Maharashtra State BoardHSC Commerce 12th Board Exam
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Question Bank Solutions for HSC Commerce 12th Board Exam - Maharashtra State Board

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Answer in one sentence only.

What is the gain ratio?

[0.05] Reconstitution of Partnership (Death of Partner)
Chapter: [0.05] Reconstitution of Partnership (Death of Partner)
Concept: Reconstitution of Partnership (Death of Partner)

Give word / term or phrase for the following statement.

Excess of income over expenditure of a ‘not for profit’ concern.

[0.05] Accounts of “Not for Profit” concerns
Chapter: [0.05] Accounts of “Not for Profit” concerns
Concept: Not for Profit Concerns

A person who draws a bill of exchange.

[0.07] Bill of Exchange (Only Trade Bill)
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
Concept: Introduction of Bill of Exchange (Only Trade Bill)

Give one word/term/ phrase for the following statement.

An asset which can be converted into cash immediately.

[0.09] Analysis of Financial Statements
Chapter: [0.09] Analysis of Financial Statements
Concept: Concept of Financial Statement Analysis

Give one word/term/ phrase for the following statement.

An asset which can be converted into cash immediately.

[0.09] Analysis of Financial Statements
Chapter: [0.09] Analysis of Financial Statements
Concept: Concept of Financial Statement Analysis

Select the most appropriate alternative from those given below :

Dissolution expenses are credited to ______________

[0.04] Dissolution of Partnership Firm
Chapter: [0.04] Dissolution of Partnership Firm
Concept: Dissolution of Partnership Firm

Select the most appropriate alternative from those given below :

Dissolution expenses are credited to ______________

[0.06] Dissolution of Partnership Firm
Chapter: [0.06] Dissolution of Partnership Firm
Concept: Dissolution of Partnership Firm

Capital balance is ascertained by preparing....................................

  1. Statement of affairs
  2. Cash account
  3. Drawing account
  4. Debtor’s account
[0.09] Analysis of Financial Statements
Chapter: [0.09] Analysis of Financial Statements
Concept: Concept of Financial Statement Analysis

Capital balance is ascertained by preparing....................................

  1. Statement of affairs
  2. Cash account
  3. Drawing account
  4. Debtor’s account
[0.09] Analysis of Financial Statements
Chapter: [0.09] Analysis of Financial Statements
Concept: Concept of Financial Statement Analysis

Balance sheet is a nominal account.

[0.09] Analysis of Financial Statements
Chapter: [0.09] Analysis of Financial Statements
Concept: Concept of Financial Statement Analysis

Balance sheet is a nominal account.

[0.09] Analysis of Financial Statements
Chapter: [0.09] Analysis of Financial Statements
Concept: Concept of Financial Statement Analysis

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

The debit balance of insolvent partner’s Capital Account is known as a capital deficiency.

[0.04] Dissolution of Partnership Firm
Chapter: [0.04] Dissolution of Partnership Firm
Concept: Dissolution of Partnership Firm

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

The debit balance of insolvent partner’s Capital Account is known as a capital deficiency.

[0.06] Dissolution of Partnership Firm
Chapter: [0.06] Dissolution of Partnership Firm
Concept: Dissolution of Partnership Firm

State the objectives of financial statements from the view point of a business concern.

[0.09] Analysis of Financial Statements
Chapter: [0.09] Analysis of Financial Statements
Concept: Concept of Financial Statement Analysis

State the objectives of financial statements from the view point of a business concern.

[0.09] Analysis of Financial Statements
Chapter: [0.09] Analysis of Financial Statements
Concept: Concept of Financial Statement Analysis

Akash and Suraj are partners in a firm sharing profits and losses in the ratio 3 : 2. Their balance sheet as on 31st March, 2013 was as follows:

                       Balance Sheet as on 31st March, 2013

Liabilities Amount (Rs.) Assets Amount (Rs.)

Capital A/c

          Akash

          Suraj

 

50000

50000

Furniture 2100

General Reserve

10000 Stock 28700
Sundry creditors 60000 Land and building 35000
Bills payable 17000 Plant and machinery 49000
    Sundry debtors 63000
    Cash 9200
  187000   187000

They agreed to admit Sanjay in their partnership on 1st April, 2013, on the following terms :

  1. Sanjay should bring Rs. 1,500, as his share of goodwill in the firm, and Rs. 2,000 as his capital.
  2. Reserve for doubtful debts is to be provided @ 5% on debtors.
  3. Land and building be depreciated at 10% p. a.
  4. Plant and machinery to be depreciated @ 5% and stock to be depreciated @ 10% p. a.
  5. The new profit sharing ratio will be 2: 1: 1.

