HSC Commerce (Marketing and Salesmanship) 12th Board ExamMaharashtra State Board
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Book Keeping and Accountancy Set 1 2018-2019 HSC Commerce (Marketing and Salesmanship) 12th Board Exam Question Paper Solution

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Book Keeping and Accountancy [Set 1]
Marks: 80Date: 2019-03-06
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 Balance Sheet?

Concept: Introduction of Final Accounts
Chapter: [2] Partnership Final Accounts
[1]1.A.2

Answer in one sentence only. 

What is gain ratio or benefit ratio ?

Concept: Dissolution of Partnership Firm
Chapter: [4] Dissolution of Partnership Firm
[1]1.A.3

Answer in one sentence only. 
What is authorised capital ?

Concept: Nature and Types of Share and Share Capital
Chapter: [8] Company Accounts
[1]1.A.4

Answer in one sentence only. 

Who is a Drawer?

Concept: Accounting Treatment of Bill by the Drawer Or Holder and Drawee
Chapter: [7] 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: [6] Single Entry System
[5]1.B | Write a word / term / phrase as a substitute for each of the following statements
[1]1.B.1

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

An association of two or more persons to carry on business.

Concept: The Indian Partnership Act 1932
Chapter: [1] Introduction to Partnership
[1]1.B.2

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

Concept: Accounting Treatment of Bill - Retirement of Bill
Chapter: [7] Bill of Exchange (Only Trade Bill)
[1]1.B.3

Write a word / term / phrase as a substitute of the following statement.
The acknowledgement of debt under common seal of company.

Concept: Meaning and Concept of Debentures
Chapter: [8] Company Accounts
[1]1.B.4

Write a word / term / phrase as a substitute of the following statement.
A bill which is drawn in India and payable in other country.

Concept: Necessity of Bill of Exchange (Only Trade Bill)
Chapter: [7] Bill of Exchange (Only Trade Bill)
[1]1.B.5

Give one word/term/ phrase for the following statement
Critical evaluation of financial statement to measure profitability.

Concept: Concept of Financial Statement Analysis
Chapter: [9] Analysis of Financial Statements
[5]1.C | Select the most appropriate alternative from those given below and rewrite the statements.
[1]1.C.1

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

The interest on drawings is transferred to _________________ side of the profit and loss account.

debit

credit

asset

liability

Concept: Adjustments - Interest on Capital, Drawings and Loans
Chapter: [2] Partnership Final Accounts [6] Single Entry System
[1]1.C.2

Select the most appropriate alternative from those given below and rewrite the statement.
If any asset is taken over by a partner from the firm, __________ account will be debited.

capital

revaluation

assets

profit and loss adjustment

Concept: Adjustments - Goods Withdrawn by Partners
Chapter: [2] Partnership Final Accounts
[1]1.C.3

Select the most appropriate alternative from those given below and rewrite the statement.
If goodwill is raised to the extent of retiring partner’s share, ________ account is to be debited.

Cash

Goodwill

all partner's capital

retiring partner's capital

Concept: Retirement Or Death of a Partner - Amount Due to Retiring Parter
Chapter: [3] Reconstitution of Partnership
[1]1.C.4

Select the most appropriate alternative from those given below and rewrite the statement.
____________
extra days are allowed over and above the period of the bill.

Two

Three

Five

Ten

Concept: Important Terms of Bills of Exchange - Days of Grace
Chapter: [7] Bill of Exchange (Only Trade Bill)
[1]1.C.5

Select the most appropriate alternative from those given below and rewrite the statement.
In the statement of Profit or Loss, interest on capital is ___________

shown as addition

shown as subtraction.

ignored

multiplied

Concept: Adjustments - Interest on Capital, Drawings and Loans
Chapter: [2] Partnership Final Accounts [6] Single Entry System
[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.
‘Not for Profit’ concerns concentrate their efforts on maximizing their profit.

True

False

Concept: Features of "Not for Profit" Concerns.
Chapter: [5] Accounts of “Not for Profit” concerns
[1]1.D.2

State whether the following statement is True or False.

