March 2015 Accounts HSC BOARD paper with solution

arch 2015 Accounts HSC BOARD paper with solution

March 2015 Accounts Board Paper With Solution


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’?


Ans. The ‘liability of partners’ are joint, several and unlimited as mentioned in ‘Indian Partnership Act - 1932’.


2. What is meant by ‘capital fund’?


Ans. Capital fund consists of contributions, entrance fees, surplus income, legacies and donations specifically received for capital fund.


3. What is ‘gain ratio’?


Ans. Proportion in which continuing partner gain the share of outgoing partner on his retirement.


4. What do you mean by ‘issue of shares at premium’?


Ans. Issue of shares at the value higher than their face value is known as ‘issue of shares at premium’.


5. What are ‘noting charges’?


Ans. Noting charges are the fees paid to the Notary public for recording the fact of dishonoured bill.

(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.


Ans. Surplus.

2. Debit balance of revaluation account.


Ans. Loss on revaluation .

3. The debentures which are convertible into shares.


Ans. Convertible debentures

4. A person who draws a bill of exchange.


Ans. Drawer

5. An asset which can be converted into cash immediately.


Ans. Liquid Asset.

(C) Select the most appropriate alternative from those given below and rewrite the statements: [5]


1. Dissolution expenses are credited to ___________ [Cash / Bank account]


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. [Assets]


a. Assets
b. Liability
c. Debit
d. Cash

3. A bill is drawn on 23rd Sept, 2013 at 4 months would be payable on __________ [25th Jan. 2014]


a. 24th Jan. 2014
b. 25th Jan. 2014
c. 26th jan. 2014
d. 25th Jan. 2013

4. Capital Balance is ascertained by preparing ________________ [Statement of affairs]


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 ________ [liquidity]


a. Liquidity
b. Profit
c. Share
d. Share capital

(D) State whether the following statements are True or False: [5]


1. Balance Sheet is a nominal account. [False]


2. Drawee can transfer the ownership of a bill. [False]


3. Debit balance of insolvent partner’s capital account is known as ‘capital deficiency’. [True]
4. A bill drawn in India and Payable in japan is a foreign bill. [True]


5. Under single entry system it is not possible to prepare trial balance. [True]

(E) Prepare a specimen of Bill of Exchange from the following information:


Drawer - Shri Mahesh Patil, Plot No. 25,, “Ganesh Nivas”, Mahesh Nagar, Koregaon.
Drawee - Shri Vijay Jadhav, “Saket” M.G. Road, Pune - 11
Payee - Shri Sanjay Bornare, Vaijapur.
Period of bill - 60 days.
Date of bil : 16th March, 2013
Amount of bill - ₹ 15000
Date of acceptance - 20th March, 2013.


Untitled drawing (1).png


Q2. Mr. Anil keeps bis books by single entry method. Following are the details of his business: [8] [Solution Video]            [solution Image]
Particulars
01.04.2012
Amount
(Rs.)
31.03.2013
Amount
(Rs.)
Cash in hand
10000
16000
Cash at bank
20000
36000
Stock
16000
24000
Furniture
18000
18000
Plant and Machinery
60000
90000
Creditors
15000
18000
Debtors
24000
30000


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:



Balance Sheet as on 31st March, 2013
31st march, 2013


Liabilities
Amount
(Rs.)
Assets
Amount
(Rs.)
Capital A/c
Furniture
2,100
Akash
50,000
Stock
28,700
Suraj
50,000
Land and Building
35,000
General Reserve
10,000
Plant and Machinery
49000
Sundry Creditors
60,000
Sundry debtors
63,000
Bills Payable
17,000
Cash
9,200
1,87,000
1,87,000


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.  [Solution]


Balance Sheet as on 31st March, 2012

Liabilities
Amount
(Rs. )
Assets
Amount
(Rs. )
Creditors
34,800
Cash
21,600
Bills Payable
8,800
Machinery
34,800
Capital A/c
Debtors
50,000
Vaishali
48,000
Stock
25,200
Madhuri
52,000
Furniture
16,000
Shobha
36,000
Buildings
48,000
Reserved Fund
16,000
1,95,600
1,95,600


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. [Solution]


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.

Q5. Mr. Aaba and Mr. Baba are equal partners whose Balance Sheet as on 31st March, 2012 was as under: [10]

[SOLUTION]



Balance Sheet as on 31st march, 2012


Liabilities
Amount
(Rs. )
Assets
Amount
(Rs. )
Sundry creditors
16,000
Cash in hand
500
Capital A/c
Stock
4500
Aaba
2000
Debtors
4000
Baba
2000
Plant and Machinery
5000
Furniture
2000
Land and building
4000
20000
20000

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.
Prepare Income and Expenditure account for the year ended on 31st March, 2013 and Balance Sheet as on that date.
Balance sheet as on 1st April, 2012


Liabilities
Amount
(Rs.)
Assets
Amount
(Rs.)
Capital Fund
10,00,000
Cash in hand
6,000
Outstanding Salaries
22,000
Cash at bank
30,000
Medical bill unpaid
6,000
Land and building
8,00,000
Furniture
70,000
Equipments
1,20,000
Outstanding subscription
2,000
10,28,000
10,28,000


Receipts and Payments Account for the year ending 31.03.2013


Dr.
Cr.
Receipts
Amount
(Rs.)
Payments
Amount
(Rs.)
To Balance b/d
By Salaries
[including of previous year]
1,10,000
Cash in hand
6000
By Medicines
48,000
Cash at bank
30,000
By Equipment purchased
20,000
To Subscription
[includes 2000 received for previous year]
1,30,000
By Taxes
3000
To Sale of old furniture
[book value Rs. 30,000]
20,000
By General Expenses
8600
To Donations
[revenue]
44,000
By Balance c/d
To Life membership fees
25,000
Cash in hand
15,400
Cash at bank
50,000
2,55,000
2,55,000


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.

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.


[SOLUTION]


Trial Balance as on 31st March, 2013

Debit Balances
Amount
(Rs.)
Credit Balances
Amount
(Rs.)
Opening Stock
1,80,000
Sales
5,25,000
Bills receivable
80,000
Rent
22,000
Purchases
240000
Bills Payable
78000
Bad debts
20000
Sundry creditors
100000
Salary and Wages
24000
Capital Account
Discount
9,000
Sanjay
5,00,000
Carriage inward
12,000
Keshav
3,00,000
Travelling expenses
13,000
Cash in hand
38,000
Furniture
2,80,000
Insurance
12,000
Land and Building
4,00,000
Postage and telegram
7,000
Sundry debtors
2,10,000
15,25,000
15,25,000


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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