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Important Questions for HSC Commerce 11th - Maharashtra State Board

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Give word / term or phrase for the following statement.

Excess of income over expenditure of a ‘not for profit’ concern.

Appears in 2 question papers
Chapter: [2] Basic Accounting Terminologies
Concept: Not for Profit Concerns

What is surplus?

Appears in 1 question paper
Chapter: [2] Basic Accounting Terminologies
Concept: Not for Profit Concerns

Excess of expenditure over income of 'not for profit' concerns.

Appears in 1 question paper
Chapter: [2] Basic Accounting Terminologies
Concept: Not for Profit Concerns
Indian Cricket Association prepares Profit and Loss Account ?
Appears in 1 question paper
Chapter: [2] Basic Accounting Terminologies
Concept: Not for Profit Concerns
What is a Goodwill?

 

Appears in 1 question paper
Chapter: [2] Basic Accounting Terminologies
Concept: Concept of Goodwill

The main objective of not for profit organizations is to earn profit.

Appears in 1 question paper
Chapter: [2] Basic Accounting Terminologies
Concept: Not for Profit Concerns

State 'True' or 'False'
When goodwill is paid privately, no entry in the books of account is required.

Appears in 1 question paper
Chapter: [2] Basic Accounting Terminologies
Concept: Concept of Goodwill

Debit balance of revaluation account.

Appears in 1 question paper
Chapter: [14] Financial Statements of Proprietary Concern
Concept: Effects of Adjustments-Bad and Doubtful Debts

Pre-paid expenses are shown on the ....................... side of balance sheet.

  1. Assets
  2. Liability
  3. Debit
  4. Cash
Appears in 1 question paper
Chapter: [14] Financial Statements of Proprietary Concern
Concept: Effects of Adjustments-Prepaid Expenses

The amount which is not recoverable from the debtors.

Appears in 1 question paper
Chapter: [14] Financial Statements of Proprietary Concern
Concept: Effects of Adjustments-Bad and Doubtful Debts

When closing capital is greater than opening capital, it denotes _______.

Appears in 1 question paper
Chapter: [14] Financial Statements of Proprietary Concern
Concept: Effects of Adjustments-Closing Stock

Why depreciation is charged ?

Appears in 1 question paper
Chapter: [14] Financial Statements of Proprietary Concern
Concept: Effects of Adjustments-Depreciation

M/s. Ram Brothers, Pune purchased machinery worth Rs 1,25,000 on 1st April, 2006. On 1st October, 2006 they purchased additional machinery worth Rs 50,000.

On 1st October, 2008, the machinery purchased on 1st April, 2006 was sold by them at 20% below its written down value and on the same date, new machinery worth Rs 75,000 was purchased.

Depreciation was charged on 31st March every year @ 20% p.a. under diminishing balance method.

Prepare Machinery Account and Depreciation Account for the years 2006-07, 2007-08 and 2008-09.

Appears in 1 question paper
Chapter: [14] Financial Statements of Proprietary Concern
Concept: Effects of Adjustments-Depreciation

Which account is credited when depreciation is charged on asset?

Appears in 1 question paper
Chapter: [14] Financial Statements of Proprietary Concern
Concept: Effects of Adjustments-Depreciation
Group ‘A’ Group ‘B’
(a) Bad debts (1) Dishonour of cash bill
(b) Excess of assets over liabilities (2) Indicates profit of joint venture
(c) Notary public (3) Indicates loss of joint venture
(d) Credit balance of joint venture a/c (4) System software
(e) Operating system (5) Drawings

 

(6) Capital

 

(7) Recoverable amount from debtors

 

(8) Non-recoverable amount from debtors
Appears in 1 question paper
Chapter: [14] Financial Statements of Proprietary Concern
Concept: Effects of Adjustments-Bad and Doubtful Debts

M/s J. P. Company, Sakri, purchased a motor lorry for Rs. 8,00,000 on 1st April, 2007. Company purchased a second-hand motor lorry for Rs. 3,60,000 on 1st October, 2008. The company charges depreciation @ 10% p.a. on original cost. The financial year of the company ends on 31st March every year. On 30th September 2009, the second-hand motor lorry was sold for Rs. 2,80,000. Prepare: Motor Lorry's Account for the years 2007-2008, 2008-2009 and 2009-2010 and Journal Entries for the year 2009-2010.

Appears in 1 question paper
Chapter: [14] Financial Statements of Proprietary Concern
Concept: Effects of Adjustments-Depreciation

Match the following pairs:

Group ‘A’ Group ‘B’
(1) Accrued Income (a) Single Entry System
(2) Impersonal Accounts are not maintained (b) Volatile Memory
(3) RAM (c) Asset side
(4) Agent who sells goods of Joint Venture (d) Charges paid for erection of New Machinery
(5) Installation Charges (e) Liability side

 

  (f) Double Entry

 

 

(g) Non-volatile memory

 

 

(h) Entitled for commission on sale
Appears in 1 question paper
Chapter: [14] Financial Statements of Proprietary Concern
Concept: Effects of Adjustments-Accrued Income

Under Fixed Installment Method depreciation is charged on ______.

Appears in 1 question paper
Chapter: [14] Financial Statements of Proprietary Concern
Concept: Effects of Adjustments-Depreciation

On 1st April, 1995 Avadhoot Traders, Ajara, purchased machinery for Rs. 40,000. On 1st October, 1995 they purchased further machinery costing Rs. 20,000. On 1st October, 1997 they sold machinery which was purchased on 1st April, 1995 for Rs. 28,780. Depreciation on machinery was provided at the rate of 10% p. a. on Diminishing Balance Method. The financial year closes on every 31st March. Prepare: Machinery A/c and Depreciation A/c for three years: 1995-96, 1996-97 and 1997-98.

Appears in 1 question paper
Chapter: [14] Financial Statements of Proprietary Concern
Concept: Effects of Adjustments-Depreciation

Answer in one sentence only.
What is bad debts?

Appears in 1 question paper
Chapter: [14] Financial Statements of Proprietary Concern
Concept: Effects of Adjustments-Bad and Doubtful Debts
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