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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 MAR 2015
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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 is ‘liability of partners’?
2. What is meant by ‘capital fund’?
3. What is ‘gain ratio’?
4. What do you mean by ‘issue of shares at
premium’?
5. What are ‘noting charges’?
(B)
Write a word / term / phrase which can substitute each of the following
statements: [5]
1. Excess of income over expenditure of a
‘not for profit’ concern.
2. Debit balance of revaluation account.
3. The debentures which are convertible
into shares.
4. A person who draws a bill of exchange.
5. An asset which can be converted into
cash immediately.
(C)
Select the most appropriate alternative from those given below and rewrite the
statements:[5]
1. Dissolution expenses are credited to
___________
(a)
Realisation account (b) Cash/ Bank account (c) Partners’ capital account
(d)Partners’ loan account
2. Prepaid expenses are sown on the
____________ side of balance sheet.
(a) Assets (b) Liability (c) Debit (d) Cash
3. A bill is
drawn on 23rd Sept, 2013 at 4 months would be payable on __________
(a) 24th
Jan. 2014 (b) 25th Jan. 2014 (c) 26th Jan. 2014 (d) 25th Jan. 2013
4. Capital
Balance is ascertained by preparing ________________
(a)
Statement of affairs. (b) Cash account (c) Drawing account (d) Debtor’s account
5. From
financial statement analysis the creditors are interested to know ________
(a)
Liquidity (b)Profit (c)Share (d) Share capital
(D)
State whether the following statements are True or False: [5]
- Balance Sheet is a nominal account.
- Drawee can transfer the ownership of a
bill.
- Debit balance of insolvent partner’s
capital account is known as ‘capital deficiency’.
- A bill drawn in India and Payable in
Japan is a foreign bill.
- Under single entry system it is not
possible to prepare trial balance.
(E)
Prepare a specimen of Bill of Exchange from the following information:[5]
Drawer
- Shri Mahesh Patil, Plot No. 25, “Ganesh Nivas”, Mahesh Nagar, Goregaon.
Drawee
- Shri Vijay Jadhav, “Saket” M.G. Road, Pune - 11
Payee
- Shri Sanjay Bornare, Vijaypur.
Period
of bill - 60 days.
Date
of bill :16th March, 2013
Amount
of bill - ₹ 15000
Date
of acceptance - 20th March, 2013.
Q2. Mr. Anil keeps his books by single
entry method. Following are the details of his business:[8]
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Particulars
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01.04.2012
Amount(Rs)
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31.03.2013
Amount(Rs)
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Cash in hand
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10000
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16000
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Cash at bank
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20000
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36000
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Stock
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16000
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24000
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Furniture
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18000
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18000
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Plant and Machinery
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60000
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90000
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Creditors
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15000
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18000
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Debtors
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24000
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30000
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During
the year Mr. Anil has withdrawn ₹ 10,000 for his private purpose and bought
goods of ₹ 2000 for household use.
On
1st October 2012, he sold his household furniture for ₹ 2,000 and deposited the
same amount in the business bank account.
Provide
depreciation on Machinery @ 10% p.a. (assuming additions were made on 1st
October, 2012) and on furniture @ 5%.
Prepare:
(a) Opening Statement of Affairs.
(b) Closing Statement of Affairs.
(c) Statement of Profit or Loss for
the year ended 31st March 2013.
OR
(A) What are the components of current
ratio? (4)
(B) State the objectives of financial
statements from the viewpoint of a business concern. (4)
Q3. Akash and Suraj are partners in a
firm sharing profits and losses in the ratio 3:2. Their balance sheet as on
31st March, 2013 was as follows:[10]
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/c
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Furniture
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2,100
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Akash
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50,000
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Stock
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28,700
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Suraj
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50,000
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Land and Building
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35,000
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General Reserve
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10,000
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Plant and Machinery
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49000
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Sundry Creditors
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60,000
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Sundry debtors
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63,000
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Bills Payable
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17,000
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Cash
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9,200
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1,87,000
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1,87,000
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They
agreed to admit Sanjay in their partnership on 1st April, 2013, on the
following terms:
(1)
Sanjay should bring Rs. 1,500, as his share of goodwill in the firm, and Rs.
2,000 as his capital.
(2)
Reserve for doubtful debts is to be provided @ 5% on debtors.
(3)
Land and building be depreciated at 10% p.a.
(4)
Plant and Machinery to be depreciated @ 5% and stock to be depreciated @ 10%
p.a.
(5)
The new profit sharing ratio will be 2: 1: 1.
Prepare:
(a) Revaluation Account.
(b) Partners’ Capital Accounts.
(C) New Balance Sheet of the
firm.
OR.
Given below is the balance sheet of
Vaishali, Madhuri and Shobha, who were sharing profits and losses in the ratio
of
3 : 3 : 2.
Balance
Sheet as on 31st March, 2012
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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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Creditors
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34,800
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Cash
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21,600
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Bills
Payable
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8,800
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Machinery
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34,800
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Capital
A/c
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Debtors
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50,000
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Vaishali
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48,000
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Stock
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25,200
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Madhuri
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52,000
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Furniture
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16,000
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Shobha
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36,000
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Buildings
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48,000
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Reserved
Fund
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16,000
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1,95,600
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1,95,600
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On
1st April, 2012 Shobha retired from the firm on the following terms:
(1)
Assets be revalued as under:
Stock
Rs. 24,000, Machinery Rs. 32,000, Furniture Rs. 16,800.
