Maharashtra State BoardHSC Commerce 12th Board Exam
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Balbharati solutions for Book-keeping and Accountancy 12th Standard HSC Maharashtra State Board chapter 1 - Introduction to Partnership and Partnership Final Accounts [Latest edition]

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Book-keeping and Accountancy 12th Standard HSC Maharashtra State Board - Shaalaa.com

Chapter 1: Introduction to Partnership and Partnership Final Accounts

Exercise 1Practise Problem
Exercise 1 [Pages 50 - 51]

Balbharati solutions for Book-keeping and Accountancy 12th Standard HSC Maharashtra State Board Chapter 1 Introduction to Partnership and Partnership Final Accounts Exercise 1 [Pages 50 - 51]

Select the most appropriate alternative from the following & rewrite the sentence.

Exercise 1 | Q I. A 1) | Page 50

When there is no partnership agreement between partners, the division of Profits takes place in ________ ratio.

  • Equal

  • capital ratio

  • initial contribution

  • experience and tenure of partner

Exercise 1 | Q I. A 2) | Page 50

To find out Net Profit or Net Loss of the business __________ account is prepared.

  • Trading

  • Capital

  • Current

  • Profit & Loss

Exercise 1 | Q I. A 3) | Page 50

A ____________ is an Intangible Asset.

  • Goodwill

  • Stock

  • Cash

  • Furniture

Exercise 1 | Q I. A 4) | Page 50

In the absence of an agreement, interest on loan advanced by the partner to the firm is allowed at the rate of _____________.

  • 5%

  • 6%

  • 10%

  • 9%

Exercise 1 | Q I. A 5) | Page 50

Liability of partners in a partnership business is ________.

  • Limited

  • Unlimited

  • Limited and Unlimited

  • None of the above

Exercise 1 | Q I. A 6) | Page 51

The Indian Partnership Act is in force since _______.

  • 1932

  • 1881

  • 1956

  • 1984

Exercise 1 | Q I. A 7) | Page 51

Maximum number of Partners in a firm are ____ according to Companies Act 2013.

  • 10

  • 25

  • 20

  • 50

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Exercise 1 [Page 51]

Balbharati solutions for Book-keeping and Accountancy 12th Standard HSC Maharashtra State Board Chapter 1 Introduction to Partnership and Partnership Final Accounts Exercise 1 [Page 51]

Exercise 1 | Q I. B 1) | Page 51

Write the word/phrase/term, which can substitute the following sentence.

Persons who form the partnership firm.

Exercise 1 | Q I. B 2) | Page 51

Write the word/phrase/term, which can substitute the following sentence.

Amount of cash or goods withdrawn by partners from the business from time to time.

Exercise 1 | Q I. B 3) | Page 51

Write the word/phrase/term, which can substitute the following sentence.

An association of two or more persons according to the Indian partnership Act 1932.

Exercise 1 | Q I. B 4) | Page 51

Write the word/phrase/term, which can substitute the following sentence.

Act under which partnership firms are regulated.

Exercise 1 | Q I. B 5) | Page 51

Write the word/phrase/term, which can substitute the following sentence.

Process of entering the name of a partnership firm in the register of Registrar.

Exercise 1 | Q I. B 6) | Page 51

Write the word/phrase/term, which can substitute the following sentence.

Partnership agreement in written form.

Exercise 1 | Q I. B 7) | Page 51

Write the word/phrase/term, which can substitute the following sentence.

Under this method capital, balances of partners remain constant.

Exercise 1 | Q I. B 8) | Page 51

Write the word/phrase/term, which can substitute the following sentence.

Proportion in which partners share profit.

Exercise 1 | Q I. B 9) | Page 51

Write the word/phrase/term, which can substitute the following sentence.

Such capital method in which only Capital Account is maintained for each partner.

Exercise 1 | Q I. B 10) | Page 51

Write the word/phrase/term, which can substitute the following sentence.

The account to which all adjustments are made when capital is fixed.

Exercise 1 | Q I. B 11) | Page 51

Write the word/phrase/term, which can substitute the following sentence.

Expenses which are paid before they are due.

Exercise 1 | Q I. B 12) | Page 51

Write the word/phrase/term, which can substitute the following sentence.

The accounts that are prepared at the end of each accounting year.

