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Std.XII:B.K
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EMINENT LEARNING
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01
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BOARD QUESTION PAPER FEB 2014
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Time: 3 Hours
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Max. Marks: 80
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Notes:(1) All questions are
compulsory.
(2) Figures to the right indicate
full marks for the questions
(3) Figures to the left indicate
question marks.
(4) Answer to every question must be
started on new page.
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Q1.
Attempt any THREE of the following sub - questions:[15]
(A)
Answer the following questions in ‘one’ sentence each: [5]
(1)What do you mean by 'carriage inward'?
(2)What is 'due date of a bill'?
(3)What is 'deficit'?
(4)What do you mean by 'sacrifice ratio'?
(5)Which statement is prepared under single entry system to
ascertain profit?
(B)
Write a word / term / phrase which can substitute each of the following
statements: [5]
(1)
The
debit balance of trading account..
(2)
The
excess of total assets over total liabilities of a 'not for profit concern'.
(3)
Expenses
incurred on dissolution of a partnership firm.
(4)
Transfer
of title of a bill from a debtor to a creditor.
(5)
The
statement showing profitability of two different periods and its
percentage change.
(C)
Select the most appropriate alternative from those given below and rewrite the
statements:[5]
(1) When shares are forfeited, share capital account is
_________
(a)
debited
(b) credited
(c) adjusted
(d) none
of these
(2) A bill drawn and accepted on 23rd November,
2012 for two months will payable
on
_____________
(a) 23rd January, 2012
(b) 23rd January, 2013
(c) 25th January, 2013
(d) 26th January, 2013
(3) If the opening capital is Rs. 80,000, closing capital is Rs.
1,80,000, withdrawals
are Rs. 10,000
and additional capital brought in is Rs. 20,000, the profit will be
Rs.
______________
(a) 90,000 (b) 1,10,000 (c) 70,000 (d) 1,50,000
(4) Assets and
liabilities are transferred to Realisation Account at their
_________ value.
(a) market. (b) purchase (c) sale (d) book.
(5) Share of profit or a deceased
partner till the date of his death is ____________
(a) debited to profit and loss
adjustment account
(b) credited to profit and loss adjustment
account (c) debited to
profit and
loss suspense account.
(d) credited to profit and loss suspense
account
(D)
State whether the following statements are True or False: [5]
(1) Honour of bill means payment in accordance with the
apparent tenor of the bill.
(2) The issue of debenture more than the face value is termed
as issue of debenture at par.
(3) Return inward is deducted from purchases.
(4) Ratio analysis is useful for inter – firm
comparison.
(5) Renewal is a request by drawee to cancel the old bill and
draw a new bill
by extending the
credit period.
(E)
Prepare a specimen of Bill of Exchange from the following information:[5]
Drawer : Ramesh Mishra, L.B.S. Road, Ghatkopar, Mumbai
Drawee : Nandkumar Sharma, Laxmi Road, Pune
Payee: Rupesh Kumar Pande, Rajkamal Chowk, Amaravati.
Period of bill: 90 days
Amount of bill : Rs. 25,000
Date of Bill: 17th February, 2014
Date of Acceptance: 20th February, 2014
Accepted for : Rs. 20,000 only.
Drawee : Nandkumar Sharma, Laxmi Road, Pune
Payee: Rupesh Kumar Pande, Rajkamal Chowk, Amaravati.
Period of bill: 90 days
Amount of bill : Rs. 25,000
Date of Bill: 17th February, 2014
Date of Acceptance: 20th February, 2014
Accepted for : Rs. 20,000 only.
Q2. Mr. Keshav keeps his books on single entry
system and disclosed the following information of his business. [8 MARKS]
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Particular
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1
st April, 12 (Rs.)
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31
st March, 13
(Rs.)
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Investments
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30000
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Bills payable
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18000
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Creditors
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52500
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69000
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Furniture
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15000
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45000
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Debtors
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60,000
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90,000
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Stock in Trade
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30,000
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37,500
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Cash at Bank
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36,000
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54,000
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Additional information
(1) Mr. Keshav transferred Rs. 3,000 per month during the first half year and Rs. 2000 per month for the second half year from business account to his personal account.
