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Book Keeping and Accountancy Set 1 2016-2017 HSC Arts 12th Board Exam Question Paper Solution

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Book Keeping and Accountancy [Set 1]
Marks: 80Academic Year: 2016-2017
Date: July 2017

[15]1
[5]1.A | Attempt any three
[1]1.A.1

Answer in one sentence only.
What is Capital Fund?

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

What is ‘Equity Share’?

Concept: Share Capital - Issue and Allotment of Equity Shares
Chapter: [8] Company Accounts
[1]1.A.3

Answer the following question in one sentence only.
What are noting charges?

Concept: Basic Term of Bills of Exchange - Noting Charges
Chapter: [7] Bill of Exchange (Only Trade Bill)
[1]1.A.4

What is ‘analysis’ of financial statement?

Concept: Concept of Financial Statement Analysis
Chapter: [9] Analysis of Financial Statements
[1]1.A.5
When is the bill is said to be ‘honoured’?
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)
[5]1.B
[1]1.B.1

Give the word / term or phrase which can substitute the following statement.  

Expenses which are paid before due.

Concept: Effects of Adjustments-Prepaid Expenses
Chapter: [2] Partnership Final Accounts [6] Single Entry System
[1]1.B.2

Write the word/term or phrase which can substitute  the following statement.
Account which is credited when goodwill is withdrawn by old partners.

Concept: Admission of a Partner - Treatment of Goodwill
Chapter: [3] Reconstitution of Partnership
[1]1.B.3

Write the word / term / phrase, which can substitute the following statement.
Expenses incurred on dissolution of a partnership firm.

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

Write a word/term/phrase as substitute for following statement.

A person to whom the bill is endorsed.
Concept: Accounting Treatment - Endorsement of the Bill, Honour/ Dishonour and Also Insolvency of Acceptor
Chapter: [7] Bill of Exchange (Only Trade Bill)
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[1]1.B.5

Give one word/term/ phrase for the following statement
The ratio measuring the relationship between gross profit and net sales.

Concept: Introductions to Gross Profit Ratio
Chapter: [9] Analysis of Financial Statements
[5]1.C
[1]1.C.1

Select the most appropriate alternative from given below and rewrite the statement:

Return outward are decuted from ________________.

purchses

sales

capital

debtors

Concept: Adjustments - Unrecorded Purchases and Sales
Chapter: [2] Partnership Final Accounts
[1]1.C.2

Select the most appropriate alternative from given below and rewrite the statement:

___________ is a major source of revenue income for ‘not for profit’ concern.

Subscription

Donation

Legacies

Life membership fees

Concept: Features of "Not for Profit" Concerns.
Chapter: [5] Accounts of “Not for Profit” concerns
[1]1.C.3

Select the most appropriate alternative from given below and rewrite the statement :

Assets and Liabilities are transferred to Realisation Account at their __________ values.

market

purchase

sale

book

Concept: Retirement Or Death of a Partner - Revaluation of Assets and Liabilities
Chapter: [3] Reconstitution of Partnership
[1]1.C.4
Select the most appropriate alternative from given below and rewrite the statement
A person on whom a bill of exchange is drawn is called as _______

drawer

drawee

payee

endorsee

Concept: Accounting Treatment of Bill by the Drawer Or Holder and Drawee
Chapter: [7] Bill of Exchange (Only Trade Bill)
[1]1.C.5

Select the most appropriate alternative from given below and rewrite the statement
If closing capital is greater than opening capital it shows _______________

gross profit

net profit

gross loss

net loss

Concept: Introductions to Gross Profit Ratio
Chapter: [9] Analysis of Financial Statements
[5]1.D
[1]1.D.1

State whether the following statement is True or False.

All direct expenses are debited to Trading account.

True

False

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

State 'True' or 'False'
When goodwill is paid privately, no entry in the books of account is required.

True

False

Concept: Concept of Goodwill
Chapter: [3] Reconstitution of Partnership
[1]1.D.3

State whether the following statement is ‘True’ or ‘False’
On dissolution, cash or bank account is closed automatically.

True

False

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

Write True or False
Noting charges are payable to the Notary public on honour of a bill.

True

False

Concept: Basic Term of Bills of Exchange - Noting Charges
Chapter: [7] Bill of Exchange (Only Trade Bill)
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[1]1.D.5

State True or False.
Single Entry System is based on certain rules and principles.

True

False

Concept: Meaning of Single Entry
Chapter: [6] Single Entry System
[5]1.E
Prepare a format of Bill of Exchange from the following information :
(1) Drawer : Abhilash Patil, M.G. Road, Kokarda.
(2) Drawee: Bhargav Mishra, 140 Civil Lines, Nagpur.
(3) Payee: Gopal Deshpande, Ambajogai.
(4) Amount of bill: Rs. 21,500/-
(5) Period of Bill : 3 months
(6) Date of bill : 23rd August, 2013
(7) Date of acceptance: 25th August, 2013.
(8) Accepted for : Rs. 20,000 only.
Concept: Draft Or Format of Bills
Chapter: [7] Bill of Exchange (Only Trade Bill)
[8]2

Mr. Govind keeps his books by single entry method and disclosed the following information of his business . 

