HSC Commerce 12th Board ExamMaharashtra State Board
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Important Questions for HSC Commerce 12th Board Exam - Maharashtra State Board - Book Keeping and Accountancy

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Book Keeping and Accountancy
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State any one limitation of Analysis of Financial Statement.

Appears in 6 question papers
Chapter: [9] Analysis of Financial Statements
Concept: Concept of Financial Statement Analysis

What do you mean by 'sacrifice ratio'?

Appears in 2 question papers
Chapter: [3] Reconstitution of Partnership
Concept: Admission of a Partner - Sacrifice Ratio and New Ratio

An asset which can be converted into cash immediately.

Appears in 2 question papers
Chapter: [5] Accounts of “Not for Profit” concerns
Concept: Additional Information - Opening Balances of Assets and Liabilities
What is 'deficit'?
Appears in 2 question papers
Chapter: [5] Accounts of “Not for Profit” concerns
Concept: Preparation of Income and Expenditure Account and Closing Balance Sheet

What are Noting Charges?

Appears in 2 question papers
Chapter: [7] Bill of Exchange (Only Trade Bill)
Concept: Basic Term of Bills of Exchange - Noting Charges

The debenture holder is owner of the company.

Appears in 2 question papers
Chapter: [8] Company Accounts
Concept: Meaning and Concept of Debentures

What is ‘liability of partners’ ?

Appears in 1 question paper
Chapter: [1] Introduction to Partnership
Concept: The Indian Partnership Act 1932

Debit balance of revaluation account.

Appears in 1 question paper
Chapter: [2] Partnership Final Accounts
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: [2] Partnership Final Accounts
Concept: Effects of Adjustments-Prepaid Expenses

From the following Trial Balance of M/s Sanjay and Keshav, 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 after taking into account the following additional information:

                                                          Trial Balance as on 31st March, 2013

Debit Balances Amount (Rs.) Credit Balances Amount (Rs.)
Opening stock 180000 Sales 525000
Bills receivable 80000 Rent 22000
Purchase 240000 Bills payable 78000
Bad debts 20000 Sundry creditors 100000
Salary and wages 24000

Capital account

          Sanjay

          Keshav

 

500000

300000

Discount 9000    
Carriage inward 12000    
Travelling expenses 13000    
Cash in hand 38000    
Furniture 280000    
Insurance   12000    
Land and building  400000     
Postage and telegram  7000     
Sundry debtors 210000    
  1525000   1525000

 

Additional information:

  1. Insurance paid in advance Rs. 3,000.
  2. Depreciation provided on furniture at 10%.
  3. Salary and wages outstanding Rs. 6,000.
  4. Rent received in advance Rs. 5,000.
  5. Closing stock as on 31.03.2013 Rs. 2,00,000.
Appears in 1 question paper
Chapter: [2] Partnership Final Accounts
Concept: Preparation of Final Accounts

What is bad debts?

Appears in 1 question paper
Chapter: [2] Partnership Final Accounts
Concept: Introduction of Final Accounts

Expenses which are paid before due.

Appears in 1 question paper
Chapter: [2] Partnership Final Accounts
Concept: Introduction of Final Accounts

The interest on capital is an income of the firm.

Appears in 1 question paper
Chapter: [2] Partnership Final Accounts
Concept: Adjustments - Interest on Capital, Drawings and Loans
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
Debit
Amount (Rs.)
Credit
Amount (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
Adjustments:
(1) The closing stock is valued at Rs. 31,000
(2) Outstanding wages Rs. 1,400.
(3) Depreciate furniture at 10% p.a.
(4) Insurance Rs. 500 is paid in advance.
(5) Provide for further bad debts of Rs. 1,500.
(6) Goods worth Rs. 2,000 withdrawn by Apeksha for her domestic use but not recorded in the books of account.
Appears in 1 question paper
Chapter: [2] Partnership Final Accounts
Concept: Preparation of Final Accounts
What do you mean by 'carriage inward'?
Appears in 1 question paper
Chapter: [2] Partnership Final Accounts
Concept: Effects of Adjustments-Outstanding Expenses
The debit balance of a trading account.
Appears in 1 question paper
Chapter: [2] Partnership Final Accounts
Concept: Adjustments - Unrecorded Purchases and Sales
Return inward is deducted from purchases.
Appears in 1 question paper
Chapter: [2] Partnership Final Accounts
Concept: Adjustments - Unrecorded Purchases and Sales
Expenses which are due but not paid at the end of the year.
Appears in 1 question paper
Chapter: [2] Partnership Final Accounts
Concept: Effects of Adjustments-Outstanding Expenses
Purchase of stationery is a ________ expenditure.
(a) capital
(b) revenue
(c) long term
(d) deferred revenue
Appears in 1 question paper
Chapter: [2] Partnership Final Accounts
Concept: Adjustments - Capital Expenditure Included in Revenue Expenses and Vice-versa

What is ‘gain ratio’ ?

Appears in 1 question paper
Chapter: [3] Reconstitution of Partnership
Concept: Retirement Or Death of a Partner - Gain Ratio
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Important Questions for HSC Commerce 12th Board Exam Maharashtra State Board Book Keeping and Accountancy. You can further filter Question Answers by subjects and chapters. Chapter wise important Questions for 12th Board Exam Maharashtra State Board. it gets easy to find all 12th Board Exam important questions with answers in a single place for students. Saving time and can then focus on their studies and practice. Important questions for 12th Board Exam chapter wise with solutions
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