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Book Keeping and Accountancy 2016-2017 HSC Commerce (Marketing and Salesmanship) 12th Board Exam Question Paper Solution

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Book Keeping and Accountancy
2016-2017 March
Marks: 80

[15]1 | Attempt any THREE of the following sub‐questions:
[5]1.A | Answer the following question in ‘one’ sentence each:
[1]1.A.1
Which statement is prepared under single entry system to ascertain profit?
Concept: Preparation of Statements for Single Entry System
Chapter: [6] Single Entry System
[1]1.A.2

What is ‘capital deficiency’?

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

What do you mean by ‘non‐recurring expenses’?

Concept: Adjustments - Capital Expenditure Included in Revenue Expenses and Vice-versa
Chapter: [2] Partnership Final Accounts
[1]1.A.4

How is gain ratio calculated?

Concept: Retirement Or Death of a Partner - Gain Ratio
Chapter: [3] Reconstitution of Partnership
[1]1.A.5

What is ‘retirement of a bill of exchange’?

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 | Write a word/term/phrase as a substitute for each of the following statements:
[1]1.B.1

The amount which is not recoverable from the debtors.

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

A person on whom a bill is drawn.

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

The ratio measuring the relationship between gross profit and net sales ? 

Concept: Introductions to Gross Profit Ratio
Chapter: [9] Analysis of Financial Statements
[1]1.B.4

Winding up of partnership business.

Concept: Dissolution of Partnership Firm
Chapter: [4] Dissolution of Partnership Firm
[1]1.B.5

Officer appointed by the Central Government for noting of dishonour of a bill ? 

Concept: Dishonour of Bill
Chapter: [7] Bill of Exchange (Only Trade Bill)
[5]1.C | Select the most appropriate alternative from those given below and rewrite the statements:
[1]1.C.1

_______ is an intangible asset.

(A) Goodwill

(B) Stock

(C) Building 

(D) Cash

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

_______ is an acknowledgement of debt under common seal of a company.

(A) Share

(B) Debenture

(C) Cheque

(D) Bond

Concept: Meaning and Concept of Debentures
Chapter: [8] Company Accounts
[1]1.C.3

When closing capital is greater than opening capital, it denotes _______.

(A) profit 

(B) loss

(C) no profit, no loss 

(D) asset

Concept: Effects of Adjustments-Closing Stock
Chapter: [2] Partnership Final Accounts
[1]1.C.4

Cash proceeds from the issue of debentures is a _______ activity.

(A) operating 

(B) trading

(C) financial 

(D) non‐financial

Concept: Issue of Debentures for Consideration Other than Cash
Chapter: [8] Company Accounts
[1]1.C.5

_______ is a person to whom the amount on a bill is payable.

(A) Drawer 

(B) Drawee

(C) Payee 

(D) Endorser

Concept: Introduction of Bill of Exchange (Only Trade Bill)
Chapter: [7] Bill of Exchange (Only Trade Bill)
[5]1.D | State whether the following statements are True or False:
[1]1.D.1

Not for profit concerns do not have profit motive.

Concept: Features of "Not for Profit" Concerns.
Chapter: [5] Accounts of “Not for Profit” concerns
[1]1.D.2

Bank account is debited when a bill is sent to the bank for collection.

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

A new partner is admitted in the firm for getting additional capital and skill.

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

Closing stock is always valued at market price.

Concept: Effects of Adjustments-Closing Stock
Chapter: [2] Partnership Final Accounts
[1]1.D.5

Shares are always issued at par.

Concept: Nature and Types of Share and Share Capital
Chapter: [8] Company Accounts
[5]1.E

Prepare a specimen of Bill of Exchange from the following information:

(1) Drawer = Shri Ratnakar Patil, 205, New Bazer, Amaravati.

(2) Drawee = Shri Jairam Purohit, Hiwarkheda Road, Kannad.

(3) Payee = Shri Rohit Joshi, Kedareshwar Market, Ladjalgaon.

