Maharashtra State BoardHSC Arts 12th Board Exam
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Book Keeping and Accountancy 2014-2015 HSC Arts 12th Board Exam Question Paper Solution

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Book Keeping and Accountancy
Marks: 80Academic Year: 2014-2015
Date & Time: 7th October 2015, 4:00 pm
Duration: 3h

[15]1 | Attempt any three of the following sub-questions :
[5]1.A | Answer the following questions in only 'one' sentence each :
[1]1.A.1

Answer in one sentence only.
What is bad debts?

Concept: Effects of Adjustments-Bad and Doubtful Debts
Chapter: [0.02] Partnership Final Accounts [0.06] Single Entry System
[1]1.A.2

Answer in one sentence only.
In what proportion is general reserve distributed amongst the old partners?

Concept: Admission of a Partner
Chapter: [0.03] Reconstitution of Partnership [0.03] Reconstitution of Partnership (Admission of Partner)
[1]1.A.3

Which account is debited on payment of dissolution expenses?

Concept: Dissolution of Partnership Firm
Chapter: [0.04] Dissolution of Partnership Firm [0.06] Dissolution of Partnership Firm
[1]1.A.4

Answer in one sentence only.
Who is Drawer?

Concept: Parties to the Bill of Exchange
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
[1]1.A.5

Answer in one sentence only.
What is statement of affairs?

Concept: Preparation of Statements for Single Entry System
Chapter: [0.06] Single Entry System
[5]1.B | Write a word/ term / phrase which can substitute each of the following statements :
[1]1.B.1

Give word / term or phrase for the following statement.

Excess of income over expenditure of a ‘not for profit’ concern.

Concept: Not for Profit Concerns
Chapter: [0.05] Accounts of “Not for Profit” concerns
[1]1.B.2

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

Winding up of partnership business.

Concept: Dissolution of Partnership Firm
Chapter: [0.04] Dissolution of Partnership Firm [0.06] Dissolution of Partnership Firm
[1]1.B.3

Give word / term or phrase for the following statement.
Encashment of the bill before due date.

Concept: Accounting Treatment - Discounting the Bill with the Bank Honour/Dishonour and Insolvency
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
[1]1.B.4

Write the word / term / phrase which can substitute the following Statement.
A system of accounting which is not scientific.

Concept: Meaning of Single Entry
Chapter: [0.06] Single Entry System
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[1]1.B.5

Write the word / term / phrase which can substitute the following Statement.

A bill drawn in India and made payable in Japan.

Concept: Acceptance of Bill
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
[5]1.C | Select the most appropriate answer from the alternatives given below and rewrite the sentences :
[1]1.C.1

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

The gross profit is transferred to _________________ account.

trading

Profit and loss

capital

current

Concept: Preparation of Final Accounts
Chapter: [0.02] Partnership Final Accounts
[1]1.C.2

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

A,B and C are partners sharing profit in the ratio of 5 : 3 : 2 . If B retries , the the new ratio will be  ____________.

5 : 2

5 : 3

3 : 2

1 : 1

Concept: Retirement Or Death of a Partner - New Ratio
Chapter: [0.03] Reconstitution of Partnership
[1]1.C.3

Select the most appropriate answer from the alternatives given below and rewrite the sentence :
If shares are issued at its face value, it is called as issue at __________________.

premium

discount

par

none of these

Concept: Issue at Par and Premium and at Discount
Chapter: [0.08] Company Accounts
[1]1.C.4

Select the most appropriate answer from the alternatives given below and rewrite the sentence :

The bill drawn on 12th June ,2013 at two months , would be payable on ________.

12th August ,2013

14th August , 2013

15th August 2013

16th August ,2013

Concept: Introduction of Bill of Exchange (Only Trade Bill)
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
[1]1.C.5

Select the appropriate answer from the alternatives given below & rewrite the completed statement
From financial statement analysis, the creditors are interested to know _____________.

liquidity

profit

sale

share capital

Concept: Concept of Financial Statement Analysis
Chapter: [0.09] Analysis of Financial Statements [0.09] Analysis of Financial Statements
[5]1.D | State whether the following statements are True or False :
[1]1.D.1

State whether the following statement is True or False.

Closing stock is always valued at market price.

True

False

Concept: Effects of Adjustments-Closing Stock
Chapter: [0.02] Partnership Final Accounts
[1]1.D.2

State whether the following statement is True or False.

Receipts and payments account is a real account.

True

False

Concept: Meaning and Definitions of Partnership and Partnership Deed
Chapter: [0.01] Introduction to Partnership
[1]1.D.3

State, whether the following statements is True or False.
Shares are issued for cash only.

True

False

Concept: Issue of Shares for Consideration Other than Cash
Chapter: [0.08] Company Accounts
[1]1.D.4

State whether the following statement is True or False.

A bill of exchange can be endorsed only once.

True

False

Concept: Accounting Treatment - Endorsement of the Bill, Honour/ Dishonour and Also Insolvency of Acceptor
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
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[1]1.D.5

State whether following statement are true or false :
Financial statements include only balance sheet.

