HSC Arts (English Medium) १२ वीं कक्षा - Maharashtra State Board Important Questions

The Balance sheet of samarth traders is as follows. The partners share profits and losses as 5 : 2 : 3.

Dinankar retired from the business on 1^st April, 2016 on the following terms:

1. The assets are revalued as under:
   1. Stock at ₹ 14000.
   2. Building is appreciated by 10%.
   3. Reserve for doubtful debts is to be increased upto ₹ 500.
   4. Plant and machinery is to be depreciated by 10%.
2. The goodwill of the retiring partner is valued at Rs 4,000 and the remaining partners decided that goodwill be written back in their new profit sharing ratio which will be 5 : 3.
3. Dinankar is to be paid Rs 2220 in cash on his retirement and the balance is to be transferred to his loan account.

Prepare: 

1. Profit and loss Adjustment account
2. Capital Account of partners
3. Balance sheet of new firm

The Balance sheet of samarth traders is as follows. The partners share profits and losses as 5 : 2 : 3.

Dinankar retired from the business on 1^st April, 2016 on the following terms:

1. The assets are revalued as under:
   1. Stock at ₹ 14000.
   2. Building is appreciated by 10%.
   3. Reserve for doubtful debts is to be increased upto ₹ 500.
   4. Plant and machinery is to be depreciated by 10%.
2. The goodwill of the retiring partner is valued at Rs 4,000 and the remaining partners decided that goodwill be written back in their new profit sharing ratio which will be 5 : 3.
3. Dinankar is to be paid Rs 2220 in cash on his retirement and the balance is to be transferred to his loan account.

Prepare: 

1. Profit and loss Adjustment account
2. Capital Account of partners
3. Balance sheet of new firm

On 7th March 2016 Ram drwas a bill on Rohit for Rs 8000 at 3 months. rohit accepts it and returns to Ram. Ram then sends the bill to his bank for collection. 
On due date Rohit finds himself unable to make the payment of the bill and requests Ram to renew it. Ram Agreed on the condition that Rohit should pay Rs 5000 in cash and should accept new bill for the balance at 2months with interest Rs 200. These Arrangements were carried through.
Before due date Rohit was declared as involvent and Rs 1500 colud be recovered form his private estate as first and final divident. 
Give Journal Entries in the books of Ram.

On 7th March 2016 Ram drwas a bill on Rohit for Rs 8000 at 3 months. rohit accepts it and returns to Ram. Ram then sends the bill to his bank for collection. 
On due date Rohit finds himself unable to make the payment of the bill and requests Ram to renew it. Ram Agreed on the condition that Rohit should pay Rs 5000 in cash and should accept new bill for the balance at 2months with interest Rs 200. These Arrangements were carried through.
Before due date Rohit was declared as involvent and Rs 1500 colud be recovered form his private estate as first and final divident. 
Give Journal Entries in the books of Ram.

Journalise the following transactions in the books of Jaydeep.
(A) Arvind renews his acceptance of Jaydeep of Rs. 7,000 with interest Rs. 500 for two months.
(B) Bank informed Jaydeep that Mahadev’s acceptance of Rs. 4,000 which was discounted and dishonoured. Bank charged noting charges Rs. 80.
(C) Hanumant informed Jaydeep that Kazi’s acceptance for Rs. 7,000 endorsed to Hanumant has been dishonoured, noting charges Rs. 85.
(D) Datta honoured his acceptance of Rs. 4,900, which was sent to bank for collection. Bank debited Rs. 100 for bank charges.
(E) Radhika retired her acceptance to Jaydeep of Rs. 9,000 by paying Rs. 8,700.

Journalise the following transactions in the books of Jaydeep.
(A) Arvind renews his acceptance of Jaydeep of Rs. 7,000 with interest Rs. 500 for two months.
(B) Bank informed Jaydeep that Mahadev’s acceptance of Rs. 4,000 which was discounted and dishonoured. Bank charged noting charges Rs. 80.
(C) Hanumant informed Jaydeep that Kazi’s acceptance for Rs. 7,000 endorsed to Hanumant has been dishonoured, noting charges Rs. 85.
(D) Datta honoured his acceptance of Rs. 4,900, which was sent to bank for collection. Bank debited Rs. 100 for bank charges.
(E) Radhika retired her acceptance to Jaydeep of Rs. 9,000 by paying Rs. 8,700.

Give one word/phrase/term which can substitute the following statement:

Fees charged by Notary Public for getting the fact of dishonour noted.

Give one word/phrase/term which can substitute the following statement:

Fees charged by Notary Public for getting the fact of dishonour noted.

Give one word/phrase/term which can substitute the following statement:-

Officer appointed by government for noting of dishonour of bill.

Give one word/phrase/term which can substitute the following statement:-

Officer appointed by government for noting of dishonour of bill.

Nisha’s acceptance for ₹ 16,850 sent to bank for collection was honoured and bank charges debited were ₹ 125. Find out the amount actually received by Drawer.

Nisha’s acceptance for ₹ 16,850 sent to bank for collection was honoured and bank charges debited were ₹ 125. Find out the amount actually received by Drawer.

Priyanka owed Meena ₹ 18,000, Priyanka accepted a bill drawn Meena for the amount at 4 months. Meena endorsed the same bill to Sagar. Before due date Priyanka approached Meena for renewal of bill. Meena agreed on condition that ₹ 6,000 be paid immediately together with interest on the remaining amount of 8 % p. a. for 3 months and Priyanka should accept a new bill for the balance amount. These arrangements were carried through. However, before the due date, Priyanka became insolvent and only 50 % of the amount could be recovered from her estate.

Give Journal Entries in the Books of Meena.

Priyanka owed Meena ₹ 18,000, Priyanka accepted a bill drawn Meena for the amount at 4 months. Meena endorsed the same bill to Sagar. Before due date Priyanka approached Meena for renewal of bill. Meena agreed on condition that ₹ 6,000 be paid immediately together with interest on the remaining amount of 8 % p. a. for 3 months and Priyanka should accept a new bill for the balance amount. These arrangements were carried through. However, before the due date, Priyanka became insolvent and only 50 % of the amount could be recovered from her estate.

Give Journal Entries in the Books of Meena.

Akshay drew a bill on Deepak for ₹ 25,000 on 23^rd December, 2019, for 3 months. Deepak accepted the same and returned it to Akshay. On the due date the bill was duly honoured by Deepak.

Give journal entries in the books of Akshay and Deepak under each of the following cases:

1. If Akshay retained the bill till maturity.
2. If Akshay discounted the bill with the bank at 6% p.a. on the same day.
3. If Akshay sent the bill to bank for collection on 23^rd December, 2019.
4. If Akshay endorsed the bill to his creditor Viren.

Akshay drew a bill on Deepak for ₹ 25,000 on 23^rd December, 2019, for 3 months. Deepak accepted the same and returned it to Akshay. On the due date the bill was duly honoured by Deepak.

Give journal entries in the books of Akshay and Deepak under each of the following cases:

1. If Akshay retained the bill till maturity.
2. If Akshay discounted the bill with the bank at 6% p.a. on the same day.
3. If Akshay sent the bill to bank for collection on 23^rd December, 2019.
4. If Akshay endorsed the bill to his creditor Viren.