Exercise 1 | Q I. B 13) | Page 51

Write the word/phrase/term, which can substitute the following sentence.

An asset which can be converted into cash easily.

Exercise 1 | Q I. B 14) | Page 51

Write the word/phrase/term, which can substitute the following sentence.

Order in which fixed assets are recorded first in the Balance Sheet.

Exercise 1 | Q I. B 15) | Page 51

Write the word/phrase/term, which can substitute the following sentence.

The account in which selling expenses of the business are recorded.

Exercise 1 | Q I. B 16) | Page 51

Write the word/phrase/term, which can substitute the following sentence.

Debit balance of Trading Account.

Exercise 1 | Q I. B 17) | Page 51

Write the word/phrase/term, which can substitute the following sentence.

Credit balance of Profit and Loss Account.

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Exercise 1 [Pages 51 - 52]

Balbharati solutions for Book-keeping and Accountancy 12th Standard HSC Maharashtra State Board Chapter 1 Introduction to Partnership and Partnership Final Accounts Exercise 1 [Pages 51 - 52]

Exercise 1 | Q I. C 1) | Page 51

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

Partnership firm is a Non-Trading Concern.

  • True

  • False

Exercise 1 | Q I. C 2) | Page 51

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

Profit and Loss Account is a Real Account.

  • True

  • False

Exercise 1 | Q I. C 3) | Page 51

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

Carriage inward is a carriage on purchase.

  • True 

  • False

Exercise 1 | Q I. C 4) | Page 51

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

Adjustments are recorded in Partner's Current Account in Fixed Capital Method.

  • True 

  • False

Exercise 1 | Q I. C 5) | Page 51

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

Prepaid expenses are treated as liabilities.

  • True

  • False

Exercise 1 | Q I. C 6) | Page 51

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

If the partnership deed is silent, partners share profits and losses in proportion to their capital.

  • True

  • False

Exercise 1 | Q I. C 7) | Page 51

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

Balance Sheet is an Account.

  • True

  • False

Exercise 1 | Q I. C 8) | Page 51

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

Wages paid for the installation of Machinery is a Revenue expenditure.

  • True

  • False

Exercise 1 | Q I. C 9) | Page 51

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

Income received in advance is a liability.

  • True

  • False

Exercise 1 | Q I. C 10) | Page 51

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

R.D.D. is created on Creditors.

  • True

  • False

Exercise 1 | Q I. C 11) | Page 51

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

Depreciation is not calculated on Current Assets.

  • True

  • False

Exercise 1 | Q I. C 12) | Page 51

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

Goodwill is an intangible asset.

  • True

  • False

Exercise 1 | Q I. C 13) | Page 52

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

Indirect expenses are debited to Trading Account.

  • True

  • False

Exercise 1 | Q I. C 14) | Page 52

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

Bank loan is a current liability.

  • True

  • False

Exercise 1 | Q I. C 15) | Page 52

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

Net profit is a debit balance of Profit and Loss Account.

  • True

  • False

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Exercise 1 [Page 52]

Balbharati solutions for Book-keeping and Accountancy 12th Standard HSC Maharashtra State Board Chapter 1 Introduction to Partnership and Partnership Final Accounts Exercise 1 [Page 52]

Exercise 1 | Q I. D 1. | Page 52

Find odd one.

  • Wages

  • Salary

  • Royalty

  • Import Duty

Exercise 1 | Q I. D 2. | Page 52

Find odd one

  • Postage

  • Stationery 

  • Advertising

  • Purchases.

Exercise 1 | Q I. D 3. | Page 52

Find odd one.

  • Capital

  • Bills Receivable

  • Reserve Fund

  • Bank overdraft.

Exercise 1 | Q I. D 4. | Page 52

Find odd one.

  • Building

  • Machinery

  • Furniture

  • Bills payable.

Exercise 1 | Q I. D 5. | Page 52

Find odd one.

  • Discount received

  • Dividend received

  • Interest received

  • Depreciation.

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Exercise 1 [Page 52]

Balbharati solutions for Book-keeping and Accountancy 12th Standard HSC Maharashtra State Board Chapter 1 Introduction to Partnership and Partnership Final Accounts Exercise 1 [Page 52]

Complete the Sentences.

