Strictly as per the latest syllabus prescribed by Maharashtra State Board of Secondary and Higher Secondary Education, Pune MAHARASHTRA HSC

Transcription

1

2 Strictly as per the latest syllabus prescribed by Maharashtra State Board of Secondary and Higher Secondary Education, Pune MAHARASHTRA HSC CHAPTERWISE / TOPICWISE SOLVED papers For 2018 Exam With Topper s Answers of 2016 Exam CLASS 12 Book-keeping & accountancy

3 To Buy These Books Visit

4 CONTENTS l Solved Paper of HSC Exam March l Topper Answers of HSC Exam March l Examination Paper of HSC Exam March l Topper Answers of HSC Exam March INTRODUCTION TO PARTNERSHIP l Topic 1 - Concept of Partnership 2 PARTNERSHIP FINAL ACCOUNTS l Topic 1- Final Accounts l Topic 2 - Final Account with Adjustment 3 RECONSTITUTION OF PARTNERSHIP l Topic 1 - Goodwill : Meaning, Valuation and Treatment l Topic 2 - Admission of a Partner 4 RECONSTITUTION OF PARTNERSHIP (RETIREMENT OF A PARTNER) RECONSTITUTION OF PARTNERSHIP (DEATH OF A PARTNER) l Topic 1 - Death of a Partner 6 DISSOLUTION OF PARTNERSHIP FIRM l Topic 1 - Simple Dissolution l Topic 2 - Dissolution under Insolvency Situation 7 ACCOUNTS OF NOT FOR PROFIT CONCERNS SINGLE ENTRY SYSTEM BILL OF EXCHANGE (ONLY TRADE BILL) l Topic 1 - Bill of Exchange l Topic 2 - Dishonour of a Bill of Exchange 10 COMPANY ACCOUNTS PART-I ACCOUNTING FOR SHARES l Topic 1 - Issue of Shares for Cash l Topic 2 - Issue of Shares for Consideration other than Cash 11 COMPANY PART-II ACCOUNTING FOR DEBENTURES l Topic 1 - Issue of Debentures for Cash l Topic 2 - Issue of Debentures for Consideration other the cash and Interest on Debentures 12 ANALYSIS OF FINANCIAL STATEMENTS l Topic 1 - Analysis of Financial Statements (Meaning, Objectives, Limitations and Tools) l Topic 2 - Cash Flow Analysis and Ratio Analysis ll ( 3 )

5 PREFACE Malcolm Forbes said Education's purpose is to replace an empty mind with an open one and this is something which is always followed by Maharashtra State Board of Secondary & Higher Education (MSBSHSE). The aim of the Board is not just to let learners obtain basic knowledge but to make them life-long learners. The purpose of this book is to nurture individuality and thus enhance one's innate potentials which help in increasing the self-study mode for students. This book strengthens knowledge and attitude related to subject. This book is designed in such a way that students can set their own goals and can improve their problem solving and thinking skills. This book is strictly as per the latest Maharashtra Board Curriculum for HSC Exams. It contains variety of questions from latest textbooks. It contains all types of questions like VSA Questions (Very Short Answer), SA Questions (Short Answer), MCQs (Multiple Choice Questions) and LA Questions (Long Answer). A synopsis is given for every chapter which contains important points from that chapter. Each chapter has high quality figures wherever required for better, fast and clear understanding. OSWAAL HSC Question Bank is different and better in terms of High Quality Questions which are developed by 'OSWAAL Expert Panel'. The Question Bank is strictly based on the latest MSBSHSE Textbooks and is arranged TOPIC-WISE where each Topic from every Chapter is explained in detail. Through OSWAAL Books students are taught how to think, not what to think. We at OSWAAL Books try to use quality content, standard language, creativity and high quality figures, which makes readers to enjoy it because we believe if our readers don't enjoy reading our book then there is no use in reading it at all. This is one of the reasons that the scope of this book extends from students to teachers. Teachers can use this book as a perfect teaching guide and students can use this book for good learning and practice. At last we would like to thank our authors, editors, reviewers and specially students whom we request to send suggestions regularly which will help in continuous improvement of this book and will make this book One of the Best. Wish you all Happy Learning. Publisher Why Topic Wise Question Banks Are A Better Choice than Previous Year s Papers? Question Bank 1. Chapter-wise and Topic wise resentation in Question Banks facilitates systematic study. 2. Question Banks can be referred to by the students throughout the year as well as at the completion of each chapter in school. 3. Question Banks, take into account any changes in syllabus or layout and hence are fully updated and aligned as per the latest specifications by the Board. Previous Years' Paper 1. Year Wise presentation restricts methodical flow of learning. 2. These can be referred to only after the completion of the full syllabus in school. 3. Previous Years' questions cannot be changed and hence fail to be adept with the latest Board specifications ( 4 )