(3) Period of bill = 3 months

(4) Amount of bill = Rs. 25,000

(5) Date of bill = 25th August, 2013

(6) Date of acceptance=28th August, 2013

Concept: Draft Or Format of Bills
Chapter: [7] Bill of Exchange (Only Trade Bill)
[8]2 | Attempt any one of the following
[8]2.A

Mr. John keeps his books according to single entry system. Following are the details of his business:

Particulars 01.04.2012
Amount
(Rs)
31.03.2013
Amount
(Rs)
Machinery 70,000 70,000
Furniture 10,000 20,000
Stock 36,000 42,000
Sundry debtors 72,200 88,400
Cash in hand 3,000 4,100
Cash at bank 42,000 52,300
Sundry creditors 54,500 60,400

Additional information:

(1) Mr. John had introduced  Rs. 20,000 as additional capital on 1st October, 2012.
(2) Mr. John had withdrawn Rs.15,000 for his personal use during the year.
(3) Additions to furniture were made on 1st October, 2012.
(4) Depreciate machinery at 10% p. a.and furniture at 20% p. a.

Prepare:
(1) Opening and Closing Statement of Affairs.
(2) Statement of Profit or Loss for the year ending on 31st March, 2013

Concept: Preparation of Statements for Single Entry System
Chapter: [6] Single Entry System
[8]2.B
[4]2.B.1 | What are the objectives of ‘ratios’?
[4]2.B.2 | State the various sources of cash inflows from operating activities ?
[10]3 | attempt any one of the following
[10]3.A

Ram and Madan were partners in a firm sharing profits and losses equally. Following was their balance sheet as on 31.03.2012:

Balance Sheet as on 31.03.2012

Liabilities Amount Assets Amount
Capital:   Plant and machinery 90,000
Ram 1,00,000 Furniture 15,000
Madan 1,00,000 Sundry debtors        92,600  
General reserve 40,000 Less: R.D.D.            1,600 91,000
Sundry creditors 55,300 Stock 68,000
    Cash in hand 4,200
    Cash at bank 27,100
  2,95,300   2,95,300

On 1st April, 2012, Soham was admitted as a partner in the firm on the following terms:
(1) Soham is to bring in Rs. 1,00,000 as his capital. He is to be given 1/3rd share in future profits.
(2) Goodwill of the firm to be raised at Rs. 30,000. It was decided that ‘goodwill’ should not appear in the books of the new firm.
(3) Furniture to be depreciated by 10%. Stock was valued at `Rs . 70,500.

Prepare:
(1) Profit and Loss Adjustment Account.
(2) Partners’ Capital Accounts.
(3) Balance Sheet of the new firm.

Concept: Admission of a Partner - Adjustment of Accumulated Profits and Losses
Chapter: [3] Reconstitution of Partnership
[10]3.B

Following is the balance sheet at Sharmila, Urmila and Pramila, who shared profits and losses in the ratio of 5 : 3 : 2 respectively:

Balance Sheet as on 31st March, 2013

Liabilities Amount Assets Amount
Capital accounts:   Land and buildings  
Sharmila 2,00,000 Plant and Machinery  
Urmila 1,50,000 Furniture  
Pramila 1,00,000 Sundry debtors  
Reserve fund 50,000 Stock  
Sundry creditors 42,800 Bills receivable  
Bills payable 6,000 Cash in hand   
    Cash at bank  
  5,48,800   5,48,800

Pramila retired on 31st March, 2013 on the following terms:
(1) Goodwill of the firm was valued at Rs 60,000. It was decided that ‘goodwill’ should be raised to the extent of Pramila’s share only, and to be written off immediately.
(2) Land and building to be appreciated by Rs 20,000. Stock is revalued at Rs 58,500. Furniture is to be depreciated by 10%.
(3) Amount payable to Pramila is to be transferred to her loan account.
Give Journal Entries in the books of the firm.

Concept: Retirement Or Death of a Partner - Revaluation of Assets and Liabilities
Chapter: [3] Reconstitution of Partnership
[10]4

Raja made sales of goods worth Rs 40,000 to Pradhan and received a part payment of Rs 10,000. 
On the same date, Raju drew on Pradhan a three months’ bill for `Rs  30,000, received the acceptance on the bill and sent the bill to the bank for collection immediately.
However, on the due date, the bill was dishonoured due to Pradhan’s insolvency and only 50% of
the amount due could be recovered from his private estate as the first and final dividend.
Give Journal Entries and Pradhan’s Account in the books of Raja.

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)
[10]5 | attempt any one of the follwoing
[10]5.A

Balance Sheet as on 31st March, 2013

Liabilities Amount Assets Amount
Capital A/c’s:   Plant and Machinery 40,000
Akbar 60,000 Furniture 12,000
Birbal 40,000 Sundry debtors    61,000  
General reserve 20,000 Less: R.D.D.    1,000 60,000
Sundry creditors 39,700 Stock 28,300
    Bank 19,400
  1,59,700   1,59,700

On the above date, the firm was dissolved and the assets realised were as follows :
Plant and machinery ` 30,000.

