Book Keeping and Accountancy [Set 1]
Marks: 80 Maharashtra State Board
HSC Commerce (English Medium)
HSC Arts (English Medium)
HSC Commerce: Marketing and Salesmanship
Academic Year: 2016-2017
Date: July 2017
HSC Commerce (English Medium)
HSC Arts (English Medium)
HSC Commerce: Marketing and Salesmanship
Academic Year: 2016-2017
Date: July 2017
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[15]1
[5]1.A | Attempt any three
[1]1.A.1
Answer in one sentence only.
What is Capital Fund?
Concept: undefined - undefined
Chapter: [0.05] Accounts of “Not for Profit” concerns
Chapter: [0.05] Accounts of “Not for Profit” concerns
[1]1.A.2
What is ‘Equity Share’?
Concept: undefined - undefined
Chapter: [0.08] Company Accounts
Chapter: [0.08] Company Accounts
[1]1.A.3
Answer in one sentence.
What are noting charges?
Concept: undefined - undefined
Chapter: [0.07] Bills of Exchange
Chapter: [0.07] Bills of Exchange
[1]1.A.4
What is ‘analysis’ of financial statement?
Concept: undefined - undefined
Chapter: [0.09] Analysis of Financial Statements [0.09] Analysis of Financial Statements
Chapter: [0.09] Analysis of Financial Statements [0.09] Analysis of Financial Statements
[1]1.A.5
When is the bill is said to be ‘honoured’?
Concept: undefined - undefined
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
[5]1.B
[1]1.B.1
Give the word / term or phrase which can substitute the following statement.
Expenses which are paid before due.
Concept: undefined - undefined
Chapter: [0.02] Partnership Final Accounts [0.06] Single Entry System
Chapter: [0.02] Partnership Final Accounts [0.06] Single Entry System
[1]1.B.2
Write the word/term or phrase which can substitute the following statement.
Account which is credited when goodwill is withdrawn by old partners.
Concept: undefined - undefined
Chapter: [0.03] Reconstitution of Partnership
Chapter: [0.03] Reconstitution of Partnership
[1]1.B.3
Write the word / term / phrase, which can substitute the following statement.
Expenses incurred on dissolution of a partnership firm.
Concept: undefined - undefined
Chapter: [0.04] Dissolution of Partnership Firm [0.06] Dissolution of Partnership Firm
Chapter: [0.04] Dissolution of Partnership Firm [0.06] Dissolution of Partnership Firm
[1]1.B.4
Write a word/term/phrase as substitute for following statement.
A person to whom the bill is endorsed.
Concept: undefined - undefined
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
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[1]1.B.5
Give one word/term/ phrase for the following statement
The ratio measuring the relationship between gross profit and net sales.
Concept: undefined - undefined
Chapter: [0.09] Analysis of Financial Statements
Chapter: [0.09] Analysis of Financial Statements
[5]1.C
[1]1.C.1
Select the most appropriate alternative from given below and rewrite the statement:
Return outward are decuted from ________________.
purchses
sales
capital
debtors
Concept: undefined - undefined
Chapter: [0.02] Partnership Final Accounts
Chapter: [0.02] Partnership Final Accounts
[1]1.C.2
Select the most appropriate alternative from given below and rewrite the statement:
___________ is a major source of revenue income for ‘not for profit’ concern.
Subscription
Donation
Legacies
Life membership fees
Concept: undefined - undefined
Chapter: [0.05] Accounts of “Not for Profit” concerns
Chapter: [0.05] Accounts of “Not for Profit” concerns
[1]1.C.3
Select the most appropriate alternative from given below and rewrite the statement :
Assets and Liabilities are transferred to Realisation Account at their __________ values.
market
purchase
sale
book
Concept: undefined - undefined
Chapter: [0.03] Reconstitution of Partnership
Chapter: [0.03] Reconstitution of Partnership
[1]1.C.4
Select the most appropriate alternative from given below and rewrite the statement
A person on whom a bill of exchange is drawn is called as _______
A person on whom a bill of exchange is drawn is called as _______
drawer
drawee
payee
endorsee
Concept: undefined - undefined
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
[1]1.C.5
Select the most appropriate alternative from given below and rewrite the statement
If closing capital is greater than opening capital it shows _______________
gross profit
net profit
gross loss
net loss
Concept: undefined - undefined
Chapter: [0.09] Analysis of Financial Statements
Chapter: [0.09] Analysis of Financial Statements
[5]1.D
[1]1.D.1
State whether the following statement is True or False.
All direct expenses are debited to Trading account.
