Maharashtra Board 2024 Class 12 Book Keeping and Accountancy Question Paper (Available) :Download Solution Pdf with Answer Key

Question 1(a):

Attempt all of the following subquestions:

Find the odd one

(i). Subscribed Capital, Called up Capital, Paid up Capital, Equity Shares

(ii). Building, Bills Payable, Furniture, Machinery

(iii) Retaining of Bill, Noting of Bill, Discounting of Bill, Endorsing of Bill

(iv). Audit Fees, Insurance, Medical Expenses, Sundry Receipts

(v). General Reserve, Creditors, Investments, Capital

(i). ‘Not for Profit’ concerns do not prepare Balance Sheet.

(ii). Current Account always shows a debit balance.

(iii). A Bill of Exchange is a conditional order.

(iv). Retiring partner is entitled to share in Reserve Fund and Accumulated Profit.

(v). On dissolution, Cash or Bank account is closed automatically.

Question 1(c):

Select the most appropriate alternative from those given below and rewrite the statements:

(i). In case of dissolution, assets and liabilities are transferred to ____ Account.
   

   (a) Bank

• (b) Partners’ Capital
• (c) Realisation
• (d) Partners’ Current

(ii). In the absence of an agreement, interest on loan advanced by the partner to the firm is allowed at the rate of ____.

• (a) 5%
• (b) 6%
• (c) 10%
• (d) 9%

(iii). If an asset is taken over by the partner, ____ account is debited.

• (a) Revaluation
• (b) Capital
• (c) Asset
• (d) Balance Sheet

(iv). The balance of the Capital Account of a retired partner is transferred to his ____ Account, if it is not paid.

• (a) Loan
• (b) Personal
• (c) Current
• (d) Son’s

(v) Income and Expenditure Account is a ____ Account.

• (a) Capital
• (b) Real
• (c) Personal
• (d) Nominal

Question 1(d):

Write a word/term/phrase as a substitute for each of the following statements:

(i). Tally software is classified into this category.

(ii). Partnership Agreement in written form.

(iii). An asset which can be converted into cash immediately.

(iv). A person who represents the deceased partner.

(v). The debit balance of the Income and Expenditure Account.

Seeta and Geeta share profits and losses in the ratio of 3:2 in a partnership firm. Their Balance Sheet as on 31^st March, 2020 was as under:
Balance Sheet as on 31^st March, 2020

Question 2(b):

The balance sheet of Shivshakti Traders, Mumbai is as follows. Partners share profit and
losses as 5:2:3.

Balance Sheet as on 31st March, 2020

Rahul retired from the business on 1st April, 2020 on the following terms:

1. The assets were revalued as under:
• Plant and Machinery to be depreciated by 10%.
• R.D.D. to be increased up to |1,500.
• Building is appreciated by 10%.
• Stock at |42,000.
2. The goodwill of retiring partner is valued at |12,000 and the remaining partners decided that goodwill
will be written back in their new profit-sharing ratio, which will be 5:3.
3. Amount due to Rahul at the time of retirement is to be transferred to his loan account.

(i). Profit and Loss Adjustment Account (Revaluation Account)

(ii). Partners’ Capital Account

(iii). Adjusted Balance Sheet as on 1st April, 2020

Question 3(a):Lal, Bal, and Pal were partners sharing profits and losses in the ratio of 2:2:1. The following
is the Balance Sheet as on 31st March, 2020.

Balance Sheet as on 31st March, 2020

On the above date, the partners decided to dissolve the firm.

1. Assets were realised as under:
• Machinery ₹45,000
• Stock ₹18,000
• Investment ₹21,000
• Debtors ₹45,000
2. Dissolution expenses were ₹3,000.
3. Goodwill of the firm realised ₹24,000.

3(i). Realisation Account

(ii). Partners’ Capital Account

(iii). Bank Account

Journalise the following transactions in the books of Mr. Arvind.
(A) Bank informed that Sam's acceptance for Rs. 30,000 sent to bank for collection has been honoured and bank charges debited Rs. 200.
(B) Arun informed Arvind that Neena's acceptance for Rs. 25,000 endorsed to Arun has been dishonoured. Noting charges paid by Arun amounted to Rs. 400.
(C) Bank informed that Jay's acceptance of Rs. 35,000 which was discounted with bank was dishonoured, bank. paid noting charges Rs. 500.
(D) Arvind sold goods to Sagar for Rs. 20,000 on credit and drew a bill for two months on Sagar for the same amount.
(E) Neeta retired her acceptance to Arvind of Rs. 16,500 by paying cash Rs. 16,000.

Mohini Company Limited issued 25,000 equity shares of Rs. 100 each payable as follows:
On Application Rs. 20
On Allotment Rs. 30
On First Call Rs. 20
On Second and Final Call Rs. 30
Applications were received for 22,000 equity shares, and allotment of shares was made accordingly.
All money was received by the company.
Pass Journal Entries in the books of Mohini Co. Ltd.

Write the features of Computerized Accounting System.

Question 5(a):

Suresh, Naresh, and Paresh were equal partners. On 31st March, 2019, their Balance Sheet
was as follows:

Balance Sheet as on 31st March, 2019

Suresh died on 30th June, 2019, and the following adjustments were agreed upon:
1. Furniture to be adjusted to its market price of ₹1,70,000.
2. Land and building to be depreciated by 10%.
3. Provide R.D.D. at 5% on debtors.
4. The profit up to the date of death of Suresh is to be calculated on the basis of average profit of last year,
which was ₹90,000.

(i). Profit and Loss Adjustment Account (Revaluation Account)

(ii). Partners’ Capital Account

(iii). Adjusted Balance Sheet of the Continuing Firm as on 30th June, 2019

Convert the following Trading and Profit and Loss Account into Vertical Income Statement for the year ended 31^st March, 2020.
Trading and Profit and Loss Account (for the year ended 31^st March, 2020)

Question 6:

Dr. Anish Korgaonkar started practice as a Medical Practitioner on 1st April, 2019. He
provides the Receipts and Payments Account for the year ended 31st March, 2020. Based on the
adjustments, prepare the Income and Expenditure Account and Balance Sheet as on 31st March,
2020.

6(a). Income and Expenditure Account for the year ended 31st March, 2020

Balance Sheet as on 31st March, 2020

Question 7:

Mama and Kaka 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, 2019, and the
Balance Sheet as on that date.

7(a). Profit and Loss Account for the year ended 31st March, 2019

Partners’ Capital Account

Balance Sheet as on 31st March, 2019