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Book Keeping and Accountancy 2010-2011 HSC Commerce 12th Board Exam Question Paper Solution

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Book Keeping and Accountancy
Marks: 100Academic Year: 2010-2011
Date: March 2011

[20]1
[5]1.A | Answer in ‘One’ sentence each:
[1]1.A.1
What is Fixed Capital Method?
Concept: Meaning and Definitions of Partnership and Partnership Deed
Chapter: [1] Introduction to Partnership
[1]1.A.2

What do you mean by Capital Expenditure?

Concept: Adjustments - Capital Expenditure Included in Revenue Expenses and Vice-versa
Chapter: [2] Partnership Final Accounts
[1]1.A.3
Under which method of depreciation amount of depreciation changes every year?
Concept: Additional Information - Depreciation on Fixed Asset
Chapter: [6] Single Entry System
[1]1.A.4

What is retirement of Bill of Exchange?

Concept: Accounting Treatment of Bill - Retirement of Bill
Chapter: [7] Bill of Exchange (Only Trade Bill)
[1]1.A.5
What do you mean by credit balance of Joint Venture Account?
Concept: Meaning and Definitions of Partnership and Partnership Deed
Chapter: [1] Introduction to Partnership
[5]1.B | Write the word/term/phrase which can be substitute each of the following statements:
[1]1.B.1
The statement showing list of Debit and Credit balances of all ledger accounts.
Concept: Accounting Treatment of Bill - Journal Entries and Ledger
Chapter: [7] Bill of Exchange (Only Trade Bill)
[1]1.B.2

Fees paid by persons to become members of a ‘Not for Profit’ concern.

Concept: Meaning of Receipts and Payments Account
Chapter: [5] Accounts of “Not for Profit” concerns
[1]1.B.3
Excess of Average Profit over Normal Profit.
Concept: Retirement Or Death of a Partner - Treatment of Goodwill
Chapter: [3] Reconstitution of Partnership
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[1]1.B.4

The person who endorses bill.

Concept: Bill of Exchange Examples and Solutions
Chapter: [7] Bill of Exchange (Only Trade Bill)
[1]1.B.5
A temporary partnership formed for carrying out a particular venture.
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) Accrued Income (a) Single Entry System
(2) Impersonal Accounts are not maintained (b) Volatile Memory
(3) RAM (c) Asset side
(4) Agent who sells goods of Joint Venture (d) Charges paid for erection of New Machinery
(5) Installation Charges (e) Liability side

 

  (f) Double Entry

 

 

(g) Non-volatile memory

 

 

(h) Entitled for commission on sale
Concept: Effects of Adjustments-Accrued Income
Chapter: [5] Accounts of “Not for Profit” concerns
[5]1.D | Select the most appropriate alternative from those of given below:
[1]1.D.1

Income and Expenditure Account includes items of ____ nature only.

capital

revenue

 fixed

 non-recurring

Concept: Preparation of Income and Expenditure Account and Closing Balance Sheet
Chapter: [5] Accounts of “Not for Profit” concerns
[1]1.D.2

Noting charges are paid when a bill is ____.

honoured

dishonoured

 renewed

retired

Concept: Dishonour of Bill
Chapter: [7] Bill of Exchange (Only Trade Bill)
[1]1.D.3

Unsold stock of Joint Venture taken over by co-venturer is credited to ____.

Co-venturer’s account

Joint venture account

Joint bank account

Stock account

Concept: Meaning and Definitions of Partnership and Partnership Deed
Chapter: [1] Introduction to Partnership
[1]1.D.4

 Under Single Entry System, additional capital brought in during the year is _____ closing capital in order to calculate profit.

added to

deducted from

 added twice to

deducted twice from

Concept: Additional Information - Additional Capital
Chapter: [6] Single Entry System
[1]1.D.5

Subscription received in advance during the accounting year is _______.

 an income

an expenditure

an asset

 a liability

Concept: Additional Information - Opening Balances of Assets and Liabilities
Chapter: [5] Accounts of “Not for Profit” concerns
[5]1.E | State whether True/False (with reasons):
[2]1.E.1
While calculating the average profit, the losses are ignored.
Concept: Admission of a Partner - Adjustment of Accumulated Profits and Losses
Chapter: [3] Reconstitution of Partnership
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[3]1.E.2

Drawer and payee of a bill of exchange may be one and the same person.

Concept: Bill of Exchange Examples and Solutions
Chapter: [7] Bill of Exchange (Only Trade Bill)
[5]1.F

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

Shri Suraj Patil Bazarpeth, Sawantwadi, draws a bill for a period of 4 months on Anita Desai, M.G Road, Pune, on 1st January, 2011 for Rs 19,500.

