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

The insurance premium is paid for the year ending 1^st September 2019 amounted to ₹ 1,500. Calculate prepaid insurance assuming that the year ending is 31^st March 2019.

Find out Gross profit/Gross loss Purchases ₹ 30,000, Sales ₹ 15,000, Carriage Inward ₹ 2,400, Opening Stock ₹ 10,000, Purchase Returns ₹ 1,000, Closing Stock ₹ 36,000.

Borrowed loan from Bank of Maharashtra ₹ 2,00,000 on 1st October 2019 at a rate of 15% p.a. Calculate Interest on Bank Loan for the year 2019-20 assuming that the financial year ends on 31st March, every year.

Kavya and Bhavya are partners, sharing profits and losses in the ratio 3 : 2. From the following Trial Balance and adjustments, prepare: Trading and Profit and loss Account for the year ending and Balance Sheet as on that date.

Adjustments :

1. Closing Stock ₹ 1,80,000.
2. Outstanding wages ₹ 1,500 and Salaries ₹ 1,000
3. Depreciate Vehicles @ 5% p.a.
4. Write off Bad debts of ₹ 2,500 and provide for R.D.D at 5% Sundry Debtors.
5. Bhavya withdrew Goods of ₹ 3,000 for her personal use.

Returns outward are deducted from ______.

Ram and Shyam were in partnership sharing profits and Losses in the proportion of 3 : 1 respectively. Their Balance sheet as on 31st March, 2020 stood as follows:

They admit Bharat into partnership on 1^st April 2020. The term is that

1. He shall have to bring in cash ₹ 40,000 as his Capital for 1/5^th share in future profit and ₹ 20,000 as his share of Goodwill.
2. A provision for 5% doubtful debts to be created on sundry debtors.
3. Stock should be appreciated by 5% and Land and Building be appreciated by 20%.
4. Furniture to be depreciated by 20%.
5. Capital Accounts of all partners be adjusted in their new profit-sharing ratio through Cash Account.

Prepare:

1. Profit and Loss Adjustment Account
2. Partners' Capital Account
3. Balance Sheet of the new firm.

Ram and Shyam were in partnership sharing profits and Losses in the proportion of 3 : 1 respectively. Their Balance sheet as on 31st March, 2020 stood as follows:

They admit Bharat into partnership on 1^st April 2020. The term is that

1. He shall have to bring in cash ₹ 40,000 as his Capital for 1/5^th share in future profit and ₹ 20,000 as his share of Goodwill.
2. A provision for 5% doubtful debts to be created on sundry debtors.
3. Stock should be appreciated by 5% and Land and Building be appreciated by 20%.
4. Furniture to be depreciated by 20%.
5. Capital Accounts of all partners be adjusted in their new profit-sharing ratio through Cash Account.

Prepare:

1. Profit and Loss Adjustment Account
2. Partners' Capital Account
3. Balance Sheet of the new firm.

Asha and Nisha are partners sharing profits and losses in equal ratio. From the following Trial Balance and adjustments you are required to prepare Final Accounts:

Adjustments:

1. Closing stock is valued at cost ₹ 88,000 and market price ₹ 90,000.
2. Asha and Nisha withdrew goods from business ₹ 3,000 and ₹ 2,000 respectively for their personal use.
3. Depreciate Motor Van by 5% and Plant and Machinery by 7%.
4. Reserve for Doubtful debts on Debtors at 5% is to be created.
5. Outstanding Wages ₹ 800.

Kranti & Sumangala are Partners sharing Profits and Losses in their Capital ratio. From the Trial Balance given below and Adjustments, you are required to prepare Trading and Profit and Loss Account for the year ended 31st March, 2019 and Balance Sheet as of that date.

Adjustments:

1. Closing Stock is valued at Cost Price ₹ 28,000 and Market Price ₹ 32,000.
2. Insurance is paid up to 30th June 2019. 
3. Outstanding Expenses - Wages ₹ 800, Salaries ₹ 700.
4. Book value of Plant and Machinery is reduced to ₹ 13,000.
5. Depreciate Furniture by 5% p.a.
6. Provide further Bad debts of ₹ 800.
7. Goods of ₹ 3,000 distributed as a free sample.

Sun and Moon are partners sharing profits and losses equally. From the following trial balance and additional information prepare trading and Profit and Loss Account for the year ended 31st march 2020 and balance sheet as on that date.

Adjustment and Additional Information:

1. Closing Stock ₹ 40,000.
2. Depreciate Building and Machinery @ 5% and 3% respectively.
3. Bills Receivable included dishonoured bill of ₹ 3000.
4. Goods worth ₹ 1000 taken by sun for personal use was not entered in the books of accounts.
5. Write off ₹ 1800 as Bad debts and maintain R.D.D. at 5% on Sundry Debtors.
6. Goods of ₹ 6000 were sold but no entry was made in the books of accounts.

Following is the Balance Sheet of Mukesh and Anil sharing profit and losses in the ratio of 3:2 as on 31st March, 2019.

