Maharashtra Board Class 12 Book-Keeping & Accountancy 2025 Question Paper (Available): Download Question Paper with Answer Key And Solutions PDF

A ________ is an intangible asset.

• (a) Goodwill
• (b) Stock
• (c) Cash
• (d) Furniture

Excess of income over expenditure in ‘Not for Profit Concern’ is termed as ________.

• (a) Deficit
• (b) Profit
• (c) Surplus
• (d) Loss

Decrease in the value of assets should be ________ to Profit and Loss Adjustment account.

• (a) Debited
• (b) Credited
• (c) Added
• (d) Equal

Dissolution expenses are credited to ________ account.

• (a) Realisation
• (b) Cash/Bank
• (c) Capital
• (d) Loan

Notary public is a ________.

• (a) Government officer
• (b) Drawer
• (c) Payee
• (d) Endorsee

Trading Account is prepared on the basis of ________ expenses.

Income and Expenditure Account is a ________.

Deceased partner’s executor’s account is shown on the ________ side of the balance sheet.

Fixed deposit account comes under ________ group.

If an asset is taken over by the partner, ________ account is debited.

Find the odd one:

• Wages account, Salary account, Royalty account, Import duty account.

Machinery account, Furniture account, Computer account, Rent account.

General reserve account, Creditors account, Machinery account, Capital account

Notary public, Drawer, Drawee, Payee.

At par, At premium, At discount, At loan.

Partnership firm is a trading concern.

‘Not for profit concerns’ do not have profit motive.

Retiring partner is called an outgoing partner.

Gain ratio is calculated at the time of admission of a new partner.

Financial statement includes only balance sheet.

Given below is a Balance Sheet of Aditya, Ajinkya, and Arun who were partners in a firm sharing profits and losses in the ratio 5:3:2. Their Balance Sheet as on 31st March 2020 was as follows:

On 1st April 2020, Arun retired on the following terms:

• Goodwill of the firm will be raised in the books at Rs. 10,000.
• Stocks to be reduced by 10%, Furniture by 5%, and Machinery by 10%.
• A provision of 5% R.D.D. to be maintained on debtors.
• Rs. 100 to be written off from creditors.
• All the amount due to Arun will be transferred to his loan account.

Prepare:

(a) Profit and Loss Adjustment Account
(b) Partners' Capital Account
(c) Balance Sheet of the new firm

Sharmila, Urmila, and Leela are partners in the firm 'Jeevan Stores' sharing profit and losses in the ratio 2 : 2 : 1 respectively. On 31st March 2020, they decided to dissolve the firm when their Balance Sheet was as follows:
 

The firm was dissolved on the above date and the assets were realised as under:

• Sharmila agreed to take over the building at Rs. 1,23,600.
• Urmila took over goodwill, stock, and debtors at book value and agreed to pay creditors and bills payable.
• Motor car and Machinery were realised at Rs. 1,51,080 and Rs. 31,680 respectively.
• Investments were taken by Leela at an agreed value of Rs. 55,440.
• Realisation expenses amounted to Rs. 6,800.

Prepare:

(a) Realisation Account
(b) Partners’ Capital Account
(c) Bank Account

'Parimal Company Ltd.' issued 1,00,000 preference shares of Rs. 20 each payable as ....
On application Rs. 8
On allotment Rs. 6
On first call Rs. 4
On final call Rs. 2
Company received application for all these shares and received all the money.
Pass journal entries in the books of ‘Parimal Company Ltd.’

Explain the importance of Computerised Accounting system.

Mahendra, Surendra and Narendra were partners sharing profits and losses in the ratio 5 : 3 : 2 respectively. Their Balance Sheet as on 31st March 2019 was as follows:
 

Mr. Narendra died on 30th June 2019 and the following adjustments were agreed as per deed:

• (A) Stock, furniture, land and building are to be revalued at ₹ 16,700, ₹ 16,200 and ₹ 30,100 respectively.
• (B) Narendra’s share in goodwill is to be valued from the firm’s goodwill, which was valued at 3 times the average profit of the last four years. The profits for the last four years were:
•      I year – ₹ 30,000
•      II year – ₹ 25,000
•      III year – ₹ 25,000
•      IV year – ₹ 40,000
• (C) His profit up to the death is to be calculated on the basis of the profit of last year.
• (D) Narendra was entitled to get a salary of ₹ 1,200 per month.
• (E) Interest on capital at 10% p.a. to be allowed.
• (F) Narendra’s drawing up to the date of his death was ₹ 900 per month.
• Prepare:
• (a) Narendra’s Capital Account showing amount payable to his executor.
• (b) Give working notes for:
•      (i) Share of goodwill due to Narendra
•      (ii) Share of profit due to Narendra

From the following information, find out the current ratio and net profit ratio:
(A) From the following information, find out the current ratio:

• (i) Total assets = ₹22,000
• (i) Sales = ₹76,000

• (ii) Cost of goods sold = 52,000
• (iii) Indirect expenses = 12,000

Given below is the Balance Sheet of ‘Bhanubai Mahila Seva Kendra’ as on 1st April 2019 and Receipts and Payments account for the year ending 31st March 2020:
 

Receipts and Payments Account for the year ended 31st March 2020:
 

Additional information:

• (A) Outstanding wages ₹ 450
• (B) Entrance fees should be capitalised.
• (C) Depreciate furniture at 10% p.a.
• (D) Subscription for 2019-20 was outstanding ₹ 3,000.

• (A) Income and Expenditure account for the year ended 31st March 2020.
• (B) Balance Sheet as on 31st March 2020.

Rajan and Rohit are partners in a partnership firm sharing profits and losses equally. You are required to prepare the Profit and Loss Account for the year ended 31st March 2020 and the Balance Sheet as on that date with the help of the following information:
Trial Balance as on 31st March 2020
 

Additional information :

• (1) Gross profit amounted to ` 69,000.
• (2) Insurance paid for 15 months w.e.f. 1st April 2019.
• (3) Depreciate land and building at 10% p.a. and furniture at 5% p.a.
• (4) Write off ` 2,000 for bad debts and maintain R.D.D. at 5% on sundry debtors.
• (5) Closing stock is valued at ` 69,000.