6 LATEST SYLLABUS 1. INTRODUCTION TO PARTNERSHIP Ø Meaning and Definitions. Ø The Indian Partnership Act, 1932 Ø Methods of Capital Accounts : (a) Fixed Capital Method (b) Fluctuating Capital Method. Learning objective : Ø Understanding the meaning of Partnership. Ø Know the salient features of Partnership. Ø Understand the meaning of The Indian Partnership Act, Ø Know the importance of Partnership Deed. Ø Understand the provisions applicable in the absence of Partnership Deed. Ø Know how to maintain Capital Accounts of Partners. 2. PARTNERSHIP FINAL ACCOUNTS Ø Introduction and Necessity of preparation of Final Accounts with following adjustments. l Closing Stock l Outstanding expenses l Prepaid expenses l Income received in advance l Income receivable l Bad debts l Provision for doubtful debts l Reserve for discount on debtors and creditors l Depreciation l Interest on capital, drawings and loans l Interest on investment and loans l Goods destroyed by fire/accident (insured/uninsured) l Goods stolen l Goods distributed as free samples l Goods withdrawn by partners l Unrecorded purchases and sales l Capital expenditure included in revenue expenses and vice-versa. l Bills Receivable dishonoured l Bills Payable dishonoured l Deferred expenses l Capital receipts included in revenue, receipts and vice-versa. l Commission to working partner/managers on the basis of Gross Profit, Net Profit, Sales, etc. Ø Learning Objectives : After studying this chapter a student will be able to : l Understand the meaning of Final Accounts. l Know the need and importance of Final accounts. l Know the effects of adjustments in Final accounts. l Know the meaning of Trading Account, Profit and Loss Account and Balance Sheet. l Know how to find out financial results of the business. 3. RECONSTITUTION OF PARTNERSHIP Ø Meaning and different ways of Reconstitution. Ø Admission of a partner : (a) Meaning and Need (b) Capital brought by a new partner (c) New profit sharing ratio (d) Sacrifice ratio (e) Meaning of Goodwill (f) Methods of Valuation of Goodwill : (i) Average Profit Method (ii) Super Profit Method. Ø Treatment of Goodwill. Ø Adjustment of accumulated profits and loss. Ø Revaluation of assets and liabilities. Ø Adjustment of capital. Learning Objectives : Ø Know the meaning and different ways of Reconstitution. Ø Know the meaning and need of admission of partner in the existing Partnership firm. Ø Identify the matters that require adjustments on admission of a partner. Ø Calculate new profit sharing ratio and sacrifice ratio. Ø Know the methods of calculation of Goodwill. Ø Know the treatment of Goodwill in the books of account while admitting a new partner. ( 5 )

