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

On due date, Pradhan finds himself unable to make payment of the bill and requests Raja to renew it. Raja accepted a proposal on the condition that, Pradhan should pay Rs. 1,000 on account along with interest Rs. 250 in cash and should accept new bill for the balance at 2 months. These arrangements were carried through. Afterwards, one month before due date of new bill Pradhan retired his acceptance by paying Rs. 4,850.

Give Journal entries in the books of Raja of Nagpur.

The Balance sheet of samarth traders is as follows. The partners share profits and losses as 5 : 2 : 3.

Dinankar retired from the business on 1^st April, 2016 on the following terms:

1. The assets are revalued as under:
   1. Stock at ₹ 14000.
   2. Building is appreciated by 10%.
   3. Reserve for doubtful debts is to be increased upto ₹ 500.
   4. Plant and machinery is to be depreciated by 10%.
2. The goodwill of the retiring partner is valued at Rs 4,000 and the remaining partners decided that goodwill be written back in their new profit sharing ratio which will be 5 : 3.
3. Dinankar is to be paid Rs 2220 in cash on his retirement and the balance is to be transferred to his loan account.

Prepare: 

1. Profit and loss Adjustment account
2. Capital Account of partners
3. Balance sheet of new firm

On 7th March 2016 Ram drwas a bill on Rohit for Rs 8000 at 3 months. rohit accepts it and returns to Ram. Ram then sends the bill to his bank for collection. 
On due date Rohit finds himself unable to make the payment of the bill and requests Ram to renew it. Ram Agreed on the condition that Rohit should pay Rs 5000 in cash and should accept new bill for the balance at 2months with interest Rs 200. These Arrangements were carried through.
Before due date Rohit was declared as involvent and Rs 1500 colud be recovered form his private estate as first and final divident. 
Give Journal Entries in the books of Ram.

Journalise the following transactions in the books of Jaydeep.
(A) Arvind renews his acceptance of Jaydeep of Rs. 7,000 with interest Rs. 500 for two months.
(B) Bank informed Jaydeep that Mahadev’s acceptance of Rs. 4,000 which was discounted and dishonoured. Bank charged noting charges Rs. 80.
(C) Hanumant informed Jaydeep that Kazi’s acceptance for Rs. 7,000 endorsed to Hanumant has been dishonoured, noting charges Rs. 85.
(D) Datta honoured his acceptance of Rs. 4,900, which was sent to bank for collection. Bank debited Rs. 100 for bank charges.
(E) Radhika retired her acceptance to Jaydeep of Rs. 9,000 by paying Rs. 8,700.

Statements that are incorrect in relation to index numbers:

1. An index number is a geographical tool.
2. Index numbers measure changes in air pressure.
3. Index numbers measure relative changes in an economic variable.
4. Index numbers are specialized averages.

______ : Base year prices :: P₁ : Current year prices.

Complete the Correlation:

__________ : Single variable :: Composite index : Group of variables

State with reason whether you agree or disagree with the following statement:

Index numbers measure changes in the price level only.

State with reasons whether you agree or disagree with the following statement:

Index numbers can be constructed without the base year.

Explain the features of index numbers.

Optional functions of government:

1. Protection from external attack
2. Provision of education and health services
3. Provision of social security measures
4. Collection of tax

Obligatory functions of the Government include:

1. Provision of employment
2. Maintaining internal law and order
3. Welfare measures
4. Exporting goods and services