HSC Commerce (English Medium)
HSC Arts (English Medium)
HSC Commerce: Marketing and Salesmanship
Academic Year: 2013-2014
Date: मार्च 2014
Advertisements
Chapter: [0.02] Partnership Final Accounts [0.05] Accounts of “Not for Profit” concerns [0.06] Single Entry System
What is 'due date of a bill'?
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
Chapter: [0.05] Accounts of “Not for Profit” concerns
What do you mean by 'sacrifice ratio'?
Chapter: [0.03] Reconstitution of Partnership
Chapter: [0.06] Single Entry System
Chapter: [0.02] Partnership Final Accounts
Write the word/phrase/term, which can substitute the following sentence.
The excess of total assets over total liabilities of a ‘Not for Profit’ Concern.
Chapter: [0.05] Accounts of “Not for Profit” concerns
Chapter: [0.04] Dissolution of Partnership Firm [0.06] Dissolution of Partnership Firm
Transfer of title of a bill from a debtor to a creditor.
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
Chapter: [0.09] Analysis of Financial Statements
Advertisements
Select the appropriate answer from the alternative given below and rewrite the sentence.
When shares are forfeited, share capital account is _____________.
debited
credited
adjusted
none of the above
Chapter: [0.08] Company Accounts
A bill drawn and accepted on 23rd November 2012 for two months will payable on __________.
a. 23rd January 2012
c. 25th January 2013
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
If the opening capital is Rs. 80,000, closing capital is Rs. 1,80,000, withdrawals are Rs. 10,000 and additional capital brought in is Rs. 20,000, the profit will be Rs. ______________.
a. 90,000
c. 70,000
Chapter: [0.03] Reconstitution of Partnership [0.04] Reconstitution of Partnership (Retirement of Partner)
Assets and liabilities are transferred to Realisation Account at their ______ value.
Market
Purchase
sale
book
Chapter: [0.04] Dissolution of Partnership Firm [0.06] Dissolution of Partnership Firm
Share of profit or a deceased partner till the date of his death is ____________
a. debited to profit and loss adjustment account
c. debited to profit and loss suspense account.
Chapter: [0.03] Reconstitution of Partnership
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
The issue of debenture more than the face value is termed as an issue of debenture at par.
Chapter: [0.08] Company Accounts
Chapter: [0.02] Partnership Final Accounts
Ratio analysis is useful for inter-firm comparison.
Chapter: [0.09] Analysis of Financial Statements
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
Prepare a bill of exchange from the following details:
Drawer: Ramesh Mishra, L.B.S. Road, Ghatkopar, Mumbai
Drawee: Nandkumar Sharma, Laxmi Road, Pune
Payee: Rupesh Kumar Pande, Rajkamal Chowk, Amaravati.
Period of a bill: 90 days
Amount of bill: Rs. 25,000
Date of Bill: 17th February 2014
Date of Acceptance: 20th February 2014
Accepted for: Rs. 20,000 only.
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
Advertisements
Mr Keshav keeps his books on single entry system and disclosed the following information of his business.
| Particular | 1st April, 12 (Rs.) |
31st March, 13 (Rs.) |
| Investments | 30,000 | |
| Bills payable | 18,000 | |
| Creditors | 52,500 | 69,000 |
| Furniture | 15,000 | 45,000 |
| Debtors | 60,000 | 90,000 |
| Stock in Trade | 30,000 | 37,500 |
| Cash at Bank | 36,000 | 54,000 |
(1) Mr Keshav transferred Rs. 3,000 per month during the first half-year and Rs. 2000 per month for the second half year from a business account to his personal account.
(2) He also took goods worth Rs. 7,000 for private use.
(3) He sold his private asset for Rs. 27,000 and brought the proceeds into his business.
(4) Furniture to be depreciated by 10%
(5) Provide reserve for doubtful debts at 5% on debtors.
Prepare:
(i) Opening statement of affairs.
(ii) Closing statement of affairs.
(iii) Statement of Profit and Loss for the year ended 31st March 2013.
Chapter: [0.06] Single Entry System
What are the different 'Cash inflows' and 'Cash outflows' of operating activity?
Chapter: [0.09] Analysis of Financial Statements
State and explain any 'four objectives' of financial statement analysis from the business point of view.
