HSC Commerce: Marketing and Salesmanship 12th Standard Board Exam - Maharashtra State Board Important Questions

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.

Answer in one sentence only.
What is an Entrance Fee?

Donation for Scholarship Fund is ______.

The closing balance of Receipts and Payments account usually represent _______.

Write the word/phrase/term, which can substitute the following sentence.

The receipts which are not recurring in nature.

Credit side of Receipts and Payments Account shows cash ______.

From the following Receipts and Payments Account of “Matsyodari Engineering College, Aurangabad” for the year ending on 31^st March, 2020 and additional informations, prepare Income and Expenditure Account for the year ending 31^st March, 2020 and Balance Sheet as on that date:

Additional information:

Adjustment:

1. 50% Donations are for Building fund and the balance is to be treated a Revenue Income.
2. Outstanding subscription ₹5,300.
3. Life Membership fees are to be capitalised.

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

The debit balance of insolvent partner’s Capital Account is known as a capital deficiency.

Mr. Aaba and Mr. Baba are equal partners whose Balance Sheet as on 31 st March, 2012 was as under:

                                                               Balance Sheet as on

                                                                  31st March, 2012

Due to weak financial position of the partners the firm is dissolved.

Aaba and Baba are not able to contribute anything from their private estate, hence they are declared insolvent.

The assets are realised as follows :-

Stock Rs. 3,000, Plant and Machinery Rs. 3,000, Furniture Rs. 1,000, Land and Building Rs. 2,000 and Debtors Rs. 1,000 only.

Realisation expenses amounted to Rs. 500.

You are required to prepare necessary Ledger Accounts to close the books of the firm.

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

On the above date, the partners decide 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.