HSC Commerce: Marketing and Salesmanship 12th Standard Board Exam - Maharashtra State Board Question Bank Solutions for Book Keeping and Accountancy

Select the most appropriate answer the alternatives given below and rewrite the Sentence
In statement of profit or loss interest on Capital in shown as _____________.

Select the most appropriate answer the alternatives given below and rewrite the Sentence.
If Opening Capital is Rs 40,000, Closing Capital is 90,000 Rs, Withdrawals is Rs 5,000 and additional Capital brought in is Rs 10,000 Profit is Rs ______________.

State, whether the following statements is True or False.
In private placement shares are issued to public through prospectus.

State, whether the following statements is True or False.
Private placement method saves time and cost.

State True or False.
Drawings made during the year decreases the profit under single entry system.

Form the following Receipts and payments Account of A. S. C. College of Commerce, Ramanand Nagar, for the year ending 31st March, 2016 and additional information, prepare Income and Expenditure Account for the year ending 31st March, 2016 and Balance Sheet as on that date.

Receipts and Payments Account
for the year ended on 31 March, 2016

Dr.                                                        Cr.

Additional information :

(2) 50% of donations are received for building fund.
(3) Life membership fees are to be capitalised.
(4) Tuition fees includes Rs 12,000 received for the last year.
(5) Outstanding tuition fees for the current year amounted to Rs 4,200.

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

Fees charged by Notary Public for getting the fact of dishonour noted.

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

Officer appointed by government for noting of dishonour of bill.

Ganesh draws a bill for ₹ 40,260 on 15th Jan. 2020 for 50 days. He discounted the bill with Bank of India @15% p.a. on the same day. Calculate the amount of discount.

Shefali Traders drew a bill on Maya for ₹ 30,000 on 1st Oct. 2019 payable after 3 months. Calculate amount of discount in the following cases:

i) Shefali Traders discounted the bill on the same day @ 12% p.a.

ii) Shefali Traders discounted the bill on 1^st Nov. 2019 @ 12% p.a.

iii) Shefali Traders discounted the bill on 1^st Dec. 2019 @ 12% p.a.

Veena who had accepted Sudha’s bill for ₹ 28,000 was declared bankrupt and only 35 paise in a rupee could be recovered from her estste. Calculate the amount of bad debts.

Nitin renewed his acceptance for ₹ 72,000 by paying ₹ 22,000 in cash and accepting a new bill for the balance plus interest @ 18% p.a. for 4 months. Calculate the amount of new bill.

Nisha’s acceptance for ₹ 16,850 sent to bank for collection was honoured and bank charges debited were ₹ 125. Find out the amount actually received by Drawer.

A bill of ₹ 16,000 was drawn by Keshav on Gopal on 12th June 2019 for 2 months. What will be the due date, if all of sudden, the legal due date is declared as an emergency holiday?

On 1^st Jan. 2020 Hemant sold goods of ₹ 18,500 to Nitin. On the same date, Hemant drew a bill of exchange for ₹ 18,500 at 2 months. On the due date, the bill was duly honoured.

Give Journal Entries in the Books of Hemant and Nitin. Prepare Hamant’s account in the books of Nitin.

Neha sold goods to Rohan's ₹42,000 on 6th Sept. 2019. Neha drew a bill of exchange at 3 months for the amount which was accepted by Rohan. Neha disounted the bill with her bankers at ₹ 41,000. On the due date of the bill, Rohan dishonoured the bill and bank paid ₹ 300 as Noting Charges

Show Journal Entries in the Books of Neha and Rohan.

Jyoti owes ₹ 31,000 to Swati for which was draws a bill on Jyoti for 2 months. The bill was duly accepted by Jyoti. Swati sends the bill to bank for collection. Jyoti honoured the bill on the due date and bank charges ₹ 475 as bank charges.

Give Journal Entries in the Books of Swati.

Pankaj purchased goods of ₹ 20,000 from Omprakash on credit on 15th April 2019. Omprakash draws After Sight bill for the amount due on Pankaj for 3 months, which was accepted by Pankaj on 18th April, 2019. On 20th April, 2019 Omprakash endorsed the bill to his creditor Jagsish in full settlement of his amount ₹ 21,000. On the due date, the bill was dishonoured by Pankaj.

Give Journal Entires in the Books of Omprakash, Pankaj and Jagdish.

Siddhant sold goods to Sudhir of  ₹ 43,800 on 18^th March 2019. Siddhant draws a bill on Sudhir on the same day for ₹ 43,800 for 3 months which was duly accepted by Sudhir. Siddhant discounted the bill on the same day at 8% p.a. the bill was dishonoured on the due date and Sudhir requested Siddhant to accept ₹ 13,800 and interest in cash on remaining amount at 12% p.a. Siddhant agreed and for the balance, the amount accepted a new bill at 2 months. Before the due date of new bill, Sudhir retired the bill by paying ₹ 29,700.

Pass necessary Journal Entries in the Books of Siddhant.