Chapter: [0.09] Analysis of Financial Statements [0.09] Analysis of Financial Statements
Mrs Shehal and Mrs Meenal are equal partners in a business. Their balance sheet is as follows.
| Balance Sheet as on 31st March 2013 | |||
| Liabilities | Amount Rs. | Assets | Amount Rs. |
|
Capital A/c's Snehal 80,000 Meenal 45,000 Creditors General reserve
|
1,25,000 46,000 20,000
|
Premises Investments Equipments Bills Receivable Debtors 1,10,000 ( - ) R.D.D. 11,000 Bank Balance |
20,500 10,500 5,000 18,000
99,000 38,000 |
| 1,91,000 | 1,91,000 | ||
They agreed to admit Mr Komal on 1st April 2013 on the following terms:
(1) Komal should bring Rs. 50,000 towards her capital for one fourth (1/4th) Share in future profit.
(2) Goodwill to be raised in the books of the firm for Rs. 40,000.
(3) R.D.D. to be maintained at 5% on debtors.
(4) Premises to be valued at Rs. 30,000 and equipment to be written off fully.
(5) Creditors allowed a discount of Rs. 1,000 and they were paid off immediately.
Prepare Profit and Loss Adjustment Account, Partner's Capital Accounts and Balance Sheet of the new firm.
Chapter: [0.03] Reconstitution of Partnership (Admission of Partner) [0.03] Reconstitution of Partnership
Pravin, Prakash and Paresh were partners sharing profits and losses in the proportion to their capitals. Their balance sheet of the firm on 31st March 2013 was as under.
| Balance sheet as on 31st March 2013 | |||
| Liabilities |
Amount Rs |
Assets |
Amount Rs |
|
Capital A/c's: Pravin Prakash Paresh Creditors Reserve Fund |
60,000 40,000 20,000 56,000 36,000 |
Land and Building Investments Debtors 32,000 Less: R.D.D. 4,000 Stock Cash |
80,000 40,000
28,000 36,000 28,000 |
|
2,12,000 |
|
2,12,000 |
|
Paresh died on 1st August 2013 and the following adjustments were made:
(1) Assets were valued as – Land and building Rs. 88,000. Investments Rs. 36,000 and Stock Rs. 34,000.
(2) All debtors were good.
(3) Goodwill of the firm valued at two times the average profit of the last 4 years' profit.
(4) Paresh's share of profit up to his death to be calculated on the basis of average profit of the last two years.
(5) Profits for the last four years were: Rs. 12,000, Rs. 24,000, Rs. 14,000 and Rs. 22,000.
Prepare:
i. Profit and Loss Adjustment Account.
ii. Paresh's Capital Account, showing the amount payable to his executor.
iii. Give working with Paresh's share in Goodwill and Profit.
Chapter: [0.03] Reconstitution of Partnership [0.04] Reconstitution of Partnership (Retirement of Partner)
Journalise the following transactions in the books of Kedarnath:
1. Badrinath informs Kedarnath that Aloknath's Acceptance of Rs. 16,000 endorsed to Badrinath has been dishonoured and noting charges amounted to Rs. 500.
2. Somnath renews his acceptance of Rs. 14,400 to Kedarnath by paying cash Rs. 4,400 and accepting a new bill for 2 months for the balance plus interest @ 12% p.a.
3. Vishwanath retired his acceptance for Rs. 10,500 to Kedarnath by paying in cash Rs. 10,250
4. Recovered only 50% of the amount due from his private estate of Ramnath, who declared as insolvent, against his bill of Rs. 12,500.
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
Devendra and Ganesh were partners sharing profits and losses in the ratio of 3: 2. They dissolved the partnership firm on 31st March 2013 when their position was as follows:
The assets realised as follows:
| Balance Sheet as on 31.03.2013 | |||
| Liabilities | Amount Rs | Assets | Amount Rs. |
| Sundry Creditor | 12,500 | Debtors 56,250 | |
| Bank Overdraft | 10,000 | Less: R.D.D. 6,250 | 50000 |
| Reserve Fund | 15,000 | Stock | 112500 |
| Capital Accounts: | Furniture | 25000 | |
| Devendra 1,15,000 | Motor Car | 37500 | |
| Ganesh 75,000 | Cash in hand | 2500 | |
| 227500 | 227500 | ||
(1) Debtors Rs. 45,000, stock Rs. 1,00,000 and goodwill Rs. 12,500
(2) The motor car was taken over by Devendra for Rs. 35,000 and furniture by Ganesh for Rs. 30,000.
(3) The creditors were paid Rs. 11,250 in full settlement.
(4) The realisation expenses were Rs. 5,000.
Pass necessary journal entries in the books of the firm.
Chapter: [0.04] Dissolution of Partnership Firm [0.06] Dissolution of Partnership Firm
Khandelwal Co. Ltd. made an issue of 40,000 equity shares of Rs. 20 each, payable as follows:
Application: Rs. 5 per share
Allotment: Rs. 10 per share.
First Call: Rs. 3 per share.
