HSC Arts 12th Board ExamMaharashtra State Board
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Question Paper Solutions - Book Keeping and Accountancy 2015 - 2016 HSC Arts 12th Board Exam


Marks: 80
[25]1
[5]1.1
[1]1.1.1

What is bad debts?

Chapter: [2] Partnership Final Accounts
Concept: Introduction of Final Accounts
[1]1.1.2

What is surplus?

Chapter: [5] Accounts of “Not for Profit” concerns
Concept: Not for Profit’ Concerns
[1]1.1.3

What are Noting Charges?

Chapter: [7] Bill of Exchange (Only Trade Bill)
Concept: Basic Term of Bills of Exchange - Noting Charges
[1]1.1.4

What is Gain Ratio?

Chapter: [9] Analysis of Financial Statements
Concept: Concept of Accounting Ratios
[1]1.1.5

What do you mean by Analysis of Financial Statement?

Chapter: [9] Analysis of Financial Statements
Concept: Concept of Financial Statement Analysis
[5]1.2
[1]1.2.1

Expenses which are paid before due.

Chapter: [2] Partnership Final Accounts
Concept: Introduction of Final Accounts
[1]1.2.2

Excess of expenditure over income of 'not for profit' concerns.

Chapter: [5] Accounts of “Not for Profit” concerns
Concept: Not for Profit’ Concerns
[1]1.2.3

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]1.2.4

An account opened to find out the profit or loss on sale of assets and settlement of liabilities.

Chapter: [4] Dissolution of Partnership Firm
Concept: Dissolution of Partnership Firm
[1]1.2.5

A statement similar to balance sheet.

Chapter: [6] Single Entry System
Concept: Preparation of Statements for Single Entry System
[5]1.3 | Select the most appropriate alternative from those given below and rewrite the statements
[1]1.3.1

If shares are issued at its face value, it is called as issue at

(a) premium.
(b) discount.
(c) par.
(d) none of these.

 

Chapter: [8] Company Accounts
Concept: Issue at Par and Premium and at Discount
[1]1.3.2

A person who accepts the bill is called __________

(a) drawer.
(b) acceptor.
(c) payee.
(d) creditor.

 

Chapter: [7] Bill of Exchange (Only Trade Bill)
Concept: Parties to the Bill of Exchange
[1]1.3.3

The capital in the beginning of the accounting year is ascertained by preparing ______________

(a)  closing statement of affairs.
(b) cash account.
(c) statement of profit or loss.
(d) opening statement of affairs.
Chapter: [6] Single Entry System
Concept: Preparation of Statements for Single Entry System
[1]1.3.4

If any asset is taken over by partner from firm his capital A/c will be ____________

(a) credited
(b) debited
(c) added
(d) none of these
Chapter: [5] Accounts of “Not for Profit” concerns
Concept: Preparation of Income and Expenditure Account and Closing Balance Sheet
[1]1.3.5

The proportion in which old partners make a sacrifice is called ___________ ratio.

(a) capital
(b) gaining
(c) sacrifice
(d) new
Chapter: [3] Reconstitution of Partnership
Concept: Admission of a Partner - Sacrifice Ratio and New Ratio
[1]1.4 | State whether the following statements are True or False. (5)
[1]1.4.1

The interest on capital is an income of the firm.

Chapter: [2] Partnership Final Accounts
Concept: Adjustments - Interest on Capital, Drawings and Loans

The interest on capital is an income of the firm.

Chapter: [6] Single Entry System
Concept: Adjustments - Interest on Capital, Drawings and Loans
[1]1.4.2

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
[1]1.4.3

The debenture holder is owner of the company.

Chapter: [8] Company Accounts
Concept: Meaning and Concept of Debentures
[1]1.4.4

Purchase of fixed asset is operating cash flow.

Chapter: [9] Analysis of Financial Statements
Concept: Cash Flow Analysis
[1]1.4.5

Noting charges are payable to the Notary public, in case of honour of a bill.

Chapter: [7] Bill of Exchange (Only Trade Bill)
Concept: Basic Term of Bills of Exchange - Noting Charges
[5]1.5
Prepare a specimen of Bill of Exchange from the following information
 
(1) Drawee : M.P. Shinde, Siddharth Nagar, Panchgani.
(2) Drawer: M.M. Shaikh, Satara Road, Sangli.
(3) Period of bill : 90 days.
(4) Amount of bill : Rs. 12,800/-
(5) Date of bill : 10th March, 2013.
(6) Date of Acceptance: 14th March, 2013.
Chapter: [7] Bill of Exchange (Only Trade Bill)
Concept: Bill of Exchange Examples and Solutions
[8]2 | Attempt Any one
[8]2.1

Mrs. Meena of Bilaspur has not kept proper books of accounts, following information is provided to you.