True
False
Concept: undefined - undefined
Chapter: [0.02] Partnership Final Accounts
Chapter: [0.02] Partnership Final Accounts
[1]1.D.2
State 'True' or 'False'
When goodwill is paid privately, no entry in the books of account is required.
True
False
Concept: undefined - undefined
Chapter: [0.03] Reconstitution of Partnership (Admission of Partner) [0.03] Reconstitution of Partnership
Chapter: [0.03] Reconstitution of Partnership (Admission of Partner) [0.03] Reconstitution of Partnership
[1]1.D.3
State whether the following statement is ‘True’ or ‘False’
On dissolution, cash or bank account is closed automatically.
True
False
Concept: undefined - undefined
Chapter: [0.04] Dissolution of Partnership Firm [0.06] Dissolution of Partnership Firm
Chapter: [0.04] Dissolution of Partnership Firm [0.06] Dissolution of Partnership Firm
[1]1.D.4
Write True or False
Noting charges are payable to the Notary public on honour of a bill.
True
False
Concept: undefined - undefined
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
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[1]1.D.5
State True or False.
Single Entry System is based on certain rules and principles.
True
False
Concept: undefined - undefined
Chapter: [0.06] Single Entry System
Chapter: [0.06] Single Entry System
[5]1.E
Prepare a format of Bill of Exchange from the following information :
(1) Drawer : Abhilash Patil, M.G. Road, Kokarda.
(2) Drawee: Bhargav Mishra, 140 Civil Lines, Nagpur.
(3) Payee: Gopal Deshpande, Ambajogai.
(4) Amount of bill: Rs. 21,500/-
(5) Period of Bill : 3 months
(6) Date of bill : 23rd August, 2013
(7) Date of acceptance: 25th August, 2013.
(8) Accepted for : Rs. 20,000 only.
Concept: undefined - undefined
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
[8]2
Mr. Govind keeps his books by single entry method and disclosed the following information of his business .
| Particulars | 1.4.12 | 31.3.13 |
| Investments | - | 30000 |
| Bills Payable | - | 18000 |
| Creditors | 52500 | 69000 |
| Furniture | 15000 | 15000 |
| Debtor | 60,000 | 90,000 |
| Stock in Trade | 30,000 | 37500 |
| Cash at Bank | 36,000 | 54,000 |
Additional Information :
(1) Mr. Govind transferred Rs. 300 per month during first half year and Rs. 200 each month for the remaining period from his business to his personal account. He also took goods of Rs. 700 for private use.
(2) Mr. Govind sold his personal assets for Rs. 7000 and brought the proceeds into his business.
(3) Furniture is to be depreciated by 10%.
(4) Provide R.D.D. at 5% for debtors.
Prepare : Opening and Closing Statement of affairs and Statement of Profit or Loss for the year ended 31st March 2013.
Concept: undefined - undefined
Chapter: [0.03] Reconstitution of Partnership
Chapter: [0.03] Reconstitution of Partnership
OR
[4]2.AExplain the operating activities on cash flow .
Concept: undefined - undefined
Chapter: [0.09] Analysis of Financial Statements
Chapter: [0.09] Analysis of Financial Statements
[4]2.B
Explain the Return On Investment (ROI)
Concept: undefined - undefined
Chapter: [0.09] Analysis of Financial Statements
Chapter: [0.09] Analysis of Financial Statements
[10]3
[10]3.A
Ganga, Yamuna are partners sharing profits and losses in 3:2 respectively.
Their position on 31. 3. 2013.
Balance sheet as on 31.03.2013
|
Liabilities
|
Amount
|
Assets
|
Amount
|
|
Capital A/c
|
Building
|
100000
|
|
|
Ganga
|
100000
|
Furniture
|
10000
|
|
Yamuna
|
75000
|
Stock
|
31000
|
|
Creditors
|
10000
|
Debtors 50000
|
|
|
Bills Payable
|
5000
|
Less: R.D.D. -1000
|
49000
|
|
General Reserve
|
15000
|
Bank
|
15000
|
|
205000
|
205000
|
On 1st April, 2013, they admitted Saraswati on the following terms:
(1) Saraswati should bring in cash Rs. 1,00,000 as capital for 1/5 share in future profit and Rs. 25,000, as goodwill.
(2) Building should be revalued for Rs. 1,25,000.
(3) Depreciate Furniture at 12 1/2 % p.a. And stock at 10%.
(4) R.D.D. should be maintained as it is.
(5) The capital accounts of partners should be adjusted in their new profit sharing ratio through bank account.
