HSC Commerce (Marketing and Salesmanship) 12th Board ExamMaharashtra State Board
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Question Paper Solutions - Book Keeping and Accountancy 2013 - 2014 HSC Commerce (Marketing and Salesmanship) 12th Board Exam


Marks: 80
[15]1
[5]1.1 | Answer the following in one sentence each
[1]1.1.1
What is ‘balance sheet’?
Chapter: [5] Accounts of “Not for Profit” concerns
Concept: Preparation of Income and Expenditure Account and Closing Balance Sheet
[1]1.1.2
What is 'deficit'?
Chapter: [5] Accounts of “Not for Profit” concerns
Concept: Preparation of Income and Expenditure Account and Closing Balance Sheet
[1]1.1.3

What do you mean by 'sacrifice ratio'?

Chapter: [3] Reconstitution of Partnership
Concept: Admission of a Partner - Sacrifice Ratio and New Ratio
[1]1.1.4
What is 'allotment of shares'?
Chapter: [8] Company Accounts
Concept: Share Capital - Issue and Allotment of Equity Shares
[1]1.1.5
Who is a 'drawer'?
Chapter: [7] Bill of Exchange (Only Trade Bill)
Concept: Accounting Treatment of Bill by the Drawer Or Holder and Drawee
[5]1.2 | Write a word /term/phrase which can substitute each of the following statements:
[1]1.2.1
Debit balance on realisation account.
Chapter: [9] Analysis of Financial Statements
Concept: Classification of Ratios
[1]1.2.2
The three extra days which are allowed over and above the period of the bill.
Chapter: [7] Bill of Exchange (Only Trade Bill)
Concept: Important Terms of Bills of Exchange - Days of Grace
[1]1.2.3
Expenses which are due but not paid at the end of the year.
Chapter: [2] Partnership Final Accounts
Concept: Effects of Adjustments-Outstanding Expenses
Expenses which are due but not paid at the end of the year.
Chapter: [5] Accounts of “Not for Profit” concerns
Concept: Effects of Adjustments-Outstanding Expenses
Expenses which are due but not paid at the end of the year.
Chapter: [6] Single Entry System
Concept: Effects of Adjustments-Outstanding Expenses
[1]1.2.4
A statement similar to a balance sheet.
Chapter: [3] Reconstitution of Partnership
Concept: Admission of a Partner - Revaluation of Assets and Liabilities
[1]1.2.5

An asset which can be converted into cash immediately.

Chapter: [5] Accounts of “Not for Profit” concerns
Concept: Additional Information - Opening Balances of Assets and Liabilities
[5]1.3 |  Select the most appropriate answer from the alternatives given below and rewrite the sentences:
[1]1.3.1
The profit or loss from revaluation on retirement of partners is shared by _____________
(a) all the partners
(b) the remaining partners
(c) only the retiring partners
(d) none of these

 

Chapter: [3] Reconstitution of Partnership
Concept: Retirement Or Death of a Partner - Revaluation of Assets and Liabilities
[1]1.3.2
Purchase of stationery is a ________ expenditure.
(a) capital
(b) revenue
(c) long term
(d) deferred revenue
Chapter: [2] Partnership Final Accounts
Concept: Adjustments - Capital Expenditure Included in Revenue Expenses and Vice-versa
[1]1.3.3
_____________ means payment of the bill before due date.
(a) Discounting of bill
(b) Retirement of bill
(c) Renewal of bill
(d) Endorsement of bill
Chapter: [7] Bill of Exchange (Only Trade Bill)
Concept: Important Terms of Bills of Exchange - Due Date
[1]1.3.4
Generally incomplete records are maintained by the __________
(a) trader
(b) company
(c) society
(d) government
Chapter: [6] Single Entry System
Concept: Preparation of Statements for Single Entry System
[1]1.3.5
The interest on drawings is transferred to ___________ side of the profit and loss account.
(a) debit
(b) credit
(c) asset
(d) liability
Chapter: [6] Single Entry System
Concept: Effects of Adjustments-Drawings
[5]1.4 |  State whether the following statements are True or False:
[1]1.4.1

The debenture holder is owner of the company.

Chapter: [8] Company Accounts
Concept: Meaning and Concept of Debentures
[1]1.4.2
The person, to whom or as per his order amount of bill is payable, is a payee.
Chapter: [7] Bill of Exchange (Only Trade Bill)
Concept: Parties to the Bill of Exchange
[1]1.4.3
Government is not interested in the analysis of financial statement.
Chapter: [9] Analysis of Financial Statements
Concept: Concept of Financial Statement Analysis
[1]1.4.4
On dissolution, the cash or bank account is closed automatically.
Chapter: [4] Dissolution of Partnership Firm
Concept: Dissolution of Partnership Firm
[1]1.4.5
A bill can’t be deposited into a bank for collection.
Chapter: [7] Bill of Exchange (Only Trade Bill)
Concept: Accounting Treatment of Bill - Sending the Bill to the Bank for Collection, Honour Or Dishonour and Insolvency
[5]1.5

