# Book Keeping and Accountancy 2017-2018 HSC Commerce (Marketing and Salesmanship) 12th Board Exam Question Paper Solution

Book Keeping and Accountancy
Date: March 2018

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

what is trial balance ?

Concept: Meaning and Definitions of Partnership and Partnership Deed
Chapter: [0.01] Introduction to Partnership
[1]1.A.2

What is 'entrance fees' ?

Concept: Additional Information - Capitalisation of Entrance Fees
Chapter: [0.05] Accounts of “Not for Profit” concerns
[1]1.A.3

What is 'qualified acceptance' ?

Concept: Accounting Treatment - Endorsement of the Bill, Honour/ Dishonour and Also Insolvency of Acceptor
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
[1]1.A.4

When is gain ratio required to be calculated ?

Concept: Retirement Or Death of a Partner - Gain Ratio
Chapter: [0.03] Reconstitution of Partnership
[1]1.A.5

What is the formula for calculating gross profit ratio ?

Concept: Operating Profit Ratio
Chapter: [0.09] Analysis of Financial Statements
[5]1.B | Write a phrase as a substitute for each of the following statement :
[1]1.B.1

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

Assets which are not recorded in the books of account.

Concept: Dissolution of Partnership Firm
Chapter: [0.04] Dissolution of Partnership Firm [0.06] Dissolution of Partnership Firm
[1]1.B.2

The excess of total assets over total liabilities.

Concept: Features of "Not for Profit" Concerns.
Chapter: [0.05] Accounts of “Not for Profit” concerns
[1]1.B.3

The person in whose favour the bill is transferred.

Concept: Introduction of Bill of Exchange (Only Trade Bill)
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
[1]1.B.4

The proportion in which the continuing partners are benefitted due to retirement of a partner.

Concept: Retirement Or Death of a Partner - Gain Ratio
Chapter: [0.03] Reconstitution of Partnership
[1]1.B.5

The system of accounting normally suitable for a small business organization.

Concept: Single Entry System Examples and Solutions
Chapter: [0.06] Single Entry System
[5]1.C | Select the most appropriate alternative from those given below and rewrite the statements :
[1]1.C.1

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

When shares are forfeited, share capital account is _____________.

debited

credited

none of the above

Concept: Accounting Treatment of Forfeiture and Re-issue of Share
Chapter: [0.08] Company Accounts
[1]1.C.2

A bill is drawn on 23rd October, 2016 payable after 3 months, the due date of the bill will be .................

25th January, 2017

26th January, 2017

24th January, 2017

25th January, 2016

Concept: Important Terms of Bills of Exchange - Due Date
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
[1]1.C.3

Capital balance is ascertained by preparing....................................

1. Statement of affairs
2. Cash account
3. Drawing account
4. Debtor’s account
Concept: Concept of Financial Statement Analysis
Chapter: [0.09] Analysis of Financial Statements [0.09] Analysis of Financial Statements
[1]1.C.4

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

If any unrecorded liability is paid on dissolution of the firm ___________ is debited.

Cash/Bank Account

Realization Account

Partners' Capital Account

Partners' Loan Account

Concept: Dissolution of Partnership Firm
Chapter: [0.04] Dissolution of Partnership Firm [0.06] Dissolution of Partnership Firm
[1]1.C.5

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

Return outward are deducted from __________________.

Purchases

Sales

Capital

Debtors

Concept: Partnership Final Accounts
Chapter: [0.01] Introduction to Partnership and Partnership Final Accounts [0.02] Partnership Final Accounts
[5]1.D | State whether the following statements are True of False :
[1]1.D.1

Closing stock is always valued at market price.

Chapter: [0.02] Partnership Final Accounts
[1]1.D.2

Retirement of bill means payment of the bill before due date.

Concept: Important Terms of Bills of Exchange - Due Date
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
[1]1.D.3

Share forfeited balance is transferred to Capital Reserve Account.

Concept: Accounting for Share Capital
Chapter: [0.08] Company Accounts [0.08] Company Accounts - Issue of Shares
[1]1.D.4

State true or false with reason.

Gross profit depends upon not sales.

True

False

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

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

Concept: Important Terms of Bills of Exchange - Term of Bill
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
[5]1.E | Prepare a format of a Bill of Exchange from the following information :
[5]1.E.1

Mr. Akash Sane, 42, Sagar, Bandar Road, Ratnagiri, draws a three months bill on Mrs. Magha Kale, Vishram Baag, Sangli, for 16,500 on 1st December 2016, which was accepted on 4th December, 2016, for 15,000 only by Mrs. Megha Kale.

