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Book Keeping and Accountancy 2009-2010 HSC Commerce 12th Board Exam Question Paper Solution

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Book Keeping and Accountancy
Marks: 100Academic Year: 2009-2010
Date: March 2010

[20]1
[5]1.A | Answer in ‘One’ sentence each:
[1]1.A.1
What are Revenue Expenditures?
Concept: Adjustments - Capital Expenditure Included in Revenue Expenses and Vice-versa
Chapter: [2] Partnership Final Accounts
[1]1.A.2

Answer in one sentence only. 

Who is a Drawer?

Concept: Accounting Treatment of Bill by the Drawer Or Holder and Drawee
Chapter: [7] Bill of Exchange (Only Trade Bill)
[1]1.A.3
What is a Joint Venture ?
Concept: Meaning and Definitions of Partnership and Partnership Deed
Chapter: [1] Introduction to Partnership
[1]1.A.4

 What is a Computer?

Concept: Meaning and Definitions of Partnership and Partnership Deed
Chapter: [1] Introduction to Partnership
[1]1.A.5
What is a Goodwill?

 

Concept: Concept of Goodwill
Chapter: [3] Reconstitution of Partnership
[5]1.B | Write a word/ term/ phrase which can substitute each of the following statements:
[1]1.B.1
The incomplete method of accounting system.
Concept: Meaning and Definitions of Partnership and Partnership Deed
Chapter: [1] Introduction to Partnership
[1]1.B.2

The gradual and permanent decrease in the value of fixed assets due to any cause.

Concept: Admission of a Partner - Revaluation of Assets and Liabilities
Chapter: [3] Reconstitution of Partnership
[1]1.B.3
Payment before the due date of bill.
Concept: Important Terms of Bills of Exchange - Due Date
Chapter: [7] Bill of Exchange (Only Trade Bill)
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[1]1.B.4

 An account opened in the bank in a joint name of the co-venturers.

Concept: Meaning and Definitions of Partnership and Partnership Deed
Chapter: [1] Introduction to Partnership
[1]1.B.5
The unit of the computer which is popularly known as heart, brain and nervous system.
Concept: Meaning and Definitions of Partnership and Partnership Deed
Chapter: [1] Introduction to Partnership
[5]1.C

Match the following pairs : 

Group ‘A’ Group ‘B’
(1) Income and Expenditure A/c (a) Withdrawals in cash or kind
(2) Drawings (b) Negotiable instrument
(3) Bill of Exchange (c) Similar to Profit and Loss account
(4) Co-venturers’ Liability (d) Limited
(5) Intangible Asset (e) Computer

 

 

(f) Unlimited

 

 

(g) Goodwill

 

 

(h) Building
Concept: Preparation of Income and Expenditure Account and Closing Balance Sheet
Chapter: [5] Accounts of “Not for Profit” concerns
[5]1.D | Select the most appropriate alternative from those given below:
[1]1.D.1

The Indian Partnership Act is in force since ______.

1933

1932

1956

1934

Concept: The Indian Partnership Act 1932
Chapter: [1] Introduction to Partnership
[1]1.D.2

Receipt and Payment account is a ______ account.

Personal

Real

Nominal

None of these

Concept: Meaning of Receipts and Payments Account
Chapter: [5] Accounts of “Not for Profit” concerns
[1]1.D.3

Under Fixed Installment Method depreciation is charged on ______.

Original cost

 Written down value

 Scrap value

Market value

Concept: Effects of Adjustments-Depreciation
Chapter: [2] Partnership Final Accounts [5] Accounts of “Not for Profit” concerns
[1]1.D.4

There are _____ parties to a bill of exchange.

Two

 Four

Three

Five

Concept: Parties to the Bill of Exchange
Chapter: [7] Bill of Exchange (Only Trade Bill)
[1]1.D.5

Expenses of Joint Venture business are debited to ______.

Joint Bank A/c

 Joint Venture A/c

Co-Venturers’ A/c

Debentures A/c

Concept: Meaning and Definitions of Partnership and Partnership Deed
Chapter: [1] Introduction to Partnership
[5]1.E | State whether True / False (with reasons):
[2]1.E.1
Balance Sheet is an account of business result.
Concept: Preparation of Income and Expenditure Account and Closing Balance Sheet
Chapter: [5] Accounts of “Not for Profit” concerns
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[3]1.E.2

The main objective of not for profit organizations is to earn profit.

