HSC Commerce (English Medium) 12th Standard Board Exam - Maharashtra State Board Important Questions

Select the most appropriate answer the alternatives given below and rewrite the Sentence
Further capital introduced during the year is _______________ from closing capital in order to find-out the correct profit.

Answer in one sentence only.

What is dissolution of partnership firm?

Answer in one sentence only.

When is Realisation Account opened?

Answer in one sentence only.

Which accounts are not transferred to Realisation account?

Answer in one sentence only.

Who should bear the capital deficiency of an insolvent partner?

Answer in one sentence only.

Which account is debited on payment of dissolution expenses?

Write the word / term / phrase, which can substitute the following statement.
Debit balance of an insolvent Partner’s Capital Account.

Write the word / term / phrase, which can substitute the following statement.
Expenses incurred on dissolution of a partnership firm.

State whether the following statement is True or False.
At the time of dissolution loan from partner will be transferred to Realisation Account.

State whether the following statement is True or False with reason.

Dissolution takes place when the relation among the partners comes to an end.

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

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

(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

State whether the following statement is True or False.

At the time of disolution of a partnership firm all assets should be transfered to realiasation account.

Following is the balance sheet as on 31 st march 2016 of M/s . Jay and Ajay :

Balance sheet as on 31st MArch 2016

The firm was dissolved on 31st March , 2016 and the assets realised were as under :

(1) Jay look over the investment at ₹ 27600 and Ajay took over the furniture at ₹ 84000.

(2) The assets were realised as follows : 

Stock              73500 ;

Debtors          22500 ;

Machinery      84000 ;

Building         42000  

(3) The creditors were paid off at a discount of 900 and other liabilities were paid in full.

(4) Dissolution expenses were 4200

(5) Jay and Ajay were sharing profits and losses in the ratio of 3 : 2.

Prepare :

1) Realisation Account

2) Capital Account of all partners

3) Bank Account

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