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

The closing balance of Receipts and Payments account usually represent _______.

Write the word/phrase/term, which can substitute the following sentence.

The receipts which are not recurring in nature.

Credit side of Receipts and Payments Account shows cash ______.

Calculate 12.5% P.A. depreciation on Furniture:

1. on ₹ 2,20,000 for 1 year
2. on ₹ 10,000 for 6 months

Nana and Nani are Partners in Partnership Firm sharing Profits and Losses equally. You are required to give effects of Adjustments in Profit & Loss A/c and Balance Sheet with the help of the following information.

Trial Balance as on 31st March 2019

Adjustments :

1) Gross profit amounted to ₹ 34,500.

2) Insurance Paid for 15 months w.e.f. 1. 4. 2018.

3) Depreciate Land and Building at 10% p.a. and Furniture at 5% p.a.

4) Write off ₹ 1,000 for Bad Debts and maintain R.D.D at 5% on Sundry Debtors.

5) Closing Stock is valued at ₹ 34,500.

Kavya and Bhavya are partners, sharing profits and losses in the ratio 3 : 2. From the following Trial Balance and adjustments, prepare: Trading and Profit and loss Account for the year ending and Balance Sheet as on that date.

Adjustments :

1. Closing Stock ₹ 1,80,000.
2. Outstanding wages ₹ 1,500 and Salaries ₹ 1,000
3. Depreciate Vehicles @ 5% p.a.
4. Write off Bad debts of ₹ 2,500 and provide for R.D.D at 5% Sundry Debtors.
5. Bhavya withdrew Goods of ₹ 3,000 for her personal use.

Returns outward are deducted from ______.

Asha and Nisha are partners sharing profits and losses in equal ratio. From the following Trial Balance and adjustments you are required to prepare Final Accounts:

Adjustments:

1. Closing stock is valued at cost ₹ 88,000 and market price ₹ 90,000.
2. Asha and Nisha withdrew goods from business ₹ 3,000 and ₹ 2,000 respectively for their personal use.
3. Depreciate Motor Van by 5% and Plant and Machinery by 7%.
4. Reserve for Doubtful debts on Debtors at 5% is to be created.
5. Outstanding Wages ₹ 800.

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.

From the following Receipts and Payments Account of “Matsyodari Engineering College, Aurangabad” for the year ending on 31^st March, 2020 and additional informations, prepare Income and Expenditure Account for the year ending 31^st March, 2020 and Balance Sheet as on that date:

Additional information:

Adjustment:

1. 50% Donations are for Building fund and the balance is to be treated a Revenue Income.
2. Outstanding subscription ₹5,300.
3. Life Membership fees are to be capitalised.

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.

Mrs Shehal and Mrs Meenal are equal partners in a business. Their balance sheet is as follows.

They agreed to admit Mr Komal on 1st April 2013 on the following terms:

(1) Komal should bring Rs. 50,000 towards her capital for one fourth (1/4th) Share in future profit.

(2) Goodwill to be raised in the books of the firm for Rs. 40,000.

(3) R.D.D. to be maintained at 5% on debtors.

(4) Premises to be valued at Rs. 30,000 and equipment to be written off fully.

(5) Creditors allowed a discount of Rs. 1,000 and they were paid off immediately.

Prepare Profit and Loss Adjustment Account, Partner's Capital Accounts and Balance Sheet of the new firm.

Mrs Shehal and Mrs Meenal are equal partners in a business. Their balance sheet is as follows.

They agreed to admit Mr Komal on 1st April 2013 on the following terms:

(1) Komal should bring Rs. 50,000 towards her capital for one fourth (1/4th) Share in future profit.

(2) Goodwill to be raised in the books of the firm for Rs. 40,000.

(3) R.D.D. to be maintained at 5% on debtors.

(4) Premises to be valued at Rs. 30,000 and equipment to be written off fully.

(5) Creditors allowed a discount of Rs. 1,000 and they were paid off immediately.

Prepare Profit and Loss Adjustment Account, Partner's Capital Accounts and Balance Sheet of the new firm.

Anil and Sunil were partners sharing profits and losses in the ratio of 2:1 respectively. Their Balance Sheet was as follows:

On 1st April 2010, Ram is admitted in the partnership on the following terms:
(1) Ram should bring in cash of Rs. 12,000 as capital for 1/5th share in future profit.
(2) Goodwill A/c is raised in the books of the firm for Rs. 4,500.
(3) A building is revalued at Rs. 28,000 and the value of stock be reduced by Rs. 1,500.
(4) Reserve for doubtful debts is provided at 5% on debtors.

Prepare:
(a) Profit and Loss Adjustment account.
(b) Capital Accounts of partners.
(c) Balance Sheet of the new firm.