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Book Keeping and Accountancy 2014-2015 HSC Arts 12th Board Exam Question Paper Solution

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Book Keeping and Accountancy
Marks: 80Academic Year: 2014-2015
Date & Time: 9th March 2015, 11:00 am
Duration: 3h

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

What is ‘liability of partners’ ?

Concept: The Indian Partnership Act 1932
Chapter: [1] Introduction to Partnership
[1]1.1.2

What is meant by ‘capital fund’ ?

Concept: Additional Information - Capitalisation of Entrance Fees
Chapter: [5] Accounts of “Not for Profit” concerns
[1]1.1.3

What is ‘gain ratio’ ?

Concept: Retirement Or Death of a Partner - Gain Ratio
Chapter: [3] Reconstitution of Partnership
[1]1.1.4

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

Concept: Issue at Par and Premium and at Discount
Chapter: [8] Company Accounts
[1]1.1.5

What are Noting Charges?

Concept: Basic Term of Bills of Exchange - Noting Charges
Chapter: [7] Bill of Exchange (Only Trade Bill)
[5]1.2 | Write a word / term / phrase which can substitute each of the following statements:
[1]1.2.1

Give word / term or phrase for the following statement.

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

Concept: Not for Profit Concerns
Chapter: [5] Accounts of “Not for Profit” concerns
[1]1.2.2

Debit balance of revaluation account.

Concept: Effects of Adjustments-Bad and Doubtful Debts
Chapter: [2] Partnership Final Accounts [6] Single Entry System
[1]1.2.3

The debentures which are convertible into shares.

Concept: Meaning and Concept of Debentures
Chapter: [8] Company Accounts
[1]1.2.4

A person who draws a bill of exchange.

Concept: Introduction of Bill of Exchange (Only Trade Bill)
Chapter: [7] Bill of Exchange (Only Trade Bill)
[1]1.2.5

An asset which can be converted into cash immediately.

Concept: Additional Information - Opening Balances of Assets and Liabilities
Chapter: [5] Accounts of “Not for Profit” concerns
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[5]1.3 | Select the most appropriate alternative from those given belows and rewrite the statements :
[1]1.3.1

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

  1. Realisation account
  2. Cash/Bank account
  3. Partners’ capital account
  4. Partners’ loan account
Concept: Dissolution of Partnership Firm
Chapter: [4] Dissolution of Partnership Firm
[1]1.3.2

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

  1. Assets
  2. Liability
  3. Debit
  4. Cash
Concept: Effects of Adjustments-Prepaid Expenses
Chapter: [2] Partnership Final Accounts [6] Single Entry System
[1]1.3.3

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

Concept: Important Terms of Bills of Exchange - Due Date
Chapter: [7] Bill of Exchange (Only Trade Bill)
[1]1.3.4

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

  1. Statement of affairs
  2. Cash account
  3. Drawing account
  4. Debtor’s account
Concept: Concept of Financial Statement Analysis
Chapter: [9] Analysis of Financial Statements
[1]1.3.5

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

  1. Liquidity
  2. Profit
  3. Share
  4. Share Capital
Concept: Introductions to Liquid Ratio
Chapter: [9] Analysis of Financial Statements
[5]1.4 | State whether the following statements are True or False :
[1]1.4.1

Balance sheet is a nominal account.

Concept: Concept of Financial Statement Analysis
Chapter: [9] Analysis of Financial Statements
[1]1.4.2

Drawee can transfer the ownership of a bill.

Concept: Accounting Treatment of Bill by the Drawer Or Holder and Drawee
Chapter: [7] Bill of Exchange (Only Trade Bill)
[1]1.4.3

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

Concept: Dissolution of Partnership Firm
Chapter: [4] Dissolution of Partnership Firm
[1]1.4.4

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

Concept: Acceptance of Bill
Chapter: [7] Bill of Exchange (Only Trade Bill)
[1]1.4.5

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

Concept: Single Entry Difference with Double Entry
Chapter: [6] Single Entry System
[5]1.5 | Prepare a specimen of a Bill of Exchange from the following information

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
Concept: Bill of Exchange Examples and Solutions
Chapter: [7] Bill of Exchange (Only Trade Bill)
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[8]2 | Attempt any ONE
[8]2.1

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 Bank 20000 36000
Stock 16000 24000
Furniture 18000 18000
Plant and Machinery 60000 90000
Creditors 15000 18000
Debtors 24000 30000

 

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.

