Std.

XII:Commerce

BOARDQUESTIONPAPER :MARCH2017

Time:3HoursMax.Marks:80

Q.1. AttemptanyTHREEofthefollowingsubquestions: [15]

(A) Answerthefollowingquestionsinonesentenceeach: (5)
(1) Whichstatementispreparedundersingleentrysystemtoascertainprofit?
(2) Whatiscapitaldeficiency?
(3) Whatdoyoumeanbynonrecurringexpenses?
(4) Howisgainratiocalculated?
(5) Whatisretirementofabillofexchange?
(B) Writeaword/term/phraseasasubstituteforeachofthefollowingstatements: (5)
(1) Theamountwhichisnotrecoverablefromthedebtors.
(2) Apersononwhomabillisdrawn.
(3) Theratiomeasuringtherelationshipbetweengrossprofitandnetsales.
(4) Windingupofpartnershipbusiness.
(5) OfficerappointedbytheCentralGovernmentfornotingofdishonourofabill.
(C) Selectthemostappropriatealternativefromthosegivenbelowandrewritethestatements: (5)
(1) _______isanintangibleasset.
(A) Goodwill (B) Stock
(C) Building (D) Cash
(2) _______isanacknowledgementofdebtundercommonsealofacompany.
(A) Share (B) Debenture
(C) Cheque (D) Bond
(3) Whenclosingcapitalisgreaterthanopeningcapital,itdenotes_______.
(A) profit (B) loss
(C) noprofit,noloss (D) asset
(4) Cashproceedsfromtheissueofdebenturesisa_______activity.
(A) operating (B) trading
(C) financial (D) nonfinancial
(5) _______isapersontowhomtheamountonabillispayable.
(A) Drawer (B) Drawee
(C) Payee (D) Endorser
(D) StatewhetherthefollowingstatementsareTrueorFalse: (5)
(1) Notforprofitconcernsdonothaveprofitmotive.
(2) Bankaccountisdebitedwhenabillissenttothebankforcollection.
(3) Anewpartnerisadmittedinthefirmforgettingadditionalcapitalandskill.
(4) Closingstockisalwaysvaluedatmarketprice.
(5) Sharesarealwaysissuedatpar.
(E) PrepareaspecimenofBillofExchangefromthefollowinginformation: (5)
(1) Drawer ShriRatnakarPatil,
205,NewBazer,
Amaravati.
(2) Drawee ShriJairamPurohit,
HiwarkhedaRoad,
Kannad.
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(3) Payee ShriRohitJoshi,
KedareshwarMarket,
Ladjalgaon.
(3) Periodofbill 3months
(4) Amountofbill `25,000
(5) Dateofbill 25thAugust,2013
(6) Dateofacceptance 28thAugust,2013
Q.2. Mr. John keeps his books according to single entry system. Following are the details of his
business: [8]
01.04.2012 31.03.2013
Particulars Amount Amount
(`) (`)
Machinery 70,000 70,000
Furniture 10,000 20,000
Stock 36,000 42,000
Sundrydebtors 72,200 88,400
Cashinhand 3,000 4,100
Cashatbank 42,000 52,300
Sundrycreditors 54,500 60,400
Additionalinformation:
(1) Mr.Johnhadintroduced` 20,000asadditionalcapitalon1stOctober,2012.
(2) Mr.Johnhadwithdrawn`15,000forhispersonaluseduringtheyear.
(3) Additionstofurnitureweremadeon1stOctober,2012.
(4) Depreciatemachineryat10%p.a.andfurnitureat20%p.a.
Prepare:
(1) OpeningandClosingStatementofAffairs.
st
(2) StatementofProfitorLossfortheyearendingon31 March,2013
OR
(A) Whataretheobjectivesofratios? (4)
(B) Statethevarioussourcesofcashinflowsfromoperatingactivities. (4)
Q.3. RamandMadanwerepartnersinafirmsharingprofitsandlossesequally.Followingwastheirbalance
sheetason31.03.2012: [10]
BalanceSheetason31.03.2012
Amount Amount
Liabilities Assets
` `
Capital: Plantandmachinery 90,000
Ram 1,00,000 Furniture 15,000
Madan 1,00,000 Sundrydebtors 92,600
Generalreserve 40,000 Less:R.D.D. 1,600 91,000
Sundrycreditors 55,300 Stock 68,000
Cashinhand 4,200
Cashatbank 27,100
2,95,300 2,95,300

