OMTEX CLASSES: BK JULY 2017 BOARD PAPER WITH COMPLETE SOLUTION FOR BOARD EXAM.

BK JULY 2017 BOARD PAPER WITH COMPLETE SOLUTION FOR BOARD EXAM.

Q. 1. ATTEMPT ANY THREE OF THE FOLLOWING SUB QUESTIONS: [15]

(A) Answer the following questions in only ‘one’ sentence each:

(1) What is ‘Capital Fund’?

Ans. Excess of assets over liabilites in case of not for profit concern is known as capital fund.

2. What is ‘Equity Share’?

Ans. Share which does not have preference with respect to payment of dividend and repayment of capital is known as equity share.

3. What are noting charges?

Ans. The fee charged by the notary public for noting of dishonoured  of inland bill is known as noting charges.

4. What is ‘analysis’ of financial statement?

Ans. Analysis of financial statement means critical evaluation of financial statement to measure the profitablity, solvency and growth of organisation.

5. When is the bill is said to be ‘honoured’?

Ans. A bill is said to be honoured when the amount of bill is paid on its due date.

(B) Write a word/ term / phrase as substitute for each of the following statements. [5]

(1) Expenses which are paid before due.

Ans. Prepaid expenses

(2) Account which is credited when goodwill is withdrawn by old parters.

Ans. Cash / Bank Account.

(3) Expenses incurred on dissolution of a partnership firm.

Ans. Realisation / Dissolution expenses.

(4) A person to whom the bill is endorsed.

Ans. Endorsee

(5) The ratio measuring the relationship between gross profit and net sales.

Ans. Gross profit ratio.

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

(1) Return outward are decuted from ________________.

(a) purchses
(b) sales
(c) capital
(d) debtors

(2) ___________ is a major source of revenue income for ‘not for profit’ concern.

(a) Subscription
(b) Donation
(c) Legacies
(d) Life membership fees

(3) Assets and Liabilities are transferred to Realisation Account at their __________ values.

(a) market
(b) purchase
(c) sale
(d) book

(4) A person on whom a bill of exchange is drawn is called as _______

(a) drawer
(b) drawee
(c) payee
(d) endorsee

(5) If closing capital is greater than opening capital it shows _______________

(a) gross profit
(b) net profit
(c) gross loss
(d) net loss

D. State whether the following statements are ‘True’ or ‘False’ [05]

(1) All direct expenses are debited to trading account. (True)
(2) When goodwill is paid privately, no entry in the books of account is required. (True)
(3) On dissolution, cash or bank account is closed automatically. (True)
(4) Noting charges are payable to the notary public on honour of a bill. (False)
(5) Single entry system is based on certain rules and principles. (False)

E. Prepare a format of Bill of Exchange from the following information: [5]

(1) Drawer : Abhilash Patil, M.G. Road, Kokarda.
(2) Drawee: Bhargav Mishra, 140 Civil Lines, Nagpur.
(3) Payee: Gopal Deshpande, Ambajogai.
(4) Amount of bill: Rs. 21,500/-
(5) Period of Bill : 3 months
(6) Date of bill : 23rd August, 2013
(7) Date of acceptance: 25th August, 2013.
(8) Accepted for : Rs. 20,000 only.

Answer:

Additional Information:

(1) Mr. Govind transferred Rs. 300 per month during first half year and Rs. 200 each month for the remaining period from his business to his personal account. He also took goods of Rs. 700 for private use.

(2) Mr. Govind sold his personal assets for Rs. 7000 and brought the proceeds into his business.

(3) Furniture is to be depreciated by 10%.

(4) Provide R.D.D. at 5% for debtors.

Prepare: Opening and Closing Statement of affairs and Statement of Profit or Loss for the year ended 31st March 2013.



Q. 3. Ganga, Yamuna are partners sharing profits and losses in 3:2 respectively.
Their position on 31. 3. 2013.  [10 Marks]
Balance sheet as on 31.03.2013

Liabilities
Amount
Assets
Amount
Capital A/c

Building
100000
Ganga
100000
Furniture
10000
Yamuna
75000
Stock
31000
Creditors
10000
Debtors  50000

Bills Payable
5000
Less: R.D.D.  -1000
49000
General Reserve
15000
Bank
15000





205000

205000

On 1st April, 2013, they admitted Saraswati on the following terms:

(1) Saraswati should bring in cash Rs. 1,00,000 as capital for 1/5 share in future profit and Rs. 25,000, as goodwill.

(2) Building should be revalued for Rs. 1,25,000.

(3) Depreciate Furniture at 12 1/2 % p.a. And stock at 10%.

(4) R.D.D. should be maintained as it is.

(5) The capital accounts of partners should be adjusted in their new profit sharing ratio through bank account.

Prepare: (1) Profit and loss adjustment account. (2) Capital Account. (3) Balance sheet of new firm.


Q. 3. Shanti, Samadhan and Sangarsh were sharing profits and losses in the ratio of 7: 5: 4. Their balance sheet as on 31st .03.2013 was as follows:

Balance Sheet as on 31st March,2013.

Liabilities
Amount
Assets
Amount
Capitals:

Furniture
17000
Shanti
23000
Machinery
18000
Samadhan
15000
Building
16000
Sangharsh
12000
Cash
37000
Bills Payable
4000


Creditors
8000


Loan
10000


General Reserve
16000







88000

88000

Sangharsh died on 30 th June, 2013, and the following adjustments were agreed as per deed.

