HSC Commerce: Marketing and Salesmanship इयत्ता १२ वी - Maharashtra State Board Question Bank Solutions

Journalise the following transactions in the books of Mr. Arvind.

1. Bank informed that Sam’s acceptance for ₹ 30,000 sent to bank for collection has been honoured and bank charges debited ₹ 200.
2. Arun informed Arvind that Neena’s acceptance for ₹ 25,000 endorsed to Arun has been dishonoured. Noting charges paid by Arun amounted to ₹ 400.
3. Bank informed that Jay’s acceptance of ₹ 35,000 which was discounted with bank was dishonoured, bank paid noting charges ₹ 500.
4. Arvind sold goods to Sagar for ₹ 20,000 on credit and drew a bill for two months on Sagar for the same amount.
5. Neeta retired her acceptance to Arvind of ₹ 16,500 by paying cash ₹ 16,000.

Give one word/phrase/term which can substitute of the following statement:

Conversion of Bill of Exchange into its present value.

Give one word/phrase/term which can substitute the following statement:

Conversion of Bill of Exchange into its present value.

Answer in one sentence only.
What do you mean by accrued Income?

Give the word / term or phrase which can substitute  the following statement.

Income which is received before its due date.

Select the most appropriate alternative from those given below and rewrite the statement.

Income received in advance is shown on the __________________.

Select the most appropriate answer from the alternative given below and rewrite the sentence.

When goodwill is withdrawn by old partners ________________ a/c is credited.

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

State 'True' or 'False'
The goodwill brought in by a new partner is shared by the old partners.

State 'True' or 'False'
The goodwill brought in by the new partner is shared by all partners.

State 'True' or 'False'
The new partner must pay his share of goodwill in cash only.

State ‘True’ or ‘False’:

If the goodwill account raised up, goodwill account is debited.

State True or False with reason.

When goodwill is written off, goodwill amount is debited.

State 'True' or 'False'
On admission of a partner, the amount of goodwill brought in cash is credited to goodwill account.

When goodwill is withdrawn by the partner ________ account is credited.

Write a word/phrase/term which can substitute the following statement.

Method under which calculation of goodwill is done on the basis of extra profit earned above the normal profit.

Write a word/phrase/term which can substitute the following statement.

Reputation of business measured in terms of money.

Write a word/phrase/term which can substitute the following statement.

Name the method of the treatment of goodwill where new partner will bring his share of goodwill in cash.

State True or False with reason.

When goodwill is paid privately to the partners, it is not recorded in the books.