On1stApril,2012,Sohamwasadmittedasapartnerinthefirmonthefollowingterms:
(1) Sohamistobringin`1,00,000ashiscapital.Heistobegiven1/3rdshareinfutureprofits.
(2) Goodwill of the firm to be raised at ` 30,000. It was decided that goodwill should not
appearinthebooksofthenewfirm.
(3) Furnituretobedepreciatedby10%.Stockwasvaluedat` 70,500.

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Std.XII:Commerce
Prepare:
(1) ProfitandLossAdjustmentAccount.
(2) PartnersCapitalAccounts.
(3) BalanceSheetofthenewfirm.
OR
FollowingisthebalancesheetatSharmila,UrmilaandPramila,whosharedprofitsandlossesin
theratioof5:3:2respectively:
BalanceSheetason31stMarch,2013
Amount Amount
Liabilities Assets
(`) (`)
Capitalaccounts: Landandbuildings 2,50,000
Sharmila 2,00,000 PlantandMachinery 70,000
Urmila 1,50,000 Furniture 20,000
Pramila 1,00,000 Sundrydebtors 90,000
Reservefund 50,000 Stock 56,500
Sundrycreditors 42,800 Billsreceivable 7,400
Billspayable 6,000 Cashinhand 3,700
Cashatbank 51,200

5,48,800 5,48,800

Pramilaretiredon31stMarch,2013onthefollowingterms:
(1) Goodwillofthefirmwasvaluedat` 60,000.Itwasdecidedthatgoodwillshouldberaised
totheextentofPramilasshareonly,andtobewrittenoffimmediately.
(2) Landandbuildingtobeappreciatedby` 20,000.Stockisrevaluedat` 58,500.Furnitureis
tobedepreciatedby10%.
(3) AmountpayabletoPramilaistobetransferredtoherloanaccount.
GiveJournalEntriesinthebooksofthefirm.
Q.4. Rajamadesalesofgoodsworth` 40,000toPradhanandreceivedapartpaymentof` 10,000. [10]
On the same date, Raju drew on Pradhan a three months bill for ` 30,000, received the
acceptanceonthebillandsentthebilltothebankforcollectionimmediately.
However,ontheduedate,thebillwasdishonouredduetoPradhansinsolvencyandonly50%of
theamountduecouldberecoveredfromhisprivateestateasthefirstandfinaldividend.
GiveJournalEntriesandPradhansAccountinthebooksofRaja.
Q.5. AkbarandBirbalwerepartnersinafirmsharingprofitsandlossesintheratioof3:2respectively.
Theirbalancesheetason31stMarch,2013wasasfollows: [10]
BalanceSheetason31stMarch,2013
Amount Amount
Liabilities Assets
(`) (`)
CapitalA/cs: PlantandMachinery 40,000
Akbar 60,000 Furniture 12,000
Birbal 40,000 Sundrydebtors 61,000
Generalreserve 20,000 Less:R.D.D. 1,000 60,000
Sundrycreditors 39,700 Stock 28,300
Bank 19,400
1,59,700 1,59,700

