# Question Paper - Book Keeping and Accountancy 2015 - 2016-H.S.C-12th Board Exam Maharashtra State Board (MSBSHSE)

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Books Shortlist
SubjectBook Keeping and Accountancy
Year2015 - 2016 (March)

Marks: 80
Q: 1[25]
Q: 1.1[5]
Q: 1.1.1[1]

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Q: 1.1.2[1]

What is surplus?

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Q: 1.1.3[1]

What are Noting Charges?

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Q: 1.1.4[1]

What is Gain Ratio?

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Q: 1.1.5[1]

What do you mean by Analysis of Financial Statement?

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Q: 1.2[5]
Q: 1.2.1[1]

Expenses which are paid before due.

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Q: 1.2.2[1]

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

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Q: 1.2.3[1]

Payment of the bill before due date.

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Q: 1.2.4[1]

An account opened to find out the profit or loss on sale of assets and settlement of liabilities.

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Q: 1.2.5[1]

A statement similar to balance sheet.

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Q: 1.3 | Select the most appropriate alternative from those given below and rewrite the statements[5]
Q: 1.3.1[1]

If shares are issued at its face value, it is called as issue at

(b) discount.
(c) par.
(d) none of these.

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Q: 1.3.2[1]

A person who accepts the bill is called __________

(a) drawer.
(b) acceptor.
(c) payee.
(d) creditor.

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Q: 1.3.3[1]

The capital in the beginning of the accounting year is ascertained by preparing ______________

(a)  closing statement of affairs.
(b) cash account.
(c) statement of profit or loss.
(d) opening statement of affairs.
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Q: 1.3.4[1]

If any asset is taken over by partner from firm his capital A/c will be ____________

(a) credited
(b) debited
(d) none of these
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Q: 1.3.5[1]

The proportion in which old partners make a sacrifice is called ___________ ratio.

(a) capital
(b) gaining
(c) sacrifice
(d) new
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Q: 1.4 | State whether the following statements are True or False. (5)[1]
Q: 1.4.1[1]

The interest on capital is an income of the firm.

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Q: 1.4.2[1]

The inland bill which is drawn in and payable in the same country.

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Q: 1.4.3[1]

The debenture holder is owner of the company.

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Q: 1.4.4[1]

Purchase of fixed asset is operating cash flow.

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Q: 1.4.5[1]

Noting charges are payable to the Notary public, in case of honour of a bill.

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Q: 1.5[5]
Prepare a specimen of Bill of Exchange from the following information

(1) Drawee : M.P. Shinde, Siddharth Nagar, Panchgani.
(2) Drawer: M.M. Shaikh, Satara Road, Sangli.
(3) Period of bill : 90 days.
(4) Amount of bill : Rs. 12,800/-
(5) Date of bill : 10th March, 2013.
(6) Date of Acceptance: 14th March, 2013.
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Q: 2 | Attempt Any one[8]
Q: 2.1[8]

Mrs. Meena of Bilaspur has not kept proper books of accounts, following information is provided to you.

 Particulars 31.3.2012 31.3.2013 Amount (Rs. ) Amount (Rs.) Machinery 50000 50000 Furniture 50000 30000 Debtors 18000 25000 Creditors 18000 20000 Stock 30000 42000 Outstanding Expenses 1500 - Prepaid Expenses - 500 Cash at Bank 28000 40000
Further information:

(1) Mrs. Meena introduced additional capital as on 1st October, 2012 by selling her personal car is Rs. 10,000.

(2) She paid her daughter's college fees from business bank account Rs. 3,000.

(3) Depreciate machinery by 5% p.a.

(4) Provide 2% on debtors for Bad and Doubtful debts.

(5) Interest on capital is to be provided @ 5% p.a. and on drawings @ 5% p.a.

Prepare: Opening and closing statement of affairs and statement of profit or loss for the year ended 31st March, 2013.

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Q: 2.2[8]
Q: 2.2.1[4]

What are the components of 'Current Ratio'?

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Q: 2.2.2[4]

What are the different cash inflows and cash outflows of investing activities?

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Q: 3 | Attempt any one[10]
Q: 3.1[10]

Rani and Geeta are partners sharing profits and losses 3:2 respectively. Their position on 31st March, 2013 was as follows

Balance sheet as on 31st March, 2013.

 Liabilities Amount (Rs.) Assets Amount (Rs.) Amount (Rs.) Capital Accounts Building 100000 Rani 100000 Furniture 10000 Geeta 75000 Stock 31000 Creditors 10000 Debtors 50000 Bills Payable 5000 Less: R.D.D. -1000 49000 General Reserve 15000 Bank Balance 15000 205000 205000
On 1st April, 2013 hey admitted suvarna on the following terms:

(1) Suvarna should bring in cash Rs. 1,00,000 as capital for 1/5 th share in future profit and Rs. 25,000 as goodwill.

(2) Building should be revalued at Rs. 1,25,000.

(3) Depreciate furniture @ 12.5 % and stock @ 10% p.a.

(4) R.D.D. should be maintained as it is.

(5) The Capital Accounts of partners should be adjusted in their new profit sharing ratio through bank account.