Particulars 1.4.12 31.3.13
Investments - 30000
Bills Payable - 18000
Creditors 52500 69000
Furniture 15000 15000
Debtor 60,000 90,000
Stock in Trade 30,000 37500
Cash at Bank 36,000 54,000

Additional Information :
(1) Mr. Govind transferred Rs. 300 per month during first half year and Rs. 200 each month for the remaining period from his business to his personal account. He also took goods of Rs. 700 for private use.
(2) Mr. Govind sold his personal assets for Rs. 7000 and brought the proceeds into his business.
(3) Furniture is to be depreciated by 10%.
(4) Provide R.D.D. at 5% for debtors.

Prepare : Opening and Closing Statement of affairs and Statement of Profit or Loss for the year ended 31st March 2013.

Concept: Retirement Or Death of a Partner - Revaluation of Assets and Liabilities
Chapter: [3] Reconstitution of Partnership
OR
[4]2.A

Explain the operating activities on cash flow .

Concept: Cash Flow Analysis
Chapter: [9] Analysis of Financial Statements
[4]2.B

Explain the Return On Investment (ROI)

Concept: Return on Investment (ROI)
Chapter: [9] Analysis of Financial Statements
[10]3
[10]3.A
Ganga, Yamuna are partners sharing profits and losses in 3:2 respectively.
Their position on 31. 3. 2013.  
Balance sheet as on 31.03.2013
Liabilities
Amount
Assets
Amount
Capital A/c
 
Building
100000
Ganga
100000
Furniture
10000
Yamuna
75000
Stock
31000
Creditors
10000
Debtors  50000
 
Bills Payable
5000
Less: R.D.D.  -1000
49000
General Reserve
15000
Bank
15000
       
 
205000
 
205000
On 1st April, 2013, they admitted Saraswati on the following terms:
 
(1) Saraswati should bring in cash Rs. 1,00,000 as capital for 1/5 share in future profit and Rs. 25,000, as goodwill.
 
(2) Building should be revalued for Rs. 1,25,000.
 
(3) Depreciate Furniture at 12 1/2 % p.a. And stock at 10%.
 
(4) R.D.D. should be maintained as it is.
 
(5) The capital accounts of partners should be adjusted in their new profit sharing ratio through bank account.
 
Prepare: (1) Profit and loss adjustment account. (2) Capital Account. (3) Balance sheet of new firm.
Concept: Retirement Or Death of a Partner - Revaluation of Assets and Liabilities
Chapter: [3] Reconstitution of Partnership
OR
[10]3.B

Shanti, Samadhan and Sangarsh were sharing profits and losses in the ratio of 7: 5: 4. Their balance sheet as on 31st .03.2013 was as follows:

Balance Sheet as on 31st March,2013.
Liabilities
Amount
Assets
Amount
Capitals:
 
Furniture
17000
Shanti
23000
Machinery
18000
Samadhan
15000
Building
16000
Sangharsh
12000
Cash
37000
Bills Payable
4000
   
Creditors
8000
   
Loan
10000
   
General Reserve
16000
   
       
 
88000
 
88000
Sangharsh died on 30 th June, 2013, and the following adjustments were agreed as per deed.
 
(1) Furniture, Machinery and Building are to be revalued at Rs. 16,700, Rs. 16,200, Rs. 30,100 respectively.
 
(2) Sangharsh’s share in goodwill is to be valued from firm’s goodwill which was valued at two times of the average profit of last three years.
Profits of the last three years - Rs. 30,000, Rs. 25,000, Rs. 20,000.
 
(3) His profit up to the date of death is to be calculated on the basis of profit of last year.
 
(4) Sagharsh was entitled to get a salary of Rs. 800 per month.
 
(5) Interest on capital at 10% to be allowed.
 
(6) Sangharsh’s drawing up to the date of death was Rs. 600 per month.
 
Prepare : (i) Sangarsh’s capital account showing amount payable to his executor.
 
(ii) Give working notes for share of goodwill and profit.
Concept: Admission of a Partner - Revaluation of Assets and Liabilities
Chapter: [3] Reconstitution of Partnership
[10]4
Apate draws a bill on Mapate for Rs. 8000 at 3 months.