Ontheabovedate,thefirmwasdissolvedandtheassetsrealisedwereasfollows:
Plantandmachinery` 30,000.
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Sundrydebtors` 58,000.
FurniturewastakenoverbyAkbarfor` 10,000andstockbyBirbalfor` 27,000.
Sundrycreditorswerepaid` 38,000infullsettlementoftheirclaim.
Realisationexpensesamountedto` 2,000.
Prepare:(1) RealisationAccount
(2) PartnersCapitalAccounts
(3) BankAccount
OR
ModernChemicalsCo.Ltd.madeanissueof60,000sharesof` 20eachpayableasfollows:
Onapplication ` 5pershare
Onallotment ` 5pershare
Onfirstcall ` 4pershare
Onsecondcall ` 3pershare
Thecompanyreceivedapplicationsfor65,000sharesofwhichapplicationsfor5,000shareswere
rejectedandmoneyrefunded.
Alltheshareholderspaiduptosecondcallexceptoneshareholder,Mr.Bhupendra,thealloteeof
100shares,whodidnotpaytheamountofthesecondcall.
GiveJournalEntriesinthebooksofModernChemicalsCo.,Ltd.
Q.6. WiththehelpoftheBalanceSheetandReceiptsandPaymentsAccountsofAdarshCulturalClub,
Mumbai,prepareIncomeandExpenditureAccountfortheyearended31stMarch,2013andthe
BalanceSheetasonthatdate: [12]
BalanceSheetason01.04.2012
Amount Amount
Liabilities Assets
(`) (`)
Capitalfund 2,57,000 Buildings 2,50,000
Buildingfund 50,000 Furniture 20,000
Outstandingsalary 1,300 OutstandingSubscription 1,000
Cashinhand 2,400
Cashatbank 34,900
3,08,300 3,08,300

ReceiptsandPaymentsAccountfortheyearending31.03.2013
Dr. Cr.
Amount Amount
Receipts Payments
(`) (`)
ToBalanceb/d BySalaries 35,300
Cashinhand 2,400 ByFurniture(Purchasedon
Cashatbank 34,900 01.10.2012) 10,000
ToSubscriptions ByGeneralexpenses 8,400
201112 1,000 ByPrintingandstationery 4,200
201213 48,000 ByDramaexpenses 16,000
201314 2,000 51,000 ByBalancec/d
ToDonationsfor Cashinhand 4,600
buildingfund 20,000 Cashatbank 57,800
ToDramareceipts 28,000

1,36,300 1,36,300

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Std.XII:Commerce
Youarealsorequiredtoconsidertheadditionalinformationgivenbelow:
(1) Theclubhad100members,eachpaying` 500asannualsubscription.
(2) Furnituretobedepreciatedat20%p.a.
(3) Salariesinclude` 1,300paidforoutstandingsalariesfortheyear201112.
Salariesoutstandingfortheyear201213were` 700.
Q.7. JayaandMayaarepartnersinafirmsharingprofitsandlossesintheratioof2:3respectively.
Withthehelpofthetrialbalanceandadjustmentsgivenbelow,youarerequiredtopreparetheir
Trading,ProfitandLossAccountfortheyearended31stMarch,2013andtheBalanceSheetason
thatdate: [15]
st
TrialBalanceason31 March,2013
Amount Amount
DebitBalances CreditBalances
(`) (`)
Purchases 1,09,000 Sundrycreditors 45,600
Insurance 3,700 Sales 1,94,000
Rent,ratesandtaxes 14,600 R.D.D. 2,000
Officeexpenses 7,300 Commission 5,500
Landandbuildings 3,00,000 CapitalA/cs:
Plantandmachinery 60,000 Jaya 2,00,000
Furniture 15,000 Maya 2,50,000
Carriageinwards 3,700 CurrentA/cs:
Sundrydebtors 88,000 Jaya 3,400
Stock(ason01.04.2012) 32,800 Maya 9,100
Wagesandsalaries 28,600
Cashinhand 4,700
Cashatbank 40,200
DrawingsA/cs:
Jaya 500
Maya 1,500
7,09,600 7,09,600

Adjustments:
(1) Closingstockwasvaluedat`22,600.
(2) Purchasesincludepurchaseoffurnitureof`10,000madeon1stOctober,2012.
(3) Depreciatelandandbuildingsat10%p.a.;plantandmachineryat10%p.a.andfurnitureat
20%p.a.
(4) CreateR.D.D.at5%onsundrydebtors.

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