Maharashtra Msbshse Class 12 Book-Keeping and Accountancy — Real Previous-Year Papers

Not for profit organization is also called ___ organization. (a) Service (b) Trading (c) Profit Making (d) Commercial

A ___ is an intangible asset. (a) Goodwill (b) Stock (c) Cash (d) Furniture

___ is credited when an unrecorded asset is brought into the business. (a) Revaluation Account (b) Balance Sheet (c) Trading Account (d) Partners capital Account

Write the word/term/phrase which can substitute the following statement: Debit balance of the revaluation account.

Give the word, term or phrase which can substitute the following statement: It is damaged software, cracked, nearly fully functional.

Write a word/term/phrase which can substitute for the following statement: Average Profit − Normal Profit =

Write the word/phrase/term, which can substitute the following sentence. An account which records only revenue items in the case of a not-for-profit concern.

Write the word/phrase/term, which can substitute the following sentence. Partnership agreement in written form.

When face value of the share is ₹ 100 and issued price is ₹ 110 then it is said that the shares are issued at ___.

A person who draws the bill of exchange is known as ___.

Dissolution expenses are credited to ___ account.

Credit side of receipts and payments account shows cash ___.

Expenses which are paid before due date are called as ___.

The Balance Sheet of Mohit and Rohit who shared profits equally, was as follows: | Balance Sheet as on 31 st March 2021 | | | | | | --- | --- | --- | --- | --- | | Liabilities | Amount (₹) | Amount (₹) | Assets | Amount (₹) | | Bills Payable | | 52,000 | Cash | 1,60,000 | | Creditors | | 48,000 | Stock | 80,000 | | Capital Accounts: | | 4,80,000 | Plant and Machinery | 1,40,000 | | Mohit | 2,00,000 | Debtors | 52,000 | | | Rohit | 2,80,000 | Furniture | 48,000 | | | General Reserve | | 20,000 | Land and Building | 1,20,000 | | | | 6,00,000 | | 6,00,000 | On 1 st April 2021, Sujit joined the firm as a partner for 1/5th share of future profit on the following terms and conditions: Stock, Plant, and Machinery are to be reduced by 20%. Land and Building is to be valued at ₹ 1,75,000. A provision of 10% is to be created on debtors. Sujit is to bring in ₹ 2,00,000 as capital. Goodwill is valued at ₹ 4,00,000. Sujit is to bring his share of goodwill in cash. Draft the Journal Entries in the books of the firm and show the Profit and Loss Adjustment Account.

Give journal entries of the following in the books of Daulat. Sarita’s acceptance for 3 months of ₹ 20,000 was discounted with the bank at ₹ 19,800. Siddhi’s acceptance of ₹ 15,000 was retired one month before the due date at a rebate of 12% p.a. Prachiti’s acceptance of ₹ 9,750 is endorsed in favour of Bhumika in full settlement of her account of ₹ 10,000. Sold goods to Madhura for ₹ 20,000 @ 10% trade discount. Received half the amount in cash and for the balance a bill for 2 months, which was accepted by Madhura. On the due date, Madhura meets the bill.

Rajeev, Sanjeev and Mahesh were partners in the firm Janki Traders sharing profit and losses in the ratio of 2 : 2 : 1. The following is the Balance Sheet as on 31st March 2022: | Balance Sheet as on 31st March 2022 | | | | | | --- | --- | --- | --- | --- | | Liabilities | Amount (₹) | Assets | Amount (₹) | Amount (₹) | | Capital Accounts: | | Machinery | | 2,00,000 | | Rajeev | 2,40,000 | Investment | | 96,000 | | Sanjeev | 80,000 | Debtors | 2,20,000 | 2,08,000 | | Mahesh | 80,000 | Less: R.D.D. | 12,000 | | | General Reserve | 24,000 | Stock | | 80,000 | | Creditors | 1,60,000 | Bank | | 56,000 | | Bills Payable | 56,000 | | | | | | 6,40,000 | | | 6,40,000 | On the above date, the partners decided to dissolve the firm. Assets were realised as under: Machinery ₹ 1,80,000, Stock ₹ 72,000, Investment ₹ 84,000, and Debtors ₹ 1,80,000. Dissolution expenses were ₹ 12,000. Goodwill of the firm realised ₹ 96,000. Prepare necessary ledger accounts to close the books of the Partnership Firm.

