HSC Commerce: Marketing and Salesmanship 11th Standard - Maharashtra State Board Question Bank Solutions for Book Keeping and Accountancy

State True or False with reasons :
Income due but not received is a liability.

State True or False with reasons:
Credit balance of Profit and Loss account shows net profit.

Fill in the blank :
Interest on Bank Loan is debited to _________  A/c

Fill in the blank :
Profit and Loss account is prepared to find out ___________ results of the business.

Fill in the blank :
All indirect / operating expenses are transferred to ________ account.

Fill in the blank :
Interest of proprietor's drawing is credited to _________ account.

Fill in the blank :
An excess of debit over credit in the Profit & Loss A/c represents the __________.

Find the odd one :

Find the odd one :

Find the odd one :

Do you agree or disagree with the following statement :
Reserve for bad debts is created by debiting Profit and Loss Account.

If the total charge of depreciation and maintenance cost are considered, the method that provides a uniform charge is ______.

From the following transactions prepare necessary Ledger Accounts in the Books of Vinay and balance the same.
2019 Jan.

1 Started business with Cash ₹ 10,000

6 Bought goods from Vikas ₹ 3,000

9 Sold goods to Bhushan ₹ 2,400

12 Paid to Vikas on account ₹ 1,600

19 Received on account from Bhushan ₹ 1,000

25 Cash Purchases ₹ 3,600

30 Cash Sales ₹ 5,000

31 Paid Wages ₹ 400

Journalise the following transactions and prepare Cash A/c only:

2019 July

1 Hardik started the business with Cash ₹ 15,000 and Machinery ₹ 20,000.

4 Purchased goods for ₹ 9,000 less 10% Cash Discount.

9 Sold goods to Amar ₹ 3,000.

12 Distributed goods worth ₹ 700 as free samples.

14 Bought Stationery for ₹ 550 for office use.

18 Received ₹ 950 from Dhanashree, a customer, whose account was earlier written off as a bad debt.

21 Abhiram invoiced us goods worth ₹ 3,000.

24 Settled Abhiram’s account, he allowed 5% cash discount.

27 Exchanged goods worth ₹ 2,500 against Furniture of the same amount.

29 Withdrawn cash from ATM ₹ 5,000 for office use and ₹ 3,000 for personal use.

Prepare Aparna’s account in the books of Suparna.
2019 Jan.

1 Balance due from Aparna ₹ 60,000

4 Sold goods to Aparna ₹ 15,000 at 10% Trade Discount.

7 Goods returned by Aparna ₹ 1,500 (Gross)

11 Received crossed cheque from Aparna ₹ 50,000

17 Invoiced goods to Aparna ₹ 12,000

25 Sold goods to Aparna in cash ₹ 6,000

30 Received cash from Aparna ₹ 33,000 in full settlement of her account.

Prepare Cash A/c, Bank A/c, Purchases A/c, Sales A/c, and Capital A/c and balance the same in the books of Madanlal.

2019 Aug.

1 Started business with a bank balance of ₹ 40,000.

2 Purchased goods from Aseem worth ₹ 15,000 less 10% Trade Discount.

3 Sold goods to Arun for ₹ 8,000 in cash.

4 Paid Rent ₹ 3,000 and Electricity bill ₹ 500.

5 Purchased 100 Shares of Perfect Technologies for ₹ 55 per share and paid Brokerage ₹ 250 by transfer through net banking.

6 Withdrawal of goods for personal use ₹ 500.

7 Sold goods for cash ₹ 5,000 less 10% Cash Discount.

8 Deposited cash into Bank ₹ 2,000.

9 Paid ₹ 3,000 for daughter’s tuition fees by Debit Card.

10 Purchased a Table for ₹ 2,000.

19 Received ₹ 1,500 by selling the scrap.

27 Paid cash into a bank in excess of ₹ 2,000

Journalise the following transactions; post them into Ledger for February 2019

1 Sunil Started business with a stock of goods ₹ 20,000 and Cash ₹ 1,70,000 out of which ₹ 50,000 borrowed from his friend Kedar @ 10 p.a.

5 Placed an order for goods worth ₹ 7,000 with Mohan for which an advance of ₹ 5,500 was paid.

9 Purchased Stationery for office use ₹ 4,500

12 Goods distributed as free samples ₹ 2,000

17 Paid Freight ₹ 400 on behalf of Mr. Dev.

24 Received Goods from Mohan as per our order dated 5th Feb and settled his account.

27 Bought goods from Shekhar on two months credit for ₹ 7,000 at 20% Trade Discount with instructions to send them to Sagar.

28 Sent to Sagar Outward Invoice for goods supplied by Shekhar, at list price less 10% Trade Discount.

Journalise the following transactions and Prepare ledger accounts in the books of Sanjeev:

2019 June

1 Cash Received from Raju ₹ 10,000 for commission.

3 Intra-state sale to Rakesh ₹ 3,000 and SGST @2.5% and CGST @2.5% applicable.

5 Received full amount from Rakesh.

8 Intra-state purchases from Mangesh ₹ 2,000 and SGST @2.5% and CGST @2.5% applicable.

11 Paid the necessary amount to Mangesh.

18 Paid Rent ₹ 2,500

24 Paid mobile bill ₹ 1,000 out of which ₹ 700 for office use and for ₹ 300 for personal use.

Correct the following sentences and rewrite the same:

Cash Book records cash trnasactions as well as credit transactions.