Concept: Draft Or Format of Bills
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
[8]2 | attempt any one of the following
[8]2.A

Miss Kalpana started her business with a capital of 1,30,000 on 1st April, 2015. Her financial position on 31st March 2016 was as follows:

 Amount ( Rs) Cash 9,120 Stock 10,250 Bills payable 12,880 Creditors 17,180 Debtors 31,000 Prepaid insurance 550 Bills receivable 29,120 Premises 85,800 Vehicles 40,200

1. Miss Kalpana brought additional capital of 20,000 on 30th September, 2015

2. Interest on capital is to be allowed at 5% p.a.

3. She withdrew 10, 000 for personal use.

4. Reserve for doubtful debts is to be provided at 2½ % after writing off bad debts of 1,000.

5. Depreciate vehicles at 10% p.a. and premises at 5 % p.a.

6. Creditors were overvalued by 2,180.

Prepare :
(1) Closing Statement of Affairs as on 31.03.2016.
(2) Statement of Profit or Loss for the year ended 31.03.2016.

Concept: Accounts of “Not for Profit” Concerns
Chapter: [0.02] Accounts of ‘Not for Profit’ Concerns [0.05] Accounts of “Not for Profit” concerns
[4]2.B

State and explain any 'four objectives' of analysis of financial statement from a business concern's point of view.

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

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

Concept: Cash Flow Analysis
Chapter: [0.09] Analysis of Financial Statements
[10]3 | attempt any one of the following
[10]3.A

The Balance Sheet of Meena and Heena who shared the profits and losses in the ratio of 2 : 1 is as under :

Balance Sheet as on 31st March, 2016

 Liabilities Amount Assets Amount Capital : Leasehold property 20,000 Meena 1,34,000 Livestock 6,600 Heena 1,20,000 Loose tools 90,200 Creditors 53,800 Stock 86,800 Rent outstanding 10,000 Debtors                        48,000 Reserve fund 7,200 Less : R.D.D.                  2,000 46,000 Bank 75,400 3,25,000 3,25,000

On 1st April, 2016 Seema was admitted as 1/4 th partner on the following terms :

1. Seema should bring in Rs 1,20,000 towarsds her capital.

2.Firm's goodwill is valued at Rs 1,44,000 and Seema agreed to bring her share in the firm's goodwill by a cheque.

3.Reserve for doubtful bebts should be maintained at 7.5% on debtors.

4.Increase live stock by Rs 4,400 and write off loose tools by 20%.

5.Outstanding rent Rs 9,040 is paid in full settlement.

Prepare :

1. Profit and Loss Adjustment Account.

2. Partners' Capital Account .

3. Balance Sheet of the new firm

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

Ashish, Satish and Manish were partners in business profits and losses in the ratio of 3 : 1 : 1 respectively. Their Balance Sheet as on 31st March, 2016 was as follows :

Balance Sheet as on 31st March, 2016

 Liabilities Amount Assets Amount Capital accounts : Plant and machinery 70,000 Ashish 80,000 Stock 50,000 Satish 60,000 Debtors 40,000 Manish 50,000 Cash 60,000 Creditors 10,000 Reserve fund 20,000 2,20,000 2,20,000

Manish died on 1st October, 2016 and the partnership deed provided that :

(1) The deceased partner to be given his share of profit upto the date of death on the basis of the profit of the previous year.
(2) His share of goodwill will be calculated on the basis of two years' purchase of average profit of the last four years
The net profits for the last four years were :

First year : Rs 1,40,000,      Second year : Rs 1,10,000

Third year : Rs 90,000.            Fourth year : Rs  60,000.

(3) Plant and machinery to be valued at Rs. 80,000. Reserve for doubtful debts of Rs. 4,000 to be created.

(4) The drawings of Manish upto the date of death amounted to Rs 40,000.

(5) Interest on capital is to be allowed at 10% p.a. and interest on drawings is charged at 6% p.a.

Prepare :
(1) Profit and Loss Adjustment Account.
(2) Manish's Capital Account.
(3) Wording of Manish's share in profit and goodwill.

Concept: Retirement Or Death of a Partner - Treatment of Goodwill
Chapter: [0.03] Reconstitution of Partnership
[10]4

Sayali sold goods on credit to Manali of Rs 40,000. Sayali draws a bill on Manali for 4 months for the amount due. Manali accepted the bill and returned it to Sayali. After a month, Sayali discounted the bill with her bank at 12% p.a.

On the due date, bank informed that the bill is dishonoured and bank paid the noting charges  300. Manali requested Sayali to renew the bill. Sayali agreed on conditions that Manali should pay Rs 20,000 in cash along with noting charges and accept a new bill for the balance amount with interest at 15% p.a. for 3 months.

These arrangements were carried through. Before the due date Manali was declared insolvent and only 40% of the amount due could be recovered from her private estate as final dividend. Give Journal Entries in the books of Sayali.