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

Drawer: Rahul Chaudhari, 105 Ghodbunder Road, Thane

Drawee: Prakash Patil, 207, Ganga Road, Nashik

Payee: Sonal Chaudhari, M.G. Road, Dhule

Period of a bill: 60 days

Amount of bill: Rs. 10,000

Date of a bill: 15th December 2013

Date of acceptance: 18th December 2013

Chapter: [7] Bill of Exchange (Only Trade Bill)
Concept: Draft Or Format of Bills
[8]2 | Attempt Any One
[8]2.1
Mrs Asha keeps her books on Single Entry System and gives the following information:
Particulars 31.3.2011 Amount (Rs) 31.3.2012 Amount (Rs)
Cash at Bank 10,000 64,000
Sundry debtors 50,000 80,000
Stock in Trade 60,000 10,000
Furniture 40,000 40,000
Machinery 1,00,000 1,00,000
Bills Payable 10,000 10,000
Sundry Creditors 30,000 40,000

Mrs. Asha withdrew from business Rs. 30,000 for personal use. She further introduced fresh capital of Rs. 50,000.
Depreciation is to be charged @ 10% p.a. on furniture and machinery.

Prepare:

(a) Statement of affairs as on 31.3.2011

(b) Statement of affairs as on 31.3.2012

(c) Statement of Profit or Loss for the year ending 31.3.2012.

Chapter: [6] Single Entry System
Concept: Preparation of Statements for Single Entry System
[8]2.2
[4]2.2.1
What are the investing activities of cash flow?
Chapter: [9] Analysis of Financial Statements
Concept: Cash Flow Analysis
[4]2.2.2

State any one limitation of Analysis of Financial Statement.

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

Anil and Sunil were partners sharing profits and losses in the ratio of 2:1 respectively. Their Balance Sheet was as follows:

Balance Sheet as on 31st March 2010
Liabilities Amount (Rs) Assets Amount (Rs)
Capital A/c   Cash at Bank 4,000
Anil 24,000 Debtors 15,000
Sunil 16,000 Stock 23,500
Trade Creditors 26,000 Furniture 5,000
Anil’s Loan A/c 6,500 Building 25,000
  72,500   72,500

On 1st April 2010, Ram is admitted in the partnership on the following terms:
(1) Ram should bring in cash of Rs. 12,000 as capital for 1/5th share in future profit.
(2) Goodwill A/c is raised in the books of the firm for Rs. 4,500.
(3) A building is revalued at Rs. 28,000 and the value of stock be reduced by Rs. 1,500.
(4) Reserve for doubtful debts is provided at 5% on debtors.

Prepare:
(a) Profit and Loss Adjustment account.
(b) Capital Accounts of partners.
(c) Balance Sheet of the new firm.

Chapter: [3] Reconstitution of Partnership
Concept: Admission of a Partner - Revaluation of Assets and Liabilities
[10]3.2
Supriya, Surekha and Sujata were partners sharing profits and Losses in the ration of 2:2:1 respectively. Their Balance Sheet as on 31st March 2012 was as follows:
Balance Sheet as on 31st March 2012
Liabilities Amount (Rs) Assets Amount (Rs)
Capital A/c   Land and Building 50000
Supriya 40000 Stock 30000
Surekha 40000       Debtors        37500  
Sujata 20000       (–) R.D.D.       2500 35000
Reserve Fund 10000 Furniture 10000
Creditors 16000 Cash at Bank 5000
Outstanding Expenses 4000    
  1,30,000   1,30,000
       

Sujata died on 1st July 2012 and the adjustments were agreed to as per the deed as follows:
(1) Land and Building to be valued at Rs. 60,000 and all debtors were good.
(2) Stock be depreciated by 10%.
(3) The drawings of Sujata up to the date of her death amounted to Rs. 2,000.
(4) Interest on capital was to be allowed at 10% p.a.
(5) The deceased partner’s share of goodwill is to be valued at 2 years’ purchase of average profit of last 3 years.
The profits were:
2009 – 10 = Rs. 15,000
2010 – 11 = Rs. 17,000
2011 – 12 = Rs. 13,000
(6) The deceased partner’s share of profit up to the date of her death should be based on the average profit of the last two years.

You are required to prepare:
(a) Profit and Loss Adjustment Account.
(b) Sujata’s Capital Account showing the balance payable to her Executor’s Loan Account.
(c) Working notes for calculation of (a) Goodwill and (b) Profit till the date of Sujata’s death.