7 ...Contd. Ø Know the accounting treatment as regards accumulated profits and losses. Ø Make necessary adjustments for revaluation of assets and liabilities. Ø Determine capital as per new profit sharing ratio. 4. RECONSTITUTION OF PARTNERSHIP (RETIREMENT OF A PARTNER) Ø Meaning, Need Ø New Ratio Ø Gain Ratio Ø Treatment of Goodwill Ø Adjustment of Accumulated Profits and Losses Ø Revaluation of Assets and Liabilities Ø Adjustment of Capital Ø Amount due to Retiring Partner. Learning Objectives : Ø Meaning of Retirement in Partnership Business. Ø Various ratios connected to Retirement of Partnership. Ø The treatment of Goodwill. Ø The effects of Reserves Accumulated Profits and Losses. Ø The effects of Revaluation of Assets and Re-assessment of Liabilities. Ø The adjustments to be made for remaining Partners' Capitals. Ø The various modes of final payment to be made to Retiring Partner. 5. RECONSTITUTION OF PARTNERSHIP (DEATH OF A PARTNER) Ø Meaning Ø New Profit Sharing Ratio Ø Gain (Benefit) Ratio Ø Revaluation of Assets and Liabilities Ø Amount due to Deceased Partner Executor Ø Settlement of amount due Ø Accounting treatment Learning Objectives : Ø Calculate various ratios Ø Calculate share of profit upto the date the death of a partner Ø Calculate share of Goodwill of the Deceased Partner Ø Calculate amount due to deceased partners' executor Ø Settle the account of the executor 6. DISSOLUTION OF PARTNERSHIP FIRM Ø Simple Dissolution Ø Dissolution under Insolvency Situation Ø Learning objectives : After studying These topics, Students will be able to understand Ø The meaning and concept of Dissolution Ø Reasons of Dissolution of Partnership Firm Ø Effects of Dissolution of Partnership Firm Ø Accounting treatment for settlement of accounts Ø Accounting procedures under simple Dissolution and Insolvency of a Partner 7. ACCOUNTS OF "NOT FOR PROFIT" CONCERNS Ø Introduction, Meaning and Features of Not for Profit Concerns. Ø Receipts and Payments Account-Meaning and Features. Ø Distinction between Income and Expenditure Account. Ø Preparation of Income and Expenditure Account and Balance Sheet with the following. (a) Additional Information : Ø Outstanding Expenses and Prepaid Expenses of the Current and Previous Year. Ø Accrued Income and Income Received in Advance. Ø Subscription Received in Advance and Subscription Outstanding of the Current and Previous Year. ( 6 )

8 ...Contd. Ø Depreciation. Ø Capitalisation of Entrance Fees. Ø Creation of Special Funds Out of Donation. Ø Stock of Stationery Ø Opening Balances of Assets and Liabilities. (b) Important Items : Ø Entrance Fees, Subscription, Legacy, Life Membership Fees, Sale of Old Assets, Scrap, Newspapers, Specific Donation, General Donations, Specific Funds and Endormant Fund. Ø Learning Objectives : After studying this unit a student will be able to. Ø Understands the meaning and features of "Not for Profit" Concerns. Ø Understands the meaning and features of Receipts and Payments Account. Ø Understand the meaning of Income and Expenditure Account' and its difference from Profit and Loss Account'. Ø Acquire skill for preparing Income and Expenditure Account and Balance Sheet of "Not for Profit" Concern. 8. SINGLE ENTRY SYSTEM Ø Introduction. Ø Meaning of Single Entry System. Ø Difference between Single Entry and Double Entry System. Ø Preparation of Statements Ø Additional Information : (i) Additional Capital (ii) Drawings (iii) Depreciation on Fixed Asset (iv) Bad Debts (v) Reserve for Doubtful Debts (vi) Undervaluation and Overvaluation of Assets and Liabilities (vii) Interest on Loan (viii) Interest on Capital (ix) Interest on Drawings (x) Partners' Salary (xi) Outstanding / Unpaid Expenses (xii) Prepaid Expenses / Expenses Paid in Advance. (xiii) Illustrations Learning objectives : After studying this chapter, students will be able to understand Ø Meaning of Single Entry System. Ø The difference between Single Entry System and Double Entry System. Ø Preparation of Opening Statement of Affairs, Closing Statement of Affairs and Statement of Profit or Loss. Ø The difference between Balance Sheet and Statement of Affairs. 9. BILL OF EXCHANGE (ONLY TRADE BILL) Ø Introduction, Necessity, Meaning and Definition of Bill of Exchange. Ø Draft/Format of Bills, Parties to the Bill of Exchange, Acceptance of Bill, Terms of Bill, Days of Grace, Date of Maturity, Due Date and Types of Bill. Ø Honouring of Bill, Dishonour of Bill, Noting and Protesting of Bill, Notary Public and Noting Charges. Ø Accounting Treatment of Bill by the Drawer/Holder and Drawee in following cases : (i) Retaining the Bill till due date, Honour/Dishonour, Insolvency of the Drawee/Acceptor. (ii) Endorsement of the Bill, Honour/Dishonour and also Insolvency of Acceptor. (iii) Discounting the Bill with the Bank Honour/Dishonour and Insolvency. (iv) Sending the Bill to the Bank for Collection, Honour/Dishonour and Insolvency. (v) Renewal of Bill-Reasons for Renewal of the Bill. Renewal of Bill with or without charging interest. (vi) Making part payment of basic amount, interest an noting charges and drawing of New Bill. (vii) Honour/Dishonour of New Bill. (viii) Insolvency of the Acceptor and Settlement of his Account. (ix) Retirement of Bill. (x) Journal Entries and Ledger ( 7 ) qq