Concept: Accounting Treatment - Discounting the Bill with the Bank Honour/Dishonour and Insolvency
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
[10]5 | attempt any one of the following
[10]5.A

Ashwin, Bhavin and Pravin carried on business. They share profits an losses in the ratio of 5 : 3 : 2 respectively. Their Balance Sheet as on 31st March, 2016 was as under :

Balance Sheet as on 31st March, 2016

 Liabilities Amount Assets Amount Sundry creditors 42,000 Plant and machinery 40,000 Bhavin's loan 10,000 Investment 16,000 Reserve fund 40,000 Stock 60,000 Capital accounts : Debtors                          36,000 Ashwin 40,000 Less : R.D.D                    2,000 Bhavin 20,000 Bank 10,000 Pravin 8,000 1,96,000 1,60,000

On the above date, the firm was dissolved, and the assets realised were as under :

1. Investment Rs 10,000. Stock Rs 48,000, and Debtors Rs  30,000

2. Plant and machinery were taken over by Ashwin at book value.

3. Sundry creditors and Bhavin's loan were paid in full.

4. Realisation expenses incurred Rs 2,000.

Prepare :
(1) Realisation Account
(2) Partners' 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

Aniket Ltd issued 40,000 equity shares of  100 each payable as follows :

On application Rs  20
On allotment Rs 30
On first call Rs 30
On second call Rs 20

The company received applications for 50,000 equity shares. Allotment of shares was made on pro-rata basis. Excess application money were adjusted to allotment. Share allotment and calls were made and also received, except Mr. Sanish who was holding 1,000 shares failed to pay both the calls. His shares were forfeited after the second call.
Record the above transactions in the books of Aniket Ltd

Concept: Dissolution of Partnership Firm
Chapter: [0.04] Dissolution of Partnership Firm [0.06] Dissolution of Partnership Firm
[12]6

Form the following Receipts and payments Account of A. S. C. College of Commerce, Ramanand Nagar, for the year ending 31st March, 2016 and additional information, prepare Income and Expenditure Account for the year ending 31st March, 2016 and Balance Sheet as on that date.

Receipts and Payments Account
for the year ended on 31 March, 2016

Dr.                                                        Cr.

 Receipts Amount Payments Amount To Balance b/d By Salaries 67,000 Cash in hand 7,950 By Electricity 26,200 Cash in bank 50,800 By Books 41,300 To Life membership fees 20,500 By Furniture 45,000 To Donations 1,00,000 By Stationery 18,300 To Tuition fees 1,30,000 By Fixed deposits 2,00,000 To Term fees 1,00,000 By Balance c/d To Admission fees 40,000 Cash 1,450 Bank 50,000 4,49,250 4,49,250

 Particulars 01.04.2015 Amount (Rs) 31.03.2016 Amount (Rs) Furniture 40,000 75,000 Building Fund 1,50,000 ............ Fixed deposits 1,60,000 ............ Capital Fund 1,20,750 ............

(2) 50% of donations are received for building fund.
(3) Life membership fees are to be capitalised.
(4) Tuition fees includes Rs 12,000 received for the last year.
(5) Outstanding tuition fees for the current year amounted to Rs 4,200.

Concept: Additional Information - Prepaid Expenses of the Current and Previous Year
Chapter: [0.05] Accounts of “Not for Profit” concerns
[15]7

Given below is the Trial Balance of M/s. Shailesh and Nilesh as on 31st March, 2016. You are required to prepare Trading and Profit and Loss Account for the year ended 31st March, 2016 and Balance Sheet as on that date :

Trial Balance
as on 31.03.2016

 Debit Balances Amount Credit Balances Amount Opening stock 88,000 Capital accounts : Purchase 1,76,000 Shailesh 1,20,000 Wages 23,500 Nilesh 1,20,000 Salaries (10 months) 18,000 Sundry creditors 1,03,000 Office expenses 8,000 Bank overdraft 60,000 Bank charges 2,600 Sales 3,08,000 Machinery 90,000 Current accounts : Land and building 1,30,000 Shailesh 5,000 Bad debts 4,000 Nilesh 4,000 Sundry debtors 82,000 Electricity charges 9,900 Furniture 43,000 8% Debentures (1.10.2015) 40,000 Drawings : Shailesh 3,000 Nilesh 2,000 7,20,000 7,20,000

1. Stock on 31st March, 2016 was valued at market price of Rs 84,000, which was 20% above its cost price.
2. Depreciate machinery at 10% p.a.
3. Create reserve for bad and doubtful debts at 5% on sundry debtors.
4. Provide interest on capital at 8% p.a.
5. Machinery includes purchase of machinery for Rs 40,000 on 1st January, 2016.

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 2017 - 2018

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