12th BK & Accountancy Question Paper 2023 Maharashtra Board Pdf

Maharashtra State Board Class 12th BK & Accountancy Question Paper 2023 with Solutions Answers Pdf Download.

Class 12 BK & Accountancy Question Paper 2023 Maharashtra State Board with Solutions

Time: 3 Hours
Max. Marks: 80

Question 1.
All objective questions are compulsory: (20)
[A] Write the word/phrase/term which can substitute each of the following statements: (5)
(1) Credit balance of profit and loss account
Answer:
Net Profit

(2) Donation received for a specific purpose.
Answer:
Capital Receipt

(3) The ratio which is obtained by deducting old ratio from new ratio.
Answer:
Gaining Ratio

(4) Expenses incurred on dissolution of firm.
Answer:
Realisation Expenses

(5) Tally software is classified into this category.
Answer:
Mercantile

[B] Calculate the following: (5)
(1) Calculate 12.5% p.a. depreciation on furniture
(a) On ₹ 2,20,000 for 1 years
(b) On ₹ 10,000 for 6 months
(2) Library books ₹_ _ _ _ _ _ Less 10% depreciation ₹5,000 = ₹45,000
(3) Apte and Bhate are sharing profits and losses in the ratio 3:2, if Kate is admitted at ‘A share then calculate new profit sharing ratio.
(4) Ganesh draws a bill for ₹ 40,000 on 15^th January 2020 for 2 months. He discounted the bill with Bank of India @15% p.a. on the same day. Calculate the amount of discount.
(5) From the following information, calculate Current Assets:
Debtors ₹ 60,000, Creditors ₹ 30,000, Bills payable ₹ 20,000, Stock ₹ 30,000, Loose tools ₹ 10,000, Bank overdraft ₹10,000.
Answer:
(a) Depreciation = Amount of asset × Period × Percentage %
Depreciation on furniture = 220,000 × 1 × \(\frac{12.5}{100}\) = ₹27,500
∴ Depreciation on furniture for 1 year = ₹27,500

(5) Current Assets = Debtors + Stock = 60,000 + 30,000
= ₹90,000

[C] Do you AGREE/DISAGREE with the following statements: (5)
(1) Partnership is an association of two or more persons.
Answer:
Agree

(2) Not for profit concerns do not prepare Balance Sheet
Answer:
Disagree

(3) Retiring partner is not entitled to share in general reserve and accumulated profit.
Answer:
Disagree

(4) Dissolution takes place when the relation among the partners comes to an end.
Answer:
Agree

(5) The Authorised Capital is also known as Nominal Capital.
Answer:
Agree

[D] Select the most appropriate alternative from the following and rewrite the sentences: (5)
(1) Maximum number of partners in a firm are _ _ _ _ _ _ according to the Companies Act 2013. (d)
(a) 10
(b) 25
(c) 20
(d) 50
Answer:
(d) 50

(2) Income and expenditure is a _ _ _ _ _ _ account. (d)
(a) Capital
(b) Real
(c) Personal
(d) Nominal
Answer:
(d) Nominal

(3) If asset is taken over by partner _ _ _ _ _ _ account is debited. (b)
(a) Revaluation
(b) Capital
(c) Asset
(d) Balance sheet
Answer:
(b) Capital

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

(5) The person on whom a bill is drawn is called a _ _ _ _ _ _ . (a)
(a) drawee
(b) payee
(c) drawer
(d) acceptor
Answer:
(a) drawee

Question 2.
The following is the Balance sheet of partners Aditya and Chaitanya on 31^st March, 2019, they share profits and losses in the ratio of 3:2 (10)
Balance Sheet as on 31^st March, 2019


Adjustments:
They admitted Sachin into partnership on 1^st April, 2019 on the following terms:
(1) Building to be valued at ₹36,000 machinery and furniture to be reduced by 10%.
(2) Sachin should pay ₹6,000 as his share of Goodwill. 50% of goodwill withdrawn by partners in cash.
(3) A provision of 5% on debtors to be made for doubtful debts.
(4) He should bring ₹18,000 as capital for ¼th share in future profit.
(5) Stock is to be taken at the value of ₹30,000.
Prepare:
(a) Profit and Loss Adjustment Account
(b) Partners’ Current Account
(c) Balance Sheet of the New firm.

