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Book Keeping and Accountancy Set 1 2017-2018 HSC Commerce 12th Board Exam Question Paper Solution

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Book Keeping and Accountancy [Set 1]
Marks: 80Academic Year: 2017-2018
Date: July 2018

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

Answer the following questions in only 'one' sentence each:

To which account gross profit is transfered?

Concept: Adjustments - Commission to Working Partner Managers on the Basis of Gross Profit Net Profit, Sales, Etc
Chapter: [0.02] Partnership Final Accounts
[1]1.A.2

Answer in one sentence only.
What is revaluation account?

Concept: Admission of a Partner - Revaluation of Assets and Liabilities
Chapter: [0.03] Reconstitution of Partnership [0.03] Reconstitution of Partnership (Admission of Partner)
[1]1.A.3

Answer in one Sentence only :
What is meant by share premium?

Concept: Issue at Par and Premium and at Discount
Chapter: [0.08] Company Accounts
[1]1.A.4

Answer the following question in one sentence only.
What is due date of bill?

Concept: Important Terms of Bills of Exchange - Due Date
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
[1]1.A.5

Answer in one sentence only.
Which type of accounts are maintained under Single Entry System?

Concept: Preparation of Statements for Single Entry System
Chapter: [0.06] Single Entry System
[5]1.B
[1]1.B.1

Give the word / term or phrase which can substitute the following statement.
An amount contributed by the partners into the business.

Concept: The Indian Partnership Act 1932
Chapter: [0.01] Introduction to Partnership
[1]1.B.2

Give word / term or phrase for the following statement.
A person who draws a bill of exchange.

Concept: Parties to the Bill of Exchange
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
[1]1.B.3

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

The debentures which are converted into shares.

Concept: Meaning and Concept of Debentures
Chapter: [0.08] Company Accounts
[1]1.B.4

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

Those three extra days which are allowed over and above the period of bill.

Concept: Introduction of Bill of Exchange (Only Trade Bill)
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
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[1]1.B.5

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

An asset which can be converted into cash immidiately.

Concept: Introduction of Final Accounts
Chapter: [0.02] Partnership Final Accounts
[5]1.C
[1]1.C.1

Select the most appropriate alternative from those given below and rewrite the statement.

Wages paid for installation of machinery should be debited to _________________ account.

machinery

wages

trading

profit and loss

Concept: Introduction of Final Accounts
Chapter: [0.02] Partnership Final Accounts
[1]1.C.2

Select the most appropriate alternative from those given below and rewrite the statement.

The profit or loss from revaluation of assets and liabilities on retirement of a partner is shared by______________

All partners

The remaining partners 

Only the retiring partner

none of these

Concept: Retirement Or Death of a Partner - Revaluation of Assets and Liabilities
Chapter: [0.03] Reconstitution of Partnership
[1]1.C.3

Select the most appropriate answer from the alternative given below and rewrite the sentence.

In case of admission of a partner, the profit or loss on revaluation of assets and liabilities is shared by _________________ partners.

all

old

new

none of these

Concept: Admission of a Partner - Sacrifice Ratio and New Ratio
Chapter: [0.03] Reconstitution of Partnership
[1]1.C.4

Select the most appropriate answer from the alternative given below and rewrite the sentence.

There are _____________ parties to the bill of exchange.

two

three

four

five

Concept: Introduction of Bill of Exchange (Only Trade Bill)
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
[1]1.C.5

Select the most appropriate answer the alternatives given below and rewrite the Sentence
The Capital balances are ascertained by preparing _______________.

Statement of affairs

Cash Account

Drawing account

Debtors Account

Concept: Preparation of Statements for Single Entry System
Chapter: [0.06] Single Entry System
[5]1.D
[1]1.D.1

State whether the following statement is True or False.
The final balancing amount of Income and Expenditure Account represents either surplus or Deficit.

True

False

Concept: Preparation of Income and Expenditure Account and Closing Balance Sheet
Chapter: [0.05] Accounts of “Not for Profit” concerns
[1]1.D.2

State whether the following statement is True or False.

At the time of disolution of a partnership firm all assets should be transfered to realiasation account.

True

False

Concept: Dissolution of Partnership Firm
Chapter: [0.04] Dissolution of Partnership Firm [0.06] Dissolution of Partnership Firm
[1]1.D.3

State whether the following statement is True or False.

Bill of exchange is in instrument in writing, which contains unconditional order.

True

False

Concept: Introduction of Bill of Exchange (Only Trade Bill)
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
[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: [0.07] Bill of Exchange (Only Trade Bill)
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[1]1.D.5

State whether the following statement is True or False.