Exercise 1 | Q I. E 1) | Page 52

Partners share profit & losses in _______  ratio in the absence of partnership deed

Exercise 1 | Q I. E 2) | Page 52

Registration of Partnership is _______ in India.

Exercise 1 | Q I. E 3) | Page 52

Partnership business must be ______ .

Exercise 1 | Q I. E 4) | Page 52

Liabilities of Partners in Partnership firm is ______.

Exercise 1 | Q I. E 5) | Page 52

The balance of Drawings Account of a partner is transferred to his _______ account under the Fixed Capital Method.

Exercise 1 | Q I. E 6) | Page 52

The interest on capital of a partner is debited to _______ account.

Exercise 1 | Q I. E 7) | Page 52

Partners are _____ liable for the debts of the firm.

Exercise 1 | Q I. E 8) | Page 52

Partnership Deed is an _____ of Partnership.

Exercise 1 | Q I. E 9) | Page 52

The withdrawal by partner for personal use from the firm is ________ to his account.

Exercise 1 | Q I. E 10) | Page 52

Commission payable to partner is _______ to the firm.

Exercise 1 | Q I. E 11) | Page 52

When partners adopt Fixed Capital Method then they have to operate  ________ Account.

Exercise 1 | Q I. E 12) | Page 52

If partners Current Account shows ______ balance it is shown to the liability side of Balance sheet

Exercise 1 | Q I. E 13) | Page 52

The expenses paid for trading purpose are known as _______ expenses.

Exercise 1 | Q I. E 14) | Page 52

Cash receipts which are recurring in nature are called as__________ Receipts.

Exercise 1 | Q I. E 15) | Page 52

Return outward are deducted from ______.

Exercise 1 | Q I. E 16) | Page 52

Expenses which are paid before due date are called as _____.

Exercise 1 | Q I. E 17) | Page 52

Assets which are held in the business for a long period are called ______.

Exercise 1 | Q I. E 18) | Page 52

Trading Account is prepared on the basis of is ___________ expenses.

Exercise 1 | Q I. E 19) | Page 52

When commission is allowed to any partner, it is________ of the business.

Exercise 1 | Q I. E 20) | Page 52

When goods are distributed as free samples, it is treated as ___________of the business.

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Exercise 1 [Pages 52 - 53]

Balbharati solutions for Book-keeping and Accountancy 12th Standard HSC Maharashtra State Board Chapter 1 Introduction to Partnership and Partnership Final Accounts Exercise 1 [Pages 52 - 53]

Answer in one sentence only.

Exercise 1 | Q I. F 1) | Page 52

What is Fluctuating Capital?

Exercise 1 | Q I. F 2) | Page 52

Why is Partnership Deed necessary?

Exercise 1 | Q I. F 3) | Page 52

If the Partnership Deed is silent, in which ratio, the partners will share the profit or loss?

Exercise 1 | Q I. F 4) | Page 52

What is the Fixed Capital Method?

Exercise 1 | Q I. F 5) | Page 52

How many partners are required to form a partnership firm?

Exercise 1 | Q I. F 6) | Page 52

What is Partnership Deed?

Exercise 1 | Q I. F 7) | Page 53

What are the objectives of the Partnership Firm?

Exercise 1 | Q I. F 8) | Page 53

What rate of interest is allowed on partner’s loan in the absence of an agreement?

Exercise 1 | Q I. F 9) | Page 53

What is the minimum number of partners in a partnership firm according to Indian Partnership Act 1932?

Exercise 1 | Q I. F 10) | Page 53

What is liability of a partner?

Exercise 1 | Q I. F 11) | Page 53

In the absence of Partnership Deed, what is the rate of interest on loan advanced by partner to the firm is allowed?

Exercise 1 | Q I. F 12) | Page 53

What do you mean by pre-received income?

Exercise 1 | Q I. F 13) | Page 53

What is the effect of the adjustment of provision for discount on debtors in the final accounts of partnership?

Exercise 1 | Q I. F 14) | Page 53

When is Partners Current Account is opened?

Exercise 1 | Q I. F 15) | Page 53

As per which principle of accounting, closing stock is valued at cost price or at market price whichever is less?

Exercise 1 | Q I. F 16) | Page 53

What is the provision of Indian Partnership Act with regard to Interest on Capital?