Prepare: (1) Profit and loss adjustment account. (2) Capital Account. (3) Balance sheet of new firm.
Concept: undefined - undefined
Chapter: [0.03] Reconstitution of Partnership
Chapter: [0.03] Reconstitution of Partnership
OR
[10]3.BShanti, Samadhan and Sangarsh were sharing profits and losses in the ratio of 7: 5: 4. Their balance sheet as on 31st .03.2013 was as follows:
Balance Sheet as on 31st March,2013.
|
Liabilities
|
Amount
|
Assets
|
Amount
|
|
Capitals:
|
Furniture
|
17000
|
|
|
Shanti
|
23000
|
Machinery
|
18000
|
|
Samadhan
|
15000
|
Building
|
16000
|
|
Sangharsh
|
12000
|
Cash
|
37000
|
|
Bills Payable
|
4000
|
||
|
Creditors
|
8000
|
||
|
Loan
|
10000
|
||
|
General Reserve
|
16000
|
||
|
88000
|
88000
|
Sangharsh died on 30 th June, 2013, and the following adjustments were agreed as per deed.
(1) Furniture, Machinery and Building are to be revalued at Rs. 16,700, Rs. 16,200, Rs. 30,100 respectively.
(2) Sangharsh’s share in goodwill is to be valued from firm’s goodwill which was valued at two times of the average profit of last three years.
Profits of the last three years - Rs. 30,000, Rs. 25,000, Rs. 20,000.
(3) His profit up to the date of death is to be calculated on the basis of profit of last year.
(4) Sagharsh was entitled to get a salary of Rs. 800 per month.
(5) Interest on capital at 10% to be allowed.
(6) Sangharsh’s drawing up to the date of death was Rs. 600 per month.
Prepare : (i) Sangarsh’s capital account showing amount payable to his executor.
(ii) Give working notes for share of goodwill and profit.
Concept: undefined - undefined
Chapter: [0.03] Reconstitution of Partnership (Admission of Partner) [0.03] Reconstitution of Partnership
Chapter: [0.03] Reconstitution of Partnership (Admission of Partner) [0.03] Reconstitution of Partnership
[10]4
Apate draws a bill on Mapate for Rs. 8000 at 3 months.
Mapate accepted the same and sent to Apate. Apate sent the same bill to his bank for collection. On due date Mapate found himself unable to make payment of the bill, and requested Apate to renew it.
Apate agreed on the condition that Mapate should pay Rs. 2000 and interest Rs. 200 on the remaining balance in cash and accept a fresh bill for the balance for two months.
These agreements were carried through. On due date of new bill it was duly honoured.
Pass journal entries and Mapate’s account in the books of Apate.
Concept: undefined - undefined
Chapter: [0.02] Partnership Final Accounts [0.06] Single Entry System
Chapter: [0.02] Partnership Final Accounts [0.06] Single Entry System
[10]5
[10]5.A
Umesh and Prakash were partners sharing profit and losses in the proportion of 3/5 and 2/5 respectively. They dissolved their partnership firm on 31st March, 2013, when their financial position was us under:
Balance sheet as on 31st March, 2012
|
Liabilities
|
Amount
|
Assets
|
Amount
|
|
Sundry Creditors
|
7500
|
Cash at Bank
|
1500
|
|
Umesh’s Wife’s Loan
|
15000
|
Debtors 33750
|
|
|
Capital Accounts:
|
Less: R.D.D. - 3750
|
30000
|
|
|
Umesh
|
69000
|
Stock
|
67500
|
|
Prakash
|
45000
|
Machinery
|
22500
|
|
Furniture
|
15000
|
||
|
136500
|
136500
|
(1) The assets realised as under.
Goodwill Rs. 7500; Stock Rs. 60000; Debtors Rs. 27000
(2) Machinery was taken over by Prakash at Rs. 20,000 and furniture by Umesh at book value.
(3) Umesh agreed to discharge his wife’s loan.
(4) The creditors were paid at a rebate of Rs. 1500.
(5) The expenses of dissolution amounted to Rs. 3000
Concept: undefined - undefined
Chapter: [0.02] Partnership Final Accounts
Chapter: [0.02] Partnership Final Accounts
OR
[10]5.BMahalaxmi Industries Ltd. Kundur issued 15000 equity shares of Rs. 100 each. They were payable as follows:
On Application Rs. 20
On Allotment Rs. 30
On First Call Rs. 25
On Second Call Rs. 25
The company received application for 12000 shares. All the applications were accepted and shares were alloted. The company made both the calls. One Shareholder holding 400 shares failed to pay the final call. His shares were forefeited.