On dissolution Cash or Bank Account is closed automatically.

True

False

Concept: Dissolution of Partnership Firm
Chapter: [4] Dissolution of Partnership Firm
[1]1.D.3
State whether the following statement is True or False.
A bill can’t be deposited into a bank for collection.

True

False

Concept: Accounting Treatment of Bill - Sending the Bill to the Bank for Collection, Honour Or Dishonour and Insolvency
Chapter: [7] Bill of Exchange (Only Trade Bill)
[1]1.D.4

State whether the following statement is True or False.
A person to whom or as per his order, amount of bill is payable is a Payee.

True

False

Concept: Accounting Treatment of Bill by the Drawer Or Holder and Drawee
Chapter: [7] Bill of Exchange (Only Trade Bill)
[1]1.D.5

State whether following statement is true or false :
Analysis of financial statement is a tool but not a remedy.

True

False

Concept: Concept of Financial Statement Analysis
Chapter: [9] Analysis of Financial Statements
[5]1.E

Prepare a format of Bill of Exchange from the following information:
Shri Manohar Ramchandra Patil, 208, Mahatma Gandhi, Mumbai, 400018 draws a four months bill for Rs. 12,995 on shri Ravindra K. Sankpal, Main Road, Sawantwadi, Dist. Sindhudurg payable to Sonali S. Pandit, Ratnagiri on 10th January, 2017.
Shree Ravindra K. Sankpal accepted it on 13th January, 2017 for Rs. 12,900 only.

Concept: Draft Or Format of Bills
Chapter: [7] Bill of Exchange (Only Trade Bill)
[8]2

Shri Pramod keeps his books by single entry method. Following are the details of his business:

Particulars 01.04.2015
Amount (Rs.)
31.03.2016
Amount (Rs.)
Cash in hand 40,000 64,000
Cash at bank 80,000 1,44,000
Stock in trade 64,000 96,000
Furniture 72,000 72,000
Plant and machinery 2,40,000 3,60,000
Creditors 60,000 72,000
Debtors 96,000 1,20,000

During the year, Shri Pramod has withdrawn Rs. 40,000 for his private purpose and taken goods of Rs. 8,000 for household use.
On 1st October, 2015, he sold his household furniture for 8,000 and deposited the same amount in the business bank account.
Provide depreciation on plant and machinery @ 10% p.a. (assuming additions were made on 1st October, 2015) and furniture @ 5% p.a.
Prepare :
Opening and Closing Statement of Affairs and Statement of Profit or Loss for the year ended 31st March, 2016.

Concept: Single Entry System Examples and Solutions
Chapter: [6] Single Entry System
OR
[4]2.A
What are the investing activities of cash flow?
Concept: Cash Flow Analysis
Chapter: [9] Analysis of Financial Statements
[4]2.B

State any one limitation of Analysis of Financial Statement.

Concept: Concept of Financial Statement Analysis
Chapter: [9] Analysis of Financial Statements
[10]3 | Atempt any one of the following
[10]3.A

Following is the Balance sheet of Harsha and Versha's firm on 31st March, 2016. They share profit and losses in the ratio of 3 : 2.
                              Balance sheet as on 31st March, 2016

Liabilities      Amount   (Rs.) Assets Amount (Rs.)
Capital A/c:   Land & building 2,00,000
Harsha 2,80,000 Furniture 76,000
Varsha 2,80,000 Sundry debtors 3,00,000
Sundry creditors 4,00,000 Stock 1,60,000
    Cash at bank 2,24,000
  9,60,000   9,60,000

They decided to admit Asha on 1st April, 2016, into partnership on the following terms:
1) Asha should bring Rs. 80,000 as her share of goodwill, which is to be retained in the business.
2) She should bring Rs. 1,00,000 as her capital for 1/4th share in future profits.
3) land and building to be valued at Rs. 2,40,000 and furniture be reduced by 10%.
4) A provision of 5% on debetors to be made for doubtful debts.
5) The stock is to be taken at a value of Rs. 2,00,000.
6) The excess of capital of Harsha and Varsha over their due proportion of sharing profits in the firm is to be transferred to their respective loan accounts.
Prepare
Profit and Loss Adjustment Account, Partner's Capital Account and new Balance Sheet of the firm.

