HSC Commerce (English Medium)
HSC Arts (English Medium)
HSC Commerce: Marketing and Salesmanship
Academic Year: 2015-2016
Date: July 2016
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Answer the following question in one sentence.
What is Trial Balance?
Chapter: [0.02] Partnership Final Accounts
Answer the following question in one sentence.
What shows credit balance of revaluation account ?
Chapter: [0.03] Reconstitution of Partnership (Admission of Partner) [0.03] Reconstitution of Partnership
Answer the following question in one sentence.
What are ‘convertible debentures’ ?
Chapter: [0.08] Company Accounts
Answer the following question in one sentence.
Who is ‘Payee’ ?
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
Answer the following question in one sentence only.
What is single entry system?
Chapter: [0.06] Single Entry System
Give the word / term or phrase which can substitute the following statement.
The accounts which are prepared at the end of each financial year.
Chapter: [0.02] Partnership Final Accounts
Write a word / term / phrase which can substitute of the following statement.
The fees paid by a person who wants to become a life member of the concern, for his whole life.
Chapter: [0.05] Accounts of “Not for Profit” concerns
Write a word / term / phrase as a substitute of the following statement.
The acknowledgement of debt under common seal of company.
Chapter: [0.08] Company Accounts
Write a word / term / phrase which can substitute of the following statement :
Payment of the bill before its due date.
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
Give one word/term/ phrase for the following statement
Critical evaluation of financial statement to measure profitability.
Chapter: [0.09] Analysis of Financial Statements [0.09] Analysis of Financial Statements
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Select the most appropriate alternative from those given below and rewrite the statement.
All indirect expenses are debited to ____________ account.
Trading
Capital
Profit and Loss
Current
Chapter: [0.02] Partnership Final Accounts
Select the most appropriate answer from the alternatives given below:
Share of profit of a deceased partner till the date of death is _____________.
debited to P/L Adjustment A/c
credited to P/L Adjustment A/c
debited to P/L Suspense A/c
credited to P/L Suspense A/c
Chapter: [0.03] Reconstitution of Partnership [0.04] Reconstitution of Partnership (Retirement of Partner)
If an asset is taken over by partner from firm his capital account will be ___________.
credited
debited
added
none of these
Chapter: [0.04] Dissolution of Partnership Firm [0.06] Dissolution of Partnership Firm
Select the most appropriate alternative from those given below and rewrite the statement.
There are ____________ parties to the Bill of Exchange.
Two
Three
Four
Five
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
Select the most appropriate answer the alternatives given below and rewrite the Sentence
Further capital introduced during the year is _______________ from closing capital in order to find-out the correct profit.
added
deducted
divided
ignored
Chapter: [0.06] Single Entry System
State whether the following statement is True or False.
All receipts are the items of revenue income.
True
False
Chapter: [0.05] Accounts of “Not for Profit” concerns
State whether the following statement is True or False.
At the time of dissolution loan from partner will be transferred to Realisation Account.
True
False
Chapter: [0.04] Dissolution of Partnership Firm [0.06] Dissolution of Partnership Firm
State whether the following statement is True or False.
A Bill of Exchange is a negotiable instrument.
True
False
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
State whether the following statement is True or False.
Acceptance without making any change in the terms of bill is called general acceptance.
True
False
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
State whether following statement is true or false.
Ratio Analysis is useful for inter-firm comparison.
True
False
Chapter: [0.09] Analysis of Financial Statements [0.09] Analysis of Financial Statements
Shri Arjun Patil, 104, Shivaji Nagar, Ambajogai draws a two months bill on Shri Tukaram Magdum, Daulat Road, Halkarni, Kolhapur payable to Shri Ranveer Patil, Mondha, Parali Vaijanath on 23 rd August, 2013 for Rs. 7550. Shri Tukaram Magdum accepted it on 28th August, 2013 for Rs. 7500 only.
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
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Mrs. Shailaja keeps her books under single entry system and gives the following information.
| Particulars | 1.4.2012 | 31.3.2013 |
| Amount (Rs.) | Amount (Rs.) | |
| Investments | - | 12,000 |
| Bank overdraft | - | 10,000 |
| Bills payable | 5,000 | 8,000 |
| Creditors | 26,500 | 31,500 |
| Furniture | 9,000 | 19,000 |
| Debtors | 35,000 | 50,000 |
| Stock | 15,000 | 19,000 |
| Bank Balance | 18,000 | 28,000 |
Chapter: [0.06] Single Entry System
Explain the limitations of analysis of financial statements.
Chapter: [0.09] Analysis of Financial Statements [0.09] Analysis of Financial Statements
Explain the operating activities on cash flow .