9 ...Contd. Learning Objectives : After studying this chapter students will be able to : Ø Define and explain the meaning of a Bill of Exchange Ø Explain different concepts used in Bill of Exchange. Ø Prepare draft of Bill of Exchange. Ø Explain the different types of Bill of Exchange. Ø Understand Retaining, Sending Bill for Collection, Discounting, Endorsing, Honour, Renewal and Retiring of the Bill. Ø Explain the accounting treatment of Bills of Exchange. 10. COMPANY ACCOUNTS PART-I ACCOUNTING FOR SHARES Ø Share and Share Capital : Meaning, Nature and Types Ø Accounting for Share Capital : Issue and Allotment of Equity Shares. Private Placement of Shares. Public Subscription of Shares. Over Subscription and Under-subscription of Shares. Issue at Par and Premium, and at Discount, Calls in Advance in Arrears, Issue of Shares for Consideration other than Cash Ø Accounting treatment of Forfeiture and Re-issue Ø Disclosure of Share Capital in Company's Balance Sheet (Horizontal form) Learning Objectives: Afterstudying these topics, the students will able to : Ø Learn the Types of Shares and Share Capital. Ø Understand the concept of Public Subscription and Private Placement. Ø Know the Concept of Under and Over-subscription of Shares and Accounting Treatment if Shares are issued at Par at Premium and at Discount. Ø Differentiate the accounting treatment for Under-subscription and Oversubscription of Shares as well as Calls in Arrears and Calls in Advance. 11. COMPANY PART-II ACCOUNTING FOR DEBENTURES Ø Debentures : Meaning, Issue of Debentures at Par, at Premium and at Discount Ø Issue of Debentures for Consideration other than Cash and Interest on Debentures. Learning Objectives : After studying these topics the students will able to know : Ø Concept of Debentures. Ø Distinction between Debentures and Shares. Ø Types of Debentures. Ø Procedures for Issue of Debentures. Ø Accounting entries for Issue of Debentures. 12. ANALYSIS OF FINANCIAL STATEMENTS Ø Debentures : Meaning, Issue of Debentures at Par, at Premium and at Disco Ø Financial Statement Analysis : Meaning, Objectives and Limitations. Ø Tools for Financial Statement Analysis : Meaning of Comparative Statements, Common-sized Statements, Cash Flow Analysis and Ratio Analysis. Ø Accounting Ratios : Meaning, Objectives and Classification of Ratios. Ø Introductions to Current Ratio, Liquid Ratio, Gross Profit Ratio, Operating Profit Ratio and Net Profit Ratio. ROI, ROCI. Learning Objectives : After studying these topics, students will able to know : Ø Meaning, Objectives and Limitations of Financial Statement Analysis. Ø Tools for Financial Statement Analysis. Ø Comparative Statements Ø Common-sized Statements Ø Cash Flow Analysis Ø Meaning, Objectives and Classification of Accounting Ratios and Ratio Analysis qq ( 8 )