Prepare :

  1. Revaluation Account.
  2. Partners’ Capital Accounts.
  3. New Balance Sheet of the firm.
[0.03] Reconstitution of Partnership (Admission of Partner)
Chapter: [0.03] Reconstitution of Partnership (Admission of Partner)
Concept: Reconstitution of Partnership

Given below is the balance sheet of Vaishali, Madhuri and Shobha, who were sharing profits and losses in the ratio of 3 : 3 : 2.

                                                           Balance Sheet as on

                                                             31st March, 2012

Liabilities Amount (Rs.) Assets Amount (Rs.)
Creditors 34800 Cash 21600
Bills Payable 8800 Machinery 34800

Capital A/c

        Vaishali

        Madhuri

        Shobha

 

48000

52000

36000

Debtors 50000
 Reserved Fund 16000 Stock 25200
    Furniture 16000
    Building 48000
  195600   195600

 

On 1st April, 2012 Shobha retired from the firm on the following terms:

1. Assets be revalued as under:

Stock Rs. 24,000, Machinery Rs. 32,000, Furniture Rs. 16,800.

2. R.D.D. be maintained at 4% on debtors.

3. An item of Rs. 400 from creditors is no longer a liability and hence should be properly adjusted.

4. The amount due to Shobha be transferred to her loan account.

Pass necessary Journal Entries in the books of the firm.

[0.03] Reconstitution of Partnership (Admission of Partner)
Chapter: [0.03] Reconstitution of Partnership (Admission of Partner)
Concept: Reconstitution of Partnership

Mr. Aaba and Mr. Baba are equal partners whose Balance Sheet as on 31 st March, 2012 was as under:

                                                               Balance Sheet as on

                                                                  31st March, 2012

Liabilities Amount(Rs.) Assets Amount(Rs.)
Sundry Creditors 16000 Cash in hand 500

Capital A/c

              Aaba

              Baba

 

2000

2000

Stock 4500
    Debtors 4000
    Plant and machinery 5000
    Furniture 2000
    Land and Building 4000
  20000   20000

 

Due to weak financial position of the partners the firm is dissolved.

Aaba and Baba are not able to contribute anything from their private estate, hence they are declared insolvent.

The assets are realised as follows :-

Stock Rs. 3,000, Plant and Machinery Rs. 3,000, Furniture Rs. 1,000, Land and Building Rs. 2,000 and Debtors Rs. 1,000 only.

Realisation expenses amounted to Rs. 500.

You are required to prepare necessary Ledger Accounts to close the books of the firm.

[0.04] Dissolution of Partnership Firm
Chapter: [0.04] Dissolution of Partnership Firm
Concept: Dissolution of Partnership Firm

Mr. Aaba and Mr. Baba are equal partners whose Balance Sheet as on 31 st March, 2012 was as under:

                                                               Balance Sheet as on

                                                                  31st March, 2012

Liabilities Amount(Rs.) Assets Amount(Rs.)
Sundry Creditors 16000 Cash in hand 500

Capital A/c

              Aaba

              Baba

 

2000

2000

Stock 4500
    Debtors 4000
    Plant and machinery 5000
    Furniture 2000
    Land and Building 4000
  20000   20000

 

Due to weak financial position of the partners the firm is dissolved.

Aaba and Baba are not able to contribute anything from their private estate, hence they are declared insolvent.

The assets are realised as follows :-

Stock Rs. 3,000, Plant and Machinery Rs. 3,000, Furniture Rs. 1,000, Land and Building Rs. 2,000 and Debtors Rs. 1,000 only.

Realisation expenses amounted to Rs. 500.

You are required to prepare necessary Ledger Accounts to close the books of the firm.

[0.06] Dissolution of Partnership Firm
Chapter: [0.06] Dissolution of Partnership Firm
Concept: Dissolution of Partnership Firm

What is bad debts?

[0.02] Partnership Final Accounts
Chapter: [0.02] Partnership Final Accounts
Concept: Introduction of Final Accounts
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