HSC Commerce (English Medium) १२ वीं कक्षा - Maharashtra State Board Important Questions for Book Keeping and Accountancy

Partnership deed is silent in respect of sharing of profits and losses; in this case what will be the ratio in which profits and loss to be shared?

Write a word/phrase/term which can substitute the following statement.

Legal Agreement in which partners are legally Liable for the acts done by them.

Write a word/phrase/term which can substitute the following statement.

Legal Agreement in which partners are legally Liable for the acts done by them.

Kranti & Sumangala are Partners sharing Profits and Losses in their Capital ratio. From the Trial Balance given below and Adjustments, you are required to prepare Trading and Profit and Loss Account for the year ended 31st March, 2019 and Balance Sheet as of that date.

Adjustments:

1. Closing Stock is valued at Cost Price ₹ 28,000 and Market Price ₹ 32,000.
2. Insurance is paid up to 30th June 2019. 
3. Outstanding Expenses - Wages ₹ 800, Salaries ₹ 700.
4. Book value of Plant and Machinery is reduced to ₹ 13,000.
5. Depreciate Furniture by 5% p.a.
6. Provide further Bad debts of ₹ 800.
7. Goods of ₹ 3,000 distributed as a free sample.

Sun and Moon are partners sharing profits and losses equally. From the following trial balance and additional information prepare trading and Profit and Loss Account for the year ended 31st march 2020 and balance sheet as on that date.

Adjustment and Additional Information:

1. Closing Stock ₹ 40,000.
2. Depreciate Building and Machinery @ 5% and 3% respectively.
3. Bills Receivable included dishonoured bill of ₹ 3000.
4. Goods worth ₹ 1000 taken by sun for personal use was not entered in the books of accounts.
5. Write off ₹ 1800 as Bad debts and maintain R.D.D. at 5% on Sundry Debtors.
6. Goods of ₹ 6000 were sold but no entry was made in the books of accounts.

From the following Trial Balance of Riddhi and Siddhi, you are required to prepare Trading and Profit & Loss Account for the year ended 31st March, 2020 and Balance Sheet as on that date after considering the additional information given below.

Adjustments:

1. Closing stock ₹ 48,700.
2. Outstanding Expenses - Wages ₹ 700 and Travelling Expenses ₹ 200.
3. Depreciate Land and Building by 10% and Furniture by 5%.
4. Insurance Paid in Advance ₹ 300.
5. Goods of ₹ 3,000 destroyed by fire and Insurance Company rejected the claim fully.

From the following information, calculate Current Assets:

Debtors ₹ 60,000,  Creditors ₹ 30,000, Bills payable ₹ 20,000, Stock ₹ 30,000, Loose tools ₹ 10,000, Bank overdraft ₹ 10,000.

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^st March, 2020 and Balance sheet as on that date:

Adjustments:

1. Stock on 31^st 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.

Mama and Kaka are partners in partnership firm sharing profits and losses equally. You are required to prepare Profit and Loss Account for the year ended 31st March, 2019 and Balance Sheet as on that date:

Adjustment:

1. Gross profit amounted to ₹ 69,000.
2. Prepaid insurance ₹ 7,500.
3. Depreciate Land and Building at 10% p.a. and Furniture 5% p.a.
4. Write ₹ 2,000 for bad debts and maintain R.D.D. at 5% on sundry debtors.
5. Closing stock is valued at ₹ 69,000.

Excess of expenditure over income of 'not for profit' concerns.

Select the most appropriate alternative from those given below and rewrite the statement.

Return outward are deducted from __________________.

What do you mean by ‘non‐recurring expenses’?