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Question Paper Solutions for Book Keeping and Accountancy 2017-2018 HSC Commerce 12th Board Exam

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Book Keeping and Accountancy
2017-2018 March
Marks: 80

[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 ?

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

What is 'entrance fees' ?

Chapter: [5] Accounts of “Not for Profit” concerns
Concept: Additional Information - Capitalisation of Entrance Fees
[1]1.A.3

What is 'qualified acceptance' ?

Chapter: [7] Bill of Exchange (Only Trade Bill)
Concept: Accounting Treatment - Endorsement of the Bill, Honour/ Dishonour and Also Insolvency of Acceptor
[1]1.A.4

When is gain ratio required to be calculated ?

Chapter: [3] Reconstitution of Partnership
Concept: Retirement Or Death of a Partner - Gain Ratio
[1]1.A.5

What is the formula for calculating gross profit ratio ?

Chapter: [9] Analysis of Financial Statements
Concept: Operating Profit Ratio
[5]1.B | Write a phrase as a substitute for each of the following statement : 
[1]1.B.1

The assets which are not recorded in the books of accounts.

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

The excess of total assets over total liabilities.

Chapter: [5] Accounts of “Not for Profit” concerns
Concept: Features of "Not for Profit" Concerns.
[1]1.B.3

The person in whose favour the bill is transferred.

Chapter: [7] Bill of Exchange (Only Trade Bill)
Concept: Introduction of 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.

Chapter: [3] Reconstitution of Partnership
Concept: Retirement Or Death of a Partner - Gain Ratio
[1]1.B.5

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

Chapter: [6] Single Entry System
Concept: Single Entry System Examples and Solutions
[5]1.C | Select the most appropriate alternative from those given below and rewrite the statements :
[1]1.C.1

When shares are forfeited, share capital account is _____________.

a. debited

b. credited

c. adjusted

d. none of the above
Chapter: [8] Company Accounts
Concept: Accounting Treatment of Forfeiture and Re-issue of Share
[1]1.C.2

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

 

(a) 25th January, 2017

(b) 26th January, 2017

(c) 24th January, 2017

(d) 25th January, 2016

Chapter: [7] Bill of Exchange (Only Trade Bill)
Concept: Important Terms of Bills of Exchange - Due Date
[1]1.C.3

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

  1. Statement of affairs
  2. Cash account
  3. Drawing account
  4. Debtor’s account
Chapter: [9] Analysis of Financial Statements
Concept: Concept of Financial Statement Analysis
[1]1.C.4

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

 

(a) Cash / Bank Account 

(b) Realization Account

(c) Partners' Capital Account 

(d) Partners' Loan Account

Chapter: [4] Dissolution of Partnership Firm
Concept: Dissolution of Partnership Firm
[1]1.C.5

Return outwards are deducted from .....................

(a) purchases

(b) sales

(c) capital

(d) debtors

Chapter: [9] Analysis of Financial Statements
Concept: Concept of Financial Statement Analysis
[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: [2] Partnership Final Accounts
Concept: Effects of Adjustments-Closing Stock
[1]1.D.2

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

Chapter: [7] Bill of Exchange (Only Trade Bill)
Concept: Important Terms of Bills of Exchange - Due Date
[1]1.D.3

Share forfeited balance is transferred to Capital Reserve Account.

Chapter: [8] Company Accounts
Concept: Accounting for Share Capital
[1]1.D.4

Gross profit depends upon not sales.

Chapter: [9] Analysis of Financial Statements
Concept: Introductions to Gross Profit Ratio
[1]1.D.5

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

Chapter: [7] Bill of Exchange (Only Trade Bill)
Concept: Important Terms of Bills of Exchange - Term of 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.

Chapter: [7] Bill of Exchange (Only Trade Bill)
Concept: Draft Or Format of Bills
[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

Additional information :
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.

Chapter: [5] Accounts of “Not for Profit” concerns
Concept: Accounts of “Not for Profit” Concerns Examples and Solutions
[4]2.B

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

Chapter: [9] Analysis of Financial Statements
Concept: Concept of Financial Statement Analysis
[4]2.C

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

Chapter: [9] Analysis of Financial Statements
Concept: Cash Flow Analysis
[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

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

Ashish, Satish and Manish were partners in business profits and losses in the ratio of 3 : 1 : 1 respectively. Their Balance Sheen 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.

Chapter: [3] Reconstitution of Partnership
Concept: Retirement Or Death of a Partner - Treatment of Goodwill
[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.

Chapter: [7] Bill of Exchange (Only Trade Bill)
Concept: Accounting Treatment - Discounting the Bill with the Bank Honour/Dishonour and Insolvency
[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

Chapter: [4] Dissolution of Partnership Firm
Concept: 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

Chapter: [4] Dissolution of Partnership Firm
Concept: 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 18,000
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

Additional information :

Particulars 01.04.2015 Amount (Rs ) 31.03.2016 Amount (Rs)
Furniture 40,000 75,000
Building 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.

Chapter: [5] Accounts of “Not for Profit” concerns
Concept: Additional Information - Prepaid Expenses of the Current and Previous Year
[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

Adjustments :
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.

Chapter: [2] Partnership Final Accounts
Concept: Preparation of Final Accounts

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