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

Satish and Pramod are Partners. Prepare Trading Account and Profit and Loss Account for the year 31^st March 2019. You have to find out Gross Profit and Net Profit only.

Trial Balance as on 31^st March 2019

Adjustments:

1. The Closing Stock is valued at ₹ 15,400.
2. Outstanding Wages ₹ 500.
3. Create provision for Bad debts ₹ 800 and maintain R.D.D. 3% on Sundry Debtors.
4. Goods of ₹ 1,800 distributed as a free sample.
5. Goods of ₹ 2,000 were sold and delivered on 31^st March 2019 but no entry is passed in the Books of Account.

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.

Sun and Moon are Partners in Partnership Firm sharing Profits and Losses equally. You are required to give the effects of Adjustments with the help of the following information.

Trial Balance as on 31st March 2019

Adjustments:

1) Partners are entitled to get salary ₹ 6,000 p.a. in addition to their profit & loss sharing.

2) Depreciation on Land & Building, Furniture & Machinery @10%, 5% and 3% respectively.

3) Interest on Capital 5% p.a.

4) Closing Stock ₹ 60,743.

5) Wages included ₹ 1,000 as advance is given to workers.

6) Interest due but not paid ₹ 800.

7) Total Net Profit amounted to ₹ 38,113.

Kshipra and Manisha are Partners sharing Profit and Loss in their Capital Ratio. You are required to prepare Trading Account and Profit and Loss Account for the year ended 31st March 2019 and Balance Sheet as on that date.

Adjustments:

1. Stock on 31st March 2019 was at ₹37,000.
2. Sales include the sale of machinery of ₹ 2,000, which is sold on 1st April 2018.
3. Depreciation on fixed assets @ 5%.
4. Each Partners is entitled to get Commission at 1% of Gross Profit and Interest on Capital 5% p.a.
5. Outstanding Expenses Wages ₹ 200 & Salaries ₹ 500.
6. Create provision for doubtful debts @ 3% on Sundry Debtors.

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.

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 ______.

Ram and Shyam were in partnership sharing profits and Losses in the proportion of 3 : 1 respectively. Their Balance sheet as on 31st March, 2020 stood as follows:

They admit Bharat into partnership on 1^st April 2020. The term is that

1. He shall have to bring in cash ₹ 40,000 as his Capital for 1/5^th share in future profit and ₹ 20,000 as his share of Goodwill.
2. A provision for 5% doubtful debts to be created on sundry debtors.
3. Stock should be appreciated by 5% and Land and Building be appreciated by 20%.
4. Furniture to be depreciated by 20%.
5. Capital Accounts of all partners be adjusted in their new profit-sharing ratio through Cash Account.

Prepare:

1. Profit and Loss Adjustment Account
2. Partners' Capital Account
3. Balance Sheet of the new firm.

Ram and Shyam were in partnership sharing profits and Losses in the proportion of 3 : 1 respectively. Their Balance sheet as on 31st March, 2020 stood as follows:

They admit Bharat into partnership on 1^st April 2020. The term is that

1. He shall have to bring in cash ₹ 40,000 as his Capital for 1/5^th share in future profit and ₹ 20,000 as his share of Goodwill.
2. A provision for 5% doubtful debts to be created on sundry debtors.
3. Stock should be appreciated by 5% and Land and Building be appreciated by 20%.
4. Furniture to be depreciated by 20%.
5. Capital Accounts of all partners be adjusted in their new profit-sharing ratio through Cash Account.

Prepare:

1. Profit and Loss Adjustment Account
2. Partners' Capital Account
3. Balance Sheet of the new firm.

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.

Following is the Balance Sheet of Mukesh and Anil sharing profit and losses in the ratio of 3:2 as on 31st March, 2019.

On 1st April, 2019 Neeta is admitted on the following terms:

1. She will pay ₹ 1,00,000 of her capital and ₹ 40,000 as her share of Goodwill.
2. The new profit sharing ratio is to be 5 : 3 : 2.
3. The assets are to be revalued as under: Building ₹ 1,00,000, Plant & Machinery ₹ 48,000.
4. RDD to be increased up to ₹ 4,000.
5. The old partners decided to retain half of the amount of goodwill in the business.
6. Sundry creditors should be revalued at ₹ 66,000.

Give Revaluation Account, Capitals Accounts and Balance Sheet of New firm.

Following is the Balance Sheet of Mukesh and Anil sharing profit and losses in the ratio of 3:2 as on 31st March, 2019.

On 1st April, 2019 Neeta is admitted on the following terms:

1. She will pay ₹ 1,00,000 of her capital and ₹ 40,000 as her share of Goodwill.
2. The new profit sharing ratio is to be 5 : 3 : 2.
3. The assets are to be revalued as under: Building ₹ 1,00,000, Plant & Machinery ₹ 48,000.
4. RDD to be increased up to ₹ 4,000.
5. The old partners decided to retain half of the amount of goodwill in the business.
6. Sundry creditors should be revalued at ₹ 66,000.

Give Revaluation Account, Capitals Accounts and Balance Sheet of New firm.

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.

Radhika and Vijay were in Partnership Sharing profits & Losses in proportion of 3:2 respectively. Their Balance Sheet as on 31st March, 2020 stood as follows.

On 1st April, 2019 Omkar was admitted to the firm on the following terms:

1. Premises were to be valued at ₹ 3,40,000 and Furniture and Fixtures at ₹ 20,800. A provision for Bad debts on 2,000 was to be made. Stock should be revalued at ₹ 58,000.
2. Omkar Should bring in ₹ 80,000 as Capital and ₹ 20,000 as his share of goodwill and it was retained in the business and he should be given one-fourth share in the future profits.
3. The Loan from Omkar Balu was repaid through NEFT.

Prepare Revaluation Account, Partners Current Accounts and Balance sheet of the New firm.

Radhika and Vijay were in Partnership Sharing profits & Losses in proportion of 3:2 respectively. Their Balance Sheet as on 31st March, 2020 stood as follows.

On 1st April, 2019 Omkar was admitted to the firm on the following terms:

1. Premises were to be valued at ₹ 3,40,000 and Furniture and Fixtures at ₹ 20,800. A provision for Bad debts on 2,000 was to be made. Stock should be revalued at ₹ 58,000.
2. Omkar Should bring in ₹ 80,000 as Capital and ₹ 20,000 as his share of goodwill and it was retained in the business and he should be given one-fourth share in the future profits.
3. The Loan from Omkar Balu was repaid through NEFT.

Prepare Revaluation Account, Partners Current Accounts and Balance sheet of the New firm.

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

The account in which selling expenses of the business are recorded.