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

Complete the following table:

Explain the importance of computerized accounting system.

From the following information, calculate Current Assets:

Debtors ₹ 60,000,  Creditors ₹ 30,000, Bills payable ₹ 20,000, Stock ₹ 30,000, Loose tools ₹ 10,000, Bank overdraft ₹ 10,000.

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

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.

Varsha and Harsha are partners sharing profits and losses in their capital ratio. You are required to prepare Trading Account, Profit and Loss Account for the year ending 31^st March, 2020 and Balance sheet as on that date:

Adjustments:

1. Stock on 31^st March, 2020 was valued at ₹ 74,000.
2. Depreciation on Plant and Machinery @ 5% p.a.
3. Partners are entitled to get Interest on Capital at 5% p.a.
4. Outstanding expenses: Salaries ₹ 700.
5. Provide further Bad debts of ₹ 1,680 on Sundry debtors.

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

The account in which selling expenses of the business are recorded.

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

Carriage Inward is carriage on purchases.

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

Profit and Loss Account is a Real Account.

New Ratio (less) ______ = Gain ratio.

New Ratio (less) ____ = Gain ratio

To find out the Net Profit or Net Loss of the business ______ account is prepared.

A ______ is an Intangible Asset.

New Ratio (less) ______ = Gain ratio

A ______ is an Intangible Asset.

Find odd one

Find odd one.

Find odd one

Find odd one.