Book Keeping and Accountancy Model set 3 by shaalaa.com 2024-2025 HSC Commerce (English Medium) 12th Standard Board Exam Question Paper Solution

A, B and C are sharing profits and losses in the ratio of 1/2, 3/10, and 1/5 respectively. Find the new ratio of the remaining partners if A retires ______.

5 : 2

3 : 2

5 : 3

2 : 5

This displays the balance day-wise for a selected voucher type.

Record Book

Ledger book

Journal book

Day book

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

1956

1934

1984

2000

1981

Decrease in the value of assets should be ______ to Profit and Loss Adjustment Account.

Debited

Credited

Added

Equal

Nisha’s acceptance for ₹ 16,850 sent to bank for collection was honoured and bank charges debited were ₹ 125. Find out the amount actually received by Drawer.

Salary ₹ 10,000, outstanding salary ₹ 5,000. Calculate the salary to be debited to Income and Expenditure Account.

Company received excess application for 5000 shares @ ₹4 per share. Applications of 1000 shares were rejected and pro-rata allotment was made. Calculated the amount of application money adjusted with allotment.

Current Liabilities = ₹ 3,00,000

Working Capital  = ₹ 8,00,000

Inventory = ₹ 2,00,000

Calculate Quick Ratio.

Anika and Riddhi are partners sharing profits in the ratio of 5:1. They decide to admit Sanika in the firm for `1/5`th share. calculate the sacrifice ratio of Anika and Riddhi.

Do you agree or disagree with the following statement:-

Rebate or discount given on retiring a bill is an income to the Drawee.

Agree

Disagree

State whether you agree or disagree with following statement:

Directors can re-issue forfeited shares.

Agree

Disagree

A bill of exchange is a conditional order.

Agree

Disagree

State whether the following statement is True or False.

On dissolution Cash or Bank Account is closed automatically.

True

False

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

Not for Profit concerns do not prepare Balance Sheet.

True

False

Retiring Partner's share of goodwill is ______ to remaining Partner's Capital Account.

Deceased partner share of profit up to the death is shown on ______ side of Balance Sheet.

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

Trading Account is prepared on the basis of ______ expenses.

The transactions recorded in Income and Expenditure Account are related only to the _______ year.

Kale, Gore and Pandhare were partners in Shyam Traders, Pune sharing Profit and Losses in the ratio 3:3:2. Their Balance Sheet as on 31st March, 2019 is as follows:

On 1st April 2019, Mr. Pandhare retired from the firm on the following terms:

1. Assets to be revalued as Stock ₹ 6,300, Plant and Machinery ₹ 10 000 Livestock ₹ 10,200.
2. Goodwill of the firm is to be valued at ₹ 4,000. however only Pandhare's share in it is to be raised in the books and written off immediately.
3. RDD to be maintained at 10% on debtors.
4. ₹ 100 to be written off from Creditors.
5. The amount payable to Mr. Pandhare to be transferred to his Loon Account.

Prepare: Profit and Loss Adjustment Account, Partners Capital Account, Balance Sheet of new firm.

Mandar and Prasad are partners in a firm sharing profit & losses in the ratio of 3 : 2. The following is their balance sheet as on 31st March, 2019.

On 1^st April, 2019 Shubham is admitted for 1/2 share on the following terms:

1. He paid ₹ 1,00,000 as Capital ₹ 40,000 as his shares of goodwill by RTGS.
2. Plant & Machinery revalued at ₹ 48,000.
3. Building is taken over by Mandar at ₹ 100,000.
4. Reserve for Doubtful Debts (RDD) to be increased upto ₹ 4,000.
5. The old partners decided to retain half of the amount of goodwill in the business.
6. The old partners decided to sacrifice equally.

Prepare Partners' Capital Account Only and show your working clearly.

A firm consisting of partners Mukund, Sachin and Yuvraj decided to dissolve the partnership They decided to take over certain assets and liabilities and continue the business separately. The Balance Sheet was as under.

It was agreed as under:

1. Mukund is to take Furniture at ₹ 1,600 and the Debtors amounting to ₹ 40,000 at ₹ 34,400 only. He accepted the Creditors on ₹ 12,000 at that figure.
2. Sachin is to take over all Stock at ₹ 14,000 and Sundry Assets worth ₹ 16,000 at ₹ 14,400 only.
3. Yuvraj is to take over the remaining Sundry Assets at ₹ 16,000 and assume the responsibility for the discharge of the loan together will accrued interest on a loan of ₹ 60. which has not been recorded in accounts.
4. The dissolution expenses were ₹ 540.
5. The remaining debtors realised only ₹ 4,200.
6. The necessary adjustments were made by partners to settle their accounts.

Prepare Realisation Account, Partners Capital Account, and Cash Account, after giving effect to the above adjustments.

On 1st June, 2019 Pratap sold goods to Sujit worth ₹ 1,82,000. Sujit accepted a bill drawn upon him by Pratap for 2 months for ₹ 1,82,000. Give Journal entires in the book of Pratap and Sujit for the following cases:

1. Bill is honoured on the due date.
2. Bill is dishonoured on the due date.
3. Bill is dishounoured on the due date and noting charges ₹ 1,250 paid by Pratap.

Alankrit Ltd. offered for public 10,000 equity shares of ₹ 10 each at a premium of ₹ 12/- per share payable as under:

1. On Application -  ₹ 4
2. On Allotment - ₹ 4 (including premium)
3. On First & Final Call- Balance Amount

Company received all the money. The issue was fully subscribed. Give Journal Entries to record above transactions and also show in balance sheet.

Explain the features of Computerised Accounting System.

From the following Information, prepare Comparative Income Statement of Shri Shalni Ltd.

Roohi, Mona, Meena were partners in a business sharing profits and losses in the ratio of 2 : 1 : 1 respectively. Their balance sheet as on 31st March, 2019.

Meena died on 1st July, 2019:

1. Plant & machinery was to be revalued at ₹ 70,000 and RDD is to be created of ₹ 2,000.
2. The drawings of Meena up to the date of her death amounted to ₹ 10,000.
3. Charge interest on drawings ₹ 1,000.
4. Her share of goodwill should be calculated at three year purchase of the profits for the last four years which were: I year ₹ 1,50,000, II year ₹ 1,30,000, III year ₹ 70,000. IV ₹ 50,000.
5. The deceased partners' share of profit up to the date is to be calculated on the basis of average profit of last two years. (Ill & IV year)

Prepare Profit and Loss Adjustment account, Partners Capital Accounts and Balance Sheet of the continuing firm, give working note on share of profit and goodwill.

Symbiosys school, Pune showed the following position on 31st March, 2018.

Additional Information:

1. Tuition fees are outstanding for current year ₹ 5,000.
2. Salary to teachers is outstanding ₹ 15,000
3. Rent paid in advance is ₹ 3,000
4. Depreciation on Books @ 15 % p.a. and 10 % on Furniture.

You are required to prepare Income & Expenditure Account for the year ended 31st March, 2019 and a balance sheet as on that date.

From the following Trial Balance of Riddhi and Siddhi, you are required to prepare Trading and Profit & Loss Account for the year ended 31st March, 2020 and Balance Sheet as on that date after considering the additional information given below.

Adjustments:

1. Closing stock ₹ 48,700.
2. Outstanding Expenses - Wages ₹ 700 and Travelling Expenses ₹ 200.
3. Depreciate Land and Building by 10% and Furniture by 5%.
4. Insurance Paid in Advance ₹ 300.
5. Goods of ₹ 3,000 destroyed by fire and Insurance Company rejected the claim fully.