Pass journal entries in the books of Mahalaxmi Industries Ltd. Kundur.
Concept: undefined - undefined
Chapter: [0.02] Partnership Final Accounts
Chapter: [0.02] Partnership Final Accounts
[12]6
Following is the Balance Sheet and Receipts and Payments Account of Ekveera Hospital Amravati.
Balance Sheet as on 1.4.2012
|
LIABILITIES
|
AMOUNT
|
ASSETS
|
AMOUNT
|
|
Capital Fund
|
502000
|
Cash in Hand
|
3000
|
|
Medical bill Unpaid
|
3000
|
Cash at Bank
|
6000
|
|
Land and Building
|
400000
|
||
|
Furniture
|
35000
|
||
|
Equipments
|
60000
|
||
|
Outstanding Subscription
|
1000
|
||
|
505000
|
505000
|
Receipts and Payments Account for the year ended 31.3.2013
|
Receipts
|
Amount
|
Payments
|
Amount
|
|
To balance b/d
|
By Salaries
|
55000
|
|
|
Cash in Hand
|
3000
|
By Medicines
|
26000
|
|
Cash at Bank
|
6000
|
By Equipment purchased
|
10000
|
|
To Subscription
[Includes Rs. 1000 received for previous year]
|
65000
|
By General Expenses
|
4300
|
|
To Sale of Old Furniture
[Book value Rs. 15000]
|
10000
|
By Balance c/d
|
|
|
To Donations (Revenue)
|
22000
|
Cash in Hand
|
7700
|
|
To Life Membership Fees
|
12500
|
Cash at Bank
|
15500
|
|
118500
|
118500
|
Adjustments:
(1) Outstanding subscription Rs. 6000.
(2) Capitalise the amount of life membership fees.
(3) Outstanding Salary Rs. 6000.
(4) Depreciate Land and Building by Rs. 10000 and Equipments by Rs. 15000.
(5) Unpaid medicine bill as on 1-4-2012 is still unpaid.
Prepare Income and Expenditure Account for the year ending 31.3.2013 and Balance Sheet as on that date.
Concept: undefined - undefined
Chapter: [0.05] Accounts of “Not for Profit” concerns
Chapter: [0.05] Accounts of “Not for Profit” concerns
[15]7
From the following Trial Balance of M/s Vishal and Vaibhav, you are required to prepare Trading and Profit and Loss Account, for the year ended 31st March 2013 and Balance Sheet as on that date after taking into consideration the adjustments given below:
| Trial Balance as on 31st March 2013 | |||
|
Debit Balances
|
Amount
|
Credit Balances
|
Amount
|
|
Salary and Wages
|
17000
|
Sales
|
110000
|
|
Postage and Telegram
|
1750
|
Sundry Creditors
|
72700
|
|
Opening Stock
|
23500
|
Bills Payable
|
40000
|
|
Plant and Machinery
|
70000
|
10% Bank Loan
[Taken on 1st October 2012]
|
60000
|
|
Import Duty
|
3100
|
Outstanding Audit Fees
|
5900
|
|
Purchases
|
98500
|
Capital Accounts:
|
|
|
Sundry Debtors
|
45800
|
Vishal
|
45000
|
|
Bills Receivable
|
16700
|
Vaibhav
|
45000
|
|
Carriage Outward
|
1800
|
||
|
Wages and Salary
|
14000
|
||
|
Printing and Stationery
|
4600
|
||
|
Cash in hand
|
1850
|
||
|
Leasehold premises
|
80000
|
||
|
378600
|
378600
|
||
Adjustments:
(1) Closing stock was valued at Rs. 30000.
(2) Postal stamps of Rs. 250 and stationery of Rs. 400 are unused.
(3) Leasehold property is to be run for 10 years w.e.f. 1st October 2012.
(4) Depreciate Plant and Machinery at 10% p.a.
(5) Mr. Rajan, our customer, became insolvent and could not pay his debts of Rs. 1500.
Concept: undefined - undefined
Chapter: [0.05] Accounts of “Not for Profit” concerns
Chapter: [0.05] Accounts of “Not for Profit” concerns
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Maharashtra State Board previous year question papers 12th Standard Board Exam Book Keeping and Accountancy with solutions 2016 - 2017
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How Maharashtra State Board 12th Standard Board Exam Question Paper solutions Help Students ?
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• 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.
Previous year Question paper for Maharashtra State Board 12th Standard Board Exam Accounts-2017 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.
