12th Commerce B.K. Past Paper PDF

SANKALP TUTORIAL’S th STD: 12 Commerce SUB: B.K NAME: Q. 1. Varsha and Harsha are partners sharing profits and losses in their capital ratio. You are required to prepare Trading Account, Profit and Loss Account for the year end...

SANKALP TUTORIAL’S th STD: 12 Commerce SUB: B.K NAME: Q. 1. Varsha and Harsha are partners sharing profits and losses in their capital ratio. You are required to prepare Trading Account, Profit and Loss Account for the year ending 31 March, 2020 and Balance sheet as on that date: Trial Balance as on 31st March, 2020 Debit Balance Amount (₹) Credit Balance Amount (₹) Sundry Debtors 56,000 Sales 2,40,000 Purchases 1,10,000 Sundry Creditors 99,600 Plant and Machinery 1,60,000 Purchase Return 2,000 Furniture 1,05,800 Capital Accounts: Salaries 8,600 Varsha 1,80,000 Sales Return 1,000 Harsha 60,000 Cash in hand 1,02,000 Current Accounts: Opening Stock 35,600 Varsha 10,000 Rent, Rates & Taxes 9,000 Harsha 6,000 Advertisement 9,600 5,97,600 5,97,600 Adjustments: (1) Stock on 31st March, 2020 was valued at 74,000. (2) Depreciation on Plant and Machinery @ 5% p.a. (3) Partners are entitled to get Interest on Capital at 5% p.a. (4) Outstanding expenses: Salaries 700. (5) Provide further Bad debts of 1,680 on Sundry debtors. Q.2. The following is the Balance sheet of partners Aditya and Chaitanya on 31 March, 2019, they share profits and losses in the ratio of 3:2: Balance Sheet as on 31st March, 2019 Liabilities Amount (₹) Assets Amount (₹) Creditors 60,000 Building 30,000 Capital Accounts Furniture 1,800 Aditya 42,000 Machinery 42,000 Chaitanya 42,000 Stock 24,600 Current Accounts: Debtors 54,000 Aditya 7,500 Cash 6,000 Chaitanya 6,900 1,58,400 1,58,400 Adjustments: They admitted Sachin into partnership on 1 April, 2019 on the following terms: (1) Building to be valued at ₹36,000, machinery and furniture to be reduced by 10%. (2) Sachin should pay ₹6,000 as his share of Goodwill. 50% of goodwill withdrawn by partners in cash. (3) A provision of 5% on debtors to be made for doubtful debts. (4) He should bring ₹18,000 as capital for 1/4th share in future profit. (5) Stock is to be taken at the value of ₹30,000. Prepare:(a) Profit and Loss Adjustment Account (b) Partners' Current Account. (c) Balance Sheet of the New Firm. Sankalp Tutorial’s For Bright Future Contact: 7900043437  SANKALP TUTORIAL’S th STD: 12 Commerce SUB: B.K NAME: Q.3. Given below is the Balance sheet of Amar, Akbar and Anthony who were sharing profits and losses equally: Balance Sheet as on 31st March, 2020 Liabilities Amount (₹) Assets Amount (₹) Creditors 31,000 Cash 39,000 General Reserve 24,000 Debtors 32,000 Capital Accounts Less: R.D.D. 4,000 28,000 Amar 57,400 Furniture 30,000 Akbar 63,600 Machinery 80,000 Anthony 60,000 Motor Car 50,000 Profit and Loss A/c 9,000 2,36,000 2,36,000 Amar retired on 1 April, 2020 from the firm on the following terms: (1) Furniture to be valued at ₹28,000, Machinery ₹76,000 and Motor car ₹ 47,600. (2) RDD. to be maintained at 5% on debtors. (3) Goodwill of the firm is to be valued at ₹30,000. However, only Amar's share is to be raised in the books. (4) A part payment of ₹20,000 to be made to Amar and the balance to be transferred to his Loan Account. Prepare:(1) Profit and Loss Adjustment A/c (2) Partners Capital Account (3) Balance Sheet of the New firm. Q. 4. Arun, Varun and Karun were partners in a business sharing profits and losses in the ratio of 2 2. 1 respectively. Their Balance sheet as on 31 March, 2019 was as under Balance Sheet as on 31st March, 2019 Liabilities Amount (₹) Assets Amount (₹) Capital Accounts: Land & building 27,900 Arun 20,000 Investment 15,000 Varun 20,000 Furniture 8,000 Karun 10,000 Debtors 10,400 Creditors 16,000 Less: R.D.D 400 10,000 Bank Loan 4,000 Bank 4,100 Goodwill 5,000 70,000 70,000 On 1 July, 2019 Karun died and the following adjustments were made: (1) All the debtors were considered as good. (2) Bank Loan were paid off. (3) Furniture was depreciated by ₹550. (4) Investments were sold out in the Market at 10% profit. (5) Goodwill of the firm was valued at 7,500. It was to be raised in the books. (6) Karun was entitled to get his share in the profit up to the date of his death. Profit for 2019-2020 was estimated at 5,000. (7) The amount due to Karun's Executor was paid by NEFT. Prepare: (a) Profit and Loss Adjustment A/c (b) Partners' Capital Account (c) Balance sheet of New Firm. Sankalp Tutorial’s For Bright Future Contact: 7900043437