Exercise 1 | Q I. F 17) | Page 53

Why is Balance Sheet prepared?

Exercise 1 | Q I. F 18) | Page 53

Why wages paid for installation of machinery are not shown in Trading Account?

Exercise 1 | Q I. F 19) | Page 53

What do you mean by indirect incomes?

Exercise 1 | Q I. F 20) | Page 53

Why partners capital is treated as long-term liability of business?

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Exercise 1 [Page 53]

Balbharati solutions for Book-keeping and Accountancy 12th Standard HSC Maharashtra State Board Chapter 1 Introduction to Partnership and Partnership Final Accounts Exercise 1 [Page 53]

Exercise 1 | Q I. G 1) | Page 53

Do you agree/disagree with the following statement:

When Partnership Deed is silent, Partners share profits of the firm according to capital ratio.

  • Agree

  • Disagree

Exercise 1 | Q I. G 2) | Page 53

Do you agree/disagree with the following statement:

Current account always shows a debit balance.

  • Agree

  • Disagree

Exercise 1 | Q I. G 3) | Page 53

Do you agree/disagree with the following statement:

It is compulsory to have a partnership agreement in writing.

  • Agree

  • Disagree

Exercise 1 | Q I. G 4) | Page 53

Do you agree/disagree with the following statement:

Partnership Firm is a trading concern.

  • Agree

  • Disagree

Exercise 1 | Q I. G 5) | Page 53

Do you agree/disagree with the following statement:

An interest on capital is an expenditure for the partnership firm.

  • Agree

  • Disagree

Exercise 1 | Q I. G 6) | Page 53

Do you agree/disagree with the following statement:

Partnership is an association of two or more persons.

  • Agree

  • Disagree

Exercise 1 | Q I. G 7) | Page 53

Do you agree/disagree with the following statement:

Partners are entitled to get Salary or Commission.

  • Agree

  • Disagree

Exercise 1 | Q I. G 8) | Page 53

Do you agree/disagree with the following statement:

The balance of Capital Account remains constant under Fixed Capital Method.

  • Agree

  • Disagree

Exercise 1 | Q I. G 9) | Page 53

Do you agree/disagree with the following statement:

The Indian Partnership Act, came into existence in the year 1945.

  • Agree

  • Disagree

Exercise 1 | Q I. G 10) | Page 53

Do you agree/disagree with the following statement:

Profit and Loss Account reflects the true Financial position.

  • Agree

  • Disagree

Exercise 1 | Q I. G 11) | Page 53

Do you agree/disagree with the following statement:

Amount borrowed by partner from his business will be debited to Current Account.

  • Agree

  • Disagree

Exercise 1 | Q I. G 12) | Page 53

Do you agree/disagree with the following statement:

Sold but undispatched goods must be part of valuation of closing stock.

  • Agree

  • Disagree

Exercise 1 | Q I. G 13) | Page 53

Do you agree/disagree with the following statement:

Carriage Inward is a selling and distribution overhead.

  • Agree

  • Disagree

Exercise 1 | Q I. G 14) | Page 53

Do you agree/disagree with the following statement:

Gross profit is an operation profit.

  • Agree

  • Disagree

Exercise 1 | Q I. G 15) | Page 53

Do you agree/disagree with the following statement:

All financial expenditures are debited to profit and loss account.

  • Agree

  • Disagree

Exercise 1 | Q I. G 16) | Page 53

Do you agree/disagree with the following statement:

Free distribution of goods is debited to the trading account.

  • Agree

  • Disagree

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Exercise 1 [Pages 53 - 54]

Balbharati solutions for Book-keeping and Accountancy 12th Standard HSC Maharashtra State Board Chapter 1 Introduction to Partnership and Partnership Final Accounts Exercise 1 [Pages 53 - 54]

Calculate the following:

Exercise 1 | Q I. H 1. | Page 53

Undervaluation of Closing Stock by 10%. Closing Stock was ₹30,000 find out the value of Closing Stock

Exercise 1 | Q I. H 2. | Page 53

Calculate 12.5 % P.A. depreciation on Furniture :

(a) on ₹ 2,20,000 for 1 year

(b) on ₹ 10,000 for 6 months

Exercise 1 | Q I. H 3. | Page 54

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

Exercise 1 | Q I. H 4. | Page 54

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.

