Book Keeping and Accountancy Model set 2 shaalaa.com 2021-2022 HSC Commerce (English Medium) 12th Standard Board Exam Question Paper Solution

Death is a compulsory ______.

Dissolution

Admission

Retirement

Winding-up

Cost of goods sold __________.

Sales - Gross profit

Sales - Net Profit

Sales Proceeds

None of these

The Indian Partnership Act is in force since _______.

1932

1881

1956

1984

The closing balance of Receipts and Payments account usually represent _______.

Closing Stock

Cash and Bank Balance

Surplus

Deficit

The Profit or Loss from revaluation on the retirement of a partner is shared by ______.

The remaining partners

All the partners

Only retiring partner

Bank

Find odd one.

Wages

Salary

Royalty

Import Duty

Find odd one:

Machinery

Furniture

Computers

Salaries

Find the Odd one.

General reserve

Creditors

Machinery

Capital

Find the odd one.

Bills receivable

Bills Payable

Endorsement of bill

Cash memo

Find the odd one.

Equity shares

Preferential shares

Debentures

Investment

Answer in one sentence only.

Why is Partnership Deed necessary?

Answer in one sentence only.

What is ‘Legacy’?

What is the sacrifice ratio?

Answer in one sentence only.

When is Realisation Account opened?

Answer in One Sentences.

How to view reports in tally?

State true or false with reason.

Financial Statement includes only Balance Sheet.

True

False

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

A deceased partner is not entitled to the Goodwill of the firm.

True

False

State whether the following statement is true or false with reason.

Retiring partner is not entitled to share in general reserve and accumulated profit.

True

False

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

Not for Profit Concerns do not have profit motive.

True

False

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

Mr. Deep & Mr. Karan were in Partnership sharing Profits & Losses in the proportion of 3:1 respectively. Their Balance Sheet On 31st March 2018 Stood as follows.

They admit Shubham into Partnership on 1 April 2018 The term being that:

1. He shall have to bring in ₹ 20,000 as his capital for 1/5 Share in future profits & 10,000 as his share of Goodwill.
2. A Provision for 5% doubtful debts to be created on Sundry Debtors.
3. Furniture to be depreciated by 20%
4. Stock should be appreciated by 5% and Building be appreciated by 20%
5. Capital A/c of all partners be adjusted in their new profit sharing ratio through cash account.

Prepare Profit and Loss Adjustment A/c, Partner’s Capital A/c, Balance sheet of the new firm.

The Balance Sheet of Ram, Shyam, and Ghanshyam sharing profits and losses 3:2:1 respectively. Their position on 31-3-2019 were as follows.

Ghanshyam retired on 1st April 2019 on the following terms.

1. Building and Investment to be appreciated by 5% and 10% respectively.

2. Provision for Doubtful Debts to be created at 5% on Debtors.

3. The provision of ₹ 3,000 be made in respect of Outstanding Salary.

4. Goodwill of the firm is valued at  ₹ 90,000 and partners decide that goodwill should be written back.

5. The amount payable to the Retiring partner be transferred to his Loan A/c.

Prepare : Profit and Loss Adjustment A/c, Partners Capital A/c, Balance Sheet of New Firm.

Saiesh, Sumit, and Hemant were in partnership sharing Profits and Losses in the ratio 2:2:1. They decided to dissolve their partnership firm on 31st March 2019 and their Balance Sheet on that date stood as;

It was agreed that;

1. Saiesh to discharge Loan and to take Debtors at book value.
2. Plant realised ₹ 1,35,000.
3. Stock realised ₹ 72,000.
4. Creditors were paid off at a discount of ₹ 45.

Show Realisation A/c, Partners’ Capital A/c and Bank A/c

Priyanka owed Meena ₹ 18,000, Priyanka accepted a bill drawn Meena for the amount at 4 months. Meena endorsed the same bill to Sagar. Before due date Priyanka approached Meena for renewal of bill. Meena agreed on condition that ₹ 6,000 be paid immediately together with interest on the remaining amount of 8 % p. a. for 3 months and Priyanka should accept a new bill for the balance amount. These arrangements were carried through. However, before the due date, Priyanka became insolvent and only 50 % of the amount could be recovered from her estate.

Give Journal Entries in the Books of Meena.

Subhash Company Limited issues 2000 Equity shares of ₹100 each payable as ₹ 30 on application, ₹ 30 on allotment, ₹ 40 on first and final call. All the shares were subscribed and duly allotted. Company made all the calls. All cash was duly received except the first & final call on 100 equity shares. These shares were forfeited by company and were re-issued as fully paid for ₹75 per share.

Show the Journal entries in the books of Subhash Company Ltd.

Explain sourcing of Accounting Software.

The following is the Balance Sheet of Shikha, Divit and Naman, who were partners sharing profits and losses in the ratio of 2 : 2 : 1.

Naman died on 1st July, 2020 and the following adjustment were made in the books of the firm:

(1) All debtors were considered as good and the Reserve for Doubtful Debts was no longer necessary.

(2) A contingent liability for compensation of ₹ 3,600 was to be provided.

(3) Investment worth ₹ 80,000 were taken over by the executor of Naman and the remaining investments were sold ₹ 60,000.

(4) Stock was revalued at ₹ 60,000.

(5) The goodwill of the firm was valued at ₹ 40,000 and was to be shown in the books.

(6) The deceased partner's share in profit up to the date of his death was to be calculated on the basis of the preceding year's profit which was ₹ 32,000.

Prepare the Profit and Loss Adjustment Account, Capital Accounts of Partners and the Balance Sheet of the new firm after the death of Naman.

Following is the Balance Sheet of Mahi Traders for the year ended 31-3-2018 and 31-3-2019:

Prepare Common Size Balance Sheet for the year 31-03-2018 and 31-03-2019

Following is the Balance Sheet on 1st April 2019 and Receipts and Payments Accounts of M.J.Liabrary. You are required to prepare Income and Expenditure Account for the year ended 31st March, 2020 and Balance Sheet as of that date.

Adjustments:

(1) Depreciation on Books at 10% p.a.

(2) Depreciation on Furniture at 10% p.a.

(3) 50% Entrance fees and whole amount of Life Membership Fees should be capitalised.

(4) Library had 2,000 members paying Subscription ₹ 200 each.

(5) The value of unused Postage Stamps was ₹ 400.

Kavya and Bhavya are partners, sharing profits and losses in the ratio 3 : 2. From the following Trial Balance and adjustments, prepare: Trading and Profit and loss Account for the year ending and Balance Sheet as on that date.

Adjustments :

1. Closing Stock ₹ 1,80,000.
2. Outstanding wages ₹ 1,500 and Salaries ₹ 1,000
3. Depreciate Vehicles @ 5% p.a.
4. Write off Bad debts of ₹ 2,500 and provide for R.D.D at 5% Sundry Debtors.
5. Bhavya withdrew Goods of ₹ 3,000 for her personal use.