HSC Commerce: Marketing and Salesmanship १२ वीं कक्षा - Maharashtra State Board Important Questions

Answer in one sentence only.

Why is partnership deed necessary?

Answer in one sentence only.

Why is partnership deed necessary?

Answer in one sentence only.

What do you mean by pre-received income?

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.

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?

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.