HSC Commerce (English Medium)
HSC Arts (English Medium)
HSC Commerce: Marketing and Salesmanship
Academic Year: 2024-2025
Date & Time: 7th July 2025, 11:00 am
Duration: 3h
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Fixed Deposit A/c comes under ______ group.
Investments
Current Liability
Bank A/c
Current Asset
Chapter:
Before acceptance the bill is called a ______.
Order
Request
Draft
Instrument
Chapter:
If the asset is taken over by the partner ______ account is debited.
Revaluation
Capital
Asset
Balance Sheet
Chapter: [3] Reconstitution of Partnership (Admission of Partner) [3] Reconstitution of Partnership
Donation for building fund is ______.
revenue receipt
capital receipt
capital expenditure
revenue expenditure
Chapter:
The Indian Partnership Act is in force since _______.
1932
1881
1956
1984
Chapter:
Give one word/term/phrase for the following statement.
Issue of share at its face value.
Chapter:
Write the Word/Term/Phrase which can substitute the following statement:
Money value of business reputation earned by the firm over a number of years.
Chapter:
Write a word/phrase/term which can substitute the following statement.
Capital employed × `"NRR"/100` =
Chapter:
Write the Word/Term/Phrase which can substitute the following statement:
The receipts which are recurring in nature.
Chapter:
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Give the word/term or phrase which can substitute the following statement.
Under this method capital balances of partner remain constant.
Chapter:
Answer in one sentence only:
To which account profit is to be transferred upto the date of death of a partner?
Chapter:
Answer in one sentence only:
How many days of grace are allowed to honour a bill?
Chapter:
Answer in one sentence only.
Who should bear the capital deficiency of an insolvent partner?
Chapter: [4] Dissolution of Partnership Firm [6] Dissolution of Partnership Firm
Answer the following question in only ‘one’ sentence.
What is ‘entrance fees’?
Chapter: [5] Accounts of “Not for Profit” concerns
Answer in one sentence only.
What do you mean by pre-received income?
Chapter: [1] Introduction to Partnership and Partnership Final Accounts [2] Partnership Final Accounts
Do you agree or disagree with the following statement:
On dissolution, cash/bank account is closed automatically.
Chapter: [4] Dissolution of Partnership Firm [6] Dissolution of Partnership Firm
Do you agree or disagree with the following statement:
Financial statement includes only balance sheet.
Chapter:
Do you agree or disagree with the following statement:
On retirement of a partner, sacrifice ratio is considered.
Chapter:
Do you agree or disagree with the following statement:
Receipts and Payments Account is a Real Account.
Chapter:
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Current account always shows a debit balance.
Agree
Disagree
Chapter: [1] Introduction to Partnership and Partnership Final Accounts [2] Partnership Final Accounts
Nishant and Yogesh were partners sharing profits and losses in the ratio 3 : 1. Their Balance Sheet as on 31st March, 2022 was as follows:
| Balance Sheet as on 31st March, 2022 | |||||
| Liabilities | Amount (₹) | Amount (₹) | Assets | Amount (₹) | Amount (₹) |
| Capital Accounts: | 1,56,000 | Cash in hand | 37,500 | ||
| Nishant | 75,000 | Bills Receivable | 45,000 | ||
| Yogesh | 81,000 | Debtors | 75,000 | 67,500 | |
| Reserve Fund | 24,000 | Less: R.D.D. | 7,500 | ||
| Creditors | 45,000 | Furniture | 30,000 | ||
| Stock | 45,000 | ||||
| 2,25,000 | 2,25,000 | ||||
They admitted Niharika for `1/5`th share on 1st April, 2022 on the following terms:
1. Niharika shall bring ₹ 60,000 as her capital.
2. Niharika shall pay her share of goodwill in cash. Goodwill will be calculated on the basis of 4 years’ purchase of profits of last 5 years.
Profits since last five years are given as under:
| 2016-17 | ₹ 30,000 |
| 2017-18 | ₹ 22,500 |
| 2018-19 | ₹ 37,500 |
| 2019-20 | ₹ 15,000 |
| 2020-21 | ₹ 22,500 |
3. Assets were revalued as under:
Furniture ₹ 22,500, Bills Receivable ₹ 60,000, Stock ₹ 30,000, R.D.D. to be increased upto ₹ 15,000.
4. Bills payable of ₹ 7,500 have been omitted from books.
Prepare:
- Revaluation Account
- Partners’ Capital Account
- Balance Sheet of the New firm.