Exercise 1 | Q I. H 5. | Page 54

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.

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Practise Problem [Pages 54 - 61]

Balbharati solutions for Book-keeping and Accountancy 12th Standard HSC Maharashtra State Board Chapter 1 Introduction to Partnership and Partnership Final Accounts Practise Problem [Pages 54 - 61]

Practise Problem | Q 1 | Page 54

Amitbhai and Narendrabhai are in Partnership Sharing Profits and Losses equally. From the following Trial Balance and Adjustments given below, you are required to prepare Trading and Profit and Loss Account for the year ended 31st March 2019 and Balance Sheet as on that date.

Trial Balance as on 31st March 2019

Debit Balance Amount ₹ Credit Balance Amount ₹
Plant & Machinery 2,80,000 Capital A/c :  
Factory Building 75,000 Amitbhai 3,50,000
Sundry Debtors 28,700 Narendrabhai 3,00,000
Purchases 85,500 Sales 1,80,000
Bad Debts 500 Bills Payable 8,500
Sales Return 2,200 Discount 1,200

10% Govt. Bond

(Purchased on 1st Oct 2018)

40,000 Creditors 38,500
Import Duty 1,800 R.D 2,700
Legal Charges 2,000 Bank Loan 15,000
Motive Power 12,000 Purchases Return 2,000
Warehouse Rent 1,800    
Cash in Hand 20,000    
Cash at Bank 70,000    
Advertisement (for 2 years, w.e.f 1st Jan 2019)  10,000    
Salaries 3,800    
Rent 1,500    
Drawings :      
Amitbhai 2,400    
Narendrabhai 3,200    
Furniture 1,95,800    
Bills Receivable 20,700    
Freehold Property 41,000    
  8,97,900   8,97,900

Adjustments :

1) Stock on hand on 31st March 2019 was valued at  ₹ 43,000.

2) Uninsured goods worth ₹ 8,000 were stolen.

3) Create R.D.D at 2% on Sundry debtors.

4) Mr. Patil, our customer becomes insolvent and could not pay his debts of ₹ 500.

5) Outstanding Expenses - Rent ₹ 800 and Salaries ₹ 300

6) Depreciate Factory Building by ₹ 2,500 and Furniture by ₹ 1,800

Practise Problem | Q 2 | Page 55

From the following Trial Balance of M/S Mitesh and Mangesh, you are required to prepare Trading and Profit and Loss Account for the year ended 31st March 2019, and Balance Sheet as on that date.

Trial Balance as on 31st March 2019

Debit Balance Amount ₹ Credit Balance Amount ₹
Stock as on (1/4/2018) 25,000 Sundry Creditors 38,000
Building 48,500 Sales 1,75,000
Carriage 1,780 Capital :  
Factory Insurance 2,700 Mitesh 1,50,000
Postage 1,600 Mangesh 50,000
Bills Receivable 13,700 Outstanding Salaries 2,000
Sundry Debtors 52,200 Bills Payable 18,000
Return Inward 1,600 Return outword 1,800
Purchases 68,900    
Audit fees 1,800 Current A/c:  
Loose tools 32,000 Mitesh 3,000
Manufacturing Expenses 1,820 Mangesh 2,000
Electricity Charges 2,600    
General Expenses 3,400    
Export duty 1,000    
Cash in hand 75,000    
Bank Balance 29,000    
Conveyance 4,100    
Furniture 64,000    
Salaries 2,000    
Rent, Rate & Taxes 3,700    
Drawings :      
Mitesh 1,200    
Mangesh 2,200    
       
  4,39,800   4,39,800

Adjustments :

1) Mitesh and Mangesh are sharing Profit and losses in the ratio 3: 1.

2) Partners are entitled to get Commission @ 1% each on Gross Profit.

3) The closing stock is valued at ₹ 23,700.

4) Outstanding Expenses - Audit fees ₹ 400; carriage ₹ 600.

5) The building is valued at ₹ 46,500.

6) Furniture is depreciated by 5%.

7) Provide Interest on Partner's capital at 2.5% pa.

8) Goods of ₹ 900 were taken by Mangesh for his personal use.

9) Write off ₹ 1,000 as Bad Debts and maintain R.D.D at 3% on Sundry Debtors.