(1) Furniture, Machinery and Building are to be revalued at Rs. 16,700, Rs. 16,200, Rs. 30,100 respectively.

(2) Sangharsh’s share in goodwill is to be valued from firm’s goodwill which was valued at two times of the average profit of last three years.
Profits of the last three years - Rs. 30,000, Rs. 25,000, Rs. 20,000.

(3) His profit up to the date of death is to be calculated on the basis of profit of last year.

(4) Sagharsh was entitled to get a salary of Rs. 800 per month.

(5) Interest on capital at 10% to be allowed.

(6) Sangharsh’s drawing up to the date of death was Rs. 600 per month.

Prepare : (i) Sangarsh’s capital account showing amount payable to his executor.

(ii) Give working notes for share of goodwill and profit.


Q. 4. Apate draws a bill on Mapate for Rs. 8000 at 3 months. Mapate accepted the same and sent to Apate. Apate sent the same bill to his bank for collection. On due date Mapate found himself unable to make payment of the bill, and requested Apate to renew it.
Apate agreed on the condition that Mapate should pay Rs. 2000 and interest Rs. 200 on the remaining balance in cash and accept a fresh bill for the balance for two months.
These agreements were carried through. On due date of new bill it was duly honoured.

Pass journal entries and Mapate’s account in the books of Apate.


Q. 5. Umesh and Prakash were partners sharing profit and losses in the proportion of 3/5 and 2/5 respectively. They dissolved their partnership firm on 31st March, 2013, when their financial position was us under: [10]

Balance sheet as on 31st March, 2012

Liabilities
Amount
Assets
Amount
Sundry Creditors
7500
Cash at Bank
1500
Umesh’s Wife’s Loan
15000
Debtors    33750

Capital Accounts:

Less: R.D.D. - 3750
30000
Umesh
69000
Stock
67500
Prakash
45000
Machinery
22500


Furniture
15000





136500

136500

(1) The assets realised as under.
Goodwill Rs. 7500; Stock Rs. 60000; Debtors Rs. 27000

(2) Machinery was taken over by Prakash at Rs. 20,000 and furniture by Umesh at book value.

(3) Umesh agreed to discharge his wife’s loan.

(4) The creditors were paid at a rebate of Rs. 1500.

(5) The expenses of dissolution amounted to Rs. 3000


OR

Q. 5. Mahalaxmi Industries Ltd. Kundur issued 15000 equity shares of Rs. 100 each. They were payable as follows:
On Application Rs. 20
On Allotment Rs. 30
On First Call Rs. 25
On Second Call Rs. 25
The company received application for 12000 shares. All the applications were accepted and shares were alloted. The company made both the calls. One Shareholder holding 400 shares failed to pay the final call. His shares were forefeited.

Pass journal entries in the books of Mahalaxmi Industries Ltd. Kundur. [10]


Q. 6. Following is the Balance Sheet and Receipts and Payments Account of Ekveera Hospital Amravati.
Balance Sheet as on 1.4.2012

LIABILITIES
AMOUNT
ASSETS
AMOUNT
Capital Fund
502000
Cash in Hand
3000
Medical bill Unpaid
3000
Cash at Bank
6000


Land and Building
400000


Furniture
35000


Equipments
60000


Outstanding Subscription
1000

505000

505000

Receipts and Payments Account for the year ended 31.3.2013

Receipts
Amount
Payments
Amount
To balance b/d

By Salaries
55000
Cash in Hand
3000
By Medicines
26000
Cash at Bank
6000
By Equipment purchased
10000
To Subscription
[Includes Rs. 1000 received for previous year]
65000
By General Expenses
4300
To Sale of Old Furniture
[Book value Rs. 15000]
10000
By Balance c/d

To Donations (Revenue)
22000
Cash in Hand
7700
To Life Membership Fees
12500
Cash at Bank
15500





118500

118500

Adjustments:
(1) Outstanding subscription Rs. 6000.
(2) Capitalise the amount of life membership fees.
(3) Outstanding Salary Rs. 6000.
(4) Depreciate Land and Building by Rs. 10000 and Equipments by Rs. 15000.
(5) Unpaid medicine bill as on 1-4-2012 is still unpaid.



Q. 7. From the following Trial Balance of M/s Vishal and Vaibhav, 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 consideration the adjustments given below:

Trial Balance as on 31st March, 2013

Debit Balances
Amount
Credit Balances
Amount
Salary and Wages
17000
Sales
110000
Postage and Telegram
1750
Sundry Creditors
72700
Opening Stock
23500
Bills Payable
40000
Plant and Machinery
70000
10% Bank Loan
[Taken on 1st October, 2012]
60000
Import Duty
3100
Outstanding Audit Fees
5900
Purchases
98500
Capital Accounts:

Sundry Debtors
45800
Vishal
45000
Bills Receivable
16700
Vaibhav
45000
Carriage Outward
1800


Wages and Salary
14000


Printing and Stationery
4600


Cash in hand
1850


Lease hold premises
80000







378600

378600

Adjustments:

(1) Closing stock was valued at Rs. 30000.
(2) Postal stamps of Rs. 250 and stationery of Rs. 400 are unused.
(3) Lease hold property is to be run for 10 years w.e.f. 1st October, 2012.
(4) Depreciate Plant and Machinery at 10% p.a.
(5) Mr. Rajan, our customer, became insolvent and could not payhis debts of Rs. 1500.


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