Second and Final Call: Rs. 2 per share.
The company received applications for 45,000 shares of which applications for 5,000 shares were rejected and the money refunded. All the shareholders paid up to the second call except Sachin, the allottee of 2,000 shares, failed to pay the final call.
Pass Journal Entries for the above transactions in the books of Khandelwal Co. Ltd.
Chapter: [0.08] Company Accounts
Following is the Receipts and Payments Account of Chamber of Commerce, Amaravati for the year ending 31st March 2012 and some additional information.
| Receipts and Payments Account For the year ended March 31, 2012 | |||
| Receipts | Amount | Payment | Amount |
| To balance b/d (Cash at bank) | 11,960 | By Printing and Stationery | 6,950 |
| To Subscription (Including Rs. 2,500 for 2010–11) | 36,500 | By Repairs | 2,100 |
| To Sale of furniture (Books value Rs. 18,000) | 12,000 | By Rent | 8,500 |
| To Donation for building fund | 27,000 | By Books | 20,000 |
| To Admission fees (Revenue) | 5,050 | By Travelling expenses | 2,000 |
| By Investments | 40,000 | ||
| By Insurance | 1,700 | ||
| By Balance c/d (Cash at bank) | 11,260 | ||
| 92,510 | 92,510 | ||
| Particulars | 1.04.2011 | 31.03.2012 |
| Outstanding Subscription |
3,000 | 5,000 |
| Furniture | 32,000 | 12,600 |
| Building Fund | 1,45,000 | |
| Capital Fund | 1,51,960 | |
| Investment | 2,50,000 |
Prepare Income and Expenditure A/c for the year ended 31st March, 2012 and Balance Sheet as on that date.
Chapter: [0.05] Accounts of “Not for Profit” concerns
Miss Meena and Miss Reena are in partnership sharing profits and losses in the ratio of 3: 2.
From the following trial balance and adjustments, you are required to prepare Trading Account, Profit and Loss Account for the year ended 31st March 2013 and Balance Sheet as on that date.
Trial Balance as on 31.03.2013
| Trial Balance as on 31.03.2013 | |||
| Particulars | Debit Amount (Rs) | Particulars | Credit Amount (Rs) |
| Building | 4,00,000 | Capital Accounts: | |
| Plant and Machinery | 1,20,000 | Meena 3,00,000 | |
| Purchases | 6,50,000 | Reena 2,00,000 | 5,00,000 |
| Carriage | 7,000 | Sales | 8,14,000 |
| Opening Stock | 90,000 | Sundry Creditors | 1,80,000 |
| Wages | 35,000 | Bank Overdraft | 20,000 |
| Sundry Debtors | 1,50,000 | ||
| Salaries | 28,000 | ||
| Postage and Telegram | 4,000 | ||
| Insurance | 5,000 | ||
| Bad Debts | 3,000 | ||
| Rent | 4,000 | ||
| Discount | 3,000 | ||
| Drawings: | |||
| Meena 10,000 | |||
| Reena 5,000 | 15,000 | ||
| 15,14,000 | 15,14,000 | ||
Adjustments:
1. Stock on hand on 31st March 2013 was valued at Rs. 1,10,000.
2. Depreciate plant and machinery at 10% p.a.
3. Create reserve for doubtful debts at 5% on sundry debtors.
4. Salaries include Rs. 2,500 as advance to workers.
5. Partners are allowed interest at 5% p.a. on their capitals.
Chapter: [0.03] Reconstitution of Partnership (Admission of Partner) [0.03] Reconstitution of Partnership
Submit Question Paper
Help us maintain new question papers on Shaalaa.com, so we can continue to help studentsonly jpg, png and pdf files
Maharashtra State Board previous year question papers 12th Standard Board Exam Book Keeping and Accountancy with solutions 2013 - 2014
Previous year Question paper for Maharashtra State Board 12th Standard Board Exam Accounts-2014 is solved by experts. Solved question papers gives you the chance to check yourself after your mock test.
By referring the question paper Solutions for Book Keeping and Accountancy, you can scale your preparation level and work on your weak areas. It will also help the candidates in developing the time-management skills. Practice makes perfect, and there is no better way to practice than to attempt previous year question paper solutions of Maharashtra State Board 12th Standard Board Exam.
How Maharashtra State Board 12th Standard Board Exam Question Paper solutions Help Students ?
• Question paper solutions for Book Keeping and Accountancy will helps students to prepare for exam.
• Question paper with answer will boost students confidence in exam time and also give you an idea About the important questions and topics to be prepared for the board exam.
• For finding solution of question papers no need to refer so multiple sources like textbook or guides.
