Book Keeping and Accountancy Official 2023-2024 HSC Commerce (English Medium) 12th Standard Board Exam Question Paper Solution

Legal software is fully functional software without any restrictions.

Agree

Disagree

Rebate or discount given on retiring a bill is an income to the drawee.

Agree

Disagree

Realisation loss is not transferred to insolvent partner’s capital account.

Agree

Disagree

‘Not for profit’ concerns have profit motive.

Agree

Disagree

‘The Indian Partnership Act’ was enforced in the year 1945.

Agree

Disagree

The balance on the capital account of partners, on his death, is transferred to ______ account.

Relatives

Legal Heir’s loan/Executor’s loan

Partner’s capital

Partner’s Loan

Decrease in the value of assets should be ______ to Profit and Loss Adjustment Account.

Debited

Credited

Added

Equal

Excess of proportionate capital over actual capital represents _________.

Equal capital

Surplus Capital

Deficit Capital

Gain

An asset

A liability

When there is no partnership agreement between partners, the division of profits takes place in ________ ratio.

equal

capital ratio

initial contribution

experience and tenure of partner

Give one word/term/phrase for the following statement.

An asset which can be converted into cash immediately.

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

Debit balance of Realisation account.

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

The ratio in which general reserve is distributed to the old partners.

Write the word/phrase/term, which can substitute the following sentence.

The account in which selling expenses of the business are recorded.

Find the odd one:

At premium

At discount

At par

Brokerage

Find the odd one:

Notary Public

Drawer

Drawee

Payee

Find the odd one:

Increase in Building

Increase in Machinery

Decrease in Furniture

Increase in Bills Receivable

Find odd one:

Surplus

Deficit

Net Profit

Capital fund

Find odd one.

Wages

Salary

Royalty

Import Duty

Carriage inward

Sachin and Santosh were in partnership, sharing profit and losses in the proportion of 3 : 1 respectively. Their Balance Sheet as on 31st March, 2020, stood as follows:

They admitted Kishor into the partnership on 1st April, 2020 the terms being that:

1. He shall have to bring in ₹ 1,00,000 as his capital for 1/5th share in future profit and ₹ 50,000 as his share of goodwill.
2. Stock should be appreciated by 5% and building be appreciated by 20%.
3. Furniture to be depreciated by 20%.
4. A provision for 5% doubtful debts to be created on debtors.
5. Capital account of all partners be adjusted in their new profit sharing ratio through cash account.

Prepare:

1. Profit and Loss adjustment account
2. Partners Capital account
3. Balance sheet of new firm

Akshad, Aditya and Abha are partners. They share profits and losses equally. Their balance sheet as on 31 March, 2022 was as follows:

On 31st March, 2022 it was decided to dissolve the firm:

1. The assets realised were as follows:
   Stock ₹ 31,000
   Machinery ₹ 39,500
   Bills receivable ₹ 41,000
   Debtors ₹ 27,000
2. Creditors were paid at a discount of ₹ 500 and Bills payable were paid in full.
3. Realisation expenses amounted to ₹ 6,600.
4. Abha was declared insolvent, and only ₹ 3,500 could be recovered from her private property.

Prepare:

1. Realisation Account
2. Partners’ Capital Account
3. Bank Account

Minu, Renu, and Sonu share profits and losses equally. Their Balance Sheet as on 31st March, 2021 was as under:

On 1st April, 2021, Sonu retired from the firm on the following terms:

1. Building to be appreciated by 10%.
2. All debtors are good.
3. Computer to be depreciated by 10%.
4. Machinery be revalued ₹ 22,500 and Furniture is revalued ₹ 9,550.
5. Part payment of ₹ 18,000 was made to Sonu by NEFT and balance was transferred to her loan account.

Prepare:

1. Profit and Loss adjustment Account
2. Partners’ Capital Account
3. Balance Sheet of Minu and Renu

Kaveri sold goods to Gauri worth ₹ 48,000. Kaveri draws a bill for two months and Gauri accepted it on the same date. Kaveri discounted the bill with the bank @ 10% p.a. Bill was dishonoured on the due date and Gauri requested Kaveri to accept ₹ 8,000 and interest in cash on the remaining amount at 11% p.a. for 3 months. Kaveri agreed and for the balance Gauri accepted a new bill for 3 months. Gauri became insolvent and only 40% could be recovered from her estate.

Prepare Journal Entries in the books of Kaveri.

‘A’, ‘B’ and ‘C’ were partners sharing profits and losses in the ratio of 3 : 2 : 1 respectively. Their Balance Sheet as on 31st March, 2022 was as follows:

‘C’ died on 1st August, 2022 and the following adjustments were made:

1. Assets revalued as under:
   Building ₹ 88,000
   Motor Car ₹ 36,000
   Furniture ₹ 35,000
2. Goodwill of the firm is valued at 2 times of average profit of the last 4 years.
3. ‘C’s share of profit is to be calculated on the basis of the average profit of the last 3 years.
4. Profits for 4 years were : ₹ 22,000, ₹ 34,000, ₹ 24,000 and ₹ 32,000

Prepare:

1. Profit and Loss adjustment Account
2. C’s Capital Account
3. Give working of C’s share of goodwill
4. C’s profit upto his date of death.

Income statement of Bajaj Limited for the year ended 31st March, 2021 and 31st March, 2022 is given below. Prepare comparative Income statement:

Mahalaxmi Ltd. issued 25,000 equity shares of ₹ 100 each payable as under:

₹ 20 on Application

₹ 30 on Allotment

₹ 20 on First call

₹30 on Second and Final Call.

Applications were received for 29,000 equity shares. The excess application money was adjusted towards allotment.

All the money was duly received except second and final call on 1,000 equity shares.

Pass necessary journal entries in the books of Mahalaxmi Ltd.

State the features of Computerised Accounting system.

From the following Receipts and Payments Account of ‘Rampur High School, Ratnagiri for the year ending 31st March, 2022 and additional information, prepare Income and Expenditure Account for the year ended 31st March, 2022 and a Balance Sheet as on that date.

Additional Information:

1. Particulars	1st April 2021 (₹)	31st March 2022 (₹)
   Books	18,00,000	17,76,000
   Furniture	6,52,000	6,00,000
   Building fund	16,54,000	?
   Capital fund	12,22,000	?

2. 60% Donations are for Building Fund and balance is to be treated as revenue income.
3. Outstanding Staff salaries ₹ 1,40,000.

From the following Trial Balance of Rasika and Diksha, you are required to prepare Trading and Profit and Loss Account for the year ended 31st March, 2022 and Balance Sheet as on that date:

Adjustments:

1. Interest on fixed deposits ₹ 1,200 is still receivable.
2. Furniture to be depreciated by 5% p.a.
3. 2.5% reserve for doubtful debts on Sundry Debtors to be provided.
4. Closing Stock was valued at cost price ₹ 40,000 and Market price ₹ 35,000.