10 Solved Paper Maharashtra HSC Exam March 2017 Set No. J-568 Book Keeping & Accountancy Time : 3 Hours Max. Marks : 80 Q. 1. Attempt any three of the following sub-questions : [15] (A) Answer the following questions in only one sentence each : 5 1. Which statement is prepared under single entry system to ascertain profit? 2. What is capital deficiency? 3. What do you mean by non-recurring expenses? 4. How is gain ratio calculated? 5. What is retirement of a bill of exchange? (B) Write a word / term / phrase as a substitute for each of the following statements : 5 1. The amount which is not recoverable from the debtors. 2. A person on whom a bill is drawn. 3. The ratio measuring the relationship between gross profit and net sales. 4. Winding up of partnership business. 5. Officer appointed by the Central Government for noting of dishonour of a bill. (C) Select the most appropriate alternative from those given below and rewrite the statements : is an intangible asset. (a) Goodwill (b) Stock (c) Building (d) Cash is an acknowledgment of debt under common seal of a company. (a) Share (b) Debenture (c) Cheque (d) Bond 3. When closing capital is greater than opening capital, it denotes.... (a) profit (b) loss (c) no profit, no loss (d) assets 4. Cash proceeds from the issue of debentures is a... activity. (a) operating (b) trading (c) financial (d) non-financial is a person to whom the amount on a bill is payable. (a) Drawer (b) Drawee (c) Payee (d) Endorser (D) State whether the following statements are True or False : 5 1. Not for profit concerns do not have profit motive. 2. Bank account is debited when a bill is sent to the bank for collection. 3. A new partner is admitted in the firm for getting additional capital and skill. 4. Closing stock is always valued at market price. 5. Shares are always issued at par. (E) Prepare a specimen of Bill of Exchange from the following information : 5 1. Drawer Shri Ratnakar Patil, 205, New Bazar, Amaravati. 2. Drawee Shri Jairam Purohit, Hiwarkheda Road, Kannad.

11 10 ] Oswaal Maharashtra HSC Question Bank Chapterwise Solutions, BOOK-KEEPING & ACCOUNTANCY, Class Payee Shri Rohit Joshi, Kedareshwar Market, Ladjalgaon. 4. Period of bill 3 months 5. Amount of bill ` 25, Date of bill 25th August, Date of acceptance 28th August, 2013 Q. 2. Mr. John keeps his books according to single entry system. Following are the details of his business : [8] Machinery Furniture Stock Sundry debtors Cash in hand Cash at bank Sundry creditors Particulars Amount (`) 70,000 10,000 36,000 72,000 3,000 42,000 54, Amount (`) 70,000 20,000 42,000 88,000 4,100 52,300 60,400 Additional information : 1. Mr. John had introduced ` 20,000 as additional capital on 1st October, Mr. John had withdrawn ` 15,000 for his personal use during the year. 3. Additions to furniture were made on 1st October, Depreciate machinery at 10% p. a. and furniture at 20% p. a. Prepare : 1. Opening and Closing Statement of Affairs. 2. Statement of Profit or Loss for the year ending on 31st March, OR (A) What are the objectives of ratios? 4 (B) State the various sources of cash inflows from operating activities. 4 Q. 3. Ram and Madan were partners in a firm sharing profits and losses equally. Following was their balance sheet as on : [10] Capital : Ram Madan General reserve Sundry creditors Balance Sheet as on Liabilities Amount (`) Assets Amount (`) 1,00,000 1,00,000 40,000 55,300 Plant and machinery Furniture Sundry debtors Less : R.D.D. Stock Cash in hand Cash at bank 92,600 1,600 90,000 15,000 91,000 68,000 4,200 27,100 2,95,300 2,95,300 On 1 st April, 2012, Sohan was admitted as a partner in the firm on the following terms : 1. Soham is to bring in ` 1,00,000 as his capital. He is to be given 1/3rd share in future profits. 2. Goodwill of the firm to be raised at ` 30,000. It was decided that goodwill should not appear in the books of the new firm. 3. Furniture to be depreciated by 10%. Stock was valued at ` 70,500. Prepare : (1) Profit & Loss Adjustment Account. (2) Partners Capital Accounts. (3) Balance Sheet of the new firm.

