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

New Ratio (less) _________ = Gain ratio

What is New Ratio?

How is Gain Ratio calculated?

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, B and C are sharing profits and losses in the ratio of 1/2, 3/10, and 1/5 respectively. Find the new ratio of the remaining partners if A retires ______.

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.

Hema, Manisha and Limsy were in partnership firm sharing profits and losses in the ratio of 5:3:2. They decided to dissolve their partnership firm on 31^st March 2019 and their Balance sheet as on that date stood as:

The firm was dissolved on 31^st March, 2019 and assets were realised as under:

1. Machinery realised 60% of its book value.
2. Out of debtors, Mr. Jagdish, our customer for ₹ 20,000 was declared insolvent and nothing could be recovered from him. Other debtors are good and recovered and realised.
3. Hema took stock at an agreed value of ₹ 50,000.
4. Creditors and Bills payable were paid at 10% discount.
5. Limsy became insolvent and nothing was recovered from her estate.

Prepare:

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

Given below is the Balance sheet of Amar, Akbar and Anthony who were sharing profits and losses equally:

Amar retired on 1st April, 2020 from the firm on the following terms:

1. Furniture to be valued at ₹ 28,000, Machinery ₹ 76,000 and Motor car ₹ 47,600.
2. R.D.D. to be maintained at 5% on debtors.
3. Goodwill of the firm is to be valued at ₹ 30,000. However, only Amar’s share is to be raised in the books.
4. A part payment of ₹ 20,000 to be made to Amar and the balance to be transferred to his Loan Account.

Prepare:

1. Profit and Loss Adjustment A/c.
2. Partners’ Capital Account.
3. Balance Sheet of the New firm.

Lal, Bal and Pal were partners sharing profits and losses in the ratio of 2 : 2 : 1. The following is the Balance Sheet as on 31st March, 2020.

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

(1) Assets were realised as:

(2) Dissolution expenses were ₹ 3000.

(3) Goodwill of the firm realised ₹ 24000.

Prepare:

1. Realisation Account
2. Partner's Capital Account
3. Bank Account.

What is meant by ‘capital fund’ ?

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

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.

Additional information :

(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.