HSC Arts (English Medium) 12th Standard Board Exam - Maharashtra State Board Question Bank Solutions

Journalise the following transactions in the books of Sudha:-

a) Endorsed Sonali’s acceptance at 2 months for ₹ 6,000 in favour of Urmila and paid cash ₹ 3,500 in full settlement of her account ₹ 10,000.

b) Discounted 2 months acceptance of Surya for ₹ 7,800 with bank at 10% p.a.

c) Bank informed that Anuradha’s acceptance of ₹ 4,800 which was discounted was dishonoured and bank paid Noting Charges ₹ 125.

d) Pooja honoured her acceptance of ₹ 16,400 which was deposited into bank for collection.

Journalise the following transactions in the books of Mrunal:

a) Bank informed that Aishwarya’s acceptance of ₹ 24,000 which was discounted had been dishonoured and bank paid Noting Charges ₹ 220. Bill was renewed at the request of Aishwarya for 2 months with interest of ₹ 480.

b) Received ₹ 4,630 from private estate of Ankur who was declared insolvent against bill accepted by him for ₹ 6,000.

c) Accepted a bill of ₹ 15,000 at 3 months drawn by Anushka for the amount due to her ₹  20,000 and balance paid by cheque.

d) Dishonoured our acceptance to Vivek ₹ 27,000 and Noting Charges paid by Vivek ₹ 700.

Akshay drew a bill on Deepak for ₹ 25,000 on 23^rd December, 2019, for 3 months. Deepak accepted the same and returned it to Akshay. On the due date the bill was duly honoured by Deepak.

Give journal entries in the books of Akshay and Deepak under each of the following cases:

1. If Akshay retained the bill till maturity.
2. If Akshay discounted the bill with the bank at 6% p.a. on the same day.
3. If Akshay sent the bill to bank for collection on 23^rd December, 2019.
4. If Akshay endorsed the bill to his creditor Viren.

Journalise the following transactions in the books of Apoorva.

1. Prashant’s acceptance for 60 days ₹ 12,750 deposited into bank for collection.
2. Apoorva sold goods to Kirti for ₹ 20,000 and received her acceptance for the same amount for 2 months. The bill was endorsed to Rekha.
3. Received 30% of the amount due from the private estate of Mukta who was declared insolvent. Mukta had dishonoured her acceptance of ₹ 23,850 and noting charges paid were ₹ 150.
4. Apoorva renews her acceptance of ₹ 36,000 to Anuradha by paying cheque of ₹ 6,000 and accepting a new bill for 2 months for balance along with interest @ 14.5% p. a.

Anshu purchased goods of ₹ 36,000 from Kavya on credit on 15th April, 2023. Kavya draws After Sight Bill for the amount due on Anshu for 3 months which was accepted by Anshu on 18th April, 2023. On 20th April, 2023 Kavya endorsed the bill to his creditor John in full settlement of his amount ₹ 37,800. On the due date the bill was dishonoured by Anshu.
Give Journal Entries in the books of Kavya, Anshu and John.

Noting charges are borne by ______.

Maya owed Pari ₹ 36,000. Maya accepted a bill drawn by Pari for the amount at 4 months. Pari endorsed the same bill to Jyoti. Before due date Maya approached Pari for renewal of bill. Pari agreed on condition that ₹ 12,000 be paid immediately together with interest on the remaining amount of 8% p.a. for 3 months and Maya should accept a new bill for the balance amount. These arrangements were carried through. However, before the due date, Maya became insolvent and only 50% of the amount could be recovered from her estate. Give Journal Entries in the books of Pari.

Malay drawn an after sight bill on 21st Nov, 2022 for ₹ 26,250 at 3 months on Malay. The bill is discounted by Malay at 8% p.a. with his bank. On maturity Malay finds himself unable to make payment of the bill and requests Malay to renew it. Malay accepts the request and draws a new bill at one month for ₹ 27,188 including interest which was duly accepted by Malay. Malay deposits the bill into bank for the collection. Malay honours the bill on the due date and bank deducted ₹ 313 as bank charges.
Pass necessary journal entries in the books of Malay.

Mitali accepted a bill for ₹ 36,000 drawn by Manoj at 3 months. Manoj discounted the bill for ₹ 34,800. Before the due date Mitali approached Manoj for renewal of the bill. Manoj agreed on the condition that Mitali should pay ₹ 12,000 immediately and for the balance she should accept a new bill for 4 months along with interest ₹ 1,100. The arrangements were carried through. But on the due date of new bill, Mitali became insolvent and 35 paise in a rupee could be recovered from her estate.

Give journal entries in the books of Mitali.

Find the odd one:

Answer in one sentence only.
What do you mean by accrued Income?

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

Income which is received before its due date.

Select the most appropriate alternative from those given below and rewrite the statement.

Income received in advance is shown on the __________________.

Select the most appropriate answer from the alternative given below and rewrite the sentence.

When goodwill is withdrawn by old partners ________________ a/c is credited.

State 'True' or 'False'
When goodwill is paid privately, no entry in the books of account is required.

State 'True' or 'False'
The goodwill brought in by a new partner is shared by the old partners.

State 'True' or 'False'
The goodwill brought in by the new partner is shared by all partners.

State 'True' or 'False'
The new partner must pay his share of goodwill in cash only.

State ‘True’ or ‘False’:

If the goodwill account raised up, goodwill account is debited.