HSC Arts (English Medium) १२ वीं कक्षा - Maharashtra State Board Question Bank Solutions

Seeta and Geeta are partners in the firm sharing Profits and Losses in the ratio of 4:1. They decided to dissolve the partnership on 31^st March 2020 on which date their Balance Sheet stood as follows.

Additional Information:

1. Plant and Stock taken over by Seeta ₹ 78,000, and ₹ 22,000 respectively.
2. Debtors Realised 90% of the Book Value and Trademark at ₹ 5,000. and Goodwill was realised for ₹ 7,000.
3. Unrecorded assets estimated ₹ 4,500 was sold for ₹ 1,500.
4. ₹ 1,000 Discount were allowed by creditors while paying their claim.
5. The Realisation Expenses amounted to ₹ 3,500.

You are required to prepare Realisation A/c, Cash A/c, and Partners Capital A/c.

Sangeeta, Anita, and Smita were in partnership sharing Profits and Losses in the ratio 2: 2: 1. Their Balance Sheet as on 31^st March 2019 was as under:

They decided to dissolve the firm as follows:

1. Assets realised as; Land recovered ₹ 1,80,000; Goodwill for ₹ 75,000; Loans and Advances realised ₹ 12,000; 10% of the Debts proved bad;

2. Sangeeta took Plant at book value.

3. Creditors and Bills payable paid at 5% discount.

4. Sangeeta’s Loan was discharged along with ₹ 6,000 as Interest.

5. There was a contingent liability in respect of bills of ₹ 1,00,000 which was under discount. Out of them, a holder of one bill of ₹ 20,000 became insolvent

Show Realisation Account, Partners Capital Account, and Bank Account.

Sangeeta, Anita, and Smita were in partnership sharing Profits and Losses in the ratio 2: 2: 1. Their Balance Sheet as on 31^st March 2019 was as under:

They decided to dissolve the firm as follows:

1. Assets realised as; Land recovered ₹ 1,80,000; Goodwill for ₹ 75,000; Loans and Advances realised ₹ 12,000; 10% of the Debts proved bad;

2. Sangeeta took Plant at book value.

3. Creditors and Bills payable paid at 5% discount.

4. Sangeeta’s Loan was discharged along with ₹ 6,000 as Interest.

5. There was a contingent liability in respect of bills of ₹ 1,00,000 which was under discount. Out of them, a holder of one bill of ₹ 20,000 became insolvent

Show Realisation Account, Partners Capital Account, and Bank Account.

Answer in one sentence.

What is CAS?

Answer in One Sentences.

Write the steps to create ledger account in tally?

Answer in One Sentences.

Write the steps to create a company?

Write the word/phrase/term which can substitute the following statement:

Tally software is classified into this category

Give the word term or phrase which can substitute the following statement:

The process by which all the calculations are automatically done by the accounting software.

The insurance premium is paid for the year ending 1^st September 2019 amounted to ₹ 1,500. Calculate prepaid insurance assuming that the year ending is 31^st March 2019.

Find out Gross profit/Gross loss Purchases ₹ 30,000, Sales ₹ 15,000, Carriage Inward ₹ 2,400, Opening Stock ₹ 10,000, Purchase Returns ₹ 1,000, Closing Stock ₹ 36,000.

Borrowed loan from Bank of Maharashtra ₹ 2,00,000 on 1st October 2019 at a rate of 15% p.a. Calculate Interest on Bank Loan for the year 2019-20 assuming that the financial year ends on 31st March, every year.

Give the points of difference: Manual Accounting and Computerized Accounting.

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.

Kalpana and Bela were partners sharing profits and losses in the ratio of 3: 2. Their Balance Sheet as on 31st March, 2019 was as follows:

The firm was dissolved on the above date and the assets realised as under:

(1) Plant ₹ 16,000, Building ₹ 12,000, Stock ₹ 8,000 and Debtors ₹ 24,000.

(2) Kalpana agreed to pay off the Bill Payable.

(3) Creditors were paid in full.

(4) Dissolution expenses were ₹ 2,800.

Prepare: Realisation A/c, Partner's current A/c, Partner's Capital A/c and Bank A/c.

Kalpana and Bela were partners sharing profits and losses in the ratio of 3: 2. Their Balance Sheet as on 31st March, 2019 was as follows:

The firm was dissolved on the above date and the assets realised as under:

(1) Plant ₹ 16,000, Building ₹ 12,000, Stock ₹ 8,000 and Debtors ₹ 24,000.

(2) Kalpana agreed to pay off the Bill Payable.

(3) Creditors were paid in full.

(4) Dissolution expenses were ₹ 2,800.

Prepare: Realisation A/c, Partner's current A/c, Partner's Capital A/c and Bank A/c.

Returns outward are deducted from ______.

Asha, Usha and Nisha are partners in the firm sharing profits and losses in the ratio of 3 : 2 : 1 respectively. On 31st March, 2019 they decided to dissolve the firm when their Balance Sheet was as under:

The firm was dissolved on the above date and the assets realised as under:

1. Asha agreed to take over the Building at ₹ 1,23,600
2. Usha took over Goodwill Stock and Debtors at book value and agreed to pay Creditors and Bills payable.
3. Motor car and Machinery realised at ₹ 1,51,080 and ₹ 31,680 respectively.
4. Investment were taken by Nisha at an agreed value of ₹ 55,440.
5. Realisation Expenses amounted to ₹ 6,800.

Prepare:

1. Realisation Account
2. Partners' Capital Account
3. Bank Account

Asha, Usha and Nisha are partners in the firm sharing profits and losses in the ratio of 3 : 2 : 1 respectively. On 31st March, 2019 they decided to dissolve the firm when their Balance Sheet was as under:

The firm was dissolved on the above date and the assets realised as under:

1. Asha agreed to take over the Building at ₹ 1,23,600
2. Usha took over Goodwill Stock and Debtors at book value and agreed to pay Creditors and Bills payable.
3. Motor car and Machinery realised at ₹ 1,51,080 and ₹ 31,680 respectively.
4. Investment were taken by Nisha at an agreed value of ₹ 55,440.
5. Realisation Expenses amounted to ₹ 6,800.

Prepare:

1. Realisation Account
2. Partners' Capital Account
3. Bank Account

Give comparison between Manual Accounting Process and Computerized Accounting Process.

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.