Particulars 31.3.2012 31.3.2013
  Amount (Rs. ) Amount (Rs.)
Machinery 50000 50000
Furniture 50000 30000
Debtors 18000 25000
Creditors 18000 20000
Stock 30000 42000
Outstanding Expenses 1500 -
Prepaid Expenses - 500
Cash at Bank 28000 40000
Further information:

 

(1) Mrs. Meena introduced additional capital as on 1st October, 2012 by selling her personal car is Rs. 10,000.

(2) She paid her daughter's college fees from business bank account Rs. 3,000.

(3) Depreciate machinery by 5% p.a.

(4) Provide 2% on debtors for Bad and Doubtful debts.

(5) Interest on capital is to be provided @ 5% p.a. and on drawings @ 5% p.a.

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

Chapter: [5] Accounts of “Not for Profit” concerns
Concept: Preparation of Income and Expenditure Account and Closing Balance Sheet
[8]2.2
[4]2.2.1

What are the components of 'Current Ratio'?

Chapter: [9] Analysis of Financial Statements
Concept: Introductions to Current Ratio
[4]2.2.2

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
[10]3.1

Rani and Geeta are partners sharing profits and losses 3:2 respectively. Their position on 31st March, 2013 was as follows

Balance sheet as on 31st March, 2013.

Liabilities
Amount (Rs.)
Assets
Amount (Rs.)
Amount (Rs.)
Capital Accounts
 
Building
 
100000
Rani
100000
Furniture
 
10000
Geeta
75000
Stock
 
31000
Creditors
10000
Debtors
50000
 
Bills Payable
5000
Less: R.D.D.
-1000
49000
General Reserve
15000
Bank Balance
 
15000
 
205000
   
205000
On 1st April, 2013 hey admitted suvarna on the following terms:

(1) Suvarna should bring in cash Rs. 1,00,000 as capital for 1/5 th share in future profit and Rs. 25,000 as goodwill.

(2) Building should be revalued at Rs. 1,25,000.

(3) Depreciate furniture @ 12.5 % and stock @ 10% p.a.

(4) R.D.D. should be maintained as it is.

(5) The Capital Accounts of partners should be adjusted in their new profit sharing ratio through bank account.

Prepare: Profit and loss adjustment account, capital account and balance sheet of the new firm.
Chapter: [3] Reconstitution of Partnership
Concept: Reconstitution of Partnership Examples and Solutions
[10]3.2
The balance sheet of 'Anand Traders, Wardha' is as follows. Partners share profits and losses as 5/10 , 2/10, 3/10.
Balance Sheet as on 31st March, 2013.
Liabilities
Amount
(Rs.)
Assets
 
Amount
(Rs.)
Capital Accounts
 
Plant and machinery
 
32,000
Sunil
36,000
Factory Building
 
40,000
Pankaj
32,000
Stock
 
20,400
Paresh
17,600
Debtors
   16,800
 
Creditors
21,200
Less: R.D.D.
  • 800
16,00
General Reserve
14,000
Cash
 
12,400
 
1,20,800
   
1,20,800
Pankaj retired from the business on 1st April, 2013 on the following terms:
(1) The assets were revalued as under .....
(i) Stock at Rs. 28,000.
(ii) Factory building is appreciated by 10%.
(iii) Reserve for doubtful debts is to be increased up to Rs. 1,000.
(iv) Plant and machinery is to be depreciated by 10%

(2) The goodwill of the retiring partner is to be valued at Rs. 8,000 and the remaining partners decided that goodwill be written back in their new profit sharing ratio which will be 5:3.

(3) Amount due to Pankaj is to be transferred to his loan account.

Prepare : (a) Profit and Loss adjustment account

(b) Capital account of partners.

(c) Balance sheet of new firm.

Chapter: [3] Reconstitution of Partnership
Concept: Reconstitution of Partnership Examples and Solutions
[10]4
Raja of Nagpur draws a bill on Pradhan of Bhandara for Rs. 6,000 at 3 months. Pradhan accepted and returned it to Raja. Raja then sent the bill to bank for collection.

On due date, Pradhan finds himself unable to make payment of the bill and requests Raja to renew it. Raja accepted a proposal on the condition that, Pradhan should pay Rs. 1,000 on account along with interest Rs. 250 in cash and should accept new bill for the balance at 2 months. These arrangements were carried through. Afterwards, one month before due date of new bill Pradhan retired his acceptance by paying Rs. 4,850.

Give Journal entries in the books of Raja of Nagpur.

