12th BK & Accountancy Question Paper 2022 Maharashtra Board Pdf

Maharashtra State Board Class 12th BK & Accountancy Question Paper 2022 with Solutions Answers Pdf Download.

Class 12 BK & Accountancy Question Paper 2022 Maharashtra State Board with Solutions

Time: 3 Hours
Max. Marks: 80

Question 1.
Attempt all of the following sub-questions: (20)
[A] Select the correct options and rewrite the statements: (5)
(1) To find out the net profit or net loss of the business _ _ _ _ _ _ _ _ Account is prepared. (d)
(a) Trading
(b) Capital
(c) Current
(d) Profit and loss
Answer:
(d) Profit and Loss

(2) From financial statement analysis the creditors are specially interested to know _ _ _ _ _ _ _ _ . (a)
(a) Liquidity
(b) Profits
(c) Sale
(d) Share Capital
Answer:
(a) Liquidity

(3) Death is a compulsory _ _ _ _ _ _ _ _ . (c)
(a) dissolution
(b) admission
(c) retirement
(d) winding up
Answer:
(c) Retirement

(4) The due date of the bill drawn for 2 months on 23rd November, 2019 will be _ _ _ _ _ _ _ _ . (d)
(a) 23^rd Jan, 2020
(b) 25^th Jan, 2019
(c) 26^th Jan, 2019
(d) 25^th Jan, 2020
Answer:
(d) 25^th Jan, 2020

(5) Decrease in the value of assets should be _ _ _ _ _ _ _ _ to Profit and Loss Adjustment Account. (a)
(a) debited
(b) credited
(c) added
(d) none of above
Answer:
(a) debited

[B] Write a word/term/phrase as a substitute for each of the following statements: (5)
(1) Debit balance of Trading Account.
Answer:
Gross Loss

(2) Expenses incurred on dissolution offirm.
Answer:
Realisation or Dissolution expenses

(3) Old Ratio less New Ratio.
Answer:
Sacrifice Ratio

(4) Officer appointed by Govt, for noting of dishonour of bill.
Answer:
Notary Public

(5) Donation received for a specific purpose.
Answer:
Specific Donation or special donation

[C] Answer the following questions in only ‘one’ sentence each: (5)
(1) What is Legacy?
Answer:
It is a gift to ‘Not for Profit Concern’ as per the will of the donor after his death is called legacy.

(2) What is CAS?
Answer:
CAS means Computerized Accounting System which helps business firms to implement accounting process and makes it user friendly with automation.

(3) Who is called Insolvent Person?
Answer:
A person whose capital account shows debit balance and who is not in a position to meet his capital deficiency even from his private property is called insolvent person.

(4) What is Reserve CapitaL?
Answer:
Reserve capital is that part of subscribed capital which is reserved to be called-up only at the time of liquidation of the company.

(5) What is Revaluation Account?
Answer:
An account opened for recording changes in the value of assets and liabilities on being revalued to ascertain profit or loss on revaluation is called Revaluation A/c.

[D] Complete the sentences: (5)
(1) Partnership deed is an _ _ _ _ _ _ _ _ of partnership.
(2) Aurangabad University prepares _ _ _ _ _ _ _ _ Account instead of Profit and Loss Account.
(3) Returns outward are deducted from _ _ _ _ _ _ _ _ .
(4) New Ratio (-) _ _ _ _ _ _ _ _ = Gain Ratio.
(5) Cash receipts which are recurring in nature are called as _ _ _ _ _ _ _ _ receipts.
Answer:
(1) Agreement or Article
(2) Income and Expenditure
(3) Purchases
(4) Old Ratio
(5) Revenue

Question 2.
Ram and Shyam were in partnership sharing profits and losses in the proportion of 3:1 respectively. Their Balance sheet as on 31^th March, 2020 stood as follows: (10)
Balance Sheet as on 31^st March, 2020

They admit Bharat into partnership on 1^st April 2020. The term being that:
(1) He shall have to bring in cash ₹ 40,000 as his Capital for 1/5^th share in future profit and ₹ 20,000, as his share of Goodwill.
(2) A provision for 5% doubtful debts to be created on sundry debtors.
(3) Stock should be appreciated by 5% and Land and Building be appreciated by 20%.
(4) Furniture to be depreciated by 20%.
(5) Capital Accounts of all partners be adjusted in their new profit sharing ratio through Cash Account.
Prepare:
(a) Profit and Loss Adjustment Account
(b) Partners’ Capital Account
(c) Balance Sheet of the new firm.