Ramesh, Dinesh and Mahesh were partners sharing profits and losses in the ratio of 5 : 2 : 3. Their balance sheet as on 31st March 2020 was as follows: | Balance Sheet as on 31st March 2020 | | | | | | --- | --- | --- | --- | --- | | Liabilities | Amount (₹) | Assets | Amount (₹) | Amount (₹) | | Capital Accounts: | | Plant and Machinery | | 42,000 | | Ramesh | 46,000 | Building | | 50,000 | | Dinesh | 42,000 | Stock | | 30,400 | | Mahesh | 27,600 | Debtors | 26,800 | 26,000 | | Creditors | 30,000 | Less: R.D.D. | 800 | | | Bills Payable | 11,200 | Bank | | 32,400 | | General Reserve | 24,000 | | | | | | 1,80,800 | | | 1,80,800 | Dinesh retired from business on 1 st April 2020 on the following terms: The assets were revalued as under: Stock ₹ 38,000 The building is appreciated by 10%. Plant and Machinery is to be depreciated by 10%. R.D.D. is increased up to ₹ 1,000. The goodwill of the retiring partner is valued at 18,000, and the remaining partners decided that the goodwill be written off in their new ratio, which will be 5 : 3. Amount due to Dinesh is to be transferred to his loan account. Prepare: Revaluation Account Partners’ Capital Account and Balance Sheet of New Firm.

Mahendra, Jitendra, and Hitendra are in partnership sharing profits and losses in the ratio of 3 : 2 : 1 respectively. Their Balance Sheet as on 31st March 2022 was as follows: | Balance Sheet as on 31st March 2022 | | | | | --- | --- | --- | --- | | Liabilities | Amount (₹) | Assets | Amount (₹) | | Capital Accounts: | | Debtors | 90,000 | | Mahendra | 2,20,000 | Machinery | 85,000 | | Jitendra | 2,10,000 | Investment | 3,50,000 | | Hitendra | 2,40,000 | Motor Lorry | 1,00,000 | | Creditors | 80,000 | Building | 80,000 | | Bills Payable | 7,000 | Bank | 1,48,000 | | General Reserve | 96,000 | | | | | 8,53,000 | | 8,53,000 | On 1st October 2022, Hitendra died, and the partnership deed provided that: Machinery valued at ₹ 80,000 and creditors valued at ₹ 69,000. Profit for 2022-23 was estimated at ₹ 1,20,000. Hitendra’s share in it up to the date of his death was given to him. Goodwill of the firm was valued at two times the average profit of the last 5 years. Firm’s profits of the last 5 years were: I year - ₹ 1,80,000, II year - ₹ 1,50,000, III year - ₹ 2,00,000, IV year - ₹ 1,20,000 V year - ₹ 2,50,000 Hitendra’s share in it was to be given to him. Drawings made by Hitendra up to his death are ₹ 30,000. Interest on drawings of Hitendra is charged at ₹ 2,000. Prepare: Hitendra’s Capital Account and show the working of: Hitendra’s share in goodwill. Hitendra’s share in profit.

Explain the importance of computerized accounting system.