Chapter: [7] Bill of Exchange (Only Trade Bill)
Concept: Bill of Exchange Examples and Solutions
[10]5 | Attempt any one
[10]5.1
A, B, and C were partners sharing profits and losses in the proportion of 2:2:1. Following is their balance sheet as on 31st March, 2013.

Balance sheet as on 31st March, 2013

 

Liabilities
Amount
(Rs. )
Assets
Amount
(Rs.)
Amount
(Rs.)
Capital Account
 
Machinery
 
25000
A
30000
Stock
 
10000
B
10000
Debtors
      27500
 
C
10000
Less: R.D.D.
  • 1500
26000
General Reserve
3000
Investment
 
12000
Creditors
20000
Profit and Loss A/c
 
9000
A’s Loan Account
4000
Bank
 
2000
Bills Payable
7000
     
 
84000
   
84000

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

(1)  Assets were realised as -

Machinery Rs. 22,500, Stock Rs. 9,000, Investment Rs. 10,500, Debtors Rs. 22,500

(2) Dissolution expenses were Rs. 1,500.

(3) Goodwill of the firm realised Rs. 12,000

Pass the necessary journal entries int he books of the firm.

Chapter: [4] Dissolution of Partnership Firm
Concept: Dissolution of Partnership Firm
[10]5.2
Kisan Co. Ltd. Miraj, issued Rs. 50,000 shares at par Rs. 10 each, payable Rs. 3 on application, Rs. 4 on allotment and the balance on the final call. All the shares were fully subscribed and paid except a shareholder Mr. D. Kapse having Rs. 1,000 shares could not pay the final call. Mr. D. K. Kapse paid the call - in - arrears amount together with interest after four months of due date of final call. Company charged interest on the arrears received as per table ‘A’.

Pass journal entries to record these transactions assuming that call - in - arrears and interest money received from Mr. D. Kapse in the books of Kisan Co Ltd. Miraj.

 

Chapter: [8] Company Accounts
Concept: Calls in Advance and Arrears
[12]6

Marathi Vishwa Kosha Centre, Wai, has given you the following information from which, you are required to prepare. (i) Income and Expenditure Account for the year ending on 31.03.2013, (ii) Balance Sheet as on 31.03.2013.

                 Receipts and Payment Account for the year ending 31.03.2013 
Receipts
Amount
(Rs.)
Payments
Amount
(Rs.)
To Balance b/d
 
By Stationery
5000
Cash in hand
13000
By Furniture
[Purchased on 01.01.2013]
50000
To Locker Rent
5000
By Investments
1,00,000
To Entrance Fees
19000
By Expenses of Drama
33500
To Sale of old newspapers
1500
By Postage and telegram
2,500
To Receipts from Drama
78,500
By Magazines and Newspapers
4000
To Legacies
1,10,000
By Salaries
22,000
To Miscellaneous Receipts
8000
By Balance c/d
 
   
Cash in Hand
3000
   
Cash at bank
1,10,000
 
330000
 
330000
Additional Information:
(1) Capital fund on 01.04.2012, was Rs. 1,08,000.
(2) Legacies are to be capitalized.
(3) Outstanding salary Rs. 3,000.
(4) 50% of entrance fees is to be capitalized.
(5) Depreciation on Furniture @ 10% p.a.
Chapter: [5] Accounts of “Not for Profit” concerns
Concept: Preparation of Income and Expenditure Account and Closing Balance Sheet
[15]7
From the following Trial Balance and adjustments of M/s Apeksha and Pratiksha; 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:

Trial Balance as on 31.03.2013

Particulars
Debit
Amount (Rs.)
Credit
Amount (Rs.)
Capital Accounts
   
Apeksha
 
60000
Pratiksha
 
35000
Purchases and Sales
46700
85000
Sundry Debtors and Creditors
28000
25000
Bills Receivable and Bills Payable.
9600
7800
Opening Stock
18000
 
Wages
9900
 
Investment
13500
 
Postage and Telegrams
3600
 
Insurance
1200
 
Plant and machinery
40700
 
Furniture
18000
 
Cash in hand
2500
 
Carriage
3200
 
Bad debts
400
 
Prepaid rent
7000
 
Salaries
10500
 
 
212800
212800
Adjustments:
(1) The closing stock is valued at Rs. 31,000
(2) Outstanding wages Rs. 1,400.
(3) Depreciate furniture at 10% p.a.
(4) Insurance Rs. 500 is paid in advance.
(5) Provide for further bad debts of Rs. 1,500.
(6) Goods worth Rs. 2,000 withdrawn by Apeksha for her domestic use but not recorded in the books of account.
Chapter: [2] Partnership Final Accounts
Concept: Preparation of Final Accounts
S