OR

Ajay, Vijay and Sanjay were partners sharing profits and losses in the ratio of 3:3:2. Their Balance Sheet as on 31^st March 2020 as follows: (10)
Balance Sheet as on 31^st March, 2020

On 1^st April, 2020 Sanjay retired from the firm on the following terms:
(1) R.D.D. is to be maintained at 10% on debtors.
(2) ₹ 300 to be written off from creditors.
(3) Goodwill of the firm is to be valued at ₹ 12,000, however, only Sanjay’s share in it is to be raised in the books and written off immediately.
(4) Assets to be revalued as: Stock ₹ 18,900, Plant and Machinery ₹ 60,000, Live Stock ₹ 30,600.
(5) The amount payable to Sanjay to be transferred to his loan account after retirement:
Prepare:
(1) Revaluation Account
(2) Partners’Capital Account
(3) Balance Sheet of the New firm.
Answer:
(1) In the books of firm

M/s. Ram, Shyam and Bharat
New Balance Sheet as on 1^st April, 2020

Working Note:
Calculation of New Profit Sharing ratio
Formula = 1 – Share of New Partner = 1 – \(\frac{1}{5}\)

OR

In the books of firm

M/s Ajay and Vijay

Question 3.
Asha, Usha and Nisha are partners in the firm sharing profits and losses in the ratio of 3:2:1 respectively. On 31^st March, 2019 they decided to dissolve the firm when their Balance Sheet was as under: (10)
Balance Sheet as on 31^st March, 2019

The firm was dissolved on the above date and the assets realised as under
(1) Asha agreed to take over the Building at ₹ 1,23,600.
(2) Usha took over Goodwill, Stock and Debtors at book value and agreed to pay Creditors and Bills payable.
(3) Motor car and Machinery realised at ₹ 1,51,080 and ₹ 31,680 respectively.
(4) Investment were taken by Nisha at an agreed value of? 55,440.
(5) Realisation Expenses amounted to ₹ 6,800.
Prepare:
(a) Realisation Account
(b) Partners’ Capital Account
(c) Bank Account

OR

Sonali draws a bill on Rupali for ₹ 50,000 for 3 months. Rupali accepts the bill on the same date. Sonali sends the bill to the bank for collection. Before due date, Rupali finds herself unable to make payment of bill and requests Sonali to renew it. Sonali agrees to the proposal on a condition that Rupali should pay ₹ 20,000 in cash along with interest of ₹ 1,000 and accept a new bill for 2 months for the balance. Rupali retired the bill by paying ₹ 27,000.
Give Journal entries in the books of Sonali and prepare Rupali’s Account in the books of Sonali.
Answer:
In the books of Firm

OR

In the Journal of Sonali

In the ledger of Sonali

Question 4.
Ajita Ltd. issued 2,00,000 equity shares of ₹ 10 each at a premium of ₹ 2 per share payable as: (8)
₹ 3 on application
₹ 5 on allotment (including ₹ 2 premium)
₹ 4 on first and final call
Applications were received for 2,40,000 equity shares and pro-rata allotment was made to all the applicants.
The excess application money was adjusted with allotment Prerna who was allotted 400 shares failed to pay first and final call and her shares were forfeited.
Pass Journal entries in the Books of Ajita Ltd.
OR
State the difference between Manual Accounting Process and Computerised Accounting Process. (8)
Answer:
Journal of Ajita Lt.d.