Anita Desai accepted the bill on 4th January, 2011.

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

Shri Yashraj and Company, Kolhapur, purchased furniture for Rs 60,000 on 1.4.2007.On 1.10.2009 the company sold out a part of the furniture for Rs 6,000, the original cost of which on 1.4.2007 was Rs 12,000.

The company charges depreciation at the rate of 10% p.a. on Reducing Balance method. The financial year of the company ends on 31st March, every year.

Prepare: Furniture Account and Depreciation Account for the years 2007-08, 2008-09, 2009-10.

Concept: Introduction of Final Accounts
Chapter: [2] Partnership Final Accounts
[5]2.B

Following is the Balance Sheet of Anil and Sunil.

Balance Sheetas on 31st March, 2008

Liabilities

Amount

(Rs)

Assets

Amount

(Rs)

Capitals :

 

 

 

 

Anil

3,60,000

Machinery

3,60,000

Sunil

2,40,000

Computer

60,000

Profit and Loss A/c

60,000

Stock in trade

2,70,000

Creditors

93,000

Debtors

1,26,000

Bank overdraft

87,000

Cash

24,000

 

 

 

 

 

8,40,000

 

8,40,000

The Profit and Losses for the last 5 years were:

Years

2003-04

2004-05

2005-06

2006-07

2007-08

(Rs)

1,50,000

1,80,000

72,000

12,000

60,000

(Profit)

(Profit)

(Profit)

(Loss)

(Profit)

You are required to calculate the value of Goodwill at 5 years’ purchase of super profit assuming that the normal rate of return is 10% on capital employed in the similar business.

Concept: Preparation of Income and Expenditure Account and Closing Balance Sheet
Chapter: [5] Accounts of “Not for Profit” concerns
[5]2.C
Explain in brief, the importance of computers in modern age.

 

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

Ms. Smita purchases goods from Mr. Ramesh on 1st April, 2010 for Rs 36,000. Smita accepts a bill for 2 months drawn by Ramesh for the same amount on the same day.

Ramesh discounts the bill with the Bank for Rs 35,100 on 2nd April, 2010. On due date the bill is dishonoured, noting charges are Rs 60.
Smita pays Rs 18,000 in cash with noting charges.

A fresh bill drawn by Ramesh is accepted by her for the balance including interest Rs 450 for two months.

The new bill is retired one month before the due date at the rebate of Rs 250. Pass Journal entries in the books of Ms. Smita

 

Concept: Accounting Treatment - Retaining the Bill Till Due Date. Honour Or Dishonour, Insolvency of the Drawee Or Acceptor
Chapter: [7] Bill of Exchange (Only Trade Bill)
[12]3.B
Journalise the following transactions in the books of Mr. Vivek :

(a) On 1st January, 2010, Sameer informs Vivek that Mahesh's acceptance for Rs 32,000 endorsed to Sameer has been dishonoured. Noting charges Rs 800.

(b) On 1st February, 2010, Subhash renews his acceptance to Vivek for Rs 30,000 by paying Rs 14,000 in cash and accepting fresh bill for the balance plus interest @ 10% p.a. for 3 months.

(c) On 5th February, 2010, Dinesh retired his acceptance to Vivek for Rs 12,000 by paying Rs 11,600 in cash.

(d) On 1st March, 2010 Vivek sent a bill of Sohan for Rs 20,000 to Bank for collection. Bank informed that the bill has been dishonoured by Sohan.  

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

Rokadimal of Rajkot and Gunjal of Pune, entered into a Joint Venture to purchase and sale goods and agreed to share profit and losses in the proportion of 4 : 1 respectively.

Rokadimal sent goods of Rs 4,00,000 to Gunjal for sale.

Rokadimal paid Rs 11,500 for carriage.

Rokadimal drew a bill of Rs 95,000 on Gunjal, which he accepts.

Rokadimal discounted this bill with the bank for Rs 92,000.

The amount of discount is to be treated as joint venture expenditure.

Gunjal paid Rs 13,500 got advertisement.

Gunjal sold all the goods for Rs 5,00,000.

Gunjal paid Rs 7,000 for selling expenses and he is entitled for a commission on sales at 5% Co-venturers settled their accounts.

Give Journal Entries in the books of Gunjal of Pune.
Concept: Partnership Final Accounts - Examples and Solutions
Chapter: [2] Partnership Final Accounts
[10]5

Following incomplete information is available from the records maintained by Mr. Premnath.