(2) he also took goods worth Rs. 7,000 for private use.
(3) He sold his private asset for Rs. 27,000 and brought the proceeds into his business.
(4) Furniture to be depreciated by 10%
(5) Provide reserve for doubtful debts at 5% on debtors.
Prepare: (i) Opening statement of affairs.
(ii) Closing statement of affairs.
(iii) Statement of Profit and Loss for the year ended 31st March, 2013.
OR
Q2. A. What are the different 'Cash inflows' and 'Cash
outflows' of operating activity? (4 Marks)
B. State and explain any 'four objectives' of financial statement
analysis from business point of view. (4 Marks)
Q3. Mrs. Shehal and Mrs. Meenal
are equal partners in a business. Their balance sheet is as follows.
Balance Sheet as on 31st March, 2013 [10 MARKS]
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Liabilities
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Amount Rs.
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Assets
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Amount Rs.
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Capital
A/cs
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Premises
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20,500
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Snehal
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80000
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Investments
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10,500
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Meenal
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45000
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125000
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Equipments
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5,000
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Creditors
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46,000
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Bills Receivable
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18,000
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General reserve
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20,000
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Debtors
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110000
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( - ) R.D.D.
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11000
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99000
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Bank Balance
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38,000
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191,000
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191,000
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They agreed to admit Mr. Komal on 1st April,
2013 on the following terms:
(1) Komal should bring Rs. 50,000 towards her capital for one fourth (1/4th )Share in future profit.
(2) Goodwill to be raised in the books of the firm for Rs. 40,000.
(3) R.D.D. to be maintained at 5% on debtors.
(4) Premises to be valued at Rs. 30,000 and
equipments to be written off fully.
(5) Creditors allowed a discount of Rs. 1,000 and they were paid off immediately.
Prepare: Profit and Loss Adjustment
Account, Partner's Capital Accounts and Balance Sheet of the new firm.
OR
Pravin, Prakash and Paresh were partners sharing profits and losses in the proportion to their capitals. their balance sheet of the firm on 31st March, 2013 was as under.
Balance sheet as on 31st March, 2013
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Liabilities
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Amount
(Rs.)
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Assets
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Amount
(Rs.)
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Capital A/cs
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Land and Building
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80,000
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Pravin
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60,000
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Investments
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40,000
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Prakash
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40,000
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Debtors
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32000
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Less: R.D.D.
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-4000
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28000
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Creditors
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56000
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Stock
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36000
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Reserve Fund
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36000
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Cash
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28000
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212000
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212000
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Paresh died on 1st August, 2013 and the
following adjustments were made:
(1) Assets were valued as – Land and building Rs. 88,000. Investments Rs. 36,000 and Stock Rs. 34,000.
(2) All debtors were good.
(3) Goodwill of the firm valued at two times the average profit of the last 4 years' profit.
(4) Paresh's share of profit upto his death to be calculated on the basis of average profit of the last two years.
(5) Profits for the last four years were: Rs. 12,000, Rs. 24000, Rs. 14000 and Rs. 22000.
Prepare: (i) Profit and Loss Adjustment Account.
(ii) Paresh's Capital Account, showing the amount payable to his executor.
(iii) Give working of Paresh's share in Goodwill and Profit.
Q4. Journalise the following transactions int he books of
Kedarnath:
[10 MARKS]
1. Badrinath informs Kedarnath that Aloknath's Acceptance of Rs. 16,000 endorsed to Badrinath has been dishonoured and noting charges amounted to Rs. 500.
2. Somnath renews his acceptance of Rs. 14,400 to Kedarnath by paying cash Rs. 4,400 and accepting a new bill for 2 months for the balance plus interest @ 12% p.a.
3. Vishwanath retired his acceptance for Rs. 10,500 to Kedarnath by paying in cash Rs. 10,250
4. Recovered only 50% of the amount due from his private estate of Ramnath, who declared as insolvent, against his bill of Rs. 12,500.
Q5. Devendra and Ganesh were
partners sharing profits and losses in the ratio of 3:2. They dissolved the
partnership firm on 31st March, 2013 when their position was as
follows.:(10 Marks)
Balance Sheet as on 31. 03. 2013
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Liabilities
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Rs.