Pavitra Co. Ltd. issued ₹ 20,00,000 capital divided into equity shares of ₹ 100 each at a premium of ₹ 20 per share. Amount payable as: ₹ 20 on Application ₹ 40 on Allotment (including ₹ 10 premium) ₹ 60 on First and Final call (including ₹ 10 premium) The company received applications for all shares. All the money due on allotment and first and final call was duly received. Pass Journal Entries in the books of Pavitra Co. Ltd.

| Dr. | Trading and Profit and Loss Account for the year ended 31 st March 2022 | Cr. | | | --- | --- | --- | --- | | Particulars | Amount (₹) | Particulars | Amount (₹) | | To Opening Stock | 4,00,000 | By Sales | 24,00,000 | | To Purchases | 18,00,000 | By Closing Stock | 6,00,000 | | To Wages | 2,00,000 | | | | To Gross Profit c/d | 6,00,000 | | | | Total | 30,00,000 | Total | 30,00,000 | | To Office Expenses | 2,50,000 | By Gross, Profit b/d | 6,00,000 | | To Selling Expenses | 2,00,000 | | | | To Finance Expenses | 60,000 | | | | To Net Profit c/d | 90,000 | | | | | 6,00,000 | | 6,00,000 | The company had the following current assets and current liabilities: Debtors ₹ 1,20,000, Creditors ₹ 60,000, Stock ₹ 60,000, Bills Payable ₹ 40,000, Loose Tools ₹ 20,000, Bank Overdraft ₹ 20,000. Calculate the following ratios: Gross Profit Ratio Operating Ratio Net Profit Ratio Current Ratio

From the following transactions of Samarth Vyayamshala, Chandgad, prepare the Income and Expenditure Account and Balance Sheet as on 31 st March 2022. | Receipts and Payments Account As on 31st March 2022 | | | | | | --- | --- | --- | --- | --- | | Receipts | Amount (₹) | Amount (₹) | Payments | Amount (₹) | | To Balance b/d | | 15,000 | By Salaries | 18,000 | | Cash in hand | | By Entertainment expenses | 7,440 | | | To Subscriptions | | 55,230 | By Sundry Expenses | 3,900 | | 2021-2022 | 54,000 | By Electricity Charges | 3,600 | | | 2022-2023 | 1,230 | By Rent | 2,100 | | | To Donations | | 18,000 | By Investment | 45,000 | | To Receipts from entertainment | | 16,200 | By Printing and Stationery | 2,400 | | To Interest | | 1,200 | By Postage | 9,600 | | To Entrance Fees | | 18,600 | By Fixed Deposit | 11,700 | | | | | By Balance c/d | 20,490 | | | | 1,24,230 | | 1,24,230 | Adjustments: Capital fund as on 1st April 2021 was ₹ 2,10,000. Assets on 1st April 2021 were: Building ₹ 1,50,000 Furniture ₹ 45,000 Provide depreciation on the building at 5% p.a. and on the furniture at 10% p.a. 50% of entrance fees to be capitalised. There are 1,500 members, each paying a yearly subscription of ₹ 50.

Snehal and Deepali are partners sharing profits and losses in their capital ratio. Following is the Trial Balance as on 31st March 2021: | Trial Balance As on 31st March 2021 | | | | | --- | --- | --- | --- | | Particulars | Debit Amount (₹) | Particulars | Credit Amount (₹) | | Plant and Machinery | 27,600 | Capital Accounts: | | | Carriage Outward | 2,600 | Snehal | 1,60,000 | | Wages and Salary | 15,200 | Deepali | 80,000 | | Sundry Debtors | 1,24,000 | Sundry Creditors | 68,000 | | General Expenses | 5,000 | Sales | 2,96,000 | | Stock (1st April 2020) | 1,79,000 | R.D.D. | 2,400 | | Motor Van | 80,000 | Purchase Return | 12,000 | | Office Rent | 10,000 | | | | Freehold Property | 46,000 | | | | Sales Return | 16,000 | | | | Advertisement (For 2 Years) | 8,000 | | | | Salaries | 9,000 | | | | Purchases | 96,000 | | | | | 6,18,400 | | 6,18,400 | Adjustments: Closing stock is valued at ₹ 1,76,000. Outstanding wages ₹ 1,600. Reserve for doubtful debts on debtors at 5% is to be created. Depreciate the motor van by 5% and the plant and machinery by 10% p.a. Prepare: Trading Account Profit and Loss Account Balance Sheet as on 31st March 2021