True 

False

Concept: Concept of Financial Statement Analysis
Chapter: [0.09] Analysis of Financial Statements [0.09] Analysis of Financial Statements
[5]1.E

Prepare a format of a bill of exchange from the following information :

1. Drawer Krishna Hake ,104 , Mondha Road, Ambajogai.
2. Drawee Rahul Kukare , Sister colony , Chandrapur.
3.  Payee Rajvardhan Patil , Nashik.
4. Amount of bill ₹ 15555/-
5.  Period of bill 90 days
6. Date of bill 23rd August,2013
7. Date of acceptance 25th August ,2013
Concept: Draft Or Format of Bills
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
[8]2

Shri Rajesh keeps his books by single entry method .

Following are the details of his business :

Particulars 01.04.2012
Amount (₹)
31.03.2013 Amount (₹)
Cash in hand  10000 16000
Cash at bank 20000 36000
Stock 16000 24000
Furniture 18000 18000
Palnt and machinery 60000 90000
Creditors 15000 18000
Debtors 24000 30000

During the year Shri RAjesh has withdrawn ₹ 10000 for his private purpose and taken goods of ₹ 2000 for household use. On 1st October 2012 , he sold his household furniture for ₹ 2000 and deposited the same amount in the business bank account.

Provide depreciation on machinery at 10% p.a. (assuming additions were made on 1st October , 2012) and furniture at - 5 % p.a.

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

Concept: Single Entry System Examples and Solutions
Chapter: [0.06] Single Entry System
OR
[4]2.A

State any one limitation of Analysis of Financial Statement.

Concept: Concept of Financial Statement Analysis
Chapter: [0.09] Analysis of Financial Statements [0.09] Analysis of Financial Statements
[4]2.B

Explain return on investment (ROI).

Concept: Return on Investment (ROI)
Chapter: [0.09] Analysis of Financial Statements
[10]3 | Attempt any one question :
[10]3.A

Ram and Krishna were partners sharing profits and losses in the proportion of 2/3 and 1/3 respectively. Their balance sheet is as follows :

Balance sheet as on 31st March , 2013

Liabilities Amount (₹) Assets Amount
(₹)
Capital A/c   Building 100000
Ram 96000 160000 Furniture 30000
Krishna 64000 Sundry Debtors 63000 60000
General Reserve 18000 Less : R.D.D (3000)
Profit and loss A/c 6000 Stock 84000
Sundry Creditors 80000 Cash 16000
Ram's loan  26000    
  290000   290000

On 1st April 2013 , Hari is admitted in the partnership on the following terms :

(1) Hari should bring in cash ₹ 48000 as capital for 1/5 share in future profit.

(2) Goodwill was raised in the books of the firm for ₹ 18000.

(3) Building is revalued at ₹ 112000 and the value of stock to be reduced by ₹ 6000.

(4) Reserve for doubtful debts be maintained at ₹ 1800.

(5) Ram's loan is to be repaid.

Prepaid : Revaluation account , Capital accounts of partners and Balance sheet of the new firm.

Concept: Admission of a Partner - Adjustment of Accumulated Profits and Losses
Chapter: [0.03] Reconstitution of Partnership
OR
[10]3.B

Following is the balance sheet of the firm of Sonu , Monu and Piyu who share profits and losses in the ratio of their capital :

Balance sheet as on 31st March, 2013

Liabilities Amount (₹) Assets Amount
(₹)
Capital A/c   Plant and Machinery 20000
Sonu 50000 Land and Building 55000
Monu 20000 Stock 12000
Piyu 30000 Debtors 12000 11000
Creditors 15000 Less : R.D.D (1000)
    Cash 17000
  115000   115000

Piyu retires from the business on 31st March 2013 and the following adjustments were agreed : 

(1) The stock is to be valued at 92% of its book value.

(2) R.D.D. is to be maintained at 10 % on debtors.

(3) The value of land and buildings is to be appreciated by 20 %.

(4) The goodwill of the firm to be fixed at ₹ 12000. Piyu share in the same be adjusted in the account of accounting partners in gain ratio.

(5) The entire capital of the new firm be fixed at ₹ 160000 between Sonu and Monu in their new profit sharing ratio which is fixed at 3 : 1 by making adjustment for difference in cash and amount payable to piyu paid in cash.

Prepare : Profit and loss adjustment account , Partners' capital account and balance sheet after retirement of piyu.

Concept: Retirement Or Death of a Partner - Adjustment of Accumulated Profits and Losses
Chapter: [0.03] Reconstitution of Partnership
[10]4

Sukhdev sold goods to Namdev worth ₹ 30000 on 1st March 2013. Namdev accepted a bill for three months , drawn by Sukhdev on 1st March 2013.
Namdev requested on 21st May 2013 to Sukhdev to receive ₹ 10000 and to draw a new bill for the balance for two months. Sukhdev agreed on condition that interest at 12 5 p.a. for two months is to be provided. 
Sukhdev then drew a new bill for balance amount plus interest at 12 % p.a. for two months .
Namdev accepted the new bill. On due date the new bill was honoured.