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Rs.
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Assets
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Rs.
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Rs.
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Sundry
Creditors
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12,500
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Debtors
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56250
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Bank
overdraft
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10,000
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(-) R.D.D.
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( - )
6250
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50,000
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Reserve
Fund
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15,000
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Stock
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1,12,500
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Capital
Accounts
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Furniture
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25,000
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Devendra
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1,15,000
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Motor Car
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37,500
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Ganesh
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75000
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190000
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Cash in
hand
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2500
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227500
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227500
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The assets realised as follows:
(1) Debtors Rs. 45,000, stock Rs. 1,00,000 and goodwill Rs.
12,500
(2) Motor car was taken over by Devendra for Rs. 35,000 and
furniture by Ganesh for Rs. 30,000.
(3) The creditors were paid Rs. 11,250 in full settlement.
(4) The realisation expenses were Rs. 5,000.
Pass necessary journal entries in the books of the firm.
OR
Khandelwal Co. Ltd. made an issue of 40,000 equity shares of
Rs. 20 each, payable as follows:
Application : Rs. 5 per share
Allotment : Rs. 10 per share.
First call: Rs. 3 per share.
Second and Final call: Rs. 2 per share.
The company received applications for 45,000 shares of which
applications for 5000 shares were rejected and the money refunded. All the
shareholders paid upto second call except Sachin, the allottee of 2,000 shares,
failed to pay final call.
Pass Journal Entries for the above
transactions in the books of Khandelwal Co. Ltd.
Q6. Following is the Receipts and
Payments Account of Chamber of Commerce, Amaravati for the year ending 31st March,
2012 and some additional information.
[12 MARKS]
Receipts and Payments A/c for the year ended 31.03.2012
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Receipts
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Amount
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Payments
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Amount
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To balance
b/d
(Cash at
bank)
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11,960
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By Printing
and Stationery
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6950
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To
subscription
(Including
Rs. 2500 for 2010 – 11)
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36500
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By Repairs
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2100
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To Sale of
furniture
(Books
value Rs. 18,000)
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12000
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By Rent
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8500
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To Donation
for building fund
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27000
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By Books
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20000
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To
Admission fees
(Revenue)
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5050
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By
Travelling expenses
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2000
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By
Investments
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40,000
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By
Insurance
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1700
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By Balance
c/d
(Cash at
bank)
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11260
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92510
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92510
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Additional information:
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Particulars
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1.04.2011
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31.03.2012
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Outstanding
subscription
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3000
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5000
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Furniture
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32000
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12600
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Building
fund
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145000
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Capital
fund
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151960
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Investment
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250000
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Prepare Income and Expenditure A/c
for the year ended 31st March, 2012 and balance sheet as on
that date.
Q7. Miss Meena and Miss Reena are
in partnership sharing profits and losses in the ratio of 3:2.(15
Marks)
From the following trial balance
and adjustments, you are required to prepare Trading Account, 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
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Particulars
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Amount
(Rs.)
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Particulars
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Amount
(Rs.)
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Building
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400000
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Capital
Accounts
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Plant and
machinery
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120000
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Meena
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300000
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Purchases
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650000
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Reena
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200000
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500000
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Carriage
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7000
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Sales
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814000
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Opening
Stock
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90000
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Sundry
creditors
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180000
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Wages
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35000
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Bank
overdraft
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20000
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Sundry
debtors
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150000
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Salaries
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28000
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Postage
and telegram
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4000
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Insurance
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5000
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Bad debts
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3000
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Rent
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4000
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Discount
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3000
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Drawings
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Meena
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10000
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Reena
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5000
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15000
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1514000
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1514000
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Adjustments:
1. Stock on hand on 31st March, 2013 was
valued at Rs. 1,10,000.
2. Depreciate plant and machinery at 10% p.a.
3. Create reserve for doubtful debts at 5% on sundry
debtors.
4. Salaries include Rs. 2500 as advance to workers.
5. Partners are allowed interest at 5% p.a. on their
capitals.
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