Concept: Not for Profit Concerns
Chapter: [5] Accounts of “Not for Profit” concerns
[5]1.F

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

1. Drawer: Subhash Suryawanshi, Main Road, Ajara.

2. Drawee: Madhukar Bharati, Amboli Road, Sawantwadi.

3. Payee: Manoj Desai, Amboli.

4. Period: 60 days.

5. Date of bill: 25th May, 2006.

6. Date of acceptance: 28th May, 2006

7. Amount of bill: Rs 5,700
Concept: Draft Or Format of Bills
Chapter: [7] Bill of Exchange (Only Trade Bill)
[10]2 | Attempt any one of the following
[10]2.A

On 1st April, 1995 Avadhoot Traders, Ajara, purchased machinery for Rs. 40,000. On 1st October, 1995 they purchased further machinery costing Rs. 20,000. On 1st October, 1997 they sold machinery which was purchased on 1st April, 1995 for Rs. 28,780. Depreciation on machinery was provided at the rate of 10% p. a. on Diminishing Balance Method. The financial year closes on every 31st March. Prepare: Machinery A/c and Depreciation A/c for three years: 1995-96, 1996-97 and 1997-98.

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

The capital of a Partnership firm is Rs. 3,00,000. Profit for the last 4 years was Rs. 32,500, Rs 35,000, Rs. 36,000 and Rs. 39,000. The reasonable return on the capital employed is 11%. Calculate the value of goodwill on the basis of 3 years purchases of super profit.

Concept: Admission of a Partner - Treatment of Goodwill
Chapter: [3] Reconstitution of Partnership
[5]2.C

Explain the role of Computer in accounting.

Concept: Meaning and Definitions of Partnership and Partnership Deed
Chapter: [1] Introduction to Partnership
[12]3 | Attempt any one of the following
[12]3.A

Madhav accepted a bill of Rs. 40,000 drawn by Kashinath at 3 months. Kashinath got the bill discounted with his bank for Rs. 39,000. Before the due date, Madhav approached Kashinath for renewal of the bill. It was agreed to pay Rs 30,000 immediately together with interest on the remaining amount at 10% p. a. for 3 months and for the balance Madhav accepted a new bill for 3 months. These arrangements were carried through. But afterwards Madhav became insolvent. Only 35% of the amount could be recovered from his estate.

1. Pass necessary Journal Entries in the books of 'Madhav'.

2. Prepare Madhav's A/c in the books of 'Kashinath'.

Concept: Accounting Treatment of Bill - Journal Entries and Ledger
Chapter: [7] Bill of Exchange (Only Trade Bill)
[12]3.B
Journalise the following transactions in the books of 'Avadhoot'.

(a) Nandini informs Avadhoot that Nisha's acceptance for Rs. 5,000 endorsed to Nandini has been dishonoured. Noting charges amounted to Rs. 100.

(b) Dhanashri renews her acceptance to Avadhoot for Rs. 2,400 by paying Rs. 1,200 in cash and accepting a new bill for the balance plus interest at 12% p.a. for 3 months.

(c) Honagekar's acceptance to Avadhoot Rs. 6,000 retired one month before its due date at a discount of 20% p.a.

(d) Bank informs to Avadhoot that the dishonour of Shashikala's acceptance for Rs. 4,000 discounted with the bank. Noting charges amounted to Rs. 70.

(e) Avadhoot sent a bill of Pravin for Rs. 6,000 to the bank for collection. 

Concept: Bill of Exchange Examples and Solutions
Chapter: [7] Bill of Exchange (Only Trade Bill)
[12]4

Apate, Bachute and Chapate undertook construction of the Cultural Hall of a Company at a contract price of Rs. 60,000 payable in Cash Rs. 40,000 and Rs. 20,000 in the form of Debentures  of a company. They shared profits and losses in the ratio of 3 : 2 : 1 respectively. Apate Rs. 30,000, Bachute Rs. 20,000, Chapate Rs. 10,000.

The following payments are made out through Joint Bank Account.

1. Purchase of materials Rs. 25,000
2. Payment of wages Rs. 7,700
3. Purchase of plant Rs. 4,500
4. Other charges Rs. 1,100

 

Apate brings a truck of Rs. 4,000

 

Bachute brings materials of Rs. 5,500

 

Chapate brings a mixer worth Rs. 1,000

At the close of the venture the unused materials were taken by Apate for Rs. 500.

Bachute took over the mixer and plant for Rs. 2,700.

The truck was sold in the market for Rs. 2,200.

The contract price was received as per the agreement.

Chapate agreed to take over the debentures at Rs. 19,000.

