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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 OCT 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]
- What
is ‘balance sheet’?
- What
is ‘deficit’?
- What
is ‘Sacrifice ratio’?
- What
is ‘allotment of shares’?
- Who
is a ‘drawer’?
(B)
Write a word / term / phrase which can substitute each of the following
statements: [5]
(1)
Debit balance on realisation account.
(2)
The three extra days which are allowed over
& above the period of the bill.
(3)
Expenses which are due but not paid at the
end of the year.
(4)
A statement similar to a balance sheet.
(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. The profit or loss from revaluation on
retirement of partners is shared _____.
(a) all the partners (b) the remaining
partners (c) only the retiring partners
(d) none of these
2. Purchase of stationery is a ________
expenditure.
(a) capital (b) revenue (c) long term
(d) deferred revenue
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
4. Generally incomplete records are
maintained by the __________
(a) trader. (b) company (c) society (d)
government
5. The interest on drawings is transferred
to ___________ side of the profit and
loss account.
(a) debit (b) credit (c)
asset (d) liability
(D)
State whether the following statements are True or False: [5]
- The
debenture holder is the owner of the company.
- The
person, to whom or as per his order amount of bill is payable, is a payee.
- Government
is not interested in the analysis of financial statement.
- On
its dissolution the cash or bank account is closed automatically.
- A
bill can’t be deposited into a bank for collection.
(E)
Prepare a specimen of Bill of Exchange from the following information:[5]
Drawer: Rahul Chaudhari,
105 Ghodbunder Road, Thane.
Drawee: Prakash Patil,
207, Ganga Road, Nashik.
Payee: Sonal Chaudhari,
M.G. Road, Dhule.
Period of Bill: 60 days.
Amount of bill: Rs. 10,000
Date of Bill : 15th
December, 2013
Date of acceptance: 18th
December, 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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01.04.2011
Amount(Rs)
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31.03.2012
Amount(Rs)
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Cash at Bank
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10000
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64000
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Sundry debtors
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50000
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80000
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Stock in Trade
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60000
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10000
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Furniture
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40000
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40000
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Machinery
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100000
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100000
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Bills Payable
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10000
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10000
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Sundry Creditors
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30000
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40000
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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)
Opening Statement of Affairs.
(b)
Closing Statement of Affairs.
(c)
Statement of Profit or Loss for the year ended 31st March 2012.
OR
(A)
What are the investing activities of cash flow? [4]
(B)
State the limitations of analysis of financial statements. [4]
Q3. Anil and Sunil were partners sharing profits and losses in the ratio
of 2:1 respectively. Their Balance Sheet was as follows: [10]
Balance Sheet as on 31st
March, 2010
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Liabilities
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Amount
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Assets
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Amount
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Capital A/cs
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Cash at Bank
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4000
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Anil
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24000
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Debtors
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15000
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Sunil
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16000
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Stock
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23500
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Trade Creditors
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26000
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Furniture
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5000
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Anil’s Loan A/c
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6500
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Building
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25,000
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72,500
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72,500
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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)
Building is revalued at Rs. 28,000 and the value of stock be reduced by Rs.
1,500.
(4)
Reserve for doubtful debts be provided at 5% on debtors.
Prepare:
(a) Profit and Loss Adjustment account.
(b) Capital Accounts of partners.
(c) Balance Sheet of the new firm.
OR.
Q3. Supriya, Surakha 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:
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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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Land and Building
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50000
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Supriya
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40000
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Stock
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30000
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Surekha
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40000
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Debtors
37500
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Sujata
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20000
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(-) R.D.D. -2500
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35000
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Reserve Fund
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10000
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Furniture
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10000
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Creditors
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16000
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Cash at Bank
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5000
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Outstanding
Expenses
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4000
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130000
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130000
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Sujata
died on 1sAt 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 drawing 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 2years’ purchase of
average profit of last 3 years.