Ratio analysis is useful for inter-firm comparision

True

False

Concept: Admission of a Partner - Sacrifice Ratio and New Ratio
Chapter: [0.03] Reconstitution of Partnership
[5]1.E

Prepare a format of a bill of exchange from the following information:

(1) Drawer Ramesh Patil, Shivaji Peth, Kolhapur
(2) Drawee Ranjit Kale, Laxmi Road, Pune.
(3) Payee Suresh More, Ram Nagar, Sangli
(4) Date of bill 5th March, 2015
(5) Period of bill 90 Days
(6) Date of acceptance 8th March, 2015
(7) Amount of Bill Rs 12,500/-
Concept: Draft Or Format of Bills
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
[8]2

Mrs. Sunita keeps her books on Single entry System and gives the following information:

Particulars  01.04.2015
Amount 
31.03.2016
Amount
Cash at bank 10,000 64,000
Debtors 50,000 80,000
Stock 60,000 1,00,000
Plant 40,000 40,000
Building 1,00,000 1,00,000
Bills payable 10,000 10,000
Creditors 30,000 40,000

Additional Information:
Mrs. sunita withdrew from business Rs. 30,000 for personal use. She further introduced fresh capital of 50,000. Depreciation is to be charged @10% p.a on plant and building.

Prepare: 
(a) Statement of Affairs as on 01.04.2015
(b) Statement of Affairs as on 31.03.2016
(c) Statement of Profit or Loss for the year ending 31.03.2016

Concept: Preparation of Statements for Single Entry System
Chapter: [0.06] Single Entry System
OR
[4]2.A

State any one limitation of Analysis of Financial Statement.

Concept: Concept of Financial Statement Analysis
Chapter: [0.09] Analysis of Financial Statements [0.09] Analysis of Financial Statements
[4]2.B

Explain return on investment (ROI).

Concept: Return on Investment (ROI)
Chapter: [0.09] Analysis of Financial Statements
[10]3
[10]3.A

Darshan and Amar were partners sharing profit and losses in the proportion of 2: 1. Their balance sheet is as follows:

Balance sheet as on 31st March 2016

Liabilities Amt(Rs) Amt(Rs) Assets Amt(Rs) Amt(Rs)
Capital A/cs:     Building   1,00,000
Darshan 96,000   Furniture   20,000
Amar 64,000 1,60,000 Equipments   10,000
General reserve   18,000 Debtors 63,000  
Profit and Loss A/c   6,000 Less: R.D.D 3,000 60,000
Creditors   80,000 Stock   84,000
Pawans loan A/c   26,000 Cash   16,000
    2,90,000     2,90,000

On 1st April, 2016 Ranjit is admitted in the partnership on the following terms.

(1) Ranjit should bring in cash Rs 48,000 as capital for 1/5th share in future profits.
(2) Goodwill was raised in the books of the firm for Rs 18,000
(3) Building is revalued st RS 1,12,000 and tghe value of stock to be reduced by Rs 6,000
(4) Reserve for doubtful debts be maintained at Rs 1,800.
(5) Pawans loand is to be repaid.

Prepare: 
(1) Revaluation A/c 
(2) Capital A/cs of partners and 
(3) Balance sheet of the new firm

Concept: Partnership Final Accounts
Chapter: [0.01] Introduction to Partnership and Partnership Final Accounts [0.02] Partnership Final Accounts
OR
[10]3.B

The Balance sheet of samarth traders is as follows. The partners share profits and losses as 5 : 2 : 3,

Balance sheet as on 31st March, 2016

Liabilities Amt(Rs) Assets   Amt(Rs)
Capital A/cs   Plant and machinery   16,000
Prakash 18,000 Building   20,000
Dinakar 16,000 Stock   10,200
Rajan 8,800 Debtors 8,400  
Creditors 10,600 Less: R.D.D 400 8,000
General reserve 7,000 Cash in hand   6,200
  60,400     60,400

Dinankar retired from the business on 1st April, 2016 on the following terms:

(1) The assets are revalued as under:
(a) Stock at Rs 14000
(b) Building is appreciated by 10%
(c) Reserve for doubtful debts is to be increased upto Rs 500.
(d) Plant and machinery is to be depreciated by 10%
(2) The goodwill of the retiring partner is valued at Rs 40,000 and the remaining partners decided that goodwill be written back in their new profit sharing ratio which will be 5 : 3.
(3) Dinankar is to be paid Rs 2220 in cash on his retirement and the balance is to be transferred to his loan account.

Prepare : 
(1) Profit and loss Adjustment account
(2) Capital Account of partners
(3) Balance sheet of new firm

Concept: Bill of Exchange Examples and Solutions
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
[10]4

On 7th March 2016 Ram drwas a bill on Rohit for Rs 8000 at 3 months. rohit accepts it and returns to Ram. Ram then sends the bill to his bank for collection. 
On due date Rohit finds himself unable to make the payment of the bill and requests Ram to renew it. Ram Agreed on the condition that Rohit should pay Rs 5000 in cash and should accept new bill for the balance at 2months with interest Rs 200. These Arrangements were carried through.
Before due date Rohit was declared as involvent and Rs 1500 colud be recovered form his private estate as first and final divident. 
Give Journal Entries in the books of Ram.