Prepare : 1. Joint Venture Account

 

2. Joint Bank Account

 

3. Co-Venturer's Account
Concept: Meaning and Definitions of Partnership and Partnership Deed
Chapter: [1] Introduction to Partnership
[10]5

Mr. Balasaheb is dealing in the business of fruits. He maintains his accounting record with single entry. The following figures are taken from his record.

Particulars

Balance as on 1.4.2004

Balance as on 31.3.2005

 

 

 

Land and
Buildin
Machinery
Furniture
Sundry
Debtors Stock
Cash Balance
Bills
Receivable
Sundry
Creditors
Bank
Overdraft
Bank Balance

40,000
30,000
10,000
20,000
10,000
5,000
5,000
25,000
5,000

50,000
40,000
10,000
40,000
25,000
15,000
5,000
25,000

10,000

Mr. Balasaheb introduced Rs. 10,000 as further capital.

He spent Rs. 45,000 from the business for his daughter's marriage.

Depreciate Land and Building by Rs. 5,000

Create 5% Reserve for Doubtful Debts on Sundry Debtors.

Concept: Illustrations of Single Entry System
Chapter: [6] Single Entry System
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[16]6

Following is the summary of Receipts and Payments of Jay Bajrangbali Vyayam Shala, Ajara for the year ending on 31.03.2007.

Receipts and Payments Account

For the year ended on 31st March 2007

Dr.

 

Cr.

Receipts

Amount
Rs.

Payments

Amount Rs.

To Balance b/d

To Subscription

     2005-06

     2006-07

To Donation for Building

To Receipts from Entertainments

To Interest

To Entrance fees

41,600

 

4,120

1,60,000

50,000

 

36,440

3,240

45,000

By Salary

By Lighting

By General Expenses

By Entertainments Expenses

By Taxes Paid

By Printing and Stationery

By Expenses paid of 2005-06

By Investment

By Fixed Deposit with Ajara Urban Bank

By Balance c/d

55,000

10,000

15,360

25,800

5,000

9,440

24,000

1,20,000

40,000

 

35,800

Total

3,40,400

Total

3,40,400

1. Jay Bajrangbali Vyayam Shala has 4500 members paying annual subscription of Rs. 40 each.

2. Provide for outstanding salary Rs. 5,000.

3. On 1.4.2006 the assets stood as under:

(a)

Land and Building

Rs. 60,000

(b)

Furniture

Rs. 46,000

Depreciate the above assets at 10% p. a.

4. Interest on Investment Rs. 2,000 is not received.

5. Capital Fund was Rs. 1,27,720 on 1.4.2006.

6. 50% of the entrance fees is to be capitalized.

Prepare: Income and Expenditure Account for the year ended 31st March, 2007 and Balance Sheet as on that date.  

Concept: Preparation of Income and Expenditure Account and Closing Balance Sheet
Chapter: [5] Accounts of “Not for Profit” concerns
[20]7

Ashok and Tanaji are Partners sharing Profits and Losses in the ratio 2 : 3 respectively. Their Trial Balance as on 21st March, 2007 is given below. You are required to prepare Trading and Profit and Loss Account for the year ended 31st March, 2007 and Balance Sheet as on that date after taking into account the given adjustments.

 Trial Balance as on 31 st March 2007

Receipts

Debit
Amount
 (Rs)

Particulars

Credit
Amount
 (Rs)

Purchases

Patents Right

Building

Stock (1.04.2006)

Printing and Stationery

Sundry Debtors

Wages and Salaries

Audit fees

Sundry Expenses

Furniture

10% Investment (Purchased on 30.09.2006)

Cash

Provident Fund Contribution

Carriage Inwards

Travelling Expenses

98,000

4,000

1,00,000

15,000

1,750

35,000

11,000

700

3,500

8,000

 

10,000

4,000

 

800

1,300

2,700

 

Capitals :

       Ashok

       Tanaji

Provident Fund

Creditors

Bank Loan

Sales

Reserve for

Doubtful Debts

Purchase Returns

 

30,000

40,000

7,000

45,000

12,000

1,58,000

 

250

3,500

2,95,750

2,95,750

Adjustments:

1. Closing stock is valued at the cost of Rs. 15,000 while its market price is Rs. 18,000

2. On 31st March, 2007 the stock of stationery was Rs. 500.

3. Provided reserve for bad and doubtful debts at 5% on debtors.

4. Depreciate building at 5% and patent rights at 10%.

5. Interest on capitals is to be provided at 5% p. a.

6. Goods worth Rs. 10,000 were destroyed by fire.

The Insurance company admitted a claim for Rs. 8,000. 

Concept: Reconstitution of Partnership Examples and Solutions
Chapter: [3] Reconstitution of Partnership

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