Sundry debtors ` 58,000.
Furniture was taken over by Akbar for ` 10,000 and stock by Birbal for ` 27,000.
Sundry creditors were paid ` 38,000 in full settlement of their claim.
Realisation expenses amounted to ` 2,000.
Prepare :

(1) Realisation Account
(2) Partners’ Capital Accounts
(3) Bank Account

Concept: Dissolution of Partnership Firm
Chapter: [4] Dissolution of Partnership Firm
[10]5.B

Modern Chemicals Co. Ltd. made an issue of 60,000 shares of ` 20 each payable as follows :
On application Rs .5 per share
On allotment  Rs.5 per share
On first call  Rs. 4 per share
On second call  Rs. 3 per share
The company received applications for 65,000 shares of which applications for 5,000 shares were
rejected and money refunded.
All the shareholders paid up to second call except one shareholder, Mr. Bhupendra, the allotee of
100 shares, who did not pay the amount of the second call.
Give Journal Entries in the books of Modern Chemicals Co., Ltd.

Concept: Issue of Shares for Consideration Other than Cash
Chapter: [8] Company Accounts
[12]6

With the help of the Balance Sheet and Receipts and Payments Accounts of Adarsh Cultural Club, Mumbai, prepare Income and Expenditure Account for the year ended 31st March, 2013 and the Balance Sheet as on that date :

Balance Sheet as on 01.04.2012

Liabilities Amount Assets Amount
Capital fund 2,57,000 Buildings 2,50,000
Building fund 50,000 Furniture 20,000
Outstanding salary 1,300 Outstanding Subscription 1,000
    Cash in hand 2,400
    Cash at bank 34,900
  3,08,300   3,08,300

Receipts and Payments Account for the year ending 31.03.2013

Receipts Amount Amount Payments Amount Amount
To Balance b/d     By Salaries   35,300
Cash in hand   2,400 By Furniture (Purchased on01.10.2012)  

 

10,000

Cash at bank   34,900 By General expenses   8,400
To Subscriptions     By Printing and stationery   4,200
2011–12 1,000   By Drama expenses   16,000
2012–13 48,000   By Balance c/d    
2013–14 2,000 51,000 Cash in hand   4,600
To Donations for     Cash at bank   57,800
building fund   20,000      
To Drama receipts   28,000      
    1,36,300     1,36,300

You are also required to consider the additional information given below:
(1) The club had 100 members, each paying  500 as annual subscription.
(2) Furniture to be depreciated at 20 % p.a.
(3) Salaries include  Rs .1,300 paid for outstanding salaries for the year 2011‐12.
Salaries outstanding for the year 2012‐13 were  700.

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

Jaya and Maya are partners in a firm sharing profits and losses in the ratio of 2 : 3 respectively. With the help of the trial balance and adjustments given below, you are required to prepare their Trading, Profit and Loss Account for the year ended 31st March, 2013 and the Balance Sheet as on that date :

Trial Balance as on 31st March, 2013

Debit Balances Amount Credit Balances Amount
Purchases 1,09,000 Sundry creditors 45,600
Insurance 3,700 Sales 1,94,000
Rent, rates and taxes 14,600 R.D.D. 2,000
Office expenses 7,300 Commission 5,500
Land and buildings 3,00,000 Capital A/c’s:  
Plant and machinery 60,000 Jaya 2,00,000
Furniture 15,000 Maya 2,50,000
Carriage inwards 3,700 Current A/c’s:  
Sundry debtors 88,000 Jaya 3,400
Stock (as on 01.04.2012) 32,800 Maya 9,100
Wages and salaries 28,600    
Cash in hand 4,700    
Cash at bank 40,200    
Drawings A/c’s:      
Jaya 500    
Maya 1,500    
  7,09,600    

Adjustments :
(1) Closing stock was valued at  Rs. 22,600.
(2) Purchases include purchase of furniture of Rs .10,000 made on 1st October, 2012.
(3) Depreciate land and buildings at 10% p.a.; plant and machinery at 10% p.a. and furniture at 20% p.a.
(4) Create R.D.D. at 5% on sundry debtors.

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

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