Book Keeping and Accountancy Official 2024-2025 HSC Commerce (English Medium) 12th Standard Board Exam Question Paper Solution

A ______ is an intangible asset.

Goodwill

Stock

Cash

Furniture

Excess of income over expenditure in ‘Not for Profit Concern’ is termed as ______.

Deficit

Profit

Surplus

Loss

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

Debited

Credited

Added

Equal

Dissolution expenses are credited to ______.

Realisation account

Cash/Bank account

Partners’ capital account

Partners’ loan account

Notary public is a ______.

Government officer

Drawer

Payee

Endorsee

Trading Account is prepared on the basis of ______ expenses.

Income and Expenditure Account is a ______ account.

Deceased partner's executor’s account is shown on the ______ side of balance sheet.

Fixed deposit account comes under ______ group.

If an asset is taken over by the partner, ______ account is debited.

Find the odd one:

Wages account

Salary account

Royalty account

Import duty account

Find the odd one:

Machinery account

Furniture account

Computer account

Rent account

Find the odd one:

General reserve account

Creditors account

Machinery account

Capital account

Find the odd one:

Notary public

Drawer

Drawee

Payee

Find the odd one:

At par

At premium

At discount

At loan

Partnership Firm is a trading concern.

Agree

Disagree

‘Not for profit concerns’ do not have profit motive.

Agree

Disagree

Retiring partner is called an outgoing partner.

Agree

Disagree

Gain ratio is calculated at the time of admission of new partner.

Agree

Disagree

Financial statement includes only balance sheet.

Agree

Disagree

Mr. Deepak and Mr. Abhishek were in partnership sharing profits and losses in the proportion of 3 : 1 respectively. Their Balance Sheet as on 31st March 2019 stood as follows:

They admitted Adinath into partnership on 1st April 2019 on the terms being that-

1. He shall have to bring in ₹ 40,000 as his capital for 1/5 share in future profits and ₹ 20,000 as his share of goodwill.
2. Furniture to be depreciated by 20%.
3. Stock should be appreciated by 10%.
4. Building should be appreciated by 5%.
5. A provision for 5% R.D.D. to be created on sundry debtors.
6. Capital account of all partners be adjusted in their new profit sharing ratio through cash account.

Prepare:

1. Revaluation Account
2. Partners' Capital Account
3. New Balance Sheet of the firm.

Given below is a Balance Sheet of Aditya, Ajinkya and Arun, who were partners in a firm sharing profits and losses in the ratio 5 : 3 : 2.

Their Balance Sheet as on 31st March 2020 was as follows:

On 1st April 2020 Arun retired on the following terms:

1. Goodwill of the firm will be raised in the books at ₹ 10,000.
2. Stocks to be reduced by 10%, furniture by 5% and Machinery by 10%.
3. R.B.D.D. be maintained at 5% on debtors.
4. ₹ 100 to be written off from creditors.
5. All the amount due to Arun transferred to his loan account.

Prepare:

1. Profit and Loss adjustment account.
2. Partners Capital Account.
3. Balance Sheet of the new firm.

Sharmila, Urmila and Leela are partners in the firm ‘Jeevan Stores’ sharing profits and losses in the ratio of 2 : 2 : 1 respectively. On 31st March 2020, they decided to dissolve the firm when their Balance Sheet was as under.

The firm was dissolved on the above date and the assets were realised as under:

1. Sharmila agreed to take over the building at ₹ 1,23,600.
2. Urmila took over goodwill, stock, and debtors at book values and agreed to pay creditors and bills payable.
3. Motor car and Machinery realised ₹ 1,51,080 and ₹ 31,680 respectively.
4. Investments were taken by Leela at an agreed value of ₹ 55,440.
5. Realisation expenses amounted to ₹ 6,800.

Prepare:

1. Realisation Account
2. Partners’ Capital Account
3. Bank Account

Prepare:

1. Journal entries in the books of ‘Mansi’
2. ‘Mansi’ account in the books of ‘Kanika’

‘Parimal Company Ltd.’ issued 1,00,000 preference shares of ₹ 20 each payable as ...

Company received application for all these shares and received all the money.

Pass journal entries in the books of Parimal Company Ltd.

Explain the importance of computerized accounting system.

Mahendra, Surendra and Narendra were partners sharing profits and losses in the ratio of 5 : 3 : 2 respectively. Their Balance Sheet as on 31st March 2019 was as follows:

Mr. Narendra died on 30th June 2019 and the following adjustments were agreed as per deed:

1. Stock, furniture, land and building are to be revalued at ₹ 16,700, ₹ 16,200 and ₹ 30,100 respectively.
2. Narendra’s share in goodwill is to be valued from firm’s goodwill which was valued at 3 times of the average profit of last four years. Profit of the last four years:
   

   I year	₹ 30,000
   II year	₹ 25,000
   III year	₹ 25,000
   IV year	₹ 40,000

3. His profit up to the death is to be calculated on the basis of profit of last year.
4. Narendra was entitled to get a salary of ₹ 1,200 per month.
5. Interest on capital at 10% p.a. to be allowed.
6. Narendra’s drawing up to the date of his death was ₹ 900 per month.

Prepare:

1. Narendra’s Capital Account showing amount payable to his executor.
2. Give working notes for:
   1. Share of goodwill due to Narendra
   2. Share of profit due to Narendra

From the following information, find out the current ratio:

Calculate the net profit ratio from the following data:

Given below is the Balance Sheet of ‘Bhanubai Mahila Seva Kendra’ as on 1st April 2019 and Receipts and Payments account for the year ending 31st March 2020:

Additional information:

1. Outstanding wages ₹ 450.
2. Entrance fees should be capitalised.
3. Depreciate furniture at 10% p.a.
4. Subscription for 2019 - 20 was outstanding ₹ 3,000.

Prepare:

1. Income and Expenditure account for the year ended 31st March 2020.
2. Balance Sheet as on 31st March 2020.

Rajan and Rohit 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 2020 and Balance Sheet as on that date with the help of following information: 

Additional information:

1. Gross profit amounted to ₹ 69,000.
2. Insurance paid for 15 months w.e.f. 1st April 2019.
3. Depreciate land and building at 10% p.a. and furniture at 5% p.a.
4. Write off ₹ 2,000 for bad debts and maintain R.D.D. at 5% on sundry debtors.
5. Closing stock is valued at ₹ 69,000.