Concept: Partnership Final Accounts - Examples and Solutions
Chapter: [2] Partnership Final Accounts
OR
[10]3.B

Following is the Balance Sheet of Dhirshree, Sonam and Simaran who were sharing profit and losses in the proportion of their capitals:
                        Balance Sheet as on 31st March, 2016

Liabilities Amount (Rs.) Assets Amount (Rs.)
Capital accounts:   Plant and Machinery 60,000
Dhirshree 1,50,000 Land and building 1,65,000
Sonam 60,000 Stock 36,000
Simaran 90,000 Debtors               36,000  
Sundry Creditors 45,000 Less : R.D.D.         3,000 33,000
    Bank balance 51,000
       
  3,45,000   3,45,000

Simran retired from the business on 31st March, 2016 and the following adjustments were agreed to :
1) The stock is to be valued at 92% of its book value.
2) R.D.D. is to be maintained at 10% on sundry Debtors.
3) The value of land and building be appreciated by 20%.
4) The goodwill of the firm be fixed at Rs. 36,000 and simran's share in the same adjusted in the accounts of containuing partners in the gain ratio.
5) The entire capital of the new firm be fixed at Rs. 4,80,000 between Dhirshree and Sonam in the proportion to their new profit sharing ratio which is fixed as 3 : 1 by making adjustment for difference in cash.
Prepare : 
1) Profit and Loss Adjustment Account.
2) Partner's Capital Accounts.
3) Balance Sheet after retirement of Simran.

Concept: Reconstitution of Partnership Examples and Solutions
Chapter: [3] Reconstitution of Partnership
[10]4
Pooja owes Sunil Rs. 50,000. Sunil draws a bill for Rs. 42,000 on Pooja for 3 months' period and received the cheque for the balance. The bill is duly accepted and returned to Sunil. On the Same date, Sunil endorsed Pooja's acceptance to Prema. 
On the due date, Prema informed Sunil that Pooja dishonoured her acceptance and paid Rs. 350 as noting charges. Sunil then drew new bill for one month on Pooja including noting charges and interest Rs. 1,200. On the due date Pooja honoured the bill by cheque.
Prepare: Pass Journal Entries in the books of Sunil and prepare Sunil's account in the books of Pooja.
Concept: Accounting Treatment - Endorsement of the Bill, Honour/ Dishonour and Also Insolvency of Acceptor
Chapter: [7] Bill of Exchange (Only Trade Bill)
[10]5
[10]5.A

Ram, Laxman and Bharat were partners sharing profit and losses in the ratio of 2 : 2 : 1. Following is the Balance Sheet as on 31st March, 2016 :
                                  Balance Sheet as on 31st March, 2016

Liabilities Amount
(Rs.)
Assets Amount
(Rs.)
Capital A/c :   Machinery 2,00,000
Ram  2,40,000 Stock 80,000
Laxman 80,000 Debtors          2,20,000  
Bharat 80,000 Less : R.D.D.    (12,000) 2,08,000
       
General Reserve 24,000 Investment 96,000
Creditors 1,92,000 Profit and Loss A/c 72,000
Bills Payable 56,000 Bank balance 16,000
       
  6,72,000   6,72,000

On the above date the partners decided to dissolve the firm:
(1) Assets were realised as under -

    Machinery Rs. 1,80,000
Stock Rs. 72,000
Investments Rs. 84,000
Debtors Rs. 1,80,000

(2) Dissolution expenses were Rs. 12,000.
(3) Goodwill of the firm realised 96,000
Prepare :
(1) Realisation Account
(2) Partner's Capital Account
(3) Bank Account

Concept: Dissolution of Partnership Firm
Chapter: [4] Dissolution of Partnership Firm
OR
[10]5.B

Bandekar Industries Co. Ltd. Issued 60,000 equity shares of Rs. 100 each, payable as follows :
On application                        - Rs. 20
On allotment                           - Rs. 30
On First Call                             - Rs. 25
On Second call and Final Call - Rs. 25
The company received applications for 48,000 equity shares. All the applications were accepted and shares alloted. The company made both the calls.
One shareholder Mr. Ramesh holding 1,600 shares failed to pay the final call. His shares were forfeited.
Pass Journal entries in the books of Bandekar Industries Co. Ltd.

