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

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:

Journalise the following transactions in the books of Mr. Arvind.

1. Bank informed that Sam’s acceptance for ₹ 30,000 sent to bank for collection has been honoured and bank charges debited ₹ 200.
2. Arun informed Arvind that Neena’s acceptance for ₹ 25,000 endorsed to Arun has been dishonoured. Noting charges paid by Arun amounted to ₹ 400.
3. Bank informed that Jay’s acceptance of ₹ 35,000 which was discounted with bank was dishonoured, bank paid noting charges ₹ 500.
4. Arvind sold goods to Sagar for ₹ 20,000 on credit and drew a bill for two months on Sagar for the same amount.
5. Neeta retired her acceptance to Arvind of ₹ 16,500 by paying cash ₹ 16,000.

Give one word/phrase/term which can substitute of the following statement:

Conversion of Bill of Exchange into its present value.

Give one word/phrase/term which can substitute the following statement:

Conversion of Bill of Exchange into its present value.

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When goodwill is withdrawn by old partners ________________ a/c is credited.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

State True or False with reason.

When goodwill is written off, goodwill amount is debited.

State 'True' or 'False'
On admission of a partner, the amount of goodwill brought in cash is credited to goodwill account.

When goodwill is withdrawn by the partner ________ account is credited.

Write a word/phrase/term which can substitute the following statement.

Method under which calculation of goodwill is done on the basis of extra profit earned above the normal profit.

Write a word/phrase/term which can substitute the following statement.

Reputation of business measured in terms of money.