Written as per the revised syllabus prescribed by the Maharashtra State Board of Secondary and Higher Secondary Education, Pune.

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1 Written as per the revised syllabus prescribed by the Maharashtra State Board of Secondary and Higher Secondary Education, Pune. BOOK-KEEPING & ACCOUNTANCY SOLUTIONS STD. XII Salient Features Solutions to all the Textual and Practice Problems. Accurate solutions with precise formats. Working Notes to simplify the problems. Systematic presentation to alleviate the learning process. Self evaluative in nature. Printed at: Print to Print, Mumbai Target Publications Pvt. Ltd. No part of this book may be reproduced or transmitted in any form or by any means, C.D. ROM/Audio Video Cassettes or electronic, mechanical including photocopying; recording or by any information storage and retrieval system without permission in writing from the Publisher. P.O. No _12381_JUP

2 Preface "Std. XII Commerce: Book-Keeping & Accountancy - Solutions" has been designed to complement the Std. XII Commerce: Book-Keeping and Accountancy book. This book will enable the student to verify the solutions and solve the questions independently. The book includes accurate solutions to all the Textual and Practice Problems with precise formats. Working Notes have been provided to simplify the various complicated adjustments in the problems. The systematic and consistent presentation of solutions alleviates the learning process for the student. We are sure, this study material will turn out to be a powerful resource for the students and facilitate them in understanding the concepts of this subject in the most lucid way. The journey to create a book is strewn with triumphs, failures and near misses. If you think we've nearly missed something or want to applaud us for our triumphs, we'd love to hear from you. Please write to us at: mail@targetpublications.org Best of luck to all the aspirants! Yours faithfully, Publisher Edition: Second Sr. No. Chapter Page No. 2. Partnership Final Accounts 1 3. Reconstitution of Partnership (Admission of Partner) Reconstitution of Partnership (Retirement of Partner) Reconstitution of Partnership (Death of Partner) Dissolution of Partnership Firm Accounts of Not for Profit Concerns Single Entry System Bill of Exchange (Trade Bill) Company Accounts Part I (Accounting for Shares) Company Accounts Part II (Accounting for Debentures) Analysis of Financial Statements 396 Note: All Textual questions are represented by * mark.

3 02 Chapter 02: Partnership Final Accounts Partnership Final Accounts Textual Problems *Sol. Q.1.: In the Books of Firm Trading Account for the year ended 31 st Mar, 2009 To Opening Stock 18,000 By Sales 85,000 To Purchases 46,700 By Closing Stock 31,000 To Wages 9,900 Add: Outstanding Wages 1,400 11,300 To Carriage 3,200 To Gross Profit c/d 36,800 1,16,000 1,16,000 Profit and Loss Account for the year ended 31 st Mar, 2009 To Reserve for Bad & By Gross Profit b/d 36,800 Doubtful Debts By Commission 1,800 Old Bad Debts 400 Add: Outstanding Commission 1,200 3,000 Add: New Bad Debts 1,500 Add: New R.D.D. Less: Old R.D.D. 1,900 To Commission 4,600 To Postage and Telegram 3,600 To Insurance 1,200 Less: Prepaid Insurance To Depreciation on Plant and Machinery 4,070 To Salaries 10,500 Add: Outstanding Salaries ,300 To Net Profit c/d Ajay 6,815 Vijay 6,815 13,630 39,800 39,800 Partners Capital Account Ajay Vijay Ajay Vijay By Balance b/d 60,000 35,000 To Balance c/d 66,815 41,815 By Profit & Loss A/c 6,815 6,815 66,815 41,815 66,815 41,815 1

4 Std. XII : Commerce 2 2 Balance Sheet as on 31 st Mar, 2009 Liabilities Assets Capital Sundry Debtors 28,000 Ajay 66,815 Less: Bad debts 1,500 26,500 Vijay 41,815 1,08,630 Bills Receivable 5,000 Outstanding Expenses Investments 13,500 Wages 1,400 Prepaid Insurance 500 Salaries 800 2,200 Plant & Machinery 40,700 Sundry Creditors 25,000 Less: Depreciation (10%) 4,070 36,630 Bills Payable 6,000 Furniture 18,000 Cash in Hand 2,500 Prepaid Rent 7,000 Commission Receivable 1,200 Closing Stock 31,000 Working Note: 1,41,830 1,41,830 Calculation of depreciation on Plant and Machinery = 40, = 4,070 *Sol. Q.2.: In the Books of Firm Trading Account for the year ended 31 st Mar, 2010 To Opening Stock 20,000 By Sales 70,000 To Purchases 30,000 By Closing Stock 35,000 Add: Unrecorded Purchases 4,000 34,000 To Wages 5,000 Add: Outstanding Wages 2,000 7,000 To Power and Fuel 3,000 To Gross Profit c/d 41,000 1,05,000 1,05,000 Profit and Loss Account for the year ended 31 st Mar, 2010 To Reserve for Bad & By Gross Profit b/d 41,000 Doubtful Debts By Discount 5,000 Old Bad Debts Add: New Bad Debts 2,000 Add: New R.D.D. 500 Less: Old R.D.D. 2,500 To Depreciation Land and Building 1,500 Machinery 2,500 4,000 To Salaries 10,000 Add: Outstanding Salaries 1,000 11,000 To Advertisement 6,000 Less: Prepaid (1 year) 3,000 3,000 To Insurance 2,000