Concept: Single Entry System Examples and Solutions
Chapter: [6] Single Entry System
[8]2.2
[4]2.2.1

What are the components of current ratio ?

Concept: Introductions to Current Ratio
Chapter: [9] Analysis of Financial Statements
[4]2.2.2

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

Concept: Concept of Financial Statement Analysis
Chapter: [9] Analysis of Financial Statements
[10]3 | Attempt any ONE
[10]3.1

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

Liabilities Amount (Rs.) Assets Amount (Rs.)

Capital A/c

          Akash

          Suraj

 

50000

50000

Furniture 2100

General Reserve

10000 Stock 28700
Sundry creditors 60000 Land and building 35000
Bills payable 17000 Plant and machinery 49000
    Sundry debtors 63000
    Cash 9200
  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.
Concept: Reconstitution of Partnership Examples and Solutions
Chapter: [3] Reconstitution of Partnership
[10]3.2

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

Liabilities Amount (Rs.) Assets Amount (Rs.)
Creditors 34800 Cash 21600
Bills Payable 8800 Machinery 34800

Capital A/c

        Vaishali

        Madhuri

        Shobha

 

48000

52000

36000

Debtors 50000
 Reserved Fund 16000 Stock 25200
    Furniture 16000
    Building 48000
  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.

Concept: Reconstitution of Partnership Examples and Solutions
Chapter: [3] Reconstitution of Partnership
[10]4

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.

Concept: Acceptance of Bill
Chapter: [7] Bill of Exchange (Only Trade Bill)
[10]5 | Attempt any ONE
[10]5.1

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

Liabilities Amount(Rs.) Assets Amount(Rs.)
Sundry Creditors 16000 Cash in hand 500

Capital A/c

              Aaba

              Baba

 

2000

2000

Stock 4500
    Debtors 4000
    Plant and machinery 5000
    Furniture 2000
    Land and Building 4000
  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.

Concept: Dissolution of Partnership Firm
Chapter: [4] Dissolution of Partnership Firm
[10]5.2

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.

Concept: Issue of Debentures at Par at Premium and at Discount
Chapter: [8] Company Accounts
[12]6

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 Balance Sheet as on that date :

                                         Balance Sheet as on 1st April, 2012

Liabilities Amount (Rs.) Assets Amount (Rs.)
Capital fund 1000000 Cash in hand 6000
Outstanding Salaries 22000 Cash at bank 30000
Medical bill unpaid 6000 Land and building 800000
    Furniture 70000
    Equipments 120000
    Outstanding Subscription 2000
  1028000   1028000

 

Receipts and Payments Account for the year ending 31.03.2013

Dr.     Cr.
Receipts Amount (Rs.) Payments Amount (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 Medicines 48000

To Sale of old furniture

        (book value Rs. 30000)

20000

 

By Equipment purchased 20000

To Donations

        (revenue)

44000

 

By Taxes 3000
To Life membership fees 25000 By General expenses 8600
   

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.
Concept: Preparation of Income and Expenditure Account and Closing Balance Sheet
Chapter: [5] Accounts of “Not for Profit” concerns
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[15]7

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 Balances Amount (Rs.) Credit Balances Amount (Rs.)
Opening stock 180000 Sales 525000
Bills receivable 80000 Rent 22000
Purchase 240000 Bills payable 78000
Bad debts 20000 Sundry creditors 100000
Salary and wages 24000

Capital account

          Sanjay

          Keshav

 

500000

300000

Discount 9000    
Carriage inward 12000    
Travelling expenses 13000    
Cash in hand 38000    
Furniture 280000    
Insurance   12000    
Land and building  400000     
Postage and telegram  7000     
Sundry debtors 210000    
  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.
Concept: Preparation of Final Accounts
Chapter: [2] Partnership Final Accounts

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