Practise Problem | Q 3 | Page 56

From the following Trial Balance and adjustments given below of Reena and Aarti, you are required to prepare Trading and Profit and Loss Account for the year ended 31st March 2019 and Balance Sheet as on that date.

Trial Balance as on 31st March 2019

Debit Balance Amount ₹ Credit Balance Amount ₹
Purchases 35,500 Sales 58,200
Sundry Debtors 40,000 Sundry Creditors 25,700
Sales Returns 1,000 Purchases Returns 500
Opening Stock 18,100 R.D.D 800
Bad debts 500 Discount 50
Land & Building 25,000 Commission 250
Furniture 20,000 Capital :  
Discount 1,000 Reena 50,000
Royalties 700 Aarti 30,000
Rent 1,900    
Salaries 3,000    
Wages 800    
Insurance 1,500    
Drawings :      
Reena 2,000    
Aarti 1,000    
Cash at Bank 11,500    
Cash in Hand 2,000    
  1,65,500   1,65,500

Adjustments :

1) Closing Stock valued at ₹ 22,000.

2) Write off  ₹ 900 for Bad & doubtful debts and create a provision for Reserve for doubtful debts ₹ 1,000.

3) Create a provision for Discount on Debtors @ 3% and creditors @ 5%.

4) Outstanding Expenses - Wages ₹ 700 and Salaries ₹ 800.

5) Insurance is paid for 15 months, w.e.f. 1st April 2018 

6) Depreciate Land and Building @ 5%

7) Reena & Aarti are Sharing Profits & Losses in their Capital Ratio.

Practise Problem | Q 4 | Page 57

From the following Trial Balance of M/S Meera and Madhav. Prepare Trading and Profit and Loss Account for the year ended 31st March 2019 and Balance Sheet as on that date. 

Trial Balance as on 31st March 2019

Debit Balance

Amount ₹

Credit Balance

Amount ₹

Stock (1/4/2018)

25,000

Bank overdraft

5,000

Debtors

80,500

Bills Payable

12,500

Bills Receivable

10,000

Creditors

68,000

Purchases

2,08,500

Sales

3,25,000

Returns

1,000

Outstanding Rent

2,000

Carriage Inward

3,000

Unpaid Wages

1,500

Carriage Outwards

4,500

Capital :

 

Motor Vehicle

55,000

Meera

75,000

General Expenses

1,800

Madhav

75,000

Export Duty

900

Purchase Return

1000

Advertisement

4,800

   

(For 3 years from 1/10/2018)

     

Printing & Stationery

1,200

   

Drawings :

     

Meera

3,500

   

Madhav

2,000

   

Leasehold Premises

1,10,000

   

Cash at Bank

45,000

   

Furniture

8,300

   
 

5,65,000

 

5,65,000

Adjustments :

1) Closing Stock is valued at  ₹32,000.

2) Provide Provision for Doubtful Debts ₹ 2,000.

3) Create reserve for Discount on Debtors @ 3%.

4) Valued of Leasehold Premises on 31st March 2019 ₹1,00,000.

5) Outstanding Expenses Printing & Stationary ₹500.

Practise Problem | Q 5 | Page 58

Sucheta & Gayatri are Partners sharing Profit and Loss in the ratio 3:2. From the following Trial Balance and additional information, you are required to prepare Trading and Profit and Loss Account for the year ended 31st March 2019 and Balance Sheet as on that date.

Trial Balance as on 31st March 2019

Particulars

Debit ₹

Credit ₹

Purchases & Sales

65,000

1,85,500

Works Manager's Salary

2,300

 

Capital - Sucheta

 

75,000

-

 

40,000

Opening Stock

18,700

 

Debtors & Creditors

47,500

35,000

Wages & Salaries

4,000

 

Bills Receivable

22,000

 

Bills Payable

 

27,300

Discount

 

400

Motive Power

1,350

 

Custom duty

1,500

 

Interest

 

1,300

Unproductive Wages

3,000

 

Audit fees

2,500

 

Rent

1,800

 

Conveyance

2,000

 

Goodwill

25,000

 

Copyrights

20,000

 

Building

88,000

 

Partner (Sucheta's) Loan

 

6,150

Investments

40,000

 

Cash at Bank

26,000

 
 

3,70,650

3,70,650

Adjustments:

1) Stock on 31st March 2019 was valued at ₹ 19,700.

