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

Amar Ltd. purchased assets of the book value of Rs 99,000 from Abhi Ltd. It was agreed that purchase consideration to be paid by issuing 11% Debentures of Rs 100 each Assume debentures have been issued.
1. At par
2. At Discount of 10% and
3. At Premium of 10%
Record necessary journal entries

Write one Word / Term / Phrase for the following statement.
A fund created out of a specific amount earmarked, gifted, or donated and the income of this fund is to be used for a specific purpose.

Select the most appropriate answer from the alternatives given below and rewrite the sentence.
‘Outstanding subscription’ at the end of Accounting year represents _____________.

Select the most appropriate answer from the alternatives given below and rewrite the sentence.
For a sports club, expenditure on the purchase of sports Machinery/Equipment is a ______________ expenditure.

Select the most appropriate answer from the alternatives given below and rewrite the sentence.
In case of non trading concern the excess of assets over liabilities is termed as _____________.

State whether the following statement is True or False.
Income and expenditure account, prepared by ‘Not for Profit’ concerns, must be accompanied by balance sheet.

The Balance sheet of samarth traders is as follows. The partners share profits and losses as 5 : 2 : 3.

Dinankar retired from the business on 1^st April, 2016 on the following terms:

1. The assets are revalued as under:
   1. Stock at ₹ 14000.
   2. Building is appreciated by 10%.
   3. Reserve for doubtful debts is to be increased upto ₹ 500.
   4. Plant and machinery is to be depreciated by 10%.
2. The goodwill of the retiring partner is valued at Rs 4,000 and the remaining partners decided that goodwill be written back in their new profit sharing ratio which will be 5 : 3.
3. Dinankar is to be paid Rs 2220 in cash on his retirement and the balance is to be transferred to his loan account.

Prepare: 

1. Profit and loss Adjustment account
2. Capital Account of partners
3. Balance sheet of new firm

On 7th March 2016 Ram drwas a bill on Rohit for Rs 8000 at 3 months. rohit accepts it and returns to Ram. Ram then sends the bill to his bank for collection. 
On due date Rohit finds himself unable to make the payment of the bill and requests Ram to renew it. Ram Agreed on the condition that Rohit should pay Rs 5000 in cash and should accept new bill for the balance at 2months with interest Rs 200. These Arrangements were carried through.
Before due date Rohit was declared as involvent and Rs 1500 colud be recovered form his private estate as first and final divident. 
Give Journal Entries in the books of Ram.

Journalise the following transactions in the books of Jaydeep.
(A) Arvind renews his acceptance of Jaydeep of Rs. 7,000 with interest Rs. 500 for two months.
(B) Bank informed Jaydeep that Mahadev’s acceptance of Rs. 4,000 which was discounted and dishonoured. Bank charged noting charges Rs. 80.
(C) Hanumant informed Jaydeep that Kazi’s acceptance for Rs. 7,000 endorsed to Hanumant has been dishonoured, noting charges Rs. 85.
(D) Datta honoured his acceptance of Rs. 4,900, which was sent to bank for collection. Bank debited Rs. 100 for bank charges.
(E) Radhika retired her acceptance to Jaydeep of Rs. 9,000 by paying Rs. 8,700.

Answer in a sentence only.
What is meant by ‘Issue’ of debentures for consideration other than cash?

Select most appropriate alternative from those given below :
___________debentures of which the amount is repaid written specific period.

Answer in a sentence only.
What do you mean by ‘Debenture Interest’?

Select most appropriate alternative from those given below :
The interest on debentures is transferred to __________.

State to whether the following statement is True/False.
The rate of interest on debentures is attached to the debenture

Dinesh Ltd. Issued 10,00,000 6% Debentures on 1^st April, 2010. Interest is paid on 30 sept., 2010 and 31^st March, 2011.
Record necessary journal entries assuming that income tax is deducted at 30% of the amount of interest.

Select the most appropriate alternative from given below and rewrite the statement:

Return outward are decuted from ________________.

The balance of Share Forfeiture A/c is transferred to _________ account after re-issue of these share.

When shares are forfeited the Share Capital Account is _________.