(2)
R.D.D. be maintained at 4% on debtors.
(3)
An item of Rs. 400 from creditors is no longer a liability and hence should be
properly adjusted.
(4)
The amount due to Shobha be transferred to her loan account.
Pass necessary Journal Entries in the
books of the firm.
Q.
4. Ramesh sold goods to Ganesh on credit for Rs. 20,000. Ganesh accepted a bill
of Rs. 20,000 for 3 months, drawn by Ramesh on the same date.
On
the due date Ganesh dishonoured his acceptance. Then Ganesh approached Ramesh
and requested for renewal of the bill.
Ramesh
agreed on the condition that Ganesh should pay Rs. 10,000 in cash and accept a
new bill for 2 months for the balance amount plus interest Rs. 200.
The
new bill was drawn by Ramesh and accepted by Ganesh. However one month before
the due date Ganesh retired his acceptance by paying Rs. 9,900.
Pass necessary Journal Entries in the
books Ramesh.[10]
Q5.
Mr. Aaba and Mr. Baba are equal partners whose Balance Sheet as on 31st March,
2012 was as under:
[10]
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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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Sundry
creditors
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16,000
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Cash
in hand
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500
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Capital
A/c
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Stock
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4500
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Aaba
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2000
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Debtors
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4000
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Baba
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2000
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Plant
and Machinery
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5000
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Furniture
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2000
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Land
and building
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4000
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20000
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20000
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Due
to weak financial position of the partners the firm is dissolved. Aaba and Baba
are not to contribute anything from their private estate, hence they are
declared insolvent.
the
assets are realised as follows:
Stock
Rs. 3,000, Plant and Machinery Rs. 3,000. Furniture Rs. 1,000, Land and
Building Rs. 2,000 and Debtors Rs. 500.
You are required to prepare necessary
Ledger Accounts to close the books of the firm.
OR
Joshi
- Patil Ltd. issued 2,000, 10% debentures of Rs. 100 each, payable Rs. 20 on
application and the balance on allotment.
Company
received applications for 2,500 debentures, out of which applications for 2,000
were allotted fully and remaining applications were rejected and the money
refunded.
Journalise the above transactions,
assuming that all the sums were received.
Q6.
Following is the Balance Sheet and Receipts and Payments Account of the
Sevagiri Hospital, Satara.
Balance
sheet as on 1st April, 2012
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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
Fund
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10,00,000
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Cash
in hand
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6,000
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Outstanding
Salaries
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22,000
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Cash
at bank
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30,000
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Medical
bill unpaid
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6,000
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Land
and building
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8,00,000
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Furniture
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70,000
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Equipments
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1,20,000
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Outstanding
subscription
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2,000
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10,28,000
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10,28,000
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Receipts and Payments Account for the year ending
31.03.2013
Dr. Cr.
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Receipts
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Amt(Rs)
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Payments
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Amt(Rs)
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To
Balance b/d
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By
Salaries
[including
of previous year]
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1,10,000
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Cash
in hand
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6000
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By
Medicines
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48,000
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Cash
at bank
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30,000
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By
Equipment purchased
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20,000
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To
Subscription
[includes
2000 received for previous year]
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1,30,000
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By
Taxes
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3000
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To
Sale of old furniture
[book
value Rs. 30,000]
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20,000
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By
General Expenses
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8600
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To
Donations
[revenue]
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44,000
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By
Balance c/d
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To
Life membership fees
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25,000
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Cash
in hand
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15,400
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Cash
at bank
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50,000
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2,55,000
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2,55,000
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Consider
the following adjustments:
(1)
Outstanding subscription Rs. 15,000
(2)
Capitalise the amount of life membership fees.
(3)
Pre - paid taxes RS. 500.
(4)
Outstanding salary Rs. 12,000.
(5)
Write off depreciation RS. 20,000 from land and building and Rs. 30,000 from
equipments.
(6)
Outstanding medicine bill as on 01.04.2012 is still due.
Prepare Income and Expenditure account
for the year ended on 31st March, 2013 and Balance Sheet as on that date[12]
Q7.
From the following Trial Balance of M/s Sanjay and Keshav, 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 account the following
additional information.[15]
Trial
Balance as on 31st March, 2013
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Debit Balances
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Amount
(Rs.)
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Credit Balances
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Amount
(Rs.)
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Opening
Stock
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1,80,000
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Sales
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5,25,000
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Bills
receivable
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80,000
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Rent
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22,000
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Purchases
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240000
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Bills
Payable
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78000
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Bad
debts
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20000
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Sundry
creditors
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100000
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Salary
and Wages
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24000
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Capital
Account
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Discount
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9,000
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Sanjay
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5,00,000
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Carriage
inward
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12,000
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Keshav
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3,00,000
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Travelling
expenses
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13,000
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Cash
in hand
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38,000
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Furniture
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2,80,000
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Insurance
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12,000
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Land
and Building
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4,00,000
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Postage
and telegram
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7,000
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Sundry
debtors
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2,10,000
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15,25,000
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15,25,000
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Additional
Information:
(1)
Insurance paid in advance Rs. 3,000.
(2)
Depreciation provided on furniture at 10%.
(3)
Salary and wages outstanding Rs. 6,000.
(4)
Rent received in advance Rs. 5,000.
(5)
Closing stock as on 31.03.2013 Rs. 2,00,000.
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