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Book Keeping and Accountancy 2015-2016 HSC Arts 12th Board Exam Question Paper Solution

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Book Keeping and Accountancy
Marks: 80Academic Year: 2015-2016
Date: July 2016

[15]1 | Attempt any THREE of the following sub - questions
[5]1.A | Answer the following questions in 'one' sentence each
[1]1.A.1

Answer the following question in one sentence.
What is Trial Balance?

Concept: Introduction of Final Accounts
Chapter: [2] Partnership Final Accounts
[1]1.A.2

Answer the following question in one sentence.
What shows credit balance of revaluation account ?

Concept: Admission of a Partner - Revaluation of Assets and Liabilities
Chapter: [3] Reconstitution of Partnership
[1]1.A.3

Answer the following question in one sentence.
What are ‘convertible debentures’ ?

Concept: Meaning and Concept of Debentures
Chapter: [8] Company Accounts
[1]1.A.4

Answer the following question in one sentence.
Who is ‘Payee’ ?

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

Answer the following question in one sentence only.
What is single entry system?

Concept: Meaning of Single Entry
Chapter: [6] Single Entry System
[5]1.B | Write a word / term / phrase which can substitute each of the following statements
[1]1.B.1

Give the word / term or phrase which can substitute the following statement.  
The accounts which are prepared at the end of each financial year.

Concept: Preparation of Final Accounts
Chapter: [2] Partnership Final Accounts
[1]1.B.2

Write a word / term / phrase which can substitute of the following statement.
The fees paid by a person who wants to become a life member of the concern, for his whole life.

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

Write a word / term / phrase as a substitute of the following statement.
The acknowledgement of debt under common seal of company.

Concept: Meaning and Concept of Debentures
Chapter: [8] Company Accounts
[1]1.B.4

Write a word / term / phrase which can substitute of the following statement :
Payment of the bill before its due date.

Concept: Accounting Treatment of Bill - Retirement of Bill
Chapter: [7] Bill of Exchange (Only Trade Bill)
[1]1.B.5

Give one word/term/ phrase for the following statement
Critical evaluation of financial statement to measure profitability.

Concept: Concept of Financial Statement Analysis
Chapter: [9] Analysis of Financial Statements
[5]1.C | Select the most appropriate alternative from those given below and rewrite the statements.
[1]1.C.1

Select the most appropriate alternative from those given below and rewrite the statement.
All indirect expenses are debited to ____________ account.

Trading

Capital

Profit and Loss

Current

Concept: Preparation of Final Accounts
Chapter: [2] Partnership Final Accounts
[1]1.C.2

Select the most appropriate answer from the alternatives given below:
Share of profit of a deceased partner till the date of death is _____________.

debited to P/L Adjustment A/c

credited to P/L Adjustment A/c

debited to P/L Suspense A/c

credited to P/L Suspense A/c

Concept: Retirement Or Death of a Partner - Adjustment of Capitals
Chapter: [3] Reconstitution of Partnership
[1]1.C.3

Select the most appropriate alternative from those given below and rewrite the statement.
If any asset is taken over by a partner from the firm, his capital account will be ______________

credited

debited

added

none of these

Concept: Preparation of Final Accounts
Chapter: [2] Partnership Final Accounts
[1]1.C.4

Select the most appropriate alternative from those given below and rewrite the statement.
There are ____________ parties to the Bill of Exchange.

Two

Three

Four

Five

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

Select the most appropriate answer the alternatives given below and rewrite the Sentence
Further capital introduced during the year is _______________ from closing capital in order to find-out the correct profit.

added

deducted

divided

ignored

Concept: Additional Information - Additional Capital
Chapter: [6] Single Entry System
[5]1.D | State whether the following statements are True or False.
[1]1.D.1

State whether the following statement is True or False.
All receipts are the items of revenue income.

True

False

Concept: Feature of Receipts and Payments Account
Chapter: [5] Accounts of “Not for Profit” concerns
[1]1.D.2

State whether the following statement is True or False.
At the time of dissolution loan from partner will be transferred to Realisation Account.

True

False

Concept: Dissolution of Partnership Firm
Chapter: [4] Dissolution of Partnership Firm
[1]1.D.3

State whether the following statement is True or False.
A Bill of Exchange is a negotiable instrument.

True

False

Concept: Introduction of Bill of Exchange (Only Trade Bill)
Chapter: [7] Bill of Exchange (Only Trade Bill)
[1]1.D.4

State whether the following statement is True or False.
Acceptance without making any change in the terms of bill is called general acceptance.

True

False

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

State whether following statement is true or false.
Ratio Analysis is useful for inter-firm comparison.