Chapter:
Riddhi, Siddhi and Kirti are partners in a firm. They share profis and losses in the ratio 3 : 1 : 1 respectively.
Their Balance Sheet as on 31st March, 2020 is given below:
| Balance Sheet as on 31st March, 2020 | |||
| Liabilities | Amount (₹) | Assets | Amount (₹) |
| Creditors | 45,000 | Motor Truck | 1,10,000 |
| Bills Payable | 30,000 | Plant and Machinery | 40,000 |
| General Reserve | 55,000 | Building | 80,000 |
| Capital Accounts: | Livestock | 55,000 | |
| Riddhi | 1,30,000 | Debtors | 65,000 |
| Siddhi | 1,05,000 | Freehold property | 52,500 |
| Kirti | 55,000 | Bank | 17,500 |
| 4,20,000 | 4,20,000 | ||
On 1st April, 2020 Kirti retired on the following terms:
- Goodwill was valued at ₹ 50,000 and to be retained in the business.
- Assets were revalued as under: Debtors - ₹ 57,000, Live Stock ₹ 65,000, Building - ₹ 82,000, Plant and Machinery - ₹ 41,000, Motor Truck - ₹ 1,00,000
- Riddhi and Siddhi contributed additional capital through RTGS of ₹ 55,000 and ₹ 30,000 respectively.
- Balance of Kirti’s capital account to be transferred to her loan account.
Pass Journal Entries in the books of the new firm.
Chapter:
Virat, Rohit and Hardik were partners sharing Profits and Losses in the ratio 2 : 2 : 1. They decided to dissolve the firm on 31st March, 2021 when their position was as under:
| Balance Sheet as on 31st March, 2021 | |||
| Liabilities | Amount (₹) | Assets | Amount (₹) |
| Capital Accounts: | Building | 1,56,000 | |
| Virat | 52,000 | Furniture | 90,000 |
| Rohit | 44,000 | Goodwill | 70,000 |
| Hardik | 36,000 | Debtors | 40,000 |
| Creditors | 2,40,000 | Bank | 16,000 |
| 3,72,000 | 3,72,000 | ||
The firm was dissolved on the above date and the assets were realised as under:
- Building - ₹ 80,000, Fumiture - ₹ 60,000, Debtors - ₹ 20,000.
- Realisation expenses amounted to ₹ 4,000.
- All the partners were insolvent and amount recovered from Virat ₹ 4,000 and Rohit ₹ 4,000.
Prepare necessary ledger accounts to close the books of the firm.
Chapter:
On 1st April, 2022 Disha sold goods to Priya worth ₹ 50,000. Priya accepted the bill on the same date for 3 months drawn by Disha.
On 30th June, 2022 Priya requested to Disha for renewal of the bill. Disha agreed on the condition that Priya should pay ₹ 20,000 in cash and accept a new bill for the balance plus interest ₹ 600. Priya accepted the new bill drawn by Disha for 2 months for the balance plus interest. On the due date of the new bill, it was honoured by Priya.
Pass Journal Entries and prepare Priya’s Account in the Books of Disha.
Chapter:
Dhiraj, Suraj and Leena were partners sharing profits and losses in the ratio 2 : 1 : 1 respectively. Their Balance Sheet as on 31st March, 2022 was as under:
| Balance Sheet as on 31st March 2022 | ||||
| Liabilities | Amount (₹) | Amount (₹) | Assets | Amount (₹) |
| Capital Accounts: | 50,000 | Stock | 17,000 | |
| Dhiraj | 23,000 | Furniture | 18,000 | |
| Suraj | 15,000 | Land and Building | 16,000 | |
| Leena | 12,000 | Bank | 37,000 | |
| Creditors | 22,000 | |||
| General Reserve | 16,000 | |||
| 88,000 | 88,000 | |||
Leena died on 30th June, 2022 and the following adjustments were agreed as per deed:
- Stock, furniture and Land and Building are to be revalued at ₹ 16,700, ₹ 16,200, ₹ 30,100 respectively.
- Leena’s share in goodwill is to be valued from firm’s goodwill which was valued at three years’ purchases of average profits of last 4 years.
Profits for last four years:
Year Amount of Profit (₹) I 30,000 II 25,000 III 25,000 IV 40,000 - Leena’s profit upto the death is to be calculated on the basis of profit of last year.
- Interest on capital at 10% p.a. is to be allowed.
