Book Keeping and Accountancy Official 2023-2024 HSC Commerce (English Medium) 12th Standard Board Exam Question Paper Solution

Find the odd one:

Subscribed Capital

Called up Capital

Paid up Capital

Equity Shares

Find odd one.

Building

Machinery

Furniture

Bills payable.

Find the odd one:

Retaining of Bill

Noting of Bill

Discounting of Bill

Endorsing of Bill

Find the odd one:

Audit Fees

Insurance

Medical Expenses

Sundry Receipts

Find the odd one:

General Reserve

Creditors

Investments

Capital

Not for profit concerns, do not prepare balance sheet.

Agree

Disagree

Current account always shows a debit balance.

Agree

Disagree

A bill of exchange is a conditional order.

Agree

Disagree

Retiring partner is entitled to share in Reserve Fundand Accumulated Profit.

Agree

Disagree

On dissolution, cash/bank account is closed automatically.

Agree

Disagree

In case of dissolution assets and liabilities are transferred to ______ A/c.

Bank A/c

Partner’s capital A/c

Realisation A/c

Partner’s current A/c

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%

If any asset is taken over by partner from the firm ______ account will be debited.

Capital

Revaluation

 Asset

Profit and Loss Adjustment

Balance Sheet

The balance of the capital account of retired partner is transferred to his ______ account if it is not paid.

Loan

Personal

Current

Son’s

Income and Expenditure Account is a ________ Account.

Capital account

Real account

Personal account

Nominal account

Write the word/phrase/term which can substitute the following statement:

Tally software is classified into this category

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

Partnership agreement in written form.

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

An asset which can be converted into cash immediately.

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

A person who represents the deceased partner.

Write the word/phrase/term which can substitute of the following statement:

The debit balance of Income and Expenditure Account.

Seeta and Geeta share profits and losses in the ratio of 3:2 in Partnership Firm. Their Balance Sheet as on 31^st March, 2020 was as under:

Balance Sheet as on 31^st March, 2020

On 1^st April, 2020 they admitted Reeta on the following terms:

1. For half (1/2) share in future profit Reeta should bring ₹ 15,000 as capital and ₹ 7,500 for goodwill in cash.
2. Furniture should be appreciated up to ₹ 8,025 and building be appreciated by 20%.
3. R.D.D. is to be maintained at ₹ 1,500.
4. The stock is to be reduced by 10% and machinery depreciated by 5%.
5. Half of amount of goodwill is withdrawn by old partners.

Pass the necessary Journal Entries in the books of the firm.

The balance sheet of Shivshakti Traders, Mumbai is as follows. Partners share profit and losses as 5:2:3.

Balance Sheet as on 31^st March, 2020

Rahul retired from the business on 1^st April, 2020 on the Following terms:

1. The assets were revalued as under:
   1. Plant and Machinery is to be depreciated by 10%.
   2. R.D.D. is 10 be increased upto ₹ 1,500.
   3. Building is appreciated by 10%.
   4. Stock at ₹ 42,000. 
2. The goodwill of retiring partner is valued at ₹ 12,000 and the remaining partners decided that goodwill be written back in their new profit sharing ratio which will be 5:3.
3. Amount due to Rahul at the time of retirement is to be transferred to his loan account.

Prepare:

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

Lal, Bal and Pal were partners sharing profits and losses in the ratio of 2 : 2 : 1. The following is the Balance Sheet as on 31st March, 2020.

On the above date the partners decided to dissolve the firm.

(1) Assets were realised as:

(2) Dissolution expenses were ₹ 3000.

(3) Goodwill of the firm realised ₹ 24000.

Prepare:

1. Realisation Account
2. Partner's Capital Account
3. Bank Account.

Journalise the following transactions in the books of Mr. Arvind.

1. Bank informed that Sam's acceptance for ₹ 30,000 sent to bank for collection has been honoured and bank charges debited ₹ 200.
2. Arun informed Arvind that Neena's acceptance for ₹ 25,000 endorsed to Arun has been dishonoured. Noting charges paid by Arun amounted to ₹ 400.
3. Bank informed that Jay's acceptance of ₹ 35,000 which was discounted with bank was dishonoured, bank paid noting charges ₹ 500.
4. Arvind sold goods to Sagar for ₹ 20,000 on credit and drew a bill for two months on Sagar for the same amount.
5. Neeta retired her acceptance to Arvind of ₹ 16,500 by paying cash ₹ 16,000

Mohini Company Limited issued 25,000 equity shares of ₹ 100 each payable as follows:

On Application ₹ 20

On Allotment ₹ 30

On First call ₹ 20

On Second and Final call ₹ 30

Applications were received for 22,000 equity shares and allotment of shares were made to them.

All money was received by the company.

Pass Journal Entries in the books of Mohini Co. Ltd.

Explain the features of Computerised Accounting System.

Suresh, Naresh and Paresh were equal partners. On 31^st March, 2019 their Balance sheet was as follows:

Suresh died on 30^th June, 2019 and the following adjustments were agreed as:

1. Furniture was to be adjusted to its market price of ₹ 1,70,000.
2. Land and building was to be depreciated by 10%.
3. Provide R.D.D. at 5% on debtors.
4. The profit up to the date of death of Suresh is to be calculated on the basis of average profit of last year which was ₹ 90,000.

Prepare:

1. Profit and loss adjustment account.
2. Partners’ capital account.
3. Balance sheet of the continuing firm.

Convert the following Trading and Profit and Loss Account into Vertical Income Statement:

Dr. Anish Korgaonkar started the practice of Medical Practioner on 1^st April 2019. He gives you the Receipts and Payments Account for the year ended 31^st March 2020 and the adjustments.
Prepare the Income and Expenditure Account for the year ended 31^st March 2020 and the Balance Sheet as on that date:

Additional information:

1. Receipts in arrears are visit fees ₹ 4,000 and dispensary ₹ 1,000
2. Outstanding expenses - Rent ₹ 1,000 and Salaries ₹ 2,000
3. Stock of drugs ₹ 2.000
4. Depreciate furniture @ 8% p.a. and equipment ₹ 1.000.
5. 40% of the conveyance expenses are for domestic use.

Mama and Kaka are partners in partnership firm sharing profits and losses equally. You are required to prepare Profit and Loss Account for the year ended 31st March, 2019 and Balance Sheet as on that date:

Adjustment:

1. Gross profit amounted to ₹ 69,000.
2. Prepaid insurance ₹ 7,500.
3. Depreciate Land and Building at 10% p.a. and Furniture 5% p.a.
4. Write ₹ 2,000 for bad debts and maintain R.D.D. at 5% on sundry debtors.
5. Closing stock is valued at ₹ 69,000.