Book Keeping and Accountancy Model set 1 by shaalaa.com 2024-2025 HSC Commerce (English Medium) 12th Standard Board Exam Question Paper Solution

As per SEBI guidelines minimum amount payable on share application should be ___________ of Nominal Value of shares.

10%

15%

2%

5%

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

Find the Odd one.

The decrease in Furniture

Patents written off

Increase in Bills Payable

RDD written off

1956

1934

1984

2000

1981

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

What do you mean by raising the goodwill at the time of admission of a new partner?

Who is considered to be a solvent partner?

What is New Ratio?

Answer in one sentence only.

What is dissolution of partnership firm?

Partnership deed is silent in respect of sharing of profits and losses; in this case what will be the ratio in which profits and loss to be shared?

Write a word/phrase/term which can substitute the following statement.

Reputation of business measured in terms of money.

Write the Word/Term/Phrase which can substitute the following statement:

Debit balance of revaluation Account.

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

Donation received for a specific purpose.

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

A person who represents the deceased partner.

Write a word/phrase/term which can substitute the following statement.

Legal Agreement in which partners are legally Liable for the acts done by them.

Give Specimen of Bill of Exchange:

1. Drawer: Mr. Ram Das, Pune
2. Drawee: Mr. Kapil Deo. Mumbai
3. Amount: ₹ 1,05,000
4. Tenure : 3 Months
5. Date of Bill: 3rd March. 2020
6. Date of Acceptance: 7th March, 2020

Following is the balance sheet of Arun, Suresh and Samyak who were sharing profits and losses equally.

On 1^st April 2019, Suresh retired from the firm on the following terms:

1. Land and Building be appreciated by 10% and Computer be reduced by ₹ 1,900.
2. Debtors were all good and RDD was no longer required.
3. Plant & Machinery be revalued at ₹ 9,400.
4. Goodwill of the firm be valued at ₹ 16,500.
5. Furniture were sold at ₹ 21,800 and part payment of ₹ 15,000 was made to Suresh by R.T.G.S. and balance was transferred to his Loan Account.

Prepare Revaluation A/c, Partners' capital A/c and the Balance Sheet of Arun and Suresh.

Following is the Balance Sheet of the firm of Nana, Nani and Sona who share Profits and Losses in the ratio of their Capital.

Sona retires from the business on 1st April 2019 and the following Adjustment were agreed.

1. Stock is to be valued at 92% of its Book Value.
2. RDD is to be maintained at 10% on debtors.
3. The value of Building is to be appreciated by 20%.
4. The Goodwill of the firm be fixed at ₹ 12000. Sona’s share in the same be adjusted in the accounts of continuing partners in gaining Ratio.
5. The entire Capital of the new firm be fixed at ₹ 1,60,000 between Nana and Nani in their New Profit sharing ratio which is fixed at 3:1 making adjustment in Cash.
6. Amount payable to Sona paid in cash.

Prepare: Revaluation Account, Partnership Capital Account and Balance Sheet of the reconstituted firm.

Dino, Manu and Ramu are Partners Sharing Profits and Losses in the Ratio 2 : 2 : 1. They decided to dissolved the firm on 31st March, 2020. When their position was as under.

The firm was dissolved on above date and the following is the result of realisation.

1. The Assets were realised as Building ₹ 40,000, Computer ₹ 30,000, Debtors ₹ 10,000.
2. Realisation expenses amounted to ₹ 2,000.
3. All partners were insolvent The following amount was recovered from them Dino ₹ 2,000 and Manu ₹ 2,000.

Prepare Necessary ledger account to close the books of the firm.

Akshay drew a bill on Deepak for ₹ 25,000 on 23^rd December, 2019, for 3 months. Deepak accepted the same and returned it to Akshay. On the due date the bill was duly honoured by Deepak.

Give journal entries in the books of Akshay and Deepak under each of the following cases:

1. If Akshay retained the bill till maturity.
2. If Akshay discounted the bill with the bank at 6% p.a. on the same day.
3. If Akshay sent the bill to bank for collection on 23^rd December, 2019.
4. If Akshay endorsed the bill to his creditor Viren.

Reliance company Limited invited applications for 50,000 Equity Shares of ₹ 100 each at par, payable as follows:

The public applied for 35,000 shares and all these were allotted. All money due were collected with an exception of first & final call on 4000 shares, these were forfeited. All forfeited shares were re-issued by the Directors at ₹ 80 per share.

Pass Journal Entries in the Books of Reliance Company Limited.

Give comparison between Manual Accounting Process and Computerized Accounting Process.

Rakesh, Mahesh & Mukesh were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1 respectively. Balance Sheet as on 31st March, 2019 as under:

Mukesh Died on 30th June, 2019 and following adjustments were made:

1. Assets were revalued as: Plant & Machinery ₹ 44,000, Motor Truck ₹ 18,000, Investment ₹ 17,000.
2. All debtors were good.
3. Goodwill of the firm valued at two times the average profits of the last five years. No Goodwill account to be shown in the books of the firm.
4. Mukesh's share of profit up to his death to be calculated on the basis of average profits last two years.
5. Five years Profits were - I year ₹ 6,000, II year ₹ 11,000, III year ₹ 7,000, IV year ₹ 12,000, V year ₹ 24,000 respectively.

Prepare Revaluation A/c, Partners Capital A/c and Balance Sheet as on 1 st July, 2019.

Prem, Verma, Sharma, were partners sharing profits and losses in the ratio 2: 1: 1 Their Balance Sheet as on 31st March 2019 is as follows.

1.  Prem died on 30th June 2019 and the following adjustments were made Prem’s share of profit is to be calculated on the average profit of the last two years.
2. Prem’s share in the Goodwill of the firm be given him. Goodwill will be valued at three times of the average profits of the last four years. The profits were.
   

   2015-16	₹ 1,60,000	2016-17	₹ 1,20,000
   2017-18	₹ 80,000	2018-19	₹ 40,000

3. Premises be valued at ₹ 2,80,000 and R.D.D. of ₹ 8,000 be created on debtors.
4. Drawing of Prem up to the date of his death were ₹ 15000 per month.
5. Interest on capital is allowed at 10% p.a. and to be charged on drawing at ₹ 4000.
6. The amount due to Prem be transferred to his executors loan account.

Prepare: Prem’s Capital Account, Give working of Prem’s share in Goodwill, and Interest on capital.

The following is the Receipts and Payments Account of Young Pensioner's Association. Leh for the year ended 31st March, 2020.

Adjustments:

1. Outstanding subscription for current year ₹ 7,000.
2. Furniture was purchased on 1st Oct, 2019 and it is to be depreciated by 10 % p.a
3. Outstanding picnic receipts ₹ 7,500.
4. Stock of stationery on 1-4-2019 was ₹ 350 and on 31st March, 2020 was ₹ 1,700.
5. 50 % of legacies and full amount of donations are to be capitalised.

With the above information, you are required to prepare Income and Expenditure Account for the year ended 31st March 2020.

Sun and Moon are partners sharing profits and losses equally. From the following trial balance and additional information prepare trading and Profit and Loss Account for the year ended 31st march 2020 and balance sheet as on that date.

Adjustment and Additional Information:

1. Closing Stock ₹ 40,000.
2. Depreciate Building and Machinery @ 5% and 3% respectively.
3. Bills Receivable included dishonoured bill of ₹ 3000.
4. Goods worth ₹ 1000 taken by sun for personal use was not entered in the books of accounts.
5. Write off ₹ 1800 as Bad debts and maintain R.D.D. at 5% on Sundry Debtors.
6. Goods of ₹ 6000 were sold but no entry was made in the books of accounts.