True

False

Concept: Ratio Analysis and its Types
Chapter: [9] Analysis of Financial Statements
[5]1.E | Prepare a specimen of Bill of Exchange from the following information :
Prepare a specimen of Bill of Exchange from the following information:
Shri Arjun Patil, 104, Shivaji Nagar, Ambajogai draws a two months bill on Shri Tukaram Magdum, Daulat Road, Halkarni, Kolhapur payable to Shri Ranveer Patil, Mondha, Parali Vaijanath on 23 rd August, 2013 for Rs. 7550. Shri Tukaram Magdum accepted it on 28th August, 2013 for Rs. 7500 only.
Concept: Draft Or Format of Bills
Chapter: [7] Bill of Exchange (Only Trade Bill)
[8]2
[8]2.A

Mrs. Shailaja keeps her books under single entry system and gives the following information.

Particulars 1.4.2012 31.3.2013
  Amount (Rs.) Amount (Rs.)
Investments - 12,000
Bank overdraft - 10,000
Bills payable 5,000 8,000
Creditors 26,500 31,500
Furniture 9,000 19,000
Debtors 35,000 50,000
Stock 15,000 19,000
Bank Balance 18,000 28,000
Further information:
(1) Mrs. Shailaja withdrew Rs. 4000 for her personal use. She received Rs. 15,000 from her father as gift, which she brought into the business.
(2) Additional furniture was purchased on 01.10.2012. Depreciate furniture by 10% p.a.
(3) Write off Rs. 1,000 as bad debts and provide 5% R.D.D. on debtors.
Prepare : Opening and closing statement of affairs and statement of profit or loss for the year ended 31st March, 2013.
Concept: Single Entry System Examples and Solutions
Chapter: [6] Single Entry System
OR
[4]2.B

Explain the limitations of analysis of financial statements.

Concept: Concept of Financial Statement Analysis
Chapter: [9] Analysis of Financial Statements
[4]2.C

Explain the operating activities on cash flow .

Concept: Cash Flow Analysis
Chapter: [9] Analysis of Financial Statements
[10]3
[10]3.A

Following is the balance sheet of Harish and Girish

               Balance Sheet as on 31st March, 2010

Liabilities Amount (Rs) Amount (Rs) Assets Amount (Rs) Amount (Rs)
Creditors   38000 Cash in Hand   37000
Bills Payable   46,000 Stock   21000
Profit and Loss A/c   16,000 Debtors 46000 40000
Capital A/c’s     (-)R.D.D 6000
Harish 100000 240000 Equipments   12000
Girish 140000 Furniture   25000
      Plant   85000
    Building   120000
  340000   340000

They admitted Shirish on 1st April 2010 on the following conditions:

1) For his 1/3rd share in the future profits Shirish brings Rs 2,00,000 as his Capital.

2) It is decided to raise goodwill by Rs 90,000 and write it off fully after Shirish’s admission.

3) Equipments and plant to be depreciated by 20% and10% respectively and Building to be appreciated by 15%.

4) Bills Payable were retired for Rs 35,000

5) All debtors are considered good.

6) Furniture of the book value Rs 12,000 was taken over by Harish at 40% of the book value.

Prepare, revaluation A/c, Partner’s Capital Account and Balance Sheet of the new firm.

Concept: Reconstitution of Partnership Examples and Solutions
Chapter: [3] Reconstitution of Partnership
OR
[10]3.B

Anita, Sunita and Kavita were partners sharing profits and losses in the ratio 3:3:2. Their Balance Sheet as on 31st March 2013 is as below :
                   Balance Sheet as on 31st March, 2013.

Liabilities
Amount
(Rs.)
Assets
Amount
(Rs.)
Capital Accounts
 
Building
10000
Anita
11000
Machinery
10700
Sunita
15000
Furniture
10000
Kavita
8000
Debtors
5000
Creditors
10000
Stock
6600
Reserve fund
4000
Cash
6600
 
48900
 
48900
On 1st April, 2013, Mrs. Kavita retired from the firm on the following terms :
(1) Goodwill of the firm is to be valued at Rs. 4,000, however, only Kavita’s share in it is to be raised in the books and written off immediately.
(2) Assets to be revalued as under:
Stock Rs. 6,300; Machinery Rs. 10,000; Furniture Rs. 10,200.
(3) R.D.D. to be maintained at 10% on debtors.
(4) Rs. 100 to be written off from creditors.
(5) The amount payable to Mrs. Kavita is to be transferred to her loan account.
Prepare :
(1) Profit and loss adjustment account.
(2) Partner’s capital account, and
(3) Balance Sheet of new firm as on 01.04.2013.
Concept: Partnership Final Accounts - Examples and Solutions
Chapter: [2] Partnership Final Accounts
[10]4

Journalise the following transactions in the books of Jaydeep.
(A) Arvind renews his acceptance of Jaydeep of Rs. 7,000 with interest Rs. 500 for two months.
(B) Bank informed Jaydeep that Mahadev’s acceptance of Rs. 4,000 which was discounted and dishonoured. Bank charged noting charges Rs. 80.
(C) Hanumant informed Jaydeep that Kazi’s acceptance for Rs. 7,000 endorsed to Hanumant has been dishonoured, noting charges Rs. 85.
(D) Datta honoured his acceptance of Rs. 4,900, which was sent to bank for collection. Bank debited Rs. 100 for bank charges.
(E) Radhika retired her acceptance to Jaydeep of Rs. 9,000 by paying Rs. 8,700.