Concept: Bill of Exchange Examples and Solutions
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
[10]5
[10]5.A

Following is the balance sheet as on 31 st march 2016 of M/s . Jay and Ajay :

Balance sheet as on 31st MArch 2016

Liabilities Amount Assets   Assets
Capital A/cs :   Cash at bank   18000
Jay 150000 Stock   75000
Ajay 150000 Furniture   90000
Reserve fund 30000 Investment   30000
Loan from Jay 3000 Machinery   90000
Bills payable 6000 Buildings   45000
Creditors 30000 Debtors 24000 21000
    Less : R.D.D 3000
369000   369000

The firm was dissolved on 31st March , 2016 and the assets realised were as under :

(1) Jay look over the investment at ₹ 27600 and Ajay took over the furniture at ₹ 84000.

(2) The assets were realised as follows : 

Stock              73500 ;

Debtors          22500 ;

Machinery      84000 ;

Building         42000  

(3) The creditors were paid off at a discount of 900 and other liabilities were paid in full.

(4) Dissolution expenses were 4200

(5) Jay and Ajay were sharing profits and losses in the ratio of 3 : 2.

Prepare :

1) Realisation Account

2) Capital Account of all partners

3) Bank Account

Concept: Dissolution of Partnership Firm
Chapter: [0.04] Dissolution of Partnership Firm [0.06] Dissolution of Partnership Firm
OR
[10]5.B

Manish and Co. Ltd. made an issue of 40000 equity shares of 20 each payable as follows :

Application                      ₹ 5 per share

Allotment                         ₹ 10 per share

First call                           ₹  3 per share

Second call and
final call                           ₹ 2 per share

The company received applications for 50000 share of which applications for 10000 shares were rejected and money refunded . All the shareholders paid upto second call except Sunita , the allotee of 400 shares , failed to pay the final call. the expenses of issuing amounted to ₹ 6000 .

Pass Journal entries in the books of Manish and Co . Ltd.

Concept: Dissolution of Partnership Firm
Chapter: [0.04] Dissolution of Partnership Firm [0.06] Dissolution of Partnership Firm
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[12]6

Following is the Receipts and payments Accounts and additional information of Jeevan Hospital , Kolhapur . Prepare Incomeand Expenditure Account for the year ending 31st March , 2016 and the balance Sheet as on that date.

Receipts and Payments Account for the year
ended on 31st March , 2016

Dr.                                                                                            Cr.

Receipts Amount (₹) Payments  Amount (₹)
To Balance B/d 12000 By Medicine  20000
To Subscription   By Honorarium to doctors 150000
2014 - 2015 15000 235000 By Ambulance maintance 88000
2015 - 2016 190000 By Hospital equipment purchased 60000
2016 - 2017 30000 By Furniture purchased 50000
To Donation for building fund 110000 By Fixed deposit 200000
To Life membership fees 50000 By Balance c/d 139000
To Hospital receipts (Revenue) 300000    
  707000   707000

Additional information :

(1) Outstanding subscription for 2015 - 2016 is 10000.

(2) Hospital equipment and furniture were purchased on 01.10.2015 and both the assets were to be depreciated @ 20 % p.a.

(3) Life membership fees are to be capitalized.

(4) Staff salary for current yera is outstanding ₹ 15000

(5) On 01.04.2015 the hospital had the following assets and liabilities :

Land             ₹ 500000;

Investment  ₹ 100000 ;

Bank loan    ₹ 400000 ;

Ambulance  ₹ 205000  

(6) Capital fund as on 01.04.2015 was ₹ 432000.

Concept: Accounts of “Not for Profit” Concerns
Chapter: [0.02] Accounts of ‘Not for Profit’ Concerns [0.05] Accounts of “Not for Profit” concerns
[15]7

From the following Trial Balance of M/s . Patil and Desai , you are required to prepare Trading and profit and loss Account for the year ended 31st March , 2016 and Balance Sheet as on that date :

Trial Balance as on 31.03.2016

Debit Balances Amount (₹) Credit Balances Amount (₹)
Machinery 140000 Capital accounts :  
Furniture 80000 Patil 200000
Coal,gas and water 4300 Desai 150000
Land and Building 120000 Sales 330000
Purchases 232000 Sundry creditors 105000
Postage and telegram 2200 Bank loan 40000
Export duty 15500    
Wages and Salaries 31000
Rent and taxes 7200
Cash in hand 58000
Freight 6200
Prepaid rent 3600
Sundry debtors 76000
Salaries 4200
Opening stock 39000
Discount 5800
  825000   825000

Adjustments : 

(1) Closing stock in hand was valued at ₹ 61000.

(2) Goods distributed as free samples were ₹ 3000.

(3) Outstanding salaries ₹ 900

(4) Provide reserve for doubtful debts at 5 % on sundry debtors.

(5) Depreciate machinery at 5 % p.a.

Concept: Preparation of Final Accounts
Chapter: [0.02] Partnership Final Accounts

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