12 SOLVED PAPER 2017 [ 11 OR Following is the balance sheet of Sharmila, Urmila and Pramila, who shared profits and losses in the ratio 5 : 3 : 2 respectively : Balance Sheet As on 31 st March, 2013 Capital accounts : Sharmila Urmila Pramila Reserve fund Sundry creditors Bills payable Liabilities Amount (`) Assets Amount (`) 2,00,000 1,50,000 1,00,000 50,000 42,800 6,000 Pramila retired on 31st March, 2013 on the following terms : 1. Goodwill of the firm was valued at ` 60,000. Land and buildings Plant and machinery Furniture Sundry debtors Stock Bills receivable Cash in hand Cash at bank 2,50,000 70,000 20,000 90,000 56,500 7,400 3,700 51,200 5,48,800 5,48,800 It was decided that goodwill should be raised to the extent of Pramila s share only, and to be written off immediately. 2. Land and building to be appreciated by ` 20,000. Stock is revalued at ` 58,500. Furniture is to be depreciated by 10%. 3. Amount payable to Pramila is to be transferred to her loan account. Give Journal Entries in the books of the firm. Q. 4. Raja made sales of goods worth ` 40,000 to Pradhan and received a part payment of ` 10, On the same date, Raja drew on Pradhan a three months bill for ` 30,000, received the acceptance on the bill and sent the bill to the bank for collection immediately. However, on the due date the bill was dishonoured due to Pradhan s insolvency and only 50% of the amount due could be recovered from his private estate as the first and final dividend. Give Journal Entries and Pradhan s Account in the books of Raja. Q. 5. Akbar and Birbal were partners in a firm sharing profits and losses in the ratio of 3 : 2 respectively. Their balance sheet as on 31st March, 2013 was as follows : [10] Capital accounts : Akbar Birbal General reserve Sundry creditors Balance Sheet as on 31 st March, 2013 Liabilities Amount (`) Assets Amount (`) 60,000 40,000 20,000 39,700 Plant and machinery Furniture Sundry debtors 61,000 Less : R.D.D. 1,000 Stock Bank 40,000 12,000 60,000 28,300 19,400 1,59,700 1,59,700 On the above date, the firm was dissolved and the assets realised were as follows : Plant and machinery ` 30,000. Sundry debtors ` 58,000. Furniture was taken over by Akbar for ` 10,000 and stock by Birbal for ` 27,000. Sundry creditors were paid ` 38,000 in full settlement of their claim. Realisation expenses amounted to ` 2,000.

13 12 ] Oswaal Maharashtra HSC Question Bank Chapterwise Solutions, BOOK-KEEPING & ACCOUNTANCY, Class-12 Prepare : (1) Realisation Account (2) Partners Capital Accounts (3) Bank Account. Modern Chemicals Co. Ltd. made an issue of 60,000 shares of ` 20 each payable as follows : On application On allotment On first call On second call OR ` 5 per share ` 5 per share ` 4 per share ` 3 per share The company received applications for 65,000 shares of which applications for 5,000 shares were rejected and money refunded. All the shareholders paid up to second call except one shareholder. Mr. Bhupendra, the allottee of 100 shares, who did not pay the amount of the second call. Give Journal Entries in the books of Modern Chemicals Co. Ltd. Q. 6. With the help of the Balance Sheet and Receipts and Payments. Account of Adarsh Cultural Club, Mumbai, prepare Income and Expenditure Account for the year ended 31 st March, 2013 and the Balance Sheet as on that date : [12] Capital fund Building fund Outstanding salary Balance Sheet as on Liabilities Amount (`) Assets Amount (`) 2,57,000 50,000 1,300 Buildings Furniture Outstanding subscription Cash in hand Cash at bank 2,50,000 20,000 1,000 2,400 34,900 3,08,300 3,08,300 Receipts and Payments Account Dr. for the year ended Cr. To Balance b/d Cash in hand Cash at bank To Subscriptions , , ,000 To Donations for building fund To Drama receipts Receipts Amount (`) Payments Amount (`) 2,400 34,900 51,000 20,000 28,000 By Salaries By Furniture (Purchased on ) By General expenses By Printing and stationery By Drama expenses By Balance c/d Cash in hand Cash in bank 35,300 10,000 8,400 4,200 16,000 4,600 57,800 1,36,300 1,36,300 You are also required to consider the additional information given below : 1. The club had 100 members, each paying ` 500 as annual subscription. 2. Furniture to be depreciated at 20% p.a. 3. Salaries include ` 1,300 paid for outstanding salaries for the year Salaries outstanding for the year were ` 700.