OR

Given below is the Balance sheet of Amar, Akbar and Anthony who were sharing profits and losses equally:
Balance Sheet as on 31^st March, 2020

Amar retired on 1^st April, 2020 from the firm on the following terms:
(1) Furniture to be valued at ₹28,000, Machinery ₹76,000 and Motor car ₹47,600.
(2) R.D.D. to be maintained at 5% on debtors.
(3) Goodwill of the firm is to be valued at ₹30,000. However, only Amar’s share is to be raised in the books.
(4) A part payment of ₹20,000 to be made to Amar and the balance to be transferred to his Loan Account.
(5) The amount payable to Sanjay to be transferred to his loan account after retirement:
Prepare:
(1) Profit and Loss Adjustment A/c
(2) Partners’Capital Account
(3) Balance Sheet of the New firm.
Answer:
In the books of Aditya and Chaitanya

OR

In the books of Amar, Akbar and Anthony

Question 3.
Hema, Manisha and Limsy were in partnership firm sharing profits and losses in the ratio of 5:3:2. They decided to dissolve their partnership firm on 31^st March 2019 and their Balance sheet as on that date stood as: (10)
Balance Sheet as on 31^st March, 2019

The firm was dissolved on 31^st March, 2019 and assets realised as under:
(1) Machinery realised 60% of its book, value.
(2) Out of debtors, Mr. Jagdish, our customer for ₹20,000 was declared insolvent and nothing could be recovered from him other debtors are good and recovered and realised.
(3) Hema took stock at an agreed value of ₹50,000.
(4) Creditors and Bills payable were paid at 10% discount.
(5) Limsy became insolvent and nothing was recovered from her estate.
Prepare:
(a) Realisation Account
(b) Partners’Capital Account
(c) Bank Account
OR
Rajesh sold goods on credit to Sulochana for ₹25,000. Rajesh draws a bill for ₹25,000 on Sulochana for 3 months. Rajesh discounted the bill with his bank @ 10% p.a. on the same dag. On the due date fb bill, Sulochana requested Rajesh to accept ₹5,000 including ₹1,000 lor interest and to draw a bill for the balance for 3 months. Rajesh agreed to this proposal. One month before the due date, Sulochana retired the bill for ₹20,200.
Pass necessary Journal Entries in the books of Rajesh.
Answer:
In the books of Hema, Manisha and Limsy

OR

Journal Entries in the books of Rajesh

Question 4.
Sameer and Company Limited invited applications for 25,000 Equity shares of ₹100 each payable as: (8)
₹25 on application 750 on allotment
₹25 on first and final call
Applications were received for 30,000 Equity shares and pro-rata allotment were made to alL All the money was duly received except first and final call on 2,500 Equity shares.
Enter the above transactions in the books of Sameer and Company Limited.

OR

Give comparison between Manual Accounting Process and Computerized Accounting Process.
Answer:
Journal of Sameer and Company Limited

