Book Keeping and Accountancy Official 2022-2023 HSC Commerce (English Medium) 12th Standard Board Exam Question Paper Solution

Write the word/phrase/term, which can substitute the following sentence.

Debit balance of Trading Account.

Write the word/phrase/term, which can substitute the following sentence.

The receipts which are not recurring in nature.

Write the word/phrase/term which can substitute the following statement:

Capital employed × `("N.R.R.")/100`

Give one word/phrase/term which can substitute the following statement:-

Fees charged by Notary Public for getting the fact of dishonour noted.

Write the word/phrase/term which can substitute the following statement:

The person who purchases the share of a company.

Return outwards are deducted from ______.

Receipts and Payments account falls under the category of ______ account.

Revaluation A/c is also known as ______ account.

Making payment of bill before the due date of maturity is known as ___________.

Benefit ratio = New Ratio − __________.

Answer in one sentence only.

When is Partners Current Account is opened?

Answer in one sentence only.

What is Surplus?

Answer in one sentence only.
What is sacrifice ratio?

Answer in one sentence only.

Who is called Insolvent person?

Answer in One Sentences.

What is CAS?

The Indian Partnership Act is in force since _______.

1932

1881

1956

1984

Not for profit organisation is called ______ organisation.

Service

Trading

Profit making

Commercial

Rishi, Ratna and Ruchira are sharing profits and losses `1/2, 3/10 and 1/5`, if Rishi retires then their new ratio will be ______.

5:2

3:2

5:3

2:5

Market

Purchase

sale

book

The Common Size Statement requires _________.

Common base

Journal Entries

Cash Flow

Current Ratio

Mr. Rajeev and Mr. Sanjeev were in partnership, sharing profit and losses in the proportion of 3:1 respectively. Their Balance Sheet as on 31st March, 2020 was as follows:

Mr. Mahesh is admitted as a partner in the firm on the following terms:

1. Mahesh shall have `1/4`th share in profit of the firm.
2. He shall bring in cash ₹ 1,20,000 as his capital and ₹ 60,000 as his share of goodwill.
3. Building overvalued by ₹ 24,000 and the stock is undervalued by 25% in the books.
4. Provide reserves for the doubtful debts ₹ 2,400 on debtors.

You are required to prepare: Revaluation Account, Capital Account of partners and Balance Sheet of the firm after admission of Mr. Mahesh.

The Balance Sheet of Kiran, Suraj and Dhiraj, sharing profit and losses 3:2:1 respectively.

Dhiraj has taken retirement on 1st April, 2020 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 ₹6,000 to be made in respect of outstanding salary.
4. Goodwill of the firm is valued at ₹1,80,000 and partner (Dhiraj) decided that his share of goodwill should be written back immediately.
5. The amount payable to the retiring partner is to be transferred to his loan account.

Prepare:

1. Profit and Loss Adjustment Account
2. Partners' Capital Account
3. Balance Sheet of the New firm.

The following is the Balance Sheet of partners Aarti and Akanksha as on 31st March, 2019:

On 1st April, 2019 the firm was dissolved:

1. Aarti took over patents at a value of ₹4,000.
2. The assets were realised as under:
   Furniture ₹13,000; Goodwill ₹6,000; Stock ₹8,000 and Debtors ₹6,000.
3. Creditors were paid off at a discount of 10% and other liabilities were paid in full.
4. Expenses for realisation amounted to ₹3,000 which were borne by Akanksha.

Prepare:

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

Mr. Aman sold goods to Varun worth ₹24,000. Varun accepted the bill for 2 months for the same amount on the same date. Aman discounted the bill with bank after one month at 15% p.a. The bill was dishonoured on the due date and Varun requested Aman to accept ₹4,000 and interest in cash on remaining amount at 11% p.a. for 3 months. Aman agreed and for the balance Varun accepted a new bill at 3 months. On the due date of the new bill, Varun become insolvent and only 20% amount could be recovered from his estate.

Pass journal entries in the books of Aman.

Ankur Company Limited invited applications for 65,000 equity shares of (100 at par payable as follows:

On application ₹30; On allotment ₹40; On first and final call ₹30
The public applied for 50,000 shares and all these were alloted. All money due were collected with an exception of first and final call on 5,000 shares, these were forfeited.

Pass Journal entries in the books of Ankur Company Limited.

Explain the features of Computerised Accounting System.

Jay, Ajay and Vijay were partners sharing profit and losses in the ratio 2:2:1 respectively.

Their balance sheet as on 31st March, 2020 was as follows:

Vijay died on 1st July, 2020.

1. Building was revalued at ₹60,000 and reserve for doubtful debts is to be created at ₹5,000 on debtors.
2. Furniture was to be revalued at ₹35,000.
3. The drawings of Vijay upto the date of his death amounted to ₹12,000.
4. Interest on drawing of ₹1,000 is to be charged.
5. Vijay's share of goodwill should be calculated at 2 years purchases of the average profit for the last 5 years which were:
   I year ₹60,000; II year ₹50,000; III year ₹80,000; IV year ₹1,00,000; V year ₹1,20,000.
6. The deceased partner's share of profit upto his death to be calculated on the basis of average profit of last two years (IV and V years)

Prepare:

1. Working of Vijay's share of profit.
2. Working of Vijay's share of goodwill.
3. Revaluation Account.

Income statement for the year ended 31st March, 2019 and 31st March, 2020 is given below:

Prepare:

1. Common size income statement for the year 31st March, 2019 and 31st March, 2020.
2. State in which year the profitability was better?

Dr. Dhanashri started (business) of medical practitioner on 1st April, 2019.
She gives you the Receipts and Payment Account for the year ended 31st March, 2020 and the adjustments. 
Prepare Income and Expenditure account for the year ended 31st March, 2020 Balance Sheet as on that date.

Additional Information:

1. Visit fees ₹4,000 and receipts from dispensary ₹1,000 is outstanding.
2. Stock of drugs ₹2,000.
3. Depreciate furniture @ 10% p.a. and equipments ₹1,000.
4. 40% conveyance was for domestic purpose.
5. Cash introduced ₹50,000 should be considered as capital fund.

Seema and Vivek are partners sharing profit and losses In the ratio 1:1. From the following trial balance and additional information prepare Trading and Profit and Loss Account for the year ended 31st March, 2020 and Balance Sheet as on that date.

Adjustments:

1. Closing stock ₹40,000.
2. Depreciate building @ 5% and motorcar @ 3% p.a.
3. Create a provision for bad-debts ₹1,800.
4. Prepaid expenses-wages ₹700.
5. Interest receivable ₹900.