Prepare: Profit and loss adjustment account, capital account and balance sheet of the new firm.
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Q: 3.2[10]
The balance sheet of 'Anand Traders, Wardha' is as follows. Partners share profits and losses as 5/10 , 2/10, 3/10.
Balance Sheet as on 31st March, 2013.
 Liabilities Amount(Rs.) Assets Amount(Rs.) Capital Accounts Plant and machinery 32,000 Sunil 36,000 Factory Building 40,000 Pankaj 32,000 Stock 20,400 Paresh 17,600 Debtors 16,800 Creditors 21,200 Less: R.D.D. 800 16,00 General Reserve 14,000 Cash 12,400 1,20,800 1,20,800
Pankaj retired from the business on 1st April, 2013 on the following terms:
(1) The assets were revalued as under .....
(i) Stock at Rs. 28,000.
(ii) Factory building is appreciated by 10%.
(iii) Reserve for doubtful debts is to be increased up to Rs. 1,000.
(iv) Plant and machinery is to be depreciated by 10%

(2) The goodwill of the retiring partner is to be valued at Rs. 8,000 and the remaining partners decided that goodwill be written back in their new profit sharing ratio which will be 5:3.

(3) Amount due to Pankaj is to be transferred to his loan account.

Prepare : (a) Profit and Loss adjustment account

(b) Capital account of partners.

(c) Balance sheet of new firm.

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Q: 4[10]
Raja of Nagpur draws a bill on Pradhan of Bhandara for Rs. 6,000 at 3 months. Pradhan accepted and returned it to Raja. Raja then sent the bill to bank for collection.

On due date, Pradhan finds himself unable to make payment of the bill and requests Raja to renew it. Raja accepted a proposal on the condition that, Pradhan should pay Rs. 1,000 on account along with interest Rs. 250 in cash and should accept new bill for the balance at 2 months. These arrangements were carried through. Afterwards, one month before due date of new bill Pradhan retired his acceptance by paying Rs. 4,850.

Give Journal entries in the books of Raja of Nagpur.

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Q: 5 | Attempt any one[10]
Q: 5.1[10]
A, B, and C were partners sharing profits and losses in the proportion of 2:2:1. Following is their balance sheet as on 31st March, 2013.

Balance sheet as on 31st March, 2013

 Liabilities Amount(Rs. ) Assets Amount(Rs.) Amount(Rs.) Capital Account Machinery 25000 A 30000 Stock 10000 B 10000 Debtors 27500 C 10000 Less: R.D.D. 1500 26000 General Reserve 3000 Investment 12000 Creditors 20000 Profit and Loss A/c 9000 A’s Loan Account 4000 Bank 2000 Bills Payable 7000 84000 84000

On the above date, the partners decided to dissolve the firm.

(1)  Assets were realised as -

Machinery Rs. 22,500, Stock Rs. 9,000, Investment Rs. 10,500, Debtors Rs. 22,500

(2) Dissolution expenses were Rs. 1,500.

(3) Goodwill of the firm realised Rs. 12,000

Pass the necessary journal entries int he books of the firm.

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Q: 5.2[10]
Kisan Co. Ltd. Miraj, issued Rs. 50,000 shares at par Rs. 10 each, payable Rs. 3 on application, Rs. 4 on allotment and the balance on the final call. All the shares were fully subscribed and paid except a shareholder Mr. D. Kapse having Rs. 1,000 shares could not pay the final call. Mr. D. K. Kapse paid the call - in - arrears amount together with interest after four months of due date of final call. Company charged interest on the arrears received as per table ‘A’.

Pass journal entries to record these transactions assuming that call - in - arrears and interest money received from Mr. D. Kapse in the books of Kisan Co Ltd. Miraj.

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Q: 6[12]

Marathi Vishwa Kosha Centre, Wai, has given you the following information from which, you are required to prepare. (i) Income and Expenditure Account for the year ending on 31.03.2013, (ii) Balance Sheet as on 31.03.2013.

Receipts and Payment Account for the year ending 31.03.2013
 Receipts Amount(Rs.) Payments Amount(Rs.) To Balance b/d By Stationery 5000 Cash in hand 13000 By Furniture[Purchased on 01.01.2013] 50000 To Locker Rent 5000 By Investments 1,00,000 To Entrance Fees 19000 By Expenses of Drama 33500 To Sale of old newspapers 1500 By Postage and telegram 2,500 To Receipts from Drama 78,500 By Magazines and Newspapers 4000 To Legacies 1,10,000 By Salaries 22,000 To Miscellaneous Receipts 8000 By Balance c/d Cash in Hand 3000 Cash at bank 1,10,000 330000 330000
(1) Capital fund on 01.04.2012, was Rs. 1,08,000.
(2) Legacies are to be capitalized.
(3) Outstanding salary Rs. 3,000.
(4) 50% of entrance fees is to be capitalized.
(5) Depreciation on Furniture @ 10% p.a.
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Q: 7[15]
From the following Trial Balance and adjustments of M/s Apeksha and Pratiksha; you are required to prepare Trading and Profit and Loss account for the year ended 31st March 2013 and Balance sheet as on that date:

Trial Balance as on 31.03.2013

 Particulars DebitAmount (Rs.) CreditAmount (Rs.) Capital Accounts Apeksha 60000 Pratiksha 35000 Purchases and Sales 46700 85000 Sundry Debtors and Creditors 28000 25000 Bills Receivable and Bills Payable. 9600 7800 Opening Stock 18000 Wages 9900 Investment 13500 Postage and Telegrams 3600 Insurance 1200 Plant and machinery 40700 Furniture 18000 Cash in hand 2500 Carriage 3200 Bad debts 400 Prepaid rent 7000 Salaries 10500 212800 212800