- Leena’s drawings upto the date of death was ₹ 2,700.
Prepare:
- Leena’s Capital Account
- Leena’s share of goodwill
- Leena’s share of profit upto the date of her death.
Chapter:
What are the various types of accounting software?
Chapter: [10] Computer In Accounting
Saraswati and Sons Ltd., Nagpur invited applications for 50,000 equity shares of ₹ 10 each, payable as under:
On Application ₹ 3
On Allotment ₹ 3
On First and Final call ₹ 4
Applications were received for 50,000 shares. All the shares were allotted. All the money was duly received except First and Final call on 5000 shares, which were forfeited.
Pass Jounal Entries in Books of Saraswati and Sons Ltd.
Chapter:
Balance Sheet of Olam Ltd. for the year ending 31st March, 2021 is given below:
| Balance Sheet as on 31st March, 2021 | |||
| Liabilities | Amount (₹) | Assets | Amount (₹) |
| Equity Share Capital | 4,50,000 | Fixed Assets | 4,50,000 |
| Preference Share Capital | 40,000 | Investments | 75,000 |
| Reserved and surplus | 75,000 | Current Assets | 3,65,000 |
| Secured Loans | 1,50,000 | ||
| Unsecured Loans | 1,00,000 | ||
| Current Liabilities | 75,000 | ||
| 8,90,000 | 8,90,000 | ||
You are required to prepare common size statement for the year ending 31st March, 2021:
Chapter:
Following information has been provided by Gajanan Charitable Hospital, Yavatmal. You are required to prepare Income and Expenditure Account for the year ending 31st March, 2021 and Balance sheet as on that date:
| Balance Sheet as on 1st April, 2020 | |||
| Liabilities | Amount (₹) | Assets | Amount (₹) |
| Capital Fund: | 5,50,000 | Hospital Equipments | 1,52,000 |
| Bank Loan | 3,25,000 | Ambulance | 2,00,000 |
| Outstanding Bill for drugs | 25,000 | Building | 5,25,000 |
| Stock of drugs | 21,000 | ||
| Cash in hand | 2,000 | ||
| 9,00,000 | 9,00,000 | ||
| Receipts and Payments Account for the year ended 31st March, 2021 | |||
| Receipts | Amount (₹) | Payments | Amount (₹) |
| To Balance b/d | 2,000 | By Staff salary | 42,500 |
| To Life Membership Fees | 15,000 | By Honorarium to Doctors | 2,00,000 |
| To Hospital Receipts (Revenue) | 2,55,200 | By Repairs | 9,000 |
| To Subscriptions | 1,11,000 | By Furniture | 22,500 |
| By General Expenses | 8,000 | ||
| By Purchase of Drugs (includes ₹ 20,000 for 2019-2020) | 1,00,000 | ||
| By Balance C/d | 1,200 | ||
| 3,83,200 | 3,83,200 | ||
Adjustments:
- Depreciate Building by 5% p.a. and Ambulance by ₹ 15,000.
- On 31st March, 2021 Stock of drugs was valued at ₹ 11,000.
- Life Membership Fees has to be capitalised.
Chapter:
Ram and Shyam are partners sharing profits and losses equally. You are required to prepare Profit and Loss Account and Balance Sheet only for the year ending 31st March, 2022 from the information given below:
| Trial Balance as on 31st March, 2022 | |||
| Debit Balances | Amount (₹) | Credit Balances | Amount (₹) |
| Insurance | 30,000 | Capital Account: | |
| Land and Building (Addition of T 40,000 w.e.f., 1st July, 2021) | 1,00,000 | Ram | 1,00,000 |
| Salaries | 10,000 | Shyam | 1,00,000 |
| Export Duty | 5,000 | 10% Bank loan (taken on 1 October, 2021) | 60,000 |
| Rent | 2,000 | Interest | 3,000 |
| Furniture | 80,000 | Bills payable | 16,000 |
| Debtors | 52,000 | ||
| 2,79,000 | 2,79,000 | ||
Adjustments:
- Closing stock was valued at ₹ 69,000.
- Gross Profit amounted to ₹ 69,000.
- Insurance paid for 15 months w.e.f. 1st April, 2021
- Depreciate Land and Building @ 10% p.a. and Fumiture @ 5% p.a.
- Write off ₹ 2,000 for bad debts and Maintain R.D.D. @ 5% on Sundry Debtors.
Chapter:
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