Board Paper of Class 12-Commerce 2010 Accountancy (SET 1) - Solutions

Anita, Kiran and Mina were partners sharing profits and losses in the ratio of 3 : 2 : 1. They decided to dissolve the partnership due to insolvency of all the partners. Their Balance sheet as on 31st December, 2009 was as follow :          [14 Marks]

Balance Sheet as on 31st December, 2009
Liabilities		Amount Rs	Assets	Amount Rs
Capital Accounts :			Cash	2,000
Anita	7,000		Machinery	10,000
Kiran	5,000		Furniture and Fixture	1,000
Mina	1,000	13,000	Stock	5,000
Bills payable		3,000	Sundry Debtors	3,000
Sundry Creditors		6,000	Profit and Loss A/c	1,000
		22,000		22,000

The assets were realised as follows :
Machinery — Rs 5,000 and Stock — Rs 3,000
Realisation expenses were Rs 1,000.
Prepare necessary accounts to close the books of the firm. VIEW SOLUTION

	Amount (Rs)	[14 Marks]
Opening stock of raw material	2,500
Opening stock of work-in-progress	3,600
Opening stock of finished goods (800 units)	12,900
Purchase of raw material	20,000
Productive wages	27,000
Factory expenses	14,400
Establishment expenses	6,400
Depreciation on delivery van	9,000
Sales (3,000 units)	90,000
Closing stock of raw material	4,500
Closing stock of work-in-progress	5,400
Closing stock of finished goods (1,000 units)	?

VIEW SOLUTION

Andrew and Rohan entered into a joint venture and agreed to share profits and losses in the ratio of 4 : 3. Andrew supplied goods worth Rs 13,000 from his own stock. He spent Rs 900 on freight and insurance and drew a bill on Rohan for Rs 9,000 for three months. Rohan accepted the bill which was discounted by Andrew @ 12% p.a. Rohan paid Rs 600 towards clearing charges and Rs 700 for rent. Goods were sold by Rohan for Rs 21,000. Rohan was entitled to a commission of 6%. Rohan sent the draft to Andrew towards settlement of his account.

Prepare in the books of Andrew : (a) Joint Venture Account. (b) Rohan’s Account.

[14 Marks]

VIEW SOLUTION

Given below are the extracts from the books of Greg Steels Limited :                   [14 Marks]
 

	Amount (Rs)
Opening balance of debtors	23,000
Opening balance of creditors	17,000
Credit sales	9,500
Credit purchases	10,500
Paid to creditors	12,000
Transfer from sales ledger to purchases ledger	250
Bills receivable received	4,750
Sales returns	425
Purchases returns	250
Cash received from debtors	15,500
Bills payable accepted	2,500
Bad debts	850
Interest charged to customers	320

From the above details prepare the Sales Ledger Adjustment Account and the Purchases Ledger Adjustment Account in the General Ledger. VIEW SOLUTION

Raman Ltd., issued 20,000 shares of Rs 10 each at a discount of 10% payable as follows :                    [14 Marks]
All these shares were subscribed and amounts received.
Shareholder ‘A’ who had been allotted 200 shares, paid the amount of the first and second call with allotment.
Another shareholder ‘B’ holding 100 shares did not pay the final call till the date of the Balance Sheet.
According to the Articles of Association of the company, interest at the rate of 4% p.a. is payable by the company on any calls in advanced.
The interest was paid by the company to the shareholder on 1st Feb., 2010.
Pass the necessary Journal Entries (including interest) in the books of the company. VIEW SOLUTION

Calculate the following Ratios from the Financial Statements of Annie Foods Limited :
                                                                                                          [14 Marks]  

Profit and Loss Account of Annie Foods Limited For the year ending 31st March, 2009
Dr.					Cr.
Particulars		Amount (Rs)	Particulars	Amount (Rs)
To Opening Stock		30,000	By Sales	68,000
To Purchases		28,000	By Closing Stock	40,000
To Gross Profit c/d		50,000
		1,08,000		1,08,000
To Office Expenses		10,000	By Gross Profit b/d	50,000
To Selling Expenses		9,000	By Interest	1,000
To Financial Expenses		5,000
To Loss on Sale of Plant		2,000
Net Profit		25,000
		51,000		51,000

 

Balance Sheet of Annie Food Limited as on 31st March, 2009
Liabilities	Amount (Rs)	Assets	Amount (Rs)
Equity Share Capital	1,20,000	Plant and Machinery	1,40,000
Preference Share Capital	30,000	Stock	40,000
Reserve and Surplus	25,000	Debtors	20,000
10% Debentures	30,000	Bank	10,000
Bills Payable	10,000	Cash	25,000
Creditors	20,000
	2,35,000		2,35,000

Note: All calculations are to be made to two places of decimal. VIEW SOLUTION

Given below is the balance Sheet of M/s Victor Limited :                   [14 Marks]
 

Balance Sheet
Liabilities	2007 Amount (Rs)	2008 Amount (Rs)	Assets	2007 Amount (Rs)	2008 Amount (Rs)
Share Capital	1,60,000	1,60,000	Plant	3,00,000	1,80,000
Profit & Loss A/c	60,000	1,60,000	Stock	1,00,000	2,40,000
Long-term Loan	1,50,000	–	Sundry Debtors	1,60,000	1,72,000
Sundry Creditors	92,000	1,80,000	Bills Receivables	30,000	22,000
Provision for :			Cash in hand	10,000	26,000
Taxation	24,000	30,000
Dividend	40,000	60,000
Bank Overdraft	74,000	50,000
	6,00,000	6,40,000		6,00,000	6,40,000

Additional information:
From the above information prepare a cash flow statement as per Accounting Standard-3. VIEW SOLUTION

Mehra Brothers has two petrol pumps, one in Kerala and the other in Punjab. The method of valuation of closing stock following by both the pumps are FIFO and LIFO, respectively. A periodic inventory of petrol is taken when the books are closed at the end of each month.
The following information is available for the month of December 2009:	[14 Marks]

 

Particulars	Petrol Pump - Kerala	Petrol Pump - Punjab
Opening Stock	10,000 litre @ Rs 40 per litre	8,000 litre @ Rs 43 per litre
Purchases	15,000 litre @ Rs 43 per litre	12,000 litre @ Rs 48 per litre
Sales	9,000 litre @ Rs 48 per litre	10,000 litre @ Rs 55 per litre
Direct expenses	Rs 17,000	Rs 19,000

From the above information, prepare a Trading account to calculate the profit made by the above petrol pumps for the month of December, 2009. VIEW SOLUTION