5 Chapter 02: Partnership Final Accounts To Rent 10,000 To Interest on Capital Sanjay 2,000 Sudhir 1,500 3,500 To Net Profit c/d Sanjay 6,000 Sudhir 4,000 10,000 Sanjay 46,000 46,000 Partners Capital Account Sudhir Sanjay Sudhir To Drawings A/c 2,000 3,000 By Balance b/d 40,000 30,000 By Interest on Capital A/c 2,000 1,500 To Balance c/d 46,000 32,500 By Profit & Loss A/c 6,000 4,000 Liabilities 48,000 35,500 48,000 35,500 Balance Sheet as on 31 st Mar, 2010 Assets Capital Debtors 12,000 Sanjay 46,000 Less: Bad Debts 2,000 Sudhir 32,500 78,500 10,000 Outstanding Expenses: Less: R.D.D. (5%) 500 9,500 Wages 2,000 Land and Building 30,000 Salaries 1,000 3,000 Less: Depreciation (5%) 1,500 28,500 Sundry Creditors 21,000 Plant & Machinery 25,000 Add: Unrecorded Purchases 4,000 25,000 Less: Depreciation (10%) 2,500 22,500 Bills Payable 20,000 Furniture 16,000 Outstanding Rent 1,500 Prepaid Advertisement 3,000 Bills Receivable 8,000 Cash in Hand 5,500 Closing Stock 35,000 1,28,000 1,28,000 Working Notes: i. Calculation of amount of R.D.D. to be provided on debtors = 5% of ( of Debtors Bad Debts) ii. = (12,000 2,000) = 5 10,000 = Calculation of Interest on Capital: a. Sanjay s Capital = 40, = 2,000 b. Sudhir s Capital = 30, = 1,500 3

6 Std. XII : Commerce *Sol. Q.3.: 4 4 In the Books of Firm Trading Account for the year ended 31 st Mar, 2011 To Opening Stock 32,000 By Sales 1,93,500 To Purchases 64,000 Less: Return Inward 3,500 1,90,000 Less: Return Outward 2,500 61,500 By Goods withdrawn by To Carriage 1,500 Roshan 750 To Wages and Salaries 35,000 Less: Advance (Prepaid) 3,000 32,000 By Closing Stock 25,000 To Gross Profit c/d 88,750 2,15,750 2,15,750 Profit and Loss Account for the year ended 31 st Mar, 2011 To Reserve for Bad & By Gross Profit b/d 88,750 Doubtful Debts Old Bad Debts 1,750 Add: New Bad Debts Add: New R.D.D. 1,500 Less: Old R.D.D. 3,250 To Depreciation Plant and Machinery 1,500 Building 4,000 5,500 To Conveyance 4,000 To Rent, Rates and Taxes 2,000 To Repairs of Building 3,500 To Net Profit c/d Rohan 47,000 Roshan 23,500 70,500 88,750 88,750 Partners Capital Account Rohan Roshan Rohan Roshan To Drawings A/c 750 By Balance b/d 90,000 50,000 By Profit & Loss A/c 47,000 23,500 To Balance c/d 1,37,000 72,750 1,37,000 73,500 1,37,000 73,500 Balance Sheet as on 31 st Mar, 2011 Liabilities Assets Capital Plant and Machinery 30,000 Rohan 1,37,000 Less: Depreciation (5%) 1,500 28,500 Roshan 72,750 2,09,750 Furniture 18,500 Sundry Creditors 15,000 Bills Receivable 5,000

Written as per the revised syllabus prescribed by the Maharashtra State Board of Secondary and Higher Secondary Education, Pune.

Written as per the revised syllabus prescribed by the Maharashtra State Board of Secondary and Higher Secondary Education, Pune. BOOK-KEEPING & ACCOUNTANCY SOLUTIONS STD. XII Salient Features Solutions