OMTEX CLASSES: Accounts March 2017 Board Paper HSC 12th Standard Solution.

Accounts March 2017 Board Paper HSC 12th Standard Solution.

HSC ACCOUNTS MARCH 2017 SOLUTION

1. A. (i) Statement of Profit or Loss is prepared under the Single Entry System to ascertain profit.
(ii) The debit balance of insolvent partner’s capital account which insolvent partner cannot pay is called capital deficiency.

(iii) Non - recurring expences are those capital expenses which are spent for acquisition of fixed asssets like purchase of land or furniture, in order to run the concern and it gives benefits for a lon period say more than 3 years.

(iv) Gain ratio is calculated at the time of retirement of a partner by deducting old ratio from new ratio.

(v) A bill of exchange is said to be retired if its acceptor makes payment of it before its due date, usually after deducting some discount or rebate.

Q1. B.

(i) Bad debts

(ii) Drawee

(iii) Gross Profit ratio / Turnover ratio.

(iv) Dissolution of Partnership firm.

(v) Notary Public.

Q. 1. C.

(i) Goodwill is an intangible asset.

(ii)  Debenture is an acknowledgement of debt under common seal of a company.

(iii) Whem closing capital is greated than opening capital it is denotes Profit.

(iv) Cash proceeds from the issue of debentures is a Financial activity.

(v) Payee is a person to whom the amount on a bill is payable.

Q. 1. D.

(i) True

(ii) False

(iii) True

(iv) False

(v) False.


Q. 1. F.

2. In the books of Mr. John.
Statement of Affairs.


Liabilities
1.4.12
31.3.13
Assets
1.4.12
31.3.13
Sundry Creditors
54500
60400
Machinery
70000
70000
Capital Fund
(Balancing Figure)
178700
216400
Furniture
10000
20000



Stock
36000
42000



Sundry Dentors
72200
88400



Cash in Hand
3000
4100



Cash at Bank
42000
52300

233200
276800

233200
276800

Statement of profit or Loss for the year ended 31st March, 2013


Particulars
Amount
(Rs.)
Amount
(Rs.)
Capital at the endo fothe accounting year. 2012 - 13

216400
Add: Drawings made duing the accounting year.

15000


231400
Less: Additional Capital Introduced

20000
Adjusted Closing Capital

211400
Less: Capital at the begining of the accounting year

178700


32700
Less: Depreciation


On Machinery (10% on Rs.70000 for 1 year)
7000

On Opening Furniture (20% p.a. On Rs. 10000 for 1 year)
2000

On Additional Furniture (20% on Rs. 10000 for 6 months)
1000
10000
Net profit Earnied during the year.

22700


3. In the books of Partnership Firm
Profit and Loss Adjustment Account

Particulars
Amount
Amount
Particulars
Amount
Amount
To Furniture A/c
(Depreciation)

1500
By Stock A/c
(Appreciation in Value)

2500
To partners’ Capital Account.(Profit)





Ram
500




Madan
500
1000





2500


2500


Partners Capital Accounts

Particulars
Ram
Madan
Sohan
Particualrs
Ram
Madan
Sohan
To Goodwill A/c
10000
10000
10000
By Balance b/d
100000
100000





By General Reserves A/c
20000
20000
-




By Bank A/c
(Capital Contribution)
-
-
100000




By Goodwill A/c
15000
15000





By Profit & Loss Adj. A/c
(Profit)
500
500

To Balance C/d
125500
125500
90000













135500
135500
100000

135500
135500
100000

Balance Sheet as on 1st April, 2012


Liabilities
Amount
Amount
Assets
Amount
Amount
Sundry Creditors

55300
Plant  & Machinery

90000
Partners’ Capital A/c


Furniture:
15000

Ram
125500

Less: Depreciation @10%
1500
13500
Madan
125500

Sundry Debtors

91000
Sohan
90000
341000
Stock
68000




Add: Increase in value
2500
70500



Cash in Hand

4200



Cash at Bank

127100








396300


396300


Goodwill A/c

Particulars
Amount
Amount
Particulars
Amount
Amount
To Ram’s Capital A/c

15000
By Ram’s Capital A/c

10000
To Madan’s Capital A/c

15000
By Madan’s Capital A/c

10000



By Shohan’s Capital A/c

10000


30000


30000


Bank A/c

Particulars
Amount
Amount
Particulars
Amount
Amount
To Balance b/d

27100



To Sohan’s Capital A/c

100000
By Balance C/d

127100


127100


127100



OR

3. Journal of Partnership Firm


Date
Particulars
L.F.
Debit (Rs.)
Credit (Rs. )
31.3.13
Reserve Fund A/c ..... Dr.

