,200

4,800

76,000

1,80,000

50,000

3,600

56,000

60,000

2,00,000

1,20,000

50,000

3,63,000

4,000

6,000

 

 

 

60,000

8,03,000

8,03,000

Adjustments−

(1) Closing stock was valued at Rs. 75,000.

(2) Depreciate land and building and motor van at 5% p. a.

(3) Insurance is paid for the year ended 31st May, 2010.

(4) Jitesh has taken goods of Rs. 3,000 for his personal use.

(5) Books of Rs. 8,000 were destroyed by fire and the Insurance Company admitted a claim of Rs. 6,400 only.

(6) Commission due but not received Rs. 1,600.

Prepare after taking into account the adjustments:

Trading and Profit and Loss account for the year ended 31st March  2010 and Balance Sheet as on that date.

 

Concept: Admission of a Partner - Adjustment of Accumulated Profits and Losses
Chapter: [0.03] Reconstitution of Partnership
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Maharashtra State Board previous year question papers 12th Board Exam Book Keeping and Accountancy with solutions 2011 - 2012

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