Give journal entries in the books of Sukhdev.

Concept: Introduction of Bill of Exchange (Only Trade Bill)
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
[10]5 | Attempt any one question :
[10]5.A

Jay , Ajay and Vijay were partners sharing profits and losses in the proportion of 2 : 2 : 1 . Following is their balance sheet as on 31.03.2013.

Balance sheet as on 31st March 2013

Liabilities Amount (₹) Assets Amount (₹)
Capital A/c   Machinery 50000
Jay 60000 Stock 20000
Ajay 20000 Debtors 55000 52000
Vijay 20000 Less : R.D.D. (3000)
General Reserve 6000 Investments 24000
Creditors 40000 Profit and loss A/c 18000
Jay's Loan A/c 8000 Bank 4000
Bills Payable 14000    
  168000   168000

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

(1) Assets were realised as :

Machinery ₹45000 ; Stock ₹ 18000;

Investment ₹ 21000 ; Debtors ₹ 45000

(2) Dissolution expenses were ₹ 3000.

(3) Goodwill of the firm realised ₹ 24000.

Prepare : (1) Realisation Account (2) Partner's Capital Account (3) Bank Account.

Concept: Dissolution of Partnership Firm
Chapter: [0.04] Dissolution of Partnership Firm [0.06] Dissolution of Partnership Firm
[10]5.B

Yogeshwari Co.Ltd. Ambajogai made an issue of 20000 equity shares of ₹ 20 each , payable as follows :

Application ₹ 5 per share ;

Allotment ₹ 10 per share ;

First call ₹ 3 per share , 

Second and final call ₹ 2 per share.

The company received applications for 25000 shaes of which application for 5000 shares were rejected and money refunded.

All the shareholders paid upto second and final call , except Dhiraj , the allotee of 200 shares who faied to pay the final call.

Pass journal entries in the books of Yogeshwari Co. Ltd, Ambajogai.

Concept: Share and Share Capital
Chapter: [0.08] Company Accounts [0.08] Company Accounts - Issue of Shares
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[12]6

Following is the balance sheet as on 1.4.2012 and receipts and payments accounts of mahakavi kalidas Library , Nashik . Balance sheet as on 31st March 2013.

Balnce sheet as on 01.04.2012

Liabilities Amount (₹) Assets Amount (₹)
Capital fund 690000 Furniture 72500
Expenses due 7000 Books 551000
    Investment in securities 50000
Cash in hand 8500
Cash in Bank 15000
  697000   697000


Receipts and Payments for the year ending 31st March ,2013

Dr.                                                                                              Cr.

Receipts  Amount (₹) Payments Amount (₹)
To Balance b/d   By electricity charges  6980
Cash in hand  8500 By postage and telegram 6100
Cash in bank 15000 By Purchase of books 80000
To member's subscriptions 180000 By Payment of expenses due 7000
To Entrance fees 25000 By Sundry expenses 10500
To Sales of old newspapers 1500 By Investment in securities 100000
To Hire of lecture hall 18000 By Furniture 28000
To Interest on securities 4000 By Balance c/d  
    Cash in hand 6420
Cash in bank 7000
  252000   252000

Adjustments:

(1) During the current year , furniture was purchased on 1.10.2012. Depreciation furniture @ 10 % p.a.

(2) Depreciate books by ₹ 100000

(3) Membership subscription received during the year includes ₹ 15000 , for the year 2013 - 14 and ₹ 7500 , are outstanding for current year.

(4) Capitalised half (1/2) of the entrance fees.

Prepare : Income and Expenditure account for the year ended 31st March 2013 and Balance sheet as on 31st march , 2013.

Concept: Preparation of Income and Expenditure Account and Closing Balance Sheet
Chapter: [0.05] Accounts of “Not for Profit” concerns
[15]7

Satish and Pradeep are partners in a partnership firm, sharing profit and losses equally. From the following Trial Balance and Adjustment given below, 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.

Balance Sheet as on 31st March 2013

Debit Balance Amount (₹) Credit Balance Amount (₹)
Purchases 220000 Partners' Capital  
Sundry Debtors 45000 Satish 120000
Discount 4000 Pradeep 90000
Opening stock 25000 Sales 430000
Wages and salaries 23000 Sundry Creditors 85000
Manufacturing expenses 25500 Discount 3500
Factory Building 175000    
Plant and Machinery 75000
Advertisement (for 2 yrs w.e.f. 1.1.13) 10000
Salary and wages 45000
Cash in hand 15000
10 % Govt. Bonds (purchased on 01.07.2012) 60000
Warehouse Rent 6000
  728500   728500

Adjustments :

(1) The closing stock was valued at the market price at ₹ 92000, which is 15 % above its cost price.

(2) Depreciation machinery at 10 % p.a.

(3) Outstanding wages were ₹ 2500

(4) Maintain R.D.D. at 5 % on sundry debtors.

Concept: Preparation of Final Accounts
Chapter: [0.02] Partnership Final Accounts
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Maharashtra State Board previous year question papers 12th Board Exam Book Keeping and Accountancy with solutions 2014 - 2015

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