CAREER MAKERS

Std.: 12th (Commerce) Accounts Marks: 80

Date: 10-Dec-2024 Revision Time: 3 hour
Chapter: All
Q.1 A) Select the correct option from the choices given below and rewrite the statement: (5)

1) A __________ is an Intangible Asset.

a) Goodwill b) Stock c) Cash d) Furniture

2) From financial statement analysis the creditors are specially interested to know _________.
1. Liquidity
2. Profits
3. Sale
4. Share Capital

3) If any unrecorded liability is paid on dissolution of the firm ______________ account is debited.
(a) Cash/Bank Account
(b) Realisation Account
(c) Partner’s Capital Account
(d) Loan Account

4) __________ is credited when unrecorded asset is brought into business.

(a) Revaluation Account
(b) Balance Sheet
(c) Trading Account
(d) Partners Capital Account

5) The person on whom a bill is drawn is called a ______________

(a) Drawee
(b) Payee
(c) Drawer
(d) Acceptor

B) Find the odd one (5)

1) Building, Machinery, Furniture, Bills Payable

2) Postage, Stationery, Advertising, Purchases

3) Discount received, Dividend received, Interest received, Depreciation

4) Wages, Salary, Royalty, Import Duty

5) General Reserve , Creditors , Investments , Capital

C) State true or false with reasons. (5)

 1) Not for Profit concerns do not prepare a Balance Sheet.

2) R.D.D. is created on Creditors.

3) The face value of shares and market value of shares is always the same.

4) At the time of dissolution of the partnership, all assets should be transferred to Realisation
Account.

5) Joint-stock company forms of business organisations came into existence after the
industrial revolution.

D) Do you agree or disagree? with the following statements. (5)

1) Current account always shows a debit balance.

2) Partners are entitled to get a Salary or Commission.

3) It is compulsory to have a partnership agreement in writing.

4) Sold but undispatched goods must be part of the valuation of closing stock.

5) Directors can re-issue forfeited shares.

Q.2 Solve the following: (10)

Q.2 The Balances sheet of Bhavesh and Chandra who share profit and losses in the ratio of 3:1 (10)
as at 31st March 2018 was as under:

Alia was admitted on 1.4.2018 for 1/5th share on the following term:
1. Alia shall bring ₹20,000 for her share of goodwill and necessary amount for her share of
capital in cash.
2. Anju, an old customer whose account was written off as bad, has paid ₹400 in cash in full
settlement of his dues.
3. The market value of Land and Building be taken as ₹40,000.
4. Workmen's Compensation Reserve is to be increased by ₹10,000.
5. Unaccounted Accrued Incomes of ₹200 to be accounted for.
6. The capitals of all partners are to be in new profit sharing ratio taking old partners total
capital as base after adjustment. Actual cash is to be paid off or brought in by the partners
for adjusting their capital accounts.
Prepare Revaluation Account, Partner's Capital Account and Balance Sheet after Alia's
admission.
 OR

The Balance Sheet of Shyam Traders Pune is as follows, Partners share Profit and Losses
as 5:2:3.

1. Menka retired from the business on 1st April 2019 on the following terms. The assets
were revalued as under.
i) Stock at ₹28,000
ii) Building is appreciated by 10%
iii) R.D.D. is to be increased upto ₹1000
iv) Plant and Machinery is to be depreciated by 10%
2. The Goodwill of retiring partner is valued at ₹8000 and the remaining Partners decided
that Goodwill be written back in their New Profit sharing ratio which will be 5:3
3. Amount due to Menka is to be transferred to her Loan Account.

Q.3 Solve the following: (10)

Q.3 Leela, Manda, and Kunda are partners in the firm ‘Janki Stores’ sharing profits and losses in (10)
the ratio of 3 : 2 : 1 respectively. On 31st March 2018, they decided to dissolve the firm when
their Balance Sheet was as under.
Balance Sheet as of 31st March 2018

Leela agreed to take over the Building at ₹ 1,23,600. Manda took over Goodwill, Stock, and
Debtors at book values and agreed to pay Creditors and Bills payable. Motor car and
Machinery realized ₹ 1,51,080 and ₹ 31,680 respectively. Investments were taken by Kunda
at an agreed value of ₹ 55,440. Realisation expenses amounted to ₹ 6,800.
Pass necessary entries in the books of ‘Janki Stores’.

OR
 On 15th September, 2019 Kunal purchased goods from Kishorilal for ` 38,000 and Kunal
gave his acceptance after sight for 60 days on18th September, 2019 for the amount due.
Kishorilal deposited the bill into bank for collection on the same day. Kunal honoured his
acceptance on the due date. Bank charged ` 150 as bank charges.
Give journal entries in the books of Kishorilal and Kunal.

Q.4 Solve the following: (8)

Q.4 Mohini Company Limited issued 25,000 equity shares of Rs.100 each payable as follows: (8)
On Application Rs.20
On Allotment Rs.30
On First call Rs.20
On Second & Final call Rs.30
Applications were received for 22,000 equity shares and allotment of shares were made to
them.
All money was received by the company.
Pass Journal Entries in the books of Mohini Co. Ltd.

OR

Give comparison between Manual Accounting Process and Computerized Accounting

Process. State the difference between Manual Accounting Process and Computerised
Accounting Process.

Q.5 Solve the following: (8)

Q.5 Rakesh, Mahesh and Mukesh were partners sharing Profits and Losses in the ratio 3:2:1 (8)
respectively. Their Balance Sheet as on 31st March 2019 is as under.

Mukesh died on 30th June 2019 and the following adjustment were made
1. Assets were revalued as: Plant & Machinery ₹44,000, Motor Truck ₹18,000, Investment
₹17,000.
2. All Debtors were good.
3. Goodwill of the firm valued at two times the average profits of the last five years. No
Goodwill account to be shown in the books of the firm.

OR
 Prepare Common Size Income Statement for the year ended 31.3.2019 and 31.3.2020 from
the following information.

Q.6 Solve the following: (12)

Q.6 From the information given below of Jeevan Vikas Vidyalaya Khamgaon , You are required to (12)
prepare, Income and Expenditure Account and Balance Sheet for the year ending on
31.03.2011.

Adjustments: 1) Tuition Fees Outstanding Rs. 13,500. 2) Outstanding Interest on Loan Rs.
60,000. 3) Entire admission fees are to be capitalized. 4) Depreciation is to be written off as
under: Library Books Rs. 50,000, Furniture Rs. 30,000, Laboratory Equipment Rs. 20,000 and
Building Rs. 30,000.

Q.7 Solve the following: (12)

Q.7 Sucheta & Gayatri are partners sharing Profit and Losses in the ratio 3 : 2. From the (12)
following Trial Balance and additional information, you are required to prepare Trading and
Profit and Loss Account for the year ended 31st March 2019 and Balance Sheet as of that
date.
Trial Balance as of 31st March 2019
Adjustments:
1. Stock on 31st March 2019 was valued at ₹ 19,700.
2. Goods costing ₹ 3,000 distributed as a free sample.
3. Motive power includes ₹ 500 paid for deposit of Power Meter.
4. Depreciate building @ 5 %.
5. Write off ₹ 2000 for bad debts and maintain R.D.D. at 3% on debtors.
6. Bills receivable included dishonored of Bill of ₹ 4,000.