Chapter: [0.09] Analysis of Financial Statements
Following is the balance sheet of Harish and Girish
Balance Sheet as on 31st March, 2010
| Liabilities | Amount (Rs) | Amount (Rs) | Assets | Amount (Rs) | Amount (Rs) |
| Creditors | 38000 | Cash in Hand | 37000 | ||
| Bills Payable | 46,000 | Stock | 21000 | ||
| Profit and Loss A/c | 16,000 | Debtors | 46000 | 40000 | |
| Capital A/c’s | (-)R.D.D | 6000 | |||
| Harish | 100000 | 240000 | Equipments | 12000 | |
| Girish | 140000 | Furniture | 25000 | ||
| Plant | 85000 | ||||
| Building | 120000 | ||||
| 340000 | 340000 | ||||
They admitted Shirish on 1st April 2010 on the following conditions:
1) For his 1/3rd share in the future profits Shirish brings Rs 2,00,000 as his Capital.
2) It is decided to raise goodwill by Rs 90,000 and write it off fully after Shirish’s admission.
3) Equipments and plant to be depreciated by 20% and10% respectively and Building to be appreciated by 15%.
4) Bills Payable were retired for Rs 35,000
5) All debtors are considered good.
6) Furniture of the book value Rs 12,000 was taken over by Harish at 40% of the book value.
Prepare, revaluation A/c, Partner’s Capital Account and Balance Sheet of the new firm.
Chapter: [0.03] Reconstitution of Partnership (Admission of Partner) [0.03] Reconstitution of Partnership
Anita, Sunita and Kavita were partners sharing profits and losses in the ratio 3:3:2. Their Balance Sheet as on 31st March 2013 is as below :
Balance Sheet as on 31st March, 2013.
|
Liabilities
|
Amount
(Rs.)
|
Assets
|
Amount
(Rs.)
|
|
Capital Accounts
|
Building
|
10000
|
|
|
Anita
|
11000
|
Machinery
|
10700
|
|
Sunita
|
15000
|
Furniture
|
10000
|
|
Kavita
|
8000
|
Debtors
|
5000
|
|
Creditors
|
10000
|
Stock
|
6600
|
|
Reserve fund
|
4000
|
Cash
|
6600
|
|
48900
|
48900
|
Chapter: [0.01] Introduction to Partnership and Partnership Final Accounts [0.02] Partnership Final Accounts
Journalise the following transactions in the books of Jaydeep.
(A) Arvind renews his acceptance of Jaydeep of Rs. 7,000 with interest Rs. 500 for two months.
(B) Bank informed Jaydeep that Mahadev’s acceptance of Rs. 4,000 which was discounted and dishonoured. Bank charged noting charges Rs. 80.
(C) Hanumant informed Jaydeep that Kazi’s acceptance for Rs. 7,000 endorsed to Hanumant has been dishonoured, noting charges Rs. 85.
(D) Datta honoured his acceptance of Rs. 4,900, which was sent to bank for collection. Bank debited Rs. 100 for bank charges.
(E) Radhika retired her acceptance to Jaydeep of Rs. 9,000 by paying Rs. 8,700.
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
Rahul, Rohit and Ramesh were partners in a firm sharing profits and losses in the ratio of 2:2:1 respectively. The Balance Sheet as on 31.03.2013 was as follows :
Balance Sheet as on 31st Mar, 2013
| Liabilities |
Amount
(Rs.)
|
Assets |
Amount
(Rs.)
|
Amount
(Rs.)
|
| Sundry Creditors | 20,000 | Cash at Bank | 8000 | |
| Bills Payable | 5,000 |
Debtors
|
16000 | |
| General Reserve | 6,000 | Less : R.D.D. | (1000) | 15,000 |
| Rahul’s Loan A/c | 16,000 | Stock | 20,000 | |
| Capital Account | Plant and Machinery | 30,000 | ||
| Rahul | 25,000 | Furniture | 6,000 | |
| Rohit | 10,000 | Ramesh’s Capital Account | 3,000 | |
| 82000 | 82000 |
Chapter: [0.04] Dissolution of Partnership Firm [0.06] Dissolution of Partnership Firm
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
Dhiraj and Suraj are partners sharing profits and losses in the ratio of 2 : 1. From the following Trial Balance and adjustments, prepare Trading and 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
|
Particulars
|
Amount
Rs.
|
Particulars
|
Amount
Rs.
|
| Opening Stock | 32,000 | Sales | 1,93,500 |
| Purchases | 64,000 | Sundry Creditors | 16,500 |
| Plant and Machinery | 30,000 | Return Outward | 2,500 |
| Furniture | 18,500 | Capital Accounts | |
| Carriage | 1,500 | Dhiraj | 90,000 |
| Wages | 30,000 | Suraj | 50,000 |
| Bills Receivable | 5,000 | ||
| Sundry Debtors | 32,000 | ||
| Conveyance | 4,000 | ||
|
Salaries
|
10,500 | ||
| Cash in hand | 14,750 | ||
| Land and Building | 83,500 | ||
| Bad debts | 1,750 | ||
| Patents | 25,000 | ||
| 352,500 | 352,500 |
Chapter: [0.01] Introduction to Partnership and Partnership Final Accounts [0.02] Partnership Final Accounts
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