50000


To Sharmila’s Capital A/c


25000

To Urmila’s Capital A/c


15000

To Pramila’s Capital A/c


10000

[Being reserve fund distributed and transfrred to all partners’ capital account in their old ratio)



31.3.13
Goodwill A/c ...... Dr.

12000


To Pramila’s Capital A/c


12000

[Being Goodwill raised and credited to Pramila’s Capital A/c ]



31.3.13
Sharmila’s Capital A/c .... Dr.

7500


Urmila’s Capital A/c ..... Dr.

4500


To Goodwill A/c


12000

[Being Goodwill written off and debited to remaining partners’ capital A/c in their gain ratio]



31.3.13
Land and Building A/c .... Dr.

20000


Stock A/c .... Dr.

2000


To Profit and Loss Adjustment A/c


22000

[Being appreciation in the value of Assets recorded]



31.3.13
Profit and Loss Adjustment A/c .... Dr.

2000


To Furniture A/c


2000

[Being the furniture depreciated in value]



31.3.13
Profit and Loss Adjustment A/c .... Dr.

20000


To Sharmila’s Capital A/c


10000

To Urmila’s Capital A/c


6000

To Pramila’s Capital A/c


4000

[Being profit on revaluation of assets and liabilities transfered to partners’ capital A/c ]



31.3.13
Pramila’s Capital A/c .......Dr.

126000


To Pramila’s Loan A/c


126000

[Being balance due to Pramila transferred to her Loan A/c ]




Working Note: Profit and Loss Adjustment Account & Partners Capital Accounts

Profit and Loss Adjustment Account

Particulars
Amount
Amount
Particulars
Amount
Amount
To Furniture A/c

2000
By Land and Buildings A/c

20000
To Partners’ Capital A/c


By Stock A/c

2000
Sharmila
10000




Urmila
6000




Pramila
4000
20000











22000


22000


Partners Capital Accounts

Particulars
SHARMILA
URMILA
PRAMILA
Particualrs
SHARMILA
URMILA
PRAMILA
To Goodwill A/c
7500
4500

By Balance b/d
200000
150000
100000
To Pramila’s Loan A/c


126000
By Reserve Fund
25000
15000
10000




By Goodwill A/c
-
-
12000




By Profit & Loass Adjustment A/c
10000
6000
4000
To Balance c/d
227500
166500
-













235000
171000
126000

235000
171000
126000



4. Journal of Raja


Date
Particulars
L.F.
Debit (Rs.)
Credit (Rs. )
1
Cash/Bank A/c ... Dr.

10000


Pradhan’s A/c  .... Dr.

30000


To Sales A/c


40000

[Being the goods sold and part payment received]



2
Bills Receivable A/c ... Dr.

30000


To Pradhan’s A/c


30000

[Being the accptance received from Pradhan]



3
Bills sent to Bank for Collection A/c ... Dr.

30000


To Bills Receivable A/c


30000

[Being the bill sent to the bank for collection]



4
Pradhan’s A/c ... Dr.

30000


To Bill sent to Bank for Collection A/c


30000

[Being the bill is dishonoured]



5
Cash/Bank A/c ... Dr.

15000


Bad debts A/c .... Dr.

15000


To Pradhan’s A/c


30000

[Being 50% of the amount due recovered from Pradhan]




In the Ledger of Raja
Pradhan’s Account

Date
Particulars
Amount
Date
Particulars
Amount
1.
To Sales A/c
[Credit Sales]
30000
2.
By Bills Receivable A/c
(Acceptance Received)
30000
4.
To Bill Sent to Bank for Collection A/c
(Bill sent to the bank)
30000
5.
By Cash / Bank A/c
[Amount recovered]
15000



5.
By Bad debts A/c
(Bad debts incurred)
15000








60000


60000




5. In the books of Partnership Firm
Realisation Account.

Particulars
Amount
Amount
Particulars
Amount
Amount
To Sundry Assets:


By Sundry Liabilities
(Sundry Creditors)

39700
Plant and Machinery A/c
40000

By R.D.D. A/c

1000
Furniture A/c
12000

By Bank A/c


Sundry Debtors A/c
61000

Plant and Macinery
30000

Stock A/c
28300
141300
Sundry Debtors
58000
88000
To Bank A/c
(Sundry Creditors)

38000
By Akbar’s Capital A/c
(Plant and Machinery)

10000
To Bank A/c
(Realisation Expenses)

2000
By Birbal’s Capital A/c
[Stock ]

27000



By Partners’ Capital A/c





Akbar
9360




Birbal
6240
15600








181300


181300


Partners’ Capital Accounts

Particulars
Akbar
Birbal
Particulars
Akbar
Birbal
To Realization A/c
(Assets taken over)
10000
27000
By Balace b/d
60000
40000
To Realisation A/c
(Loss)
9360
6240
By General Reserve A/c
[Transfer]
12000
8000
To Bank A/c
(Final Settlement)
52640
14760










72000
48000

72000
48000


Bank Account.