Particulars

1.4.2009
Rs.

31.3.2010
Rs.

Cash Balance

Bank Balance

Sundry Debtors

Stock

Furniture

Creditors

10% Bank Loan

12,000

26,000

20,000

24,000

24,000

20,000

20,000

13,000

30,000

26,000

26,000

24,000

20,000

20,000

Additional Information :

(1) Mr. Premnath introduced additional capital in the business amounted to Rs 15,000 on 1st January, 2010.

(2) He has paid life insurance premium Rs 10,000 from the business account and withdrawn goods worth Rs 5,000 for his personal use.

(3) Write off Rs 1,000 as bad debts and maintain reserve for doubtful debts at 5% on remaining debtors.

(4) Provide depreciation at 5% p.a. on furniture.

(5) The closing balance of sundry creditors has been overvalued by Rs 2,000 in the books of account.

(6) Provide Interest on Capital and Bank Loan @ 10% p.a.

Prepare :

(i) Statement of Affairs as on 1.4.2009.

(ii) Statement of Affairs as on 31.3.2010.

(iii) Statement of Profit or Loss for the year ended 31st March, 2010. 

Concept: Concept of Financial Statement Analysis
Chapter: [9] Analysis of Financial Statements
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[16]6

Following is the Balance Sheet and Receipts and Payments Account of the Memorial Hospital, Sawantwadi, Prepare Income and Expenditure A/c for the year ended on 31.03.2010 and the Balance Sheet as on that date.

Balance Sheet as on 01.04.2009

Liabilities

Amount
Rs.

Assets

Amount
Rs.

Capital Fund

Outstanding

Salaries

Medical Bill unpaid

10,04,000

 

22,000

6,000

Cash in Hand

Cash at Bank

Land and Building

Furniture

Equipments

Outstanding Subscriptions

6,000

34,000

8,00,000

70,000

1,20,000

2,000

 

10,32,000

 

10,32,000

 

Receipts and Payments Account

for the year ending 31.03.2010

Dr.

 

Cr.

Receipts

Amount
Rs.

Payments

Amount
Rs.

To Balance b/d

     Cash in hand

     Cash at Bank

To Subscriptions

       (Includes Rs 2,000

received for previous year)

To Sale of furniture

      (Book Value Rs 30,000)

To Donations (Revenue)

To Life Membership Fees

 

6,000

34,000

1,30,000

 

 

20,000

 

44,000

25,000

By Salaries

(Including of the previous year)

By Medicines

By Equipments purchased

By Taxes

By General Expenses

By Balance c/d

    Cash in Hand

    Cash at Bank

 

1,10,000

 

52,000

20,000

3,000

8,600

 

15,400
50,000

 

2,59,000

 

2,59,000

Consider the following adjustments:

(1) Outstanding subscriptions Rs 12,000.

(2) Capitalise the amount of membership fees.

(3) Prepaid 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 1.4.2009 is still due.

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

From the following Trial Balance of M/s Sanjay and Vijay, you are require to prepare Trading and Profit and Loss A/c for the year ended on 31st March, 2010 and Balance Sheet as on that date after taking into consideration the additional information given below :

Trial Balance as on 31st March, 2010

Particulars

Debit
Amount
 (Rs)

Credit
Amount
 (Rs)

Sundry Debtors and Creditors

Bills Receivable and Bills Payable

Purchases and Sales

Return Inward

Salaries and Wages

Carriage outward

Insurance Premium

Postage and Telegram

Plant and Machinery

Advertisement

Import Duty

Bad Debts

Printing and Stationery

Cash in Hand

Leasehold Premises

Opening Stock

Dividend Received

Outstanding Audit fees

10% Bank Loan (Taken on 1.10.2009)

Capital Accounts : Sanjay

                               Vijay

45,800

28,200

98,500

2,000

26,000

1,800

2,200

1,750

70,000

3,000

2,100

1,000

2,400

1,850

80,000

12,000

 

72,700

40,000

1,10,000

 

 

 

 

 

 

 

 

 

 

 

 

 

1,500
4,400

60,000

45,000

45,000

 

Total

3,78,600

3,78,600

Additional Information:

(1) Closing Stock was valued at Rs 25,000.

(2) Unused Postage Stamps of Rs 250.

(3) Uninsured goods worth Rs 8,000 were stolen from the godown.

(4) Leasehold property is to be run for 10 years w.e.f.1.10.2009.

(5) Depreciate Plant and Machinery at 10% p.a.

(6) Our customer Mr. Ajay became insolvent and could not pay his debts of Rs 2,000.

Concept: Preparation of Final Accounts
Chapter: [2] Partnership Final Accounts

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