On 1st April, 2019 Neeta is admitted on the following terms:

1. She will pay ₹ 1,00,000 of her capital and ₹ 40,000 as her share of Goodwill.
2. The new profit sharing ratio is to be 5 : 3 : 2.
3. The assets are to be revalued as under: Building ₹ 1,00,000, Plant & Machinery ₹ 48,000.
4. RDD to be increased up to ₹ 4,000.
5. The old partners decided to retain half of the amount of goodwill in the business.
6. Sundry creditors should be revalued at ₹ 66,000.

Give Revaluation Account, Capitals Accounts and Balance Sheet of New firm.

Following is the Balance Sheet of Mukesh and Anil sharing profit and losses in the ratio of 3:2 as on 31st March, 2019.

On 1st April, 2019 Neeta is admitted on the following terms:

1. She will pay ₹ 1,00,000 of her capital and ₹ 40,000 as her share of Goodwill.
2. The new profit sharing ratio is to be 5 : 3 : 2.
3. The assets are to be revalued as under: Building ₹ 1,00,000, Plant & Machinery ₹ 48,000.
4. RDD to be increased up to ₹ 4,000.
5. The old partners decided to retain half of the amount of goodwill in the business.
6. Sundry creditors should be revalued at ₹ 66,000.

Give Revaluation Account, Capitals Accounts and Balance Sheet of New firm.

From the following Trial Balance of Riddhi and Siddhi, you are required to prepare Trading and Profit & Loss Account for the year ended 31st March, 2020 and Balance Sheet as on that date after considering the additional information given below.

Adjustments:

1. Closing stock ₹ 48,700.
2. Outstanding Expenses - Wages ₹ 700 and Travelling Expenses ₹ 200.
3. Depreciate Land and Building by 10% and Furniture by 5%.
4. Insurance Paid in Advance ₹ 300.
5. Goods of ₹ 3,000 destroyed by fire and Insurance Company rejected the claim fully.

Radhika and Vijay were in Partnership Sharing profits & Losses in proportion of 3:2 respectively. Their Balance Sheet as on 31st March, 2020 stood as follows.

On 1st April, 2019 Omkar was admitted to the firm on the following terms:

1. Premises were to be valued at ₹ 3,40,000 and Furniture and Fixtures at ₹ 20,800. A provision for Bad debts on 2,000 was to be made. Stock should be revalued at ₹ 58,000.
2. Omkar Should bring in ₹ 80,000 as Capital and ₹ 20,000 as his share of goodwill and it was retained in the business and he should be given one-fourth share in the future profits.
3. The Loan from Omkar Balu was repaid through NEFT.

Prepare Revaluation Account, Partners Current Accounts and Balance sheet of the New firm.

Radhika and Vijay were in Partnership Sharing profits & Losses in proportion of 3:2 respectively. Their Balance Sheet as on 31st March, 2020 stood as follows.

On 1st April, 2019 Omkar was admitted to the firm on the following terms:

1. Premises were to be valued at ₹ 3,40,000 and Furniture and Fixtures at ₹ 20,800. A provision for Bad debts on 2,000 was to be made. Stock should be revalued at ₹ 58,000.
2. Omkar Should bring in ₹ 80,000 as Capital and ₹ 20,000 as his share of goodwill and it was retained in the business and he should be given one-fourth share in the future profits.
3. The Loan from Omkar Balu was repaid through NEFT.

Prepare Revaluation Account, Partners Current Accounts and Balance sheet of the New firm.

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.

The following is the Balance sheet of partners Aditya and Chaitanya on 31^st March, 2019 they share profits and losses in the ratio of 3 : 2:

Balance sheet as on 31st march 2019

Adjustments:

They admitted Sachin into partnership on 1^st April, 2019 on the following terms:

1. Building to be valued at ₹ 36,000, machinery and furniture to be reduced by 10%.
2. Sachin should pay ₹ 6,000 as his share of Goodwill. 50% of goodwill withdrawn by partners in cash.
3. A provision of 5% on debtors to be made for doubtful debts.
4. He should bring ₹ 18,000 as capital for 1/4th share in future profit.
5. Stock is to be taken at the value of ₹ 30,000.

Prepare:

1. Profit and Loss Adjustment Account.
2. Partners’ Current Account.
3. Balance Sheet of the New Firm.

The following is the Balance sheet of partners Aditya and Chaitanya on 31^st March, 2019 they share profits and losses in the ratio of 3 : 2:

Balance sheet as on 31st march 2019

Adjustments:

They admitted Sachin into partnership on 1^st April, 2019 on the following terms:

1. Building to be valued at ₹ 36,000, machinery and furniture to be reduced by 10%.
2. Sachin should pay ₹ 6,000 as his share of Goodwill. 50% of goodwill withdrawn by partners in cash.
3. A provision of 5% on debtors to be made for doubtful debts.
4. He should bring ₹ 18,000 as capital for 1/4th share in future profit.
5. Stock is to be taken at the value of ₹ 30,000.

Prepare:

1. Profit and Loss Adjustment Account.
2. Partners’ Current 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.