Chapter: [3] Reconstitution of Partnership
Concept: Retirement Or Death of a Partner - Adjustment of Accumulated Profits and Losses
[10]4
On 14th May 2012 Rohit sold goods on credit to Devidas for Rs. 30,000. On the same date, Rohit draws a bill on Devidas for Rs. 30,000 at 4 months. Devidas accepted it and returned to Rohit. On 17th June 2012, Rohit discounted the bill with his bank @ 10% p.a. On the due date, Devidas finds himself unable to make payment of the bill and requests Rohit to renew it. Rohit accepted the proposal on the condition that Devidas should pay Rs. 10,000 on account along with interest Rs. 500 in cash and should accept a new bill for the balance at 2 months. These arrangements were carried through. Give Journal Entries in the books of Rohit.
Chapter: [7] Bill of Exchange (Only Trade Bill)
Concept: Accounting Treatment - Discounting the Bill with the Bank Honour/Dishonour and Insolvency
[10]5 | Attempt Any One
[10]5.1
Uday and Prabhakar are partners sharing profits and losses in the proportion of 3/5 and 2/5 respectively. They dissolved their partnership firm on 31st March 2012 when their financial position was as under
Balance Sheet as on 31st March 2012
Liabilities Amount (Rs) Assets Amount (Rs)
Sundry Creditors 15,000 Cash at bank 3,000
Uday’s Wife’s Loan 30,000      Debtors       67,500  
Capital A/c       (–) R.D.D.       7,500 60,000
  Uday 1,38,000 Stock 135000
  Prabhakar 90,000 Machinery 45000
    Furniture 30000
  2,73,000   2,73,000

The assets were realised as under:
Goodwill Rs. 15,000, Stock Rs. 1,20,000 and Debtors Rs. 54,000.
Machinery was taken over by Prabhakar at Rs. 40,000 and furniture by Uday at book value.
Uday agreed to discharge his wife’s loan.
The creditors were paid at a rebate of Rs. 3,000
The expenses of dissolution amounted to Rs. 6,000
Pass necessary Journal Entries in the books of the firm.

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

Milind and Co. Ltd. issued 20,000 equity shares of Rs. 100 each payable as under:
On Application Rs. 20 per share.
On Allotment Rs. 35 per share.
On First Call Rs. 25 per share.
On Second Call Rs. 20 per share.
The company received applications for 30,000 equity shares. Applications for 20,000 shares were accepted and allotted shares. Applications for 10,000 shares were rejected and refunded in full. The money due on an allotment and both the calls were received in full. The expenses of issue amounted to Rs. 5,000. Pass necessary journal entries in the books of the company.

Chapter: [8] Company Accounts
Concept: Share Capital - Issue and Allotment of Equity Shares
[12]6
From the following Balance Sheet and Receipts and Payments A/c of Vidya Mandir High School, Alibag. Prepare Income and Expenditure Account for the year ended 31st March 2008 and Balance Sheet as on that date
Balance Sheet as on 1st April 2007
Liabilities Amount (Rs) Assets Amount (Rs)
Entrance Fees 6,000 Furniture 16,800
Capital Fund 1,03,800 Laboratory 20,000
    Library 25,000
    Investment 40,000
    Cash in hand 1,000
    Cash at bank 3,000
    Outstanding Tuition Fees 4,000
  1,09,800   1,09,800
       

 

Receipts and Payments Account for the year ended 31st March 2008
Receipts Amount (Rs) Payments Amount (Rs)
To Balance b/d   By Furniture Purchased 5,400
   Cash in hand 1,000 By Salaries 60,000
   Cash at bank 3,000 By Rent 28,000
To Tuition Fees 80,000 By Sundry Expenses 15,200
To Term Fees 26,200 By Annual Gathering Expenses 11,300
To Government Grant 16,000 By Insurance 4,000
To Donation of Library 30,000 By Closing Balance  
To Interest on Investment 2,000    Cash at bank 34,300
  1,58,200   1,58,200

Adjustments:
1. Tuition fees still receivable are Rs. 10,000.
2. Salaries still payable are Rs. 30,000
3. An insurance premium is paid for one year ending 30.9.2008.
4. Rent paid in advance Rs. 4,000.
5. Depreciate furniture and library at 10%.

Depreciation to be charged on the closing balances of the assets.

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

Jitesh and Lailesh are in partnership sharing profits and losses in the ratio of 2:1. From the following Trial Balance and adjustments given below, you are required to prepare Trading and Profit and Loss A/c for the year ended 31st March 2013 and the Balance Sheet as on that date:

Trial Balance as on 31st March 2013
Particulars Debit Amount (Rs) Credit Amount (Rs)
Prepaid Insurance 800  
Insurance 2,000  
R.B.D.D.   1,000
Discount 800  
Postage and telephone 3,200  
Salaries 56,000  
Debtors and Creditors 66,000 68,000
Wages 24,000  
Opening Stock 48,000  
Carriage 1,000  
Purchases and Sales 1,93,200 3,01,600
Return inwards and outwards 5,600 9,200
Bank overdraft   1,20,800
Plant & Machinery 24,000  
Land & Building 1,76,000  
Capital    
Jitesh   52,000
Lailesh   48,000
Total 6,00,600 6,00,600
     
Adjustments:
1. Write off Rs. 2,000 for bad debts and provide R.B.D.D. 5% on debtors.
2. Goods worth Rs. 4,000 were distributed as free samples.
3. Closing stock on 31.03.2013 was valued at the cost Rs. 56,000 while its market price was Rs. 60,000.
4. Salaries were outstanding Rs. 2,000.
5. Depreciate:
Land and Building @ 5% p.a. and
Plant & Machinery @ 10% p.a. 
Chapter: [3] Reconstitution of Partnership
Concept: Reconstitution of Partnership Examples and Solutions
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