OR

Basis of Difference	Manual Accounting Process	Computerised Accounting Process
1. Meaning	Manual Accounting is the system in which we maintain physical books of accounts for recording business transactions.	Computerised Accounting is the system in which we use Accounting software for recording business transactions.
2. Calculations	All the calculations are performed manually.	All the calculations are performed by computer system.
3. Ledger Accounts	Ledger Accounts are prepared by posting transactions in appropriate ledger manually with the help of journal. There is chance of mistakes.	In Computerised Accounting system, once a voucher is entered it will automatically be posted. There is no chance of mistakes.
4. Trial Balance	In system of accounting, we prepare Trial Balance from balances of all ledger accounts.	Computerised Accounting System will produce Trial Balance automatically.
5. Adjustment Entries	Passing of adjustment entries and its posting in the ledger will be done manually one by one.	Only adjustment entries will be passed on the Computerised Accounting System. Posting in the ledger accounts will be done automatically.
7. Financial Statement	Financial Statements such as Trading A/c, Profit and Loss A/c and Balance Sheet is prepared manually by careful transfer of Triql Balance figures.	Financial statements will be generated automatically. It will also change automatically after each voucher entry in the system.
7. Speed	Manual Accounting System generates data much more slowly.	Computerised Accounting System are considerably quicker than manual accounting.
8. Closing the Books	After the year end, accountants prepare financial statements for accounting period. The balances are to be carried forward manually to the next year.	In the Computerised Accounting Software financial reports are auto generated for the accounting period. The balance are automatically carried forward to next year.

Question 5.
Anil, Sunil and Mohit were partners sharing profits and losses in the proportion of their capitaL Their Balance Sheet as on 31st March, 2019 was as follows: (8)
Balance Sheet as on 31^st March, 2019

Mohit died on 1st August 2019 and the following adjustments were made:
(1) Assets to be revalued as under:
Land and Building ₹ 88,000
Motor Lorry ₹ 36,000
Furniture ₹ 34,000
(2) All debtors were good.
(3) Goodwill of the firm valued at two times the average profit of last 4 years’ profit
(4) Mohit’s share of profit to be calculated on the basis of average profit of the last three years.
(5) Profit for four years 1st year ₹ 12,000, 2^nd year ₹ 24,000,3^rd year ₹ 14,000, 4^th year ₹ 22,000
Prepare:
(a) Mohit’s capital account showing amount payable to his executor.
(b) Give working note of Mohit’s share of goodwill and profit up to the date of his death.

OR

Following is the Balance Sheet of Param Company Ltd. as on 31^st March, 2019 and 31^st March, 2020: (8)

You are required to prepare Comparative Balance Sheet of Param Company Ltd. as on 31st March, 2019 and 31st March, 2020.
Answer:
(a)

OR
Comparative Balance Sheet of Param Company
Ltd. as on 31^st March, 2019 and 31^st March, 2020

Question 6.
From the following Receipts and Payments account of Shahu College, Kolhapur for the year ending 31^st March, 2020 and additional information, prepare Income and Expenditure Account for the year ended 31^st March, 2020 and Balance Sheet as on that date: (12)
Receipts and Payments Account

Additional information:
(1) Outstanding Salaries ₹ 35,000.
(2) 60% of donations are for Building Fund and Balance is to be treated as revenue income.
(3)

Particulars	1-4-2019 (₹)	31-3-2020 (₹)
Capital Fund	3,05,500	?
Building Fund	4,13,500	?
Furniture	1,63,000	1,50,000
Books	4,50,000	4,44,000

Answer:
In the books of Shahu College, Kolhapur
Income and Expenditure A/c for the Year Ended

M/s. Shahu College, Kolhapur
Balance Sheet as on 31^st March, 2020

Working Note:
60% of Donation is 3,50,000 × 60% = ₹ 2,10,000
Bal40% × 3,50,000 = ₹ 1,40,000

Question 7.
Asha and Nisha are partners sharing profits and losses in equal ratio. From the following Trial Balance and adjustments you are required to prepare Final Accounts: (12)
Trial Balance as on 31^st March, 2019

Adjustments:
(1) Closing stock is valued at cost ₹ 88,000 and market price ₹ 90,000.
(2) Asha and Nisha withdrew goods from business ₹ 3,000 and ₹ 2,000 respectively for their personal use.
(3) Depreciate Motor Van by 5% and Plant and Machinery by 7%.
(4) Reserve for Doubtful debts on Debtors at 5% is to be created.
(5) Outstanding Wages ₹ 800.
Answer:
In the Books of M/s Asha and Nisha
Trading and Profit and Loss A/c
for the year ended 31^st March 2019

M/s Asha and Nisha
Balance Sheet as on 31^st March, 2019

Working Note:
(1) Closing stock is valued at cost or market value, whichever is lower.

Maharashtra Board Class 12 BK & Accountancy Previous Year Question Papers