2) Goods costing ₹ 3,000 distributed as a free sample.

3) Motive Power includes ₹ 500 paid for the deposit of Power Meter.

4) Depreciate Building @ 5%.

5) Write of ₹ 2,000 for Bad debts and maintain R.D.D at 3% on Debtors.

6) Bills Receivable included dishonored of Bill of  ₹ 4,000. 

Practise Problem | Q 6 | Page 59

Archana and Prerana are partners, sharing Profits and Losses in the ratio 2: 1 with the help of following Trial Balance and Adjustments given below. You are required to prepare Trading and Profit and Loss Account for the year ended 31st March 2019 and Balance Sheet as on that date.

Trial Balance as on 31st March 2019

Debit Balance

Amount ₹

Credit Balance

Amount ₹ 

Stock (1/4/2018)

8,560

Capital:

 

Patents

2,000

Archana

40,000

Sundry Debtors

18,500

Prerana

20,000

Stock of Stationary

3,000

Other Loans

3,000

Trade Mark

2,000

Reserve fund

1,000

Bills Receivable

6,300

Sundry Creditors

17,500

Electricity charges

1,450

Bills Payable

5,000

Wages

950

Purchase Return

1,000

Heating & Lighting

1,000

R.D.D

500

Trade Expenses

850

Sales

30,200

Sales Return

400

Interest

310

Land & Building

22,000

   

Furniture

13,000

   

Cash at Bank

5,000

   

Investments

7,500

   

Drawings :

     

Archana

1,200

   

Prerana

900

   

Bad debts

200

   

Purchases

23,700

   
 

1,18,510

 

1,18,510

Adjustments:

1) Stock on 31st March 2019 is valued at Cost Price ₹ 12,000 and Market Price ₹ 17,000.

2) Our customer Mr. Shekhar failed to pay his dues of ₹ 800.

3) 1/8th of Patents are to be written off.

4) A part of Furniture ₹ 5,000 is purchased on 1st Oct 2018.

5) Depreciation on Land & Building 10% and on Furniture 5%.

6) Outstanding Expenses Wages ₹ 300 and Electricity Charges ₹ 200.

7) Allow Interest on Capital 3%. 

Practise Problem | Q 7 | Page 59

Satish and Pramod are Partners. Prepare Trading Account and Profit and Loss Account for the year 31st March 2019. You have to find out Gross Profit and Net Profit only.

Trial Balance as on 31st March 2019

Debit Balance

Amount  ₹

Credit Balance

Amount ₹

Stock (1/4/2018)

8,700

Sales

68,000

Purchases

18,300

Dividend

2,000

Wages

1,000

Purchases Return

500

Insurance

800

Sundry Creditors

13,000

Unproductive Wages

1,400

10% Bank Loan

8,000

Warehouse Rent

600

(w.e.f. 1/7/2018)

 

Carriage Outward

1,200

Other Receipts

1,000

Sales Return

600

   

Export Duty

1,400

   

Customs Duty

800

   

Sundry Debtors

40,000

   

Investments

15,700

   

Factory Rent

1,600

   

Postage & Telegram

400

   
 

92,500

 

92,500

Adjustments:
1) The Closing Stock is valued at Rs. 15,400.

2) Outstanding Wages Rs. 500.

3) Create provision for Bad debts Rs. 800 and maintain R.D.D 3% on Sundry Debtors.

4) Goods of Rs. 1,800 distributed as a free sample.

5) Goods of Rs. 2,000 were sold and delivered on 31st March 2019 but no entry is passed in the Books of Account.

Practise Problem | Q 8 | Page 60

Nana and Nani are Partners in Partnership Firm sharing Profits and Losses equally. You are required to give effects of Adjustments in Profit & Loss A/c and Balance Sheet with the help of the following information.

Trial Balance as on 31st March 2019

Debit Balance

Amount ₹

Credit Balance

Amount ₹

Insurance

15,000

Capital A/c

 

Land and building

50,000

Nana

50,000

(Addition of 20,000 w.e.f 1st July 2018)

 

Nani

50,000

Salaries

5,000

10% Bank loan taken on 1st Oct. 2018 30,000

Export Duty

2,500

Interest 1,500

Interest

1,000

Bills Payable 8,000

Furniture

40,000

   

Debtors

26,000

   
 

1,39,500

  1,39,500

Adjustments :

1) Gross profit amounted to ₹ 34,500.