14 SOLVED PAPER 2017 [ 13 Q. 7. Jaya and Maya are partners in a firm sharing profits and losses in the ratio of 2 : 3 respectively. [15] With the help of the trial balance and adjustments given below, you are required to prepare their Trading, Profit and Loss Account for the year ended 31st March, 2013 and the Balance Sheet as on that date : Trial Balance as on 31st March, 2013 Debit Balances Amount (`) Credit Balances Amount (`) Purchases Insurance Rent, rates and taxes Office expenses Land and buildings Plant and machinery Furniture Carriage inward Sundry debtors Stock (as on ) Wages and salaries Cash in hand Cash at bank Drawings A/cs : Jaya Maya Adjustments : 1,09,000 3,700 14,600 7,300 3,00,000 60,000 15,000 3,700 88,000 32,800 28,600 4,700 40, ,500 Sundry creditors Sales R.D.D. Commission Capital A/cs : Jaya Maya Current A/cs : Jaya Maya 45,600 1,94,000 2,000 5,500 2,00,000 2,50,000 3,400 9,100 7,09,600 7,09, Closing stock was valued at ` 22, Purchases include purchase of furniture of ` 10,000 made on 1st October, Depreciate land and buildings at 10% p. a., plant and machinery at 10% p. a. and furniture at 20% p. a. 4. Create R. D. D. at 5% on sundry debtors.

15 14 ] Oswaal Maharashtra HSC Question Bank Chapterwise Solutions, BOOK-KEEPING & ACCOUNTANCY, Class-12 SOLUTIONS 1. (A) 1. Statement of Profit or Loss is prepared to ascertain profit. 2. If any one of the partner fails to bring necessary cash in the business to settle his dues, the debit balance of his accounts which insolvent partners is unable to contribute in known as Capital Deficiency. 3. Non-recurring expenses are related to acquisition of assets such as purchase of land, furniture etc. These type of assets gives benefits for long period say more than 3 years. 4. Gaining Ratio = (A) New profit share Old profit share 5. When drawee paid the amount of bill of exchange on due date, that is called retirement of bill of exchange. (B) 1. Bad Debts 2. Drawee 3. Gross Profit Ratio. 4. Dissolution of partnership. 5. (B) Notary Public (C) Select the most appropriate alternative from those given below and rewrite the statements : 5 1. (a) Goodwill 2. (b) Debenture 3. (a) Profit 4. (c) Financial 5. (c) Payee (D) 1. True 2. False 3. True 4. False 5. False (E) BILL OF EXCHANGE Stamp Shri Ratnakar Patil 205, New Bazar, Amaravati 25 th August, 2013 ` 25,000 Three Months after date, pay to Shri Rohit Joshi, Kedareshwar Market, Ladjalgaon, or his order, the sum of rupees Twenty Five Thousand only, for value received. To, Sd/- Shri Jairam Purohit Shri Ratnakar Patil Hiwarkheda Road, Kannad. Accepted Sd/- Shri Jairam Purohit 28 th August, Statement of Affairs (as on 1 st April, 2012) Sundry Creditors Capital (Bal. Fig.) Liabilities Amount (`) 54,500 1,78,700 Machinery Furniture Stock Sundry Debtors Cash in hand Cash at Bank Assets Amount (`) 70,000 10,000 36,000 72,200 3,000 42,000 2,33,200 2,33,200

16 Oswaal Maharashtra HSC Solved Papers For Class 12 Book Keeping And Accountancy For 2018 Exam 51% OFF Publisher : Oswaal Books ISBN : Author : Panel Of Experts Type the URL : Get this ebook