The
profits were:
2009
– 10 = Rs. 15000
2010
– 11 = Rs. 17000
2011
– 12 = Rs. 13000
(6)
The deceased partner’s share of profit up to the date of her death should be
based on 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.
Q4. 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 an returned to Rohit.
On
17th June, 2012 rohit discounted the bill with his bank @ 10% p.a.
On
due date Devidas finds himself unable to make payment of the bill and requests
Rphit 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 though.
Give Journal Entries in the Books of
Rohit. [10]
Q5. Uday and Prabhakar are partners sharing profit 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
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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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15000
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Cash at bank
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3000
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Uday’s wife’s loan
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30000
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Debtors
67500
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Capital A/c
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(-) R.D.D.
-7500
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60000
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Uday
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138000
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Stock
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135000
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Prabhakar
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90000
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Machinery
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45000
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Furniture
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30000
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273000
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273000
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The
assets were realised as under:
Goodwill
Rs. 15,000, Stock Rs. 1,20000 and Debtors Rs. 54,000.
Machinery
was taken over by Prabhakar at Rs. 40000 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. 6000
Pass necessary Journal Entries in the
books of the firm. [10]
OR
Q5. Milind and Co. Ltd. Issued 20,000 equity shares
of Rs. 100 each payable as under:[10]
On Application Rs. 20 per share.
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 allotment and both the calls was received in full.
The
expenses of issue amounted to Rs. 5000.
Pass necessary journal entries in the
books of the company.
Q6. 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.[12]
Balance
Sheet as on 1st April, 2007
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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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Entrance Fees
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6000
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Furniture
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16800
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Capital Fund
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103800
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Laboratory
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20000
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Library
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25000
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Investment
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40000
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Cash in hand
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1000
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Cash at bank
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3000
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Outstanding Tuition
Fees
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4000
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109800
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109800
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Receipts
and Payments Account for the year ended 31st March, 2008
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 Furniture
Purchased
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5400
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Cash in hand
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1000
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By Salaries
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60000
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Cash at bank
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3000
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By Rent
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28000
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To Tuition Fees
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80000
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By Sundry Expenses
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15200
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To Term Fees
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26200
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By Annual gathering
expenses
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11300
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To Government grant
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16000
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By Insurance
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4000
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To Donation of
library
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30000
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By closing Balance
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To Interest on
Investment
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2000
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Cash at bank
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34300
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Adjustments:
1.
Tuition fees still receivable are Rs. 10,000.
2.
Salaries still payable are Rs. 30,000
3.
Insurance premium is paid for one year ending 30.9.2008.
4.
Rent paid in advance Rs. 4000.
5.
Depreciate furniture and library at 10%.
Depreciation
to be charged on the closing balances of the assets.
Prepare
Income and Expenditure account for the year ended on 31st March, 2008 and
Balance Sheet as on that date.
Q7. 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: [15]
Trial
Balance as on 31st March, 2013.
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Particulars
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Debit
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Credit
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Prepaid Insurance
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800
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Insurance
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2000
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R.B.D.D.
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1000
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Discount
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800
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Postage and
telephone
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3200
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Salaries
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56000
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Debtors and
Creditors
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66000
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68000
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Wages
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24000
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Opening Stock
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48000
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Carriage
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1000
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Purchases and Sales
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193200
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301600
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Return inwards and
outwards
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5600
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9200
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Bank overdraft
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120800
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Plant &
Machinery
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24000
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Land & Building
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176000
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Capital
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Jitesh
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52000
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Lailesh
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48000
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Total
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600600
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600600
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Adjustments:
1.
Write off Rs. 2000 for bad debts and provide R.B.D.D. 5% on debtors.
2.
Goods worth Rs. 4000 were distributed as free samples.
3.
Closing stock on 31.03.2013 was valued at the cost Rs. 56000 while its market
price was Rs. 60,000.
4.
Salaries were outstanding Rs. 2000.
5.
Depreciate :
Land and Building @ 5% p.a. and
Plant & Machinery @ 10% p.a.
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