Concept: Share Capital - Issue and Allotment of Equity Shares
Chapter: [8] Company Accounts
[12]6

Given below is the balance sheet as on 1st April, 2015 and Receipts and Payments Account for the year ending 31st March, 2016 of Decent sports Club, Kudal.
From the given information prepare Income and Expenditure Account for the year ended 31st March, 2016 and the Balance Sheet as on that date :
                            Balance Sheet as on 1st April, 2015
Dr                                                                                                          Cr

Liabilities Amount (Rs.) Assets Amount (Rs.)
Capital Fund 9,25,000 Play-ground 8,00,000
Building fund 5,00,000 Furniture 36,000
Subscription received in advance for the year   Stock of sports material 44,000
2015 - 2016 9,000 Building fund investment 5,00,000
    Cash at bank 20,000
    Outstanding subscriptions 34,000
       
  14,34,000   14,34,000

Receipts and Payments Account
for the year ending 31st March, 2016
Dr                                                                                                          Cr

Receipts Amount (Rs.) Payments Amount (Rs.)
To Balance c/d   By Sports material purchased 52,000
Cash in bank 20,000 By salaries and wages 87,000
To Subscription 201,800 By office expenses 126,000
To Donations 56,000 By Telephone charges 12,400
To Admission fees 13,000 By Balance c/d  
To Sundry Receipts 2,700 Cash at bank 34,100
To Interest on Investment in building fund 18,000    
  3,11,500   3,11,500

Adjustment :
(1) Stock of sports material in hand on 31st March, 2016 was Rs. 48,000.
(2) Admissin fees and donations are to be capitalised.
(3) Subscription received during the year included Rs. 34,000 for previous year and Rs. 10,000 for the next year. Current year's subscription Rs. 29,000 is to be received.

Concept: Accounts of “Not for Profit” Concerns Examples and Solutions
Chapter: [5] Accounts of “Not for Profit” concerns
[15]7

Ashok and Sangmesh are in partnership sharing profit and losses in the ratio of 2 : 1. From the following trial balance and adjustments given below, you are required to prepare Trading and Profit and Loss Account for the year ended on  31st March, 2016 and Balance sheet as on that date :
                      Trial Balance as on 31st March, 2016

Particulars Debit Amount
(Rs.)
Credit Amount (Rs.)
Prepaid insurance 3,200  
Insurance 8,000  
R.D.D.   4,000
Discount 3,200  
Postage and telephone 12,800  
Debtors and creditors 2,64,000 2,72,000
Salaries 2,24,000  
Wages 96,000  
Opening stock 1,92,200  
Carriage 4,000  
Purchased and sales 7,72,800 12,06,400
Return inward/Outward 22,400 36,800
Bank Overdraft   4,83,200
Plant and Machinery 96,000  
Land and Building 7,04,000  
Partner's Capital accounts :    
Ashok   2,08,000
Sangmesh   1,92,000
  24,02,400 24,02,400

Adjustment : 
(1) Write off Rs. 8,000 for bad debts and provide R.D.D. @ 5% on debtors.
(2) Goods worth Rs. 16,000 were distuributed as free samples.
(3) Closing stock on 31st March, 2016 was valued at the cost of Rs. 2,24,000 while its market price was Rs. 2,40,000.
(4) Salaries were outstanding Rs. 8,000.
(5) Depreciation : Land and Building @ 5% p.a. and Plant and Machinery @ 10 % p.a.

Concept: Partnership Final Accounts - Examples and Solutions
Chapter: [2] Partnership Final Accounts

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