2) Insurance Paid for 15 months w.e.f. 1. 4. 2018.

3) Depreciate Land and Building at 10% p.a. and Furniture at 5% p.a.

4) Write off ₹ 1,000 for Bad Debts and maintain R.D.D at 5% on Sundry Debtors.

5) Closing Stock is valued at ₹ 34,500.

Practise Problem | Q 9 | Page 61

Sun and Moon are Partners in Partnership Firm sharing Profits and Losses equally. You are required to give the effects of Adjustments with the help of the following information.

Trial Balance as on 31st March 2019

Debit Balance

Amount ₹

Credit Balance

Amount ₹

Land & Building

40,000

Capital A/C

 

Furniture

18,000

Sun

33,500

Machinery

40,000

Moon

33,500

(Purchased on 1/7/18)

 

Current A/c: Sun

6,000

Goodwill

2,000

Sundry Creditors

25,000

Wages

2,000

Bank Overdraft

10,000

Current A/c: Moon

4,000

Reserve Fund

5,000

8% Debentures

8,000

Providend Fund

5,000

(Purchased on 1/10/18)

     

Providend Fund Investment

3,500

   

Stock of Postal stamps

500

   
 

1,18,000

 

1,18,000

Adjustments:

1) Partners are entitled to get salary ₹ 6,000 p.a. in addition to their profit & loss sharing.

2) Depreciation on Land & Building, Furniture & Machinery @10%, 5% and 3% respectively.

3) Interest on Capital 5% p.a.

4) Closing Stock ₹ 60,743.

5) Wages included ₹ 1,000 as advance is given to workers.

6) Interest due but not paid ₹ 800.

7) Total Net Profit amounted to ₹ 38,113.

Practise Problem | Q 10 | Page 61

Kshipra and Manisha are Partners sharing Profit and Loss in their Capital Ratio. You are required to prepare Trading Account and Profit and Loss Account for the year ended 31st March 2019 and Balance Sheet as on that date.

Trial Balance as on 31st March 2019

Debit Balance

Amount ₹

Credit Balance

Amount ₹

Sundry Debtors

28,000

Sales

1,20,000

Purchases

55,000

Rent

1,800

Furniture

38,500

Sundry Creditors

38,500

Plant & Machinery

60,000

Purchase Return

1,000

Wages

800

Discount

500

Salaries

3,500

Bills Payable

9,000

Discount

800

Capital A/c :

 

Bills Receivable

14,400

Kshipra

90,000

Carriage Outward

1,000

Manisha

30,000

Postage

500

Current A/c :

 

Sales Return

500

Kshipra

5,000

Cash in Hand

4,000

Manisha

3,000

Cash at Bank

47,000

   

Insurance

2,000

   

Opening Stock

17,800

   

Trade Expenses

1,500

   

Warehouse Rent

2,500

   

Advertisement

1,000

   

Building

20,000

   
 

2,98,800

 

2,98,800

Adjustments :

1) Stock on 31st March 2019 was at ₹37,000.

2) Sales include the sale of machinery of ₹ 2,000, which is sold on 1st April 2018.

3) Depreciation on fixed assets @ 5%.

4) Each Partners is entitled to get Commission at 1% of Gross Profit and Interest on Capital 5% p.a.

5) Outstanding Expenses Wages ₹ 200 & Salaries ₹ 500.

6) Create provision for doubtful debts @ 3% on Sundry Debtors.

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Chapter 1: Introduction to Partnership and Partnership Final Accounts

Exercise 1Practise Problem
Book-keeping and Accountancy 12th Standard HSC Maharashtra State Board - Shaalaa.com

Balbharati solutions for Book-keeping and Accountancy 12th Standard HSC Maharashtra State Board chapter 1 - Introduction to Partnership and Partnership Final Accounts

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Concepts covered in Book-keeping and Accountancy 12th Standard HSC Maharashtra State Board chapter 1 Introduction to Partnership and Partnership Final Accounts are Partnership, Partnership Deed, Provision of the Indian Partnership Act 1932, Methods of Capital Accounts - Fixed and Fluctuating Capital Method, Partnership Final Accounts.

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