Mapate accepted the same and sent to Apate. Apate sent the same bill to his bank for collection. On due date Mapate found himself unable to make payment of the bill, and requested Apate to renew it.
Apate agreed on the condition that Mapate should pay Rs. 2000 and interest Rs. 200 on the remaining balance in cash and accept a fresh bill for the balance for two months.
These agreements were carried through. On due date of new bill it was duly honoured.
Pass journal entries and Mapate’s account in the books of Apate.
Concept: Adjustments - Interest on Capital, Drawings and Loans
Chapter: [2] Partnership Final Accounts [6] Single Entry System
[10]5
[10]5.A
Umesh and Prakash were partners sharing profit and losses in the proportion of 3/5 and 2/5 respectively. They dissolved their partnership firm on 31st March, 2013, when their financial position was us under: 
Balance sheet as on 31st March, 2012
 
Liabilities
Amount
Assets
Amount
Sundry Creditors
7500
Cash at Bank
1500
Umesh’s Wife’s Loan
15000
Debtors    33750
 
Capital Accounts:
 
Less: R.D.D. - 3750
30000
Umesh
69000
Stock
67500
Prakash
45000
Machinery
22500
   
Furniture
15000
       
 
136500
 
136500

 

(1) The assets realised as under.
Goodwill Rs. 7500; Stock Rs. 60000; Debtors Rs. 27000
 
(2) Machinery was taken over by Prakash at Rs. 20,000 and furniture by Umesh at book value.
 
(3) Umesh agreed to discharge his wife’s loan.
 
(4) The creditors were paid at a rebate of Rs. 1500.
 
(5) The expenses of dissolution amounted to Rs. 3000
Concept: Preparation of Final Accounts
Chapter: [2] Partnership Final Accounts
OR
[10]5.B
Mahalaxmi Industries Ltd. Kundur issued 15000 equity shares of Rs. 100 each. They were payable as follows:
On Application Rs. 20
On Allotment Rs. 30
On First Call Rs. 25
On Second Call Rs. 25
The company received application for 12000 shares. All the applications were accepted and shares were alloted. The company made both the calls. One Shareholder holding 400 shares failed to pay the final call. His shares were forefeited.
 
Pass journal entries in the books of Mahalaxmi Industries Ltd. Kundur. 
Concept: Preparation of Final Accounts
Chapter: [2] Partnership Final Accounts
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[12]6
Following is the Balance Sheet and Receipts and Payments Account of Ekveera Hospital Amravati.
Balance Sheet as on 1.4.2012
LIABILITIES
AMOUNT
ASSETS
AMOUNT
Capital Fund
502000
Cash in Hand
3000
Medical bill Unpaid
3000
Cash at Bank
6000
   
Land and Building
400000
   
Furniture
35000
   
Equipments
60000
   
Outstanding Subscription
1000
 
505000
 
505000
 
Receipts and Payments Account for the year ended 31.3.2013
Receipts
Amount
Payments
Amount
To balance b/d
 
By Salaries
55000
Cash in Hand
3000
By Medicines
26000
Cash at Bank
6000
By Equipment purchased
10000
To Subscription
[Includes Rs. 1000 received for previous year]
65000
By General Expenses
4300
To Sale of Old Furniture
[Book value Rs. 15000]
10000
By Balance c/d
 
To Donations (Revenue)
22000
Cash in Hand
7700
To Life Membership Fees
12500
Cash at Bank
15500
       
 
118500
 
118500
Adjustments:
(1) Outstanding subscription Rs. 6000.
(2) Capitalise the amount of life membership fees.
(3) Outstanding Salary Rs. 6000.
(4) Depreciate Land and Building by Rs. 10000 and Equipments by Rs. 15000.
(5) Unpaid medicine bill as on 1-4-2012 is still unpaid.
 
Prepare Income and Expenditure Account for the year ending 31.3.2013 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
From the following Trial Balance of M/s Vishal and Vaibhav, 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 consideration the adjustments given below:
 
Trial Balance as on 31st March, 2013
 
Debit Balances
Amount
Credit Balances
Amount
Salary and Wages
17000
Sales
110000
Postage and Telegram
1750
Sundry Creditors
72700
Opening Stock
23500
Bills Payable
40000
Plant and Machinery
70000
10% Bank Loan
[Taken on 1st October, 2012]
60000
Import Duty
3100
Outstanding Audit Fees
5900
Purchases
98500
Capital Accounts:
 
Sundry Debtors
45800
Vishal
45000
Bills Receivable
16700
Vaibhav
45000
Carriage Outward
1800
   
Wages and Salary
14000
   
Printing and Stationery
4600
   
Cash in hand
1850
   
Lease hold premises
80000
   
       
 
378600
 
378600
Adjustments:
 
(1) Closing stock was valued at Rs. 30000.
(2) Postal stamps of Rs. 250 and stationery of Rs. 400 are unused.
(3) Lease hold property is to be run for 10 years w.e.f. 1st October, 2012.
(4) Depreciate Plant and Machinery at 10% p.a.
(5) Mr. Rajan, our customer, became insolvent and could not payhis debts of Rs. 1500.

 

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

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