Particulars
Amount
Amount
Particulars
Amount
Amount
To Balance b/d

19400
By Realisation A/c
(Sundry Creditors)

38000
To Realisation A/c
(Assets Sold)

88000
By Realization A/c
(Expenses paid)

2000



By Akbar’s Capital A/c
[Final settlement]

52640



By Birbal’s Capital A/c
[Final Settlement]

14760








107400


107400


OR

5. Journal of Modern Chemicals Co. Ltd.


Date
Particulars
L.F.
Debit (Rs.)
Credit (Rs. )
1
Bank A/c ... Dr.

325000


To Equity Share Application A/c


325000

[Being share application money Rs. 5 per share received on 65000 shares]



2
Equity Share Application A/c .... Dr

325000


To Equity Share Capital A/c


300000

To Bank A/c


25000

[Being application money transferred to share capital and excess appliation monery refunded. ]



3
Equity Share Allotment A/c ....Dr

300000


To Equity Share Capital A/c


300000

[Being allotment money of Rs. 5 per share due on 60000 shares)



4
Bank A/c ... Dr.

300000


To Equity Share Allotment A/c


300000

[Being allotment monery received]



5
Equity Share First Call A/c .... Dr.

240000


To Equity Share Capital A/c


240000

[Being first call monery Rs. 4 per share due on 60000 shares)



6.
Bank A/c .... Dr.

240000


To Equity Share First Call A/c


240000

[Being first call monery received]



7
Equity Share second call A/c ... Dr.

180000


To Equity Share Capital A/c


180000

[Being second call money Rs. 3 per share due on 60000 shares]



8
Bank A/c .... Dr.

179700


Equity Share Second call in Arrears A/c ... Dr.

300


To Equityu share Second call A/c


180000

[Being second call money received on all shares except 100 shares]





6. In the books of Adarsh Cultural Club, Mumbai

Income and Expenditure Account for the year ended 31st March, 2013



Particulars
Amount
Amount
Particulars
Amount
Amount
To Salaries
35300

By Subscriptions
48000

Less: Previous year’s Outstanding Salaries paid
1300

Add: Outstanding for current year
2000
50000
Add: Outstanding for the current year.
700
34700
By Drama Receipts
28000

To General Expenses

8400
Less: Drama Expenses
16000
12000
To Printing & Stationery

4200



To Depreciation on Furniture

5000



To Excess of Income Over Expenditure (Surplus)

9700





62000


62000


Balance Sheet as on 31st March, 213



Liabilities
Amount
Amount
Assets
Amount
Amount
Capital Fund
257000

Buildings

250000
Add: Surplus
9700
266700
Furniture
20000

Building Fund
50000

Add: New Furniture Purchased
10000

Add: Donation for Building Fund
20000
70000
Less: Depreciation
5000
25000
Subscriptions received in advance

2000
Outstanding Subscription for 2012 - 13

2000
Outstanding salaries for 2012 - 13

700
Cash at Bank

57800



Cash in Hand

4600








339400


339400



7. In the books of Partnership Firm of Jaya and Maya

Trading A/c For the year ended 31st March, 2011



Particulars
Amount
Amount
Particulars
Amount
Amount
To Opening Stock

32800
By Sales

194000
To Purchases
109000

By Closing Stock

22600
Less:  Purchase of furniture wrongly included
10000
99000



To Carriage Inwards

3700



To Wages and Salaries

28600



To Gross Profit C/d

52500











216600


216600


Profit & Loss Account for the year ended 31 st March, 2011


Particulars
Amount
Amount
Particulars
Amount
Amount
To Insurance

3700
By Gross Profit b/d

52500
To Rent, Rates and Taxes

14600
By Commission

5500
To Office Expenses

7300



To R.B.D.D. A/c





New Reserve
4400




Less: Old Reserve
2000
2400



To Depreciation on Land and Building
30000




Plant and Machinery
6000

By Partners’ Current A/c
[Net Loss]


Furniture
4000
40000
Jaya
4000




Maya
6000
10000


68000


68000

Partners’ Current Accounts



Particulars
Jaya
Maya
Particulars
Jaya
Maya
To Drawings A/c
500
1500
By Balance b/d
3400
9100
To Profit & Loss A/c
4000
6000
By Balance b/d
1100

To Balance c/d

1600










4500
9100

4500
9100


Balance Sheet as on 31st March, 2013


Liabilities
Amount
Amount
Assets
Amount
Amount
Partners’ Capital A/c


Land and Building
300000

Capital A/c


Less: Depreciation
30000
270000
Jaya
200000

Plant and Machinery
60000

Maya
250000
450000
Less: Depreciation
6000
54000
Sundry Creditors

45600
Furniture
15000

Maya’s Current A/c

1600
Add: New furniture Purchased
10000




Less: Depreciation
-4000
21000



Sundry Debtors
88000




Less: R.D.D. @ 5%
-4400
83600



Closing Stock

22600



Cash in Hand

4700



Cash at Bank

40200



Jaya’s Current A/c

1100








497200


497200