Concept: Bill of Exchange Examples and Solutions
Chapter: [7] Bill of Exchange (Only Trade Bill)
[10]5
[10]5.A

Rahul, Rohit and Ramesh were partners in a firm sharing profits and losses in the ratio of 2:2:1 respectively. The Balance Sheet as on 31.03.2013 was as follows :
                               Balance Sheet as on 31st Mar, 2013

Liabilities
Amount
(Rs.)
Assets
Amount
(Rs.)
Amount
(Rs.)
Sundry Creditors 20,000 Cash at Bank   8000
Bills Payable 5,000
Debtors
16000  
General Reserve 6,000 Less : R.D.D. (1000) 15,000
Rahul’s Loan A/c 16,000 Stock   20,000
Capital Account   Plant and Machinery   30,000
Rahul 25,000 Furniture   6,000
Rohit 10,000 Ramesh’s Capital Account   3,000
  82000     82000
The firm was dissolved on the above date :
(1) Assets realised as follows:
Debtors Rs.  9,000, Plant and Machinery Rs. 26,000, Stock Rs.  14,000, and Furniture Rs.  3,000.
(2) The creditors were paid Rs. 18,000, in full settlement and the bills payable were paid in full.
(3) The realisation expenses amounted to Rs. 3,000.
(4) Ramesh became insolvent and was able to bring in only Rs. 1,800 from his private estate.
Prepare :
(1) Realisation account
(2) Partner’s capital account and
(3) Bank account.
Concept: Dissolution of Partnership Firm
Chapter: [4] Dissolution of Partnership Firm
[10]5.B
Mahakali Co. Ltd. Chandrapur issued 1,000, 12% debentures of  Rs.100 each, payable Rs. 20 on application and the balance on allotment. Applications were received for 1,500 debentures, out of which, applications for 900 were allotted fully, applications for 400 were allotted 100 debentures and remaining were rejected. All dues received.
Journalise the transactions and also show Balance Sheet.
Concept: Meaning and Concept of Debentures
Chapter: [8] Company Accounts
[12]6

Following is the Receipts and Payments Account of Chamber of Commerce, Amaravati for the year ending 31st March 2012 and some additional information.

Receipts and Payments Account For the year ended March 31, 2012
Receipts Amount Payment Amount
To balance b/d (Cash at bank) 11,960 By Printing and Stationery 6,950
To Subscription (Including Rs. 2,500 for 2010–11) 36,500 By Repairs 2,100
To Sale of furniture (Books value Rs. 18,000) 12,000 By Rent 8,500
To Donation for building fund 27,000 By Books 20,000
To Admission fees (Revenue) 5,050 By Travelling expenses 2,000
    By Investments 40,000
    By Insurance 1,700
    By Balance c/d (Cash at bank) 11,260
       
  92,510   92,510
 
Additional information:
Particulars 1.04.2011 31.03.2012
Outstanding
Subscription
3,000 5,000
Furniture 32,000 12,600
Building Fund 1,45,000  
Capital Fund 1,51,960  
Investment 2,50,000  

Prepare Income and Expenditure A/c for the year ended 31st March, 2012 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
[15]7

Dhiraj and Suraj are partners sharing profits and losses in the ratio of 2 : 1. From the following Trial Balance and adjustments, prepare Trading and Profit and Loss account for the year ended 31st March, 2013 and balance sheet as on that date :
Trial Balance as on 31.03.2013

Particulars
Amount
Rs.
Particulars
Amount
Rs.
Opening Stock 32,000 Sales 1,93,500
Purchases 64,000 Sundry Creditors 16,500
Plant and Machinery 30,000 Return Outward 2,500
Furniture 18,500 Capital Accounts  
Carriage 1,500 Dhiraj 90,000
Wages 30,000 Suraj 50,000
Bills Receivable 5,000    
Sundry Debtors 32,000    
Conveyance 4,000    
Salaries
10,500    
Cash in hand 14,750    
Land and Building 83,500    
Bad debts 1,750    
Patents 25,000    
  352,500   352,500
Adjustments :
(1) Closing stock : Cost price RS. 25,000 and market price Rs. 30,000.
(2) An amount of Rs.  3,500 spent for repairs to building is debited to building account.
(3) Depreciate plant and machinery and building at 5% p.a.
(4) Included in wages in advance given to workers Rs. 3,000.
(5) Provide Rs. 1,500 for bad and doubtful debts on debtors.
Concept: Partnership Final Accounts - Examples and Solutions
Chapter: [2] Partnership Final Accounts

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