OR

Basis of Difference	Manual Accounting Process	Computerized Accounting Process
1. Meaning	Manual Accounting is the system in which we maintain physical books of journal and ledger for keeping the records of each business transaction.	In this system of computerized accounting, we use computer and different accounting software for digital record of each business transactions.
(2) Calculations	In this system, all calculations are done manually. For example, to find the balance of any ledger account. We will make total of the debit and credit side and then we will find its difference for showing balance.	In computerized accounting system, our duty is to record the business transaction manually in the database. All the calculations are done by computer system. We need not calculate each account’s balance, It is calculated automatically by computerized accounting system.
(3) Ledger Accounts	Ledger accounts are prepared by posting transactions in appropriate ledger manually with the help ofjournaLThere may be mistake while transferring the amount manually.	In computerized accounting system, once a voucher is entered it will automatically be printed. Thus, there is no chance of taking or transferring wrong amount.
4. Trial Balance	In this system of accounting, we have to take balances of all ledger A/c, in Trial Balance Statement.	Computerized Accounting System will produce Trial Balance automatically.
5. Adjustment Entries Record	Both adjustment journal entries and its posting in the ledger accounts will be done manually one by one.	Only adjustment entries will be passed in the computerzied accounting system, posting in the Ledger accounts will be done automatically.
6. Financial Statement	We have to make the financial statements manually by carefully transferring Trial Balance’s figures into Trading, Profit and Loss Account and Balance Sheet.	We need not prepare financial statement manually, financial statements will generated automatically, It will also automatically change after each voucher entry in the system. This facility is not available in the manual accounting system.
7. 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 Computerized Accounting Software, financial reports are auto-generated for the accounting period. The balances ate automatically carried forward to next year.

Question 5.
Arun, Varun and Karun were partners in a business sharing profits and losses in the ratio of 2: 2:1 respectively. Their Balance sheet as on 31^st March, 2019 was as under: (8)
Balance Sheet as on 31^st March, 2019

On 1^st July, 2019 Karun died and the following adjustments were made:
(1) All the debtors were considered as good.
(2) Bank Loan were paid off
(3) Furniture was depreciated by ₹550.
(4) Investments were sold out in the Market at 10% profit.
(5) Goodwill of the firm was valued at ₹7,500. It was to be raised in the books.
(6) Karun was entitled to get his share in the profit up to the date of his death. Profit for 2019-2020 was estimated at ₹5,000.
(7) The amount due to Karun’s Executor was paid by NEFT.
Prepare:
(a) Profit and Loss Adjustment A/c
(b) Partner’s Capital Account
(c) Balance sheet of New firm.

OR

Convert following Trading Account and Profit and Loss Account into Vertical Income Statement: (8)
Trading, Profit, and Loss Account

Answer:
In the Books of Arun, Varun and Karun

OR
Vertical Income Statement

Question 6.
From the following Receipts and Payments Account of Matsyodari Engineering College, Aurangabad” for the year ending on 31^st March, 2020 and additional informations, prepare Income and Expenditure Account for the year ending 31^st March, 2020 and Balance Sheet as on that date: (12)
Receipts and Payments Account

Additional information:

Particulars	01-4-2019 (₹)	31-03-2020 (₹)
Books	7,00,000	7,00,000
Furniture	3,19,000	3,00,000
Building fund	10,00,000	?
Fixed Deposit	9,10,000	?
Capital Fund	10,37,000	?

Adjustments:
(1) 50% Donations are for Building, fund and the balance is to be treated as Revenue Income.
(2) Outstanding subscription ₹5,300.
(3) Life Membership fees are to be capitalised.
Answer:
In the Books of Matsyodari Engineering College, Aurangabad
Income and Expenditure A/c for the Year Ended

New Balance Sheet as on 31^st March, 2020

Question 7.
Varsha and Harsha are partners sharing profits and losses in their capital ratio. You are required to prepare Trading Account, Profit and Loss Account for the gear ending 31^st March, 2020 and Balance sheet as on that date: (12)
Trial Balance as on 31^st March, 2020

Adjustments:
(1) Stock on 31st March, 2020 was valued at ₹74,000.
(2) Depreciation on Plant and Machinery @ 5% p.a.
(3) Partners are entitled to get Interest on Capital at 5% p.a.
(4) Outstanding expenses: Salaries ₹700.
(5) Provide further Bad debts of ₹1,680 on Sundry debtors.
Answer:
In the Books of Varsha and Harsha
Trading A/c for the Year ended

Profit and Loss A/c

Balance Sheet as on 31^st March, 2019

Maharashtra Board Class 12 BK & Accountancy Previous Year Question Papers