HSC Arts (English Medium) 12th Standard Board Exam - Maharashtra State Board Important Questions for Book Keeping and Accountancy

Manish and Co. Ltd. made an issue of 40000 equity shares of 20 each payable as follows :

Application                      ₹ 5 per share

Allotment                         ₹ 10 per share

First call                           ₹  3 per share

Second call and
final call                           ₹ 2 per share

The company received applications for 50000 share of which applications for 10000 shares were rejected and money refunded . All the shareholders paid upto second call except Sunita , the allotee of 400 shares , failed to pay the final call. the expenses of issuing amounted to ₹ 6000 .

Pass Journal entries in the books of Manish and Co . Ltd.

State whether the following statement is ‘True’ or ‘False’
On dissolution, cash or bank account is closed automatically.

Rahul, Rohit and Ramesh were partners in a firm sharing profits and losses in the ratio of 2:2:1 respectively. The Balance Sheet as on 31.03.2013 was as follows :
                               Balance Sheet as on 31st Mar, 2013

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

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.

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

Debit balance of Realisation account.

Kalpana and Bela were partners sharing profits and losses in the ratio of 3: 2. Their Balance Sheet as on 31st March, 2019 was as follows:

The firm was dissolved on the above date and the assets realised as under:

(1) Plant ₹ 16,000, Building ₹ 12,000, Stock ₹ 8,000 and Debtors ₹ 24,000.

(2) Kalpana agreed to pay off the Bill Payable.

(3) Creditors were paid in full.

(4) Dissolution expenses were ₹ 2,800.

Prepare: Realisation A/c, Partner's current A/c, Partner's Capital A/c and Bank A/c.

Asha, Usha and Nisha are partners in the firm sharing profits and losses in the ratio of 3 : 2 : 1 respectively. On 31st March, 2019 they decided to dissolve the firm when their Balance Sheet was as under:

The firm was dissolved on the above date and the assets realised as under:

1. Asha agreed to take over the Building at ₹ 1,23,600
2. Usha took over Goodwill Stock and Debtors at book value and agreed to pay Creditors and Bills payable.
3. Motor car and Machinery realised at ₹ 1,51,080 and ₹ 31,680 respectively.
4. Investment were taken by Nisha at an agreed value of ₹ 55,440.
5. Realisation Expenses amounted to ₹ 6,800.

Prepare:

1. Realisation Account
2. Partners' Capital Account
3. Bank Account

Mandar and Prasad are partners in a firm sharing profit & losses in the ratio of 3 : 2. The following is their balance sheet as on 31st March, 2019.

On 1^st April, 2019 Shubham is admitted for 1/2 share on the following terms:

1. He paid ₹ 1,00,000 as Capital ₹ 40,000 as his shares of goodwill by RTGS.
2. Plant & Machinery revalued at ₹ 48,000.
3. Building is taken over by Mandar at ₹ 100,000.
4. Reserve for Doubtful Debts (RDD) to be increased upto ₹ 4,000.
5. The old partners decided to retain half of the amount of goodwill in the business.
6. The old partners decided to sacrifice equally.

Prepare Partners' Capital Account Only and show your working clearly.

Riddhi and Siddhi are partners sharing profits and losses in the ratio of 2:1. The following is their balance sheet as on 31st March, 2019.

The firm was dissolved on 31st March 2019.

1. The assets realised were: Machinery ₹ 22,000, Building ₹ 28,000, Stock ₹ 38,000 and Debtors ₹ 15,000.
2. Riddhi took over the Investment at ₹ 10,000 and Furniture at book value.
3. Siddhi agreed to accept ₹ 3,000 in full settlement of her Loan Account.
4. Dissolution expenses amounted to ₹ 4,000.
5. Interest receivable could not be recovered.

Prepare Realisation Account, Partners' Capital Account, Siddhi's Loan Account and Bank Account.

A firm consisting of partners Mukund, Sachin and Yuvraj decided to dissolve the partnership They decided to take over certain assets and liabilities and continue the business separately. The Balance Sheet was as under.

It was agreed as under:

1. Mukund is to take Furniture at ₹ 1,600 and the Debtors amounting to ₹ 40,000 at ₹ 34,400 only. He accepted the Creditors on ₹ 12,000 at that figure.
2. Sachin is to take over all Stock at ₹ 14,000 and Sundry Assets worth ₹ 16,000 at ₹ 14,400 only.
3. Yuvraj is to take over the remaining Sundry Assets at ₹ 16,000 and assume the responsibility for the discharge of the loan together will accrued interest on a loan of ₹ 60. which has not been recorded in accounts.
4. The dissolution expenses were ₹ 540.
5. The remaining debtors realised only ₹ 4,200.
6. The necessary adjustments were made by partners to settle their accounts.

Prepare Realisation Account, Partners Capital Account, and Cash Account, after giving effect to the above adjustments.

Dino, Manu and Ramu are Partners Sharing Profits and Losses in the Ratio 2 : 2 : 1. They decided to dissolved the firm on 31st March, 2020. When their position was as under.

The firm was dissolved on above date and the following is the result of realisation.

1. The Assets were realised as Building ₹ 40,000, Computer ₹ 30,000, Debtors ₹ 10,000.
2. Realisation expenses amounted to ₹ 2,000.
3. All partners were insolvent The following amount was recovered from them Dino ₹ 2,000 and Manu ₹ 2,000.

Prepare Necessary ledger account to close the books of the firm.

Prepare a specimen of Bill of Exchange from the following information:-

1. Drawer - Shri Mahesh Patil, Plot No. 25, "Ganesh Nivas" Mahesh Nagar, Koregaon.
2. Drawee - Shri Vijay Jadhav, "Saket" M.G. Road, Pune 11.
3. Payee - Shri Sanjay Bornare, Vaijapur.
4. Period of Bill - 60 days
5. Date of Bill - 16th March, 2013
6. Amount of Bill - Rs. 15000
7. Date of Acceptance - 20th March, 2013

Prepare a specimen of Bill of Exchange from the following information:-

1. Drawer - Shri Mahesh Patil, Plot No. 25, "Ganesh Nivas" Mahesh Nagar, Koregaon.
2. Drawee - Shri Vijay Jadhav, "Saket" M.G. Road, Pune 11.
3. Payee - Shri Sanjay Bornare, Vaijapur.
4. Period of Bill - 60 days
5. Date of Bill - 16th March, 2013
6. Amount of Bill - Rs. 15000
7. Date of Acceptance - 20th March, 2013

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.

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.